PFM Health Sciences, LP
SAN FRANCISCO, CA
$1.2bn in 96 US stocks at the end of 30 June 2026. The top 10 are 34.3% of the money. It changed about 37.2% of the portfolio this quarter.
Value
$1.2bn
Stocks
96
Top 10 share
34.3%
Turnover
37.2%
What changed this quarter
New
Bought for the first time this quarter.
- Ascendis Pharma A/SASND5.4% of the fund
- HumanaHUM3.3% of the fund
- Mettler Toledo InternationalMTD1.5% of the fund
- MerckMRK1.4% of the fund
- CytokineticsCYTK1.4% of the fund
- Lantheus HoldingsLNTH1.4% of the fund
- CVS HealthCVS1.2% of the fund
- Gilead SciencesGILD1.0% of the fund
- TeleflexTFX0.9% of the fund
- iRhythm HoldingsIRTC0.7% of the fund
- West Pharmaceutical ServicesWST0.6% of the fund
- Takeda PharmaceuticalTAK0.6% of the fund
- Hinge HealthHNGE0.6% of the fund
- Arcutis BiotherapeuticsARQT0.6% of the fund
- Integra Lifesciences HoldingsIART0.5% of the fund
- MeiraGTx HoldingsMGTX0.5% of the fund
- Oculis Holding AGOCS0.5% of the fund
- Guardant HealthGH0.5% of the fund
- CelcuityCELC0.5% of the fund
- Arcus BiosciencesRCUS0.4% of the fund
- Charles River Laboratories InternationalCRL0.4% of the fund
- Elanco Animal HealthELAN0.4% of the fund
- Bio-Rad LaboratoriesBIO0.4% of the fund
- Spyre TherapeuticsSYRE0.4% of the fund
- Mirum PharmaceuticalsMIRM0.3% of the fund
Added
Bought more of a stock they already held.
- UnitedHealth GroupUNH3.2% of the fund+52%
- United TherapeuticsUTHR2.4% of the fund+26%
- IconICLR2.1% of the fund+137%
- WatersWAT1.9% of the fund+50%
- StrykerSYK1.5% of the fund+158%
- Cooper CompaniesCOO1.4% of the fund+30%
- Oscar HealthOSCR1.3% of the fund+4%
- Thermo Fisher ScientificTMO1.2% of the fund+92%
- Merit Medical SystemsMMSI1.2% of the fund+21%
- Praxis Precision MedicinesPRAX1.1% of the fund+9%
- Celldex TherapeuticsCLDX1.1% of the fund+5%
- Novo Nordisk A SNVO1.1% of the fund+34%
- Definium TherapeuticsDFTX1.0% of the fund+21%
- Arrowhead PharmaceuticalsARWR0.9% of the fund+105%
- Vera TherapeuticsVERA0.8% of the fund+28%
- Roivant SciencesROIV0.8% of the fund+29%
- Eupraxia PharmaceuticalsEPRX0.7% of the fund+124%
- Kodiak SciencesKOD0.7% of the fund+69%
- IlluminaILMN0.5% of the fund+21%
- Abivax SAABVX0.5% of the fund+62%
Cut
Sold some of their stake.
- Axsome TherapeuticsAXSM4.7% of the fund-17%
- Eli LillyLLY4.1% of the fund-40%
- Jazz PharmaceuticalsJAZZ3.4% of the fund-10%
- Tenet HealthcareTHC2.1% of the fund-68%
- PenumbraPEN1.7% of the fund-57%
- Indivior PharmaceuticalsINDV1.4% of the fund-30%
- CenteneCNC1.4% of the fund-6%
- Madrigal PharmaceuticalsMDGL1.4% of the fund-14%
- Acadia Healthcare CompanyACHC1.3% of the fund-10%
- Oruka TherapeuticsORKA1.3% of the fund-9%
- Integer HoldingsITGR1.0% of the fund-6%
- Dianthus TherapeuticsDNTH1.0% of the fund-30%
- Rhythm PharmaceuticalsRYTM1.0% of the fund-26%
- Henry ScheinHSIC1.0% of the fund-12%
- Tango TherapeuticsTNGX0.9% of the fund-20%
- Viking TherapeuticsVKTX0.9% of the fund-3%
- BrightSpring Health ServicesBTSG0.9% of the fund-24%
- CG OncologyCGON0.8% of the fund-23%
- Amneal PharmaceuticalsAMRX0.7% of the fund-48%
- Abbott LaboratoriesABT0.6% of the fund-41%
- NateraNTRA0.5% of the fund-63%
- Belite BIOBLTE0.5% of the fund-41%
- Structure TherapeuticsGPCR0.4% of the fund-28%
- Cullinan TherapeuticsCGEM0.3% of the fund-15%
- COMPASS PathwaysCMPS0.3% of the fund-82%
Sold out
Sold their entire stake.
