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 |
SHPG
Shire pic
SHPG
|
+$131M |
| 2 |
Merck
MRK
|
+$97.5M |
| 3 |
Edwards Lifesciences
EW
|
+$97.4M |
| 4 |
AGN.PRA
Allergan plc
AGN.PRA
|
+$76.2M |
| 5 |
Audentes Therapeutics, Inc
BOLD
|
+$72.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HCA Healthcare
HCA
|
+$213M |
| 2 |
Bristol-Myers Squibb
BMY
|
+$184M |
| 3 |
AbbVie
ABBV
|
+$152M |
| 4 |
Boston Scientific
BSX
|
+$141M |
| 5 |
AGN
Allergan plc
AGN
|
+$138M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 96.98% |
| 2 | Miscellaneous | 2.61% |
| 3 | Financials | 0.39% |
| 4 | Technology | 0.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Biogen
BIIB
$37.5B
| $418M | 4.76% |
1,333,900
-166,500
| -11% | -$49.3M |
2013 Q2
13 quarters
|
|
|
2
Boston Scientific
BSX
$60.8B
| $410M | 4.67% |
17,211,700
-5,917,500
| -26% | -$141M |
2014 Q1
10 quarters
|
|
3
Amgen
AMGN
$252B
| $406M | 4.63% |
2,436,700
-596,800
| -20% | -$101M |
2013 Q2
13 quarters
|
|
|
ALXN
4
DELISTED
Alexion Pharmaceuticals
ALXN
| $323M | 3.68% |
2,638,011
-343,400
| -12% | -$44.2M |
2013 Q2
13 quarters
|
|
|
CELG
5
DELISTED
Celgene Corp
CELG
| $308M | 3.51% |
2,948,577
+543,900
| +23% | +$58.9M |
2013 Q2
13 quarters
|
|
|
6
AbbVie
ABBV
$521B
| $267M | 3.04% |
4,229,900
-2,343,200
| -36% | -$152M |
2013 Q2
13 quarters
|
|
|
7
Merck
MRK
$369B
| $219M | 2.49% |
3,675,126
+1,667,682
| +83% | +$97.5M |
2016 Q1
2 quarters
|
|
|
SHPG
8
DELISTED
Shire pic
SHPG
| $206M | 2.35% |
1,063,351
+669,342
| +170% | +$131M |
2013 Q3
12 quarters
|
|
|
ICPT
9
DELISTED
Intercept Pharmaceuticals, Inc.
ICPT
| $184M | 2.1% |
1,120,000
| – | – |
2013 Q2
13 quarters
|
|
|
WMGI
10
DELISTED
Wright Medical Group Inc
WMGI
| $180M | 2.06% |
7,356,233
+811,070
| +12% | +$18.7M |
2014 Q3
8 quarters
|
|
|
AGN
11
DELISTED
Allergan plc
AGN
| $179M | 2.04% |
778,690
-565,925
| -42% | -$138M |
2013 Q2
13 quarters
|
|
12
Agilent Technologies
A
$49.3B
| $175M | 1.99% |
3,714,800
+149,600
| +4% | +$6.98M |
2013 Q2
13 quarters
|
|
13
Incyte
INCY
$24.4B
| $174M | 1.99% |
1,850,178
-474,500
| -20% | -$40M |
2013 Q2
13 quarters
|
|
|
14
Edwards Lifesciences
EW
$53B
| $166M | 1.89% |
4,119,600
+2,585,400
| +169% | +$97.4M |
2016 Q1
2 quarters
|
|
15
Eli Lilly
LLY
$1.26T
| $164M | 1.87% |
2,040,500
+563,700
| +38% | +$45.1M |
2015 Q3
4 quarters
|
|
16
Puma Biotechnology
PBYI
$539M
| $160M | 1.82% |
2,383,525
-580,500
| -20% | -$29.4M |
2014 Q2
9 quarters
|
|
17
Gilead Sciences
GILD
$212B
| $159M | 1.81% |
2,010,700
-1,062,200
| -35% | -$86.3M |
2013 Q2
13 quarters
|
|
18
Ironwood Pharmaceuticals
IRWD
$578M
| $158M | 1.8% |
11,879,106
| – | – |
2014 Q1
10 quarters
|
|
19
Molina Healthcare
MOH
$10.6B
| $154M | 1.75% |
2,634,700
+796,700
| +43% | +$43.9M |
2016 Q2
1 quarter
|
|
|
WCG
20
DELISTED
Wellcare Health Plans, Inc.
WCG
| $146M | 1.66% |
1,248,000
-670,500
| -35% | -$74.9M |
2015 Q3
4 quarters
|
|
21
Regeneron Pharmaceuticals
REGN
$95.5B
| $143M | 1.63% |
355,300
-154,600
| -30% | -$62M |
2013 Q2
13 quarters
|
|
22
Vertex Pharmaceuticals
VRTX
$142B
| $141M | 1.6% |
1,612,000
-577,300
| -26% | -$54.6M |
2013 Q2
13 quarters
|
|
23
Intuitive Surgical
ISRG
$153B
| $136M | 1.55% |
1,690,200
-990,000
| -37% | -$75.8M |
2013 Q4
11 quarters
|
|
24
Thermo Fisher Scientific
TMO
$258B
| $130M | 1.48% |
816,500
-560,700
| -41% | -$86.4M |
2013 Q2
13 quarters
|
|
25
Pfizer
PFE
$174B
| $120M | 1.36% |
3,722,939
-749,921
| -17% | -$25.1M |
2013 Q2
13 quarters
|
|
Similar funds
OrbiMed's Q3 2016 Portfolio in Review
As of Q3 2016, OrbiMed held 157 positions worth $8.78B, down 8.4% from $9.6B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
OrbiMed withdrew a net $1.58B in Q3 2016, closing 17 positions and reducing 40 holdings. Its most notable exit was RELYPSA INC COM, an estimated $137M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 97% of assets, up from 94% a quarter earlier, followed by Miscellaneous and Financials.
Against the trend, OrbiMed opened a new position in Allergan plc worth $72.5M.
- OrbiMed's largest Q3 2016 buy was Allergan plc: 88,200 shares worth $72.5M.
- OrbiMed added most to Shire pic in Q3 2016, an estimated $131M increase.
- OrbiMed's biggest Q3 2016 reduction was HCA Healthcare, cutting an estimated $213M.
- OrbiMed fully exited RELYPSA INC COM in Q3 2016, selling an estimated $137M.
- OrbiMed's ten largest holdings make up 33% of its $8.78B portfolio in Q3 2016.
- OrbiMed opened 20 new positions and closed 17 in Q3 2016.
- OrbiMed's portfolio value fell 8.4% quarter-over-quarter to $8.78B.
Based on OrbiMed's 13F filing for Q3 2016, filed 14 Nov 2016.