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PCM
Politan Capital Management Portfolio holdings
AUM
$985M
1-Year Est. Return
3.12%
This Fund
S&P 500
This Quarter
Est. Return
-3.89%
1 Year Est. Return
-3.12%
3 Year Est. Return
+7.16%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$841M
AUM Growth
-$260M
(-24%)
Cap. Flow
-$222M
Cap. Flow
% of AUM
-26.35%
Top 10 Holdings %
Top 10 Hldgs %
100%
Holding
21
New
–
Increased
–
Reduced
1
Closed
18
Top Buys
No buys this quarter
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Centene
CNC
|
+$195M |
| 2 |
iShares Russell 2000 ETF
IWM
|
+$4.25M |
| 3 |
Vanguard Russell 2000 ETF
VTWO
|
+$3.16M |
| 4 |
CoStar Group
CSGP
|
+$2.33M |
| 5 |
Performance Food Group
PFGC
|
+$1.78M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 100% |
| 2 | Consumer Discretionary | 0% |
| 3 | Consumer Staples | 0% |
| 4 | Industrials | 0% |
| 5 | Materials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
MASI
1
DELISTED
Masimo
MASI
| $597M | 71.01% |
4,589,648
| – | – |
|
2
Azenta
AZTA
$1.26B
| $154M | 18.27% |
4,616,787
| – | – |
|
|
3
Centene
CNC
$31.3B
| $90.1M | 10.72% |
2,190,611
-5,218,473
| -70% | -$195M |
|
4
Amazon
AMZN
$2.5T
| – | – |
-4,086
| Closed | -$897K |
|
5
Air Products & Chemicals
APD
$66.3B
| – | – |
-5,202
| Closed | -$1.42M |
|
6
Bio-Rad Laboratories Class A
BIO
$8.42B
| – | – |
-3,024
| Closed | -$848K |
|
|
7
CoStar Group
CSGP
$11.3B
| – | – |
-27,635
| Closed | -$2.33M |
|
8
Walt Disney
DIS
$165B
| – | – |
-12,296
| Closed | -$1.41M |
|
9
Cedar Fair
FUN
$1.78B
| – | – |
-47,092
| Closed | -$1.07M |
|
10
Grocery Outlet
GO
$891M
| – | – |
-37,863
| Closed | -$608K |
|
11
Alphabet (Google) Class C
GOOG
$3.9T
| – | – |
-5,059
| Closed | -$1.23M |
|
12
GXO Logistics
GXO
$6.06B
| – | – |
-15,676
| Closed | -$829K |
|
13
Honeywell
HON
$77.1B
| – | – |
-6,702
| Closed | -$1.33M |
|
|
14
iShares Russell 2000 ETF
IWM
$80.9B
| – | – |
-17,569
| Closed | -$4.25M |
|
15
iShares US Energy ETF
IYE
$1.74B
| – | – |
-19,599
| Closed | -$931K |
|
16
Meta Platforms (Facebook)
META
$1.51T
| – | – |
-1,269
| Closed | -$932K |
|
17
Middleby
MIDD
$6.05B
| – | – |
-10,215
| Closed | -$1.36M |
|
18
Microsoft
MSFT
$2.84T
| – | – |
-1,826
| Closed | -$946K |
|
|
19
Performance Food Group
PFGC
$17.5B
| – | – |
-17,121
| Closed | -$1.78M |
|
20
Thermo Fisher Scientific
TMO
$211B
| – | – |
-1,799
| Closed | -$873K |
|
|
21
Vanguard Russell 2000 ETF
VTWO
$17.3B
| – | – |
-32,315
| Closed | -$3.16M |
|
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Politan Capital Management's Q4 2025 Portfolio in Review
As of Q4 2025, Politan Capital Management held 21 positions worth $841M, down 24% from $1.1B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Politan Capital Management withdrew a net $222M in Q4 2025, closing 18 positions and reducing 1 holding. Its most notable exit was iShares Russell 2000 ETF, an estimated $4.25M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 98% a quarter earlier, followed by Consumer Discretionary and Consumer Staples.
- Politan Capital Management's biggest Q4 2025 reduction was Centene, cutting an estimated $195M.
- Politan Capital Management fully exited iShares Russell 2000 ETF in Q4 2025, selling an estimated $4.25M.
- Politan Capital Management's ten largest holdings make up 100% of its $841M portfolio in Q4 2025.
- Politan Capital Management opened 0 new positions and closed 18 in Q4 2025.
- Politan Capital Management's portfolio value fell 24% quarter-over-quarter to $841M.
Based on Politan Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.