Avoro Capital Advisors Portfolio
13F Holdings & Position Changes — Last filed Mar 16, 2026
13F Holdings & Position Changes — Last filed Mar 16, 2026
Biotech specialist fund (formerly Venbio Select Advisor) that takes concentrated positions in clinical and commercial-stage companies. Aghazadeh, a biochemist, is known for activist-style engagement and has served on multiple biotech boards to drive value creation.
Avoro Capital Advisors is a $6B biotech-focused hedge fund managed by Behzad Aghazadeh, PhD. As of their latest 13F filing (Q4 2025), the fund holds 31 positions worth $9.9B. This quarter they initiated 9 new positions and exited 41. Their largest holding is UTHR ($1.3B).
Avoro initiated 9 new positions and increased 10 this quarter. Portfolio grew +35.7% to $9.9B. 463 upcoming catalysts across holdings. 1 insider buy detected in portfolio companies.
Portfolio Value (13F)
$9.9B
Holdings
31
Top 10 Concentration
75.5%
QoQ Change
+35.7%
Turnover
9.0%
Portfolio Value Trend
Be first to know when Avoro Capital Advisors files next quarter
Get an email the moment new buys, exits, and conviction changes hit. Free 14-day trial.
| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | UTHR | United Therapeutics Corporation | Increased | $1.3B | 12.86% | 6.8% | |
| 2 | ASND | Ascendis Pharma A/S | Increased↑2Q | $1.1B | 11.04% | 7.2% | |
| 3 | MDGL | Madrigal Pharmaceuticals Inc. | Decreased↓5Q | $1.1B | 10.66% | 20.2% | |
| 4 | ARGX | argenx SE | $832.5M | 8.43% | 3.3% | ||
| 5 | KRYS | Krystal Biotech Inc. | Increased↑2Q | $712.2M | 7.22% | 17.2% | |
| 6 | ARWR | Arrowhead Pharmaceuticals Inc. | Decreased | $705.4M | 7.15% | 12.0% | |
| 7 | KYMR | Kymera Therapeutics Inc. | Increased | $581.6M | 5.89% | 15.2% | |
| 8 | GPCR | Structure Therapeutics Inc. | Increased↑2Q | $455.9M | 4.62% | 11.5% | |
| 9 | RNA | Avidity Biosciences Inc. | Decreased | $393.5M | 3.99% | — | |
| 10 | CNTA | Centessa Pharmaceuticals plc | Increased↑4Q | $364.0M | 3.69% | 2.6% |
Share changes reflect active decisions. Value changes include price moves.
Track this fund’s next move
13F changes, conviction shifts, and catalyst alerts across all 20 specialist biotech funds — free Monday brief.
No charge for 14 days · Cancel anytime
Avoro Capital Advisors held 31 biotech stocks in their 13F portfolio this quarter. Their top positions include UTHR, ASND, MDGL, ARGX, KRYS. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Avoro Capital Advisors's tracked biotech portfolio is worth $9.9B across 31 positions, with total assets under management of approximately $6B. Portfolio values are based on 13F filings with the SEC.
Avoro Capital Advisors initiated 9 new positions this quarter, including CELC, TERN, RVMD, MNMD, PTCT and 4 more. They also increased 10 existing positions.
Avoro Capital Advisors fully exited 41 positions this quarter, including FOLD, OLMA, RCKT, HZNP, IOBT and 36 more. They also trimmed 6 existing positions.
Biotech specialist fund (formerly Venbio Select Advisor) that takes concentrated positions in clinical and commercial-stage companies. Aghazadeh, a biochemist, is known for activist-style engagement and has served on multiple biotech boards to drive value creation.
