SECTOR GAMMA AS
Long book
$423.5M
Q1 2026
Positions
42
Top-10 weight
54%
concentration
Last quarter
+13.1%
SPY +14.8%
Turnover
34%
of book per quarter
Strategy in plain words
auto-generated from filingsSECTOR GAMMA AS is a concentrated fundamental stock-picker, specialised in healthcare (88% of the long book), running a $423.5M US long book across 42 positions.
The portfolio is concentrated: the top 10 names carry 54% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: BRISTOL-MYERS SQUIBB CO, MERCK & CO. INC., PFIZER INC, MEDTRONIC PLC, INCYTE CORP.
Over the last 9 quarters its long book ran on average 1.5pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-5.9%
Q2 2024
+9.9%
Q3 2024
-7.4%
Q4 2024
+4.9%
Q1 2025
-3.8%
Q2 2025
+4.5%
Q3 2025
+11.5%
Q4 2025
+0.1%
Q1 2026
+13.1%
Sector allocation
Healthcare 88%
Financials 7%
Consumer discretionary 3%
Materials 2%
Long book by quarter
What does SECTOR GAMMA own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 827.9K | $50.2M | 11.9% | +11.0% |
| MRK MERCK & CO. INC. | Healthcare | 260.3K | $31.3M | 7.4% | -28.4% |
| PFE PFIZER INC | Healthcare | 1.1M | $30.6M | 7.2% | +27.0% |
| MDT MEDTRONIC PLC | Healthcare | 280.7K | $24.3M | 5.7% | +4.1% |
| INCY INCYTE CORP | Healthcare | 200.5K | $18.9M | 4.5% | -8.4% |
| AMGN AMGEN INC | Healthcare | 47.2K | $16.6M | 3.9% | -22.6% |
| BIIB BIOGEN INC | Healthcare | 90.1K | $16.5M | 3.9% | +5.4% |
| ZBH ZIMMER BIOMET HOLDINGS INC | Healthcare | 155.8K | $14.1M | 3.3% | +17.6% |
| BMRN BIOMARIN PHARMACEUTICAL INC | Healthcare | 239.9K | $13.6M | 3.2% | +20.9% |
| BDX BECTON DICKINSON AND CO | Healthcare | 82.6K | $13.0M | 3.1% | -37.6% |
| ELV ELEVANCE HEALTH INC | Financials | 44.0K | $12.9M | 3.0% | +35.1% |
| IONS IONIS PHARMACEUTICALS INC | Healthcare | 169.5K | $12.7M | 3.0% | -8.4% |
| CAH CARDINAL HEALTH INC | Consumer discretionary | 54.9K | $11.6M | 2.7% | -11.4% |
| UNH UNITEDHEALTH GROUP INC | Financials | 36.4K | $9.9M | 2.3% | New |
| CVS CVS HEALTH CORP | Healthcare | 135.3K | $9.7M | 2.3% | -23.8% |
| BRKR BRUKER CORP | Healthcare | 254.0K | $9.2M | 2.2% | -0.3% |
| GEHC GE HEALTHCARE TECHNOLOGY | Healthcare | 126.4K | $9.0M | 2.1% | +10.5% |
| ABT ABBOTT LABORATORIES | Healthcare | 87.5K | $9.0M | 2.1% | New |
| GILD GILEAD SCIENCES INC | Healthcare | 53.2K | $7.4M | 1.8% | -69.8% |
| LNTH LANTHEUS HOLDINGS INC | Materials | 93.3K | $7.1M | 1.7% | -0.5% |
| IQV IQVIA HOLDINGS INC | Healthcare | 40.2K | $6.9M | 1.6% | New |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 286.0K | $6.7M | 1.6% | +13.5% |
| BIO BIO-RAD LABORATORIES-A | Healthcare | 23.8K | $6.6M | 1.6% | Held |
| QGEN QIAGEN N.V. | Healthcare | 162.4K | $6.5M | 1.5% | New |
| AVTR AVANTOR INC | Healthcare | 695.4K | $5.5M | 1.3% | Held |
| CNC CENTENE CORP | Financials | 162.4K | $5.3M | 1.3% | -37.1% |
| TNDM TANDEM DIABETES CARE INC | Healthcare | 267.1K | $5.1M | 1.2% | Held |
| PTCT PTC THERAPEUTICS INC | Healthcare | 75.0K | $5.1M | 1.2% | +21.1% |
| LH LABCORP HOLDINGS INC | Healthcare | 19.0K | $5.1M | 1.2% | -29.6% |
| EW EDWARDS LIFESCIENCES CORP | Healthcare | 60.4K | $4.8M | 1.1% | -37.3% |
| DXCM DEXCOM INC | Healthcare | 56.1K | $3.5M | 0.8% | -26.3% |
| CRNX CRINETICS PHARMACEUTICALS IN | Healthcare | 94.2K | $3.4M | 0.8% | -18.1% |
| KURA KURA ONCOLOGY INC | Healthcare | 411.8K | $3.3M | 0.8% | -9.7% |
| HUM HUMANA INC | Financials | 19.2K | $3.3M | 0.8% | New |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 44.3K | $3.3M | 0.8% | New |
| IOVA IOVANCE BIOTHERAPEUTICS INC | Healthcare | 900.0K | $3.2M | 0.7% | New |
| DNLI DENALI THERAPEUTICS INC | Healthcare | 162.7K | $3.1M | 0.7% | New |
| ARDX ARDELYX INC | Healthcare | 516.1K | $3.1M | 0.7% | New |
| COGT COGENT BIOSCIENCES INC | Healthcare | 80.0K | $3.1M | 0.7% | New |
| OGN ORGANON & CO | Healthcare | 376.0K | $2.3M | 0.5% | +25.3% |
| ARWR ARROWHEAD PHARMACEUTICALS IN | Healthcare | 30.0K | $1.9M | 0.4% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 7, 2026 | 42 | $423.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 36 | $438.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 31, 2025 | 41 | $403.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 31, 2025 | 38 | $305.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 33 | $312.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 30 | $290.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 29 | $329.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 28 | $267.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 8, 2024 | 28 | $354.8M | canonical | SEC ↗ |