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VR Adviser Portfolio holdings

AUM $3.3B
1-Year Est. Return 525.74%
This Fund
S&P 500
This Quarter Est. Return
+43.57%
1 Year Est. Return
+525.74%
3 Year Est. Return
+1,698.15%
5 Year Est. Return
+4,881.86%
10 Year Est. Return
–
AUM
$3.3B
AUM Growth
+$619M
Cap. Flow
-$260M
Cap. Flow %
-7.9%
Top 10 Hldgs %
80.39%
Holding
37
New
4
Increased
5
Reduced
5
Closed
4

Top Buys

Rank Stock Value
1
ERAS icon
Erasca
ERAS
+$21.6M
2
PBLS
Parabilis Medicines Inc
PBLS
+$17.3M
3
RLMD icon
Relmada Therapeutics
RLMD
+$14M
4
ACHV icon
Achieve Life Sciences
ACHV
+$13.1M
5
XFOR icon
X4 Pharmaceuticals
XFOR
+$6.58M

Top Sells

Rank Stock Value
1
KALV
KalVista Pharmaceuticals
KALV
+$130M
2
SYRE icon
Spyre Therapeutics
SYRE
+$51.1M
3
ELVN icon
Enliven Therapeutics
ELVN
+$50.9M
4
ENGN icon
enGene Therapeutics
ENGN
+$32.5M
5
TENX icon
Tenax Therapeutics
TENX
+$26.8M

Sector Composition

Rank Sector Weight
1 Healthcare 99.9%
2 Financials 0.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APGE
1
DELISTED
Apogee Therapeutics
APGE
$1.13B 34.18%
8,493,321
– –
ORKA
2
Oruka Therapeutics
ORKA
$6.13B
$395M 11.97%
4,148,428
– –
ERAS icon
3
Erasca
ERAS
$5.66B
$328M 9.94%
17,891,812
+1,509,000
+9% +$21.6M
SYRE icon
4
Spyre Therapeutics
SYRE
$7.85B
$265M 8.04%
2,985,448
-700,000
-19% -$51.1M
DNTH icon
5
Dianthus Therapeutics
DNTH
$6.05B
$115M 3.49%
1,180,000
– –
OCUL icon
6
Ocular Therapeutix
OCUL
$2.34B
$102M 3.08%
10,346,926
– –
DMRA
7
Damora Therapeutics
DMRA
$1.86B
$93.7M 2.84%
3,603,595
– –
SVRA icon
8
Savara
SVRA
$1.1B
$90.8M 2.75%
14,745,943
+1,005,568
+7% +$5.4M
JBIO
9
Jade Biosciences
JBIO
$1.27B
$71.6M 2.17%
3,220,364
– –
COGT icon
10
Cogent Biosciences
COGT
$6.03B
$63.6M 1.93%
1,642,166
-357,834
-18% -$12.5M
VRDN icon
11
Viridian Therapeutics
VRDN
$2.6B
$59.8M 1.81%
3,257,917
-624,792
-16% -$10.1M
VOR icon
12
Vor Biopharma
VOR
$1.48B
$56M 1.7%
3,041,719
– –
DYN icon
13
Dyne Therapeutics
DYN
$4.53B
$48.3M 1.46%
2,173,913
– –
MAZE
14
Maze Therapeutics
MAZE
$1.46B
$47.8M 1.45%
1,602,034
– –
RLMD icon
15
Relmada Therapeutics
RLMD
$473M
$47.4M 1.44%
6,844,305
+2,000,925
+41% +$14M
ORIC icon
16
Oric Pharmaceuticals
ORIC
$1.33B
$46.8M 1.42%
4,319,765
– –
CBIO
17
Crescent Biopharma
CBIO
$776M
$38.4M 1.16%
2,133,576
– –
ZURA icon
18
Zura Bio
ZURA
$597M
$38M 1.15%
6,434,990
– –
ANL
19
Adlai Nortye Group ADS
ANL
$967M
$36.9M 1.12%
3,212,731
– –
ELVN icon
20
Enliven Therapeutics
ELVN
$4.35B
$26.7M 0.81%
526,331
-1,200,000
-70% -$50.9M
HELP
21
Cybin Inc
HELP
$893M
$25.5M 0.77%
3,851,654
– –
CGEM icon
22
Cullinan Oncology
CGEM
$1.42B
$25.1M 0.76%
1,379,965
– –
IPSC icon
23
Century Therapeutics
IPSC
$382M
$21.3M 0.65%
8,695,652
– –
ARTV
24
Artiva Biotherapeutics
ARTV
$547M
$19.8M 0.6%
2,043,596
+434,027
+27% +$3.95M
CTMX icon
25
CytomX Therapeutics
CTMX
$808M
$18.7M 0.57%
4,982,124
-5,000,000
-50% -$19.1M
1
2

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DIG
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OCM
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MMEA
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BG
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BAM
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SWM
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VR Adviser's Q2 2026 Portfolio in Review

As of Q2 2026, VR Adviser held 37 positions worth $3.3B, up 23% from $2.68B the previous quarter. Its ten largest holdings account for 80% of the portfolio.

VR Adviser withdrew a net $260M in Q2 2026, closing 4 positions and reducing 5 holdings. Its most notable exit was KalVista Pharmaceuticals, an estimated $130M position sold in full.

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

Against the trend, VR Adviser opened a new position in Parabilis Medicines Inc worth $17.1M.

  • VR Adviser's largest Q2 2026 buy was Parabilis Medicines Inc: 625,000 shares worth $17.1M.
  • VR Adviser added most to Erasca in Q2 2026, an estimated $21.6M increase.
  • VR Adviser's biggest Q2 2026 reduction was Spyre Therapeutics, cutting an estimated $51.1M.
  • VR Adviser fully exited KalVista Pharmaceuticals in Q2 2026, selling an estimated $130M.
  • VR Adviser's ten largest holdings make up 80% of its $3.3B portfolio in Q2 2026.
  • VR Adviser opened 4 new positions and closed 4 in Q2 2026.
  • VR Adviser's portfolio value rose 23% quarter-over-quarter to $3.3B.

Based on VR Adviser's 13F filing for Q2 2026, filed 14 Aug 2026.