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ADAR1 Capital Management, LLC Quarterly 13F Portfolio Update (Q2 2026)
ADAR1 Capital Management, LLCCIK: 0001940272
Diversified strategySector-focusedMomentum follower
Total reported value
$2.2B
Reporting period: 2026-06-30 · Number of holdings: 277
ADAR1 Capital Management, LLC disclosed 277 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $2.2B and a quarterly turnover rate of 57.7%.
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Personality snowflake
- Concentration
- 11.46
- Portfolio Stability
- 57.74
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 73.88
ADAR1 Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.029 — mathematically equivalent to about 35 equally-sized positions, well below its 277 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.61), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 17% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out 430
Add SPY
+102.9% $65.7M
Sold out BEAM
Add AGIO
+815.6% $43.0M
Add ABVX
+28.6% $86.3M
Add ZLAB
+136.4% $37.2M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 277 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ABVX | Abivax Sa-adr | Stock-Other | 11.28% | +1.85% | +28.59% | |
| 2 | PTGX | Protagonist Therapeutics Inc | Stock-Other | 5.39% | -0.78% | -3.35% | |
| 3 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 5.27% | +2.36% | +102.91% | |
| 4 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 5.11% | -0.25% | -3.92% | |
| 5 | IMVT | Immunovant Inc | Stock-Other | 4.11% | +0.19% | -13.00% | |
| 6 | ZLAB | Zai Lab Ltd-adr | Stock-Other | 2.93% | +1.35% | +136.36% | |
| 7 | AGIO | Agios Pharmaceuticals Inc | Stock-Other | 2.19% | +1.91% | +815.64% | |
| 8 | CRNX | Crinetics Pharmaceuticals In | Stock-Other | 2.09% | -0.35% | +7.26% | |
| 9 | BOXX | Alpha Architect 1-3 Mnth Box | ETF-Other | 1.81% | -0.50% | — | |
| 10 | CYTK | Cytokinetics Inc | Stock-Healthcare | 1.79% | -0.66% | -27.61% | |
| 11 | SEPN | Septerna Inc | Stock-Other | 1.44% | -0.10% | -13.68% | |
| 12 | AVR | Anteris Technologies Global | Stock-Other | 1.42% | +0.18% | -17.00% | |
| 13 | EDIT | Editas Medicine Inc | Stock-Other | 1.32% | +1.32% | NEW | |
| 14 | DNLI | Denali Therapeutics Inc | Stock-Other | 1.21% | -0.91% | -45.01% | |
| 15 | SYRE | Spyre Therapeutics Inc | Stock-Other | 1.15% | +0.15% | -16.06% | |
| 16 | VIR | Vir Biotechnology Inc | Stock-Other | 1.15% | -0.30% | -10.49% | |
| 17 | PRAX | Praxis Precision Medicines I | Stock-Other | 1.14% | +1.11% | +4850.20% | |
| 18 | INSM | Insmed Inc | Stock-Healthcare | 1.12% | +0.78% | +545.68% | |
| 19 | CLDX | Celldex Therapeutics Inc | Stock-Other | 1.05% | +0.26% | +44.82% | |
| 20 | VKTX | Viking Therapeutics Inc | Stock-Healthcare | 1.02% | +0.58% | +152.08% | |
| 21 | TSHA | Taysha Gene Therapies Inc | Stock-Other | 0.95% | +0.17% | +2.05% | |
| 22 | MNPR | Monopar Therapeutics Inc | Stock-Other | 0.92% | +0.07% | -17.66% | |
| 23 | OVID | Ovid Therapeutics Inc | Stock-Other | 0.91% | +0.32% | +63.23% | |
| 24 | ELVN | Enliven Therapeutics Inc | Stock-Other | 0.90% | +0.14% | +17.65% | |
| 25 | ENTA | Enanta Pharmaceuticals Inc | Stock-Other | 0.90% | +0.86% | +2517.97% | |
| 26 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.86% | +0.46% | +127.27% | |
| 27 | NKTR | Nektar Therapeutics | Stock-Other | 0.78% | +0.10% | +51.43% | |
| 28 | INSP | Inspire Medical Systems Inc | Stock-Healthcare | 0.76% | -0.47% | -7.55% | |
| 29 | RVMD | Revolution Medicines Inc | Stock-Healthcare | 0.75% | -0.02% | -34.64% | |
| 30 | ✓ | Establishment Labs Holdings In | Stock-Other | 0.73% | +0.02% | -13.05% | |
| 31 | PRTA | Prothena Corporation plc | Stock-Other | 0.70% | -0.20% | -1.70% | |
| 32 | RYTM | Rhythm Pharmaceuticals Inc | Stock-Other | 0.69% | -0.39% | -35.61% | |
