PFM Health Sciences, LP

CIK 1442756 · View on SEC EDGAR ↗

Portfolio value
$1.2B
#2,198 of 9,443 by 13F value · top 23.3%
Positions
98
As of
June 30, 2026

Portfolio value QoQ: +6.3% 13F does not disclose cash

Top 10 holdings weight
33.90%
Top 25 holdings weight
57.76%
Positions above 1%
37
Effective number of positions
51.0

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 36.65% Est. buys $414,494,418 · sells $462,871,790

Median holding: 2.0 quarters Tracked Q4 2024–Q2 2026 · 49.5% still held

New positions
35
Increased
22
Decreased
41
Closed
15

Put-notional exposure: 0.5% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets

On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+58.4%
S&P 500 total return (same window)
+28.1%
Excess return
+30.3%

Annualized: +36.0% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 96.3% · Options excluded: 9.0%

Sector breakdown

Healthcare
92.4%
Financials
1.3%
Other/Unmapped
6.3%

Full portfolio 98 positions

Type Streak 8Q trend
Unknown issuer (CUSIP: K08588103) $62,191,369 5.34% 233,171 Up ×1
AXSM Axsome Therapeutics, Inc. - Common Stock $53,750,513 4.61% 219,596 $9,077,851 Down ×1
LLY Eli Lilly and Company Common Stock $47,087,223 4.04% 39,258 $-13,398,692 Down ×6
JAZZ Jazz Pharmaceuticals plc - Ordinary Shares $38,740,265 3.32% 160,768 $5,062,142 Down ×1
HUM Humana Inc. Common Stock $37,487,638 3.22% 94,375
UNH UnitedHealth Group Incorporated Common Stock (DE) $36,690,154 3.15% 88,276 $20,985,652 Up ×2
NBIX Neurocrine Biosciences, Inc. - Common Stock $35,966,549 3.09% 213,407 $7,553,129 Down ×1
INBX Inhibrx Biosciences, Inc. - Common Stock $29,219,479 2.51% 308,385 $8,685,353 Up ×3
UTHR United Therapeutics Corporation - Common Stock $27,086,624 2.32% 49,991 $3,483,055 Up ×1
RVMD Revolution Medicines, Inc. - Common Stock $26,822,616 2.30% 143,222 $13,132,733 Up ×1
ICLR ICON plc - Ordinary Shares $23,708,288 2.03% 136,482 $17,345,338 Up ×1
THC Tenet Healthcare Corporation Common Stock $23,679,090 2.03% 126,572 $-51,534,489 Down ×1
EW Edwards Lifesciences Corporation Common Stock $22,655,978 1.94% 250,453 $2,274,817 Down ×1
WAT Waters Corporation Common Stock $22,436,768 1.93% 59,825 $10,595,347 Up ×1
PEN Penumbra, Inc. Common Stock $19,014,781 1.63% 60,221 $-26,884,449 Down ×3
BBIO BridgeBio Pharma, Inc. - Common Stock $18,870,104 1.62% 253,358 $-270,188 Down ×5
SYK Stryker Corporation Common Stock $17,831,593 1.53% 56,637 $10,616,742 Up ×1
MTD Mettler-Toledo International, Inc. Common Stock $17,047,093 1.46% 13,344 Up ×1
INDV Indivior Pharmaceuticals, Inc. - Common Stock $16,461,564 1.41% 401,208 $-1,054,256 Down ×1
MRK Merck & Company, Inc. Common Stock (new) $16,334,663 1.40% 127,118
CYTK Cytokinetics, Incorporated - Common Stock $16,329,730 1.40% 191,686 Up ×1
LNTH Lantheus Holdings, Inc. - Common Stock $16,241,949 1.39% 146,403 Up ×1
CNC Centene Corporation Common Stock $15,974,773 1.37% 248,867 $7,348,241 Down ×2
COO The Cooper Companies, Inc. - Common Stock $15,840,022 1.36% 220,890 $3,697,248 Up ×3
MDGL Madrigal Pharmaceuticals, Inc. - Common Stock $15,739,615 1.35% 29,313 $-2,134,792 Down ×1
