DEERFIELD MANAGEMENT COMPANY, L.P.
Long book
$7.18B
Q1 2026
Positions
73
Top-10 weight
54%
concentration
Last quarter
+17.9%
SPY +14.8%
Turnover
58%
of book per quarter
Strategy in plain words
auto-generated from filingsDEERFIELD MANAGEMENT COMPANY, L.P. is a quantitative fund whose holdings reflect models, not opinions, specialised in healthcare (96% of the long book), running a $7.18B US long book across 73 positions.
The portfolio is concentrated: the top 10 names carry 54% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: NUVALENT INC-A, COGENT BIOSCIENCES INC, PRAXIS PRECISION MEDICINES I, VIATRIS INC, UNITED THERAPEUTICS CORP.
Over the last 9 quarters its long book ran on average 1.1pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.9%
Q2 2024
+21.0%
Q3 2024
-16.2%
Q4 2024
-10.7%
Q1 2025
+7.4%
Q2 2025
+12.2%
Q3 2025
+26.5%
Q4 2025
+0.3%
Q1 2026
+17.9%
Sector allocation
Healthcare 93%
Financials 3%
Other 2%
Materials 1%
Technology 1%
Long book by quarter
What does DEERFIELD MANAGEMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NUVL NUVALENT INC-A | Healthcare | 17.2M | $1.77B | 24.6% | Held |
| COGT COGENT BIOSCIENCES INC | Healthcare | 9.0M | $348.1M | 4.9% | Held |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 963.4K | $310.4M | 4.3% | +6.6% |
| VTRS VIATRIS INC | Healthcare | 20.2M | $273.0M | 3.8% | Held |
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 457.0K | $271.0M | 3.8% | +7.3% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 2.3M | $223.4M | 3.1% | -20.6% |
| CELC CELCUITY INC | Healthcare | 1.7M | $195.6M | 2.7% | Held |
| CNC CENTENE CORP | Financials | 5.9M | $193.7M | 2.7% | -8.2% |
| LRMR LARIMAR THERAPEUTICS INC | Healthcare | 35.6M | $160.2M | 2.2% | +16.3% |
| BKD BROOKDALE SENIOR LIVING INC | Healthcare | 11.6M | $159.2M | 2.2% | Held |
| VERA VERA THERAPEUTICS INC | Healthcare | 3.7M | $149.7M | 2.1% | -8.3% |
| IONS IONIS PHARMACEUTICALS INC | Healthcare | 2.0M | $148.7M | 2.1% | Held |
| BCRX BIOCRYST PHARMACEUTICALS INC | Healthcare | 15.0M | $143.2M | 2.0% | +4.9% |
| INSP INSPIRE MEDICAL SYSTEMS INC | Healthcare | 2.7M | $139.4M | 1.9% | +79.5% |
| AHCO ADAPTHEALTH CORP | Healthcare | 11.5M | $136.6M | 1.9% | Held |
| NAMS NEWAMSTERDAM PHARMA CO NV | Healthcare | 4.3M | $136.5M | 1.9% | +2.4% |
| ACHC ACADIA HEALTHCARE CO INC | Healthcare | 4.5M | $105.7M | 1.5% | Held |
| ARWR ARROWHEAD PHARMACEUTICALS IN | Healthcare | 1.6M | $98.6M | 1.4% | -14.2% |
| CPRX CATALYST PHARMACEUTICALS INC | Healthcare | 3.9M | $97.6M | 1.4% | -19.7% |
| INDV INDIVIOR PHARMACEUTICALS INC | Healthcare | 3.1M | $94.4M | 1.3% | New |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 1.6M | $94.0M | 1.3% | +198.1% |
| PHVS PHARVARIS NV | Healthcare | 3.1M | $88.3M | 1.2% | Held |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 3.8M | $88.3M | 1.2% | New |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 4.1M | $86.8M | 1.2% | +42.7% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 1.0M | $85.6M | 1.2% | New |
| PFE PFIZER INC | Healthcare | 3.0M | $85.4M | 1.2% | New |
| NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 610.0K | $80.4M | 1.1% | -48.5% |
| DAWNGBX DAY ONE BIOPHARMACEUTICALS I | — | 3.7M | $79.8M | 1.1% | Held |
| SVRA SAVARA INC | Healthcare | 13.6M | $74.1M | 1.0% | Held |
| EHABUSD ENHABIT INC | — | 4.7M | $66.9M | 0.9% | Held |
| BIO BIO-RAD LABORATORIES-A | Healthcare | 226.1K | $63.0M | 0.9% | Held |
| LNTH LANTHEUS HOLDINGS INC | Materials | 828.0K | $62.8M | 0.9% | Held |
| SPRY ARS PHARMACEUTICALS INC | Healthcare | 7.5M | $60.3M | 0.8% | Held |
| STOK STOKE THERAPEUTICS INC | Healthcare | 1.8M | $59.4M | 0.8% | Held |
| NVST ENVISTA HOLDINGS CORP | Healthcare | 2.2M | $56.1M | 0.8% | -3.1% |
| IDYA IDEAYA BIOSCIENCES INC | Healthcare | 1.5M | $51.0M | 0.7% | -28.9% |
| BMRN BIOMARIN PHARMACEUTICAL INC | Healthcare | 851.6K | $48.1M | 0.7% | New |
| KYMR KYMERA THERAPEUTICS INC | Healthcare | 561.2K | $46.7M | 0.7% | Held |
| CERT CERTARA INC | Technology | 7.8M | $44.5M | 0.6% | Held |
| BBOT BRIDGEBIO ONCOLOGY THERAPEUT | Healthcare | 4.9M | $43.7M | 0.6% | Held |
| IRON DISC MEDICINE INC | Healthcare | 657.0K | $42.0M | 0.6% | +28.5% |
| SION SIONNA THERAPEUTICS INC | Healthcare | 970.6K | $38.9M | 0.5% | Held |
| CDNA CAREDX INC | Healthcare | 2.2M | $38.0M | 0.5% | Held |
| VCYT VERACYTE INC | Healthcare | 726.0K | $23.4M | 0.3% | Held |
| ALNY ALNYLAM PHARMACEUTICALS INC | Healthcare | 67.9K | $22.5M | 0.3% | Held |
| EMBC EMBECTA CORP | Healthcare | 2.5M | $22.4M | 0.3% | -7.9% |
| TYRA TYRA BIOSCIENCES INC | Healthcare | 549.0K | $21.0M | 0.3% | New |
| FHTX FOGHORN THERAPEUTICS INC | Healthcare | 4.4M | $21.0M | 0.3% | +20.4% |
| DRUG BRIGHT MINDS BIOSCIENCES INC | Healthcare | 283.0K | $20.7M | 0.3% | New |
| CMPX COMPASS THERAPEUTICS INC | Healthcare | 3.6M | $19.1M | 0.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 82 | $8.48B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 150 | $7.83B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 152 | $6.55B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 124 | $5.51B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 123 | $5.06B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 106 | $5.28B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 443 | $6.69B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 433 | $6.01B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 367 | $5.75B | canonical | SEC ↗ |