Affinity Asset Advisors, LLC

Hedge Fund • Long/Short

Affinity Asset Advisors, LLC is a Long/Short Hedge Fund based in New York, NY led by Michael Cho, managing $983.0M across 78 long positions as of Q3 2025 with 81% Healthcare concentration.

FounderMichael Cho

Portfolio Value: $983.0M
Positions: 78
Top Holding: VRNA at 6.78%
Last Reported: Q3 2025

Address450 Park Avenue, Suite 1403, New York, NY, 10022, United States

Top Holdings

Largest long holdings in Affinity Asset Advisors, LLC's portfolio (49.2% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 VRNA Verona Pharma VRNA	Unknown Unknown	$66.7M	6.78%	+$1.6M Bought	— 625.0K shares	Q3 2024 Held for 1y 2m
2 Insmed INSM	Biotechnology Healthcare	$64.8M	6.59%	-$3.6M Sold	0.21% 450.0K shares	Q2 2024 Held for 1y 5m
3 SPDR S&P 500 ETF Trust SPY	ETF ETF	$56.3M	5.73%	+$56.3M Bought	— 84.5K shares	Q1 2025 Held for 8 months
4 Xenon Pharmaceuticals XENE	Biotechnology Healthcare	$56.2M	5.72%	+$12.0M Bought	1.82% 1.4M shares	Q4 2022 Held for 2y 11m
5 Madrigal Pharmaceuticals, Inc. MDGL	Biotechnology Healthcare	$52.7M	5.37%	+$16.1M Bought	0.52% 115.0K shares	Q4 2021 Held for 3y 11m
6 Apogee Therapeutics, Inc. APGE	Biotechnology Healthcare	$46.6M	4.74%	+$19.1M Bought	1.97% 1.2M shares	Q3 2023 Held for 2y 2m
7 Arcellx, Inc. ACLX	Biotechnology Healthcare	$41.1M	4.18%	+$410.5K Bought	0.90% 500.0K shares	Q2 2022 Held for 3y 5m
8 Alkermes ALKS	Biotechnology Healthcare	$37.5M	3.81%	+$7.5M Bought	0.76% 1.3M shares	Q3 2023 Held for 2y 2m
9 Nuvalent, Inc. NUVL	Biotechnology Healthcare	$33.2M	3.38%	-$2.6M Sold	0.53% 384.4K shares	Q3 2023 Held for 2y 2m
10 Mineralys Therapeutics, Inc. MLYS	Biotechnology Healthcare	$28.4M	2.89%	-$5.7M Sold	0.97% 750.0K shares	Q1 2024 Held for 1y 8m

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Affinity Asset Advisors, LLC's latest filing

See all changes

GthenC

Market Value

$983.0M

Prior: $621.9M

Q/Q Change

+58.08%

+$361.2M

Net Flows % of MV

+6.54%

Turnover Ratio

21.25%

New Purchases

7 stocks

$32.6M

Added To

25 stocks

+$151.3M

Sold Out Of

9 stocks

$52.0M

Reduced Holdings

18 stocks

-$67.6M

Increased Positions

Position	Shares Δ	Change
1 Dianthus Therapeutics DNTH	New	0 → 262.1K +$10.3M
2 Tarsus Pharmaceuticals, Inc. TARS	New	0 → 125.0K +$7.4M
3 Revolution Medicines, Inc. RVMD	New	0 → 100.0K +$4.7M
4 NAMSW NewAmsterdam Pharma Company N.V. NAMSW	New	0 → 245.0K +$4.2M
5 Sagimet Biosciences SGMT	New	0 → 350.0K +$2.4M

Decreased Positions

Position	Shares Δ	Change
1 Blueprint Medicines BPMC	Sold	250.0K → 0 −$32.0M
2 Inozyme Pharma INZY	Sold	1.7M → 0 −$7.0M
3 Axsome Therapeutics AXSM	Sold	50.0K → 0 −$5.2M
4 Rapport Therapeutics, Inc. RAPP	Sold	199.6K → 0 −$2.3M
5 Third Harmonic Bio, Inc. THRD	Sold	370.0K → 0 −$2.0M