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PHS

PFM Health Sciences Portfolio holdings

AUM $1.1B
1-Year Est. Return 57.92%
This Fund
S&P 500
This Quarter Est. Return
+25.74%
1 Year Est. Return
+57.92%
3 Year Est. Return
+183.93%
5 Year Est. Return
+283%
10 Year Est. Return
+2,507.28%
AUM
$1B
AUM Growth
-$297M
Cap. Flow
-$487M
Cap. Flow %
-48.53%
Top 10 Hldgs %
41.28%
Holding
103
New
31
Increased
13
Reduced
33
Closed
25

Top Buys

Rank Stock Value
1
MDT icon
Medtronic
MDT
+$20.8M
2
TMO icon
Thermo Fisher Scientific
TMO
+$20.1M
3
GKOS icon
Glaukos
GKOS
+$19.3M
4
SYK icon
Stryker
SYK
+$18.5M
5
UNH icon
UnitedHealth
UNH
+$17.1M

Top Sells

Rank Stock Value
1
LLY icon
Eli Lilly
LLY
+$150M
2
MCK icon
McKesson
MCK
+$55.9M
3
AXSM icon
Axsome Therapeutics
AXSM
+$38.9M
4
ISRG icon
Intuitive Surgical
ISRG
+$33M
5
COR icon
Cencora
COR
+$25.2M

Sector Composition

Rank Sector Weight
1 Healthcare 96.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NPCE icon
76
Neuropace
NPCE
$474M
$175K 0.02%
+11,329
New +$151K
TMCI icon
77
Treace Medical Concepts
TMCI
$284M
$123K 0.01%
+50,000
New +$217K
AKRO
78
DELISTED
Akero Therapeutics
AKRO
– –
-248,079
Closed -$11.8M
ARQT icon
79
Arcutis Biotherapeutics
ARQT
$3.31B
– –
-360,460
Closed -$6.79M
AZN icon
80
AstraZeneca
AZN
$250B
– –
-30,898
Closed -$4.74M
BSX icon
81
CALL
Boston Scientific
BSX
$71.4B
– –
-122,000
Closed -$11.9M
BSX icon
82
Boston Scientific
BSX
$71.4B
– –
-28,648
Closed -$2.8M
COR icon
83
Cencora
COR
$63.2B
– –
-80,493
Closed -$25.2M
ELV icon
84
Elevance Health
ELV
$84.9B
– –
-60,776
Closed -$19.6M
ELVN icon
85
Enliven Therapeutics
ELVN
$4.31B
– –
-156,463
Closed -$3.2M
HIMS icon
86
Hims & Hers Health
HIMS
$6.87B
– –
-22,915
Closed -$1.3M
HOWL icon
87
Werewolf Therapeutics
HOWL
$19.6M
– –
-401,110
Closed -$790K
HUM icon
88
CALL
Humana
HUM
$44.1B
– –
-110,000
Closed -$28.6M
HUM icon
89
Humana
HUM
$44.1B
– –
-3,648
Closed -$949K
IRTC icon
90
iRhythm Holdings
IRTC
$4.21B
– –
-64,998
Closed -$11.2M
IWM icon
91
PUT
iShares Russell 2000 ETF
IWM
$82.1B
– –
-56,700
Closed -$13.7M
LQDA icon
92
PUT
Liquidia Corp
LQDA
$7.95B
– –
-76,300
Closed -$1.74M
MCK icon
93
McKesson
MCK
$102B
– –
-72,313
Closed -$55.9M
DFTX
94
Definium Therapeutics
DFTX
$6.12B
– –
-75,138
Closed -$886K
MRUS
95
DELISTED
Merus
MRUS
– –
-130,742
Closed -$12.3M
NTRA icon
96
Natera
NTRA
$38B
– –
-115,596
Closed -$18.6M
REGN icon
97
Regeneron Pharmaceuticals
REGN
$79.5B
– –
-19,890
Closed -$11.2M
SPY icon
98
State Street SPDR S&P 500 ETF Trust
SPY
$818B
– –
-21,210
Closed -$14.1M
TEVA icon
99
Teva Pharmaceuticals
TEVA
$40.6B
– –
-356,818
Closed -$7.21M
VRNA
100
DELISTED
Verona Pharma
VRNA
– –
-80,416
Closed -$8.58M
1 2 3
4
5

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DAM
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MAM
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DAM
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KCM
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MIA
MMBG Investment Advisors Miami, Florida $1.09B AUM 30.96% 1-Year Est. Return
YL
YCG LLC Austin, Texas $1.1B AUM 4.87% 1-Year Est. Return
SL
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PWA
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PFM Health Sciences's Q4 2025 Portfolio in Review

As of Q4 2025, PFM Health Sciences held 103 positions worth $1B, down 23% from $1.3B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

PFM Health Sciences withdrew a net $487M in Q4 2025, closing 25 positions and reducing 33 holdings. Its most notable exit was McKesson, an estimated $55.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 97% of assets, up from 88% a quarter earlier.

Against the trend, PFM Health Sciences opened a new position in Medtronic worth $20.5M.

  • PFM Health Sciences's largest Q4 2025 buy was Medtronic: 213,796 shares worth $20.5M.
  • PFM Health Sciences added most to Thermo Fisher Scientific in Q4 2025, an estimated $20.1M increase.
  • PFM Health Sciences's biggest Q4 2025 reduction was Eli Lilly, cutting an estimated $150M.
  • PFM Health Sciences fully exited McKesson in Q4 2025, selling an estimated $55.9M.
  • PFM Health Sciences's ten largest holdings make up 41% of its $1B portfolio in Q4 2025.
  • PFM Health Sciences opened 31 new positions and closed 25 in Q4 2025.
  • PFM Health Sciences's portfolio value fell 23% quarter-over-quarter to $1B.

Based on PFM Health Sciences's 13F filing for Q4 2025, filed 17 Feb 2026.