ACHC Acadia Healthcare Company, Inc. - Common Stock $15,501,301 1.33% 524,934 $1,870,895 Down ×1
ORKA Oruka Therapeutics, Inc. - Common Stock $15,115,375 1.30% 158,825 $6,578,124 Down ×1
OSCR Oscar Health, Inc. Class A Common Stock $14,802,336 1.27% 519,016 $9,069,206 Up ×1
TMO Thermo Fisher Scientific Inc Common Stock $14,286,755 1.23% 28,496 $6,996,382 Up ×1
CVS CVS Health Corporation Common Stock $14,219,927 1.22% 137,457
MMSI Merit Medical Systems, Inc. - Common Stock $13,662,615 1.17% 197,038 $2,463,627 Up ×1
PRAX Praxis Precision Medicines, Inc. - Common Stock $12,914,524 1.11% 38,575 $1,496,755 Up ×2
CLDX Celldex Therapeutics, Inc. - Common Stock $12,753,765 1.09% 342,751 $2,446,129 Up ×2
NVO Novo Nordisk A/S Common Stock $12,704,867 1.09% 265,016 $5,458,465 Up ×1
ITGR Integer Holdings Corporation Common Stock $11,837,218 1.02% 126,669 $-49,910 Down ×1
DNTH Dianthus Therapeutics, Inc. - Common Stock $11,816,721 1.01% 121,222 $-2,629,016 Down ×1
DFTX Definium Therapeutics, Inc. - Common Shares $11,713,901 1.01% 249,020 $7,833,410 Up ×1
GILD Gilead Sciences, Inc. - Common Stock $11,479,000 0.98% 90,858
RYTM Rhythm Pharmaceuticals, Inc. - Common Stock $11,275,097 0.97% 101,550 $-606,831 Down ×1
HSIC Henry Schein, Inc. - Common Stock $11,227,009 0.96% 134,423 $-57,493 Down ×1
ARWR Arrowhead Pharmaceuticals, Inc. - Common Stock $10,732,177 0.92% 131,667 $6,701,884 Up ×1
TNGX Tango Therapeutics, Inc. - Common Stock $10,192,229 0.87% 326,047 $1,693,584 Down ×1
TFX Teleflex Incorporated Common Stock $10,103,786 0.87% 79,708
VKTX Viking Therapeutics, Inc. - Common Stock $9,960,423 0.85% 255,330 $1,398,954 Down ×1
BTSG BrightSpring Health Services, Inc. - Common Stock $9,897,082 0.85% 141,914 $1,914,738 Down ×1
VERA Vera Therapeutics, Inc. - Class A Common Stock $9,624,241 0.83% 224,289 $2,589,342 Up ×2
ROIV Roivant Sciences Ltd. - Common Shares $9,484,803 0.81% 268,008 $3,738,549 Up ×1
CGON CG Oncology, Inc. - Common stock $9,114,720 0.78% 128,286 $-2,115,084 Down ×1
AMRX Amneal Pharmaceuticals, Inc. - Class A Common Stock $8,321,177 0.71% 480,715 $-3,239,916 Down ×2
EPRX Eupraxia Pharmaceuticals Inc. - Common Stock $8,002,469 0.69% 1,210,661 $4,086,563 Up ×1
COR Cencora, Inc. Common Stock $7,951,738 0.68% 28,100 Call option Up ×1
IRTC iRhythm Holdings, Inc. - Common Stock $7,755,064 0.67% 65,196
KOD Kodiak Sciences Inc - Common Stock $7,531,552 0.65% 193,315 $3,158,464 Up ×1
ABT Abbott Laboratories Common Stock $7,461,550 0.64% 82,230 $-6,956,603 Down ×1
WST West Pharmaceutical Services, Inc. Common Stock $7,443,147 0.64% 20,733
TAK Takeda Pharmaceutical Company Limited American Depositary Shares (each representing 1/2 of a share of Common Stock) $7,120,093 0.61% 444,173 Up ×1
HNGE Hinge Health, Inc. Class A Common Stock $6,877,380 0.59% 82,860 Up ×1
ARQT Arcutis Biotherapeutics, Inc. - Common stock $6,347,049 0.54% 242,069
IART Integra LifeSciences Holdings Corporation - Common Stock $6,263,478 0.54% 348,746 Up ×1
ILMN Illumina, Inc. - Common Stock $6,161,083 0.53% 35,040 $2,602,690 Up ×1
