ROCK SPRINGS CAPITAL MANAGEMENT LP
Q4 2025 Form 13-F
BALTIMORE, MARYLAND
CIK 0001595725
· CRD 168648
· SEC-registered investment adviser
$2.0B Reported Value Total
ROCK SPRINGS CAPITAL reports 6 total accounts under management (AUM). There are 6 discretionary accounts valued at $2,426,287,072, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
2 funds
· $2.4B gross asset value
Hedge Fund: $2.4B
Source: Form ADV filed 2026-03-24
Reported value
$2.0B
Quarter over quarter
+20.1%
Holdings
97
Top-10 concentration
39.8%
Key People
Form ADV owners & control persons
Gordon Margraf ("mark") Bussard
MEMBER/LIMITED PARTNER
Kris Harlan Jenner
MEMBER/LIMITED PARTNER
Nnamdi C Etoh
CHIEF FINANCIAL OFFICER
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 17, 2026 |
| Form | 13F-HR |
| Reported value | $2.0B |
| Positions | 97 |
| Change in reported value | +14.0% |
| New positions | 18 |
| Exited positions | 12 |
| Position turnover | 27.5% |
| Top-10 concentration | 39.8% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
104 | $2.0B |
|
Q1 2026 13F
Filed May 15, 2026
|
100 | $1.7B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
97 | $2.0B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
91 | $1.7B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
92 | $1.6B |
|
Q1 2025 13F
Filed May 15, 2025
|
95 | $1.7B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
105 | $2.6B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
107 | $3.1B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
107 | $3.3B |
|
Q1 2024 13F
Filed May 15, 2024
|
109 | $3.9B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
99 | $4.1B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
116 | $3.7B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
119 | $4.2B |
|
Q1 2023 13F
Filed May 15, 2023
|
116 | $4.2B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
116 | $4.2B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
123 | $3.9B |
|
Q2 2022 13F
Filed Aug 15, 2022
|
125 | $3.4B |
|
Q1 2022 13F
Filed May 16, 2022
|
128 | $4.0B |
|
Q4 2021 13F
Filed Feb 14, 2022
|
128 | $4.3B |
|
Q3 2021 13F
Filed Nov 15, 2021
|
145 | $4.8B |
31 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | LLY ELI LILLY & CO | $113.3M | 5.81% |
| 2 | RVMD REVOLUTION MEDICINES INC | $106.4M | 5.45% |
| 3 | ARGX ARGENX SE | $86.8M | 4.45% |
| 4 | TVTX TRAVERE THERAPEUTICS INC | $84.5M | 4.33% |
| 5 | MDGL MADRIGAL PHARMACEUTICALS INC | $81.3M | 4.17% |
| 6 | RYTM RHYTHM PHARMACEUTICALS INC | $74.4M | 3.81% |
| 7 | EXAS EXACT SCIENCES CORP | $61.1M | 3.13% |
| 8 | MIRM MIRUM PHARMACEUTICALS INC | $60.2M | 3.09% |
| 9 | INSM INSMED INC | $55.6M | 2.85% |
| 10 | GPCR STRUCTURE THERAPEUTICS INC | $52.0M | 2.67% |
| 11 | ISRG INTUITIVE SURGICAL INC | $46.4M | 2.38% |
| 12 | CDTX CIDARA THERAPEUTICS INC | $45.3M | 2.32% |
| 13 | ASND ASCENDIS PHARMA A/S | $43.4M | 2.23% |
| 14 | IRTC IRHYTHM TECHNOLOGIES INC | $41.7M | 2.14% |
| 15 | KYMR KYMERA THERAPEUTICS INC | $38.7M | 1.98% |
| 16 | BSX BOSTON SCIENTIFIC CORP | $38.0M | 1.95% |
| 17 | PEN PENUMBRA INC | $37.5M | 1.92% |
| 18 | XENE XENON PHARMACEUTICALS INC | $35.3M | 1.81% |
| 19 | SRRK SCHOLAR ROCK HLDG CORP | $32.3M | 1.66% |
| 20 | COGT COGENT BIOSCIENCES INC | $30.2M | 1.55% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.