SF
Sphera Funds Management LTD. 13F Disclosure (Q2 2026) — Portfolio & Holdings
Sphera Funds Management LTD.CIK: 0001496201
Diversified strategySector-focusedMomentum follower
Total reported value
$766.5M
Reporting period: 2026-06-30 · Number of holdings: 106
SPHERA FUNDS MANAGEMENT LTD. disclosed 106 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $766.5M and a quarterly turnover rate of 53.4%.
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Personality snowflake
- Concentration
- 8.93
- Portfolio Stability
- 53.43
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 88.74
Sphera Funds Management LTD.'s disclosed holdings carry a Herfindahl concentration index of 0.022 — mathematically equivalent to about 45 equally-sized positions, well below its 106 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 1.13), 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 45% 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.govAdd BIIB
+112.5% $25.5M
Trim NVMI
-52.8% -$9.5M
New buy INSM
Sold out AM6
Sold out CLBT
Sold out APLSUSD
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 101 holdings (of 106 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TEVA | Teva Pharmaceutical-sp Adr | Stock-Healthcare | 6.63% | +1.19% | +31.94% | |
| 2 | BIIB | Biogen Inc | Stock-Healthcare | 5.54% | +2.85% | +112.51% | |
| 3 | MLYS | Mineralys Therapeutics Inc | Stock-Other | 5.17% | -0.59% | +9.70% | |
| 4 | TSEM | Tower Semiconductor Ltd. | Stock-Tech | 3.68% | -0.38% | -25.71% | |
| 5 | CYTK | Cytokinetics Inc | Stock-Healthcare | 3.56% | +0.43% | +6.98% | |
| 6 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 3.10% | -0.96% | -25.00% | |
| 7 | SNDX | Syndax Pharmaceuticals Inc | Stock-Other | 2.89% | +0.20% | +40.03% | |
| 8 | RARE | Ultragenyx Pharmaceutical In | Stock-Other | 2.56% | -0.13% | -27.29% | |
| 9 | BMRN | Biomarin Pharmaceutical Inc | Stock-Healthcare | 2.45% | +1.19% | +134.85% | |
| 10 | BBIO | Bridgebio Pharma Inc | Stock-Healthcare | 2.38% | -0.51% | +0.04% | |
| 11 | COGT | Cogent Biosciences Inc | Stock-Other | 2.32% | -0.22% | +10.33% | |
| 12 | NVMI | Nova Ltd. | Stock-Other | 1.78% | -1.90% | -52.84% | |
| 13 | INSM | Insmed Inc | Stock-Healthcare | 1.65% | +1.65% | NEW | |
| 14 | MAZE | Maze Therapeutics Inc | Stock-Other | 1.63% | +0.55% | +83.67% | |
| 15 | AZN | AstraZeneca PLC | Stock-Healthcare | 1.55% | -0.41% | — | |
| 16 | SNY | Sanofi-adr | Stock-Healthcare | 1.50% | -0.56% | — | |
| 17 | HELP | Cybin Inc | Stock-Other | 1.40% | +0.65% | +64.20% | |
| 18 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.26% | -0.06% | -11.06% | |
| 19 | MDGL | Madrigal Pharmaceuticals Inc | Stock-Healthcare | 1.22% | +0.47% | +92.69% | |
| 20 | TRVI | Trevi Therapeutics Inc | Stock-Other | 1.21% | +0.12% | -13.07% | |
| 21 | ORIC | Oric Pharmaceuticals Inc | Stock-Other | 1.21% | +0.13% | +58.66% | |
| 22 | ACAD | Acadia Pharmaceuticals Inc | Stock-Healthcare | 1.18% | +0.27% | +39.16% | |
| 23 | CLDX | Celldex Therapeutics Inc | Stock-Other | 1.17% | -0.06% | -1.11% | |
| 24 | RYTM | Rhythm Pharmaceuticals Inc | Stock-Other | 1.16% | +1.16% | NEW | |
| 25 | LRCX | Lam Research CORP | Stock-Tech | 1.04% | +1.04% | NEW | |
| 26 | AMAT | Applied Materials Inc | Stock-Tech | 1.04% | +1.04% | NEW | |
| 27 | TNGX | Tango Therapeutics Inc | Stock-Other | 1.04% | -0.10% | -26.00% | |
