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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
+10.64%
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
$630M
AUM Growth
+$112M
Cap. Flow
+$86.5M
Cap. Flow %
13.74%
Top 10 Hldgs %
36.68%
Holding
120
New
21
Increased
31
Reduced
30
Closed
24

Top Buys

1
MLYS icon
Mineralys Therapeutics
MLYS
+$26.1M
2
RARE icon
Ultragenyx Pharmaceutical
RARE
+$11.5M
3
BBIO icon
BridgeBio Pharma
BBIO
+$9.97M
4
CLBT icon
Cellebrite
CLBT
+$9.52M
5
PANW icon
Palo Alto Networks
PANW
+$8.87M

Top Sells

1
ANNX icon
Annexon
ANNX
+$6.61M
2
SEDG icon
SolarEdge
SEDG
+$5.4M
3
ORIC icon
Oric Pharmaceuticals
ORIC
+$5.3M
4
ATXS
Astria Therapeutics
ATXS
+$4.66M
5
DYN icon
Dyne Therapeutics
DYN
+$4.01M

Sector Composition

1 Healthcare 74.06%
2 Technology 14.11%
3 Utilities 1.21%
4 Consumer Discretionary 1.06%
5 Industrials 0.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CATX icon
101
Perspective Therapeutics
CATX
$341M
– –
-349,973
Closed -$962K
DAWN
102
DELISTED
Day One Biopharmaceuticals
DAWN
– –
-145,371
Closed -$1.35M
ESLT icon
103
Elbit Systems
ESLT
$34.7B
– –
-5,340
Closed -$3.08M
JANX icon
104
Janux Therapeutics
JANX
$992M
– –
-157,840
Closed -$2.18M
JSPR icon
105
Jasper Therapeutics
JSPR
$24.8M
– –
-485,401
Closed -$888K
MREO
106
Mereo BioPharma
MREO
$49.5M
– –
-255,400
Closed -$106K
NICE icon
107
CALL
Nice
NICE
$5.87B
– –
-55,700
Closed -$6.3M
NRIX icon
108
Nurix Therapeutics
NRIX
$2.4B
– –
-124,000
Closed -$2.35M
PEPG icon
109
PepGen
PEPG
$156M
– –
-121,467
Closed -$791K
PHVS icon
110
Pharvaris
PHVS
$2.44B
– –
-63,953
Closed -$1.77M
PRAX icon
111
CALL
Praxis Precision Medicines
PRAX
$8.77B
– –
-40,000
Closed -$11.8M
RARE icon
112
CALL
Ultragenyx Pharmaceutical
RARE
$2.88B
– –
-350,000
Closed -$8.05M
TARA icon
113
Protara Therapeutics
TARA
$230M
– –
-650,000
Closed -$3.46M
TNYA icon
114
Tenaya Therapeutics
TNYA
$177M
– –
-1,500,000
Closed -$1.07M
TRDA icon
115
Entrada Therapeutics
TRDA
$267M
– –
-110,942
Closed -$1.14M
TSHA icon
116
Taysha Gene Therapies
TSHA
$1.71B
– –
-368,146
Closed -$2.02M
VRNS icon
117
Varonis Systems
VRNS
$5.46B
– –
-52,500
Closed -$1.72M
VTYX
118
DELISTED
Ventyx Biosciences
VTYX
– –
-180,114
Closed -$1.63M
OKUR
119
OnKure Therapeutics
OKUR
$170M
– –
-60,454
Closed -$175K
1 2 3 4
5

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KCMH
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SCM
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FCFC
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PWW
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WAAG
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Sphera Funds Management's Q1 2026 Portfolio in Review

As of Q1 2026, Sphera Funds Management held 120 positions worth $630M, up 22% from $517M the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Sphera Funds Management deployed $86.5M of net new capital in Q1 2026, opening 21 new positions and adding to 31 existing holdings. Its largest new stake was Cellebrite: 631,521 shares worth $8.7M.

By sector, the portfolio is most concentrated in Healthcare at 74% of assets, down from 80% a quarter earlier, followed by Technology and Utilities.

On the sell side, the largest reduction was SolarEdge, an estimated $5.4M trimmed.

  • Sphera Funds Management's largest Q1 2026 buy was Cellebrite: 631,521 shares worth $8.7M.
  • Sphera Funds Management added most to Mineralys Therapeutics in Q1 2026, an estimated $26.1M increase.
  • Sphera Funds Management's biggest Q1 2026 reduction was SolarEdge, cutting an estimated $5.4M.
  • Sphera Funds Management fully exited Annexon in Q1 2026, selling an estimated $6.61M.
  • Sphera Funds Management's ten largest holdings make up 37% of its $630M portfolio in Q1 2026.
  • Sphera Funds Management opened 21 new positions and closed 24 in Q1 2026.
  • Sphera Funds Management's portfolio value rose 22% quarter-over-quarter to $630M.

Based on Sphera Funds Management's 13F filing for Q1 2026, filed 15 May 2026.