VR Adviser, LLC

Q3 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
33
Total value ($000)
$1,776,691
Net value change ($000)
+442,254 (33.1%)
New positions
2
Sold out positions
0
Turnover %
3.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
Metsera, Inc. 89,566 83.9%
CDTX 59,534 191.2%
ABVX 38,669 375.6%
OCUL 35,421 29.9%
ORKA 33,270 71.5%
MAZE 31,914 NEW
VRDN 29,509 54.4%
SVRA 25,015 123.5%
VOR 24,358 NEW
COGT 23,296 68.2%
Top Reduces (Value $000, Stocks/ETFs)
APGE -31,425 -8.5%
PHVS -19,207 -53.3%
ELVN -14,725 -18.2%
CBIO -5,898 -26.3%
JBIO -4,379 -13.6%
UPB -3,209 -12.7%
CGEM -2,208 -21.2%
PCSC -15 -0.2%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type