PH
PFM Health Sciences, LP — 13F Portfolio Changes & Top Buys (Q2 2026)
PFM Health Sciences, LPCIK: 0001442756
Diversified strategySector-focusedContrarian
Total reported value
$1.2B
Reporting period: 2026-06-30 · Number of holdings: 98
PFM Health Sciences, LP disclosed 98 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.2B and a quarterly turnover rate of 85.6%.
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Personality snowflake
- Concentration
- 7.91
- Portfolio Stability
- 85.58
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 90.47
PFM Health Sciences, LP's disclosed holdings carry a Herfindahl concentration index of 0.020 — mathematically equivalent to about 51 equally-sized positions, well below its 98 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.95), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 68% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy K08588103
Sold out XBI
Trim THC
-68.2% -$51.5M
Trim UTHR
-57.4% -$42.5M
Sold out ASND
New buy HUM
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 96 holdings (of 98 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ✓ | Ascendis Pharma A/s | Stock-Other | 5.34% | +5.34% | NEW | |
| 2 | AXSM | Axsome Therapeutics Inc | Stock-Healthcare | 4.61% | +0.54% | -16.92% | |
| 3 | LLY | Eli Lilly & Co | Stock-Healthcare | 4.04% | -1.48% | -40.30% | |
| 4 | JAZZ | Jazz Pharmaceuticals plc | Stock-Healthcare | 3.32% | +0.25% | -9.75% | |
| 5 | HUM | Humana Inc | Stock-Healthcare | 3.22% | +3.22% | NEW | |
| 6 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 3.15% | +1.72% | +52.10% | |
| 7 | NBIX | Neurocrine Biosciences Inc | Stock-Healthcare | 3.09% | +0.50% | -1.05% | |
| 8 | INBX | Inhibrx Biosciences Inc | Stock-Other | 2.51% | +0.64% | +0.97% | |
| 9 | UTHR | United Therapeutics CORP | Stock-Healthcare | 2.32% | -4.03% | -57.42% | |
| 10 | RVMD | Revolution Medicines Inc | Stock-Healthcare | 2.30% | +1.05% | +1.74% | |
| 11 | ICLR | ICON Public Limited Company | Stock-Healthcare | 2.03% | +1.45% | +137.36% | |
| 12 | THC | Tenet Healthcare CORP | Stock-Healthcare | 2.03% | -4.83% | -68.24% | |
| 13 | EW | Edwards Lifesciences CORP | Stock-Healthcare | 1.94% | +0.08% | -1.59% | |
| 14 | WAT | Waters CORP | Stock-Healthcare | 1.93% | +0.85% | +50.45% | |
| 15 | CNC | Centene CORP | Stock-Healthcare | 1.86% | +1.07% | +27.93% | |
| 16 | PEN | Penumbra Inc | Stock-Healthcare | 1.63% | -2.56% | -56.92% | |
| 17 | BBIO | Bridgebio Pharma Inc | Stock-Healthcare | 1.62% | -0.13% | -1.70% | |
| 18 | SYK | Stryker CORP | Stock-Healthcare | 1.53% | +0.87% | +157.95% | |
| 19 | MTD | Mettler-toledo International | Stock-Healthcare | 1.46% | +1.46% | NEW | |
| 20 | INDV | Indivior Pharmaceuticals Inc | Stock-Other | 1.41% | -0.19% | -30.18% | |
| 21 | MRK | Merck & Co. Inc. | Stock-Healthcare | 1.40% | +1.40% | NEW | |
| 22 | CYTK | Cytokinetics Inc | Stock-Healthcare | 1.40% | +1.40% | NEW | |
| 23 | LNTH | Lantheus Holdings Inc | Stock-Healthcare | 1.39% | +1.39% | NEW | |
| 24 | COO | Cooper Cos Inc/the | Stock-Healthcare | 1.36% | +0.25% | +30.07% | |
| 25 | MDGL | Madrigal Pharmaceuticals Inc | Stock-Healthcare | 1.35% | -0.28% | -14.15% | |
| 26 | ACHC | Acadia Healthcare Co Inc | Stock-Other | 1.33% | +0.09% | -9.92% | |
