13-F holdings, Q2 2026
Avoro Capital Advisors LLC
A 13-F is the report large US investment managers file with the SEC each quarter, listing the stocks they held at quarter end.
- Reported value
- $11.1B
- Positions
- 26
- Filed
- Data as of
These holdings are as of , 133 days ago.
13-Fs for Q3 2026 are due by .
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Top holdings
- UTHR$1.5B2,777,777 shares13.5% of the book
- ASND$1.4B5,111,111 shares12.2% of the book
- KRYS$1.1B2,888,888 shares9.6% of the book
- MDGL$984.4M1,833,333 shares8.8% of the book
- ARGX$927.8M1,000,000 shares8.3% of the book
- ARWR$925.6M11,355,555 shares8.3% of the book
- KYMR$857.1M7,474,747 shares7.7% of the book
- RVMD$430.2M2,297,000 shares3.9% of the book
- CYTK$425.9M4,999,999 shares3.8% of the book
- CELC$355.7M3,400,000 shares3.2% of the book
What changed this quarter
1 new position and 6 sold out, against Q1 2026. Added and trimmed positions use the change in split-adjusted shares at the Q2 2026 implied price; full exits use their Q1 2026 reported value, not sale proceeds.
Largest buys
- CYTK
CYTOKINETICS INC
+$142M
+50% shares
Your stake and evidence for CYTK
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
Reported shares increased between Q1 2026 and Q2 2026.
Displayed change: +$142M. The current book reports 4,999,999 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
For an added or trimmed position, subtract split-adjusted prior shares from current shares, then multiply by the current book's reported value per share; this is not the execution price.
4,999,999 current shares − 3,333,333 prior shares on the same basis = +1,666,666 shares.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 141983276.60333332 USD. Current reported shares: 4999999. Prior shares on current basis: 3333333.
- DFTX
DEFINIUM THERAPEUTICS INC
+$103M
+43.8% shares
Your stake and evidence for DFTX
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
Reported shares increased between Q1 2026 and Q2 2026.
Displayed change: +$103M. The current book reports 7,188,888 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
For an added or trimmed position, subtract split-adjusted prior shares from current shares, then multiply by the current book's reported value per share; this is not the execution price.
7,188,888 current shares − 5,000,000 prior shares on the same basis = +2,188,888 shares.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 102965291.66615142 USD. Current reported shares: 7188888. Prior shares on current basis: 5000000.
- UTHR
UNITED THERAPEUTICS CORP
+$80.1M
+5.6% shares
Your stake and evidence for UTHR
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
Reported shares increased between Q1 2026 and Q2 2026.
Displayed change: +$80.1M. The current book reports 2,777,777 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
For an added or trimmed position, subtract split-adjusted prior shares from current shares, then multiply by the current book's reported value per share; this is not the execution price.
2,777,777 current shares − 2,630,000 prior shares on the same basis = +147,777 shares.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 80070011.91478798 USD. Current reported shares: 2777777. Prior shares on current basis: 2630000.
- ARWR
ARROWHEAD PHARMACEUTICALS INC
+$53.4M
+6.1% shares
Your stake and evidence for ARWR
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
Reported shares increased between Q1 2026 and Q2 2026.
Displayed change: +$53.4M. The current book reports 11,355,555 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
For an added or trimmed position, subtract split-adjusted prior shares from current shares, then multiply by the current book's reported value per share; this is not the execution price.
11,355,555 current shares − 10,699,999 prior shares on the same basis = +655,556 shares.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 53434369.557113506 USD. Current reported shares: 11355555. Prior shares on current basis: 10699999.
- FTH
FAETH THERAPEUTICS INC
+$36.1M
New
Your stake and evidence for FTH
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
A position newly appears in the Q2 2026 book.
Displayed change: +$36.1M. The current book reports 1,444,039 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A new position uses its current quarter's reported dollar value; this is not the amount spent buying it.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 36100975 USD. Current reported shares: 1444039. Prior shares on current basis: not recorded.
Largest sells
- APLS
APELLIS PHARMACEUTICALS INC
−$491.7M
Sold out, was 4.8% of the book
Your stake and evidence for APLS
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
The position reported in Q1 2026 is absent from the comparable Q2 2026 book.
Displayed change: −$491.7M. This was 4.8% of the prior book.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A full exit is shown as the negative of its prior reported value, not sale proceeds or a value at today's price.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -491700000 USD. Current reported shares: not recorded. Prior shares on current basis: 12222222.
- CNTA
CENTESSA PHARMACEUTICALS PLC
−$454M
Sold out, was 4.5% of the book
Your stake and evidence for CNTA
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
The position reported in Q1 2026 is absent from the comparable Q2 2026 book.
Displayed change: −$454M. This was 4.5% of the prior book.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A full exit is shown as the negative of its prior reported value, not sale proceeds or a value at today's price.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -454018000 USD. Current reported shares: not recorded. Prior shares on current basis: 11430455.
- TERN
TERNS PHARMACEUTICALS INC
−$300.2M
Sold out, was 3% of the book
Your stake and evidence for TERN
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
The position reported in Q1 2026 is absent from the comparable Q2 2026 book.
Displayed change: −$300.2M. This was 3% of the prior book.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A full exit is shown as the negative of its prior reported value, not sale proceeds or a value at today's price.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -300240000 USD. Current reported shares: not recorded. Prior shares on current basis: 5695000.
- SLNO
SOLENO THERAPEUTICS INC
−$77M
Sold out, was 0.76% of the book
Your stake and evidence for SLNO
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
The position reported in Q1 2026 is absent from the comparable Q2 2026 book.
Displayed change: −$77M. This was 0.76% of the prior book.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A full exit is shown as the negative of its prior reported value, not sale proceeds or a value at today's price.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -77004000 USD. Current reported shares: not recorded. Prior shares on current basis: 2300000.
- ALKS
ALKERMES PLC
−$42.4M
Sold out, was 0.42% of the book
Your stake and evidence for ALKS
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
The position reported in Q1 2026 is absent from the comparable Q2 2026 book.
Displayed change: −$42.4M. This was 0.42% of the prior book.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A full exit is shown as the negative of its prior reported value, not sale proceeds or a value at today's price.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -42432000 USD. Current reported shares: not recorded. Prior shares on current basis: 1200000.
What was sold out, by size
- 5 real positions, 0.25% of the book or more
- 1 small, between 0.015% and 0.25%
Not counted as trades: COAG (newly listed or spun off).
All of this comes from the filer's public SEC filings. A 13-F shows long positions in US-listed securities at quarter end and can leave out short positions, cash and non-US holdings, so it is not the whole portfolio. This is filing data, not investment advice.