VR Adviser, LLC
Q4 2025 13F-HR Holdings
Net value change ($000)
+247,827
(13.9%)
New positions
1
Sold out positions
7
Turnover %
20.4%
Sector allocation + QoQ delta (equities-only)
Snapshot: Change Analysis
Compared to Q3 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)
| APGE | 303,636 | 90.0% |
| SYRE | 75,727 | 168.3% |
| ORKA | 45,965 | 57.6% |
| SVRA | 37,583 | 83.0% |
| VRDN | 37,041 | 44.2% |
| MAZE | 32,243 | 101.0% |
| HELP | 31,413 | NEW |
| ERAS | 27,500 | 70.6% |
| KALV | 26,714 | 32.6% |
| JBIO | 21,898 | 78.8% |
Top Reduces (Value $000, Stocks/ETFs)
| Metsera, Inc. | -196,272 | -100.0% |
| CDTX | -90,664 | -100.0% |
| OCUL | -65,046 | -42.3% |
| ABVX | -48,964 | -100.0% |
| ORIC | -32,731 | -41.3% |
| Astria Therapeutics, Inc. | -17,889 | -100.0% |
| PHVS | -16,831 | -100.0% |
| ELVN | -16,358 | -24.8% |
| PCSC | -7,950 | -100.0% |
| TENX | -3,331 | -100.0% |
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.
Filter:
Instrument:
| Issuer Name | Ticker | Sector | Industry | Class | History | Value ($000) | % | Shares | Shares Δ | Shares Δ% | Value Δ ($000) | Value Δ% | Principal | Option Type |
|---|