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ACM

ADAR1 Capital Management Portfolio holdings

AUM $1.7B
1-Year Est. Return 340.85%
This Fund
S&P 500
This Quarter Est. Return
+43.32%
1 Year Est. Return
+340.85%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.36B
AUM Growth
+$297M
Cap. Flow
+$58.3M
Cap. Flow %
4.28%
Top 10 Hldgs %
45.16%
Holding
305
New
90
Increased
79
Reduced
51
Closed
35

Top Buys

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$31.8M
2
CLDX icon
Celldex Therapeutics
CLDX
+$14.2M
3
IVA
Inventiva
IVA
+$12.6M
4
TERN
Terns Pharmaceuticals
TERN
+$12.3M
5
ABUS icon
Arbutus Biopharma
ABUS
+$11.3M

Top Sells

Rank Stock Value
1
KROS icon
Keros Therapeutics
KROS
+$94.2M
2
ETNB
89bio
ETNB
+$31.1M
3
BIOA
BioAge Labs
BIOA
+$15.5M
4
MTSR
Metsera Inc
MTSR
+$7.98M
5
IVVD icon
Invivyd
IVVD
+$7.22M

Sector Composition

Rank Sector Weight
1 Healthcare 88.69%
2 Financials 1.72%
3 Real Estate 0.12%
4 Communication Services 0.07%
5 Consumer Discretionary 0.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARE icon
151
Alexandria Real Estate Equities
ARE
$8.34B
$798K 0.06%
+16,300
New +$959K
LUNG icon
152
Pulmonx
LUNG
$88M
$785K 0.06%
355,410
+140,913
+66% +$265K
IBIO icon
153
iBio
IBIO
$69.1M
$783K 0.06%
405,531
+378,531
+1,402% +$517K
TENX icon
154
Tenax Therapeutics
TENX
$498M
$776K 0.06%
63,673
+10,245
+19% +$89.1K
STRO icon
155
Sutro Biopharma
STRO
$400M
$776K 0.06%
+67,077
New +$637K
BMRN icon
156
BioMarin Pharmaceuticals
BMRN
$11.9B
$767K 0.06%
12,900
+8,000
+163% +$436K
CMPX icon
157
Compass Therapeutics
CMPX
$358M
$746K 0.05%
139,000
+89,000
+178% +$411K
VERA icon
158
Vera Therapeutics
VERA
$2.3B
$746K 0.05%
+14,733
New +$523K
KZR
159
DELISTED
Kezar Life Sciences
KZR
$739K 0.05%
117,440
-7,527
-6% -$43.9K
VTYX
160
DELISTED
Ventyx Biosciences
VTYX
$737K 0.05%
81,600
– –
FULC icon
161
CALL
Fulcrum Therapeutics
FULC
$288M
$735K 0.05%
65,000
-10,000
-13% -$102K
QURE icon
162
CALL
uniQure
QURE
$3.15B
$718K 0.05%
30,000
-170,000
-85% -$6.56M
GH icon
163
Guardant Health
GH
$21.1B
$715K 0.05%
7,000
+1,000
+17% +$89.5K
PHAT icon
164
Phathom Pharmaceuticals
PHAT
$679M
$712K 0.05%
42,900
– –
LRMR icon
165
Larimar Therapeutics
LRMR
$436M
$707K 0.05%
185,689
-50,000
-21% -$194K
IDYA icon
166
IDEAYA Biosciences
IDYA
$3.49B
$691K 0.05%
20,000
– –
ARVN icon
167
Arvinas
ARVN
$568M
$689K 0.05%
58,091
-24,500
-30% -$267K
NUVL
168
DELISTED
Nuvalent
NUVL
$688K 0.05%
6,842
-5,000
-42% -$493K
ASMB icon
169
Assembly Biosciences
ASMB
$524M
$672K 0.05%
19,747
+800
+4% +$25.8K
FWRD icon
170
Forward Air
FWRD
$601M
$666K 0.05%
+26,635
New +$599K
GOSS icon
171
Gossamer Bio
GOSS
$87.2M
$659K 0.05%
212,531
– –
ENTA icon
172
Enanta Pharmaceuticals
ENTA
$388M
$652K 0.05%
+41,357
New +$525K
ORKA
173
Oruka Therapeutics
ORKA
$5.94B
$632K 0.05%
20,840
– –
NGNE icon
174
Neurogene
NGNE
$710M
$631K 0.05%
30,633
– –
TECX
175
Tectonic Therapeutic
TECX
$570M
$626K 0.05%
30,007
-26,000
-46% -$483K
5 6
7
8 9

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ADAR1 Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, ADAR1 Capital Management held 305 positions worth $1.36B, up 28% from $1.06B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

ADAR1 Capital Management deployed $58.3M of net new capital in Q4 2025, opening 90 new positions and adding to 79 existing holdings. Its largest new stake was Inventiva: 2,709,846 shares worth $12.6M.

By sector, the portfolio is most concentrated in Healthcare at 89% of assets, up from 83% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was Keros Therapeutics, an estimated $94.2M trimmed.

  • ADAR1 Capital Management's largest Q4 2025 buy was Inventiva: 2,709,846 shares worth $12.6M.
  • ADAR1 Capital Management added most to Avidity Biosciences in Q4 2025, an estimated $31.8M increase.
  • ADAR1 Capital Management's biggest Q4 2025 reduction was Keros Therapeutics, cutting an estimated $94.2M.
  • ADAR1 Capital Management fully exited 89bio in Q4 2025, selling an estimated $31.1M.
  • ADAR1 Capital Management's ten largest holdings make up 45% of its $1.36B portfolio in Q4 2025.
  • ADAR1 Capital Management opened 90 new positions and closed 35 in Q4 2025.
  • ADAR1 Capital Management's portfolio value rose 28% quarter-over-quarter to $1.36B.

Based on ADAR1 Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.