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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
NUVL
1
DELISTED
Nuvalent
NUVL
$1.74B 22.16%
17,248,450
-742,574
-4% -$73.2M
COGT icon
2
Cogent Biosciences
COGT
$6.68B
$321M 4.1%
9,043,903
-9,215
-0.1% -$259K
PRAX icon
3
Praxis Precision Medicines
PRAX
$8.77B
$266M 3.4%
903,351
+62,500
+7% +$11.6M
CNC icon
4
Centene
CNC
$32.8B
$265M 3.39%
6,447,998
-2,598,002
-29% -$97.3M
VTRS icon
5
Viatris
VTRS
$20.1B
$252M 3.21%
20,206,170
-3,892,913
-16% -$42M
RVMD icon
6
Revolution Medicines
RVMD
$39.6B
$231M 2.94%
2,894,613
-755,729
-21% -$49.6M
UTHR icon
7
United Therapeutics
UTHR
$22.7B
$208M 2.65%
425,993
– –
VERA icon
8
Vera Therapeutics
VERA
$2.76B
$206M 2.63%
4,059,695
+418,538
+11% +$14.9M
CELC icon
9
Celcuity
CELC
$4.31B
$171M 2.18%
1,714,000
+980,470
+134% +$80.6M
NBIX icon
10
Neurocrine Biosciences
NBIX
$17.2B
$168M 2.15%
1,184,345
– –
IONS icon
11
Ionis Pharmaceuticals
IONS
$8.99B
$157M 2%
1,979,669
– –
NAMS icon
12
NewAmsterdam Pharma
NAMS
$3.7B
$146M 1.87%
4,164,789
-101,904
-2% -$3.71M
INSP icon
13
Inspire Medical Systems
INSP
$1.46B
$139M 1.77%
1,505,872
+458,178
+44% +$43.8M
LEGN icon
14
Legend Biotech
LEGN
$4.31B
$129M 1.65%
5,932,000
+2,969,662
+100% +$85.1M
BKD icon
15
Brookdale Senior Living
BKD
$3.58B
$126M 1.6%
11,637,032
-4,610
-0% -$45.3K
INDV icon
16
Indivior Pharmaceuticals
INDV
$4.79B
$122M 1.55%
3,393,063
-3,593,748
-51% -$110M
ARWR icon
17
Arrowhead Research
ARWR
$10.5B
$122M 1.55%
1,832,946
+839,946
+85% +$41.2M
LRMR icon
18
Larimar Therapeutics
LRMR
$384M
$117M 1.49%
30,606,974
– –
CPRX
19
DELISTED
Catalyst Pharmaceutical
CPRX
$115M 1.46%
4,911,161
-63,606
-1% -$1.42M
AHCO icon
20
AdaptHealth
AHCO
$1.49B
$114M 1.46%
11,477,730
– –
BCRX icon
21
BioCryst Pharmaceuticals
BCRX
$2.36B
$112M 1.43%
14,341,000
+2,172,000
+18% +$15.7M
SPRY icon
22
ARS Pharmaceuticals
SPRY
$695M
$87.4M 1.12%
7,503,812
– –
PHVS icon
23
Pharvaris
PHVS
$2.44B
$86.7M 1.11%
3,126,042
+683,578
+28% +$16.5M
SVRA icon
24
Savara
SVRA
$1.13B
$81.8M 1.04%
13,569,000
+5,605,000
+70% +$27.5M
IDYA icon
25
IDEAYA Biosciences
IDYA
$3.47B
$74.4M 0.95%
2,153,043
– –
1
2 3 4 5

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AV
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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.