Avidity Partners Management, based in Dallas, Texas, stands as a significant entity in the hedge fund industry, managing a substantial $1.17 billion in assets. This healthcare-focused fund, founded by David Witzke, a former Citadel money manager, launched with approximately $750 million in investor commitments, signaling strong initial confidence in its strategy and leadership.
Crucial to the inception and operational success of Avidity Partners is Michael Gregory, who holds the titles of Co-Managing Partner, Co-Founder, Director of Research, and President. Mr. Gregory’s extensive background in finance is highlighted by his previous role as a portfolio manager at Highland Capital Management from 2010 to 2018. During his tenure at Highland, he ascended to leadership positions, including Head of Healthcare, and contributed to critical committees such as the Executive Committee and various investment committees spanning equity, private equity, and credit. Notably, he served as Chief Investment Officer of Highland Alternative Investors from 2015 to 2018, showcasing his broad expertise in alternative investments. His entrepreneurial spirit in finance emerged in 2006 with the founding of Cummings Bay Capital, an investment manager specializing in healthcare equity, which later became affiliated with Highland in 2010, marking a significant step in his career evolution.
Mr. Gregory’s academic foundation is robust, holding a Master of Business Administration from the prestigious Yale School of Management (2008), where he engaged in an interdisciplinary program integrating healthcare and business administration across Yale’s School of Medicine, School of Management, and School of Public Health. Prior to Yale, he earned a Bachelor of Science in Economics from the University of Pennsylvania’s Wharton School of Business (2001), concentrating in Finance. Beyond his professional and academic achievements, Mr. Gregory is recognized as a Fellow of the Royal Society of Medicine and has shared his knowledge as a lecturer at Yale University. His dedication to healthcare extends to active involvement on the boards of several distinguished institutions, including the University of Texas Southwestern Medical Center and the Alliance for Cancer Gene Therapy, reflecting his deep commitment to the healthcare sector beyond investment.
Avidity Partners Management operates as a hedge fund serving a select group of 10 clients. The firm’s Form ADV, as of March 2023, indicates discretionary assets under management (AUM) of $9,167,245,166, revealing a substantial scale of operations. The Q3 2023 13F filing provides further insight into their investment approach, detailing $2,483,190,644 in managed 13F securities. A notable aspect of their investment strategy is the concentrated nature of their top holdings, representing 29.58% of their portfolio, suggesting a high-conviction investment philosophy within the avidity partners framework.
