Avoro Capital Advisors LLC — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Avoro Capital Advisors LLC initiated 5 new positions, increased allocation to 8 existing positions, trimmed 7 positions, and exited 7 positions entirely. The fund's 13F equity book declined from $10.17B to $10.15B (-0.2% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $10.17BPrior quarter
- $10.15BCurrent quarter
- $-0.02BNet delta
- -0.2%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| TERNS PHARMACEUTICALS INC | TERN | 2.96% | Holders → |
| CYTOKINETICS INC | CYTK | 2.16% | Holders → |
| DAMORA THERAPEUTICS INC | DMRA | 0.97% | Holders → |
| DEFINIUM THERAPEUTICS INC | DFTX | 0.93% | Holders → |
| AVALO THERAPEUTICS INC | AVTX | 0.21% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| OCULAR THERAPEUTIX INC | OCUL | +-0.26% | +14.26% | Holders → |
| CELCUITY INC | CELC | +0.74% | +8.48% | History → |
| REVOLUTION MEDICINES INC | RVMD | +0.55% | +8.04% | Holders → |
| XENON PHARMACEUTICALS INC | XENE | +0.92% | +6.51% | History → |
| ARGENX SE | ARGX | +-0.99% | +1.01% | History → |
| UNITED THERAPEUTICS CORP | UTHR | +2.88% | +0.92% | History → |
| ARROWHEAD PHARMACEUTICALS INC | ARWR | +-0.32% | +0.71% | History → |
| MADRIGAL PHARMACEUTICALS INC | MDGL | +-0.97% | +0.59% | History → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| MANNKIND CORP | MNKD | -0.19% | -50.50% | Holders → |
| LEXEO THERAPEUTICS INC | LXEO | -0.22% | -43.18% | Holders → |
| CENTESSA PHARMACEUTICALS PLC | CNTA | 0.89% | -21.47% | History → |
| SOLENO THERAPEUTICS INC | SLNO | -0.56% | -20.69% | Holders → |
| ALKERMES PLC | ALKS | 0.03% | -14.29% | Holders → |
| UNIQURE NV | QURE | -0.49% | -3.10% | Holders → |
| ASCENDIS PHARMA A/S | SYN_04351P101 | 0.69% | -0.95% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| AVIDITY BIOSCIENCES INC | SYN_05370A108 | 3.87% |
| SPDR SERIES TRUST | XBI | 2.52% |
| TERNS PHARMACEUTICALS INC | UNKNOWN | 2.24% |
| MIND MEDICINE MINDMED INC | SYN_60255C885 | 0.66% |
| ORUKA THERAPEUTICS INC | ORKA | 0.40% |
| APOGEE THERAPEUTICS INC | APGE | 0.37% |
| INCYTE CORPORATION | INCY | 0.13% |
Methodology & FAQ
How Avoro Capital Advisors LLC Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Avoro Capital Advisors LLC against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Avoro Capital Advisors LLC initiate in Q1 2026?
Avoro Capital Advisors LLC established 5 new positions in Q1 2026: TERNS PHARMACEUTICALS INC (TERN, 2.96%), CYTOKINETICS INC (CYTK, 2.16%), DAMORA THERAPEUTICS INC (DMRA, 0.97%), DEFINIUM THERAPEUTICS INC (DFTX, 0.93%), AVALO THERAPEUTICS INC (AVTX, 0.21%).
Which existing positions saw the largest allocation increases for Avoro Capital Advisors LLC in Q1 2026?
The largest portfolio-weight increases in existing positions were: OCULAR THERAPEUTIX INC (OCUL, +-0.26% weight, +14.26% shares), CELCUITY INC (CELC, +0.74% weight, +8.48% shares), REVOLUTION MEDICINES INC (RVMD, +0.55% weight, +8.04% shares), XENON PHARMACEUTICALS INC (XENE, +0.92% weight, +6.51% shares), ARGENX SE (ARGX, +-0.99% weight, +1.01% shares), UNITED THERAPEUTICS CORP (UTHR, +2.88% weight, +0.92% shares), ARROWHEAD PHARMACEUTICALS INC (ARWR, +-0.32% weight, +0.71% shares), MADRIGAL PHARMACEUTICALS INC (MDGL, +-0.97% weight, +0.59% shares).
Which positions did Avoro Capital Advisors LLC fully exit in Q1 2026?
Avoro Capital Advisors LLC fully exited 7 positions in Q1 2026: AVIDITY BIOSCIENCES INC (SYN_05370A108, last-reported weight 3.87%), SPDR SERIES TRUST (XBI, last-reported weight 2.52%), TERNS PHARMACEUTICALS INC (UNKNOWN, last-reported weight 2.24%), MIND MEDICINE MINDMED INC (SYN_60255C885, last-reported weight 0.66%), ORUKA THERAPEUTICS INC (ORKA, last-reported weight 0.40%), APOGEE THERAPEUTICS INC (APGE, last-reported weight 0.37%), INCYTE CORPORATION (INCY, last-reported weight 0.13%).
Which existing positions saw the largest allocation reductions for Avoro Capital Advisors LLC in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: MANNKIND CORP (MNKD, -0.19% weight, -50.50% shares), LEXEO THERAPEUTICS INC (LXEO, -0.22% weight, -43.18% shares), CENTESSA PHARMACEUTICALS PLC (CNTA, 0.89% weight, -21.47% shares), SOLENO THERAPEUTICS INC (SLNO, -0.56% weight, -20.69% shares), ALKERMES PLC (ALKS, 0.03% weight, -14.29% shares), UNIQURE NV (QURE, -0.49% weight, -3.10% shares), ASCENDIS PHARMA A/S (SYN_04351P101, 0.69% weight, -0.95% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.