- Ascendis Pharma A/SASND-100%
- GlaukosGKOS-100%
- Centessa Pharmaceuticals-100%
- NeogenomicsNEO-100%
- DexcomDXCM-100%
- Terns Pharmaceuticals-100%
- Soleno Therapeutics-100%
- BillionToOneBLLN-100%
- Cardinal HealthCAH-100%
- Alignment HealthcareALHC-100%
- PersonalisPSNL-100%
- MedlineMDLN-100%
- Globus MedicalGMED-100%
Holdings
- Eupraxia PharmaceuticalsEPRX
- Share
- 0.7%
- Value
- $8m
- Shares
- 1,210,661
+124%
- Takeda PharmaceuticalTAK
- Share
- 0.6%
- Value
- $7m
- Shares
- 444,173
New
- Abivax SAABVX
- Share
- 0.5%
- Value
- $6m
- Shares
- 43,264
+62%
- Belite BIOBLTE
- Share
- 0.5%
- Value
- $5m
- Shares
- 34,803
-41%
- Structure TherapeuticsGPCR
- Share
- 0.4%
- Value
- $5m
- Shares
- 91,550
-28%
- Argenx SEARGX
- Share
- 0.4%
- Value
- $4m
- Shares
- 4,482
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Ascendis Pharma A/SASND | 5.4% | $62m | 233,171 | New |
| Axsome TherapeuticsAXSM | 4.7% | $54m | 219,596 | -17% |
| Eli LillyLLY | 4.1% | $47m | 39,258 | -40% |
| Jazz PharmaceuticalsJAZZ | 3.4% | $39m | 160,768 | -10% |
| HumanaHUM | 3.3% | $37m | 94,375 | New |
| UnitedHealth GroupUNH | 3.2% | $37m | 88,276 | +52% |
| Neurocrine BiosciencesNBIX | 3.1% | $36m | 213,407 | Held |
| Inhibrx BiosciencesINBX | 2.5% | $29m | 308,385 | Held |
| United TherapeuticsUTHR | 2.4% | $27m | 49,991 | +26% |
| Revolution MedicinesRVMD | 2.3% | $27m | 143,222 | Held |
| IconICLR | 2.1% | $24m | 136,482 | +137% |
| Tenet HealthcareTHC | 2.1% | $24m | 126,572 | -68% |
| Edwards LifesciencesEW | 2.0% | $23m | 250,453 | Held |
| WatersWAT | 1.9% | $22m | 59,825 | +50% |
| PenumbraPEN | 1.7% | $19m | 60,221 | -57% |
| BridgeBio PharmaBBIO | 1.6% | $19m | 253,358 | Held |
| StrykerSYK | 1.5% | $18m | 56,637 | +158% |
| Mettler Toledo InternationalMTD | 1.5% | $17m | 13,344 | New |
| Indivior PharmaceuticalsINDV | 1.4% | $16m | 401,208 | -30% |
| MerckMRK | 1.4% | $16m | 127,118 | New |
| CytokineticsCYTK | 1.4% | $16m | 191,686 | New |
| Lantheus HoldingsLNTH | 1.4% | $16m | 146,403 | New |
| CenteneCNC | 1.4% | $16m | 248,867 | -6% |
| Cooper CompaniesCOO | 1.4% | $16m | 220,890 | +30% |
| Madrigal PharmaceuticalsMDGL | 1.4% | $16m | 29,313 | -14% |
| Acadia Healthcare CompanyACHC | 1.3% | $16m | 524,934 | -10% |
| Oruka TherapeuticsORKA | 1.3% | $15m | 158,825 | -9% |
| Oscar HealthOSCR | 1.3% | $15m | 519,016 | +4% |
| Thermo Fisher ScientificTMO | 1.2% | $14m | 28,496 | +92% |
| CVS HealthCVS | 1.2% | $14m | 137,457 | New |
| Merit Medical SystemsMMSI | 1.2% | $14m | 197,038 | +21% |
| Praxis Precision MedicinesPRAX | 1.1% | $13m | 38,575 | +9% |
| Celldex TherapeuticsCLDX | 1.1% | $13m | 342,751 | +5% |
| Novo Nordisk A SNVO | 1.1% | $13m | 265,016 | +34% |
| Integer HoldingsITGR | 1.0% | $12m | 126,669 | -6% |
| Dianthus TherapeuticsDNTH | 1.0% | $12m | 121,222 | -30% |
| Definium TherapeuticsDFTX | 1.0% | $12m | 249,020 | +21% |
| Gilead SciencesGILD | 1.0% | $11m | 90,858 | New |
| Rhythm PharmaceuticalsRYTM | 1.0% | $11m | 101,550 | -26% |
| Henry ScheinHSIC | 1.0% | $11m | 134,423 | -12% |
| Arrowhead PharmaceuticalsARWR | 0.9% | $11m | 131,667 | +105% |
| Tango TherapeuticsTNGX | 0.9% | $10m | 326,047 | -20% |
| TeleflexTFX | 0.9% | $10m | 79,708 | New |
| Viking TherapeuticsVKTX | 0.9% | $10m | 255,330 | -3% |
