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 | |
|---|---|---|---|---|---|---|
76
Stryker
SYK
$126B
| $1.84M | 0.03% |
5,860
| – | – |
|
77
Edwards Lifesciences
EW
$51.8B
| $1.69M | 0.03% |
18,700
| – | – |
|
|
MDLN
78
Medline Inc
MDLN
$30.1B
| $1.68M | 0.03% |
42,500
| – | – |
|
|
79
Performance Food Group
PFGC
$16.5B
| $1.64M | 0.03% |
14,710
-372,175
| -96% | -$35.4M |
|
80
Snowflake
SNOW
$115B
| $1.43M | 0.03% |
+5,600
| New | +$1.03M |
|
81
IQVIA
IQV
$42.8B
| $1.39M | 0.03% |
7,175
| – | – |
|
82
McKesson
MCK
$100B
| $1.38M | 0.03% |
1,830
| – | – |
|
83
HCA Healthcare
HCA
$92.9B
| $1.24M | 0.02% |
3,190
| – | – |
|
84
Waters Corp
WAT
$40.4B
| $1.21M | 0.02% |
3,225
| – | – |
|
85
Alphabet (Google) Class C
GOOG
$4.18T
| $1.2M | 0.02% |
+3,400
| New | +$1.22M |
|
86
W.W. Grainger
GWW
$61.8B
| $1.05M | 0.02% |
770
-230
| -23% | -$283K |
|
87
Ionis Pharmaceuticals
IONS
$9.93B
| $856K | 0.02% |
10,800
| – | – |
|
88
US Foods
USFD
$23.7B
| $708K | 0.01% |
6,920
-389,050
| -98% | -$34.7M |
|
89
Agilent Technologies
A
$44.9B
| $663K | 0.01% |
4,990
| – | – |
|
90
Veralto
VLTO
$24.1B
| $486K | 0.01% |
5,475
| – | – |
|
91
ResMed
RMD
$33.4B
| $466K | 0.01% |
2,390
| – | – |
|
92
Steris
STE
$23.2B
| $322K | 0.01% |
1,530
| – | – |
|
93
Sarepta Therapeutics
SRPT
$1.98B
| $321K | 0.01% |
17,888
| – | – |
|
94
Zimmer Biomet
ZBH
$19.3B
| $281K | 0.01% |
3,260
| – | – |
|
95
Charles River Laboratories
CRL
$14.1B
| $229K | ﹤0.01% |
+1,010
| New | +$180K |
|
96
InMed Pharmaceuticals
INM
$7.8M
| $155K | ﹤0.01% |
+100,000
| New | +$110K |
|
|
APLS
97
DELISTED
Apellis Pharmaceuticals
APLS
| – | – |
-3,518,471
| Closed | -$142M |
|
98
Coherent
COHR
$56.7B
| – | – |
-30,000
| Closed | -$7.15M |
|
|
99
Erasca
ERAS
$6.17B
| – | – |
-3,434,967
| Closed | -$55.6M |
|
|
KALV
100
DELISTED
KalVista Pharmaceuticals
KALV
| – | – |
-4,768,712
| Closed | -$96M |
|
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.