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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
BBIO icon
101
CALL
BridgeBio Pharma
BBIO
$15.7B
– –
-130,000
Closed -$6.75M
BHVN icon
102
Biohaven
BHVN
$2.03B
– –
-91,155
Closed -$1.37M
CDTX
103
CALL
DELISTED
Cidara Therapeutics
CDTX
– –
-100,000
Closed -$9.58M
CDTX
104
DELISTED
Cidara Therapeutics
CDTX
– –
-75,743
Closed -$7.25M
CEVA icon
105
CEVA Inc
CEVA
$914M
– –
-81,085
Closed -$2.14M
CLBT icon
106
Cellebrite
CLBT
$3.67B
– –
-298,948
Closed -$5.54M
CMMB
107
Chemomab Therapeutics
CMMB
$11.1M
– –
-179,425
Closed -$472K
DSGN icon
108
Design Therapeutics
DSGN
$763M
– –
-21,918
Closed -$165K
ELDN icon
109
PUT
Eledon Pharmaceuticals
ELDN
$260M
– –
-200,000
Closed -$518K
ENGN icon
110
enGene Therapeutics
ENGN
$118M
– –
-504,409
Closed -$3.45M
ETNB
111
DELISTED
89bio
ETNB
– –
-39,675
Closed -$583K
GPCR icon
112
CALL
Structure Therapeutics
GPCR
$3.4B
– –
-50,000
Closed -$1.4M
IDYA icon
113
IDEAYA Biosciences
IDYA
$3.43B
– –
-100,000
Closed -$2.72M
IMNM icon
114
Immunome
IMNM
$2.59B
– –
-147,200
Closed -$1.72M
IMVT icon
115
Immunovant
IMVT
$7.87B
– –
-256,743
Closed -$4.14M
LRMR icon
116
Larimar Therapeutics
LRMR
$394M
– –
-260,385
Closed -$841K
META icon
117
Meta Platforms (Facebook)
META
$1.4T
– –
-3,924
Closed -$2.88M
MIST icon
118
Milestone Pharmaceuticals
MIST
$136M
– –
-820,000
Closed -$1.64M
MLTX icon
119
CALL
MoonLake Immunotherapeutics
MLTX
$1.57B
– –
-10,000
Closed -$71.7K
MLTX icon
120
MoonLake Immunotherapeutics
MLTX
$1.57B
– –
-71,010
Closed -$509K
MRUS
121
CALL
DELISTED
Merus
MRUS
– –
-150,000
Closed -$14.1M
NICE icon
122
Nice
NICE
$5.85B
– –
-157,400
Closed -$19M
ORA icon
123
Ormat Technologies
ORA
$6.01B
– –
-29,000
Closed -$2.79M
PCVX icon
124
Vaxcyte
PCVX
$7.85B
– –
-50,000
Closed -$1.8M
PRAX icon
125
Praxis Precision Medicines
PRAX
$8.55B
– –
-57,901
Closed -$10.8M
2 3 4
5
6

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KCMH
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FCFC
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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.