Avoro Capital Advisors LLC
Long book
$10.15B
Q1 2026
Positions
30
Top-10 weight
77%
concentration
Last quarter
+21.6%
SPY +14.8%
Turnover
30%
of book per quarter
Strategy in plain words
auto-generated from filingsAvoro Capital Advisors LLC is a concentrated fundamental stock-picker, specialised in healthcare (99% of the long book), running a $10.15B US long book across 30 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: UNITED THERAPEUTICS CORP, The Bank of New York Mellon Corporation, MADRIGAL PHARMACEUTICALS INC, KRYSTAL BIOTECH INC, ARGENX SE - ADR.
Over the last 9 quarters its long book ran on average 3.5pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.9%
Q2 2024
+2.5%
Q3 2024
+0.1%
Q4 2024
-13.5%
Q1 2025
-5.4%
Q2 2025
+37.7%
Q3 2025
+30.2%
Q4 2025
-0.8%
Q1 2026
+21.6%
Sector allocation
Healthcare 87%
Other 12%
Materials 1%
Long book by quarter
What does Avoro Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 2.6M | $1.56B | 15.4% | +0.9% |
| MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 1.8M | $951.8M | 9.4% | +0.6% |
| KRYS KRYSTAL BIOTECH INC | Healthcare | 2.9M | $746.3M | 7.4% | Held |
| ARWR ARROWHEAD PHARMACEUTICALS IN | Healthcare | 10.7M | $670.9M | 6.6% | +0.7% |
| KYMR KYMERA THERAPEUTICS INC | Healthcare | 7.5M | $622.6M | 6.1% | Held |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 12.2M | $491.7M | 4.8% | Held |
| CELC CELCUITY INC | Healthcare | 3.4M | $385.2M | 3.8% | +8.5% |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 5.8M | $336.0M | 3.3% | +6.5% |
| 430 TERNS PHARMACEUTICALS INC | — | 5.7M | $300.2M | 3.0% | +30.9% |
| VERA VERA THERAPEUTICS INC | Healthcare | 5.9M | $236.9M | 2.3% | Held |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 2.3M | $228.0M | 2.2% | +8.0% |
| CYTK CYTOKINETICS INC | Healthcare | 3.3M | $219.7M | 2.2% | New |
| OCUL OCULAR THERAPEUTIX INC | Healthcare | 12.3M | $104.3M | 1.0% | +14.3% |
| DMRA DAMORA THERAPEUTICS INC | Healthcare | 3.8M | $98.0M | 1.0% | New |
| QURE UNIQURE NV | Healthcare | 6.0M | $97.4M | 1.0% | -3.1% |
| TSHA TAYSHA GENE THERAPIES INC | Healthcare | 21.7M | $97.0M | 1.0% | Held |
| DFTX DEFINIUM THERAPEUTICS INC | Materials | 5.0M | $94.5M | 0.9% | New |
| SLNOEUR SOLENO THERAPEUTICS INC | — | 2.3M | $77.0M | 0.8% | -20.7% |
| ALKS ALKERMES PLC | Healthcare | 1.2M | $42.4M | 0.4% | -14.3% |
| SEPN SEPTERNA INC | Healthcare | 1.3M | $32.1M | 0.3% | Held |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 1.5M | $29.3M | 0.3% | Held |
| GHRS GH RESEARCH PLC | Healthcare | 1.8M | $25.3M | 0.2% | Held |
| AVTX AVALO THERAPEUTICS INC | Healthcare | 1.4M | $21.1M | 0.2% | New |
| LXEO LEXEO THERAPEUTICS INC | Healthcare | 1.9M | $10.8M | 0.1% | -43.2% |
| WHWK WHITEHAWK THERAPEUTICS INC | Healthcare | 2.8M | $9.8M | 0.1% | Held |
| MNKD MANNKIND CORP | Healthcare | 2.2M | $5.4M | 0.1% | -50.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 33 | $10.16B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Mar 16, 2026 | 34 | $10.17B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 34 | $10.17B | SEC ↗ | |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 32 | $7.74B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 30 | $5.71B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 33 | $6.41B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 39 | $7.07B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 36 | $6.86B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 41 | $7.51B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 46 | $8.57B | canonical | SEC ↗ |