AC
Avoro Capital Advisors LLC SEC 13F Holdings (Q2 2026) — Top Position: UNITED THERAPEUTICS CORP
Avoro Capital Advisors LLCCIK: 0001633313
Sector-focusedContrarianQuality / disciplined sizing
Total reported value
$11.1B
Reporting period: 2026-06-30 · Number of holdings: 26
Avoro Capital Advisors LLC disclosed 26 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $11.1B and a quarterly turnover rate of 58.5%.
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Personality snowflake
- Concentration
- 31.52
- Portfolio Stability
- 58.51
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 52
- Sizing Uniformity
- 89.56
Avoro Capital Advisors LLC's disclosed holdings carry a Herfindahl concentration index of 0.079 — mathematically equivalent to about 13 equally-sized positions, well below its 26 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.04), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
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 56% 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.govNew buy K08588103
Sold out ASND
Sold out APLSUSD
Sold out 260
Sold out 430
Add KRYS
0.0% $327.5M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | UTHR | United Therapeutics CORP | Stock-Healthcare | 13.52% | -1.92% | -7.71% | |
| 2 | ✓ | Ascendis Pharma A/s | Stock-Other | 12.24% | +12.24% | NEW | |
| 3 | KRYS | Krystal Biotech Inc | Stock-Healthcare | 9.64% | +2.30% | — | |
| 4 | MDGL | Madrigal Pharmaceuticals Inc | Stock-Healthcare | 8.84% | -0.52% | +0.83% | |
| 5 | ARGX | Argenx Se - Adr | Stock-Healthcare | 8.33% | +1.15% | — | |
| 6 | ARWR | Arrowhead Pharmaceuticals In | Stock-Healthcare | 8.31% | +1.71% | +6.13% | |
| 7 | KYMR | Kymera Therapeutics Inc | Stock-Other | 7.70% | +1.58% | — | |
| 8 | RVMD | Revolution Medicines Inc | Stock-Healthcare | 3.86% | +1.62% | -2.02% | |
| 9 | CYTK | Cytokinetics Inc | Stock-Healthcare | 3.82% | +1.66% | +50.00% | |
| 10 | CELC | Celcuity Inc | Stock-Other | 3.19% | -0.63% | -4.90% | |
| 11 | GPCR | Structure Therapeutics Inc | Stock-Other | 3.16% | +0.05% | — | |
| 12 | XENE | Xenon Pharmaceuticals Inc | Stock-Other | 3.13% | -0.18% | — | |
| 13 | DFTX | Definium Therapeutics Inc | Stock-Other | 3.04% | +2.11% | +43.78% | |
| 14 | QURE | uniQure N.V. | Stock-Other | 2.78% | +1.82% | +12.89% | |
| 15 | VERA | Vera Therapeutics Inc | Stock-Other | 2.21% | -0.12% | -2.80% | |
| 16 | TSHA | Taysha Gene Therapies Inc | Stock-Other | 1.46% | +0.51% | +10.09% | |
| 17 | OCUL | Ocular Therapeutix Inc | Stock-Other | 1.11% | +0.08% | +1.83% | |
| 18 | DMRA | Damora Therapeutics Inc | Stock-Other | 0.88% | -0.08% | — | |
| 19 | ✓ | Stock-Other | 0.63% | +0.64% | NEW | ||
| 20 | GHRS | GH Research PLC | Stock-Other | 0.43% | +0.18% | — | |
| 21 | VRDN | Viridian Therapeutics Inc | Stock-Other | 0.41% | +0.12% | +66.67% | |
| 22 | SEPN | Septerna Inc | Stock-Other | 0.40% | +0.08% | — | |
| 23 | AVTX | Avalo Therapeutics Inc | Stock-Other | 0.39% | +0.18% | +65.48% | |
| 24 | FTH | Faeth Therapeutics Inc | Stock-Other | 0.32% | +0.32% | NEW | |
| 25 | WHWK | Whitehawk Therapeutics Inc | Stock-Other | 0.12% | +0.02% | — | |
| 26 | LXEO | Lexeo Therapeutics Inc | Stock-Other | 0.06% | -0.05% | -20.58% |
Portfolio Performance
Performance for Q3 2026
+10.6%
Performance Last 4 Quarters
+66.6%
