CIK: 0001496201
Total reported value
$629.7M
Reporting period: 2026-03-31 · Number of holdings: 97
SPHERA FUNDS MANAGEMENT LTD. disclosed 97 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $629.7M and a quarterly turnover rate of 58.2%.
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Sphera Funds Management LTD.'s disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 47 equally-sized positions, well below its 97 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 1.03), 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 42% 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.
Add MLYS
+198.4% $20.0M
Add XBI
+185.7% $17.0M
Add CYTK
+226.1% $13.9M
Add BBIO
+127.6% $10.0M
Add TSEM
+19.0% $11.2M
Trim NICE
-89.9% -$5.7M
Showing top 95 holdings (of 97 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MLYS | Mineralys Therapeutics INC | Stock-Other | 5.76% | +2.61% | +198.43% | |
| 2 | TEVA | Teva Pharmaceutical-sp Adr | Stock-Healthcare | 5.44% | — | +1.20% | |
| 3 | TSEM | Tower Semiconductor Ltd. | Stock-Tech | 4.06% | +1.28% | +18.95% | |
| 4 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 4.06% | +2.41% | +185.71% | |
| 5 | NVMI | Nova Ltd. | Stock-Other | 3.68% | +0.64% | +11.54% | |
| 6 | CYTK | Cytokinetics INC | Stock-Healthcare | 3.13% | +2.00% | +226.13% | |
| 7 | BBIO | Bridgebio Pharma INC | Stock-Healthcare | 2.89% | +1.30% | +127.61% | |
| 8 | BIIB | Biogen INC | Stock-Healthcare | 2.69% | — | -2.33% | |
| 9 | RARE | Ultragenyx Pharmaceutical In | Stock-Other | 2.69% | — | +24.39% | |
| 10 | SNDX | Syndax Pharmaceuticals INC | Stock-Other | 2.69% | — | -4.98% | |
| 11 | COGT | Cogent Biosciences INC | Stock-Other | 2.54% | -0.06% | +10.00% | |
| 12 | SNY | Sanofi-adr | Stock-Healthcare | 2.06% | — | +12.53% | |
| 13 | AZN | AstraZeneca PLC | Stock-Healthcare | 1.96% | +1.96% | NEW | |
| 14 | AM6 | Amicus Therapeutics INC | Stock-Other | 1.39% | — | -8.35% | |
| 15 | CLBT | Cellebrite DI Ltd. | Stock-Other | 1.38% | +1.38% | NEW | |
| 16 | APLSUSD | Apellis Pharmaceuticals INC | Stock-Other | 1.37% | +0.15% | -14.36% | |
| 17 | PANW | Palo Alto Networks INC | Stock-Tech | 1.34% | +1.34% | NEW | |
| 18 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.32% | — | — | |
| 19 | BCRX | Biocryst Pharmaceuticals INC | Stock-Other | 1.31% | — | +3.41% | |
| 20 | CAMT | Camtek Ltd. | Stock-Other | 1.28% | +0.47% | +34.23% | |
| 21 | BMRN | Biomarin Pharmaceutical INC | Stock-Healthcare | 1.26% | — | -4.83% | |
| 22 | CLDX | Celldex Therapeutics INC | Stock-Other | 1.23% | — | +1.59% | |
| 23 | ORA | Ormat Technologies INC | Stock-Utilities | 1.21% | +1.21% | NEW | |
| 24 | XENE | Xenon Pharmaceuticals INC | Stock-Other | 1.17% | +1.17% | NEW | |
| 25 | SLNOEUR | Soleno Therapeutics INC | Stock-Other | 1.15% | — | +58.66% | |
| 26 | TNGX | Tango Therapeutics INC | Stock-Other | 1.14% | +0.21% | -36.91% | |
| 27 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.12% | — | -19.54% | |
| 28 | SEDG 2.25 07-01-29 | Solar Edge Technologies | Stock-Tech | 1.10% | +0.19% | — | |
| 29 | ✓ | Immatics NV | Stock-Other | 1.09% | -0.66% | -19.16% | |
| 30 | TRVI | Trevi Therapeutics INC | Stock-Other | 1.09% | — | -4.09% | |
| 31 | ORIC | Oric Pharmaceuticals INC | Stock-Other | 1.08% | — | -46.47% | |
| 32 | MAZE | Maze Therapeutics INC | Stock-Other | 1.08% | +0.50% | +216.44% | |
| 33 | GSK | Gsk Plc-spon Adr | Stock-Healthcare | 1.07% | — | — | |
| 34 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.06% | +1.06% | NEW | |
| 35 | ABBV | Abbvie INC | Stock-Healthcare | 1.05% | — | +19.80% | |
| 36 | AAOI | Applied Optoelectronics INC | Stock-Tech | 0.99% | +0.99% | NEW | |
