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PFM Health Sciences, LP

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13F filer, CIK 1442756, SAN FRANCISCO, CA

PFM Health Sciences, LP reported $1,003,019,673 across 78 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 41.92% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001442756-26-000001

Period
2025-12-31
Reported value
$1B
Holdings
78
Top 10 weight
41.92%
New
31
Sold out
25

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GKOSnew+201,676$22.8M
TMOadded+35,601$20.6M
MDTnew+213,796$20.5M
SYKnew+50,852$17.9M
UNHnew+50,539$16.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
LLYreduced-156,850-$169M
MCKexited-72,313-$55.9M
AXSMreduced-278,770-$50.9M
ISRGreduced-61,993-$35.1M
CORexited-80,493-$25.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001442756-26-000001, largest first. % of portfolio is the value over $987,699,528, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
THCTENET HEALTHCARE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 589,409 shares; 2024Q4: 491,334 shares; 2025Q1: 491,334 shares; 2025Q2: 499,243 shares; 2025Q3: 461,654 shares; 2025Q4: 397,767 shares 397,767$79M8%-63,887Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 298,643 shares; 2024Q4: 298,643 shares; 2025Q1: 273,778 shares; 2025Q2: 268,023 shares; 2025Q3: 225,139 shares; 2025Q4: 68,289 shares 68,289$73.4M7.43%-156,850Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 467,427 shares; 2024Q4: 467,427 shares; 2025Q1: 556,545 shares; 2025Q2: 483,105 shares; 2025Q3: 530,332 shares; 2025Q4: 251,562 shares 251,562$45.9M4.65%-278,770Timeline
PENPENUMBRA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,261 shares; 2024Q4: 166,261 shares; 2025Q1: 166,261 shares; 2025Q2: 166,261 shares; 2025Q3: 195,085 shares; 2025Q4: 145,171 shares 145,171$45.1M4.57%-49,914Timeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,766 shares; 2024Q4: 52,392 shares; 2025Q1: 186,916 shares; 2025Q2: 221,754 shares; 2025Q3: 145,311 shares; 2025Q4: 177,685 shares 177,685$37.9M3.84%+32,374Timeline
UTHRUNITED THERAPEUTICS CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 52,500 shares; 2025Q1: not reported; 2025Q2: 36,391 shares; 2025Q3: 95,650 shares; 2025Q4: 67,743 shares 67,743$33M3.34%-27,907Timeline
CNCCENTENE CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 144,501 shares; 2025Q1: 135,398 shares; 2025Q2: not reported; 2025Q3: 574,360 shares; 2025Q4: 725,424 shares 725,424$29.9M3.02%+151,064Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 290,242 shares; 2025Q1: 908,135 shares; 2025Q2: 521,793 shares; 2025Q3: 327,174 shares; 2025Q4: 306,506 shares 306,506$23.4M2.37%-20,668Timeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,181,011 shares; 2025Q4: 1,270,894 shares 1,270,894$23.2M2.35%+89,883Timeline
NBIXNEUROCRINE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 166,803 shares; 2025Q1: not reported; 2025Q2: 12,821 shares; 2025Q3: 57,246 shares; 2025Q4: 163,197 shares 163,197$23.1M2.34%+105,951Timeline
GKOSGLAUKOS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 201,676 shares 201,676$22.8M2.31%newTimeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 58,433 shares; 2024Q4: 21,040 shares; 2025Q1: 21,897 shares; 2025Q2: not reported; 2025Q3: 2,314 shares; 2025Q4: 37,915 shares 37,915$22M2.22%+35,601Timeline
EWEDWARDS LIFESCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 390,863 shares; 2024Q4: 594,172 shares; 2025Q1: 379,954 shares; 2025Q2: 392,503 shares; 2025Q3: 381,324 shares; 2025Q4: 246,835 shares 246,835$21M2.13%-134,489Timeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 116,532 shares; 2024Q4: 128,637 shares; 2025Q1: 41,038 shares; 2025Q2: 88,181 shares; 2025Q3: 133,683 shares; 2025Q4: 115,336 shares 115,336$21M2.13%-18,347Timeline
