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SPHERA FUNDS MANAGEMENT LTD.

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1496201
Institutional-grade research for retail investors

Sector Allocation

  • Healthcare87.8%$613.9M
  • Technology8.3%$57.9M
  • Utilities2.1%$14.8M
  • Other1.8%$12.2M

AUM History

13fpro.ai/research/fund/sphera-funds-management-ltd-1496201

Conviction and streaks

Stable · top 10 = 36.5%

From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.

TEVA$TEVAConviction hold7.3% weight · held 10 quartersMLYS$MLYSConviction hold5.7% weight · held 10 quartersTSEM$TSEMConviction hold4.0% weight · held 10 quartersSNDX$SNDXConviction hold3.2% weight · held 10 quartersBIIB$BIIBConviction hold3.0% weight · held 10 quartersMLYS$MLYSAccumulating+568% shares · 3 quarters runningBBIO$BBIOAccumulating+502% shares · 3 quarters runningCOGT$COGTAccumulating+366% shares · 3 quarters runningHELP$HELPAccumulating+338% shares · 3 quarters runningACAD$ACADAccumulating+139% shares · 3 quarters runningTRVI$TRVITrimming-38% shares · 4 quarters runningTSHA$TSHATrimming-41% shares · 3 quarters runningTNGX$TNGXTrimming-53% shares · 2 quarters runningELVN$ELVNTrimming-50% shares · 2 quarters runningELDN$ELDNTrimming-44% shares · 2 quarters running

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/sphera-funds-management-ltd-1496201

SPHERA FUNDS MANAGEMENT LTD. 13F holdings — Q2 2026

$766.5M portfolio (+21.7% QoQ) · 105 holdings · Q2 2026 13F · top 10 are 37% of the stock portfolio

Includes $67.7M of put/call options ($26.4M puts, $41.3M calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $698.8M. Weights use the stock portfolio.

All holdings — SPHERA FUNDS MANAGEMENT LTD. (Q2 2026)

105 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
— PUTSPDR SERIES TRUST - ST STR SP BIOT$23.7M-25%
BIIB$BIIBCALLBIOGEN INC.$21.6MNew
NVMI$NVMINOVA LTD.$13.7M-53%
INSM$INSMINSMED Inc$12.7MNew
MAZE$MAZEMaze Therapeutics, Inc.$12.5M+84%
AZN$AZNASTRAZENECA PLC$11.9M—
SNY$SNYSanofiadr$11.5M—
HELP$HELPHelus Pharma Inc.$10.7M+64%
LLY$LLYELI LILLY & Co$9.6M-11%
MDGL$MDGLMADRIGAL PHARMACEUTICALS, INC.$9.4M+93%
TRVI$TRVITrevi Therapeutics, Inc.$9.3M-13%
ACAD$ACADACADIA PHARMACEUTICALS INC$9.0M+39%
CLDX$CLDXCelldex Therapeutics, Inc.$9.0M-1%
RYTM$RYTMRHYTHM PHARMACEUTICALS, INC.$8.9MNew
CYTK$CYTKCALLCYTOKINETICS INC$8.5M-61%

What changed in Q2 2026

Against the previous quarter's 13F: 27 new, 33 added to, 30 trimmed, 18 sold out. Share-count changes; largest moves by dollar size first.

New positions (27)

  • BIIB$BIIBCALLBIOGEN INC.$21.6M

    first bought this quarter

  • INSM$INSMINSMED Inc$12.7M

    first bought this quarter

  • RYTM$RYTMRHYTHM PHARMACEUTICALS, INC.$8.9M

    first bought this quarter

  • LRCX$LRCXLAM RESEARCH CORP$8.0M

    first bought this quarter

  • AMAT$AMATAPPLIED MATERIALS INC /DE$8.0M

    first bought this quarter

  • IDYA$IDYAIDEAYA Biosciences, Inc.$7.3M

    first bought this quarter

+21 more in the Excel export

Added to (33)

