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Funds (13F)

Avoro Capital Advisors LLC

Backtest from 20 Feb 2015 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+9.2%
S&P 500 +13.4%
Last 12 months
+20.7%
S&P 500 +12.1%
Sharpe ratio
0.36
S&P 500 0.71
Biggest drop
−51.8%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 201520172019202120232025 $43.5k$27.9k
Avoro Capital Advisors LLCS&P 500 $10,000 in Avoro Capital Advisors LLC from 20 Feb 2015 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Avoro Capital Advisors LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Avoro Capital Advisors LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+9.2%+13.4%
Total return+179%+335%
Last 12 months+20.7%+12.1%
Last 3 months−7.5%—
Last month−0.7%—
This year so far−3.5%—
Volatility a year32.3%16.5%
Sharpe ratio0.360.71
Biggest drop−51.8%−31.8%
Beta to the S&P 5000.951.00
Alpha a year (t-statistic)+0.6% (0.08)—
Share of weeks up50%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
UTHR13.6%——
ASND12.3%——
KRYS9.7%——
MDGL8.9%——
ARGX8.4%——
ARWR8.4%——
KYMR7.8%——
RVMD3.9%——
CYTK3.9%——
CELC3.2%——
GPCR3.2%——
XENE3.2%——
DFTX3.1%——
QURE2.8%——
VERA2.2%——
TSHA1.5%——
OCUL1.1%——
COAG0.6%——
GHRS0.4%——
VRDN0.4%——
SEPN0.4%——
AVTX0.4%——
FTH0.3%——
WHWK0.1%——
LXEO0.1%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest20 Feb 2015 to 2 Nov 2026+9.2%+13.4%0.360.71−51.8%0.95+0.6% (0.08)
2018 onwards5 Jan 2018 to 2 Nov 2026+11.6%+13.9%0.420.66−40.3%0.89+2.4% (0.26)
Last three years3 Nov 2023 to 2 Nov 2026+23.7%+21.8%0.761.16−30.9%0.83+6.9% (0.49)
Last year7 Nov 2025 to 2 Nov 2026+23.4%+14.2%0.810.84−20.3%0.72+12.7% (0.54)
DateCompanyAction
21 Aug 2026FTHBought
21 Aug 2026COAGBought
21 Aug 2026ASNDBought
22 May 2026DFTXBought
22 May 2026CYTKBought
22 May 2026AVTXBought
20 Mar 2026VRDNBought
20 Mar 2026RVMDBought
20 Mar 2026PTCTBought
20 Mar 2026LXEOBought
20 Mar 2026INCYBought
20 Mar 2026GHRSBought
20 Mar 2026CELCBought
21 Nov 2025TNGXBought
21 Nov 2025ORKABought
21 Nov 2025GPCRBought
21 Feb 2025SEPNBought
21 Feb 2025RCKTBought
21 Feb 2025QUREBought
21 Feb 2025OLMABought
21 Feb 2025ALKSBought
15 Nov 2024XENEBought
15 Nov 2024WHWKBought
15 Nov 2024VERABought
15 Nov 2024UTHRBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026MNKDSold
21 Aug 2026ALKSSold
22 May 2026PTCTSold
22 May 2026ORKASold
22 May 2026INCYSold
20 Mar 2026TNGXSold
20 Mar 2026MLTXSold
20 Mar 2026BCRXSold
21 Nov 2025RARESold
21 Nov 2025GLUESold
15 Aug 2025SRPTSold
15 Aug 2025PCVXSold
15 Aug 2025AUTLSold
16 May 2025SNDXSold
16 May 2025RCKTSold
16 May 2025OLMASold
16 May 2025KURASold
16 May 2025IOVASold
16 May 2025CGONSold
16 May 2025BMRNSold
21 Feb 2025SYRESold
21 Feb 2025NGNESold
21 Feb 2025DYNSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest