Avoro Capital Advisors
Avoro Capital Advisors, led by Behzad Aghazadeh, manages approximately $10.16 billion in assets. Aghazadeh, known for his expertise in the biotechnology and healthcare sectors, guides the firm with a focus on long-term value creation through concentrated investments in these industries. Avoro's investment philosophy emphasizes deep research and active engagement with the management of the companies in which they invest.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings β 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 β 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 β₯$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 |
|---|---|---|---|---|---|---|---|
| UTHR | $1.56B | 15.34% | $592.98 | $559.58 | -5.6% | 15.3% | |
| ASND | $1.16B | 11.39% | $228.73 | $267.76 | +17.1% | 11.4% | |
| MDGL | $951.8M | 9.36% | $523.47 | $546.37 | +4.4% | 9.4% | |
| KRYS | $746.3M | 7.34% | $258.32 | $369.85 | +43.2% | 7.3% | |
| ARGX | $730.3M | 7.18% | $730.25 | $917.28 | +25.6% | 7.2% | |
| ARWR | $670.9M | 6.60% | $62.70 | $86.10 | +37.3% | 6.6% | |
| KYMR | $622.6M | 6.12% | $83.29 | $118.86 | +42.7% | 6.1% | |
| APLS | $491.7M | 4.84% | $40.23 | β | 4.8% | ||
| CNTA | $454.0M | 4.47% | $39.72 | β | 4.5% | ||
| CELC | $385.2M | 3.79% | $114.14 | $113.97 | -0.1% | 3.8% | |
| XENE | $336.0M | 3.31% | $58.15 | $63.28 | +8.8% | 3.3% | |
| GPCR | $316.0M | 3.11% | $48.20 | $56.02 | +16.2% | 3.1% | |
| TERN | $300.2M | 2.95% | $52.72 | β | 3.0% | ||
| VERA | $236.9M | 2.33% | $40.23 | $43.28 | +7.6% | 2.3% | |
| RVMD | $228.0M | 2.24% | $97.25 | $190.73 | +96.1% | 2.2% | |
| CYTK | $219.7M | 2.16% | $65.91 | $86.06 | +30.6% | 2.2% | |
| OCUL | $104.3M | 1.03% | $8.47 | $10.11 | +19.4% | 1.0% | |
| DMRA | $98.0M | 0.96% | $25.90 | $30.00 | +15.8% | 1.0% | |
| QURE | $97.4M | 0.96% | $16.35 | $40.97 | +150.6% | 1.0% | |
| TSHA | $97.0M | 0.95% | $4.47 | $6.63 | +48.3% | 0.9% | |
| DFTX | $94.5M | 0.93% | $18.90 | $44.64 | +136.2% | 0.9% | |
| SLNO | $77.0M | 0.76% | $33.48 | β | 0.8% | ||
| ALKS | $42.4M | 0.42% | $35.36 | $55.08 | +55.8% | 0.4% | |
| SEPN | $32.1M | 0.32% | $24.03 | $36.06 | +50.1% | 0.3% | |
| VRDN | $29.3M | 0.29% | $19.56 | $20.42 | +4.4% | 0.3% | |
| GHRS | $25.3M | 0.25% | $14.06 | $26.64 | +89.5% | 0.3% | |
| AVTX | $21.1M | 0.21% | $14.93 | $19.44 | +30.2% | 0.2% | |
| LXEO | $10.8M | 0.11% | $5.74 | $4.72 | -17.8% | 0.1% | |
| UTHRCALL | $10.3M | 0.10% | $592.98 | $559.58 | -5.6% | 0.1% | |
| WHWK | $9.8M | 0.10% | $3.45 | $4.14 | +20.0% | 0.1% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (5)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| TERN | $300.2M | ||
| CYTK | $219.7M | +30.6% | |
| DMRA | $98.0M | +15.8% | |
| DFTX | $94.5M | +136.2% | |
| AVTX | $21.1M | +30.2% |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| RNAM | $393.5M | |
| XBI | $256.1M | |
| $175.7M | ||
| MNMD | $67.0M | |
| $52.0M | ||
| ORKA | $40.4M | |
| APGE | $37.7M | |
| INCY | $13.3M |
Increased (8)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| ASND | $1.16B | +10025.0% | +17.1% | |
| OCUL | $-26.5M | +14.3% | +19.4% | |
| CELCCALL | $74.9M | +8.5% | -0.1% | |
| RVMD | $55.2M | +8.0% | +96.1% | |
| XENE | $92.8M | +6.5% | +8.8% | |
| ARGX | $-102.3M | +1.0% | +25.6% | |
| UTHRCALL | $289.7M | +0.9% | -5.6% | |
| ARWR | $-34.5M | +0.7% | +37.3% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Ξ | Since Filing |
|---|---|---|---|---|
| CELCCALL | $-307.3M | -93.6% | -0.1% | |
| UTHRCALL | $-1259.5M | -85.4% | -5.6% | |
| MNKD | $-19.8M | -50.5% | ||
| LXEO | $-22.0M | -43.2% | -17.8% | |
| CNTA | $90.0M | -21.5% | ||
| SLNO | $-57.3M | -20.7% | ||
| ALKS | $3.3M | -14.3% | +55.8% | |
| QURE | $-49.7M | -3.1% | +150.6% |
Quarter Activity
During the quarter, Avoro Capital Advisors initiated notable new positions in TERN and CYTK, valued at $300 million and $220 million respectively, while also adding smaller stakes in DMRA, DFTX, and AVTX. The fund exited significant positions in RNAM and XBI, which were previously valued at $393 million and $256 million. Additionally, there was a major increase in their holding of ASND, now valued at over $10 billion, indicating a significant concentration shift within their portfolio.
AI Commentary
<p>Avoro Capital Advisors' portfolio is heavily concentrated in the biotechnology and pharmaceutical sectors, with top holdings like UNITED THERAPEUTICS CORP (UTHR) at 15.3% of the portfolio, ASCENDIS PHARMA (ASND) at 11.4%, and MADRIGAL PHARMACEUTICALS INC (MDGL) at 9.4%. This sector focus is further emphasized by significant investments in KRYSTAL BIOTECH INC (KRYS), ARGENX SE (ARGX), and ARROWHEAD PHARMACEUTICALS INC (ARWR), highlighting a strong conviction in specialized healthcare companies. The top ten holdings, which include other biotech firms like KYMERA THERAPEUTICS INC (KMYR) and APELLIS PHARMACEUTICALS INC (APLS), collectively form over 70% of the total assets under management, underscoring a strategic emphasis on this high-growth potential sector.</p> <p>The recent quarter's activity indicates a nuanced adjustment in Avoro Capital Advisors' strategy, with the opening of new positions in emerging biotech companies such as TERN, CYTK, DMRA, DFTX, and AVTX, suggesting a bullish outlook on these entities. Conversely, the closure of positions in RNAM, XBI, and others, alongside significant reductions in holdings like CELC and UTHR, reflect a recalibration or possible risk mitigation in certain areas. The dramatic increase in the stake of ASCENDIS PHARMA (ASND) by over 10000% and modest increases in other stocks like OCUL and RVMD further signal a targeted confidence in specific therapeutic development and commercialization potentials within the biotech sector.</p>