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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
+9.69%
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
$5.51B
AUM Growth
+$445M
Cap. Flow
-$338M
Cap. Flow %
-6.13%
Top 10 Hldgs %
54.24%
Holding
167
New
43
Increased
28
Reduced
13
Closed
43

Top Buys

Rank Stock Value
1
UTHR icon
United Therapeutics
UTHR
+$79.3M
2
MRK icon
Merck
MRK
+$68.2M
3
VERA icon
Vera Therapeutics
VERA
+$51.7M
4
LEGN icon
Legend Biotech
LEGN
+$39.5M
5
CNC icon
Centene
CNC
+$30.1M

Top Sells

Rank Stock Value
1
ALHC icon
Alignment Healthcare
ALHC
+$68M
2
DVAX
Dynavax Technologies
DVAX
+$67.3M
3
NBIX icon
Neurocrine Biosciences
NBIX
+$36.8M
4
CMRX
Chimerix, Inc.
CMRX
+$32.1M
5
INMD icon
InMode
INMD
+$28M

Sector Composition

Rank Sector Weight
1 Healthcare 89.05%
2 Real Estate 0.41%
3 Financials 0%
4 Industrials 0%
5 Technology 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FHTX icon
51
Foghorn Therapeutics
FHTX
$305M
$15.3M 0.28%
3,255,514
– –
ZBIO
52
Zenas BioPharma
ZBIO
$1.86B
$15.1M 0.27%
1,562,942
– –
NVCR icon
53
NovoCure
NVCR
$1.84B
$14.7M 0.27%
825,119
+175,000
+27% +$3.05M
TSHA icon
54
Taysha Gene Therapies
TSHA
$1.71B
$12.4M 0.23%
+5,386,000
New +$11.7M
RXST icon
55
RxSight
RXST
$230M
$11.6M 0.21%
888,950
+496,618
+127% +$7.47M
DCTH icon
56
Delcath Systems
DCTH
$442M
$11.1M 0.2%
812,561
-545
-0.1% -$7.6K
OMDA
57
Omada Health Inc
OMDA
$1.41B
$10.1M 0.18%
+553,107
New +$9.57M
IART icon
58
Integra LifeSciences
IART
$1.5B
$9.75M 0.18%
794,865
– –
SYRE icon
59
Spyre Therapeutics
SYRE
$8.7B
$9.19M 0.17%
613,665
+163,665
+36% +$2.42M
DCGO icon
60
DocGo
DCGO
$64.3M
$7.76M 0.14%
4,941,565
-109,935
-2% -$205K
GPCR icon
61
Structure Therapeutics
GPCR
$3.45B
$7.74M 0.14%
373,407
– –
PCVX icon
62
Vaxcyte
PCVX
$8.12B
$7.31M 0.13%
225,000
– –
TOI icon
63
The Oncology Institute
TOI
$535M
$6.89M 0.13%
3,360,052
– –
SLP icon
64
Simulations Plus
SLP
$369M
$6.18M 0.11%
354,089
– –
NPCE icon
65
Neuropace
NPCE
$548M
$5.57M 0.1%
500,000
– –
JBIO
66
Jade Biosciences
JBIO
$1.27B
$5.31M 0.1%
+531,163
New +$18.1M
LUNG icon
67
Pulmonx
LUNG
$59.1M
$4.9M 0.09%
1,890,000
– –
ALHC icon
68
Alignment Healthcare
ALHC
$4.26B
$4.8M 0.09%
342,558
-4,224,915
-93% -$68M
HLVX
69
DELISTED
HilleVax
HLVX
$3.75M 0.07%
1,882,654
– –
CALC icon
70
CalciMedica
CALC
$11.6M
$2.08M 0.04%
1,300,000
– –
ALEC icon
71
Alector
ALEC
$167M
$1.48M 0.03%
1,055,192
– –
ANNX icon
72
Annexon
ANNX
$950M
$1.4M 0.03%
583,913
– –
PHGE icon
73
BiomX
PHGE
$2.16M
$1.12M 0.02%
131,269
– –
TWST icon
74
Twist Bioscience
TWST
$5.84B
$877K 0.02%
23,827
– –
NAMSW icon
75
NewAmsterdam Pharma Warrant
NAMSW
$742K 0.01%
92,787
– –
1 2
3
4 5

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Deerfield Management's Q2 2025 Portfolio in Review

As of Q2 2025, Deerfield Management held 167 positions worth $5.51B, up 8.8% from $5.06B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Deerfield Management withdrew a net $338M in Q2 2025, closing 43 positions and reducing 13 holdings. Its most notable exit was Dynavax Technologies, an estimated $67.3M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 89% of assets, up from 87% a quarter earlier, followed by Real Estate and Financials.

Against the trend, Deerfield Management opened a new position in Merck worth $67.9M.

  • Deerfield Management's largest Q2 2025 buy was Merck: 857,724 shares worth $67.9M.
  • Deerfield Management added most to United Therapeutics in Q2 2025, an estimated $79.3M increase.
  • Deerfield Management's biggest Q2 2025 reduction was Alignment Healthcare, cutting an estimated $68M.
  • Deerfield Management fully exited Dynavax Technologies in Q2 2025, selling an estimated $67.3M.
  • Deerfield Management's ten largest holdings make up 54% of its $5.51B portfolio in Q2 2025.
  • Deerfield Management opened 43 new positions and closed 43 in Q2 2025.
  • Deerfield Management's portfolio value rose 8.8% quarter-over-quarter to $5.51B.

Based on Deerfield Management's 13F filing for Q2 2025, filed 14 Aug 2025.