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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
KZR
101
DELISTED
Kezar Life Sciences
KZR
– –
-716,759
Closed -$5.32M
LTH icon
102
Life Time Group Holdings
LTH
$10.1B
– –
-510,349
Closed -$13.7M
MDT icon
103
Medtronic
MDT
$119B
– –
-72,260
Closed -$6.26M
MTD icon
104
Mettler-Toledo International
MTD
$28B
– –
-1,964
Closed -$2.48M
RBLX icon
105
Roblox
RBLX
$27.4B
– –
-8,420
Closed -$476K
TSLA icon
106
Tesla
TSLA
$1.43T
– –
-5,177
Closed -$1.92M
VRDN icon
107
Viridian Therapeutics
VRDN
$2.75B
– –
-16,700
Closed -$327K
VST icon
108
Vistra
VST
$45.7B
– –
-6,000
Closed -$902K
WING icon
109
Wingstop
WING
$3.14B
– –
-59,500
Closed -$9.22M
TLN
110
Talen Energy Corp
TLN
$15.1B
– –
-5,970
Closed -$1.91M
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.