SPHERA FUNDS MANAGEMENT LTD.
Long book
$581.5M
Q1 2026
Positions
92
Top-10 weight
37%
concentration
Last quarter
+15.9%
SPY +14.8%
Turnover
37%
of book per quarter
Strategy in plain words
auto-generated from filingsSPHERA FUNDS MANAGEMENT LTD. is an institutional manager, specialised in healthcare (78% of the long book), running a $581.5M US long book across 92 positions.
The portfolio is moderately concentrated (top 10 ≈ 37% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: MINERALYS THERAPEUTICS INC, TEVA PHARMACEUTICAL-SP ADR, TOWER SEMICONDUCTOR LTD, NOVA LTD, BRIDGEBIO PHARMA INC.
Over the last 9 quarters its long book ran on average 1.3pp per quarter ahead of the S&P 500, beating the index in 4 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
-6.0%
Q2 2024
-0.7%
Q3 2024
-6.3%
Q4 2024
-15.2%
Q1 2025
+5.4%
Q2 2025
+27.1%
Q3 2025
+22.1%
Q4 2025
+9.5%
Q1 2026
+15.9%
Sector allocation
Healthcare 72%
Technology 11%
Other 11%
Materials 2%
Utilities 2%
Consumer discretionary 1%
Industrials 1%
Long book by quarter
What does SPHERA FUNDS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MLYS MINERALYS THERAPEUTICS INC | Healthcare | 1.3M | $36.3M | 6.2% | +198.4% |
| TSEM TOWER SEMICONDUCTOR LTD | Technology | 145.7K | $25.6M | 4.4% | +19.0% |
| NVMI NOVA LTD | Other | 53.4K | $23.2M | 4.0% | +11.5% |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 245.2K | $18.2M | 3.1% | +127.6% |
| BIIB BIOGEN INC | Healthcare | 92.5K | $17.0M | 2.9% | -2.3% |
| RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 809.3K | $17.0M | 2.9% | +169.2% |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 724.6K | $16.9M | 2.9% | -5.0% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 416.3K | $16.0M | 2.8% | +10.0% |
| AZN ASTRAZENECA PLC | Healthcare | 62.5K | $12.3M | 2.1% | New |
| AM6 AMICUS THERAPEUTICS INC | — | 603.4K | $8.7M | 1.5% | -8.4% |
| CLBT CELLEBRITE DI LTD | Technology | 631.5K | $8.7M | 1.5% | New |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 214.9K | $8.6M | 1.5% | -14.4% |
| PANW PALO ALTO NETWORKS INC | Technology | 52.8K | $8.5M | 1.5% | New |
| LLY ELI LILLY & CO | Healthcare | 9.0K | $8.3M | 1.4% | Held |
| BCRX BIOCRYST PHARMACEUTICALS INC | Healthcare | 866.5K | $8.2M | 1.4% | +3.4% |
| CAMT CAMTEK LTD | Other | 53.0K | $8.0M | 1.4% | +34.2% |
| BMRN BIOMARIN PHARMACEUTICAL INC | Healthcare | 139.9K | $7.9M | 1.4% | -4.8% |
| CLDX CELLDEX THERAPEUTICS INC | Materials | 243.6K | $7.7M | 1.3% | +1.6% |
| ORA ORMAT TECHNOLOGIES INC | Utilities | 68.3K | $7.6M | 1.3% | New |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 127.0K | $7.4M | 1.3% | New |
| SLNOEUR SOLENO THERAPEUTICS INC | — | 216.3K | $7.2M | 1.2% | +58.7% |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 343.6K | $7.2M | 1.2% | -36.9% |
| JNJ JOHNSON & JOHNSON | Healthcare | 28.8K | $7.0M | 1.2% | -19.5% |
| IMTX IMMATICS NV | Healthcare | 696.1K | $6.8M | 1.2% | -19.2% |
| TRVI TREVI THERAPEUTICS INC | Healthcare | 574.0K | $6.8M | 1.2% | -4.1% |
| ORIC ORIC PHARMACEUTICALS INC | Healthcare | 537.6K | $6.8M | 1.2% | -46.5% |
| MAZE MAZE THERAPEUTICS INC | Healthcare | 227.3K | $6.8M | 1.2% | +216.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 31.9K | $6.7M | 1.1% | New |
| ABBV ABBVIE INC | Healthcare | 30.3K | $6.6M | 1.1% | +19.8% |
| AAOI APPLIED OPTOELECTRONICS INC | Technology | 73.4K | $6.2M | 1.1% | New |
| ELVN ENLIVEN THERAPEUTICS INC | Healthcare | 153.3K | $6.0M | 1.0% | -32.4% |
| MRK MERCK & CO. INC. | Healthcare | 48.6K | $5.8M | 1.0% | Held |
| VOR VOR BIOPHARMA INC | Healthcare | 321.9K | $5.7M | 1.0% | -21.6% |
| ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 256.2K | $5.7M | 1.0% | +20.7% |
| ELDN ELEDON PHARMACEUTICALS INC | Healthcare | 1.8M | $5.5M | 0.9% | -16.9% |
| ENPH ENPHASE ENERGY INC | Technology | 142.4K | $5.4M | 0.9% | -23.6% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 55.1K | $5.4M | 0.9% | +5.0% |
| PFE PFIZER INC | Healthcare | 186.0K | $5.2M | 0.9% | +116.3% |
| BHVN BIOHAVEN LTD | Healthcare | 594.0K | $5.0M | 0.9% | New |
| FBRX FORTE BIOSCIENCES INC | Healthcare | 185.0K | $4.8M | 0.8% | -0.5% |
| HELP CYBIN INC | Healthcare | 987.1K | $4.7M | 0.8% | +19.6% |
| MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 9.0K | $4.7M | 0.8% | +173.9% |
| SRRK SCHOLAR ROCK HOLDING CORP | Healthcare | 94.3K | $4.6M | 0.8% | -40.4% |
| MDWD MEDIWOUND LTD | Materials | 273.2K | $4.4M | 0.8% | +18.6% |
| KOD KODIAK SCIENCES INC | Healthcare | 114.8K | $4.4M | 0.8% | -34.6% |
| ZBIO ZENAS BIOPHARMA INC | Healthcare | 214.3K | $4.2M | 0.7% | New |
| PMN PROMIS NEUROSCIENCES INC | Healthcare | 325.6K | $4.1M | 0.7% | +2657.6% |
| RLAY RELAY THERAPEUTICS INC | Healthcare | 408.4K | $4.1M | 0.7% | New |
| SVRA SAVARA INC | Healthcare | 739.2K | $4.0M | 0.7% | -37.3% |
| WVE WAVE LIFE SCIENCES LTD | Healthcare | 548.3K | $4.0M | 0.7% | +34.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 97 | $629.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 100 | $517.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 115 | $474.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 111 | $426.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 116 | $434.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 108 | $553.1M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 116 | $628.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 119 | $733.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 105 | $711.7M | canonical | SEC ↗ |