| BrightSpring Health ServicesBTSG | 0.9% | $10m | 141,914 | -24% |
| Vera TherapeuticsVERA | 0.8% | $10m | 224,289 | +28% |
| Roivant SciencesROIV | 0.8% | $9m | 268,008 | +29% |
| CG OncologyCGON | 0.8% | $9m | 128,286 | -23% |
| Amneal PharmaceuticalsAMRX | 0.7% | $8m | 480,715 | -48% |
| Eupraxia PharmaceuticalsEPRX | 0.7% | $8m | 1,210,661 | +124% |
| iRhythm HoldingsIRTC | 0.7% | $8m | 65,196 | New |
| Kodiak SciencesKOD | 0.7% | $8m | 193,315 | +69% |
| Abbott LaboratoriesABT | 0.6% | $7m | 82,230 | -41% |
| West Pharmaceutical ServicesWST | 0.6% | $7m | 20,733 | New |
| Takeda PharmaceuticalTAK | 0.6% | $7m | 444,173 | New |
| Hinge HealthHNGE | 0.6% | $7m | 82,860 | New |
| Arcutis BiotherapeuticsARQT | 0.6% | $6m | 242,069 | New |
| Integra Lifesciences HoldingsIART | 0.5% | $6m | 348,746 | New |
| IlluminaILMN | 0.5% | $6m | 35,040 | +21% |
| MeiraGTx HoldingsMGTX | 0.5% | $6m | 455,286 | New |
| Oculis Holding AGOCS | 0.5% | $6m | 436,042 | New |
| NateraNTRA | 0.5% | $6m | 22,077 | -63% |
| Abivax SAABVX | 0.5% | $6m | 43,264 | +62% |
| Guardant HealthGH | 0.5% | $6m | 36,701 | New |
| CelcuityCELC | 0.5% | $5m | 52,155 | New |
| Belite BIOBLTE | 0.5% | $5m | 34,803 | -41% |
| Structure TherapeuticsGPCR | 0.4% | $5m | 91,550 | -28% |
| Arcus BiosciencesRCUS | 0.4% | $5m | 152,129 | New |
| Charles River Laboratories InternationalCRL | 0.4% | $4m | 18,747 | New |
| Elanco Animal HealthELAN | 0.4% | $4m | 172,489 | New |
| Argenx SEARGX | 0.4% | $4m | 4,482 | Held |
| Bio-Rad LaboratoriesBIO | 0.4% | $4m | 13,995 | New |
| Spyre TherapeuticsSYRE | 0.4% | $4m | 46,217 | New |
| MBX BiosciencesMBX | 0.3% | $4m | 70,971 | Held |
| Mirum PharmaceuticalsMIRM | 0.3% | $4m | 31,536 | New |
| Cullinan TherapeuticsCGEM | 0.3% | $4m | 192,442 | -15% |
| COMPASS PathwaysCMPS | 0.3% | $4m | 247,589 | -82% |
| HCA HealthcareHCA | 0.3% | $3m | 8,295 | -38% |
| Capricor TherapeuticsCAPR | 0.3% | $3m | 122,221 | Held |
| Denali TherapeuticsDNLI | 0.2% | $3m | 100,966 | New |
| Syndax PharmaceuticalsSNDX | 0.2% | $3m | 118,422 | -52% |
| Amylyx PharmaceuticalsAMLX | 0.2% | $3m | 143,700 | Held |
| Tarsus PharmaceuticalsTARS | 0.2% | $3m | 40,579 | -49% |
| Outset MedicalOM | 0.2% | $3m | 582,122 | -2% |
| Omada HealthOMDA | 0.2% | $3m | 114,442 | New |
| ErascaERAS | 0.2% | $2m | 134,088 | New |
| CencoraCOR | 0.2% | $2m | 7,385 | New |
| Biocryst PharmaceuticalsBCRX | 0.2% | $2m | 207,357 | New |
| OmnicellOMCL | 0.2% | $2m | 49,040 | New |
| CVRxCVRX | 0.2% | $2m | 369,572 | New |
| Hims & Hers HealthHIMS | 0.1% | $2m | 49,454 | New |
| Mineralys TherapeuticsMLYS | 0.1% | $2m | 62,418 | -56% |
| Tectonic TherapeuticTECX | 0.1% | $2m | 45,631 | Held |
| uniQureQURE | 0.1% | $1m | 26,396 | -38% |
| RezoluteRZLT | <0.1% | $661,903 | 127,289 | Held |
| Caribou BiosciencesCRBU | <0.1% | $624,249 | 354,687 | -63% |
Options (2)
- CencoraCOR
- Type
- Call
- Value
- $8m
- Contracts
- 28,100
- CenteneCNC
- Type
- Put
- Value
- $6m
- Contracts
- 88,200
| Company | Type | Value | Contracts |
|---|---|---|---|
| CencoraCOR | Call | $8m | 28,100 |
| CenteneCNC | Put | $6m | 88,200 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 2.3% since 30 June 2025.
Where the money is
Health care95.6%
Financial services1.3%
Technology0.8%
Other2.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.