Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Mar 31, 2025 | RTW Investments | -6.4% | -6.4% | AKRO, IMCR, RCKT, RNA, TARS | Biopharma M&A, Biotechnology, Clinical Trials, Gene Therapy, Life Sciences, Oncology, Rare Diseases, small cap | RTW Bio focuses on identifying transformative assets across the life sciences sector with deep scientific and commercial expertise. The portfolio includes 56 core positions across therapeutics and medtech, with exposure spanning small molecules, genetic medicines, proteins, and antibodies. Development stage companies are concentrated in Phase 3 trials representing 53% of exposure. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Opportunity Fund | 11.9% | 39.9% | AAPL, AMD, AMZN, ANET, ARGX, ASML, AVGO, CRWD, CYBR, GOOGL, INDI, LPLA, META, MPWR, MSFT, NARI, NVDA, PCVX, RCKT, SHOP, SPOT, TEAM, TSLA, TTD, VKTX, ZS | AI, growth, innovation, large cap, secular trends, technology | AI infrastructure demand continues to drive robust performance across compute, networking, and systems. NVIDIA maintains unmatched leadership spanning GPUs, systems, software and networking solutions. The advent of reasoning models requiring multiple passes through models is expected to significantly increase compute intensity in both training and inference. | CYBR LPLA ANET NVDA TSLA |
View |
| 2024 Q4 | Dec 31, 2024 | RTW Investments | -7.3% | -4.6% | AKRO, IMCR, RCKT, RNA, TARS | Biotechnology, FDA, Gene Therapy, GLP1, innovation, M&A, Rare Diseases | The fund focuses on identifying transformative assets across the life sciences sector with deep scientific and commercial expertise. Medical science innovation has never been better, and the FDA appears willing to support it with 56 novel drugs approved this year. The sector is experiencing attractive valuations and improving financing and M&A activities. | View | |
| 2022 Q4 | Dec 31, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, CRWD, INDI, IT, MA, MSFT, NVDA, RCKT, RIVN, TSLA, V, XFCH, ZI | - | View | ||
| 2025 Q4 | Jan 15, 2026 | RTW Investments | 15.5% | 35.7% | ALNY, ARGX, AVID, DYN, IMTX, INSM, MDGL, PTCT, RCKT, STOK, TARS, UCB, URGN | Biotechnology, Drug Discovery, Gene Therapy, healthcare, M&A, Pharmaceuticals, Rare Diseases | The sector saw $105B in M&A activity, more than double the prior year and fourth highest in the last decade. Combined with a friendlier FTC, pharmas had enough policy clarity to pursue larger deals by fall. The recovery is likely still in early innings with continued M&A expected. After four years of underperformance, biotech indices finished ahead with NBI +32.4% and R2kB +44.6%. The bear market that endured over four consecutive years ended, with major biotech indices outperforming both the S&P 500 and Nasdaq. AI tools and lower cost Chinese R&D are mega-trends that should materially increase drug discovery productivity. The portfolio includes significant exposure to rare disease therapeutics, with companies like PTC Therapeutics developing medicines for rare neurologic and metabolic conditions. FDA leadership instability could disproportionately impact cell and gene therapy for rare disease through reduced approval of edge cases. Portfolio includes oncology-focused companies like UroGen Pharma developing innovative solutions for urothelial and specialty cancers, and Immatics developing novel PRAME immunotherapies for cancer patients. The sector represents 16% of disease area exposure. The portfolio has exposure to gene and RNA therapies, with companies like Stoke Therapeutics restoring protein expression by harnessing the body's potential with RNA medicine. This modality represents 15% of the portfolio's exposure by treatment type. | View | |
| 2024 Q2 | Jun 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, AMD, AMZN, AVGO, CDNS, CRWD, CSGP, DAY, DDOG, EXAS, GWRE, IOT, META, MSFT, NVDA, RCKT, SPOT, TSLA, TSM, VKTX | AI, Cloud, growth, innovation, large cap, semiconductors, software, technology | Manager believes AI is the most significant technological platform shift since the internet, driving explosive growth in infrastructure investments. Currently in the AI infrastructure-build phase with hyperscalers investing $200 billion in capex. Early AI applications showing measurable ROI with 30-60% developer productivity improvements and 15-30% customer service cost savings. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $148,863 | 0.00% | 42,411 | -57,803 | -57.68% | 0.0405% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $1.8M | 0.00% | 507,909 | +507,909 | +100.00% | 0.4852% |
| Lee Ainslie | Maverick Capital | $9.3B | $8.8M | 0.09% | 2,513,110 | -5,955,234 | -70.32% | 2.4008% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.4M | 0.00% | 400,706 | -913,031 | -69.50% | 0.3828% |
| Israel Englander | Millennium Management LLC | $233.2B | $6.3M | 0.00% | 1,784,921 | -1,785,470 | -50.01% | 1.7052% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $7.5M | 0.01% | 2,131,929 | +522,247 | +32.44% | 2.0367% |
| Cliff Asness | AQR Capital Management | $190.6B | $2.5M | 0.00% | 703,528 | -169,719 | -19.44% | 0.6721% |
| Roderick Wong | RTW Investments | $10.0B | $62.1M | 0.62% | 17,687,772 | +0 | +0.00% | 16.8976% |