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Hedge fund

Avoro Capital Advisors LLC

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1633313

Reported value
$11.1bn
99% in companies we cover
Positions we cover
25
Largest UTHR 13.5%
Copy, a year
+9.2%
S&P 500 +13.4%
Copy Sharpe ratio
0.36
S&P 500 0.71

How copying its 13F would have done

$10.0k$20.0k$40.0k 201520172019202120232025 $43.5k$27.9k
CopyS&P 500 $10,000 copying Avoro Capital Advisors LLC's filed holdings in companies we cover from February 20, 2015, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −51.8% (S&P 500 −31.8%); beta 0.95; alpha +0.6% a year (t = 0.08); last 12 months +20.7% against +12.1%.

Reported value by quarter

Avoro Capital Advisors LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2T $4T $6T $8T Reported value, 2014-12-31: $141.2M Reported value, 2015-03-31: $257.3M Reported value, 2015-06-30: $362.3M Reported value, 2015-09-30: $378.2M Reported value, 2015-12-31: $289.7M Reported value, 2016-03-31: $283.9M Reported value, 2016-06-30: $443.8M Reported value, 2016-09-30: $561M Reported value, 2016-12-31: $492.5M Reported value, 2017-03-31: $780.3M Reported value, 2017-06-30: $787.5M Reported value, 2017-09-30: $1.3B Reported value, 2017-12-31: $1.5B Reported value, 2018-03-31: $2.1B Reported value, 2018-06-30: $2.6B Reported value, 2018-09-30: $2.2B Reported value, 2018-12-31: $1.7B Reported value, 2019-03-31: $2.3B Reported value, 2019-06-30: $2.9B Reported value, 2019-09-30: $2.4B Reported value, 2019-12-31: $3.4B Reported value, 2020-03-31: $3B Reported value, 2020-06-30: $5.1B Reported value, 2020-09-30: $7B Reported value, 2020-12-31: $5.8B Reported value, 2021-03-31: $5.8B Reported value, 2021-06-30: $5.7B Reported value, 2021-09-30: $6.4B Reported value, 2021-12-31: $5.9B Reported value, 2022-03-31: $5.5B Reported value, 2022-06-30: $5.1B Reported value, 2022-09-30: $5.4B Reported value, 2022-12-31: $6.7T Reported value, 2023-03-31: $6.7B Reported value, 2023-06-30: $7.4B Reported value, 2023-09-30: $6.4B Reported value, 2023-12-31: $7.2B Reported value, 2024-03-31: $8.6B Reported value, 2024-06-30: $7.5B Reported value, 2024-09-30: $6.9B Reported value, 2024-12-31: $7.1B Reported value, 2025-03-31: $6.4B Reported value, 2025-06-30: $5.7B Reported value, 2025-09-30: $7.7B Reported value, 2025-12-31: $10.2B Reported value, 2026-03-31: $10.2B Reported value, 2026-06-30: $11.1B 2014-12-31 2017-06-30 2019-12-31 2022-06-30 2026-06-30 $11.1B
View chart data
Period Reported value
2014-12-31 $141.2M
2015-03-31 $257.3M
2015-06-30 $362.3M
2015-09-30 $378.2M
2015-12-31 $289.7M
2016-03-31 $283.9M
2016-06-30 $443.8M
2016-09-30 $561M
2016-12-31 $492.5M
2017-03-31 $780.3M
2017-06-30 $787.5M
2017-09-30 $1.3B
2017-12-31 $1.5B
2018-03-31 $2.1B
2018-06-30 $2.6B
2018-09-30 $2.2B
2018-12-31 $1.7B
2019-03-31 $2.3B
2019-06-30 $2.9B
2019-09-30 $2.4B
2019-12-31 $3.4B
2020-03-31 $3B
2020-06-30 $5.1B
2020-09-30 $7B
2020-12-31 $5.8B
2021-03-31 $5.8B
2021-06-30 $5.7B
2021-09-30 $6.4B
2021-12-31 $5.9B
