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VR Adviser Portfolio holdings
AUM
$3.3B
Turnover
21.62%
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
(+23%)
Cap. Flow
-$260M
Cap. Flow % of AUM
Cap. Flow %
-7.9%
Top 10 Holdings %
Top 10 Hldgs %
80.39%
Holding
37
New
4
Increased
5
Reduced
5
Closed
4
Avg Time Held
1.5
years
Top 10 Avg Time Held
0.9
years
Top 20 Avg Time Held
1.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Erasca
ERAS
|
+$21.6M |
| 2 |
PBLS
Parabilis Medicines Inc
PBLS
|
+$17.3M |
| 3 |
Relmada Therapeutics
RLMD
|
+$14M |
| 4 |
Achieve Life Sciences
ACHV
|
+$13.1M |
| 5 |
X4 Pharmaceuticals
XFOR
|
+$6.58M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
KalVista Pharmaceuticals
KALV
|
+$130M |
| 2 |
Spyre Therapeutics
SYRE
|
+$51.1M |
| 3 |
Enliven Therapeutics
ELVN
|
+$50.9M |
| 4 |
enGene Therapeutics
ENGN
|
+$32.5M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
Apogee Therapeutics
APGE
| $1.13B | 34.18% |
8,493,321
| – | – |
2023 Q3
11 quarters
|
|
2
Oruka Therapeutics
ORKA
$5.29B
| $395M | 11.97% |
4,148,428
| – | – |
2024 Q2
8 quarters
|
|
|
3
Erasca
ERAS
$5.07B
| $328M | 9.94% |
17,891,812
+1,509,000
| +9% | +$21.6M |
2024 Q2
8 quarters
|
|
|
4
Spyre Therapeutics
SYRE
$8.69B
| $265M | 8.04% |
2,985,448
-700,000
| -19% | -$51.1M |
2023 Q2
12 quarters
|
|
5
Dianthus Therapeutics
DNTH
$4.37B
| $115M | 3.49% |
1,180,000
| – | – |
2023 Q3
11 quarters
|
|
6
Ocular Therapeutix
OCUL
$1.42B
| $102M | 3.08% |
10,346,926
| – | – |
2023 Q4
10 quarters
|
|
|
DMRA
7
Damora Therapeutics
DMRA
$1.33B
| $93.7M | 2.84% |
3,603,595
| – | – |
2026 Q1
1 quarter
|
|
8
Savara
SVRA
$959M
| $90.8M | 2.75% |
14,745,943
+1,005,568
| +7% | +$5.4M |
2025 Q1
5 quarters
|
|
9
Jade Biosciences
JBIO
$962M
| $71.6M | 2.17% |
3,220,364
| – | – |
2025 Q2
4 quarters
|
|
10
Cogent Biosciences
COGT
$5.45B
| $63.6M | 1.93% |
1,642,166
-357,834
| -18% | -$12.5M |
2020 Q3
23 quarters
|
|
11
Viridian Therapeutics
VRDN
$2.61B
| $59.8M | 1.81% |
3,257,917
-624,792
| -16% | -$10.1M |
2020 Q4
22 quarters
|
|
12
Vor Biopharma
VOR
$1.12B
| $56M | 1.7% |
3,041,719
| – | – |
2025 Q3
3 quarters
|
|
13
Dyne Therapeutics
DYN
$3B
| $48.3M | 1.46% |
2,173,913
| – | – |
2023 Q2
12 quarters
|
|
14
Maze Therapeutics
MAZE
$1.81B
| $47.8M | 1.45% |
1,602,034
| – | – |
2025 Q3
3 quarters
|
|
|
15
Relmada Therapeutics
RLMD
$342M
| $47.4M | 1.44% |
6,844,305
+2,000,925
| +41% | +$14M |
2026 Q1
1 quarter
|
|
16
Oric Pharmaceuticals
ORIC
$1.44B
| $46.8M | 1.42% |
4,319,765
| – | – |
2023 Q2
12 quarters
|
|
17
Crescent Biopharma
CBIO
$489M
| $38.4M | 1.16% |
2,133,576
| – | – |
2024 Q4
6 quarters
|
|
18
Zura Bio
ZURA
$396M
| $38M | 1.15% |
6,434,990
| – | – |
2024 Q2
8 quarters
|
|
19
Adlai Nortye Group ADS
ANL
$725M
| $36.9M | 1.12% |
3,212,731
| – | – |
2026 Q1
1 quarter
|
|
|
20
Enliven Therapeutics
ELVN
$3.06B
| $26.7M | 0.81% |
526,331
-1,200,000
| -70% | -$50.9M |
2023 Q1
13 quarters
|
|
|
HELP
21
Helus Pharma Inc. Common Stock
HELP
$788M
| $25.5M | 0.77% |
3,851,654
| – | – |
2025 Q4
2 quarters
|
|
22
Cullinan Oncology
CGEM
$958M
| $25.1M | 0.76% |
1,379,965
| – | – |
2024 Q2
8 quarters
|
|
23
Century Therapeutics
IPSC
$292M
| $21.3M | 0.65% |
8,695,652
| – | – |
2026 Q1
1 quarter
|
|
24
Artiva Biotherapeutics
ARTV
$317M
| $19.8M | 0.6% |
2,043,596
+434,027
| +27% | +$3.95M |
2024 Q3
7 quarters
|
|
25
CytomX Therapeutics
CTMX
$523M
| $18.7M | 0.57% |
4,982,124
-5,000,000
| -50% | -$19.1M |
2025 Q2
4 quarters
|
|
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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.