| 33 | IKT | Inhibikase Therapeutics Inc | Stock-Other | 0.69% | +0.04% | +11.82% | |
| 34 | QURE | uniQure N.V. | Stock-Other | 0.68% | +0.51% | +84.26% | |
| 35 | RLYB | Rallybio CORP | Stock-Other | 0.68% | +0.67% | +4411.09% | |
| 36 | REGN | Regeneron Pharmaceuticals | Stock-Healthcare | 0.63% | +0.08% | +82.72% | |
| 37 | IVA | Inventiva SA - Adr | Stock-Other | 0.62% | -0.09% | +65.87% | |
| 38 | STRO | Sutro Biopharma Inc | Stock-Other | 0.61% | -0.16% | -22.96% | |
| 39 | IONS | Ionis Pharmaceuticals Inc | Stock-Healthcare | 0.60% | -0.11% | +3.71% | |
| 40 | BBIO | Bridgebio Pharma Inc | Stock-Healthcare | 0.60% | +0.19% | +87.38% | |
| 41 | SRPT | Sarepta Therapeutics Inc | Stock-Healthcare | 0.60% | +0.26% | +178.81% | |
| 42 | CTMX | Cytomx Therapeutics Inc | Stock-Other | 0.58% | -0.36% | -1.32% | |
| 43 | VOR | Vor Biopharma Inc | Stock-Other | 0.57% | +0.57% | NEW | |
| 44 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 0.57% | -0.16% | — | |
| 45 | EQ | Equillium Inc | Stock-Other | 0.55% | +0.11% | +0.86% | |
| 46 | ANL | Adlai Nortye Ltd-adr | Stock-Other | 0.54% | +0.49% | +763.21% | |
| 47 | CLYM | Climb Bio Inc | Stock-Other | 0.49% | +0.25% | +37.64% | |
| 48 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 0.49% | +0.38% | +349.33% | |
| 49 | ✓ | Helix Acquisition CORP Iii | Stock-Other | 0.49% | -0.12% | — | |
| 50 | ✓ | Zura Bio LTD | Stock-Other | 0.48% | +0.26% | +179.07% |
1–50 of 200
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q3 2026
+13.6%
Performance Last 4 Quarters
+20.2%
- Stdev
- +36%
- Beta
- +0.63
- Alpha
- +15%
- Max Drawdown
- -33.3%
- Annualized Perf
- +22.1%
- Batting Avg vs S&P
- +56.7%
- Sortino
- +1.18
- Stutzer
- +0.21
- Treynor
- +0.42
- Sterling
- +0.61
- Calmar
- +0.66
- Information Ratio
- +0.23
- Tracking Error
- +35.5%
- Stdev Down
- +22.6%
- Winning Months %
- +60%
- Losing Months %
- +40%
- Best 12 Months
- +96.2%
- Worst 12 Months
- -3.4%
- Efficiency Ratio
- +0.3
- Sharpe
- +0.74
- Stdev Sectors
- +38.8%
- Skewness
- -0.44
- Kurtosis
- +3.9
- Upside Potential
- +2.46
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
ADAR1 Capital Management, LLC's most significant position changes for 2026-06-30: Sold out: Terns Pharmaceuticals Inc (430); Sold out: Beam Therapeutics Inc (BEAM); New buy: Editas Medicine Inc (EDIT); Sold out: Scholar Rock Holding CORP (SRRK); New buy: Vor Biopharma Inc (VOR).
Showing top 200 changes by size (of 344 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +2.4% | +102.91% | Add |
| 2 | AGIO | Agios Pharmaceuticals Inc | +1.9% | +815.64% | Add |
| 3 | ABVX | Abivax Sa-adr | +1.9% | +28.59% | Add |
| 4 | ZLAB | Zai Lab Ltd-adr | +1.4% | +136.36% | Add |
| 5 | EDIT | Editas Medicine Inc | +1.3% | NEW | New buy |
| 6 | PRAX | Praxis Precision Medicines I | +1.1% | +4850.20% | Add |
| 7 | ENTA | Enanta Pharmaceuticals Inc | +0.9% | +2517.97% | Add |
| 8 | INSM | Insmed Inc | +0.8% | +545.68% | Add |
| 9 | RLYB | Rallybio CORP | +0.7% | +4411.09% | Add |
| 10 | VKTX | Viking Therapeutics Inc | +0.6% | +152.08% | Add |
| 11 | VOR | Vor Biopharma Inc | +0.6% | NEW | New buy |
| 12 | QURE | uniQure N.V. | +0.5% | +84.26% | Add |
| 13 | ANL | Adlai Nortye Ltd-adr | +0.5% | +763.21% | Add |
| 14 | IWM | Ishares Russell 2000 ETF | +0.5% | +127.27% | Add |
| 15 | FTH | Faeth Therapeutics Inc | +0.4% | NEW | New buy |
| 16 | XBI | Ss Spdr S&p Biotech ETF | +0.4% | +349.33% | Add |
| 17 | MAZE | Maze Therapeutics Inc | +0.4% | +577.27% | Add |
| 18 | ✓ | Ascendis Pharma A/s | +0.4% | NEW | New buy |
| 19 | ✓ | +0.4% | NEW | New buy | |
| 20 | OVID | Ovid Therapeutics Inc | +0.3% | +63.23% | Add |
| 21 | BHVN | Biohaven Ltd. | +0.3% | +1020.41% | Add |
| 22 | ✓ | +0.3% | NEW | New buy | |