Based on 87% of reported portfolio value with available pricing
- Stdev
- +23.7%
- Beta
- +0.81
- Alpha
- +9.7%
- Max Drawdown
- -21.5%
- Annualized Perf
- +25.8%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +1.93
- Stutzer
- +0.32
- Treynor
- +0.32
- Sterling
- +1.1
- Calmar
- +1.2
- Information Ratio
- +0.27
- Tracking Error
- +21.4%
- Stdev Down
- +13.4%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +99.1%
- Worst 12 Months
- -12.2%
- Efficiency Ratio
- +0.47
- Sharpe
- +1.09
- Stdev Sectors
- 0%
- Skewness
- -0.24
- Kurtosis
- -0.73
- Upside Potential
- +3.61
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 26 | $11.1B | 59 | ||
| 2026 Q1 | 33 | $10.2B | 30 | ||
| 2025 Q4 | 34 | $10.2B | 51 | ||
| 2025 Q3 | 32 | $7.7B | 48 | ||
| 2025 Q2 | 30 | $5.7B | 0 | ||
| 2025 Q1 | 33 | $6.4B | 100 | ||
| 2024 Q4 | 39 | $7.1B | 0 | ||
| 2024 Q3 | 36 | $6.9B | 0 | ||
| 2024 Q2 | 41 | $7.5B | 0 | ||
| 2024 Q1 | 46 | $8.6B | 0 | ||
| 2023 Q4 | 42 | $7.2B | 0 | ||
| 2023 Q3 | 46 | $6.4B | 0 | ||
| 2023 Q2 | 43 | $7.4B | 0 | ||
| 2023 Q1 | 41 | $6.7B | 0 | ||
| 2022 Q4 | 36 | $6.7B | 0 | ||
| 2022 Q3 | 39 | $5.4B | 0 | ||
| 2022 Q2 | 40 | $5.1B | 0 | ||
| 2022 Q1 | 43 | $5.5B | 0 | ||
| 2021 Q4 | 41 | $5.9B | 0 | ||
| 2021 Q3 | 52 | $6.4B | 0 | ||
| 2021 Q2 | 46 | $5.7B | 100 | ||
| 2021 Q1 | 46 | $5.8B | 43 | ||
| 2020 Q4 | 44 | $5.8B | 72 | ||
| 2020 Q3 | 46 | $7.0B | 53 | ||
| 2020 Q2 | 45 | $5.1B | 59 | ||
| 2020 Q1 | 43 | $3.0B | 41 | ||
| 2019 Q4 | 32 | $3.4B | 57 | ||
| 2019 Q3 | 33 | $2.4B | 30 | ||
| 2019 Q2 | 35 | $2.9B | 42 | ||
| 2019 Q1 | 32 | $2.3B | 45 | ||
| 2018 Q4 | 35 | $1.7B | 40 | ||
| 2018 Q3 | 46 | $2.2B | 36 | ||
| 2018 Q2 | 44 | $2.6B | 63 | ||
| 2018 Q1 | 58 | $2.1B | 50 | ||
| 2017 Q4 | 52 | $1.5B | 47 | ||
| 2017 Q3 | 45 | $1.3B | 67 | ||
| 2017 Q2 | 47 | $792.0M | 59 | ||
| 2017 Q1 | 47 | $782.8M | 81 | ||
| 2016 Q4 | 44 | $495.0M | 53 | ||
| 2016 Q3 | 48 | $569.9M | 64 | ||
| 2016 Q2 | 48 | $450.0M | 81 | ||
| 2016 Q1 | 41 | $286.7M | 81 | ||
| 2015 Q4 | 31 | $290.3M | 52 | ||
| 2015 Q3 | 36 | $384.6M | 61 | ||
| 2015 Q2 | 31 | $363.1M | 86 | ||
| 2015 Q1 | 33 | $260.6M | 91 | ||
| 2014 Q4 | 30 | $147.6M | 0 |
Holding changes this quarter
Avoro Capital Advisors LLC's most significant position changes for 2026-06-30: New buy: Ascendis Pharma A/s; Sold out: Ascendis Pharma A/S (ASND); Sold out: Apellis Pharmaceuticals Inc (APLSUSD); Sold out: Centessa Pharmaceuticals-adr (260); Sold out: Terns Pharmaceuticals Inc (430).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | Ascendis Pharma A/s | +12.2% | NEW | New buy |
| 2 | KRYS | Krystal Biotech Inc | +2.3% | — | Unchanged |
| 3 | DFTX | Definium Therapeutics Inc | +2.1% | +43.78% | Add |
| 4 | QURE | uniQure N.V. | +1.8% | +12.89% | Add |
| 5 | ARWR | Arrowhead Pharmaceuticals In | +1.7% | +6.13% | Add |
| 6 | CYTK | Cytokinetics Inc | +1.7% | +50.00% | Add |
| 7 | RVMD | Revolution Medicines Inc | +1.6% | -2.02% | Trim |
| 8 | KYMR | Kymera Therapeutics Inc | +1.6% | — | Unchanged |
| 9 | ARGX | Argenx Se - Adr | +1.2% | — | Unchanged |
| 10 | ✓ | +0.6% | NEW | New buy | |
| 11 | TSHA | Taysha Gene Therapies Inc | +0.5% | +10.09% | Add |
| 12 | FTH | Faeth Therapeutics Inc | +0.3% | NEW | New buy |
| 13 | GHRS | GH Research PLC | +0.2% | — | Unchanged |
| 14 | AVTX | Avalo Therapeutics Inc | +0.2% | +65.48% | Add |
