Adar1 Capital Management
Adar1 Capital Management is an investment firm led by Eric Munson, who is known for his deep expertise in value investing and a focus on long-term capital growth. The firm manages approximately $1.70 billion in assets, utilizing a strategy that emphasizes identifying undervalued companies with strong potential for growth. Adar1's investment approach is characterized by a rigorous due diligence process and a selective investment portfolio.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| ABVX | $155.2M | 9.14% | $111.35 | $142.98 | +28.4% | 9.1% | |
| PTGX | $104.8M | 6.17% | $105.40 | $139.74 | +32.6% | 6.2% | |
| ROIV | $91.0M | 5.36% | $27.70 | $36.27 | +30.9% | 5.4% | |
| IMVT | $66.5M | 3.92% | $24.84 | $40.15 | +61.6% | 3.9% | |
| SPY | $49.4M | 2.91% | $648.67 | $746.43 | +15.1% | 2.9% | |
| TERN | $48.2M | 2.84% | $52.72 | — | 2.8% | ||
| CYTK | $41.7M | 2.45% | $65.91 | $85.88 | +30.3% | 2.5% | |
| CRNX | $41.4M | 2.44% | $36.32 | $42.03 | +15.7% | 2.4% | |
| BOXX | $39.2M | 2.31% | $116.29 | $117.28 | +0.8% | 2.3% | |
| DNLI | $35.9M | 2.12% | $19.20 | $26.17 | +36.3% | 2.1% | |
| BEAM | $34.5M | 2.03% | $23.83 | $37.51 | +57.4% | 2.0% | |
| ZLAB | $26.8M | 1.58% | $18.81 | $19.26 | +2.4% | 1.6% | |
| SEPN | $26.2M | 1.54% | $24.03 | $36.54 | +52.1% | 1.5% | |
| VIR | $24.6M | 1.45% | $8.96 | $10.22 | +14.1% | 1.4% | |
| DBVT | $21.2M | 1.25% | $20.89 | $16.49 | -21.1% | 1.3% | |
| AVR | $21.0M | 1.24% | $5.55 | $10.01 | +80.4% | 1.2% | |
| INSP | $20.9M | 1.23% | $51.58 | $49.98 | -3.1% | 1.2% | |
| SRRK | $20.0M | 1.18% | $49.16 | $56.47 | +14.9% | 1.2% | |
| RYTM | $18.4M | 1.08% | $86.97 | $113.91 | +31.0% | 1.1% | |
| SYRE | $17.1M | 1.00% | $50.44 | $93.53 | +85.4% | 1.0% | |
| CTMX | $16.0M | 0.94% | $4.70 | $3.81 | -18.9% | 0.9% | |
| PRTA | $15.4M | 0.90% | $9.72 | $9.57 | -1.5% | 0.9% | |
| SNY | $15.3M | 0.90% | $45.65 | $43.03 | -5.7% | 0.9% | |
| PCVX | $15.1M | 0.89% | $58.11 | $60.84 | +4.7% | 0.9% | |
| MNPR | $14.5M | 0.85% | $54.79 | $94.40 | +72.3% | 0.8% | |
| ABUS | $14.1M | 0.83% | $4.50 | $5.16 | +14.7% | 0.8% | |
| AMLX | $13.9M | 0.82% | $13.90 | $18.15 | +30.6% | 0.8% | |
| CLDX | $13.6M | 0.80% | $31.72 | $40.24 | +26.9% | 0.8% | |
| TSHA | $13.3M | 0.78% | $4.47 | $6.61 | +47.9% | 0.8% | |
| XENE | $13.3M | 0.78% | $58.15 | $63.26 | +8.8% | 0.8% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| BEAM | $34.5M | +57.4% | |
| VIR | $24.6M | +14.1% | |
| DBVT | $21.2M | -21.1% | |
| HLXC | $10.3M | ||
| MLTXCALL | $8.5M | ||
| MPLT | $7.6M | ||
| DMRA | $7.2M | ||
| PRME | $6.9M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| RNAM | $39.4M | |
| RAPT | $17.3M | |
| CDTX | $13.2M | |
| AAM | $6.2M | |
| AAM | $4.3M | |
| ATAI | $3.7M | |
| AVDL | $3.2M | |
| BBOT | $2.8M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| REPLCALL | $11.9M | +6231.9% | ||
| IRD | $8.3M | +4522.5% | ||
| PEPG | $2.6M | +4263.6% | ||
| DNLI | $35.1M | +3490.9% | +36.3% | |
| PLRX | $3.2M | +3402.0% | ||
| CTMX | $15.6M | +3310.2% | -18.9% | |
| INSP | $19.5M | +2601.3% | -3.1% | |
| INO | $2.4M | +1847.2% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| ABVXCALL | $-172.8M | -96.7% | +28.4% | |
| AQST | $-1.6M | -96.1% | ||
| REPLCALL | $-11.3M | -91.9% | ||
| CBIO | $-6.3M | -91.7% | ||
| FULC | $-13.2M | -89.6% | ||
| CRBPCALL | $-2.0M | -87.8% | ||
| HELP | $-1.8M | -86.9% | ||
| CRVS | $-2.3M | -81.1% |
Quarter Activity
During the quarter, Adar1 Capital Management initiated notable new positions in BEAM Therapeutics, Vir Biotechnology, and DBV Technologies, with investments totaling $34 million, $25 million, and $21 million respectively. The fund also exited significant positions in Renalytix, RAPT Therapeutics, and Cidara Therapeutics, valued at $39 million, $17 million, and $13 million at the time of exit. Additionally, there were major increases in holdings of Replimune Group and Iridium Communications, while substantial reductions were made in positions such as Abivax and Aquestive Therapeutics.
AI Commentary
<p>Adar1 Capital Management's portfolio is heavily concentrated in the healthcare sector, particularly in biotechnology and pharmaceuticals. The top holdings include ABIVAX SA (ABVX) with a 9.1% portfolio weight, PROTAGONIST THERAPEUTICS INC (PTGX) at 6.2%, and ROIVANT SCIENCES LTD (ROIV) at 5.4%. Other significant positions are in IMMUNOVANT INC (IMVT), STATE STR SPDR S&P 500 ETF TRUST (SPY), and TERNS PHARMACEUTICALS INC (TERN), indicating a strong focus on biotech alongside a strategic allocation in a broad market ETF for diversification.</p> <p>The recent quarter's activity suggests a strategic shift in Adar1 Capital's investment approach. The fund has opened new positions in BEAM Therapeutics (BEAM), Vir Biotechnology (VIR), DBV Technologies (DBVT), Helix Acquisition Corp (HLXC), and Molecular Templates (MLTX), indicating a continued bullish outlook on biotech innovation. Conversely, the closure of positions in companies like RENAMCO (RNAM) and RAPT Therapeutics (RAPT) alongside significant reductions in ABVAX SA (ABVX) might signal a reallocation of capital towards newer or more promising opportunities within the sector. The dramatic increases in holdings such as Replimune Group Inc (REPL) and Denali Therapeutics Inc (DNLI) further underscore a focus on specific biotechnological advancements and therapeutic developments.</p>