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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
ROIV icon
101
Roivant Sciences
ROIV
$24.5B
$644K 0.14%
+42,571
New +$527K
ETNB
102
DELISTED
89bio
ETNB
$583K 0.12%
39,675
-166,000
-81% -$1.69M
ELDN icon
103
PUT
Eledon Pharmaceuticals
ELDN
$261M
$518K 0.11%
+200,000
New +$585K
MLTX icon
104
MoonLake Immunotherapeutics
MLTX
$1.57B
$509K 0.11%
+71,010
New +$3.7M
CMMB
105
Chemomab Therapeutics
CMMB
$11.4M
$472K 0.1%
179,425
-5,087
-3% -$18.8K
ARWR icon
106
Arrowhead Research
ARWR
$11.9B
$431K 0.09%
12,496
-190,500
-94% -$4.19M
APRE icon
107
Aprea Therapeutics
APRE
$7.68M
$398K 0.08%
270,000
– –
WVE icon
108
Wave Life Sciences
WVE
$1.09B
$366K 0.08%
+50,000
New +$405K
OKUR
109
OnKure Therapeutics
OKUR
$154M
$166K 0.04%
60,454
– –
DSGN icon
110
Design Therapeutics
DSGN
$761M
$165K 0.03%
+21,918
New +$110K
PMN icon
111
ProMIS Neurosciences
PMN
$123M
$125K 0.03%
11,807
-64,165
-84% -$888K
MLTX icon
112
CALL
MoonLake Immunotherapeutics
MLTX
$1.57B
$71.7K 0.02%
10,000
-115,000
-92% -$5.99M
APLT
113
DELISTED
Applied Therapeutics
APLT
$30.2K 0.01%
50,000
– –
AMAT icon
114
Applied Materials
AMAT
$403B
– –
-18,000
Closed -$3.3M
BBIO icon
115
PUT
BridgeBio Pharma
BBIO
$15.7B
– –
-49,900
Closed -$2.15M
CGNT icon
116
Cognyte Software
CGNT
$659M
– –
-45,181
Closed -$417K
COGT icon
117
CALL
Cogent Biosciences
COGT
$6.65B
– –
-200,000
Closed -$1.44M
CRM icon
118
Salesforce
CRM
$151B
– –
-6,800
Closed -$1.85M
CYBR
119
DELISTED
CyberArk
CYBR
– –
-4,000
Closed -$1.63M
ELDN icon
120
CALL
Eledon Pharmaceuticals
ELDN
$261M
– –
-31,200
Closed -$84.6K
ELEV
121
DELISTED
Elevation Oncology
ELEV
– –
-328,562
Closed -$121K
KRYS icon
122
Krystal Biotech
KRYS
$10.1B
– –
-7,335
Closed -$1.01M
KZR
123
DELISTED
Kezar Life Sciences
KZR
– –
-58,539
Closed -$268K
MRVL icon
124
Marvell Technology
MRVL
$168B
– –
-18,730
Closed -$1.45M
MSFT icon
125
Microsoft
MSFT
$3.45T
– –
-11,792
Closed -$5.87M
2 3 4
5
6

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KCMH
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FCFC
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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 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.