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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
THC icon
1
Tenet Healthcare
THC
$16.8B
$79M 7.88%
397,767
-63,887
-14% -$12.9M
LLY icon
2
Eli Lilly
LLY
$1.04T
$73.4M 7.32%
68,289
-156,850
-70% -$150M
AXSM icon
3
Axsome Therapeutics
AXSM
$12.3B
$45.9M 4.58%
251,562
-278,770
-53% -$38.9M
PEN icon
4
Penumbra
PEN
$12.4B
$45.1M 4.5%
145,171
-49,914
-26% -$13.8M
ASND icon
5
Ascendis Pharma A/S
ASND
$16.5B
$37.9M 3.78%
177,685
+32,374
+22% +$6.69M
UTHR icon
6
United Therapeutics
UTHR
$26.2B
$33M 3.29%
67,743
-27,907
-29% -$13M
CNC icon
7
Centene
CNC
$32.5B
$29.9M 2.98%
725,424
+151,064
+26% +$5.65M
BBIO icon
8
BridgeBio Pharma
BBIO
$16.2B
$23.4M 2.34%
306,506
-20,668
-6% -$1.36M
ADMA icon
9
ADMA Biologics
ADMA
$1.94B
$23.2M 2.31%
1,270,894
+89,883
+8% +$1.51M
NBIX icon
10
Neurocrine Biosciences
NBIX
$17.4B
$23.1M 2.31%
163,197
+105,951
+185% +$15.3M
GKOS icon
11
Glaukos
GKOS
$8.98B
$22.8M 2.27%
+201,676
New +$19.3M
TMO icon
12
Thermo Fisher Scientific
TMO
$196B
$22M 2.19%
37,915
+35,601
+1,539% +$20.1M
EW icon
13
Edwards Lifesciences
EW
$48.6B
$21M 2.1%
246,835
-134,489
-35% -$11M
ICLR icon
14
Icon
ICLR
$12.9B
$21M 2.1%
115,336
-18,347
-14% -$3.27M
INBX icon
15
Inhibrx
INBX
$1.26B
$21M 2.09%
265,517
+25,873
+11% +$1.76M
MDT icon
16
Medtronic
MDT
$105B
$20.5M 2.05%
+213,796
New +$20.8M
NEO icon
17
NeoGenomics
NEO
$1.82B
$19.9M 1.99%
1,694,051
-514,479
-23% -$5.55M
MRK icon
18
Merck
MRK
$315B
$19.8M 1.97%
187,834
-48,634
-21% -$4.57M
AMRX icon
19
Amneal Pharmaceuticals
AMRX
$5.67B
$18.5M 1.84%
1,465,480
+1,109,662
+312% +$12.7M
SYK icon
20
Stryker
SYK
$119B
$17.9M 1.78%
+50,852
New +$18.5M
UNH icon
21
UnitedHealth
UNH
$392B
$16.7M 1.66%
+50,539
New +$17.1M
WAT icon
22
Waters Corp
WAT
$36.4B
$16.4M 1.64%
43,208
+12,457
+41% +$4.58M
CNC icon
23
CALL
Centene
CNC
$32.5B
$15.3M 1.53%
+372,300
New +$13.9M
DXCM icon
24
DexCom
DXCM
$27.6B
$15.1M 1.5%
+227,357
New +$14.7M
CNTA
25
DELISTED
Centessa Pharmaceuticals
CNTA
$14.8M 1.48%
591,601
-74,595
-11% -$1.89M
1
2 3 4 5

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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.