Avidity Partners Management, a prominent hedge fund located in the vibrant city of Dallas, boasts a substantial $1.17 billion in assets under management, making it a formidable player in the financial landscape. The brainchild of David Witzke, a seasoned money manager with a notable stint at Citadel, this health-care-focused hedge fund was initiated with approximately $750 million in commitments, underscoring the confidence and support it garnered from investors.
Playing a pivotal role in the establishment of Avidity Partners is Michael Gregory, Co-Managing Partner and Co-Founder, who also assumes the role of Director of Research/President. Mr. Gregory's extensive financial background includes his tenure as a portfolio manager at Highland Capital Management from 2010 to 2018. During his time at Highland, he served in key leadership positions, including Head of Healthcare, and played vital roles on various committees, such as the Executive Committee, Equity Investment Committee, Private Equity Investment Committee, and Credit Investment Committee. Notably, from 2015 to 2018, Mr. Gregory held the prestigious position of Chief Investment Officer of Highland Alternative Investors. His journey in the financial realm took a significant turn in 2006 when he founded Cummings Bay Capital, an investment manager focused on healthcare equity. This venture later became an affiliate of Highland in 2010, marking a milestone in his career trajectory. Mr. Gregory's academic achievements include earning a Master of Business Administration degree from the Yale School of Management in 2008, where he completed a joint program in healthcare and business administration spanning the Yale School of Medicine, School of Management, and School of Public Health. He also holds a Bachelor of Science in Economics degree from the University of Pennsylvania, Wharton School of Business, with a concentration in Finance, earned in 2001. Beyond his financial expertise, Mr. Gregory is a Fellow of the Royal Society of Medicine and has served as a lecturer at Yale University. His commitment to healthcare extends to board appointments at esteemed institutions such as the University of Texas Southwestern Medical Center, the University of Texas Center for Brain Health, the Center for Vision Health, Dallas Services, and the Alliance for Cancer Gene Therapy. Additionally, he is a member of the Steering Committee for the University of Texas Southwestern Cary Council and has a history of serving on the Boards of the University of Pennsylvania Center for Brain Injury and Repair, as well as Southern Methodist University, Tower Center.
Avidity Partners Management operates as a hedge fund, catering to a discerning clientele of 10 clients. As of March 2023, the firm manages discretionary assets under management (AUM) amounting to an impressive $9,167,245,166, as per the details outlined in the Form ADV. The Q3 2023 13F filing provides a detailed snapshot of the firm's investment strategy, showcasing $2,483,190,644 in managed 13F securities and a significant top 10 holdings concentration of 29.58%.
