Aaron Cowen Suvretta Capital Management
Aaron Cowen is the founder of Suvretta Capital Management, a long/short equity firm with a fundamental research process. The firm invests across sectors with an emphasis on differentiated fundamental views. Cowen’s disclosures are tracked by investors who follow mid-to-large fundamental hedge funds.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
AVLN
Avalyn Pharma
AVLN
|
+$72.2M |
| 2 |
HUT
Hut 8
HUT
|
+$65M |
| 3 |
Spotify
SPOT
|
+$48M |
| 4 |
FTH
Faeth Therapeutics
FTH
|
+$45.9M |
| 5 |
CBRS
Cerebras Systems
CBRS
|
+$40.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APLS
Apellis Pharmaceuticals
APLS
|
+$142M |
| 2 |
KALV
KalVista Pharmaceuticals
KALV
|
+$96M |
| 3 |
Erasca
ERAS
|
+$55.6M |
| 4 |
Mineralys Therapeutics
MLYS
|
+$37.4M |
| 5 |
Performance Food Group
PFGC
|
+$35.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 55.49% |
| 2 | Technology | 10.26% |
| 3 | Consumer Discretionary | 5.22% |
| 4 | Financials | 4.29% |
| 5 | Industrials | 3.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $709M | 12.97% |
950,000
+600,000
| +171% | +$435M |
|
|
MANE
2
Veradermics Inc
MANE
$4.3B
| $513M | 9.37% |
4,168,970
| – | – |
|
3
Arcutis Biotherapeutics
ARQT
$3.15B
| $326M | 5.96% |
12,437,000
+110,000
| +0.9% | +$2.56M |
|
4
Legend Biotech
LEGN
$4.24B
| $204M | 3.73% |
7,070,000
-511,029
| -7% | -$13.8M |
|
|
PVLA
5
Palvella Therapeutics
PVLA
$2.05B
| $174M | 3.17% |
1,135,406
-18,090
| -2% | -$2.2M |
|
6
ArriVent BioPharma
AVBP
$1.44B
| $157M | 2.87% |
4,515,531
+114,448
| +3% | +$3.38M |
|
7
Benitec Biopharma
BNTC
$463M
| $155M | 2.83% |
11,548,351
| – | – |
|
8
Biohaven
BHVN
$2.09B
| $153M | 2.8% |
10,286,937
| – | – |
|
9
Advanced Micro Devices
AMD
$773B
| $149M | 2.73% |
257,240
| – | – |
|
10
Arcus Biosciences
RCUS
$3.86B
| $147M | 2.69% |
4,776,423
-254,570
| -5% | -$6.29M |
|
11
TSMC
TSM
$2.17T
| $145M | 2.66% |
304,627
+5,920
| +2% | +$2.4M |
|
12
NVIDIA
NVDA
$5.2T
| $144M | 2.64% |
720,609
+145,953
| +25% | +$30M |
|
13
EyePoint Inc
EYPT
$459M
| $119M | 2.17% |
8,296,375
| – | – |
|
14
Sysco
SYY
$40.2B
| $118M | 2.16% |
1,411,550
+252,394
| +22% | +$19.1M |
|
15
GE Aerospace
GE
$361B
| $116M | 2.12% |
310,262
| – | – |
|
16
Immatics
IMTX
$1.22B
| $113M | 2.07% |
11,190,129
| – | – |
|
17
MGM Resorts International
MGM
$11B
| $111M | 2.03% |
2,325,360
+166,560
| +8% | +$6.92M |
|
18
Meta Platforms (Facebook)
META
$1.4T
| $99M | 1.81% |
175,807
+6,100
| +4% | +$3.73M |
|
19
Capricor Therapeutics
CAPR
$366M
| $98.6M | 1.8% |
4,092,784
+274,184
| +7% | +$8.31M |
|
20
Kura Oncology
KURA
$1.06B
| $94.1M | 1.72% |
8,575,422
| – | – |
|
21
Monte Rosa Therapeutics
GLUE
$1.22B
| $85.9M | 1.57% |
3,549,539
-677,270
| -16% | -$12.8M |
|
|
AVLN
22
Avalyn Pharma
AVLN
$1.7B
| $82.4M | 1.51% |
+2,503,109
| New | +$72.2M |
|
23
Home Depot
HD
$335B
| $79.7M | 1.46% |
226,053
+4,463
| +2% | +$1.45M |
|
|
HUT
24
Hut 8
HUT
$9.97B
| $77.3M | 1.41% |
+670,000
| New | +$65M |
|
25
Capital One
COF
$134B
| $66.8M | 1.22% |
333,098
+30,698
| +10% | +$5.87M |
|
Similar funds
Aaron Cowen's Q2 2026 Portfolio in Review
As of Q2 2026, Aaron Cowen held 110 positions worth $5.47B, up 40% from $3.92B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Aaron Cowen deployed $555M of net new capital in Q2 2026, opening 21 new positions and adding to 26 existing holdings. Its largest new stake was Avalyn Pharma: 2,503,109 shares worth $82.4M.
By sector, the portfolio is most concentrated in Healthcare at 55% of assets, down from 65% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Mineralys Therapeutics, an estimated $37.4M trimmed.
- Aaron Cowen's largest Q2 2026 buy was Avalyn Pharma: 2,503,109 shares worth $82.4M.
- Aaron Cowen added most to Spotify in Q2 2026, an estimated $48M increase.
- Aaron Cowen's biggest Q2 2026 reduction was Mineralys Therapeutics, cutting an estimated $37.4M.
- Aaron Cowen fully exited Apellis Pharmaceuticals in Q2 2026, selling an estimated $142M.
- Aaron Cowen's ten largest holdings make up 49% of its $5.47B portfolio in Q2 2026.
- Aaron Cowen opened 21 new positions and closed 14 in Q2 2026.
- Aaron Cowen's portfolio value rose 40% quarter-over-quarter to $5.47B.
Based on Suvretta Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.