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VR Adviser Portfolio holdings

AUM $2.68B
1-Year Est. Return 422.73%
This Fund
S&P 500
This Quarter Est. Return
+60.43%
1 Year Est. Return
+422.73%
3 Year Est. Return
+1,447.09%
5 Year Est. Return
+3,249.52%
10 Year Est. Return
–
AUM
$2.02B
AUM Growth
+$248M
Cap. Flow
-$414M
Cap. Flow %
-20.46%
Top 10 Hldgs %
73.72%
Holding
34
New
1
Increased
7
Reduced
4
Closed
7

Top Buys

Rank Stock Value
1
VOR icon
Vor Biopharma
VOR
+$26.9M
2
SYRE icon
Spyre Therapeutics
SYRE
+$26.1M
3
HELP
Cybin Inc
HELP
+$24.7M
4
MAZE
Maze Therapeutics
MAZE
+$10.9M
5
CBIO
Crescent Biopharma
CBIO
+$9.5M

Top Sells

Rank Stock Value
1
MTSR
Metsera Inc
MTSR
+$196M
2
CDTX
Cidara Therapeutics
CDTX
+$90.7M
3
OCUL icon
Ocular Therapeutix
OCUL
+$71M
4
COGT icon
Cogent Biosciences
COGT
+$56.2M
5
ABVX
Abivax
ABVX
+$49M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
2 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARTV
26
Artiva Biotherapeutics
ARTV
$492M
$6.91M 0.34%
1,609,569
– –
CASI
27
DELISTED
CASI Pharmaceuticals
CASI
$839K 0.04%
987,259
– –
ABVX
28
Abivax
ABVX
$11.4B
– –
-576,729
Closed -$49M
ATXS
29
DELISTED
Astria Therapeutics
ATXS
– –
-2,457,348
Closed -$17.9M
CDTX
30
DELISTED
Cidara Therapeutics
CDTX
– –
-946,788
Closed -$90.7M
PHVS icon
31
Pharvaris
PHVS
$2.32B
– –
-674,599
Closed -$16.8M
TENX icon
32
Tenax Therapeutics
TENX
$388M
– –
-437,708
Closed -$3.33M
PCSC
33
DELISTED
Perceptive Capital Solutions
PCSC
– –
-750,000
Closed -$7.95M
MTSR
34
DELISTED
Metsera Inc
MTSR
– –
-3,750,662
Closed -$196M
1
2

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WGI
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TCAM
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SFI
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HC
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CI
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GIA
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PCA
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VR Adviser's Q4 2025 Portfolio in Review

As of Q4 2025, VR Adviser held 34 positions worth $2.02B, up 14% from $1.78B the previous quarter. Its ten largest holdings account for 74% of the portfolio.

VR Adviser withdrew a net $414M in Q4 2025, closing 7 positions and reducing 4 holdings. Its most notable exit was Metsera Inc, an estimated $196M position sold in full.

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

Against the trend, VR Adviser opened a new position in Cybin Inc worth $31.4M.

  • VR Adviser's largest Q4 2025 buy was Cybin Inc: 3,840,250 shares worth $31.4M.
  • VR Adviser added most to Vor Biopharma in Q4 2025, an estimated $26.9M increase.
  • VR Adviser's biggest Q4 2025 reduction was Ocular Therapeutix, cutting an estimated $71M.
  • VR Adviser fully exited Metsera Inc in Q4 2025, selling an estimated $196M.
  • VR Adviser's ten largest holdings make up 74% of its $2.02B portfolio in Q4 2025.
  • VR Adviser opened 1 new position and closed 7 in Q4 2025.
  • VR Adviser's portfolio value rose 14% quarter-over-quarter to $2.02B.

Based on VR Adviser's 13F filing for Q4 2025, filed 17 Feb 2026.