| 27 | ORKA | Oruka Therapeutics Inc | Stock-Other | 1.30% | +0.52% | -8.75% | |
| 28 | OSCR | Oscar Health Inc - Class A | Stock-Healthcare | 1.27% | +0.75% | +3.84% | |
| 29 | TMO | Thermo Fisher Scientific Inc | Stock-Healthcare | 1.23% | +0.57% | +92.13% | |
| 30 | CVS | Cvs Health CORP | Stock-Healthcare | 1.22% | +1.22% | NEW | |
| 31 | MMSI | Merit Medical Systems Inc | Stock-Healthcare | 1.17% | +0.15% | +21.28% | |
| 32 | PRAX | Praxis Precision Medicines I | Stock-Other | 1.11% | +0.07% | +8.85% | |
| 33 | CLDX | Celldex Therapeutics Inc | Stock-Other | 1.09% | +0.15% | +5.48% | |
| 34 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 1.09% | +0.43% | +34.40% | |
| 35 | ITGR | Integer Holdings CORP | Stock-Healthcare | 1.02% | -0.06% | -6.23% | |
| 36 | DNTH | Dianthus Therapeutics Inc | Stock-Other | 1.01% | -0.31% | -29.58% | |
| 37 | DFTX | Definium Therapeutics Inc | Stock-Other | 1.01% | +0.66% | +21.29% | |
| 38 | GILD | Gilead Sciences Inc | Stock-Healthcare | 0.98% | +0.98% | NEW | |
| 39 | RYTM | Rhythm Pharmaceuticals Inc | Stock-Other | 0.97% | -0.11% | -25.67% | |
| 40 | HSIC | Henry Schein Inc | Stock-Healthcare | 0.96% | -0.07% | -12.21% | |
| 41 | ARWR | Arrowhead Pharmaceuticals In | Stock-Healthcare | 0.92% | +0.55% | +104.84% | |
| 42 | TNGX | Tango Therapeutics Inc | Stock-Other | 0.87% | +0.10% | -19.74% | |
| 43 | TFX | Teleflex Inc | Stock-Healthcare | 0.87% | +0.87% | NEW | |
| 44 | COR | Cencora Inc | Stock-Healthcare | 0.86% | +0.86% | NEW | |
| 45 | VKTX | Viking Therapeutics Inc | Stock-Healthcare | 0.85% | +0.07% | -2.96% | |
| 46 | BTSG | Brightspring Health Services | Stock-Other | 0.85% | +0.12% | -24.25% | |
| 47 | VERA | Vera Therapeutics Inc | Stock-Other | 0.83% | +0.19% | +28.26% | |
| 48 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 0.81% | +0.29% | +29.19% | |
| 49 | CGON | Cg Oncology Inc | Stock-Other | 0.78% | -0.24% | -22.68% | |
| 50 | AMRX | Amneal Pharmaceuticals Inc | Stock-Other | 0.71% | -0.34% | -48.32% |
1–50 of 96
Portfolio Performance
Performance for Q3 2026
+15.2%
Performance Last 4 Quarters
+48.8%
- Stdev
- +19.3%
- Beta
- +0.82
- Alpha
- +4.3%
- Max Drawdown
- -14.9%
- Annualized Perf
- +20.7%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +2.04
- Stutzer
- +0.32
- Treynor
- +0.25
- Sterling
- +1.07
- Calmar
- +1.39
- Information Ratio
- +0.05
- Tracking Error
- +16.3%
- Stdev Down
- +10.2%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +52.9%
- Worst 12 Months
- -10.4%
- Efficiency Ratio
- +0.45
- Sharpe
- +1.07
- Stdev Sectors
- 0%
- Skewness
- 0
- Kurtosis
- -0.79
- Upside Potential
- +3.76
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 98 | $1.2B | 86 | ||
| 2026 Q1 | 83 | $1.1B | 68 | ||
| 2025 Q4 | 78 | $1.0B | 88 | ||
| 2025 Q3 | 72 | $1.3B | 93 | ||
| 2025 Q2 | 57 | $1.2B | 0 | ||
| 2025 Q1 | 66 | $1.4B | 100 | ||
| 2024 Q4 | 83 | $1.6B | 0 | ||
| 2024 Q3 | 75 | $1.8B | 0 | ||
| 2024 Q2 | 78 | $2.0B | 0 | ||
| 2024 Q1 | 87 | $2.1B | 0 | ||
| 2023 Q4 | 65 | $1.7B | 0 | ||
| 2023 Q3 | 73 | $2.1B | 0 | ||
| 2023 Q2 | 83 | $2.6B | 0 | ||
| 2023 Q1 | 78 | $2.3B | 0 | ||
| 2022 Q4 | 89 | $2.8B | 0 | ||
| 2022 Q3 | 85 | $2.8B | 0 | ||
| 2022 Q2 | 80 | $2.6B | 0 | ||
| 2022 Q1 | 68 | $2.7B | 0 | ||
| 2021 Q4 | 71 | $2.9B | 0 | ||
