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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
PHVS icon
76
Pharvaris
PHVS
$2.28B
$1.77M 0.34%
63,953
-55,453
-46% -$1.34M
VRNS icon
77
Varonis Systems
VRNS
$4.59B
$1.72M 0.33%
52,500
-21,400
-29% -$898K
DTIL icon
78
Precision BioSciences
DTIL
$180M
$1.65M 0.32%
+396,116
New +$2.25M
VTYX
79
DELISTED
Ventyx Biosciences
VTYX
$1.63M 0.31%
180,114
-260,000
-59% -$1.94M
IBIT icon
80
iShares Bitcoin Trust
IBIT
$46.7B
$1.49M 0.29%
30,055
+8,600
+40% +$489K
DAWN
81
DELISTED
Day One Biopharmaceuticals
DAWN
$1.35M 0.26%
145,371
-30,000
-17% -$251K
VYGR icon
82
Voyager Therapeutics
VYGR
$183M
$1.34M 0.26%
339,761
+140,000
+70% +$619K
TRDA icon
83
Entrada Therapeutics
TRDA
$264M
$1.14M 0.22%
+110,942
New +$935K
TNYA icon
84
Tenaya Therapeutics
TNYA
$161M
$1.07M 0.21%
+1,500,000
New +$2.04M
CATX icon
85
Perspective Therapeutics
CATX
$332M
$962K 0.19%
349,973
-160,370
-31% -$458K
BMY icon
86
Bristol-Myers Squibb
BMY
$133B
$944K 0.18%
17,500
– –
JSPR icon
87
Jasper Therapeutics
JSPR
$21M
$888K 0.17%
485,401
-144,069
-23% -$289K
PEPG icon
88
PepGen
PEPG
$122M
$791K 0.15%
121,467
-50,000
-29% -$259K
STTK icon
89
Shattuck Labs
STTK
$675M
$713K 0.14%
+195,212
New +$466K
PALI icon
90
Palisade Bio
PALI
$330M
$433K 0.08%
+184,100
New +$354K
HOWL icon
91
Werewolf Therapeutics
HOWL
$17.2M
$397K 0.08%
626,810
– –
SKYE icon
92
Skye Bioscience
SKYE
$20M
$359K 0.07%
478,928
– –
PRLD icon
93
Prelude Therapeutics
PRLD
$366M
$356K 0.07%
+122,752
New +$207K
APRE icon
94
Aprea Therapeutics
APRE
$7.68M
$230K 0.04%
270,000
– –
OKUR
95
OnKure Therapeutics
OKUR
$154M
$175K 0.03%
60,454
– –
MREO
96
Mereo BioPharma
MREO
$54.7M
$106K 0.02%
+255,400
New +$486K
PMN icon
97
ProMIS Neurosciences
PMN
$123M
$80.6K 0.02%
11,807
– –
APLT
98
DELISTED
Applied Therapeutics
APLT
$5K ﹤0.01%
50,000
– –
AMZN icon
99
Amazon
AMZN
$2.92T
– –
-13,760
Closed -$3.02M
ARWR icon
100
Arrowhead Research
ARWR
$11.9B
– –
-12,496
Closed -$431K
2 3
4
5 6

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KCMH
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FCFC
First Commonwealth Financial Corp Indiana, Pennsylvania $629M AUM 20.47% 1-Year Est. Return
BI
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PWW
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TTSTC
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SWP
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EIM
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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.