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 |
Home Depot
HD
|
+$38M |
| 2 |
Ultragenyx Pharmaceutical
RARE
|
+$36.3M |
| 3 |
ETNB
89bio
ETNB
|
+$36.1M |
| 4 |
Bank of America
BAC
|
+$33.6M |
| 5 |
Chipotle Mexican Grill
CMG
|
+$29.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$92M |
| 2 |
Coca-Cola
KO
|
+$48.2M |
| 3 |
Starbucks
SBUX
|
+$47M |
| 4 |
CRH
CRH
|
+$41.5M |
| 5 |
McDonald's
MCD
|
+$30M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 60.02% |
| 2 | Technology | 10.47% |
| 3 | Consumer Discretionary | 6.61% |
| 4 | Financials | 5.33% |
| 5 | Communication Services | 4.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $224M | 8.3% |
400,000
+50,000
| +14% | +$29.4M |
|
2
Arcutis Biotherapeutics
ARQT
$3.15B
| $179M | 6.63% |
11,422,978
+23,840
| +0.2% | +$336K |
|
3
Biohaven
BHVN
$2.09B
| $135M | 5.01% |
5,620,271
| – | – |
|
4
Benitec Biopharma
BNTC
$463M
| $128M | 4.77% |
9,876,506
+916,497
| +10% | +$11.1M |
|
5
Legend Biotech
LEGN
$4.24B
| $127M | 4.72% |
3,749,965
+253,731
| +7% | +$9.1M |
|
6
Insmed
INSM
$27.5B
| $114M | 4.22% |
1,492,383
-119,178
| -7% | -$9.12M |
|
|
ETNB
7
DELISTED
89bio
ETNB
| $104M | 3.87% |
14,335,244
+4,132,548
| +41% | +$36.1M |
|
8
Meta Platforms (Facebook)
META
$1.4T
| $104M | 3.84% |
179,664
+9,326
| +5% | +$6.02M |
|
|
ITCI
9
DELISTED
Intra-Cellular Therapies Inc.
ITCI
| $92.5M | 3.43% |
700,904
-738,122
| -51% | -$92M |
|
|
10
Ultragenyx Pharmaceutical
RARE
$2.55B
| $73.3M | 2.72% |
2,024,500
+873,186
| +76% | +$36.3M |
|
11
Microsoft
MSFT
$3.59T
| $67.6M | 2.51% |
180,125
+61,728
| +52% | +$25.2M |
|
12
Amazon
AMZN
$2.79T
| $67.4M | 2.5% |
354,356
+3,075
| +0.9% | +$667K |
|
13
TSMC
TSM
$2.17T
| $58.2M | 2.16% |
350,514
+4,602
| +1% | +$894K |
|
|
KALV
14
DELISTED
KalVista Pharmaceuticals
KALV
| $56.7M | 2.1% |
4,913,012
| – | – |
|
15
Apollo Global Management
APO
$78.4B
| $54.3M | 2.02% |
396,540
-67,600
| -15% | -$10.4M |
|
16
Kura Oncology
KURA
$1.06B
| $49.1M | 1.82% |
7,439,259
+2,362,811
| +47% | +$18.4M |
|
17
Capital One
COF
$134B
| $44M | 1.63% |
245,222
-6,420
| -3% | -$1.21M |
|
18
ArriVent BioPharma
AVBP
$1.44B
| $43.2M | 1.6% |
2,337,496
+91,496
| +4% | +$2.24M |
|
19
Advanced Micro Devices
AMD
$773B
| $41.5M | 1.54% |
404,008
+66,593
| +20% | +$7.4M |
|
20
Immatics
IMTX
$1.22B
| $41.2M | 1.53% |
9,135,029
+4,069,752
| +80% | +$21.2M |
|
21
GE Aerospace
GE
$361B
| $40.2M | 1.49% |
200,662
| – | – |
|
22
NVIDIA
NVDA
$5.2T
| $38.2M | 1.42% |
352,765
+172,009
| +95% | +$21.8M |
|
23
EyePoint Inc
EYPT
$459M
| $36.9M | 1.37% |
6,804,091
+21,000
| +0.3% | +$147K |
|
|
APLS
24
DELISTED
Apellis Pharmaceuticals
APLS
| $36M | 1.34% |
1,646,615
+853,428
| +108% | +$23.6M |
|
|
25
Home Depot
HD
$335B
| $35.8M | 1.33% |
+97,571
| New | +$38M |
|
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Aaron Cowen's Q1 2025 Portfolio in Review
As of Q1 2025, Aaron Cowen held 112 positions worth $2.69B, down 8.2% from $2.93B the previous quarter. Its ten largest holdings account for 48% of the portfolio.
Aaron Cowen's Q1 2025 filing shows 16 new, 29 increased, 14 reduced and 12 closed positions. Its largest new stake was Home Depot: 97,571 shares worth $35.8M. The largest sale was Intra-Cellular Therapies Inc., an estimated $92M.
By sector, the portfolio is most concentrated in Healthcare at 60% of assets, up from 56% a quarter earlier, followed by Technology and Consumer Discretionary.
- Aaron Cowen's largest Q1 2025 buy was Home Depot: 97,571 shares worth $35.8M.
- Aaron Cowen added most to Ultragenyx Pharmaceutical in Q1 2025, an estimated $36.3M increase.
- Aaron Cowen's biggest Q1 2025 reduction was Intra-Cellular Therapies Inc., cutting an estimated $92M.
- Aaron Cowen fully exited Starbucks in Q1 2025, selling an estimated $47M.
- Aaron Cowen's ten largest holdings make up 48% of its $2.69B portfolio in Q1 2025.
- Aaron Cowen opened 16 new positions and closed 12 in Q1 2025.
- Aaron Cowen's portfolio value fell 8.2% quarter-over-quarter to $2.69B.
Based on Suvretta Capital Management's 13F filing for Q1 2025, filed 15 May 2025.