Darwin Global Management, Ltd.

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, Darwin Global Management, Ltd. maintained a portfolio of 8 distinct positions. The most significant new addition to the portfolio was BELITE BIO INC, which now represents 9.86% of the total fund value. They heavily accumulated shares in INSMED INC, increasing their position by 2.3%. Conversely, Darwin Global Management, Ltd. completely exited their position in UNITED THERAPEUTICS .
PCA Score Concentration Risk
Risk ENB
Total Positions
8
Quarter
2025 Q4
Top Holding
INSM (73.8%)
Top 10 Concentration
100.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-8 of 8
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
INSM
INSMED INC
Healthcare 73.78% 80.54% #1
Prev: #1
10.0 475,832 2.3%
P
S
20,933,277 $3,644,274,193 2024 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
BLTE
BELITE BIO INC
Healthcare 9.86% #2
Prev: #—
5.9 3,027,704 no change
NEW
3,027,704 $486,915,357 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ABVX
ABIVAX SA
Healthcare 8.90% 7.33% #3
Prev: #3
5.6 14,000 0.4%
P
S
3,178,501 $439,713,828 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CDTX
CIDARA THERAPEU...
Healthcare 4.46% 2.64% #4
Prev: #4
1.8 no change no change
P
S
997,196 $220,180,877 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
WVE
WAVE LIFE SCIEN...
Healthcare 2.53% #5
Prev: #—
3.0 7,298,421 no change
NEW
7,298,421 $125,167,920 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CAPR
CAPRICOR THERAP...
Healthcare 0.47% #6
Prev: #—
2.2 800,000 no change
NEW
800,000 $23,168,000 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
UTHR
UNITED THERAPEU...
Healthcare 0.00% 8.83%
Sold All 😨
(Was: #2)
0.3 -748,550 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
QURE
UNIQURE NV
Healthcare 0.00% 0.66%
Sold All 😨
(Was: #5)
0.3 -400,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-8 of 8 holdings

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