INBXINHIBRX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 135,546 shares; 2024Q4: 135,546 shares; 2025Q1: 439,283 shares; 2025Q2: 244,261 shares; 2025Q3: 239,644 shares; 2025Q4: 265,517 shares 265,517$21M2.12%+25,873Timeline
MDTMEDTRONIC PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 213,796 shares 213,796$20.5M2.08%newTimeline
NEONEOGENOMICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 585,381 shares; 2025Q2: 770,038 shares; 2025Q3: 2,208,530 shares; 2025Q4: 1,694,051 shares 1,694,051$19.9M2.02%-514,479Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 542,811 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 236,468 shares; 2025Q4: 187,834 shares 187,834$19.8M2%-48,634Timeline
AMRXAMNEAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 355,818 shares; 2025Q4: 1,465,480 shares 1,465,480$18.5M1.87%+1,109,662Timeline
SYKSTRYKER CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 67,014 shares; 2024Q4: 32,349 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 50,852 shares 50,852$17.9M1.81%newTimeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,588 shares; 2024Q4: 75,588 shares; 2025Q1: 35,904 shares; 2025Q2: 34,623 shares; 2025Q3: not reported; 2025Q4: 50,539 shares 50,539$16.7M1.69%newTimeline
WATWATERS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,063 shares; 2024Q4: 59,053 shares; 2025Q1: 51,858 shares; 2025Q2: 43,089 shares; 2025Q3: 30,751 shares; 2025Q4: 43,208 shares 43,208$16.4M1.66%+12,457Timeline
DXCMDEXCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 328,763 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 227,357 shares 227,357$15.1M1.53%newTimeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 269,158 shares; 2024Q4: 371,766 shares; 2025Q1: 570,546 shares; 2025Q2: 344,972 shares; 2025Q3: 666,196 shares; 2025Q4: 591,601 shares 591,601$14.8M1.5%-74,595Timeline
INDIVIOR PLCINDIVIOR PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,159,833 shares; 2025Q2: 1,355,931 shares; 2025Q3: 561,526 shares; 2025Q4: 360,695 shares 360,695$12.9M1.31%-200,831
CAHCARDINAL HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 148,173 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 62,341 shares 62,341$12.8M1.3%newTimeline
UHSUNIVERSAL HLTH SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 213,983 shares; 2024Q4: 213,983 shares; 2025Q1: 155,520 shares; 2025Q2: not reported; 2025Q3: 116,260 shares; 2025Q4: 57,409 shares 57,409$12.5M1.27%-58,851Timeline
TFXTELEFLEX INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 102,395 shares 102,395$12.5M1.27%newTimeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 331,069 shares; 2025Q4: 151,453 shares 151,453$12.1M1.22%-179,616Timeline
SLNOSOLENO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 307,503 shares; 2025Q1: 595,206 shares; 2025Q2: 407,202 shares; 2025Q3: 243,401 shares; 2025Q4: 247,893 shares 247,893$11.5M1.16%+4,492Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 183,092 shares; 2024Q4: 119,509 shares; 2025Q1: 160,866 shares; 2025Q2: 84,713 shares; 2025Q3: 60,578 shares; 2025Q4: 31,163 shares 31,163$9.18M0.93%-29,415Timeline
ISRGINTUITIVE SURGICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 137,327 shares; 2024Q4: 93,073 shares; 2025Q1: 93,073 shares; 2025Q2: 88,967 shares; 2025Q3: 77,403 shares; 2025Q4: 15,410 shares 15,410$8.73M0.88%-61,993Timeline
GILDGILEAD SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 71,018 shares 71,018$8.72M0.88%newTimeline
JAZZJAZZ PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 17,597 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 50,511 shares 50,511$8.59M0.87%newTimeline
CVSCVS HEALTH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 312,305 shares; 2025Q2: 479,005 shares; 2025Q3: 346,679 shares; 2025Q4: 107,767 shares 107,767$8.55M0.87%-238,912Timeline
