9AT: ROCK SPRINGS CAPITAL

Adviser Profile

As of Date	03/24/2026
Registration	SEC, Approved, 09/27/2013
ADV Location	BALTIMORE, MD, United States
Contact Info	410 xxxxxxx
Websites

AUM^*	2,426,287,072 -58%
of that, discretionary	2,426,287,072 -58%
Number of Employees	17 -6%
of those in investment advisory functions	8 14%
Private Fund GAV^*	2,426,287,072 -27%
Avg Account Size	404,381,179 -58%
SMA’s	No
Private Funds	6

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

	Count	GAV
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Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser ARMISTICE CAPITAL LLC	Hedge Fund4.7b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.7b	AUM4.7b	#Funds3
Adviser LEADENHALL CAPITAL PARTNERS	Hedge Fund2.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.6b	AUM5.7b	#Funds12
Adviser SKYVIEW INVESTMENT ADVISORS, LLC	Hedge Fund139.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund425.0k	Other Fund-	Total Private Fund GAV140.0m	AUM8.3b	#Funds9
Adviser SOUTHEASTERN ASSET MANAGEMENT INC.	Hedge Fund8.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV8.7m	AUM3.7b	#Funds1
Adviser CANDLESTICK CAPITAL MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM5.2b	#Funds-
Adviser SPX CAPITAL MANAGEMENT LLC	Hedge Fund2.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.8b	AUM350.0m	#Funds12
Adviser RIVERNORTH CAPITAL MANAGEMENT, LLC	Hedge Fund1.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.1b	AUM6.2b	#Funds5
Adviser ALPHASIMPLEX GROUP, LLC	Hedge Fund860.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV860.2m	AUM3.1b	#Funds2
Adviser AUREUS ASSET MANAGEMENT, LLC	Hedge Fund182.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV182.6m	AUM8.4b	#Funds4
Adviser EMPYREAN CAPITAL PARTNERS, LP	Hedge Fund5.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.0b	AUM5.0b	#Funds4

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker76155X100	Stock NameREVOLUTION MEDICINES INC	$ Position$206,983,729	% Position10.00%	$ Change76.00%	# Change-9.00%
Stck Ticker89422G107	Stock NameTRAVERE THERAPEUTICS INC	$ Position$123,792,910	% Position6.00%	$ Change182.00%	# Change47.00%
Stck Ticker532457108	Stock NameELI LILLY & CO	$ Position$118,383,741	% Position6.00%	$ Change30.00%	# Change0.00%
Stck Ticker558868105	Stock NameMADRIGAL PHARMACEUTICALS INC	$ Position$93,965,713	% Position5.00%	$ Change5.00%	# Change2.00%
Stck Ticker604749101	Stock NameMIRUM PHARMACEUTICALS INC	$ Position$93,438,835	% Position5.00%	$ Change25.00%	# Change-2.00%
Stck Ticker76243J105	Stock NameRHYTHM PHARMACEUTICALS INC	$ Position$76,899,156	% Position4.00%	$ Change28.00%	# Change0.00%
Stck Ticker501575104	Stock NameKYMERA THERAPEUTICS INC	$ Position$51,963,399	% Position3.00%	$ Change26.00%	# Change-9.00%
Stck Ticker450056106	Stock NameIRHYTHM HOLDINGS INC	$ Position$32,074,868	% Position2.00%	$ Change4.00%	# Change3.00%
Stck Ticker457669307	Stock NameINSMED INC	$ Position$38,612,433	% Position2.00%	$ Change-25.00%	# Change15.00%
Stck Ticker70975L107	Stock NamePENUMBRA INC	$ Position$36,548,063	% Position2.00%	$ Change-8.00%	# Change-4.00%

Brochure Summary

Overview

Rock Springs is organized as a limited partnership under the laws of the State of Delaware. Rock Springs is owned and controlled by Graham McPhail, Kris Jenner, and Gordon Margraf (“Mark”) Bussard (collectively, the “Principals”). The Principals own and control the general partners of the Funds (defined below) (collectively and as applicable in each case, the “General Partner”); unless and only to the extent that the context otherwise requires, references to “Rock Springs” include the General Partner. The investment activities of Rock Springs are led by the Principals along with a number of other investment professionals who work with the Principals to execute Rock Springs’ investment strategies. The Funds and the General Partner Rock Springs provides discretionary investment advice to private investment funds organized as domestic or foreign private pooled investment vehicles (the “Funds”). The Funds are organized as master-feeder structures whereby each domestic fund (“Domestic Fund”) and offshore fund (“Offshore Fund” and together with the applicable Domestic Fund, the “Feeder Funds”) invests substantially all of its assets in a master fund (“Master Fund”). All trading occurs at the Master Fund level. Rock Springs began providing investment advisory services in October 2013. The Funds have been established to pursue

investment strategies that focus primarily on investing in companies in healthcare and healthcare-related industries, with an emphasis on companies and/or products that Rock Springs believes serve critical unmet needs. The Funds’ investment objective is to generate capital appreciation, primarily through investments in publicly traded and privately placed securities of companies in these industries. Rock Springs manages the Funds in accordance with the investment strategies, objectives, restrictions and guidelines set forth in their respective confidential offering documents, limited partnership agreements and/or investment management agreements (the “Governing Fund Documents”), as applicable, and does not provide investment advice individually to the limited partners of the Funds (each, an “Investor” and together, “Investors”). Rock Springs does not require, and does not seek, approval from the Funds or the Investors in the Funds with respect to its trading. Rock Springs generally does not permit Investors to impose restrictions on investments made by the Funds. Client Assets Under Management As of the close of business on December 31, 2023, Rock Springs managed approximately $3.7103 billion of client assets on a discretionary basis. Rock Springs does not currently manage any assets on a non-discretionary basis.

ROCK SPRINGS CAPITAL

ROCK SPRINGS CAPITAL

ROCK SPRINGS CAPITAL MANAGEMENT LP

ROCK SPRINGS CAPITAL LP

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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ROCK SPRINGS CAPITAL ROCK SPRINGS CAPITAL ROCK SPRINGS CAPITAL MANAGEMENT LP ROCK SPRINGS CAPITAL LP

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

ROCK SPRINGS CAPITAL

ROCK SPRINGS CAPITAL

ROCK SPRINGS CAPITAL MANAGEMENT LP

ROCK SPRINGS CAPITAL LP