13F Insight
DOSSIER · 13F-HR · Q4 2025

VR Adviser, LLC

$2.0B in tracked AUM across 27 positions as of Q4 2025.

VA
CIK 0001615982 · last filed Dec 31, 2025
Total AUM
$2.0B
as of Q4 2025
Holdings
27
—
positions
Whale Score
66
66
tracked
Activity
—
no data
changes this Q
AI Analysis · Q4 2025

Portfolio Overview

VR Adviser, LLC manages a concentrated, high-conviction portfolio totaling approximately $1.28 billion as of the report date September 30, 2025. The fund experienced a slight contraction in value, decreasing by 3.9% from the previous quarter's $1.33 billion. This decline is attributable to a combination of market performance and active capital reallocation, as the manager exited eight positions totaling approximately $316 million in value. The portfolio is highly concentr...

Key Holdings

The portfolio is dominated by a few mega-positions that drive the majority of its performance. The largest holding, Apogee Therapeutics (APGE), represents a massive 26.30% of the portfolio, valued at $337.4 million. This indicates an extremely high conviction bet on this specific healthcare entity. The second and third positions, Metsera Inc (15.30%) and Ocular Therapeutix (11.99%), further contribute to a top-heavy allocation structure, where the top three holdings alone comprise over 53% of the total assets.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q4 2025. Methodology

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight
01
APGE
APOGEE THERAPEUTICS INC
$641M8.5M31.7%02
ORKA
ORUKA THERAPEUTICS INC
$126M4.1M6.2%03
VRDN
VIRIDIAN THERAPEUTICS INC
$121M3.9M6.0%04
SYRE
SPYRE THERAPEUTICS INC
$121M3.7M6.0%05
KALV
KALVISTA PHARMACEUTICALS INC
$109M6.7M5.4%06
OCUL
OCULAR THERAPEUTIX INC
$89M7.3M4.4%07
SVRA
SAVARA INC
$83M13.7M4.1%08
COGT
COGENT BIOSCIENCES INC
$71M2.0M3.5%09
ERAS
ERASCA INC
$66M17.9M3.3%10
CTMX
CYTOMX THERAPEUTICS INC
$66M15.6M3.3%

Filing history

2025Q4Dec 31
$2.0B▲ 57.8%
27 positionsView →2025Q3Sep 30
$1.3B▼ 3.9%
23 positionsView →2025Q2Jun 30
$1.3B▲ 49.8%
31 positionsLocked2025Q1Mar 31
$891M▼ 38.9%
28 positionsLocked2024Q4Dec 31
$1.5B▼ 23.7%
37 positionsLocked2024Q3Sep 30
$1.9B▲ 21.6%
38 positionsLocked2024Q2Jun 30
$1.6B▼ 25.3%
35 positionsLocked2024Q1Mar 31
$2.1B▲ 44.2%
38 positionsLocked2023Q4Dec 31
$1.5B▲ 53.5%
36 positionsLocked2023Q3Sep 30
$950M▲ 51.9%
37 positionsLocked2023Q2Jun 30
$625M▲ 22.1%
30 positionsLocked2023Q1Mar 31
$512M▼ 17.8%
25 positionsLocked
Showing 12 of 24