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Deerfield Management Portfolio holdings

AUM $8.48B
1-Year Est. Return 99.04%
This Fund
S&P 500
This Quarter Est. Return
+42.35%
1 Year Est. Return
+99.04%
3 Year Est. Return
+273.78%
5 Year Est. Return
+280.99%
10 Year Est. Return
+2,168.14%
AUM
$7.83B
AUM Growth
+$1.28B
Cap. Flow
-$1B
Cap. Flow %
-12.77%
Top 10 Hldgs %
52.25%
Holding
183
New
30
Increased
37
Reduced
43
Closed
33

Top Buys

Rank Stock Value
1
LEGN icon
Legend Biotech
LEGN
+$85.1M
2
CELC icon
Celcuity
CELC
+$80.6M
3
ACHC icon
Acadia Healthcare
ACHC
+$63M
4
STOK icon
Stoke Therapeutics
STOK
+$54.8M
5
LNTH icon
Lantheus
LNTH
+$48.2M

Top Sells

Rank Stock Value
1
MRUS
Merus
MRUS
+$287M
2
INDV icon
Indivior Pharmaceuticals
INDV
+$110M
3
BMY icon
Bristol-Myers Squibb
BMY
+$105M
4
CNC icon
Centene
CNC
+$97.3M
5
MRK icon
Merck
MRK
+$86.4M

Sector Composition

Rank Sector Weight
1 Healthcare 86.9%
2 Real Estate 0.35%
3 Financials 0.06%
4 Consumer Discretionary 0.04%
5 Consumer Staples 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CERT icon
26
Certara
CERT
$1.07B
$68.8M 0.88%
7,808,605
+1,069,068
+16% +$11M
BIO icon
27
Bio-Rad Laboratories Class A
BIO
$8.14B
$68.5M 0.87%
226,070
– –
ACHC icon
28
Acadia Healthcare
ACHC
$3.15B
$64.1M 0.82%
4,520,000
+3,331,000
+280% +$63M
BBOT
29
BridgeBio Oncology
BBOT
$670M
$61.2M 0.78%
4,885,446
– –
STOK icon
30
Stoke Therapeutics
STOK
$1.75B
$57.9M 0.74%
+1,823,500
New +$54.8M
LNTH icon
31
Lantheus
LNTH
$7.01B
$55.1M 0.7%
+827,999
New +$48.2M
GPCR icon
32
Structure Therapeutics
GPCR
$3.36B
$53.4M 0.68%
767,993
+394,586
+106% +$16.1M
NVST icon
33
Envista
NVST
$4.35B
$49.5M 0.63%
2,280,498
-13,538
-0.6% -$278K
EHAB
34
DELISTED
Enhabit
EHAB
$43.8M 0.56%
4,747,746
– –
KYMR icon
35
Kymera Therapeutics
KYMR
$9.51B
$43.7M 0.56%
561,170
-11,088
-2% -$749K
CDNA icon
36
CareDx
CDNA
$2.03B
$41.3M 0.53%
2,191,000
– –
IRON icon
37
Disc Medicine
IRON
$2.9B
$40.6M 0.52%
511,163
-408,240
-44% -$34.5M
SION
38
Sionna Therapeutics
SION
$2.11B
$39.9M 0.51%
970,590
– –
BLTE
39
Belite Bio
BLTE
$6.21B
$37.4M 0.48%
+233,813
New +$27.7M
DAWN
40
DELISTED
Day One Biopharmaceuticals
DAWN
$34.7M 0.44%
3,723,131
-982,282
-21% -$8.21M
PHR icon
41
Phreesia
PHR
$648M
$33.8M 0.43%
1,999,045
+882,293
+79% +$18.2M
EMBC icon
42
Embecta
EMBC
$196M
$32.7M 0.42%
2,752,031
+131,610
+5% +$1.74M
VCYT icon
43
Veracyte
VCYT
$4.67B
$30.6M 0.39%
726,000
– –
MRNA icon
44
PUT
Moderna
MRNA
$24.3B
$29.5M 0.38%
1,000,000
– –
BBNX
45
Beta Bionics
BBNX
$763M
$28.6M 0.37%
938,308
-230,107
-20% -$6.14M
VTR icon
46
Ventas
VTR
$46.9B
$27.4M 0.35%
354,000
– –
ALNY icon
47
Alnylam Pharmaceuticals
ALNY
$35.9B
$27M 0.35%
67,935
– –
TNGX icon
48
Tango Therapeutics
TNGX
$4.61B
$25.8M 0.33%
+2,906,946
New +$25M
XENE icon
49
Xenon Pharmaceuticals
XENE
$6.54B
$24.3M 0.31%
542,020
– –
SYRE icon
50
Spyre Therapeutics
SYRE
$8.82B
$23.3M 0.3%
710,626
+96,961
+16% +$2.53M
1
2
3 4 5

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GRQ
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PCM
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VA
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QC
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IC
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NW
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AAF
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Deerfield Management's Q4 2025 Portfolio in Review

As of Q4 2025, Deerfield Management held 183 positions worth $7.83B, up 20% from $6.55B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Deerfield Management withdrew a net $1B in Q4 2025, closing 33 positions and reducing 43 holdings. Its most notable exit was Merus, an estimated $287M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 87% of assets, down from 92% a quarter earlier, followed by Real Estate and Financials.

Against the trend, Deerfield Management opened a new position in Stoke Therapeutics worth $57.9M.

  • Deerfield Management's largest Q4 2025 buy was Stoke Therapeutics: 1,823,500 shares worth $57.9M.
  • Deerfield Management added most to Legend Biotech in Q4 2025, an estimated $85.1M increase.
  • Deerfield Management's biggest Q4 2025 reduction was Indivior Pharmaceuticals, cutting an estimated $110M.
  • Deerfield Management fully exited Merus in Q4 2025, selling an estimated $287M.
  • Deerfield Management's ten largest holdings make up 52% of its $7.83B portfolio in Q4 2025.
  • Deerfield Management opened 30 new positions and closed 33 in Q4 2025.
  • Deerfield Management's portfolio value rose 20% quarter-over-quarter to $7.83B.

Based on Deerfield Management's 13F filing for Q4 2025, filed 17 Feb 2026.