| 28 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 1.02% | +0.12% | +35.14% | |
| 29 | SEDG 2.25 07-01-29Bond | Solar Edge Technologies | Bond | 1.01% | -0.09% | — | |
| 30 | VOR | Vor Biopharma Inc | Stock-Other | 1.00% | +0.09% | +29.36% | |
| 31 | ABBV | Abbvie Inc | Stock-Healthcare | 0.99% | -0.05% | — | |
| 32 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.98% | +0.05% | +20.58% | |
| 33 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.96% | -0.16% | — | |
| 34 | IDYA | Ideaya Biosciences Inc | Stock-Other | 0.95% | +0.96% | NEW | |
| 35 | ✓ | Immatics NV | Stock-Other | 0.95% | -0.14% | +3.44% | |
| 36 | NVCT | Nuvectis Pharma Inc | Stock-Other | 0.92% | +0.92% | NEW | |
| 37 | PFE | Pfizer Inc | Stock-Healthcare | 0.90% | +0.07% | +53.76% | |
| 38 | HRMY | Harmony Biosciences Holdings | Stock-Other | 0.84% | +0.84% | NEW | |
| 39 | XENE | Xenon Pharmaceuticals Inc | Stock-Other | 0.83% | -0.34% | -17.32% | |
| 40 | CLYM | Climb Bio Inc | Stock-Other | 0.82% | +0.36% | +15.38% | |
| 41 | ZBIO | Zenas Biopharma Inc | Stock-Other | 0.76% | +0.09% | +7.70% | |
| 42 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 0.75% | +0.05% | — | |
| 43 | ELVN | Enliven Therapeutics Inc | Stock-Other | 0.75% | -0.20% | -26.42% | |
| 44 | PRLD | Prelude Therapeutics Inc | Stock-Other | 0.71% | +0.41% | +82.65% | |
| 45 | GSK | Gsk Plc-spon Adr | Stock-Healthcare | 0.70% | -0.37% | -16.39% | |
| 46 | FBRX | Forte Biosciences Inc | Stock-Other | 0.69% | -0.07% | +34.98% | |
| 47 | BIOA | Bioage Labs Inc | Stock-Other | 0.68% | +0.44% | +146.97% | |
| 48 | SRRK | Scholar Rock Holding CORP | Stock-Other | 0.68% | -0.06% | — | |
| 49 | MSLE | Satellos Bioscience Inc | Stock-Other | 0.66% | +0.22% | +33.40% | |
| 50 | PALI | Palisade Bio Inc | Stock-Other | 0.62% | +0.14% | +30.21% |
1–50 of 101
Portfolio Performance
Performance for Q3 2026
+1.5%
Performance Last 4 Quarters
+68.7%
- Stdev
- +28.7%
- Beta
- +1.07
- Alpha
- +7.9%
- Max Drawdown
- -29.4%
- Annualized Perf
- +28.4%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +1.78
- Stutzer
- +0.29
- Treynor
- +0.27
- Sterling
- +1.05
- Calmar
- +0.97
- Information Ratio
- +0.37
- Tracking Error
- +25.2%
- Stdev Down
- +16.4%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +96.1%
- Worst 12 Months
- -27.9%
- Efficiency Ratio
- +0.48
- Sharpe
- +1.02
- Stdev Sectors
- +33.8%
- Skewness
- -0.15
- Kurtosis
- +0.75
- Upside Potential
- +3.23
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 106 | $766.5M | 53 | ||
| 2026 Q1 | 97 | $629.7M | 58 | ||
| 2025 Q4 | 100 | $517.3M | 70 | ||
| 2025 Q3 | 115 | $474.1M | 86 | ||
| 2025 Q2 | 111 | $426.1M | 0 | ||
| 2025 Q1 | 116 | $434.3M | 100 | ||
| 2024 Q4 | 108 | $553.1M | 0 | ||
| 2024 Q3 | 116 | $627.0M | 0 | ||
| 2024 Q2 | 119 | $733.2M | 0 | ||
| 2024 Q1 | 105 | $711.7M | 0 | ||
| 2023 Q4 | 100 | $621.3M | 0 | ||
| 2023 Q3 | 83 | $549.0M | 0 | ||
| 2023 Q2 | 88 | $640.4M | 0 | ||
| 2023 Q1 | 81 | $598.4M | 0 | ||
| 2022 Q4 | 64 | $465.9M | 0 | ||
| 2022 Q3 | 75 | $720.5M | 0 | ||
| 2022 Q2 | 57 | $934.9M | 0 | ||
| 2022 Q1 | 66 | $707.6M | 0 | ||
| 2021 Q4 | 90 | $909.6M | 0 | ||
| 2021 Q3 | 116 | $1.2B | 0 | ||
| 2021 Q2 | 134 | $1.5B | 73 | ||
| 2021 Q1 | 170 | $1.3B | 95 | ||
| 2020 Q4 | 110 | $1.1B | 79 | ||
| 2020 Q3 | 97 | $1.0B | 74 | ||
| 2020 Q2 | 87 | $1.1B | 82 | ||
