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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
+19.93%
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
$1.33B
AUM Growth
+$159M
Cap. Flow
+$99.4M
Cap. Flow %
7.45%
Top 10 Hldgs %
74.55%
Holding
40
New
3
Increased
5
Reduced
6
Closed
9

Top Buys

Rank Stock Value
1
JBIO
Jade Biosciences
JBIO
+$110M
2
CBIO
Crescent Biopharma
CBIO
+$28.7M
3
ORIC icon
Oric Pharmaceuticals
ORIC
+$22.9M
4
CTMX icon
CytomX Therapeutics
CTMX
+$22.5M
5
SVRA icon
Savara
SVRA
+$15.3M

Top Sells

Rank Stock Value
1
PRAX icon
Praxis Precision Medicines
PRAX
+$37.5M
2
PHVS icon
Pharvaris
PHVS
+$17.2M
3
DNTH icon
Dianthus Therapeutics
DNTH
+$14M
4
CDTX
Cidara Therapeutics
CDTX
+$9.91M
5
SLDB icon
Solid Biosciences
SLDB
+$9.18M

Sector Composition

Rank Sector Weight
1 Healthcare 99.4%
2 Financials 0.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APGE icon
1
Apogee Therapeutics
APGE
$10.1B
$369M 27.64%
8,493,321
– –
OCUL icon
2
Ocular Therapeutix
OCUL
$1.79B
$118M 8.88%
12,762,462
– –
MTSR
3
DELISTED
Metsera Inc
MTSR
$107M 8%
3,750,662
– –
ELVN icon
4
Enliven Therapeutics
ELVN
$3.92B
$80.8M 6.05%
4,026,331
– –
KALV
5
DELISTED
KalVista Pharmaceuticals
KALV
$76.1M 5.7%
6,728,985
+25,000
+0.4% +$306K
ORIC icon
6
Oric Pharmaceuticals
ORIC
$1.15B
$67M 5.02%
6,596,885
+3,414,358
+107% +$22.9M
VRDN icon
7
Viridian Therapeutics
VRDN
$2.09B
$54.3M 4.07%
3,882,709
– –
ORKA
8
Oruka Therapeutics
ORKA
$5.82B
$46.5M 3.48%
4,148,428
– –
SYRE icon
9
Spyre Therapeutics
SYRE
$8.54B
$40.2M 3.01%
2,685,448
– –
PHVS icon
10
Pharvaris
PHVS
$2.28B
$36M 2.7%
2,047,620
-1,065,100
-34% -$17.2M
COGT icon
11
Cogent Biosciences
COGT
$6.65B
$34.1M 2.56%
4,755,411
-929,000
-16% -$5.15M
JBIO
12
Jade Biosciences
JBIO
$1.2B
$32.2M 2.41%
+3,220,364
New +$110M
CTMX icon
13
CytomX Therapeutics
CTMX
$675M
$31.7M 2.38%
+13,969,882
New +$22.5M
CDTX
14
DELISTED
Cidara Therapeutics
CDTX
$31.1M 2.33%
639,088
-412,430
-39% -$9.91M
UPB
15
Upstream Bio Inc
UPB
$343M
$25.2M 1.89%
2,295,319
– –
ERAS icon
16
Erasca
ERAS
$6.3B
$22.7M 1.7%
17,857,083
+1,640,867
+10% +$2.2M
CBIO
17
Crescent Biopharma
CBIO
$537M
$22.4M 1.68%
1,387,864
+1,357,864
+4,526% +$28.7M
DYN icon
18
Dyne Therapeutics
DYN
$4.7B
$20.7M 1.55%
2,173,913
– –
SVRA icon
19
Savara
SVRA
$1.12B
$20.3M 1.52%
8,884,263
+5,626,624
+173% +$15.3M
DNTH icon
20
Dianthus Therapeutics
DNTH
$5.84B
$18.6M 1.4%
1,000,000
-744,373
-43% -$14M
ENGN icon
21
enGene Therapeutics
ENGN
$120M
$18.4M 1.38%
5,046,414
– –
ATXS
22
DELISTED
Astria Therapeutics
ATXS
$13.2M 0.99%
2,457,348
– –
CGEM icon
23
Cullinan Oncology
CGEM
$1.01B
$10.4M 0.78%
1,379,965
– –
ABVX
24
Abivax
ABVX
$10.9B
$10.3M 0.77%
1,345,780
– –
PCSC
25
DELISTED
Perceptive Capital Solutions
PCSC
$7.96M 0.6%
750,000
– –
1
2

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MMEA
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WGI
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TCAM
Turtle Creek Asset Management Toronto, Ontario, Canada $2.67B AUM 0.64% 1-Year Est. Return
SFI
Susquehanna Fundamental Investments Bala Cynwyd, Pennsylvania $2.67B AUM 21.74% 1-Year Est. Return
HC
Henshaw Capital Woburn, Massachusetts $2.7B AUM 29.67% 1-Year Est. Return
CI
Capital International Los Angeles, California $2.7B AUM 31.08% 1-Year Est. Return
PCA
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LP
Longaeva Partners Chicago, Illinois $2.7B AUM 37.16% 1-Year Est. Return

VR Adviser's Q2 2025 Portfolio in Review

As of Q2 2025, VR Adviser held 40 positions worth $1.33B, up 14% from $1.18B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

VR Adviser deployed $99.4M of net new capital in Q2 2025, opening 3 new positions and adding to 5 existing holdings. Its largest new stake was Jade Biosciences: 3,220,364 shares worth $32.2M.

By sector, the portfolio is most concentrated in Healthcare at 99% of assets, up from 99% a quarter earlier, followed by Financials.

On the sell side, the largest reduction was Pharvaris, an estimated $17.2M trimmed.

  • VR Adviser's largest Q2 2025 buy was Jade Biosciences: 3,220,364 shares worth $32.2M.
  • VR Adviser added most to Crescent Biopharma in Q2 2025, an estimated $28.7M increase.
  • VR Adviser's biggest Q2 2025 reduction was Pharvaris, cutting an estimated $17.2M.
  • VR Adviser fully exited Praxis Precision Medicines in Q2 2025, selling an estimated $37.5M.
  • VR Adviser's ten largest holdings make up 75% of its $1.33B portfolio in Q2 2025.
  • VR Adviser opened 3 new positions and closed 9 in Q2 2025.
  • VR Adviser's portfolio value rose 14% quarter-over-quarter to $1.33B.

Based on VR Adviser's 13F filing for Q2 2025, filed 14 Aug 2025.