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RA CAPITAL MANAGEMENT, L.P.

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BOSTON MA Investment Advisor Hedge Fund Activist Investor
13F Summary
RA Capital Management is based out of Boston. RA Capital Management is a hedge fund with 10 clients and discretionary assets under management (AUM) of $11,323,065,361 (Form ADV from 2024-03-29). Their last reported 13F filing for Q4 2024 included $7,514,204,405 in managed 13F securities and a top 10 holdings concentration of 57.63%. RA Capital Management's largest holding is Ascendis Pharma A/S with shares held of 10,112,744. Whalewisdom has at least 74 13F filings, 161 13D filings, 715 13G filings, and 61 Form 4 filings
Business Description
RA Capital provides advisory services to clients with diverse investment, tax, and other interests. These clients may have conflicting interests due to the nature of their investments, the structuring of their portfolio, and the timing of their investment decisions. This can lead to conflicts of interest where decisions made by RA Capital may benefit one client more than another. RA Capital considers the investment and tax objectives of the fund as a whole when making investment decisions, not the individual objectives of each investor. Advisory clients are typically not diversified and may have concentrated positions in a small number of securities. This concentration can result in a significant impact on a client's capital if there is a loss in any single position. The investment portfolio of advisory clients may be subject to rapid changes in value due to the lack of diversification. RA Capital's investment strategies may include techniques such as leverage, short sales, illiquid investments, and limited diversification, which can amplify the potential for losses. There is no guarantee that RA Capital will achieve its investment objectives or that these objectives will be profitable for its clients.
Investment Strategy
RA Capital's investment strategies may include the use of techniques such as leverage, short sales, illiquid investments, and limited diversification. These strategies can maximize the adverse impact to which Advisory Clients' investments may be subject. The Healthcare Funds make long and short investments, generally in publicly traded securities of or related to companies that may be based in the United States or other countries with substantial operations in healthcare and life sciences. The Healthcare Funds’ investment strategy most typically focuses on companies that develop drugs, research tools, diagnostics, or devices. The Healthcare Funds also sometimes purchase securities or short securities of companies that do not have substantial operations in healthcare and life sciences, including shares of exchange traded funds (“ETFs”) that are not specific to the healthcare industry.

2024-12-31

Top Buys (13F)

Name % Change
JANX Janux Therapeutics I 2.59%
SEPN Septerna Inc 2.13%
ASND Ascendis Pharma A/S 1.81%
NAMS NewAmsterdam Pharma 1.48%
XBI SPDR Biotech ETF 1.47%

2024-12-31

Top Sells (13F)

Name % Change
BIIB Biogen Inc 2.65%
EVH Evolent Health Inc 2.24%
CGON Cg Oncology Inc 0.61%
VRNA Verona Pharma Plc 0.57%
RXST RxSight Inc 0.52%

2024-12-31

13F Holdings Summary

Name $ Change
ASND Ascendis Pharma A/S 18.53%
PCVX Vaxcyte, Inc 9.47%
JANX Janux Therapeutics I 7.39%
RYTM Rhythm Pharmaceutica 4.53%
LEGN Legend Biotech Corp 3.25%
The shares of Climb Bio, Inc. listed in the Information Table with "OTR" investment discretion represent shares held by Sera Medicines, LLC ("Sera"). Funds advised by the Reporting Manager collectively own approximately 76.46% of the outstanding equity interests of Sera. Investment discretion with respect to the shares held by Sera is shared with individuals not affiliated with the Reporting Manager.

2024-12-31

13F Activity

Market Value $7.51b, Prior: $8.67b
Inflows (Outflows) as % of Total MV +1.6598%
New Purchases 17 stocks
Added To 9 stocks
Sold out of 9 stocks
Reduced holdings in 16 stocks
Top 10 Holdings % 57.63%
Turnover %[1] 26.53%
Turnover Alt %[2] 10.82%
Time Held Top 20 5.7 quarters
Time Held Top 10 6.4 quarters
Time Held All 6.61 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2024-12-31

13F Sector Allocation Over Time

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2024-12-31

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2024-12-31

Portfolio Performance