MGTX MeiraGTx Holdings plc - Ordinary Shares $6,150,914 0.53% 455,286 Up ×1
OCS Oculis Holding AG - Ordinary shares $6,047,903 0.52% 436,042 Up ×1
NTRA Natera, Inc. - Common Stock $5,992,802 0.51% 22,077 $-6,007,398 Down ×1
ABVX Abivax SA - American Depositary Shares $5,765,361 0.49% 43,264 $2,796,325 Up ×1
CNC Centene Corporation Common Stock $5,661,558 0.49% 88,200 Put option Up ×1
GH Guardant Health, Inc. - Common Stock $5,506,251 0.47% 36,701 Up ×1
CELC Celcuity Inc. - Common Stock $5,456,456 0.47% 52,155
BLTE Belite Bio, Inc - American Depositary Shares $5,359,140 0.46% 34,803 $-4,116,698 Down ×1
GPCR Structure Therapeutics Inc. - American Depositary Shares $4,913,489 0.42% 91,550 $-1,178,172 Down ×1
RCUS Arcus Biosciences, Inc. Common Stock $4,690,137 0.40% 152,129 Up ×1
CRL Charles River Laboratories International, Inc. Common Stock $4,251,632 0.36% 18,747 Up ×1
ELAN Elanco Animal Health Incorporated Common Stock $4,244,954 0.36% 172,489
ARGX argenx SE - American Depositary Shares $4,158,265 0.36% 4,482 $846,581 Down ×1
BIO Bio-Rad Laboratories, Inc. Class A Common Stock $4,109,072 0.35% 13,995 Up ×1
SYRE Spyre Therapeutics, Inc. - Common Stock $4,103,145 0.35% 46,217 Up ×1
MBX MBX Biosciences, Inc. - Common Stock $3,917,599 0.34% 70,971 $1,771,563 Down ×3
MIRM Mirum Pharmaceuticals, Inc. - common stock $3,691,920 0.32% 31,536 Up ×1
CGEM Cullinan Therapeutics, Inc. - Common Stock $3,504,369 0.30% 192,442 $272,930 Down ×1
CMPS COMPASS Pathways Plc - American Depository Shares $3,503,384 0.30% 247,589 $-4,056,673 Down ×1
HCA HCA Healthcare, Inc. Common Stock $3,234,138 0.28% 8,295 $-3,084,089 Down ×5
CAPR Capricor Therapeutics, Inc. - Common Stock $2,943,082 0.25% 122,221 $-821,380 Down ×1
DNLI Denali Therapeutics Inc. - Common Stock $2,596,846 0.22% 100,966 Up ×1
SNDX Syndax Pharmaceuticals, Inc. - Common Stock $2,588,705 0.22% 118,422 $-3,134,986 Down ×1
AMLX Amylyx Pharmaceuticals, Inc. - Common Stock $2,580,852 0.22% 143,700 $561,529 Down ×1
TARS Tarsus Pharmaceuticals, Inc. - Common Stock $2,554,042 0.22% 40,579 $-3,073,812 Down ×1
OM Outset Medical, Inc. - Common Stock $2,514,767 0.22% 582,122 $231,388 Down ×1
OMDA Omada Health, Inc. - Common Stock $2,512,002 0.22% 114,442 Up ×1
ERAS Erasca, Inc. - Common Stock $2,456,492 0.21% 134,088
COR Cencora, Inc. Common Stock $2,089,807 0.18% 7,385
BCRX BioCryst Pharmaceuticals, Inc. - Common Stock $2,073,570 0.18% 207,357 Up ×1
OMCL Omnicell, Inc. - Common Stock $2,036,141 0.17% 49,040 Up ×1
CVRX CVRx, Inc. - Common Stock $1,899,600 0.16% 369,572 Up ×1
HIMS Hims & Hers Health, Inc. Class A Common Stock $1,714,570 0.15% 49,454
MLYS Mineralys Therapeutics, Inc. - Common Stock $1,684,038 0.14% 62,418 $-2,181,082 Down ×1
TECX Tectonic Therapeutic, Inc. - Common Stock $1,568,566 0.13% 45,631 $142,719 Down ×1
QURE uniQure N.V. - Ordinary Shares $1,215,800 0.10% 26,396 $518,718 Down ×1
RZLT Rezolute, Inc. - Common Stock (NV) $661,903 0.06% 127,289 $269,289 Down ×3
CRBU Caribou Biosciences, Inc. - Common Stock $624,249 0.05% 354,687 $-1,195,546 Down ×1

