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PHS

PFM Health Sciences Portfolio holdings

AUM $1.17B
1-Year Est. Return 92.19%
This Fund
S&P 500
This Quarter Est. Return
+12.45%
1 Year Est. Return
+92.19%
3 Year Est. Return
+240.57%
5 Year Est. Return
+377.11%
10 Year Est. Return
+3,179.38%
AUM
$1.3B
AUM Growth
+$126M
Cap. Flow
-$87.8M
Cap. Flow %
-6.75%
Top 10 Hldgs %
49.24%
Holding
85
New
28
Increased
16
Reduced
23
Closed
13

Top Buys

Rank Stock Value
1
UHS icon
Universal Health Services
UHS
+$20.9M
2
ADMA icon
ADMA Biologics
ADMA
+$20.2M
3
UTHR icon
United Therapeutics
UTHR
+$19.9M
4
MRK icon
Merck
MRK
+$19.5M
5
ELV icon
Elevance Health
ELV
+$18.9M

Top Sells

Rank Stock Value
1
LLY icon
Eli Lilly
LLY
+$31.9M
2
DHR icon
Danaher
DHR
+$31.9M
3
HUM icon
Humana
HUM
+$27.8M
4
MOH icon
Molina Healthcare
MOH
+$25.5M
5
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$23.6M

Sector Composition

Rank Sector Weight
1 Healthcare 87.87%
2 Miscellaneous 12.13%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LLY icon
1
Eli Lilly
LLY
$1.02T
$172M 13.21%
225,139
-42,884
-16% -$31.9M
THC icon
2
Tenet Healthcare
THC
$21.3B
$93.7M 7.21%
461,654
-37,589
-8% -$6.67M
XBI icon
3
CALL
State Street SPDR S&P Biotech ETF
XBI
$11.7B
$71.9M 5.53%
+717,400
New +$64.6M
AXSM icon
4
Axsome Therapeutics
AXSM
$10.8B
$64.4M 4.95%
530,332
+47,227
+10% +$5.32M
MCK icon
5
McKesson
MCK
$106B
$55.9M 4.3%
72,313
– –
PEN icon
6
Penumbra
PEN
$12.7B
$49.4M 3.8%
195,085
+28,824
+17% +$7.27M
UTHR icon
7
United Therapeutics
UTHR
$20.9B
$40.1M 3.08%
95,650
+59,259
+163% +$19.9M
ISRG icon
8
Intuitive Surgical
ISRG
$130B
$34.6M 2.66%
77,403
-11,564
-13% -$5.55M
EW icon
9
Edwards Lifesciences
EW
$51.8B
$29.7M 2.28%
381,324
-11,179
-3% -$873K
ASND icon
10
Ascendis Pharma A/S
ASND
$17.7B
$28.9M 2.22%
145,311
-76,443
-34% -$14.3M
HUM icon
11
CALL
Humana
HUM
$48.2B
$28.6M 2.2%
+110,000
New +$28.9M
HCA icon
12
HCA Healthcare
HCA
$87.7B
$28M 2.16%
65,773
-6,517
-9% -$2.53M
CVS icon
13
CVS Health
CVS
$124B
$26.1M 2.01%
346,679
-132,326
-28% -$9.07M
COR icon
14
Cencora
COR
$63.2B
$25.2M 1.93%
80,493
+27,206
+51% +$8.01M
OM icon
15
Outset Medical
OM
$67.5M
$24.4M 1.88%
1,729,921
+65,194
+4% +$1.02M
UHS icon
16
Universal Health Services
UHS
$10B
$23.8M 1.83%
+116,260
New +$20.9M
ICLR icon
17
Icon
ICLR
$12.7B
$23.4M 1.8%
133,683
+45,502
+52% +$7.62M
CNC icon
18
Centene
CNC
$33.1B
$20.5M 1.58%
+574,360
New +$17.3M
MRK icon
19
Merck
MRK
$371B
$19.8M 1.53%
+236,468
New +$19.5M
ELV icon
20
Elevance Health
ELV
$88.4B
$19.6M 1.51%
+60,776
New +$18.9M
NTRA icon
21
Natera
NTRA
$47.3B
$18.6M 1.43%
115,596
+14,346
+14% +$2.27M
ADMA icon
22
ADMA Biologics
ADMA
$2.15B
$17.3M 1.33%
+1,181,011
New +$20.2M
NEO icon
23
NeoGenomics
NEO
$2.23B
$17M 1.31%
2,208,530
+1,438,492
+187% +$10.1M
BBIO icon
24
BridgeBio Pharma
BBIO
$14.6B
$17M 1.31%
327,174
-194,619
-37% -$9.49M
SLNO
25
DELISTED
Soleno Therapeutics
SLNO
$16.5M 1.27%
243,401
-163,801
-40% -$12.1M
1
2 3 4

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PFM Health Sciences's Q3 2025 Portfolio in Review

As of Q3 2025, PFM Health Sciences held 85 positions worth $1.3B, up 11% from $1.17B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

PFM Health Sciences withdrew a net $87.8M in Q3 2025, closing 13 positions and reducing 23 holdings. Its most notable exit was Danaher, an estimated $31.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 88% of assets, down from 95% a quarter earlier, followed by Miscellaneous.

Against the trend, PFM Health Sciences opened a new position in Universal Health Services worth $23.8M.

  • PFM Health Sciences's largest Q3 2025 buy was Universal Health Services: 116,260 shares worth $23.8M.
  • PFM Health Sciences added most to United Therapeutics in Q3 2025, an estimated $19.9M increase.
  • PFM Health Sciences's biggest Q3 2025 reduction was Eli Lilly, cutting an estimated $31.9M.
  • PFM Health Sciences fully exited Danaher in Q3 2025, selling an estimated $31.9M.
  • PFM Health Sciences's ten largest holdings make up 49% of its $1.3B portfolio in Q3 2025.
  • PFM Health Sciences opened 28 new positions and closed 13 in Q3 2025.
  • PFM Health Sciences's portfolio value rose 11% quarter-over-quarter to $1.3B.

Based on PFM Health Sciences's 13F filing for Q3 2025, filed 14 Nov 2025.