ADAR1 Capital Management, LLC

CIK 0001940272 · Q2 2026

13F Equity AUM

$2.2B

+28.6% QoQ

Positions

272

-27 QoQ

AUM Rank

#1,448

Top 17%

Skill Alpha (FF)

-10.7%/yr^ns

No Clear Edge

Rank #8,090 · Top 97%

vs S&P +34.5%/yr (unadj.)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 31.1%Top 10: 42.0%Top 20: 54.0%

ABVX11.3%

PTGX5.4%

SPY5.3%

ROIV5.1%

IMVT4.1%

ZLAB2.9%

AGIO2.2%

CRNX2.1%

BOXX1.8%

CYTK1.8%

Others (262)58.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare86.1%

Financial Services9.5%

Unclassified4.2%

Other0.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 272Median: 0.10%Avg: 0.37%

0–0.5%

226(27.6%)

0.5–1%

26(18.4%)

1–3%

15(22.8%)

3–5%

1(4.1%)

5%+

4(27.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 272vs 20 funds

0%Low

272

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New44Increased98Decreased65Exited72

New Positions

EDIT1.3%

+8.9M

VOR0.6%

+681K

SNSE0.4%

+361K

ASCENDIS PHARMA A/S0.3%

+29K

AMANAT ACQUISITION C…0.3%

+750K

RESEARCH ALLIANCE CO…0.3%

+650K

RLAY0.3%

+358K

BOLD0.2%

+2.0M

DISCIPLINED GROWTH0.2%

+500K

AVALYN PHARMACEUTICA…0.2%

+146K

Increased

PLRX0.3%

+2.9M(+113%)

OVID0.9%

+2.9M(+63%)

IFRX0.3%

+2.8M(+1795%)

ZLAB2.9%

+1.9M(+136%)

VYNE0.1%

+1.9M(+177%)

ALEC0.3%

+1.8M(+175%)

FULC0.3%

+1.4M(+1099%)

IVA0.6%

+1.4M(+66%)

ENTA0.9%

+1.3M(+2518%)

WHWK0.3%

+1.2M(+944%)

Decreased

I9DN0.3%

-1,865,028(-60%)

REPL0.3%

-1,027,203(-61%)

DNLI1.2%

-842,375(-45%)

SPRY0.2%

-760,537(-56%)

AVR1.4%

-644,036(-17%)

PALI0.2%

-538,183(-24%)

DBVT0.4%

-484,571(-48%)

AMLX0.4%

-466,126(-47%)

MLTX0.0%

-450,137(-94%)

VTGN0.0%

-400,000(-53%)

Exited

-1,114,699

-1,446,375

-407,273

-15,075

-304,422

-25,014

-5,060

-55,000

-26,880

-32,084

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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