| 2020 Q1 | 78 | $799.5M | 100 | ||
| 2019 Q4 | 86 | $1.2B | 88 | ||
| 2019 Q3 | 80 | $647.3M | 76 | ||
| 2019 Q2 | 90 | $731.0M | 100 | ||
| 2019 Q1 | 102 | $1.1B | 0 | ||
| 2018 Q4 | 100 | $887.2M | 73 | ||
| 2018 Q3 | 113 | $871.1M | 89 | ||
| 2018 Q2 | 110 | $725.4M | 90 | ||
| 2018 Q1 | 108 | $658.7M | 81 | ||
| 2017 Q4 | 137 | $852.2M | 60 | ||
| 2017 Q3 | 131 | $700.9M | 83 | ||
| 2017 Q2 | 128 | $588.6M | 69 | ||
| 2017 Q1 | 112 | $511.5M | 85 | ||
| 2016 Q4 | 104 | $395.1M | 90 | ||
| 2016 Q3 | 107 | $614.2M | 100 | ||
| 2016 Q2 | 91 | $385.2M | 97 | ||
| 2016 Q1 | 91 | $461.4M | 100 | ||
| 2015 Q4 | 119 | $683.0M | 76 | ||
| 2015 Q3 | 128 | $783.8M | 95 | 181369Y2G0177J378462F | |
| 2015 Q2 | 133 | $1.0B | 81 | 14642872G0177J378464A | |
| 2015 Q1 | 148 | $960.5M | 100 | 1464287278462F3G0083B | |
| 2014 Q4 | 128 | $587.0M | 90 | ||
| 2014 Q3 | 132 | $809.5M | 100 | ||
| 2014 Q2 | 104 | $405.8M | 86 | ||
| 2014 Q1 | 114 | $438.1M | 100 | ||
| 2013 Q4 | 96 | $359.0M | 0 |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Holding changes this quarter
Sphera Funds Management LTD.'s most significant position changes for 2026-06-30: New buy: Insmed Inc (INSM); New buy: Rhythm Pharmaceuticals Inc (RYTM); Sold out: Amicus Therapeutics Inc (AM6); Sold out: Cellebrite DI Ltd. (CLBT); Sold out: Apellis Pharmaceuticals Inc (APLSUSD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BIIB | Biogen Inc | +2.9% | +112.51% | Add |
| 2 | INSM | Insmed Inc | +1.7% | NEW | New buy |
| 3 | TEVA | Teva Pharmaceutical-sp Adr | +1.2% | +31.94% | Add |
| 4 | BMRN | Biomarin Pharmaceutical Inc | +1.2% | +134.85% | Add |
| 5 | RYTM | Rhythm Pharmaceuticals Inc | +1.2% | NEW | New buy |
| 6 | LRCX | Lam Research CORP | +1% | NEW | New buy |
| 7 | AMAT | Applied Materials Inc | +1% | NEW | New buy |
| 8 | IDYA | Ideaya Biosciences Inc | +1% | NEW | New buy |
| 9 | NVCT | Nuvectis Pharma Inc | +0.9% | NEW | New buy |
| 10 | HRMY | Harmony Biosciences Holdings | +0.8% | NEW | New buy |
| 11 | HELP | Cybin Inc | +0.7% | +64.20% | Add |
| 12 | VST | Vistra CORP | +0.6% | NEW | New buy |
| 13 | TLN | Talen Energy CORP | +0.6% | NEW | New buy |
| 14 | CLOU | Global X Cloud Computing ETF | +0.6% | NEW | New buy |
| 15 | AVTX | Avalo Therapeutics Inc | +0.6% | NEW | New buy |
| 16 | MAZE | Maze Therapeutics Inc | +0.6% | +83.67% | Add |
| 17 | PRAX | Praxis Precision Medicines I | +0.6% | NEW | New buy |
| 18 | CABA | Cabaletta Bio Inc | +0.5% | NEW | New buy |
| 19 | MDGL | Madrigal Pharmaceuticals Inc | +0.5% | +92.69% | Add |
| 20 | BBOT | Bridgebio Oncology Therapeut | +0.5% | NEW | New buy |
| 21 | BIOA | Bioage Labs Inc | +0.4% | +146.97% | Add |
| 22 | CYTK | Cytokinetics Inc | +0.4% | +6.98% | Add |
| 23 | ✓ | Proqr Therapeutics N.v. | +0.4% | NEW | New buy |
| 24 | ALNY | Alnylam Pharmaceuticals Inc | +0.4% | NEW | New buy |
| 25 | PRLD | Prelude Therapeutics Inc | +0.4% | +82.65% | Add |
| 26 | LRMR | Larimar Therapeutics Inc | +0.4% | NEW | New buy |
| 27 | CLYM | Climb Bio Inc | +0.4% | +15.38% | Add |
| 28 | IMMX | Immix Biopharma Inc | +0.4% | NEW | New buy |
| 29 | ABVX | Abivax Sa-adr | +0.4% | NEW | New buy |
| 30 | CEG | Constellation Energy | +0.3% | NEW | New buy |
| 31 | ACAD | Acadia Pharmaceuticals Inc | +0.3% | +39.16% | Add |
| 32 | CTMX | Cytomx Therapeutics Inc | +0.3% | +299.55% | Add |
