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 |
Sysco
SYY
|
+$82.5M |
| 2 |
Legend Biotech
LEGN
|
+$79.9M |
| 3 |
Biohaven
BHVN
|
+$57.8M |
| 4 |
ServiceNow
NOW
|
+$47.9M |
| 5 |
uniQure
QURE
|
+$47M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ETNB
89bio
ETNB
|
+$122M |
| 2 |
Keurig Dr Pepper
KDP
|
+$40.1M |
| 3 |
Ferguson
FERG
|
+$35.1M |
| 4 |
RNAM
Avidity Biosciences
RNAM
|
+$32.7M |
| 5 |
Mineralys Therapeutics
MLYS
|
+$23.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 51.05% |
| 2 | Technology | 10.74% |
| 3 | Consumer Discretionary | 6.34% |
| 4 | Financials | 4.61% |
| 5 | Consumer Staples | 3.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Chipotle Mexican Grill
CMG
$46.7B
| $25.4M | 0.52% |
+686,300
| New | +$24.8M |
|
52
Aura Biosciences
AURA
$809M
| $23.8M | 0.49% |
4,372,884
| – | – |
|
53
Tango Therapeutics
TNGX
$4.03B
| $23.6M | 0.48% |
+2,662,227
| New | +$22.9M |
|
54
Biogen
BIIB
$32B
| $23.3M | 0.48% |
132,290
-35,900
| -21% | -$5.87M |
|
55
Dick's Sporting Goods
DKS
$16.4B
| $22.6M | 0.46% |
114,300
-13,990
| -11% | -$3.05M |
|
56
Goldman Sachs
GS
$303B
| $21.2M | 0.43% |
24,108
| – | – |
|
57
Johnson & Johnson
JNJ
$651B
| $20.4M | 0.42% |
98,786
-34,000
| -26% | -$6.72M |
|
58
Insmed
INSM
$27.5B
| $19M | 0.39% |
109,313
-108,470
| -50% | -$19.8M |
|
59
Abeona Therapeutics
ABEO
$348M
| $14.1M | 0.29% |
2,676,000
| – | – |
|
60
Lexeo Therapeutics
LXEO
$400M
| $12.4M | 0.25% |
+1,250,000
| New | +$11.4M |
|
61
Rocket Pharmaceuticals
RCKT
$385M
| $10.5M | 0.22% |
2,992,735
-850,598
| -22% | -$2.91M |
|
|
MOLN
62
Molecular Partners
MOLN
$165M
| $9.68M | 0.2% |
2,221,494
| – | – |
|
|
EXAS
63
DELISTED
Exact Sciences
EXAS
| $9.56M | 0.2% |
94,100
| – | – |
|
|
WHWK
64
Whitehawk Therapeutics
WHWK
$270M
| $8.95M | 0.18% |
3,700,000
| – | – |
|
65
InflaRx
IFRX
$309M
| $8.01M | 0.16% |
7,933,910
+1,450,000
| +22% | +$1.8M |
|
66
Thermo Fisher Scientific
TMO
$233B
| $7.76M | 0.16% |
13,400
| – | – |
|
67
Abbott
ABT
$202B
| $6.39M | 0.13% |
51,020
| – | – |
|
68
Moderna
MRNA
$57.9B
| $6.06M | 0.12% |
+205,593
| New | +$5.59M |
|
|
KZR
69
DELISTED
Kezar Life Sciences
KZR
| $4.51M | 0.09% |
716,759
| – | – |
|
70
Cencora
COR
$60.7B
| $4.22M | 0.09% |
12,488
| – | – |
|
71
United Therapeutics
UTHR
$22B
| $3.65M | 0.07% |
7,500
| – | – |
|
72
Intuitive Surgical
ISRG
$134B
| $2.95M | 0.06% |
5,200
| – | – |
|
73
Mettler-Toledo International
MTD
$28B
| $2.74M | 0.06% |
1,964
| – | – |
|
74
Medtronic
MDT
$119B
| $2.41M | 0.05% |
25,060
| – | – |
|
75
Natera
NTRA
$47.9B
| $2.31M | 0.05% |
10,100
| – | – |
|
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Aaron Cowen's Q4 2025 Portfolio in Review
As of Q4 2025, Aaron Cowen held 108 positions worth $4.88B, up 25% from $3.91B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Aaron Cowen deployed $671M of net new capital in Q4 2025, opening 15 new positions and adding to 25 existing holdings. Its largest new stake was Sysco: 1,083,790 shares worth $79.9M.
By sector, the portfolio is most concentrated in Healthcare at 51% of assets, up from 51% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Ferguson, an estimated $35.1M trimmed.
- Aaron Cowen's largest Q4 2025 buy was Sysco: 1,083,790 shares worth $79.9M.
- Aaron Cowen added most to Legend Biotech in Q4 2025, an estimated $79.9M increase.
- Aaron Cowen's biggest Q4 2025 reduction was Ferguson, cutting an estimated $35.1M.
- Aaron Cowen fully exited 89bio in Q4 2025, selling an estimated $122M.
- Aaron Cowen's ten largest holdings make up 42% of its $4.88B portfolio in Q4 2025.
- Aaron Cowen opened 15 new positions and closed 15 in Q4 2025.
- Aaron Cowen's portfolio value rose 25% quarter-over-quarter to $4.88B.
Based on Suvretta Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.