Integral Health Asset Management Portfolio holdings
Integral Health Asset Management is an alternative investment manager focused on healthcare, with an absolute return strategy across drugs, biotechnology, medical devices and healthcare services. Jay Rao, a former attending physician, founded it in 2019 and is its chief investment officer. He managed the same strategy earlier at Caxton Associates, Millennium and Balyasny Asset Management. The team brings medical, scientific and legal knowledge to its company research. It mixes thematic, relative value and event-driven trades, keeping net market exposure low in each healthcare sub-sector.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CVS Health
CVS
|
+$84.8M |
| 2 |
Axsome Therapeutics
AXSM
|
+$57.5M |
| 3 |
Edwards Lifesciences
EW
|
+$38.1M |
| 4 |
Abbott
ABT
|
+$36.5M |
| 5 |
UnitedHealth
UNH
|
+$31.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AstraZeneca
AZN
|
+$49.3M |
| 2 |
BrightSpring Health Services
BTSG
|
+$38.9M |
| 3 |
Regeneron Pharmaceuticals
REGN
|
+$30.6M |
| 4 |
Centene
CNC
|
+$18.7M |
| 5 |
Fresenius Medical Care
FMS
|
+$17.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 96.27% |
| 2 | Miscellaneous | 3.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Revolution Medicines
RVMD
$38.1B
| $281M | 11.1% |
1,500,000
| – | – |
2023 Q1
13 quarters
|
|
2
Insmed
INSM
$25.9B
| $171M | 6.74% |
1,600,000
+100,000
| +7% | +$12.1M |
2023 Q4
10 quarters
|
|
3
Cytokinetics
CYTK
$7.82B
| $136M | 5.38% |
1,600,000
| – | – |
2020 Q1
25 quarters
|
|
|
4
CVS Health
CVS
$115B
| $114M | 4.49% |
1,100,000
+950,000
| +633% | +$84.8M |
2024 Q4
6 quarters
|
|
5
Edgewise Therapeutics
EWTX
$5.02B
| $81.3M | 3.21% |
2,000,000
+400,000
| +25% | +$13.8M |
2024 Q4
6 quarters
|
|
6
Vera Therapeutics
VERA
$2.1B
| $75.1M | 2.97% |
1,750,000
+150,000
| +9% | +$5.59M |
2024 Q1
9 quarters
|
|
|
7
Axsome Therapeutics
AXSM
$7.59B
| $73.4M | 2.9% |
300,000
+265,000
| +757% | +$57.5M |
2026 Q1
1 quarter
|
|
8
Cardinal Health
CAH
$64.3B
| $71.3M | 2.82% |
300,000
+30,000
| +11% | +$6.23M |
2025 Q2
4 quarters
|
|
9
Roivant Sciences
ROIV
$29B
| $70.8M | 2.8% |
2,000,000
| – | – |
2025 Q1
5 quarters
|
|
10
Rhythm Pharmaceuticals
RYTM
$7.62B
| $61.1M | 2.41% |
550,000
-50,000
| -8% | -$4.52M |
2025 Q2
4 quarters
|
|
|
11
Edwards Lifesciences
EW
$60.8B
| $56.5M | 2.23% |
625,000
+455,000
| +268% | +$38.1M |
2025 Q1
5 quarters
|
|
|
12
PUT
Revolution Medicines
RVMD
$38.1B
| $56.2M | 2.22% |
300,000
-450,000
| -60% | -$65.7M |
2026 Q1
1 quarter
|
|
13
Alignment Healthcare
ALHC
$1.57B
| $47.6M | 1.88% |
2,000,000
-575,000
| -22% | -$11M |
2024 Q4
6 quarters
|
|
14
Merck
MRK
$362B
| $45M | 1.78% |
350,000
-75,000
| -18% | -$8.78M |
2025 Q4
2 quarters
|
|
15
Quest Diagnostics
DGX
$28.6B
| $42.4M | 1.67% |
200,000
+140,000
| +233% | +$27.5M |
2025 Q2
4 quarters
|
|
16
uniQure
QURE
$1.73B
| $41.5M | 1.64% |
900,000
| – | – |
2024 Q3
7 quarters
|
|
17
Scholar Rock
SRRK
$5.27B
| $41.2M | 1.63% |
750,000
+250,000
| +50% | +$12.1M |
2023 Q4
10 quarters
|
|
18
Boston Scientific
BSX
$64.1B
| $38.4M | 1.52% |
900,000
+350,000
| +64% | +$19M |
2023 Q1
13 quarters
|
|
|
19
BrightSpring Health Services
BTSG
$14.2B
| $38.4M | 1.52% |
550,000
-700,000
| -56% | -$38.9M |
2024 Q3
7 quarters
|
|
|
20
Abbott
ABT
$186B
| $36.3M | 1.43% |
+400,000
| New | +$36.5M |
2026 Q2
0 quarters
|
|
|
21
UnitedHealth
UNH
$363B
| $35.3M | 1.4% |
+85,000
| New | +$31.5M |
2026 Q2
0 quarters
|
|
22
Lifestance Health
LFST
$5.38B
| $32.1M | 1.27% |
3,000,000
-1,300,000
| -30% | -$10M |
2025 Q3
3 quarters
|
|
23
Novartis
NVS
$303B
| $31.3M | 1.24% |
200,000
-50,000
| -20% | -$7.5M |
2025 Q1
5 quarters
|
|
24
Tango Therapeutics
TNGX
$4.21B
| $31.3M | 1.23% |
1,000,000
+550,000
| +122% | +$13.6M |
2025 Q4
2 quarters
|
|
25
Tenet Healthcare
THC
$22.8B
| $30.9M | 1.22% |
+165,000
| New | +$30.3M |
2026 Q2
0 quarters
|
|
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Integral Health Asset Management's Q2 2026 Portfolio in Review
As of Q2 2026, Integral Health Asset Management held 120 positions worth $2.53B, up 21% from $2.09B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Integral Health Asset Management deployed $174M of net new capital in Q2 2026, opening 30 new positions and adding to 23 existing holdings. Its largest new stake was Abbott: 400,000 shares worth $36.3M.
By sector, the portfolio is most concentrated in Healthcare at 96% of assets, up from 90% a quarter earlier, followed by Miscellaneous.
On the sell side, the largest reduction was BrightSpring Health Services, an estimated $38.9M trimmed.
- Integral Health Asset Management's largest Q2 2026 buy was Abbott: 400,000 shares worth $36.3M.
- Integral Health Asset Management added most to CVS Health in Q2 2026, an estimated $84.8M increase.
- Integral Health Asset Management's biggest Q2 2026 reduction was BrightSpring Health Services, cutting an estimated $38.9M.
- Integral Health Asset Management fully exited AstraZeneca in Q2 2026, selling an estimated $49.3M.
- Integral Health Asset Management's ten largest holdings make up 45% of its $2.53B portfolio in Q2 2026.
- Integral Health Asset Management opened 30 new positions and closed 28 in Q2 2026.
- Integral Health Asset Management's portfolio value rose 21% quarter-over-quarter to $2.53B.
Based on Integral Health Asset Management's 13F filing for Q2 2026, filed 14 Aug 2026.