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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
QQQ icon
126
Invesco QQQ Trust
QQQ
$453B
– –
-22,960
Closed -$13.8M
QURE icon
127
uniQure
QURE
$3.03B
– –
-24,900
Closed -$1.45M
QURE icon
128
PUT
uniQure
QURE
$3.03B
– –
-75,000
Closed -$4.38M
ROIV icon
129
CALL
Roivant Sciences
ROIV
$24.5B
– –
-151,600
Closed -$2.29M
ROIV icon
130
Roivant Sciences
ROIV
$24.5B
– –
-42,571
Closed -$644K
RZLT icon
131
Rezolute
RZLT
$454M
– –
-363,947
Closed -$3.42M
SABS icon
132
SAB Biotherapeutics
SABS
$273M
– –
-566,395
Closed -$1.14M
SRPT icon
133
CALL
Sarepta Therapeutics
SRPT
$1.57B
– –
-150,000
Closed -$2.89M
TRVI icon
134
CALL
Trevi Therapeutics
TRVI
$2.59B
– –
-129,200
Closed -$1.18M
TVTX icon
135
CALL
Travere Therapeutics
TVTX
$5.2B
– –
-101,800
Closed -$2.43M
RAPP
136
Rapport Therapeutics
RAPP
$1.96B
– –
-157,533
Closed -$4.68M
TECX
137
Tectonic Therapeutic
TECX
$529M
– –
-115,908
Closed -$1.82M
BCAX
138
Bicara Therapeutics
BCAX
$1.78B
– –
-85,747
Closed -$1.35M
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
BlueSpruce Investments Chicago, Illinois $631M AUM 11.83% 1-Year Est. Return
PWW
Pettyjohn Wood & White Lynchburg, Virginia $628M AUM 20.96% 1-Year Est. Return
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.