SNYSANOFI SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 176,413 shares 176,413$8.55M0.87%newTimeline
IQVIQVIA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 111,854 shares; 2024Q4: 111,854 shares; 2025Q1: 111,854 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 37,852 shares 37,852$8.53M0.86%newTimeline
ITGRINTEGER HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 106,585 shares 106,585$8.36M0.85%newTimeline
COOCOOPER COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 74,363 shares; 2025Q4: 100,802 shares 100,802$8.26M0.84%+26,439Timeline
VEEVVEEVA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,259 shares; 2024Q4: 55,383 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 41,503 shares; 2025Q4: 32,489 shares 32,489$7.25M0.73%-9,014Timeline
OSCROSCAR HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 860,821 shares; 2024Q4: 860,821 shares; 2025Q1: 860,821 shares; 2025Q2: 735,033 shares; 2025Q3: 820,642 shares; 2025Q4: 499,837 shares 499,837$7.18M0.73%-320,805Timeline
BLLNBILLIONTOONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 87,547 shares 87,547$7.16M0.73%newTimeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 157,874 shares; 2025Q4: 163,967 shares 163,967$6.81M0.69%+6,093Timeline
VKTXVIKING THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 37,729 shares; 2025Q3: 183,538 shares; 2025Q4: 188,956 shares 188,956$6.65M0.67%+5,418Timeline
ALGNALIGN TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 42,304 shares 42,304$6.61M0.67%newTimeline
HCAHCA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 124,840 shares; 2024Q4: 69,441 shares; 2025Q1: 77,464 shares; 2025Q2: 72,290 shares; 2025Q3: 65,773 shares; 2025Q4: 13,865 shares 13,865$6.47M0.66%-51,908Timeline
PSNLPERSONALIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 805,817 shares 805,817$6.41M0.65%newTimeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 513,685 shares; 2025Q4: 107,690 shares 107,690$5.45M0.55%-405,995Timeline
CMPSCOMPASS PATHWAYS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 451,267 shares; 2024Q4: 451,267 shares; 2025Q1: 451,267 shares; 2025Q2: 1,779,259 shares; 2025Q3: 1,662,836 shares; 2025Q4: 779,618 shares 779,618$5.38M0.54%-883,218Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 423,910 shares; 2024Q4: 206,871 shares; 2025Q1: 926,424 shares; 2025Q2: not reported; 2025Q3: 256,488 shares; 2025Q4: 242,967 shares 242,967$5.1M0.52%-13,521Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 40,400 shares; 2025Q2: 56,594 shares; 2025Q3: 115,073 shares; 2025Q4: 68,248 shares 68,248$4.75M0.48%-46,825Timeline
ELANELANCO ANIMAL HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 207,311 shares 207,311$4.69M0.47%newTimeline
BTSGBRIGHTSPRING HEALTH SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 118,525 shares 118,525$4.44M0.45%newTimeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 48,162 shares; 2025Q4: 40,210 shares 40,210$4.3M0.44%-7,952Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 31,878 shares 31,878$4.3M0.44%newTimeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 7,258 shares 7,258$4.23M0.43%newTimeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 67,840 shares; 2025Q4: 99,576 shares 99,576$4.1M0.42%+31,736Timeline
MOHMOLINA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,088 shares; 2024Q4: 70,088 shares; 2025Q1: 70,088 shares; 2025Q2: 85,739 shares; 2025Q3: not reported; 2025Q4: 22,802 shares 22,802$3.96M0.4%newTimeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,120 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 133,161 shares 133,161$3.62M0.37%newTimeline
MDLNMEDLINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 85,000 shares 85,000$3.57M0.36%newTimeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,832 shares; 2024Q4: 63,699 shares; 2025Q1: 68,999 shares; 2025Q2: 7,237 shares; 2025Q3: 6,403 shares; 2025Q4: 4,202 shares 4,202$3.53M0.36%-2,201Timeline