| 2021 Q3 | 85 | $3.4B | 0 | ||
| 2021 Q2 | 84 | $3.2B | 41 | ||
| 2021 Q1 | 86 | $3.3B | 67 | ||
| 2020 Q4 | 85 | $2.8B | 80 | ||
| 2020 Q3 | 77 | $2.2B | 73 | ||
| 2020 Q2 | 76 | $1.9B | 88 | ||
| 2020 Q1 | 61 | $1.2B | 100 | ||
| 2019 Q4 | 61 | $2.1B | 100 | ||
| 2019 Q3 | 72 | $3.4B | 100 | ||
| 2019 Q2 | 85 | $5.3B | 78 | ||
| 2019 Q1 | 90 | $4.5B | 98 | ||
| 2018 Q4 | 94 | $3.8B | 100 | ||
| 2018 Q3 | 117 | $6.8B | 66 | ||
| 2018 Q2 | 122 | $6.4B | 69 | ||
| 2018 Q1 | 94 | $4.9B | 77 | ||
| 2017 Q4 | 81 | $4.2B | 74 | ||
| 2017 Q3 | 89 | $5.1B | 91 | ||
| 2017 Q2 | 90 | $3.7B | 100 | ||
| 2017 Q1 | 99 | $4.0B | 100 | ||
| 2016 Q4 | 93 | $3.5B | 97 | ||
| 2016 Q3 | 85 | $3.4B | 100 | ||
| 2016 Q2 | 81 | $3.3B | 100 | ||
| 2016 Q1 | 82 | $3.2B | 96 | ||
| 2015 Q4 | 67 | $3.3B | 88 | ||
| 2015 Q3 | 75 | $3.6B | 77 | ||
| 2015 Q2 | 87 | $3.9B | 90 | ||
| 2015 Q1 | 83 | $3.6B | 90 | ||
| 2014 Q4 | 92 | $4.3B | 95 | ||
| 2014 Q3 | 66 | $4.3B | 59 | ||
| 2014 Q2 | 64 | $5.0B | 93 | ||
| 2014 Q1 | 72 | $5.5B | 100 | ||
| 2013 Q4 | 61 | $5.0B | 93 | ||
| 2013 Q3 | 73 | $4.2B | 80 | ||
| 2013 Q2 | 74 | $4.8B | 99 |
Holding changes this quarter
PFM Health Sciences, LP's most significant position changes for 2026-06-30: New buy: Ascendis Pharma A/s; Sold out: Ss Spdr S&p Biotech ETF (XBI); Sold out: Ascendis Pharma A/S (ASND); New buy: Humana Inc (HUM); Sold out: Ss Health Care Select Sector (XLV).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | Ascendis Pharma A/s | +5.3% | NEW | New buy |
| 2 | HUM | Humana Inc | +3.2% | NEW | New buy |
| 3 | UNH | Unitedhealth Group Inc | +1.7% | +52.10% | Add |
| 4 | MTD | Mettler-toledo International | +1.5% | NEW | New buy |
| 5 | ICLR | ICON Public Limited Company | +1.5% | +137.36% | Add |
| 6 | MRK | Merck & Co. Inc. | +1.4% | NEW | New buy |
| 7 | CYTK | Cytokinetics Inc | +1.4% | NEW | New buy |
| 8 | LNTH | Lantheus Holdings Inc | +1.4% | NEW | New buy |
| 9 | CVS | Cvs Health CORP | +1.2% | NEW | New buy |
| 10 | CNC | Centene CORP | +1.1% | +27.93% | Add |
| 11 | RVMD | Revolution Medicines Inc | +1.1% | +1.74% | Add |
| 12 | GILD | Gilead Sciences Inc | +1% | NEW | New buy |
| 13 | SYK | Stryker CORP | +0.9% | +157.95% | Add |
| 14 | TFX | Teleflex Inc | +0.9% | NEW | New buy |
| 15 | COR | Cencora Inc | +0.9% | NEW | New buy |
| 16 | WAT | Waters CORP | +0.9% | +50.45% | Add |
| 17 | OSCR | Oscar Health Inc - Class A | +0.8% | +3.84% | Add |
| 18 | IRTC | Irhythm Holdings Inc | +0.7% | NEW | New buy |
| 19 | DFTX | Definium Therapeutics Inc | +0.7% | +21.29% | Add |
| 20 | INBX | Inhibrx Biosciences Inc | +0.6% | +0.97% | Add |
| 21 | WST | West Pharmaceutical Services | +0.6% | NEW | New buy |
| 22 | TAK | Takeda Pharmaceutic-sp Adr | +0.6% | NEW | New buy |
| 23 | HNGE | Hinge Health Inc-a | +0.6% | NEW | New buy |
| 24 | TMO | Thermo Fisher Scientific Inc | +0.6% | +92.13% | Add |
| 25 | ARWR | Arrowhead Pharmaceuticals In | +0.6% | +104.84% | Add |
| 26 | AXSM | Axsome Therapeutics Inc | +0.5% | -16.92% | Trim |
| 27 | ARQT | Arcutis Biotherapeutics Inc | +0.5% | NEW | New buy |
| 28 | IART | Integra Lifesciences Holding | +0.5% | NEW | New buy |
| 29 | MGTX | MeiraGTx Holdings plc | +0.5% | NEW | New buy |
| 30 | ORKA | Oruka Therapeutics Inc | +0.5% | -8.75% | Trim |
