PFM Health Sciences, LP
Long book
$933.3M
Q1 2026
Positions
76
Top-10 weight
42%
concentration
Last quarter
+27.4%
SPY +14.8%
Turnover
40%
of book per quarter
Strategy in plain words
auto-generated from filingsPFM Health Sciences, LP is a diversified fundamental manager, specialised in healthcare (90% of the long book), running a $933.3M US long book across 76 positions.
The portfolio is moderately concentrated (top 10 ≈ 42% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TENET HEALTHCARE CORP, ELI LILLY & CO, PENUMBRA INC, AXSOME THERAPEUTICS INC, The Bank of New York Mellon Corporation.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-6.3%
Q2 2024
+2.8%
Q3 2024
-11.2%
Q4 2024
+2.1%
Q1 2025
+1.0%
Q2 2025
+7.7%
Q3 2025
+22.3%
Q4 2025
-7.1%
Q1 2026
+27.4%
Sector allocation
Healthcare 87%
Financials 4%
Other 3%
Consumer discretionary 2%
Materials 2%
Services media 2%
Long book by quarter
What does PFM Health own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| THC TENET HEALTHCARE CORP | Healthcare | 398.6K | $75.2M | 8.1% | +0.2% |
| LLY ELI LILLY & CO | Healthcare | 65.8K | $60.5M | 6.5% | -3.7% |
| PEN PENUMBRA INC | Healthcare | 139.8K | $45.9M | 4.9% | -3.7% |
| AXSM AXSOME THERAPEUTICS INC | Healthcare | 264.3K | $44.7M | 4.8% | +5.1% |
| JAZZ JAZZ PHARMACEUTICALS PLC | Healthcare | 178.1K | $33.7M | 3.6% | +252.7% |
| NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 215.7K | $28.4M | 3.0% | +32.2% |
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 39.8K | $23.6M | 2.5% | -41.2% |
| GKOS GLAUKOS CORP | Healthcare | 215.7K | $23.2M | 2.5% | +6.9% |
| INBX INHIBRX BIOSCIENCES INC | Healthcare | 305.4K | $20.5M | 2.2% | +15.0% |
| EW EDWARDS LIFESCIENCES CORP | Healthcare | 254.5K | $20.4M | 2.2% | +3.1% |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 257.7K | $19.1M | 2.1% | -15.9% |
| MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 34.1K | $17.9M | 1.9% | +370.5% |
| INDV INDIVIOR PHARMACEUTICALS INC | Healthcare | 574.7K | $17.5M | 1.9% | New |
| UNH UNITEDHEALTH GROUP INC | Financials | 58.0K | $15.7M | 1.7% | +14.8% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 172.1K | $14.4M | 1.5% | +72.9% |
| ABT ABBOTT LABORATORIES | Healthcare | 140.4K | $14.4M | 1.5% | New |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 140.8K | $13.7M | 1.5% | -7.1% |
| ACHC ACADIA HEALTHCARE CO INC | Healthcare | 582.7K | $13.6M | 1.5% | New |
| NEO NEOGENOMICS INC | Services media | 1.8M | $13.2M | 1.4% | +5.3% |
| COO COOPER COS INC/THE | Healthcare | 169.8K | $12.1M | 1.3% | +68.5% |
| NTRA NATERA INC | Healthcare | 60.0K | $12.0M | 1.3% | New |
| ITGR INTEGER HOLDINGS CORP | Healthcare | 135.1K | $11.9M | 1.3% | +26.7% |
| RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 136.6K | $11.9M | 1.3% | +239.8% |
| WAT WATERS CORP | Healthcare | 39.8K | $11.8M | 1.3% | -8.0% |
| AMRX AMNEAL PHARMACEUTICALS INC | Healthcare | 930.1K | $11.6M | 1.2% | -36.5% |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 35.4K | $11.4M | 1.2% | +13.7% |
| HSIC HENRY SCHEIN INC | Consumer discretionary | 153.1K | $11.3M | 1.2% | New |
| CGON CG ONCOLOGY INC | Healthcare | 165.9K | $11.2M | 1.2% | +1.2% |
| MMSI MERIT MEDICAL SYSTEMS INC | Healthcare | 162.5K | $11.2M | 1.2% | New |
| CLDX CELLDEX THERAPEUTICS INC | Materials | 325.0K | $10.3M | 1.1% | +144.0% |
| DXCM DEXCOM INC | Healthcare | 149.7K | $9.4M | 1.0% | -34.1% |
| 430 TERNS PHARMACEUTICALS INC | — | 173.0K | $9.1M | 1.0% | New |
| CNC CENTENE CORP | Financials | 263.5K | $8.6M | 0.9% | -63.7% |
| VKTX VIKING THERAPEUTICS INC | Healthcare | 263.1K | $8.6M | 0.9% | +39.2% |
| ORKA ORUKA THERAPEUTICS INC | Healthcare | 174.1K | $8.5M | 0.9% | New |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 406.2K | $8.5M | 0.9% | New |
| SLNOEUR SOLENO THERAPEUTICS INC | — | 248.2K | $8.3M | 0.9% | +0.1% |
| BTSG BRIGHTSPRING HEALTH SERVICES | Healthcare | 187.3K | $8.0M | 0.9% | +58.1% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 14.8K | $7.3M | 0.8% | -60.9% |
| SYK STRYKER CORP | Healthcare | 22.0K | $7.2M | 0.8% | -56.8% |
| VERA VERA THERAPEUTICS INC | Healthcare | 174.9K | $7.0M | 0.8% | +62.4% |
| BLLN BILLIONTOONE INC CL A | Healthcare | 88.1K | $7.0M | 0.7% | +0.6% |
| CAH CARDINAL HEALTH INC | Consumer discretionary | 31.9K | $6.7M | 0.7% | -48.8% |
| ICLR ICON PLC | Healthcare | 57.5K | $6.4M | 0.7% | -50.1% |
| ALHC ALIGNMENT HEALTHCARE INC | Financials | 359.8K | $6.3M | 0.7% | New |
| HCA HCA HEALTHCARE INC | Healthcare | 13.4K | $6.3M | 0.7% | -3.7% |
| ROIV ROIVANT SCIENCES LTD | Healthcare | 207.4K | $5.7M | 0.6% | New |
| OSCR OSCAR HEALTH INC - CLASS A | Financials | 499.8K | $5.7M | 0.6% | Held |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 245.0K | $5.7M | 0.6% | +0.8% |
| TARS TARSUS PHARMACEUTICALS INC | Healthcare | 80.2K | $5.6M | 0.6% | +193.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 83 | $1.10B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 78 | $1.00B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 72 | $1.30B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 57 | $1.17B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 66 | $1.38B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 83 | $1.61B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 75 | $1.76B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 78 | $2.02B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 87 | $2.13B | canonical | SEC ↗ |