| 23 | RLAY | Relay Therapeutics Inc | +0.3% | NEW | New buy |
| 24 | NRIX | Nurix Therapeutics Inc | +0.3% | +458.65% | Add |
| 25 | IFRX | InflaRx N.V. | +0.3% | +1795.48% | Add |
| 26 | CLDX | Celldex Therapeutics Inc | +0.3% | +44.82% | Add |
| 27 | SRPT | Sarepta Therapeutics Inc | +0.3% | +178.81% | Add |
| 28 | ✓ | Zura Bio LTD | +0.3% | +179.07% | Add |
| 29 | CLYM | Climb Bio Inc | +0.3% | +37.64% | Add |
| 30 | WHWK | Whitehawk Therapeutics Inc | +0.3% | +943.86% | Add |
| 31 | ✓ | +0.2% | NEW | New buy | |
| 32 | BOLD | Boundless Bio Inc | +0.2% | NEW | New buy |
| 33 | ✓ | +0.2% | NEW | New buy | |
| 34 | ✓ | +0.2% | NEW | New buy | |
| 35 | RNTX | Rein Therapeutics Inc | +0.2% | NEW | New buy |
| 36 | FULC | Fulcrum Therapeutics Inc | +0.2% | +1098.70% | Add |
| 37 | IMVT | Immunovant Inc | +0.2% | -13.00% | Trim |
| 38 | BBIO | Bridgebio Pharma Inc | +0.2% | +87.38% | Add |
| 39 | PRLD | Prelude Therapeutics Inc | +0.2% | +489.50% | Add |
| 40 | APGE | Apogee Therapeutics Inc | +0.2% | NEW | New buy |
| 41 | AVR | Anteris Technologies Global | +0.2% | -17.00% | Trim |
| 42 | TSHA | Taysha Gene Therapies Inc | +0.2% | +2.05% | Add |
| 43 | ENGN | Engene Therapeutics Inc | +0.2% | NEW | New buy |
| 44 | SYRE | Spyre Therapeutics Inc | +0.2% | -16.06% | Trim |
| 45 | PFE | Pfizer Inc | +0.2% | +226.10% | Add |
| 46 | GMED | Globus Medical Inc - A | +0.2% | +248.76% | Add |
| 47 | SGMT | Sagimet Biosciences Inc-a | +0.2% | NEW | New buy |
| 48 | ELVN | Enliven Therapeutics Inc | +0.1% | +17.65% | Add |
| 49 | ALEC | Alector Inc | +0.1% | +174.63% | Add |
| 50 | MLYS | Mineralys Therapeutics Inc | +0.1% | +93.22% | Add |
1–50 of 200
Filing History
FAQ
What is ADAR1 Capital Management, LLC and what type of investor is it?
ADAR1 Capital Management, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $2.2B, spread across 277 disclosed positions.
What are ADAR1 Capital Management, LLC's largest equity positions?
Based on the latest 13F filing, ADAR1 Capital Management, LLC's top holdings by market value are:
1. Abivax Sa-adr (ABVX) — $246.4M (11.3%)
2. Protagonist Therapeutics Inc (PTGX) — $117.8M (5.4%)
3. Ss Spdr S&p 500 ETF Trust-us (SPY) — $115.1M (5.3%)
4. Roivant Sciences Ltd. (ROIV) — $111.7M (5.1%)
5. Immunovant Inc (IMVT) — $89.8M (4.1%)
What changes did ADAR1 Capital Management, LLC make in its most recent portfolio filing?
In the latest reported quarter, ADAR1 Capital Management, LLC made 189 notable position adjustments: 33 new positions were initiated, 74 existing holdings were added to, 41 positions were partially reduced, and 41 were completely exited. The largest of these moves: Sold out: Terns Pharmaceuticals Inc (430); Sold out: Beam Therapeutics Inc (BEAM); New buy: Editas Medicine Inc (EDIT); Sold out: Scholar Rock Holding CORP (SRRK); New buy: Vor Biopharma Inc (VOR)
What sectors does ADAR1 Capital Management, LLC focus on?
ADAR1 Capital Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 97.6%
• Financials: 1.6%
• Real Estate: 0.3%
• Communication Services: 0.3%
• Consumer Discretionary: 0.2%
Investment Profile
ADAR1 Capital Management, LLC returned an annualized 22.1% over the trailing 30 months — outperforming the S&P 500 by 15.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.63 (less volatile than the market) and a 57% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 97.6% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 58 over the past 4 quarters — a shift toward more active trading.
It has added to its SPY position over the past two quarters (+$77.8M, now $115.1M), while trimming ABUS over the same stretch (-$20.0M, still holding $6.1M).
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Developer Access
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