| 31 | OCS | Oculis Holding AG | +0.5% | NEW | New buy |
| 32 | NBIX | Neurocrine Biosciences Inc | +0.5% | -1.05% | Trim |
| 33 | GH | Guardant Health Inc | +0.5% | NEW | New buy |
| 34 | CELC | Celcuity Inc | +0.5% | NEW | New buy |
| 35 | NVO | Novo-nordisk A/s-spons Adr | +0.4% | +34.40% | Add |
| 36 | RCUS | Arcus Biosciences Inc | +0.4% | NEW | New buy |
| 37 | CRL | Charles River Laboratories | +0.4% | NEW | New buy |
| 38 | ELAN | Elanco Animal Health Inc | +0.4% | NEW | New buy |
| 39 | BIO | Bio-rad Laboratories-a | +0.4% | NEW | New buy |
| 40 | SYRE | Spyre Therapeutics Inc | +0.4% | NEW | New buy |
| 41 | EPRX | Eupraxia Pharmaceuticals Inc | +0.3% | +123.84% | Add |
| 42 | MIRM | Mirum Pharmaceuticals Inc | +0.3% | NEW | New buy |
| 43 | ROIV | Roivant Sciences Ltd. | +0.3% | +29.19% | Add |
| 44 | JAZZ | Jazz Pharmaceuticals plc | +0.3% | -9.75% | Trim |
| 45 | COO | Cooper Cos Inc/the | +0.3% | +30.07% | Add |
| 46 | KOD | Kodiak Sciences Inc | +0.3% | +68.51% | Add |
| 47 | ABVX | Abivax Sa-adr | +0.2% | +62.26% | Add |
| 48 | DNLI | Denali Therapeutics Inc | +0.2% | NEW | New buy |
| 49 | OMDA | Omada Health Inc | +0.2% | NEW | New buy |
| 50 | ILMN | Illumina Inc | +0.2% | +21.38% | Add |
1–50 of 112
Filing History
FAQ
What is PFM Health Sciences, LP and what type of investor is it?
PFM Health Sciences, LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.2B, spread across 98 disclosed positions.
What are PFM Health Sciences, LP's largest equity positions?
Based on the latest 13F filing, PFM Health Sciences, LP's top holdings by market value are:
1. Ascendis Pharma A/s — $62.2M (5.3%)
2. Axsome Therapeutics Inc (AXSM) — $53.8M (4.6%)
3. Eli Lilly & Co (LLY) — $47.1M (4.0%)
4. Jazz Pharmaceuticals plc (JAZZ) — $38.7M (3.3%)
5. Humana Inc (HUM) — $37.5M (3.2%)
What changes did PFM Health Sciences, LP make in its most recent portfolio filing?
In the latest reported quarter, PFM Health Sciences, LP made 112 notable position adjustments: 33 new positions were initiated, 22 existing holdings were added to, 41 positions were partially reduced, and 16 were completely exited. The largest of these moves: New buy: Ascendis Pharma A/s; Sold out: Ss Spdr S&p Biotech ETF (XBI); Sold out: Ascendis Pharma A/S (ASND); New buy: Humana Inc (HUM); Sold out: Ss Health Care Select Sector (XLV)
What sectors does PFM Health Sciences, LP focus on?
PFM Health Sciences, LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
PFM Health Sciences, LP returned an annualized 20.7% over the trailing 36 months — outperforming the S&P 500 by 4.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.82 (less volatile than the market) and a 53% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 100.0% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 86 over the past 4 quarters — a shift toward more active trading.
It has added to its JAZZ position over the past two quarters (+$30.2M, now $38.7M), while trimming THC over the same stretch (-$55.4M, still holding $23.7M).
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Developer Access
Access PFM Health Sciences, LP's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/pfm-health-sciences-lpCLI
npx alphasmo institutions get pfm-health-sciences-lp