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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
TEVA icon
1
Teva Pharmaceuticals
TEVA
$37.3B
$35.1M 6.78%
1,123,525
-383,500
-25% -$9.45M
BIIB icon
2
Biogen
BIIB
$30.4B
$16.7M 3.22%
94,738
+12,000
+15% +$1.96M
MLYS icon
3
Mineralys Therapeutics
MLYS
$2.39B
$16.3M 3.15%
449,003
+229,093
+104% +$9.19M
SNDX icon
4
Syndax Pharmaceuticals
SNDX
$2.02B
$16M 3.1%
762,563
+374,847
+97% +$6.54M
NVMI
5
Nova
NVMI
$13.9B
$15.7M 3.04%
47,846
+3,950
+9% +$1.27M
TSEM icon
6
Tower Semiconductor
TSEM
$26.5B
$14.4M 2.78%
122,513
-189,289
-61% -$18.2M
COGT icon
7
Cogent Biosciences
COGT
$6.68B
$13.4M 2.6%
378,500
+279,974
+284% +$7.87M
AZN icon
8
AstraZeneca
AZN
$262B
$12.4M 2.4%
67,530
– –
PRAX icon
9
CALL
Praxis Precision Medicines
PRAX
$8.77B
$11.8M 2.28%
40,000
-10,000
-20% -$1.86M
SNY icon
10
Sanofi
SNY
$107B
$11.6M 2.24%
239,515
+20,000
+9% +$991K
LLY icon
11
Eli Lilly
LLY
$1.05T
$9.72M 1.88%
9,040
-1,000
-10% -$956K
FOLD
12
DELISTED
Amicus Therapeutics
FOLD
$9.38M 1.81%
658,377
-332,765
-34% -$3.27M
IMTX icon
13
Immatics
IMTX
$1.31B
$9.04M 1.75%
861,105
+278,000
+48% +$2.81M
BMRN icon
14
BioMarin Pharmaceuticals
BMRN
$11.5B
$8.74M 1.69%
+147,000
New +$8M
XBI icon
15
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.4B
$8.54M 1.65%
+70,000
New +$8.03M
BBIO icon
16
BridgeBio Pharma
BBIO
$15.9B
$8.24M 1.59%
107,746
+67,000
+164% +$4.4M
ORIC icon
17
Oric Pharmaceuticals
ORIC
$1.11B
$8.22M 1.59%
1,004,378
+572,685
+133% +$6.59M
RARE icon
18
CALL
Ultragenyx Pharmaceutical
RARE
$2.88B
$8.05M 1.56%
+350,000
New +$11.5M
DYN icon
19
Dyne Therapeutics
DYN
$3.92B
$7.69M 1.49%
392,894
-33,624
-8% -$637K
TRVI icon
20
Trevi Therapeutics
TRVI
$2.71B
$7.49M 1.45%
598,534
-45,423
-7% -$525K
JNJ icon
21
Johnson & Johnson
JNJ
$609B
$7.42M 1.43%
35,831
-5,000
-12% -$989K
SVRA icon
22
Savara
SVRA
$1.13B
$7.1M 1.37%
1,178,164
-172,169
-13% -$843K
SRRK icon
23
Scholar Rock
SRRK
$6.33B
$6.97M 1.35%
+158,265
New +$5.94M
WVE icon
24
Wave Life Sciences
WVE
$1.12B
$6.94M 1.34%
408,166
+358,166
+716% +$3.64M
RARE icon
25
Ultragenyx Pharmaceutical
RARE
$2.88B
$6.91M 1.34%
300,623
-51,935
-15% -$1.71M
1
2 3 4 5

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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.