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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
ELUT icon
151
Elutia
ELUT
$42.5M
– –
-1,371,603
Closed -$1.22M
GEHC icon
152
GE HealthCare
GEHC
$27.8B
– –
-21,924
Closed -$1.65M
GMED icon
153
Globus Medical
GMED
$10.6B
– –
-11,106
Closed -$636K
HAE icon
154
Haemonetics
HAE
$3.63B
– –
-69,089
Closed -$3.37M
HSIC icon
155
Henry Schein
HSIC
$9.64B
– –
-4,191
Closed -$278K
INSM icon
156
Insmed
INSM
$22.7B
– –
-471,000
Closed -$67.8M
MOH icon
157
Molina Healthcare
MOH
$10.4B
– –
-5,047
Closed -$966K
MRK icon
158
Merck
MRK
$323B
– –
-1,030,000
Closed -$86.4M
MRUS
159
DELISTED
Merus
MRUS
– –
-3,046,916
Closed -$287M
NEO icon
160
NeoGenomics
NEO
$1.71B
– –
-4,447,331
Closed -$34.3M
OGN icon
161
Organon & Co
OGN
$3.56B
– –
-16,388
Closed -$175K
PEN icon
162
Penumbra
PEN
$12.6B
– –
-6,411
Closed -$1.62M
PFE icon
163
Pfizer
PFE
$141B
– –
-3,303,790
Closed -$84.2M
SCI icon
164
Service Corp International
SCI
$11.4B
– –
-3,635
Closed -$303K
SHC icon
165
Sotera Health
SHC
$4.92B
– –
-25,384
Closed -$399K
SUPN icon
166
Supernus Pharmaceuticals
SUPN
$2.73B
– –
-5,331
Closed -$255K
TECH icon
167
Bio-Techne
TECH
$11.2B
– –
-20,979
Closed -$1.17M
TFX icon
168
Teleflex
TFX
$5.8B
– –
-13,572
Closed -$1.66M
TMO icon
169
Thermo Fisher Scientific
TMO
$208B
– –
-944
Closed -$458K
TWST icon
170
Twist Bioscience
TWST
$5.39B
– –
-23,827
Closed -$670K
WAT icon
171
Waters Corp
WAT
$36.4B
– –
-7,885
Closed -$2.36M
XRAY icon
172
Dentsply Sirona
XRAY
$2.61B
– –
-30,183
Closed -$383K
ZBIO
173
Zenas BioPharma
ZBIO
$2.07B
– –
-1,562,942
Closed -$34.7M
SI
174
Shoulder Innovations Inc
SI
$435M
– –
-482,572
Closed -$6.06M
HTFL
175
Heartflow Inc
HTFL
$2.19B
– –
-100,000
Closed -$3.37M
3 4 5 6
7

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FT
Fiduciary Trust Boston, Massachusetts $8.46B AUM 21.38% 1-Year Est. Return
GRQ
Gardner Russo & Quinn Lancaster, Pennsylvania $8.5B AUM 9.79% 1-Year Est. Return
PCM
Penserra Capital Management Orinda, California $8.52B AUM 37.76% 1-Year Est. Return
VA
Valmark Advisers Akron, Ohio $8.42B AUM 14.36% 1-Year Est. Return
QC
Quadrature Capital London, United Kingdom $8.4B AUM 63.34% 1-Year Est. Return
IC
Icahn Carl Sunny Isles Beach, Florida $8.55B AUM 29.29% 1-Year Est. Return
NW
NewEdge Wealth Pittsburgh, Pennsylvania $8.39B AUM 24.47% 1-Year Est. Return
AAF
Andra AP-fonden Goteborg, Sweden $8.39B AUM 21.19% 1-Year Est. Return

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.