| 33 | MSLE | Satellos Bioscience Inc | +0.2% | +33.40% | Add |
| 34 | TSHA | Taysha Gene Therapies Inc | +0.2% | NEW | New buy |
| 35 | SNDX | Syndax Pharmaceuticals Inc | +0.2% | +40.03% | Add |
| 36 | GENB | Generate Biomedicines Inc | +0.2% | +32.43% | Add |
| 37 | IKT | Inhibikase Therapeutics Inc | +0.2% | NEW | New buy |
| 38 | PALI | Palisade Bio Inc | +0.1% | +30.21% | Add |
| 39 | ORIC | Oric Pharmaceuticals Inc | +0.1% | +58.66% | Add |
| 40 | TRVI | Trevi Therapeutics Inc | +0.1% | -13.07% | Trim |
| 41 | NVS | Novartis Ag-sponsored Adr | +0.1% | +35.14% | Add |
| 42 | DYN | Dyne Therapeutics Inc | +0.1% | +24.28% | Add |
| 43 | TENX | Tenax Therapeutics Inc | +0.1% | +82.19% | Add |
| 44 | VOR | Vor Biopharma Inc | +0.1% | +29.36% | Add |
| 45 | ZBIO | Zenas Biopharma Inc | +0.1% | +7.70% | Add |
| 46 | PFE | Pfizer Inc | +0.1% | +53.76% | Add |
| 47 | IRON | Disc Medicine Inc | +0.1% | +18.68% | Add |
| 48 | ✓ | +0.1% | NEW | New buy | |
| 49 | MRK | Merck & Co. Inc. | +0.1% | +20.58% | Add |
| 50 | NVO | Novo-nordisk A/s-spons Adr | +0.1% | — | Unchanged |
1–50 of 119
Filing History
FAQ
What is Sphera Funds Management LTD. and what type of investor is it?
Sphera Funds Management LTD. 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 $766.5M, spread across 106 disclosed positions.
What are Sphera Funds Management LTD.'s largest equity positions?
Based on the latest 13F filing, Sphera Funds Management LTD.'s top holdings by market value are:
1. Teva Pharmaceutical-sp Adr (TEVA) — $50.8M (6.6%)
2. Biogen Inc (BIIB) — $42.5M (5.5%)
3. Mineralys Therapeutics Inc (MLYS) — $39.7M (5.2%)
4. Tower Semiconductor Ltd. (TSEM) — $28.2M (3.7%)
5. Cytokinetics Inc (CYTK) — $27.3M (3.6%)
What changes did Sphera Funds Management LTD. make in its most recent portfolio filing?
In the latest reported quarter, Sphera Funds Management LTD. made 104 notable position adjustments: 24 new positions were initiated, 34 existing holdings were added to, 28 positions were partially reduced, and 18 were completely exited. The largest of these moves: New buy: Insmed Inc (INSM); New buy: Rhythm Pharmaceuticals Inc (RYTM); Sold out: Amicus Therapeutics Inc (AM6); Sold out: Cellebrite DI Ltd. (CLBT); Sold out: Apellis Pharmaceuticals Inc (APLSUSD)
What sectors does Sphera Funds Management LTD. focus on?
Sphera Funds Management LTD. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 80.8%
• Information Technology: 15.0%
• Utilities: 4.3%
Investment Profile
Sphera Funds Management LTD. returned an annualized 28.4% over the trailing 36 months — outperforming the S&P 500 by 7.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.07 (roughly in line with the market) and a 53% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 80.8% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 53 over the past 4 quarters — a shift toward more active trading.
It has added to its BIIB position over the past two quarters (+$25.8M, now $42.5M), while trimming WVE over the same stretch (-$3.2M, still holding $3.7M).
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PI
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Developer Access
Access Sphera Funds Management LTD.'s institutional profile programmatically:
REST API
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npx alphasmo institutions get sphera-funds-management-ltd