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 |
Fidelity National Information Services
FIS
|
+$252M |
| 2 |
Global Payments
GPN
|
+$198M |
| 3 |
L3Harris
LHX
|
+$160M |
| 4 |
ATVI
Activision Blizzard
ATVI
|
+$152M |
| 5 |
United Parcel Service
UPS
|
+$135M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Netflix
NFLX
|
+$261M |
| 2 |
WP
Worldpay, Inc.
WP
|
+$250M |
| 3 |
Alibaba
BABA
|
+$194M |
| 4 |
Boeing
BA
|
+$178M |
| 5 |
Walt Disney
DIS
|
+$157M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 31.51% |
| 2 | Technology | 31.02% |
| 3 | Consumer Discretionary | 12.07% |
| 4 | Healthcare | 9.87% |
| 5 | Consumer Staples | 8.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
51
Walt Disney
DIS
$186B
| – | – |
-1,124,790
| Closed | -$157M |
|
|
FISV
52
Fiserv Inc
FISV
$28B
| – | – |
-312,480
| Closed | -$28.5M |
|
|
GB
53
DELISTED
Global Blue Group Holding
GB
| – | – |
-2,405,421
| Closed | -$24.5M |
|
54
PUT
Las Vegas Sands
LVS
$30.5B
| – | – |
-800,000
| Closed | -$47.3M |
|
|
55
Netflix
NFLX
$331B
| – | – |
-7,109,610
| Closed | -$261M |
|
56
Norfolk Southern
NSC
$78.8B
| – | – |
-212,223
| Closed | -$42.3M |
|
57
PUT
Invesco QQQ Trust
QQQ
$486B
| – | – |
-1,500,000
| Closed | -$280M |
|
58
The RealReal
REAL
$1.35B
| – | – |
-100,000
| Closed | -$2.89M |
|
59
Sea Limited
SE
$72B
| – | – |
-1,225,739
| Closed | -$40.7M |
|
60
Spotify
SPOT
$110B
| – | – |
-946,466
| Closed | -$138M |
|
61
PUT
Tesla
TSLA
$1.43T
| – | – |
-7,395,000
| Closed | -$110M |
|
62
PUT
Tyson Foods
TSN
$20.6B
| – | – |
-700,000
| Closed | -$56.5M |
|
63
Trane Technologies
TT
$99.8B
| – | – |
-758,000
| Closed | -$96M |
|
|
CHNG
64
DELISTED
Change Healthcare Inc. Common Stock
CHNG
| – | – |
-45,000
| Closed | -$657K |
|
|
LK
65
DELISTED
Luckin Coffee Inc. American Depositary Shares
LK
| – | – |
-1,089,190
| Closed | -$21.2M |
|
|
I
66
DELISTED
INTELSAT S. A.
I
| – | – |
-677,380
| Closed | -$13.2M |
|
|
I
67
PUT
DELISTED
INTELSAT S. A.
I
| – | – |
-675,000
| Closed | -$13.1M |
|
|
WP
68
DELISTED
Worldpay, Inc.
WP
| – | – |
-2,037,510
| Closed | -$250M |
|
|
TSS
69
DELISTED
Total System Services, Inc.
TSS
| – | – |
-1,166,640
| Closed | -$150M |
|
|
FDC
70
DELISTED
First Data Corporation
FDC
| – | – |
-1,703,200
| Closed | -$46.1M |
|
Similar funds
Aaron Cowen's Q3 2019 Portfolio in Review
As of Q3 2019, Aaron Cowen held 70 positions worth $3.87B, down 18% from $4.72B the previous quarter. Its ten largest holdings account for 50% of the portfolio.
Aaron Cowen withdrew a net $954M in Q3 2019, closing 28 positions and reducing 9 holdings. Its most notable exit was Netflix, an estimated $261M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 32% of assets, up from 25% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, Aaron Cowen opened a new position in Fidelity National Information Services worth $252M.
- Aaron Cowen's largest Q3 2019 buy was Fidelity National Information Services: 1,895,218 shares worth $252M.
- Aaron Cowen added most to Restaurant Brands International in Q3 2019, an estimated $57.1M increase.
- Aaron Cowen's biggest Q3 2019 reduction was Lockheed Martin, cutting an estimated $90.7M.
- Aaron Cowen fully exited Netflix in Q3 2019, selling an estimated $261M.
- Aaron Cowen's ten largest holdings make up 50% of its $3.87B portfolio in Q3 2019.
- Aaron Cowen opened 23 new positions and closed 28 in Q3 2019.
- Aaron Cowen's portfolio value fell 18% quarter-over-quarter to $3.87B.
Based on Suvretta Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.