| 37 | ELVN | Enliven Therapeutics INC | Stock-Other | 0.95% | +0.27% | -32.41% | |
| 38 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.93% | — | — | |
| 39 | VOR | Vor Biopharma INC | Stock-Other | 0.91% | — | -21.56% | |
| 40 | ACAD | Acadia Pharmaceuticals INC | Stock-Healthcare | 0.91% | — | +20.73% | |
| 41 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.90% | — | — | |
| 42 | ELDN | Eledon Pharmaceuticals INC | Stock-Other | 0.87% | +0.25% | -16.88% | |
| 43 | ENPH | Enphase Energy INC | Stock-Tech | 0.86% | — | -23.64% | |
| 44 | RVMD | Revolution Medicines INC | Stock-Healthcare | 0.85% | — | +4.97% | |
| 45 | PFE | Pfizer INC | Stock-Healthcare | 0.83% | +0.42% | +116.28% | |
| 46 | BHVN | Biohaven Ltd. | Stock-Other | 0.80% | +0.80% | NEW | |
| 47 | FBRX | Forte Biosciences INC | Stock-Other | 0.76% | — | -0.48% | |
| 48 | HELP | Cybin INC | Stock-Other | 0.75% | — | +19.56% | |
| 49 | MDGL | Madrigal Pharmaceuticals INC | Stock-Healthcare | 0.75% | +0.38% | +173.94% | |
| 50 | SRRK | Scholar Rock Holding CORP | Stock-Other | 0.74% | -0.61% | -40.44% |
Performance for Q3 2026
+5.9%
Performance Last 4 Quarters
+85.2%
Based on 64% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 97 | $629.7M | 58 | |
| 2025-12-31 | 100 | $517.3M | 70 | |
| 2025-09-30 | 115 | $474.1M | 86 | |
| 2025-06-30 | 111 | $426.1M | 0 | |
| 2025-03-31 | 116 | $434.3M | 100 | |
| 2024-12-31 | 108 | $553.1M | 0 | |
| 2024-09-30 | 116 | $628.4M | 0 | |
| 2024-06-30 | 119 | $733.2M | 0 | |
| 2024-03-31 | 105 | $711.7M | 0 | |
| 2023-12-31 | 100 | $621.3M | 0 | |
| 2023-09-30 | 83 | $549.0M | 0 | |
| 2023-06-30 | 88 | $640.4M | 0 | |
| 2023-03-31 | 81 | $598.4M | 0 | |
| 2022-12-31 | 64 | $465.9M | 0 | |
| 2022-09-30 | 75 | $720.5M | 0 | |
| 2022-06-30 | 57 | $934.9M | 0 | |
| 2022-03-31 | 66 | $707.6M | 0 | |
| 2021-12-31 | 90 | $909.6M | 0 | |
| 2021-09-30 | 116 | $1.2B | 0 | |
| 2021-06-30 | 134 | $1.5B | 73 | |
| 2021-03-31 | 170 | $1.3B | 95 | |
| 2020-12-31 | 110 | $1.1B | 79 | |
| 2020-09-30 | 97 | $1.0B | 74 | |
| 2020-06-30 | 87 | $1.1B | 82 | |
| 2020-03-31 | 78 | $799.5M | 100 | |
| 2019-12-31 | 86 | $1.2B | 88 | |
| 2019-09-30 | 80 | $647.3M | 76 | |
| 2019-06-30 | 90 | $731.0M | 100 | |
| 2019-03-31 | 102 | $1.1B | 0 | |
| 2018-12-31 | 100 | $887.2M | 73 | |
| 2018-09-30 | 113 | $871.1M | 89 | |
| 2018-06-30 | 110 | $725.4M | 90 | |
| 2018-03-31 | 108 | $658.7M | 81 | |
| 2017-12-31 | 137 | $852.2M | 60 | |
| 2017-09-30 | 131 | $700.9M | 83 | |
| 2017-06-30 | 128 | $588.6M | 69 | |
| 2017-03-31 | 112 | $511.5M | 85 | |
| 2016-12-31 | 104 | $395.1M | 90 | |
| 2016-09-30 | 107 | $614.2M | 100 | |
| 2016-06-30 | 91 | $385.2M | 97 | |
| 2016-03-31 | 91 | $461.4M | 100 | |
| 2015-12-31 | 119 | $683.0M | 76 | |
| 2015-09-30 | 128 | $783.8M | 95 | 181369Y2G0177J378462F |
| 2015-06-30 | 133 | $1.0B | 81 | 14642872G0177J378464A |
| 2015-03-31 | 148 | $960.5M | 100 | 1464287278462F3G0083B |
| 2014-12-31 | 128 | $587.0M | 90 | |
| 2014-09-30 | 132 | $809.5M | 100 | |
| 2014-06-30 | 104 | $405.8M | 86 | |
| 2014-03-31 | 114 | $438.1M | 100 | |
| 2013-12-31 | 96 | $359.0M | 0 |
Sphera Funds Management LTD.'s most significant position changes for 2026-03-31: Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: AstraZeneca PLC (AZN); Sold out: Praxis Precision Medicines I (PRAX); New buy: Cellebrite DI Ltd. (CLBT); New buy: Palo Alto Networks INC (PANW).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MLYS | Mineralys Therapeutics INC | +2.6% | +198.43% | Add |
| 2 | XBI | Ss Spdr S&p Biotech ETF | +2.4% | +185.71% | Add |
| 3 | CYTK | Cytokinetics INC | +2% | +226.13% | Add |
| 4 | BBIO | Bridgebio Pharma INC | +1.3% | +127.61% | Add |
