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Avoro Capital Advisors Portfolio holdings

AUM $11.1B
1-Year Est. Return 207.82%
This Fund
S&P 500
This Quarter Est. Return
+43.47%
1 Year Est. Return
+207.82%
3 Year Est. Return
+512.05%
5 Year Est. Return
+1,035%
10 Year Est. Return
+45,230.58%
AUM
$10.2B
AUM Growth
+$2.44B
Cap. Flow
+$517M
Cap. Flow %
5.08%
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%
2 Miscellaneous 2.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
UTHR icon
1
United Therapeutics
UTHR
$20.9B
$1.27B 12.48%
2,606,060
+583,838
+29% +$272M
ASND icon
2
Ascendis Pharma A/S
ASND
$17.7B
$1.09B 10.71%
5,111,111
+1,111
+0% +$229K
MDGL icon
3
Madrigal Pharmaceuticals
MDGL
$12.5B
$1.05B 10.35%
1,807,500
-25,500
-1% -$13M
ARGX icon
4
argenx
ARGX
$64.6B
$833M 8.18%
990,000
– –
KRYS icon
5
Krystal Biotech
KRYS
$10.6B
$712M 7%
2,888,888
+111,111
+4% +$23.4M
ARWR icon
6
Arrowhead Research
ARWR
$12.2B
$705M 6.93%
10,625,000
-275,000
-3% -$13.5M
KYMR icon
7
Kymera Therapeutics
KYMR
$9.76B
$582M 5.72%
7,474,747
+1,124,747
+18% +$76M
GPCR icon
8
Structure Therapeutics
GPCR
$3.38B
$456M 4.48%
6,555,555
+1,400,000
+27% +$57.2M
RNAM
9
DELISTED
Avidity Biosciences
RNAM
$393M 3.87%
5,455,000
-2,190,000
-29% -$141M
CNTA
10
DELISTED
Centessa Pharmaceuticals
CNTA
$364M 3.58%
14,555,555
+3,747,475
+35% +$94.9M
CELC icon
11
Celcuity
CELC
$4.68B
$310M 3.05%
+3,111,111
New +$256M
APLS
12
DELISTED
Apellis Pharmaceuticals
APLS
$307M 3.02%
12,222,222
– –
VERA icon
13
Vera Therapeutics
VERA
$2.59B
$298M 2.93%
5,888,888
-321,112
-5% -$11.4M
XBI icon
14
State Street SPDR S&P Biotech ETF
XBI
$11.4B
$256M 2.52%
+2,100,000
New +$241M
XENE icon
15
Xenon Pharmaceuticals
XENE
$5.79B
$243M 2.39%
5,424,444
+24,444
+0.5% +$1.03M
TERN
16
DELISTED
Terns Pharmaceuticals
TERN
$176M 1.73%
+4,350,000
New +$101M
RVMD icon
17
Revolution Medicines
RVMD
$45B
$173M 1.7%
+2,170,000
New +$142M
QURE icon
18
uniQure
QURE
$3.09B
$147M 1.45%
6,150,000
+1,705,556
+38% +$65.8M
SLNO
19
DELISTED
Soleno Therapeutics
SLNO
$134M 1.32%
2,900,000
+322,223
+13% +$17.7M
OCUL icon
20
Ocular Therapeutix
OCUL
$2.34B
$131M 1.29%
10,777,777
+527,777
+5% +$6.41M
TSHA icon
21
Taysha Gene Therapies
TSHA
$1.82B
$119M 1.17%
21,700,000
– –
DFTX
22
Definium Therapeutics
DFTX
$5.12B
$67M 0.66%
+5,000,000
New +$61.9M
PTCT icon
23
PTC Therapeutics
PTCT
$5.78B
$52M 0.51%
+685,000
New +$49.8M
VRDN icon
24
Viridian Therapeutics
VRDN
$2.6B
$46.7M 0.46%
+1,500,000
New +$41.1M
ORKA
25
Oruka Therapeutics
ORKA
$6.13B
$40.4M 0.4%
1,333,340
– –
1
2

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GI
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AIM
Artemis Investment Management Edinburgh, United Kingdom $11.2B AUM 80.72% 1-Year Est. Return
BEI
Benjamin Edwards Inc Clayton, Missouri $11B AUM 18.22% 1-Year Est. Return
VNIM
Vaughan Nelson Investment Management Houston, Texas $11.3B AUM 53% 1-Year Est. Return
MF
Magnetar Financial Evanston, Illinois $11B AUM 3.37% 1-Year Est. Return
MC
Maverick Capital Dallas, Texas $11.3B AUM 76.6% 1-Year Est. Return
GJL
Gendell Jeffrey L $11.3B AUM 163.05% 1-Year Est. Return
LCAM
London & Capital Asset Management London, United Kingdom $10.9B AUM 39.88% 1-Year Est. Return

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 $517M 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, followed by Miscellaneous.

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.