  • CYTK$CYTKCYTOKINETICS INC+452%

    now $18.7M · held 10+ qtrs

  • TEVA$TEVATEVA PHARMACEUTICAL INDUSTRIES LTD+32%

    now $50.8M · held 10+ qtrs, 2 adds in a row

  • BMRN$BMRNBIOMARIN PHARMACEUTICAL INC+135%

    now $18.8M · held 3 qtrs

  • SNDX$SNDXSyndax Pharmaceuticals Inc+40%

    now $22.2M · held 10+ qtrs

  • MAZE$MAZEMaze Therapeutics, Inc.+84%

    now $12.5M · held 6 qtrs, 2 adds in a row

  • MDGL$MDGLMADRIGAL PHARMACEUTICALS, INC.+93%

    now $9.4M · held 3 qtrs, 3 adds in a row

+27 more in the Excel export

Trimmed (30)

  • CRIS$CRISCURIS INC-95%

    now $1.0M · held 2 qtrs

  • NVMI$NVMINOVA LTD.-53%

    now $13.7M · held 8 qtrs

  • CYTK$CYTKCALLCYTOKINETICS INC-61%

    now $8.5M

  • TSEM$TSEMTOWER SEMICONDUCTOR LTD-26%

    now $28.2M · held 10+ qtrs

  • PUTSPDR SERIES TRUST - ST STR SP BIOT-25%

    now $23.7M

  • RARE$RAREUltragenyx Pharmaceutical Inc.-27%

    now $19.6M · held 10+ qtrs

+24 more in the Excel export

Sold out (18)

  • FOLD$FOLDAMICUS THERAPEUTICS, INC.was $8.7M

    held 4 qtrs

  • CLBT$CLBTCellebrite DI Ltd.was $8.7M

    held 1 qtr

  • APLS$APLSApellis Pharmaceuticals, Inc.was $8.6M

    held 7 qtrs

  • PANW$PANWPalo Alto Networks Incwas $8.5M

    held 1 qtr

  • CAMT$CAMTCAMTEK LTDwas $8.0M

    held 9+ qtrs

  • SLNO$SLNOSOLENO THERAPEUTICS INCwas $7.2M

+12 more in the Excel export

Share

Holdings by quarter

Every 13F SPHERA FUNDS MANAGEMENT LTD. has filed, 38 earlier quarters. Pick one to see what it held then.

Email me the moment this fund files its next 13FPro

Is it too late to follow SPHERA FUNDS MANAGEMENT LTD.?

Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of SPHERA FUNDS MANAGEMENT LTD.'s top 20 holdings: 43/100 (our AI quality score, weighted by position size; 11 of the 20 are scored)

Top 10 since filing

-14.2%

Value-weighted move of the 10 largest stock positions

Turnover

27%

Last quarter; 109% over the last 4

Top 10 weight

37%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

68%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

Portfolio Overview

SPHERA FUNDS MANAGEMENT LTD. disclosed 105 positions worth $766.5M in its Form 13F-HR for Q2 2026 — $698.8M in common stock plus $67.7M of put/call option positions (reported at underlying notional value, not premium at risk), led by $TEVA (TEVA PHARMACEUTICAL INDUSTRIES LTD) at 7.3% of the equity portfolio, followed by $MLYS and $TSEM. During the quarter the fund opened 27 new positions and exited 18 — including a new stake in $BIIB and a full exit from $FOLD. The portfolio is most concentrated in Healthcare (87.8% of disclosed assets). All figures are sourced directly from SPHERA FUNDS MANAGEMENT LTD.’s Form 13F-HR filing with the SEC under CIK 1496201.

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Migdal Insurance & Financial Holdings Ltd.$15.63B 13F book · 4 shared top holdingsTEVATSEMNVMIAZNClal Insurance Enterprises Holdings Ltd$22.33B 13F book · 3 shared top holdingsTEVATSEMNVMIHarel Insurance Investments & Financial Services Ltd.$20.58B 13F book · 3 shared top holdingsTEVATSEMNVMIPhoenix Financial Ltd.$14.66B 13F book · 3 shared top holdingsTEVATSEMNVMIRTW INVESTMENTS, LP$11.71B 13F book · 8 shared top holdingsRARECYTKINSMMDGLIntegral Health Asset Management, LLC$2.53B 13F book · 9 shared top holdingsCYTKINSMRYTMTNGX

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Every holding in SPHERA FUNDS MANAGEMENT LTD.'s portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.