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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
PCVX icon
76
Vaxcyte
PCVX
$7.81B
$1.8M 0.38%
+50,000
New +$1.66M
CATX icon
77
Perspective Therapeutics
CATX
$332M
$1.75M 0.37%
510,343
+200,000
+64% +$729K
IMNM icon
78
Immunome
IMNM
$2.58B
$1.72M 0.36%
+147,200
New +$1.46M
MIST icon
79
Milestone Pharmaceuticals
MIST
$138M
$1.64M 0.35%
+820,000
New +$1.44M
JSPR icon
80
Jasper Therapeutics
JSPR
$21M
$1.5M 0.32%
629,470
+614,799
+4,191% +$1.86M
QURE icon
81
uniQure
QURE
$3.03B
$1.45M 0.31%
+24,900
New +$452K
APLS
82
DELISTED
Apellis Pharmaceuticals
APLS
$1.44M 0.3%
63,660
-50,686
-44% -$1.18M
COGT icon
83
Cogent Biosciences
COGT
$6.65B
$1.41M 0.3%
98,526
-45,167
-31% -$535K
GPCR icon
84
CALL
Structure Therapeutics
GPCR
$3.41B
$1.4M 0.3%
+50,000
New +$996K
IBIT icon
85
iShares Bitcoin Trust
IBIT
$46.7B
$1.39M 0.29%
21,455
– –
VTYX
86
DELISTED
Ventyx Biosciences
VTYX
$1.37M 0.29%
440,114
-115,700
-21% -$307K
BHVN icon
87
Biohaven
BHVN
$2.03B
$1.37M 0.29%
91,155
-54,217
-37% -$789K
BCAX
88
Bicara Therapeutics
BCAX
$1.78B
$1.35M 0.29%
85,747
+20,068
+31% +$225K
TSHA icon
89
Taysha Gene Therapies
TSHA
$1.68B
$1.33M 0.28%
408,146
-11,854
-3% -$33.6K
DAWN
90
DELISTED
Day One Biopharmaceuticals
DAWN
$1.24M 0.26%
175,371
– –
HOWL icon
91
Werewolf Therapeutics
HOWL
$17.2M
$1.23M 0.26%
626,810
– –
TRVI icon
92
CALL
Trevi Therapeutics
TRVI
$2.59B
$1.18M 0.25%
+129,200
New +$969K
SABS icon
93
SAB Biotherapeutics
SABS
$273M
$1.14M 0.24%
+566,395
New +$1.28M
ENPH icon
94
Enphase Energy
ENPH
$4.96B
$945K 0.2%
+26,700
New +$992K
VYGR icon
95
Voyager Therapeutics
VYGR
$183M
$933K 0.2%
+199,761
New +$723K
CLYM
96
Climb Bio
CLYM
$681M
$874K 0.18%
434,837
+225,000
+107% +$418K
LRMR icon
97
Larimar Therapeutics
LRMR
$397M
$841K 0.18%
260,385
+63,750
+32% +$239K
PEPG icon
98
PepGen
PEPG
$122M
$792K 0.17%
171,467
+15,000
+10% +$24.2K
BMY icon
99
Bristol-Myers Squibb
BMY
$133B
$789K 0.17%
17,500
– –
VSTM icon
100
Verastem
VSTM
$510M
$691K 0.15%
78,307
-85,000
-52% -$633K
2 3
4
5 6

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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.