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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
NNDM
126
Nano Dimension
NNDM
$316M
– –
-717,518
Closed -$1.16M
NTLA icon
127
Intellia Therapeutics
NTLA
$1.49B
– –
-128,780
Closed -$1.21M
NVDA icon
128
NVIDIA
NVDA
$4.86T
– –
-54,515
Closed -$8.61M
PANW icon
129
Palo Alto Networks
PANW
$270B
– –
-13,114
Closed -$2.68M
RARE icon
130
CALL
Ultragenyx Pharmaceutical
RARE
$2.45B
– –
-180,600
Closed -$6.57M
RNAM
131
DELISTED
Avidity Biosciences
RNAM
– –
-126,000
Closed -$3.58M
S icon
132
SentinelOne
S
$6.53B
– –
-27,000
Closed -$494K
SLDB icon
133
Solid Biosciences
SLDB
$794M
– –
-50,190
Closed -$244K
SRPT icon
134
Sarepta Therapeutics
SRPT
$1.57B
– –
-159,323
Closed -$2.84M
SRRK icon
135
Scholar Rock
SRRK
$5.67B
– –
-57,497
Closed -$2.04M
TVTX icon
136
Travere Therapeutics
TVTX
$5.2B
– –
-335,333
Closed -$6.3M
UBER icon
137
Uber
UBER
$143B
– –
-30,000
Closed -$2.8M
VTGN icon
138
VistaGen Therapeutics
VTGN
$9.89M
– –
-447,939
Closed -$896K
WIX icon
139
WIX.com
WIX
$2.3B
– –
-16,931
Closed -$2.68M
XBI icon
140
PUT
State Street SPDR S&P Biotech ETF
XBI
$9.95B
– –
-200,000
Closed -$16.6M
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.