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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
+39.89%
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
$5.47B
AUM Growth
+$1.55B
Cap. Flow
+$555M
Cap. Flow %
10.15%
Top 10 Hldgs %
49.14%
Holding
110
New
21
Increased
26
Reduced
17
Closed
14

Top Buys

Rank Stock Value
1
AVLN
Avalyn Pharma
AVLN
+$72.2M
2
HUT
Hut 8
HUT
+$65M
3
SPOT icon
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
ERAS icon
Erasca
ERAS
+$55.6M
4
MLYS icon
Mineralys Therapeutics
MLYS
+$37.4M
5
PFGC icon
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
MLM icon
51
Martin Marietta Materials
MLM
$32.1B
$15M 0.27%
+26,000
New +$15.4M
FULC icon
52
Fulcrum Therapeutics
FULC
$292M
$13.5M 0.25%
3,680,921
-2,880,190
-44% -$17.5M
PLNT icon
53
Planet Fitness
PLNT
$4.09B
$11.5M 0.21%
+219,910
New +$12.9M
BE icon
54
Bloom Energy
BE
$59.3B
$10.2M 0.19%
+33,800
New +$8.66M
KARD
55
Kardigan Inc
KARD
$1.97B
$9.54M 0.17%
+400,000
New +$9.25M
CVS icon
56
CVS Health
CVS
$119B
$8.74M 0.16%
+84,500
New +$7.54M
MOLN
57
Molecular Partners
MOLN
$165M
$8.6M 0.16%
2,221,494
– –
AVR
58
Anteris Technologies
AVR
$875M
$8.37M 0.15%
850,000
– –
DXCM icon
59
DexCom
DXCM
$34.8B
$6.87M 0.13%
101,980
+70,300
+222% +$4.68M
TMO icon
60
Thermo Fisher Scientific
TMO
$233B
$6.72M 0.12%
13,400
– –
CNC icon
61
Centene
CNC
$32.1B
$6.36M 0.12%
+99,100
New +$5.3M
ABT icon
62
Abbott
ABT
$202B
$6.07M 0.11%
66,920
– –
BSX icon
63
Boston Scientific
BSX
$73B
$5.98M 0.11%
140,083
+16,142
+13% +$877K
ISRG icon
64
Intuitive Surgical
ISRG
$134B
$5.41M 0.1%
13,600
+2,300
+20% +$1M
DHR icon
65
Danaher
DHR
$154B
$5.07M 0.09%
26,600
-9,780
-27% -$1.78M
MLYS icon
66
Mineralys Therapeutics
MLYS
$2.27B
$4.69M 0.09%
173,886
-1,364,776
-89% -$37.4M
CLDX icon
67
Celldex Therapeutics
CLDX
$3.17B
$4.51M 0.08%
+121,297
New +$3.92M
MSLE
68
Satellos Bioscience
MSLE
$212M
$3.69M 0.07%
475,000
– –
COR icon
69
Cencora
COR
$60.7B
$3.53M 0.06%
12,488
– –
TRLV
70
Trulieve Cannabis Corp
TRLV
$2.14B
$3.5M 0.06%
+356,100
New +$3.43M
ABEO icon
71
Abeona Therapeutics
ABEO
$348M
$3.09M 0.06%
500,000
-2,176,000
-81% -$11.9M
NTRA icon
72
Natera
NTRA
$47.9B
$2.74M 0.05%
10,100
– –
JNJ icon
73
Johnson & Johnson
JNJ
$651B
$1.96M 0.04%
7,700
-15,700
-67% -$3.66M
LRCX icon
74
Lam Research
LRCX
$393B
$1.86M 0.03%
+4,302
New +$1.31M
MSFT icon
75
Microsoft
MSFT
$3.59T
$1.85M 0.03%
4,970
– –
1 2
3
4 5

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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.