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 |
Microsoft
MSFT
|
+$280M |
| 2 |
Monster Beverage
MNST
|
+$102M |
| 3 |
Hilton Worldwide
HLT
|
+$86.3M |
| 4 |
Deckers Outdoor
DECK
|
+$83.7M |
| 5 |
Marriott International
MAR
|
+$77.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Twilio
TWLO
|
+$165M |
| 2 |
Adobe
ADBE
|
+$152M |
| 3 |
Mastercard
MA
|
+$147M |
| 4 |
PLAN
Anaplan, Inc.
PLAN
|
+$132M |
| 5 |
Ross Stores
ROST
|
+$122M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 35.85% |
| 2 | Consumer Discretionary | 21.52% |
| 3 | Technology | 17.66% |
| 4 | Industrials | 15.63% |
| 5 | Consumer Staples | 5.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Amazon
AMZN
$2.79T
| $360M | 6.97% |
2,160,600
+177,860
| +9% | +$30.4M |
|
|
2
Microsoft
MSFT
$3.59T
| $291M | 5.63% |
+865,000
| New | +$280M |
|
3
UnitedHealth
UNH
$350B
| $229M | 4.44% |
456,790
-258,323
| -36% | -$117M |
|
|
4
Adobe
ADBE
$109B
| $222M | 4.31% |
392,207
-242,406
| -38% | -$152M |
|
5
Otis Worldwide
OTIS
$27.2B
| $216M | 4.19% |
2,484,580
-214,959
| -8% | -$18M |
|
6
Union Pacific
UNP
$183B
| $204M | 3.94% |
808,020
-11,677
| -1% | -$2.77M |
|
7
Tapestry
TPR
$26B
| $185M | 3.57% |
4,547,460
-830,572
| -15% | -$34.2M |
|
8
Thermo Fisher Scientific
TMO
$233B
| $180M | 3.49% |
270,470
-55,340
| -17% | -$34.6M |
|
9
GFL Environmental
GFL
$14.8B
| $175M | 3.39% |
4,627,040
-88,077
| -2% | -$3.43M |
|
10
Estee Lauder
EL
$36.9B
| $166M | 3.22% |
449,360
-64,054
| -12% | -$21.7M |
|
11
Cencora
COR
$60.7B
| $165M | 3.2% |
1,243,810
+8,965
| +0.7% | +$1.1M |
|
12
IQVIA
IQV
$42.8B
| $158M | 3.06% |
559,760
-143,427
| -20% | -$37.2M |
|
13
Analog Devices
ADI
$182B
| $144M | 2.79% |
819,310
+341,665
| +72% | +$60.5M |
|
14
RH
RH
$2.9B
| $134M | 2.59% |
249,920
-85,031
| -25% | -$52.3M |
|
15
Quanta Services
PWR
$96.1B
| $133M | 2.58% |
1,163,015
-225,819
| -16% | -$26M |
|
|
16
Monster Beverage
MNST
$93.6B
| $110M | 2.13% |
+4,574,800
| New | +$102M |
|
17
Carvana
CVNA
$76.9B
| $99.2M | 1.92% |
2,139,035
-256,680
| -11% | -$14.1M |
|
|
18
Hilton Worldwide
HLT
$73.5B
| $93.4M | 1.81% |
+599,022
| New | +$86.3M |
|
19
Opendoor
OPEN
$3.43B
| $90.1M | 1.75% |
6,374,629
-3,387,146
| -35% | -$62.6M |
|
|
20
Mastercard
MA
$509B
| $89.9M | 1.74% |
250,270
-424,130
| -63% | -$147M |
|
|
CANO
21
DELISTED
Cano Health, Inc.
CANO
| $88M | 1.7% |
98,730
+14,540
| +17% | +$15.3M |
|
22
Alight
ALIT
$379M
| $84.4M | 1.63% |
390,500
-27,000
| -6% | -$5.86M |
|
|
23
Marriott International
MAR
$92.9B
| $81.6M | 1.58% |
+493,640
| New | +$77.7M |
|
|
24
Deckers Outdoor
DECK
$12.5B
| $79.2M | 1.53% |
+1,297,380
| New | +$83.7M |
|
25
Royalty Pharma
RPRX
$27.3B
| $78.4M | 1.52% |
1,967,273
+439,373
| +29% | +$17.1M |
|
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Aaron Cowen's Q4 2021 Portfolio in Review
As of Q4 2021, Aaron Cowen held 126 positions worth $5.16B, down 13% from $5.94B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Aaron Cowen withdrew a net $830M in Q4 2021, closing 31 positions and reducing 23 holdings. Its most notable exit was Twilio, an estimated $165M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 36% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Technology.
Against the trend, Aaron Cowen opened a new position in Microsoft worth $291M.
- Aaron Cowen's largest Q4 2021 buy was Microsoft: 865,000 shares worth $291M.
- Aaron Cowen added most to Analog Devices in Q4 2021, an estimated $60.5M increase.
- Aaron Cowen's biggest Q4 2021 reduction was Adobe, cutting an estimated $152M.
- Aaron Cowen fully exited Twilio in Q4 2021, selling an estimated $165M.
- Aaron Cowen's ten largest holdings make up 43% of its $5.16B portfolio in Q4 2021.
- Aaron Cowen opened 20 new positions and closed 31 in Q4 2021.
- Aaron Cowen's portfolio value fell 13% quarter-over-quarter to $5.16B.
Based on Suvretta Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.