Darwin Global Management, Ltd.

CIK

1839209

Location

ST. HELIER, Y9

Portfolio Value

Mid $4,026,455,721

Diversification

Highly concentrated

Filing Date

Global Rank

#776 / 8,605 ▼ 52 · as of Mar 2026

Top Industry

Biotechnology 100.0%

3Y Alpha vs SPY

-15.7%

Period ended 3 months ago

Filed May 15, 2026 · 55d

19 quarters · since Dec 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+14.5%

SPY

+76.5%

Annualised alpha

-16.3%

Max drawdown

−50.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

6 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

68.2%

−9.2 pts

Top 5

100.0%

−0.0 pts

Top 10

100.0%

0.0 pts

HHI

4,947

Highly concentrated−1,250

Portfolio Trend

19 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	100.0%	$4,026,455,721	6

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
ABVX	Abivax S.A.	+290,156	3,468,657	$386,234,956
BLTE	Belite Bio, Inc	+29,708	3,057,412	$487,473,769
No positions match the current search.

Trimmed

Positions the filer reduced

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
INSM	INSMED Inc	−4,128,093	16,805,184	$2,747,983,687
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
RVMD	Revolution Medicines, Inc.	2,211,018	$215,021,500
ROIV	Roivant Sciences Ltd.	6,797,300	$188,285,210
DNTH	Dianthus Therapeutics, Inc. /DE/	17,357	$1,456,599
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
WVE	Wave Life Sciences Ltd.	7,298,421	$124,073,157
CAPR	Capricor Therapeutics, Inc.	800,000	$23,088,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

6 positions · $4,026,455,721 total · as of Mar 31, 2026

All sectors Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
INSM	INSMED Inc Healthcare	Reduced	16,805,184	-4,128,093	$2,747,983,687	−24.6%	68.25%
BLTE	Belite Bio, Inc Healthcare	Reduced	3,057,412	-2,997,996	$487,473,769	−49.7%	12.11%
ABVX	Abivax S.A. Healthcare	Added	3,468,657	+290,156	$386,234,956	−9.9%	9.59%
RVMD	Revolution Medicines, Inc. Healthcare	NEW	2,211,018	NEW	$215,021,500	NEW	5.34%
ROIV	Roivant Sciences Ltd. Healthcare	NEW	6,797,300	NEW	$188,285,210	NEW	4.68%
DNTH	Dianthus Therapeutics, Inc. /DE/ Healthcare	NEW	17,357	NEW	$1,456,599	NEW	0.04%