Track specialist biotech funds, insider signals, and AI analysis
Start 14-Day Free Trial| 3 | MDGL | Madrigal Pharmaceuticals Inc. | Decreased | 1,807,500 | $1.1B | 10.66% |
| 4 | ARGX | argenx SE | 990,000 | $832.5M | 8.43% |
| 5 | KRYS | Krystal Biotech Inc. | Increased | 2,888,888 | $712.2M | 7.22% |
| 6 | ARWR | Arrowhead Pharmaceuticals Inc. | Decreased | 10,625,000 | $705.4M | 7.15% |
| 7 | KYMR | Kymera Therapeutics Inc. | Increased | 7,474,747 | $581.6M | 5.89% |
| 8 | GPCR | Structure Therapeutics Inc. | Increased | 6,555,555 | $455.9M | 4.62% |
| 9 | RNA | Avidity Biosciences Inc. | Decreased | 5,455,000 | $393.5M | 3.99% |
| 10 | CNTA | Centessa Pharmaceuticals plc | Increased | 14,555,555 | $364.0M | 3.69% |
| 11 | CELC | Celcuity Inc. | New | 3,111,111 | $310.3M | 3.14% | — |
| 12 | APLS | Apellis Pharmaceuticals Inc. | 12,222,222 | $307.0M | 3.11% |
| 13 | VERA | Vera Therapeutics Inc. | Decreased | 5,888,888 | $298.2M | 3.02% |
| 14 | XENE | Xenon Pharmaceuticals Inc. | Increased | 5,424,444 | $243.1M | 2.46% |
| 15 | TERN | Terns Pharmaceuticals Inc. | New | 4,350,000 | $175.7M | 1.78% | — |
| 16 | RVMD | Revolution Medicines Inc. | New | 2,170,000 | $172.8M | 1.75% | — |
| 17 | QURE | uniQure N.V. | Increased | 6,150,000 | $147.2M | 1.49% |
| 18 | SLNO | Soleno Therapeutics Inc. | Increased | 2,900,000 | $134.3M | 1.36% |
| 19 | OCUL | Ocular Therapeutix Inc. | Increased | 10,777,777 | $130.8M | 1.33% |
| 20 | TSHA | Taysha Gene Therapies, Inc. | 21,700,000 | $119.3M | 1.21% |
| 21 | MNMD | Mind Medicine Inc. | New | 5,000,000 | $67.0M | 0.68% | — |
| 22 | PTCT | PTC Therapeutics Inc. | New | 685,000 | $52.0M | 0.53% | — |
| 23 | ORKA | Oruka Therapeutics, Inc. | 1,333,340 | $40.4M | 0.41% |
| 24 | ALKS | Alkermes plc | Decreased | 1,400,000 | $39.2M | 0.40% |
| 25 | APGE | Apogee Therapeutics Inc. | New | 500,000 | $37.7M | 0.38% | — |
| 26 | SEPN | Septerna, Inc. | 1,337,500 | $37.3M | 0.38% |
| 27 | LXEO | Lexeo Therapeutics, Inc. | New | 3,300,000 | $32.8M | 0.33% | — |
| 28 | MNKD | MannKind Corporation | Decreased | 4,444,444 | $25.2M | 0.26% |
| 29 | GHRS | GH Research PLC | New | 1,800,000 | $22.9M | 0.23% | — |
| 30 | INCY | Incyte Corporation | New | 135,000 | $13.3M | 0.14% | — |
| 31 | WHWK | Whitehawk Therapeutics, Inc. | 2,849,402 | $6.9M | 0.07% |
| Q2 2025 |
| $5.5B |
| 28 |
| — |
| -34 |
| -11.9% |
| Q1 2025 | $6.2B | 31 | +1 | -31 | -10.0% |
| Q4 2024 | $6.9B | 37 | +6 | -24 | +3.0% |
| Q3 2024 | $6.7B | 33 | — | -22 | -5.0% |
| Q2 2024 | $7.1B | 36 | +3 | -19 | -8.9% |
| Q1 2024 | $7.8B | 39 | +9 | -13 | +22.2% |
| Q4 2023 | $6.4B | 33 | +2 | -10 | +5.1% |
| Q3 2023 | $6.1B | 38 | +5 | -3 | -9.3% |
| Q2 2023 | $6.7B | 35 | +4 | -1 | +7.6% |
| Q1 2023 | $6.2B | 32 | +32 | — | — |