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 |
Elevance Health
ELV
|
+$137M |
| 2 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$91.8M |
| 3 |
AET
Aetna Inc
AET
|
+$82.5M |
| 4 |
Humana
HUM
|
+$78.7M |
| 5 |
Merck
MRK
|
+$68M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WCG
Wellcare Health Plans, Inc.
WCG
|
+$146M |
| 2 |
Molina Healthcare
MOH
|
+$117M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$102M |
| 4 |
IPXL
Impax Laboratories, Inc.
IPXL
|
+$89.8M |
| 5 |
AbbVie
ABBV
|
+$79.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 95.97% |
| 2 | Miscellaneous | 2.46% |
| 3 | Financials | 1.52% |
| 4 | Technology | 0.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
ALXN
1
DELISTED
Alexion Pharmaceuticals
ALXN
| $415M | 5.28% |
3,388,386
+750,375
| +28% | +$91.8M |
2013 Q2
14 quarters
|
|
2
Biogen
BIIB
$37.5B
| $363M | 4.63% |
1,281,200
-52,700
| -4% | -$15.6M |
2013 Q2
14 quarters
|
|
|
CELG
3
DELISTED
Celgene Corp
CELG
| $360M | 4.58% |
3,106,777
+158,200
| +5% | +$17.6M |
2013 Q2
14 quarters
|
|
4
Boston Scientific
BSX
$60.8B
| $357M | 4.55% |
16,506,900
-704,800
| -4% | -$15.4M |
2014 Q1
11 quarters
|
|
5
Amgen
AMGN
$252B
| $341M | 4.34% |
2,331,800
-104,900
| -4% | -$15.8M |
2013 Q2
14 quarters
|
|
|
6
Merck
MRK
$369B
| $272M | 3.46% |
4,836,730
+1,161,604
| +32% | +$68M |
2016 Q1
3 quarters
|
|
7
Incyte
INCY
$24.4B
| $209M | 2.66% |
2,082,800
+232,622
| +13% | +$22.7M |
2013 Q2
14 quarters
|
|
|
SHPG
8
DELISTED
Shire pic
SHPG
| $205M | 2.61% |
1,203,351
+140,000
| +13% | +$24.8M |
2013 Q3
13 quarters
|
|
9
Eli Lilly
LLY
$1.26T
| $201M | 2.57% |
2,739,000
+698,500
| +34% | +$52M |
2015 Q3
5 quarters
|
|
|
10
AbbVie
ABBV
$521B
| $183M | 2.33% |
2,925,000
-1,304,900
| -31% | -$79.7M |
2013 Q2
14 quarters
|
|
|
WMGI
11
DELISTED
Wright Medical Group Inc
WMGI
| $174M | 2.22% |
7,584,334
+228,101
| +3% | +$5.3M |
2014 Q3
9 quarters
|
|
|
12
Humana
HUM
$49.8B
| $171M | 2.17% |
836,400
+412,900
| +97% | +$78.7M |
2016 Q1
3 quarters
|
|
13
Pfizer
PFE
$174B
| $168M | 2.14% |
5,446,967
+1,724,028
| +46% | +$52.6M |
2013 Q2
14 quarters
|
|
14
Agilent Technologies
A
$49.3B
| $165M | 2.11% |
3,629,900
-84,900
| -2% | -$3.85M |
2013 Q2
14 quarters
|
|
|
AGN
15
DELISTED
Allergan plc
AGN
| $162M | 2.06% |
769,690
-9,000
| -1% | -$1.86M |
2013 Q2
14 quarters
|
|
16
Vertex Pharmaceuticals
VRTX
$142B
| $159M | 2.03% |
2,159,400
+547,400
| +34% | +$44.5M |
2013 Q2
14 quarters
|
|
17
HCA Healthcare
HCA
$102B
| $148M | 1.89% |
2,002,200
+690,000
| +53% | +$51.7M |
2013 Q2
14 quarters
|
|
|
18
Elevance Health
ELV
$91.1B
| $147M | 1.87% |
+1,021,600
| New | +$137M |
2016 Q4
0 quarters
|
|
19
DELISTED
Array Biopharma Inc
ARRY
| $141M | 1.8% |
16,088,800
+1,908,900
| +13% | +$14M |
2013 Q2
14 quarters
|
|
20
Regeneron Pharmaceuticals
REGN
$95.5B
| $130M | 1.66% |
355,300
| – | – |
2013 Q2
14 quarters
|
|
21
Edwards Lifesciences
EW
$53B
| $127M | 1.61% |
4,054,200
-65,400
| -2% | -$2.12M |
2016 Q1
3 quarters
|
|
|
ICPT
22
DELISTED
Intercept Pharmaceuticals, Inc.
ICPT
| $122M | 1.55% |
1,120,000
| – | – |
2013 Q2
14 quarters
|
|
23
Thermo Fisher Scientific
TMO
$258B
| $113M | 1.44% |
799,500
-17,000
| -2% | -$2.51M |
2013 Q2
14 quarters
|
|
|
SGYP
24
DELISTED
Synergy Pharmaceuticals, Inc Common Stock
SGYP
| $111M | 1.42% |
18,241,398
+12,264,750
| +205% | +$64.1M |
2015 Q1
7 quarters
|
|
25
Ironwood Pharmaceuticals
IRWD
$578M
| $111M | 1.41% |
8,646,112
-3,232,994
| -27% | -$40.8M |
2014 Q1
11 quarters
|
|
Similar funds
OrbiMed's Q4 2016 Portfolio in Review
As of Q4 2016, OrbiMed held 151 positions worth $7.85B, down 11% from $8.78B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
OrbiMed withdrew a net $349M in Q4 2016, closing 20 positions and reducing 26 holdings. Its most notable exit was Wellcare Health Plans, Inc., an estimated $146M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 96% of assets, down from 97% a quarter earlier, followed by Miscellaneous and Financials.
Against the trend, OrbiMed opened a new position in Elevance Health worth $147M.
- OrbiMed's largest Q4 2016 buy was Elevance Health: 1,021,600 shares worth $147M.
- OrbiMed added most to Alexion Pharmaceuticals in Q4 2016, an estimated $91.8M increase.
- OrbiMed's biggest Q4 2016 reduction was Molina Healthcare, cutting an estimated $117M.
- OrbiMed fully exited Wellcare Health Plans, Inc. in Q4 2016, selling an estimated $146M.
- OrbiMed's ten largest holdings make up 37% of its $7.85B portfolio in Q4 2016.
- OrbiMed opened 11 new positions and closed 20 in Q4 2016.
- OrbiMed's portfolio value fell 11% quarter-over-quarter to $7.85B.
Based on OrbiMed's 13F filing for Q4 2016, filed 14 Feb 2017.