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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
HCSG icon
126
Healthcare Services Group
HCSG
$1.63B
$406K 0.01%
+21,259
New +$382K
AMPH icon
127
Amphastar Pharmaceuticals
AMPH
$888M
$398K 0.01%
+14,852
New +$383K
RGEN icon
128
Repligen
RGEN
$8.2B
$360K ﹤0.01%
2,199
-10,710
-83% -$1.68M
STE icon
129
Steris
STE
$22.4B
$343K ﹤0.01%
1,352
-1,226
-48% -$308K
BRBR icon
130
BellRing Brands
BRBR
$1.59B
$321K ﹤0.01%
11,996
-22,236
-65% -$690K
ISRG icon
131
Intuitive Surgical
ISRG
$130B
$274K ﹤0.01%
483
-4,955
-91% -$2.64M
EYE icon
132
National Vision
EYE
$1.75B
$266K ﹤0.01%
+10,284
New +$277K
PHGE icon
133
BiomX
PHGE
$1.98M
$245K ﹤0.01%
131,270
+1
+0% +$7
HUM icon
134
Humana
HUM
$46.7B
$235K ﹤0.01%
917
– –
ABEO icon
135
Abeona Therapeutics
ABEO
$343M
$211K ﹤0.01%
+40,000
New +$201K
TOIIW
136
The Oncology Institute Warrant
TOIIW
$4.36M
$151K ﹤0.01%
1,250,000
– –
QSIAW
137
DELISTED
Quantum-Si Inc Warrant
QSIAW
$66.8K ﹤0.01%
333,333
– –
NUVB.WS
138
DELISTED
Nuvation Bio Inc Warrants
NUVB.WS
$55K ﹤0.01%
166,666
– –
BFLY.WS
139
DELISTED
Butterfly Network Inc Warrants
BFLY.WS
$12.9K ﹤0.01%
733,333
– –
PMVP icon
140
PMV Pharmaceuticals
PMVP
$58.7M
$11K ﹤0.01%
8,790
– –
SRZNW icon
141
Surrozen Inc Warrant
SRZNW
$75.6K
$3.33K ﹤0.01%
166,666
– –
MYGN icon
142
Myriad Genetics
MYGN
$502M
$3.11K ﹤0.01%
505
– –
ADPT icon
143
Adaptive Biotechnologies
ADPT
$3.6B
– –
-60,328
Closed -$903K
JBIO
144
Jade Biosciences
JBIO
$1.2B
– –
-531,163
Closed -$4.58M
BAX icon
145
Baxter International
BAX
$12.6B
– –
-42,744
Closed -$973K
BMY icon
146
Bristol-Myers Squibb
BMY
$130B
– –
-2,337,771
Closed -$105M
CYH icon
147
Community Health Systems
CYH
$393M
– –
-32,720
Closed -$105K
DCGO icon
148
DocGo
DCGO
$62.4M
– –
-4,622,708
Closed -$6.29M
DHR icon
149
Danaher
DHR
$140B
– –
-6,421
Closed -$1.27M
EBS icon
150
Emergent Biosolutions
EBS
$377M
– –
-1,872
Closed -$16.5K
3 4 5
6
7

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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.