| 15 | VRDN | Viridian Therapeutics Inc | +0.1% | +66.67% | Add |
| 16 | OCUL | Ocular Therapeutix Inc | +0.1% | +1.83% | Add |
| 17 | SEPN | Septerna Inc | +0.1% | — | Unchanged |
| 18 | GPCR | Structure Therapeutics Inc | +0.1% | — | Unchanged |
| 19 | WHWK | Whitehawk Therapeutics Inc | 0% | — | Unchanged |
| 20 | MNKD | Mannkind CORP | -0.1% | EXIT | Sold out |
| 21 | LXEO | Lexeo Therapeutics Inc | -0.1% | -20.58% | Trim |
| 22 | DMRA | Damora Therapeutics Inc | -0.1% | — | Unchanged |
| 23 | VERA | Vera Therapeutics Inc | -0.1% | -2.80% | Trim |
| 24 | XENE | Xenon Pharmaceuticals Inc | -0.2% | — | Unchanged |
| 25 | ALKS | Alkermes plc | -0.4% | EXIT | Sold out |
| 26 | MDGL | Madrigal Pharmaceuticals Inc | -0.5% | +0.83% | Add |
| 27 | CELC | Celcuity Inc | -0.6% | -4.90% | Trim |
| 28 | SLNOEUR | Soleno Therapeutics Inc | -0.8% | EXIT | Sold out |
| 29 | UTHR | United Therapeutics CORP | -1.9% | -7.71% | Trim |
| 30 | 430 | Terns Pharmaceuticals Inc | -3% | EXIT | Sold out |
| 31 | 260 | Centessa Pharmaceuticals-adr | -4.5% | EXIT | Sold out |
| 32 | APLSUSD | Apellis Pharmaceuticals Inc | -4.8% | EXIT | Sold out |
| 33 | ASND | Ascendis Pharma A/S | -11.4% | EXIT | Sold out |
* 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.
Filing History
FAQ
What is Avoro Capital Advisors LLC and what type of investor is it?
Avoro Capital Advisors 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 $11.1B, spread across 26 disclosed positions.
What are Avoro Capital Advisors LLC's largest equity positions?
Based on the latest 13F filing, Avoro Capital Advisors LLC's top holdings by market value are:
1. United Therapeutics CORP (UTHR) — $1.5B (13.5%)
2. Ascendis Pharma A/s — $1.4B (12.2%)
3. Krystal Biotech Inc (KRYS) — $1.1B (9.6%)
4. Madrigal Pharmaceuticals Inc (MDGL) — $984.4M (8.8%)
5. Argenx Se - Adr (ARGX) — $927.8M (8.3%)
What changes did Avoro Capital Advisors LLC make in its most recent portfolio filing?
In the latest reported quarter, Avoro Capital Advisors LLC made 24 notable position adjustments: 3 new positions were initiated, 9 existing holdings were added to, 5 positions were partially reduced, and 7 were completely exited. The largest of these moves: New buy: Ascendis Pharma A/s; Sold out: Ascendis Pharma A/S (ASND); Sold out: Apellis Pharmaceuticals Inc (APLSUSD); Sold out: Centessa Pharmaceuticals-adr (260); Sold out: Terns Pharmaceuticals Inc (430)
What sectors does Avoro Capital Advisors LLC focus on?
Avoro Capital Advisors LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
Avoro Capital Advisors LLC returned an annualized 25.8% over the trailing 36 months — outperforming the S&P 500 by 9.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.81 (less volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 100.0% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 59 over the past 4 quarters — a shift toward more active trading.
It has added to its KRYS position over the past two quarters (+$361.5M, now $1.1B), while trimming LXEO over the same stretch (-$25.8M, still holding $6.9M).
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Developer Access
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REST API
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npx alphasmo institutions get avoro-capital-advisors-llc