2022-03-31 $5.5B
2022-06-30 $5.1B
2022-09-30 $5.4B
2022-12-31 $6.7T
2023-03-31 $6.7B
2023-06-30 $7.4B
2023-09-30 $6.4B
2023-12-31 $7.2B
2024-03-31 $8.6B
2024-06-30 $7.5B
2024-09-30 $6.9B
2024-12-31 $7.1B
2025-03-31 $6.4B
2025-06-30 $5.7B
2025-09-30 $7.7B
2025-12-31 $10.2B
2026-03-31 $10.2B
2026-06-30 $11.1B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
UTHRUnited Therapeutics Corp13.52%$1.5bn2.78M+5.6% Added
ASNDAscendis Pharma A/s12.24%$1.4bn5.11MNew
KRYSKrystal Biotech, Inc.9.64%$1.1bn2.89M0.0%
MDGLMadrigal Pharmaceuticals, Inc.8.84%$984.4m1.83M+0.8% Added
ARGXArgenx SE8.33%$927.8m1.00M0.0%
ARWRArrowhead Pharmaceuticals, Inc.8.31%$925.6m11.36M+6.1% Added
KYMRKymera Therapeutics, Inc.7.70%$857.1m7.47M0.0%
RVMDRevolution Medicines, Inc.3.86%$430.2m2.30M−2.0% Reduced
CYTKCytokinetics Inc3.83%$425.9m5.00M+50.0% Added
CELCCelcuity Inc.3.19%$355.7m3.40M+0.7% Added
GPCRStructure Therapeutics Inc.3.16%$351.8m6.56M0.0%
XENEXenon Pharmaceuticals Inc.3.13%$348.7m5.78M0.0%
DFTXDefinium Therapeutics, Inc.3.04%$338.2m7.19M+43.8% Added
QUREUniqure N.V.2.78%$309.9m6.73M+12.9% Added
VERAVera Therapeutics, Inc.2.21%$245.6m5.72M−2.8% Reduced
TSHATaysha Gene Therapies, Inc.1.46%$162.7m23.89M+10.1% Added
OCULOcular Therapeutix, Inc1.11%$123.1m12.54M+1.8% Added
COAGHemab Therapeutics Holdings, Inc.0.64%$70.7m1.93MNew
GHRSGH Research PLC0.43%$48.4m1.80M0.0%
VRDNViridian Therapeutics, Inc.\de0.41%$45.9m2.50M+66.7% Added
SEPNSepterna, Inc.0.40%$44.8m1.34M0.0%
AVTXAvalo Therapeutics, Inc.0.39%$43.1m2.33M+65.5% Added
FTHFaeth Therapeutics, Inc.0.32%$36.1m1.44MNew
WHWKWhitehawk Therapeutics, Inc.0.12%$13.1m2.85M0.0%
LXEOLexeo Therapeutics, Inc.0.06%$6.9m1.49M−20.6% Reduced
CompanyBought (value)Shares
ASNDAscendis Pharma A/s$1.4bn5.11M
CYTKCytokinetics Inc$142.0m1.67M
DFTXDefinium Therapeutics, Inc.$103.0m2.19M
UTHRUnited Therapeutics Corp$80.1m147.8K
COAGHemab Therapeutics Holdings, Inc.$70.7m1.93M
ARWRArrowhead Pharmaceuticals, Inc.$53.4m655.6K
FTHFaeth Therapeutics, Inc.$36.1m1.44M
QUREUniqure N.V.$35.4m768.2K
VRDNViridian Therapeutics, Inc.\de$18.4m1.00M
AVTXAvalo Therapeutics, Inc.$17.1m923.3K
TSHATaysha Gene Therapies, Inc.$14.9m2.19M
MDGLMadrigal Pharmaceuticals, Inc.$8.1m15.2K
CELCCelcuity Inc.$2.6m25.0K
OCULOcular Therapeutix, Inc$2.2m225.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
ALKSAlkermes plc.−$42.4m−1.20M
RVMDRevolution Medicines, Inc.−$8.9m−47.4K
VERAVera Therapeutics, Inc.−$7.1m−165.0K
MNKDMannkind Corp−$5.4m−2.20M
LXEOLexeo Therapeutics, Inc.−$1.8m−385.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
ALKSAlkermes plc.$42.4m1.20M
MNKDMannkind Corp$5.4m2.20M
  • Health Care100.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 20, 2015 to November 2, 2026+9.2%+13.4%0.360.71−51.8%0.95
2018 onwardsJanuary 5, 2018 to November 2, 2026+11.6%+13.9%0.420.66−40.3%0.89
Last three yearsNovember 3, 2023 to November 2, 2026+23.7%+21.8%0.761.16−30.9%0.83
Last yearNovember 7, 2025 to November 2, 2026+23.4%+14.2%0.810.84−20.3%0.72

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.