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VA

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
APGE icon
1
Apogee Therapeutics
APGE
$10.1B
$641M 31.67%
8,493,321
– –
ORKA
2
Oruka Therapeutics
ORKA
$5.58B
$126M 6.21%
4,148,428
– –
VRDN icon
3
Viridian Therapeutics
VRDN
$2.12B
$121M 5.97%
3,882,709
– –
SYRE icon
4
Spyre Therapeutics
SYRE
$8.61B
$121M 5.96%
3,685,448
+1,000,000
+37% +$26.1M
KALV
5
DELISTED
KalVista Pharmaceuticals
KALV
$109M 5.37%
6,728,985
– –
OCUL icon
6
Ocular Therapeutix
OCUL
$1.88B
$88.8M 4.39%
7,315,547
-5,845,915
-44% -$71M
SVRA icon
7
Savara
SVRA
$1.16B
$82.9M 4.09%
13,740,375
+1,059,332
+8% +$5.19M
COGT icon
8
Cogent Biosciences
COGT
$6.76B
$71M 3.51%
2,000,000
-2,000,000
-50% -$56.2M
ERAS icon
9
Erasca
ERAS
$6.77B
$66.4M 3.28%
17,857,083
– –
CTMX icon
10
CytomX Therapeutics
CTMX
$725M
$66.3M 3.27%
15,561,500
– –
MAZE
11
Maze Therapeutics
MAZE
$1.58B
$64.2M 3.17%
1,548,569
+317,800
+26% +$10.9M
JBIO
12
Jade Biosciences
JBIO
$1.21B
$49.7M 2.45%
3,220,364
– –
ELVN icon
13
Enliven Therapeutics
ELVN
$3.78B
$49.7M 2.45%
3,226,331
– –
ORIC icon
14
Oric Pharmaceuticals
ORIC
$1.11B
$46.4M 2.29%
5,676,230
-920,655
-14% -$10.6M
ENGN icon
15
enGene Therapeutics
ENGN
$124M
$43.1M 2.13%
4,771,414
-275,000
-5% -$2.2M
DYN icon
16
Dyne Therapeutics
DYN
$3.84B
$42.5M 2.1%
2,173,913
– –
DNTH icon
17
Dianthus Therapeutics
DNTH
$5.62B
$41.2M 2.04%
1,000,000
+39,197
+4% +$1.52M
UPB
18
Upstream Bio Inc
UPB
$359M
$31.7M 1.57%
1,169,298
– –
HELP
19
Cybin Inc
HELP
$485M
$31.4M 1.55%
+3,840,250
New +$24.7M
ZURA icon
20
Zura Bio
ZURA
$513M
$28M 1.38%
5,345,115
+713,899
+15% +$2.82M
VOR icon
21
Vor Biopharma
VOR
$1.06B
$25.4M 1.26%
1,943,766
+1,443,800
+289% +$26.9M
CBIO
22
Crescent Biopharma
CBIO
$565M
$25.3M 1.25%
2,133,576
+745,712
+54% +$9.5M
SEPN
23
Septerna Inc
SEPN
$1.54B
$17M 0.84%
610,808
– –
SRZN icon
24
Surrozen
SRZN
$252M
$14.3M 0.71%
632,931
– –
CGEM icon
25
Cullinan Oncology
CGEM
$1.08B
$14.3M 0.71%
1,379,965
– –
1
2

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MMEA
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WGI
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TCAM
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SFI
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WG
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TPSF
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HC
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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.