Darwin Global Management, Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Darwin Global Management, Ltd. reported 6 stock positions worth $4.9 billion. Its top holding was Insmed (INSM) at 73.8% of the portfolio, followed by Belite Bio Inc. - ADR (BLTE, 9.9%) and Abivax SA-ADR (ABVX, 8.9%). Compared with Q3 2025, it opened 3 new positions, sold out of 2 and added to 2. The biggest buy was a new position in Belite Bio Inc. - ADR (BLTE) and the biggest sale an exit from United Therapeutics (UTHR).
- Most Recent 13F
- Q2 2026
- Location
- ST. HELIER, Y9
- CIK
- 0001839209
- Portfolio Value
- $4.9B (Q4 2025)
- SEC Filing
- 0001892688-26-000041 ↗ filed Feb 17, 2026
Holdings Value
Holdings 6 stocks · $4.9B
| INSM Insmed Inc. | 73.78% | 20,933,277 | $3.6B | Add +2.3% |
| BLTE Belite Bio Inc. - ADR | 9.86% | 3,027,704 | $486.9M | New |
| ABVX Abivax SA-ADR | 8.90% | 3,178,501 | $439.7M | Add +0.4% |
| CDTX Cidara Therapeutics Inc. | 4.46% | 997,196 | $220.2M | No change |
| WVE Wave Life Sciences Ltd. | 2.53% | 7,298,421 | $125.2M | New |
| CAPR Capricor Therapeutics Inc. | 0.47% | 800,000 | $23.2M | New |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 5 | $3.8B | RVMD, INSM, BLTE, ABVX, ROIV |
| Q1 2026 | 6 | $3.8B | INSM, BLTE, ABVX, RVMD, ROIV |
| Q4 2025 | 6 | $4.9B | INSM, BLTE, ABVX, CDTX, WVE |
| Q3 2025 | 5 | $3.6B | INSM, UTHR, ABVX, CDTX, QURE |
| Q2 2025 | 5 | $2.4B | INSM, VRNA, CDTX, MRUS, ALLO |
| Q1 2025 | 3 | $1.5B | INSM, VRNA, ALLO |
| Q4 2024 | 6 | $1.1B | INSM, JAZZ, VRNA, GERN, KROS |
| Q3 2024 | 5 | $1.2B | INSM, PCVX, GERN, KROS, SMMT |
| Q2 2024 | 9 | $859.5M | CYTK, INSM, PCVX, GERN, KROS |
| Q1 2024 | 12 | $751.2M | PCVX, NUVL, KROS, BHVN, ALPN |