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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
+29.52%
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
$517M
AUM Growth
+$43.2M
Cap. Flow
-$38.9M
Cap. Flow %
-7.51%
Top 10 Hldgs %
31.59%
Holding
139
New
25
Increased
32
Reduced
26
Closed
40

Top Buys

Rank Stock Value
1
MLYS icon
Mineralys Therapeutics
MLYS
+$9.19M
2
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$8M
3
COGT icon
Cogent Biosciences
COGT
+$7.87M
4
VOR icon
Vor Biopharma
VOR
+$7.64M
5
ORIC icon
Oric Pharmaceuticals
ORIC
+$6.59M

Top Sells

Rank Stock Value
1
NICE icon
Nice
NICE
+$19M
2
TSEM icon
Tower Semiconductor
TSEM
+$18.2M
3
QQQ icon
Invesco QQQ Trust
QQQ
+$13.8M
4
PRAX icon
Praxis Precision Medicines
PRAX
+$10.8M
5
TEVA icon
Teva Pharmaceuticals
TEVA
+$9.45M

Sector Composition

Rank Sector Weight
1 Healthcare 79.54%
2 Technology 10.61%
3 Industrials 1.15%
4 Communication Services 0%
5 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HELP
26
Cybin Inc
HELP
$490M
$6.75M 1.31%
825,576
+455,200
+123% +$2.93M
ANNX icon
27
Annexon
ANNX
$796M
$6.61M 1.28%
1,316,212
-478,175
-27% -$1.83M
BCRX icon
28
BioCryst Pharmaceuticals
BCRX
$2.42B
$6.54M 1.26%
+837,889
New +$6.06M
CLDX icon
29
Celldex Therapeutics
CLDX
$2.94B
$6.51M 1.26%
239,764
+32,000
+15% +$843K
SLNO
30
DELISTED
Soleno Therapeutics
SLNO
$6.31M 1.22%
136,314
+94,708
+228% +$5.19M
APLS
31
DELISTED
Apellis Pharmaceuticals
APLS
$6.3M 1.22%
250,961
+187,301
+294% +$4.39M
NICE icon
32
CALL
Nice
NICE
$6.15B
$6.3M 1.22%
+55,700
New +$6.73M
GSK icon
33
GSK
GSK
$107B
$5.98M 1.16%
122,000
– –
ENPH icon
34
Enphase Energy
ENPH
$4.63B
$5.98M 1.16%
186,500
+159,800
+599% +$5.18M
NVO
35
Novo Nordisk
NVO
$228B
$5.89M 1.14%
115,677
+10,000
+9% +$511K
CYTK icon
36
Cytokinetics
CYTK
$10.6B
$5.83M 1.13%
91,717
-69,800
-43% -$4.34M
ABBV icon
37
AbbVie
ABBV
$465B
$5.77M 1.12%
25,256
– –
SEDG icon
38
SolarEdge
SEDG
$2.37B
$5.67M 1.1%
196,536
+55,570
+39% +$1.94M
ACAD icon
39
Acadia Pharmaceuticals
ACAD
$4.51B
$5.67M 1.1%
212,202
+63,302
+43% +$1.51M
VOR icon
40
Vor Biopharma
VOR
$1.06B
$5.37M 1.04%
+410,417
New +$7.64M
MRK icon
41
Merck
MRK
$322B
$5.12M 0.99%
48,600
– –
NVS icon
42
Novartis
NVS
$302B
$5.1M 0.99%
37,000
– –
FBRX icon
43
Forte Biosciences
FBRX
$1.57B
$5.07M 0.98%
185,869
-288,440
-61% -$5.06M
KOD icon
44
Kodiak Sciences
KOD
$2.5B
$4.91M 0.95%
+175,500
New +$3.59M
TNGX icon
45
Tango Therapeutics
TNGX
$4.21B
$4.82M 0.93%
+544,563
New +$4.69M
ATXS
46
DELISTED
Astria Therapeutics
ATXS
$4.66M 0.9%
355,725
+104,500
+42% +$1.25M
MDWD icon
47
MediWound
MDWD
$184M
$4.25M 0.82%
230,347
+45,077
+24% +$824K
CAMT icon
48
Camtek
CAMT
$5.92B
$4.2M 0.81%
39,498
+10,450
+36% +$1.17M
RVMD icon
49
Revolution Medicines
RVMD
$38.5B
$4.18M 0.81%
52,500
-7,500
-13% -$492K
TLT icon
50
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$42.4B
$4.1M 0.79%
47,000
– –
1
2
3 4 5

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KCMH
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FCFC
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SWP
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Sphera Funds Management's Q4 2025 Portfolio in Review

As of Q4 2025, Sphera Funds Management held 139 positions worth $517M, up 9.1% from $474M the previous quarter. Its ten largest holdings account for 32% of the portfolio.

Sphera Funds Management withdrew a net $38.9M in Q4 2025, closing 40 positions and reducing 26 holdings. Its most notable exit was Nice, an estimated $19M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 80% of assets, up from 64% a quarter earlier, followed by Technology and Industrials.

Against the trend, Sphera Funds Management opened a new position in BioMarin Pharmaceuticals worth $8.74M.

  • Sphera Funds Management's largest Q4 2025 buy was BioMarin Pharmaceuticals: 147,000 shares worth $8.74M.
  • Sphera Funds Management added most to Mineralys Therapeutics in Q4 2025, an estimated $9.19M increase.
  • Sphera Funds Management's biggest Q4 2025 reduction was Tower Semiconductor, cutting an estimated $18.2M.
  • Sphera Funds Management fully exited Nice in Q4 2025, selling an estimated $19M.
  • Sphera Funds Management's ten largest holdings make up 32% of its $517M portfolio in Q4 2025.
  • Sphera Funds Management opened 25 new positions and closed 40 in Q4 2025.
  • Sphera Funds Management's portfolio value rose 9.1% quarter-over-quarter to $517M.

Based on Sphera Funds Management's 13F filing for Q4 2025, filed 17 Feb 2026.