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Avoro Capital Advisors Portfolio holdings

AUM $10.2B
1-Year Est. Return 149.19%
This Fund
S&P 500
This Quarter Est. Return
+43.47%
1 Year Est. Return
+149.19%
3 Year Est. Return
+425.03%
5 Year Est. Return
+775.33%
10 Year Est. Return
+45,729.2%
AUM
$10.2B
AUM Growth
+$2.44B
Cap. Flow
+$521M
Cap. Flow %
5.12%
Top 10 Hldgs %
73.3%
Holding
44
New
12
Increased
10
Reduced
6
Closed
10

Top Buys

Rank Stock Value
1
UTHR icon
United Therapeutics
UTHR
+$272M
2
CELC icon
Celcuity
CELC
+$256M
3
XBI icon
State Street SPDR S&P Biotech ETF
XBI
+$241M
4
RVMD icon
Revolution Medicines
RVMD
+$142M
5
TERN
Terns Pharmaceuticals
TERN
+$101M

Top Sells

Rank Stock Value
1
MRUS
Merus
MRUS
+$334M
2
AKRO
Akero Therapeutics
AKRO
+$188M
3
RNAM
Avidity Biosciences
RNAM
+$141M
4
TRML
Tourmaline Bio
TRML
+$122M
5
FOLD
Amicus Therapeutics
FOLD
+$118M

Sector Composition

Rank Sector Weight
1 Healthcare 97.48%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALKS icon
26
Alkermes
ALKS
$8.25B
$39.2M 0.39%
1,400,000
-840,000
-38% -$25.2M
APGE icon
27
Apogee Therapeutics
APGE
$10.2B
$37.7M 0.37%
+500,000
New +$31.5M
SEPN
28
Septerna Inc
SEPN
$1.75B
$37.3M 0.37%
1,337,500
– –
LXEO icon
29
Lexeo Therapeutics
LXEO
$378M
$32.8M 0.32%
+3,300,000
New +$30.1M
MNKD icon
30
MannKind Corp
MNKD
$1.32B
$25.2M 0.25%
4,444,444
-24,433
-0.5% -$135K
GHRS icon
31
GH Research
GHRS
$2.08B
$22.9M 0.22%
+1,800,000
New +$24.5M
INCY icon
32
Incyte
INCY
$24.4B
$13.3M 0.13%
+135,000
New +$13.1M
WHWK
33
Whitehawk Therapeutics
WHWK
$235M
$6.9M 0.07%
2,849,402
– –
ASND icon
34
CALL
Ascendis Pharma A/S
ASND
$16.8B
$625K 0.01%
+50,000
New +$10.3M
AKRO
35
DELISTED
Akero Therapeutics
AKRO
– –
-3,955,555
Closed -$188M
BCRX icon
36
BioCryst Pharmaceuticals
BCRX
$2.4B
– –
-1,250,000
Closed -$9.49M
ETNB
37
DELISTED
89bio
ETNB
– –
-6,387,790
Closed -$93.9M
FOLD
38
DELISTED
Amicus Therapeutics
FOLD
– –
-15,025,000
Closed -$118M
GPCR icon
39
CALL
Structure Therapeutics
GPCR
$3.78B
– –
-250,000
Closed -$2.24M
MLTX icon
40
MoonLake Immunotherapeutics
MLTX
$1.55B
– –
-2,000,000
Closed -$14.3M
MRUS
41
DELISTED
Merus
MRUS
– –
-3,542,500
Closed -$334M
TNGX icon
42
Tango Therapeutics
TNGX
$4.41B
– –
-545,000
Closed -$4.58M
TRML
43
DELISTED
Tourmaline Bio
TRML
– –
-2,555,555
Closed -$122M
UTHR icon
44
CALL
United Therapeutics
UTHR
$23.1B
– –
-200,000
Closed -$4.44M
1
2

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IIM
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GI
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VPIM
Vanguard Personalized Indexing Management Oakland, California $10.2B AUM 34.45% 1-Year Est. Return
RA
Royce & Associates New York $10.1B AUM 42.88% 1-Year Est. Return
RI
RTW Investments New York $10B AUM 135.35% 1-Year Est. Return
HRCM
Hood River Capital Management Palm Beach Gardens, Florida $9.98B AUM 145.42% 1-Year Est. Return
WAM
Wolverine Asset Management Chicago, Illinois $10.4B AUM 4.78% 1-Year Est. Return
HI
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Avoro Capital Advisors's Q4 2025 Portfolio in Review

As of Q4 2025, Avoro Capital Advisors held 44 positions worth $10.2B, up 32% from $7.74B the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Avoro Capital Advisors deployed $521M of net new capital in Q4 2025, opening 12 new positions and adding to 10 existing holdings. Its largest new stake was Celcuity: 3,111,111 shares worth $310M.

By sector, the portfolio is most concentrated in Healthcare at 97% of assets, down from 100% a quarter earlier.

On the sell side, the largest reduction was Avidity Biosciences, an estimated $141M trimmed.

  • Avoro Capital Advisors's largest Q4 2025 buy was Celcuity: 3,111,111 shares worth $310M.
  • Avoro Capital Advisors added most to United Therapeutics in Q4 2025, an estimated $272M increase.
  • Avoro Capital Advisors's biggest Q4 2025 reduction was Avidity Biosciences, cutting an estimated $141M.
  • Avoro Capital Advisors fully exited Merus in Q4 2025, selling an estimated $334M.
  • Avoro Capital Advisors's ten largest holdings make up 73% of its $10.2B portfolio in Q4 2025.
  • Avoro Capital Advisors opened 12 new positions and closed 10 in Q4 2025.
  • Avoro Capital Advisors's portfolio value rose 32% quarter-over-quarter to $10.2B.

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