BLTEBELITE BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 19,823 shares 19,823$3.17M0.32%newTimeline
FTREFORTREA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 165,439 shares 165,439$2.85M0.29%newTimeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 221,505 shares; 2025Q4: 79,310 shares 79,310$2.5M0.25%-142,195Timeline
CGEMCULLINAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 182,810 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 227,003 shares 227,003$2.35M0.24%newTimeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 27,338 shares 27,338$2.24M0.23%newTimeline
OMOUTSET MED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,685,727 shares; 2025Q2: 1,664,727 shares; 2025Q3: 1,729,921 shares; 2025Q4: 530,796 shares 530,796$1.97M0.2%-1,199,125Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 47,637 shares 47,637$1.73M0.18%newTimeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 834,135 shares; 2025Q2: 732,256 shares; 2025Q3: 436,156 shares; 2025Q4: 134,549 shares 134,549$1.63M0.16%-301,607Timeline
CRBUCARIBOU BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,306,671 shares; 2024Q4: 3,876,462 shares; 2025Q1: 2,506,435 shares; 2025Q2: 1,358,831 shares; 2025Q3: 1,358,831 shares; 2025Q4: 957,787 shares 957,787$1.52M0.15%-401,044Timeline
QUREUNIQURE NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 121,628 shares; 2024Q4: 283,158 shares; 2025Q1: 599,967 shares; 2025Q2: 174,331 shares; 2025Q3: 46,353 shares; 2025Q4: 39,499 shares 39,499$945K0.1%-6,854Timeline
TECXTECTONIC THERAPEUTIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 42,724 shares 42,724$891K0.09%newTimeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 30,799 shares; 2025Q3: 32,539 shares; 2025Q4: 11,002 shares 11,002$874K0.09%-21,537Timeline
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 434,134 shares; 2025Q3: 452,733 shares; 2025Q4: 206,265 shares 206,265$487K0.05%-246,468Timeline
NPCENEUROPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 11,329 shares 11,329$175K0.02%newTimeline
TMCITREACE MED CONCEPTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 50,000 shares 50,000$122K0.01%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
CNCCENTENE CORP DEL Stockcall372,300$15.3Mnew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
ASCENDIS PHARMA A/SASCENDIS PHARMA A/S Convertible bondprincipal10,655,000$15.1M-860,000

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
XBISPDR SERIES TRUST717,400$71.9Mcall
MCKMCKESSON CORP72,313$55.9Mshares
HUMHUMANA INC110,000$28.6Mcall
CORCENCORA INC80,493$25.2Mshares
ELVELEVANCE HEALTH INC FORMERLY60,776$19.6Mshares
NTRANATERA INC115,596$18.6Mshares
SPYSTATE STR SPDR S&P 500 ETF T21,210$14.1Mshares
IWMISHARES TR56,700$13.7Mput
MERUS N VMERUS N V130,742$12.3Mshares
BSXBOSTON SCIENTIFIC CORP122,000$11.9Mcall
AKROAKERO THERAPEUTICS INC248,079$11.8Mshares
REGNREGENERON PHARMACEUTICALS19,890$11.2Mshares
IRTCIRHYTHM HOLDINGS INC64,998$11.2Mshares
VERONA PHARMA PLCVERONA PHARMA PLC80,416$8.58Mshares
TEVATEVA PHARMACEUTICAL INDS LTD356,818$7.21Mshares
ARQTARCUTIS BIOTHERAPEUTICS INC360,460$6.79Mshares
WSTWEST PHARMACEUTICAL SVSC INC18,365$4.82Mshares
AZNASTRAZENECA PLC-SPONS ADR61,795$4.74Mshares
ELVNENLIVEN THERAPEUTICS INC156,463$3.2Mshares
BSXBOSTON SCIENTIFIC CORP28,648$2.8Mshares
LQDALIQUIDIA CORPORATION76,300$1.74Mput
HIMSHIMS & HERS HEALTH INC22,915$1.3Mshares
HUMHUMANA INC3,648$949Kshares
MIND MEDICINE MINDMED INCMIND MEDICINE MINDMED INC75,138$886Kshares
HOWLWEREWOLF THERAPEUTICS INC401,110$790Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001442756-26-000001 base2026-02-17acceptance time not in the bulk data set