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AC

Aaron Cowen Suvretta Capital Management

AUM $5.47B
1-Year Est. Return 131.34%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+11.34%
1 Year Est. Return
+131.34%
3 Year Est. Return
+363.85%
5 Year Est. Return
+515.73%
10 Year Est. Return
+2,786.05%
AUM
$1.4B
AUM Growth
+$260M
Cap. Flow
+$155M
Cap. Flow %
11.03%
Top 10 Hldgs %
61.26%
Holding
51
New
15
Increased
11
Reduced
3
Closed
22

Top Buys

Rank Stock Value
1
STZ icon
Constellation Brands
STZ
+$69.7M
2
COV
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
+$63.3M
3
META icon
Meta Platforms (Facebook)
META
+$48.1M
4
CDK
CDK Global, Inc.
CDK
+$44.2M
5
PPG icon
PPG Industries
PPG
+$42.5M

Top Sells

Rank Stock Value
1
APC
Anadarko Petroleum
APC
+$47.4M
2
PARA
Paramount Global Class B
PARA
+$41.9M
3
SEMG
SEMGROUP CORPORATION
SEMG
+$33.1M
4
JAH
JARDEN CORPORATION
JAH
+$33M
5
BKW
BURGER KING WORLDWIDE
BKW
+$31.9M

Sector Composition

Rank Sector Weight
1 Healthcare 30.41%
2 Communication Services 13.71%
3 Materials 12.62%
4 Consumer Staples 9.81%
5 Technology 9.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BHC icon
26
PUT
Bausch Health
BHC
$2.41B
$7.16M 0.51%
50,000
-50,000
-50% -$6.73M
ENDP
27
CALL
DELISTED
Endo International plc
ENDP
$4.69M 0.33%
+65,000
New +$4.45M
BX icon
28
Blackstone
BX
$108B
$1.11M 0.08%
+33,321
New +$1.04M
ET icon
29
Energy Transfer Partners
ET
$73B
$930K 0.07%
+32,400
New +$933K
ABBV icon
30
AbbVie
ABBV
$468B
– –
-434,000
Closed -$25.1M
APD icon
31
CALL
Air Products & Chemicals
APD
$67.9B
– –
-129,720
Closed -$15.6M
ASH icon
32
Ashland
ASH
$3.33B
– –
-457,631
Closed -$23.3M
AWI icon
33
Armstrong World Industries
AWI
$7.55B
– –
-538,400
Closed -$30.1M
AZN icon
34
CALL
AstraZeneca
AZN
$257B
– –
-75,000
Closed -$5.36M
BHC icon
35
Bausch Health
BHC
$2.41B
– –
-1
Closed -$135
DHR icon
36
Danaher
DHR
$154B
– –
-462,716
Closed -$23.6M
DLTR icon
37
CALL
Dollar Tree
DLTR
$25.3B
– –
-160,000
Closed -$8.97M
HCA icon
38
HCA Healthcare
HCA
$92.9B
– –
-352,000
Closed -$24.8M
MHK icon
39
Mohawk Industries
MHK
$9.23B
– –
-145,800
Closed -$19.7M
PARA
40
CALL
DELISTED
Paramount Global Class B
PARA
– –
-190,000
Closed -$10.2M
PARA
41
DELISTED
Paramount Global Class B
PARA
– –
-784,000
Closed -$41.9M
PEP icon
42
CALL
PepsiCo
PEP
$196B
– –
-60,000
Closed -$5.58M
PEP icon
43
PepsiCo
PEP
$196B
– –
-314,400
Closed -$29.3M
XIFR
44
XPLR Infrastructure LP
XIFR
$1.05B
– –
-358,800
Closed -$12.4M
SEMG
45
DELISTED
SEMGROUP CORPORATION
SEMG
– –
-397,200
Closed -$33.1M
APC
46
DELISTED
Anadarko Petroleum
APC
– –
-467,000
Closed -$47.4M
IHS
47
DELISTED
IHS INC CL-A COM STK
IHS
– –
-247,500
Closed -$31M
JAH
48
DELISTED
JARDEN CORPORATION
JAH
– –
-822,600
Closed -$33M
SLXP
49
DELISTED
SALIX PHARMACEUTICALS LTD DEL
SLXP
– –
-133,000
Closed -$20.8M
BKW
50
DELISTED
BURGER KING WORLDWIDE
BKW
– –
-1,077,000
Closed -$31.9M
1
2
3

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Aaron Cowen's Q4 2014 Portfolio in Review

As of Q4 2014, Aaron Cowen held 51 positions worth $1.4B, up 23% from $1.14B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Aaron Cowen deployed $155M of net new capital in Q4 2014, opening 15 new positions and adding to 11 existing holdings. Its largest new stake was Constellation Brands: 760,900 shares worth $74.7M.

By sector, the portfolio is most concentrated in Healthcare at 30% of assets, up from 28% a quarter earlier, followed by Communication Services and Materials.

On the sell side, the largest reduction was Medtronic, an estimated $4.49M trimmed.

  • Aaron Cowen's largest Q4 2014 buy was Constellation Brands: 760,900 shares worth $74.7M.
  • Aaron Cowen added most to PPG Industries in Q4 2014, an estimated $42.5M increase.
  • Aaron Cowen's biggest Q4 2014 reduction was Medtronic, cutting an estimated $4.49M.
  • Aaron Cowen fully exited Anadarko Petroleum in Q4 2014, selling an estimated $47.4M.
  • Aaron Cowen's ten largest holdings make up 61% of its $1.4B portfolio in Q4 2014.
  • Aaron Cowen opened 15 new positions and closed 22 in Q4 2014.
  • Aaron Cowen's portfolio value rose 23% quarter-over-quarter to $1.4B.

Based on Suvretta Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.