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 | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $546M | 11.18% |
800,000
| – | – |
|
2
Arcutis Biotherapeutics
ARQT
$3.15B
| $347M | 7.12% |
11,964,000
+1,486,000
| +14% | +$38M |
|
3
PUT
ARK Genomic Revolution ETF
ARKG
$1.94B
| $242M | 4.95% |
+8,342,300
| New | +$250M |
|
4
Benitec Biopharma
BNTC
$463M
| $156M | 3.19% |
11,548,351
+1,671,845
| +17% | +$23.1M |
|
|
5
Legend Biotech
LEGN
$4.24B
| $144M | 2.94% |
6,608,629
+2,790,620
| +73% | +$79.9M |
|
6
EyePoint Inc
EYPT
$459M
| $143M | 2.93% |
7,827,685
+1,634,970
| +26% | +$23.2M |
|
7
Arcus Biosciences
RCUS
$3.86B
| $124M | 2.53% |
5,188,858
+1,500,000
| +41% | +$30.6M |
|
8
Immatics
IMTX
$1.22B
| $117M | 2.41% |
11,190,129
-840,000
| -7% | -$8.48M |
|
|
9
Biohaven
BHVN
$2.09B
| $116M | 2.38% |
10,286,937
+4,666,666
| +83% | +$57.8M |
|
10
Meta Platforms (Facebook)
META
$1.4T
| $112M | 2.29% |
169,069
-1,904
| -1% | -$1.27M |
|
|
APLS
11
DELISTED
Apellis Pharmaceuticals
APLS
| $104M | 2.13% |
4,139,426
+1,261,426
| +44% | +$29.6M |
|
12
NVIDIA
NVDA
$5.2T
| $99M | 2.03% |
530,900
+47,365
| +10% | +$8.82M |
|
13
Coca-Cola
KO
$392B
| $96.7M | 1.98% |
1,382,750
-72,330
| -5% | -$5.04M |
|
14
GE Aerospace
GE
$361B
| $95.6M | 1.96% |
310,262
| – | – |
|
15
Amazon
AMZN
$2.79T
| $93.7M | 1.92% |
406,146
+187,599
| +86% | +$42.9M |
|
|
PVLA
16
Palvella Therapeutics
PVLA
$2.05B
| $93.4M | 1.91% |
892,400
+70,000
| +9% | +$5.97M |
|
17
Kura Oncology
KURA
$1.06B
| $89.1M | 1.83% |
8,575,422
+459,422
| +6% | +$4.82M |
|
18
Bank of America
BAC
$431B
| $83.5M | 1.71% |
1,517,630
+357,300
| +31% | +$18.9M |
|
19
Advanced Micro Devices
AMD
$773B
| $83.4M | 1.71% |
389,576
-9,223
| -2% | -$2.07M |
|
20
PUT
Hims & Hers Health
HIMS
$7.88B
| $83.1M | 1.7% |
+2,559,400
| New | +$110M |
|
21
Home Depot
HD
$335B
| $82.9M | 1.7% |
240,861
+43,550
| +22% | +$16M |
|
22
ArriVent BioPharma
AVBP
$1.44B
| $82.6M | 1.69% |
4,106,035
+402,583
| +11% | +$8.38M |
|
23
TSMC
TSM
$2.17T
| $82.5M | 1.69% |
271,401
-5,800
| -2% | -$1.7M |
|
|
24
Sysco
SYY
$40.2B
| $79.9M | 1.64% |
+1,083,790
| New | +$82.5M |
|
25
Apollo Global Management
APO
$78.4B
| $78.6M | 1.61% |
542,890
+111,630
| +26% | +$14.8M |
|
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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.