Avoro Capital Advisors LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 24 quarters, returned +9.7% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 41.7% of quarters (excess t = 0.02, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 30 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| UTHR | $1.6B | | HOLD |
| ASND | $1.2B | | HOLD |
| MDGL | $952M | | HOLD |
| KRYS | $746M | | HOLD |
| ARGX | $730M | | HOLD |
| ARWR | $671M | | HOLD |
| KYMR | $623M | | HOLD |
| APLS | $492M | | HOLD |
| CNTA | $454M | | TRIM |
| CELC | $385M | | ADD |
| XENE | $336M | | ADD |
| GPCR | $316M | | HOLD |
| TERN | $300M | | NEW |
| VERA | $237M | | HOLD |
| RVMD | $228M | | ADD |
| CYTK | $220M | | NEW |
| OCUL | $104M | | ADD |
| DMRA | $98M | | NEW |
| QURE | $97M | | TRIM |
| TSHA | $97M | | HOLD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.