OrbiMed Portfolio holdings
OrbiMed is an investment manager focused exclusively on healthcare, running public equity, private equity and private credit and royalty funds. The firm traces its origins to 1989, when Viren Mehta and Samuel Isaly, both pharmaceutical analysts at the bank S.G Warburg, set up the research and money-management firm Mehta & Isaly; in 1998 it split in two, with Isaly forming OrbiMed and Mehta forming Mehta Partners. Its public equity side covers long/short funds built around corporate events as well as closed-end investment trusts, and OrbiMed launched its first dedicated venture capital fund in 2000 and its first royalty and credit fund in 2011. Carl Gordon, Carter Neild and Geoffrey Hsu form the committee that leads the firm, which is owned and controlled by eight members.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$158M |
| 2 |
Molina Healthcare
MOH
|
+$98.2M |
| 3 |
Merck
MRK
|
+$95.1M |
| 4 |
Zimmer Biomet
ZBH
|
+$88.5M |
| 5 |
MDVN
MEDIVATION, INC.
MDVN
|
+$85.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bristol-Myers Squibb
BMY
|
+$182M |
| 2 |
CELG
Celgene Corp
CELG
|
+$142M |
| 3 |
HCA Healthcare
HCA
|
+$129M |
| 4 |
AGN.PRA
Allergan plc
AGN.PRA
|
+$87M |
| 5 |
TSRO
TESARO, Inc.
TSRO
|
+$84.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 93.74% |
| 2 | Miscellaneous | 5.91% |
| 3 | Financials | 0.34% |
| 4 | Technology | 0.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Boston Scientific
BSX
$60.8B
| $541M | 5.64% |
23,129,200
+649,500
| +3% | +$14.1M |
2014 Q1
9 quarters
|
|
2
Amgen
AMGN
$252B
| $462M | 4.82% |
3,033,500
+157,500
| +5% | +$24.5M |
2013 Q2
12 quarters
|
|
3
AbbVie
ABBV
$521B
| $407M | 4.25% |
6,573,100
-822,600
| -11% | -$50.1M |
2013 Q2
12 quarters
|
|
|
4
Bristol-Myers Squibb
BMY
$128B
| $372M | 3.88% |
5,055,600
-2,569,300
| -34% | -$182M |
2013 Q2
12 quarters
|
|
5
Biogen
BIIB
$37.5B
| $363M | 3.79% |
1,500,400
-25,900
| -2% | -$6.83M |
2013 Q2
12 quarters
|
|
|
ALXN
6
DELISTED
Alexion Pharmaceuticals
ALXN
| $348M | 3.63% |
2,981,411
+1,110,811
| +59% | +$158M |
2013 Q2
12 quarters
|
|
|
7
HCA Healthcare
HCA
$102B
| $316M | 3.29% |
4,098,300
-1,638,800
| -29% | -$129M |
2013 Q2
12 quarters
|
|
|
AGN
8
DELISTED
Allergan plc
AGN
| $311M | 3.24% |
1,344,615
-228,100
| -15% | -$52.6M |
2013 Q2
12 quarters
|
|
9
Gilead Sciences
GILD
$212B
| $256M | 2.67% |
3,072,900
+53,700
| +2% | +$4.77M |
2013 Q2
12 quarters
|
|
|
CELG
10
DELISTED
Celgene Corp
CELG
| $237M | 2.47% |
2,404,677
-1,369,400
| -36% | -$142M |
2013 Q2
12 quarters
|
|
|
WCG
11
DELISTED
Wellcare Health Plans, Inc.
WCG
| $206M | 2.15% |
1,918,500
+15,200
| +0.8% | +$1.49M |
2015 Q3
3 quarters
|
|
12
Thermo Fisher Scientific
TMO
$258B
| $203M | 2.12% |
1,377,200
-57,800
| -4% | -$8.53M |
2013 Q2
12 quarters
|
|
13
Intuitive Surgical
ISRG
$153B
| $197M | 2.06% |
2,680,200
+189,000
| +8% | +$13.3M |
2013 Q4
10 quarters
|
|
14
Vertex Pharmaceuticals
VRTX
$142B
| $188M | 1.97% |
2,189,300
+319,900
| +17% | +$27.6M |
2013 Q2
12 quarters
|
|
15
Incyte
INCY
$24.4B
| $186M | 1.94% |
2,324,678
-430,400
| -16% | -$33.4M |
2013 Q2
12 quarters
|
|
16
Regeneron Pharmaceuticals
REGN
$95.5B
| $178M | 1.86% |
509,900
-23,100
| -4% | -$8.9M |
2013 Q2
12 quarters
|
|
17
UnitedHealth
UNH
$365B
| $171M | 1.78% |
1,208,200
+396,200
| +49% | +$52.8M |
2014 Q3
7 quarters
|
|
|
IPXL
18
DELISTED
Impax Laboratories, Inc.
IPXL
| $170M | 1.77% |
5,886,700
-889,400
| -13% | -$29M |
2013 Q2
12 quarters
|
|
|
ICPT
19
DELISTED
Intercept Pharmaceuticals, Inc.
ICPT
| $160M | 1.67% |
1,120,000
| – | – |
2013 Q2
12 quarters
|
|
20
Agilent Technologies
A
$49.3B
| $158M | 1.65% |
3,565,200
+70,200
| +2% | +$3.03M |
2013 Q2
12 quarters
|
|
21
Pfizer
PFE
$174B
| $149M | 1.56% |
4,472,860
+128,272
| +3% | +$4.09M |
2013 Q2
12 quarters
|
|
22
Teva Pharmaceutical Industries Limited
TEVA
$49.1B
| $139M | 1.45% |
2,759,800
+63,800
| +2% | +$3.4M |
2014 Q3
7 quarters
|
|
|
RLYP
23
DELISTED
RELYPSA INC COM
RLYP
| $137M | 1.43% |
7,400,000
| – | – |
2013 Q4
10 quarters
|
|
24
Ironwood Pharmaceuticals
IRWD
$578M
| $130M | 1.36% |
11,879,106
-1,912,072
| -14% | -$18.7M |
2014 Q1
9 quarters
|
|
|
ESRX
25
DELISTED
Express Scripts Holding Company
ESRX
| $129M | 1.34% |
1,698,600
-722,400
| -30% | -$53.1M |
2013 Q2
12 quarters
|
|
Similar funds
OrbiMed's Q2 2016 Portfolio in Review
As of Q2 2016, OrbiMed held 157 positions worth $9.6B, up 0.84% from $9.5B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
OrbiMed withdrew a net $357M in Q2 2016, closing 21 positions and reducing 32 holdings. Its most notable exit was Allergan plc, an estimated $87M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 94% of assets, down from 95% a quarter earlier, followed by Miscellaneous and Financials.
Against the trend, OrbiMed opened a new position in Molina Healthcare worth $91.7M.
- OrbiMed's largest Q2 2016 buy was Molina Healthcare: 1,838,000 shares worth $91.7M.
- OrbiMed added most to Alexion Pharmaceuticals in Q2 2016, an estimated $158M increase.
- OrbiMed's biggest Q2 2016 reduction was Bristol-Myers Squibb, cutting an estimated $182M.
- OrbiMed fully exited Allergan plc in Q2 2016, selling an estimated $87M.
- OrbiMed's ten largest holdings make up 38% of its $9.6B portfolio in Q2 2016.
- OrbiMed opened 16 new positions and closed 21 in Q2 2016.
- OrbiMed's portfolio value rose 0.84% quarter-over-quarter to $9.6B.
Based on OrbiMed's 13F filing for Q2 2016, filed 15 Aug 2016.