| 5 | TSEM | Tower Semiconductor Ltd. | +1.3% | +18.95% | Add |
| 6 | NVMI | Nova Ltd. | +0.6% | +11.54% | Add |
| 7 | PMN | Promis Neurosciences INC | +0.6% | +2657.61% | Add |
| 8 | MAZE | Maze Therapeutics INC | +0.5% | +216.44% | Add |
| 9 | CAMT | Camtek Ltd. | +0.5% | +34.23% | Add |
| 10 | PFE | Pfizer INC | +0.4% | +116.28% | Add |
| 11 | PALI | Palisade Bio INC | +0.4% | +841.59% | Add |
| 12 | MDGL | Madrigal Pharmaceuticals INC | +0.4% | +173.94% | Add |
| 13 | ELVN | Enliven Therapeutics INC | +0.3% | -32.41% | Trim |
| 14 | ELDN | Eledon Pharmaceuticals INC | +0.3% | -16.88% | Trim |
| 15 | TNGX | Tango Therapeutics INC | +0.2% | -36.91% | Trim |
| 16 | SEDG 2.25 07-01-29 | Solar Edge Technologies | +0.2% | — | Unchanged |
| 17 | APLSUSD | Apellis Pharmaceuticals INC | +0.2% | -14.36% | Trim |
| 18 | COGT | Cogent Biosciences INC | -0.1% | +10.00% | Add |
| 19 | SRRK | Scholar Rock Holding CORP | -0.6% | -40.44% | Trim |
| 20 | ✓ | Immatics NV | -0.7% | -19.16% | Trim |
| 21 | SEDG | Solaredge Technologies INC | -0.7% | -73.12% | Trim |
| 22 | WVE | Wave Life Sciences Ltd. | -0.7% | +34.33% | Add |
| 23 | SVRA | Savara INC | -0.7% | -37.26% | Trim |
| 24 | DYN | Dyne Therapeutics INC | -1% | -59.13% | Trim |
| 25 | NICE | Nice LTD - Spon Adr | -1.1% | -89.93% | Trim |
| 26 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| 27 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 28 | PRAX | Praxis Precision Medicines I | — | EXIT | Sold out |
| 29 | CLBT | Cellebrite DI Ltd. | — | NEW | New buy |
| 30 | PANW | Palo Alto Networks INC | — | NEW | New buy |
| 31 | ORA | Ormat Technologies INC | — | NEW | New buy |
| 32 | XENE | Xenon Pharmaceuticals INC | — | NEW | New buy |
| 33 | AMZN | Amazon.com INC | — | NEW | New buy |
| 34 | ANNX | Annexon INC | — | EXIT | Sold out |
| 35 | AAOI | Applied Optoelectronics INC | — | NEW | New buy |
| 36 | BHVN | Biohaven Ltd. | — | NEW | New buy |
| 37 | CATBUSD | Astria Therapeutics INC | — | EXIT | Sold out |
| 38 | ZBIO | Zenas Biopharma INC | — | NEW | New buy |
| 39 | RLAY | Relay Therapeutics INC | — | NEW | New buy |
| 40 | AMD | Advanced Micro Devices | — | EXIT | Sold out |
| 41 | OVID | Ovid Therapeutics INC | — | NEW | New buy |
| 42 | TARA | Protara Therapeutic INC | — | EXIT | Sold out |
| 43 | IRON | Disc Medicine INC | — | NEW | New buy |
| 44 | AVGO | Broadcom INC | — | EXIT | Sold out |
| 45 | UPB | Upstream Bio INC | — | NEW | New buy |
| 46 | ESLT | Elbit Systems Ltd. | — | EXIT | Sold out |
| 47 | MSLE | Satellos Bioscience INC | — | NEW | New buy |
| 48 | NRIX | Nurix Therapeutics INC | — | EXIT | Sold out |
| 49 | GENB | Generate Biomedicines INC | — | NEW | New buy |
| 50 | JANX | Janux Therapeutics INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-15 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-17 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-06-20 | Amendment | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-10 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-27 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-09 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-09 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-10 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-06 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-11 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-12 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-20 | Amendment | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-20 | Amendment | View on EDGAR |
| 2014-06-30 | 2014-08-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-13 | 13F-HR | View on EDGAR |
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