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SFM

Sphera Funds Management Portfolio holdings

AUM $630M
1-Year Est. Return 108.65%
This Fund
S&P 500
This Quarter Est. Return
+29.79%
1 Year Est. Return
+108.65%
3 Year Est. Return
+217.64%
5 Year Est. Return
+342.91%
10 Year Est. Return
+2,254.45%
AUM
$474M
AUM Growth
+$47.9M
Cap. Flow
-$48.4M
Cap. Flow %
-10.21%
Top 10 Hldgs %
33.88%
Holding
142
New
32
Increased
21
Reduced
37
Closed
28

Top Buys

Rank Stock Value
1
NICE icon
Nice
NICE
+$23.6M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$13.1M
3
RARE icon
Ultragenyx Pharmaceutical
RARE
+$7.57M
4
CLBT icon
Cellebrite
CLBT
+$4.7M
5
VRNS icon
Varonis Systems
VRNS
+$4.1M

Top Sells

Rank Stock Value
1
SNDX icon
Syndax Pharmaceuticals
SNDX
+$15.5M
2
NVMI
Nova
NVMI
+$8.82M
3
NVDA icon
NVIDIA
NVDA
+$8.61M
4
CYTK icon
Cytokinetics
CYTK
+$6.81M
5
TVTX icon
Travere Therapeutics
TVTX
+$6.3M

Sector Composition

Rank Sector Weight
1 Healthcare 64.08%
2 Technology 17.97%
3 Industrials 0.72%
4 Consumer Discretionary 0.64%
5 Communication Services 0.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DYN icon
26
Dyne Therapeutics
DYN
$4.68B
$5.4M 1.14%
426,518
+205,102
+93% +$2.34M
CLDX icon
27
Celldex Therapeutics
CLDX
$2.94B
$5.37M 1.13%
207,764
-211,776
-50% -$4.91M
GSK icon
28
GSK
GSK
$107B
$5.27M 1.11%
122,000
– –
SEDG icon
29
SolarEdge
SEDG
$2.37B
$5.22M 1.1%
140,966
+13,000
+10% +$388K
ORIC icon
30
Oric Pharmaceuticals
ORIC
$1.17B
$5.18M 1.09%
431,693
+37,000
+9% +$389K
IMTX icon
31
Immatics
IMTX
$1.23B
$4.97M 1.05%
583,105
– –
GPCR icon
32
Structure Therapeutics
GPCR
$3.37B
$4.87M 1.03%
173,931
+78,000
+81% +$1.55M
SVRA icon
33
Savara
SVRA
$1.08B
$4.82M 1.02%
1,350,333
+40,100
+3% +$119K
NVS icon
34
Novartis
NVS
$302B
$4.74M 1%
37,000
– –
RAPP
35
Rapport Therapeutics
RAPP
$1.96B
$4.68M 0.99%
+157,533
New +$2.81M
QURE icon
36
PUT
uniQure
QURE
$2.78B
$4.38M 0.92%
+75,000
New +$1.36M
VRNS icon
37
Varonis Systems
VRNS
$4.67B
$4.25M 0.9%
+73,900
New +$4.1M
TLT icon
38
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$42.4B
$4.2M 0.89%
47,000
– –
IMVT icon
39
Immunovant
IMVT
$7.93B
$4.14M 0.87%
256,743
– –
MRK icon
40
Merck
MRK
$322B
$4.08M 0.86%
48,600
– –
MAZE
41
Maze Therapeutics
MAZE
$1.51B
$4M 0.84%
154,343
-202,110
-57% -$3.41M
ENGN icon
42
enGene Therapeutics
ENGN
$120M
$3.45M 0.73%
504,409
– –
ESLT icon
43
Elbit Systems
ESLT
$36B
$3.44M 0.72%
6,740
+740
+12% +$347K
RZLT icon
44
Rezolute
RZLT
$453M
$3.42M 0.72%
363,947
-387,500
-52% -$2.58M
ELVN icon
45
Enliven Therapeutics
ELVN
$3.78B
$3.41M 0.72%
166,765
+38,250
+30% +$771K
MDWD icon
46
MediWound
MDWD
$184M
$3.34M 0.7%
+185,270
New +$3.42M
ELDN icon
47
Eledon Pharmaceuticals
ELDN
$255M
$3.32M 0.7%
1,280,233
-679,377
-35% -$1.99M
ACAD icon
48
Acadia Pharmaceuticals
ACAD
$4.51B
$3.18M 0.67%
148,900
-26,000
-15% -$615K
PRAX icon
49
Praxis Precision Medicines
PRAX
$8.11B
$3.07M 0.65%
57,901
-51,856
-47% -$2.51M
CAMT icon
50
Camtek
CAMT
$5.92B
$3.05M 0.64%
29,048
-2,928
-9% -$262K
1
2
3 4 5

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Sphera Funds Management's Q3 2025 Portfolio in Review

As of Q3 2025, Sphera Funds Management held 142 positions worth $474M, up 11% from $426M the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Sphera Funds Management withdrew a net $48.4M in Q3 2025, closing 28 positions and reducing 37 holdings. Its most notable exit was NVIDIA, an estimated $8.61M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 64% of assets, down from 66% a quarter earlier, followed by Technology and Industrials.

Against the trend, Sphera Funds Management opened a new position in Nice worth $22.8M.

  • Sphera Funds Management's largest Q3 2025 buy was Nice: 157,400 shares worth $22.8M.
  • Sphera Funds Management added most to Ultragenyx Pharmaceutical in Q3 2025, an estimated $7.57M increase.
  • Sphera Funds Management's biggest Q3 2025 reduction was Syndax Pharmaceuticals, cutting an estimated $15.5M.
  • Sphera Funds Management fully exited NVIDIA in Q3 2025, selling an estimated $8.61M.
  • Sphera Funds Management's ten largest holdings make up 34% of its $474M portfolio in Q3 2025.
  • Sphera Funds Management opened 32 new positions and closed 28 in Q3 2025.
  • Sphera Funds Management's portfolio value rose 11% quarter-over-quarter to $474M.

Based on Sphera Funds Management's 13F filing for Q3 2025, filed 14 Nov 2025.