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
INBX $29,219,479 2.51% up ×3
COO $15,840,022 1.36% up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
Unknown issuer (CUSIP: K08588103) $62,191,369 233,171 5.34%
HUM $37,487,638 94,375 3.22%
MTD $17,047,093 13,344 1.46%
MRK $16,334,663 127,118 1.40%
CYTK $16,329,730 191,686 1.40%
LNTH $16,241,949 146,403 1.39%
CVS $14,219,927 137,457 1.22%
GILD $11,479,000 90,858 0.98%
TFX $10,103,786 79,708 0.87%
COR $7,951,738 28,100 0.68%
IRTC $7,755,064 65,196 0.67%
WST $7,443,147 20,733 0.64%
TAK $7,120,093 444,173 0.61%
HNGE $6,877,380 82,860 0.59%
ARQT $6,347,049 242,069 0.54%

Top movers (QoQ)

Security Action Shares Δ Value Δ
THC Trimmed -272K -$51.5M
PEN Trimmed -80K -$26.9M
UNH Bought more +30K +$21.0M
ICLR Bought more +79K +$17.3M
LLY Trimmed -27K -$13.4M
RVMD Bought more +2K +$13.1M
SYK Bought more +35K +$10.6M
WAT Bought more +20K +$10.6M
AXSM Trimmed -45K +$9.1M
OSCR Bought more +19K +$9.1M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
IEF March 31, 2025 1,000,000 $92,450,000
XBI Dec. 31, 2025 717,400 $71,883,480 No longer tracked
XLV June 30, 2025 429,700 $62,740,497 No longer tracked
VRTX June 30, 2025 126,989 $61,566,807 22.8%
XBI June 30, 2026 455,300 $58,155,469 No longer tracked
MCK Dec. 31, 2025 72,313 $55,864,685 4.4%
ASND June 30, 2026 174,434 $39,898,289 -3.3%
ELV June 30, 2025 88,222 $38,373,041 2.8%
XLV June 30, 2026 238,900 $35,025,129 No longer tracked
DHR Sept. 30, 2025 161,413 $31,885,524 8.0%
UNH Sept. 30, 2025 99,623 $31,079,387 12.2%
HUM Dec. 31, 2025 113,648 $29,567,800 49.9%
UHS June 30, 2025 155,520 $29,222,208 -3.6%
NVO March 31, 2025 334,900 $28,808,098 -32.7%
DXCM March 31, 2025 328,763 $25,567,899 31.0%
MOH Sept. 30, 2025 85,739 $25,541,648 3.6%
COR Dec. 31, 2025 80,493 $25,156,477 -6.2%
ALNY Sept. 30, 2025 72,220 $23,550,220 -49.6%
GKOS June 30, 2026 215,685 $23,220,647 32.2%
ADMA March 31, 2026 1,270,894 $23,181,107 8.9%
NBIX March 31, 2025 166,803 $22,768,610 39.3%
IJH March 31, 2025 347,637 $21,661,261 No longer tracked
CNTA June 30, 2026 528,224 $20,981,057 No longer tracked
BDX June 30, 2025 91,571 $20,975,253 39.4%
MDT March 31, 2026 213,796 $20,537,244 6.3%
MRK March 31, 2026 187,834 $19,771,407 26.1%
IQV June 30, 2025 111,854 $19,719,860 62.5%
ELV Dec. 31, 2025 60,776 $19,637,941 14.0%
RSP March 31, 2025 108,041 $18,932,024 No longer tracked
NTRA Dec. 31, 2025 115,596 $18,607,488 41.9%
UTHR March 31, 2025 52,500 $18,524,100 70.7%
KWEB March 31, 2025 615,674 $18,002,308 No longer tracked
CAH March 31, 2025 148,173 $17,524,421 67.4%
XBI March 31, 2025 179,100 $16,129,746 No longer tracked
MASI Sept. 30, 2025 94,451 $15,888,547 No longer tracked
BSX Dec. 31, 2025 150,648 $14,707,764 -48.2%
SPY Dec. 31, 2025 21,210 $14,129,678 No longer tracked
HOLX Sept. 30, 2025 211,986 $13,813,008 No longer tracked
IWM Dec. 31, 2025 56,700 $13,719,132 No longer tracked
XRT June 30, 2025 193,671 $13,380,729 No longer tracked
NEO June 30, 2026 1,784,552 $13,241,376 11.2%
UHS March 31, 2026 57,409 $12,516,310 -2.5%
TFX March 31, 2026 102,395 $12,496,286 12.8%
MRUS Dec. 31, 2025 130,742 $12,309,359 No longer tracked
IWM March 31, 2025 54,800 $12,108,608 No longer tracked
AKRO Dec. 31, 2025 248,079 $11,778,791 No longer tracked
SYK March 31, 2025 32,349 $11,647,257 -11.2%
VEEV March 31, 2025 55,383 $11,644,276 6.9%
SNDX June 30, 2025 926,424 $11,381,119 111.5%
REGN Dec. 31, 2025 19,890 $11,183,550 8.5%
IRTC Dec. 31, 2025 64,998 $11,179,006 -27.8%
AZN June 30, 2025 150,200 $11,039,700 136.8%
TMO June 30, 2025 21,897 $10,895,947 53.0%
BMRN Sept. 30, 2025 178,319 $9,802,195 24.9%
DXCM June 30, 2026 149,734 $9,403,295 32.8%
TERN June 30, 2026 172,962 $9,118,557 No longer tracked
TEVA March 31, 2025 397,024 $8,750,409 141.8%
ISRG March 31, 2026 15,410 $8,727,608 -19.0%
GILD March 31, 2026 71,018 $8,716,749 3.9%
VRNA Dec. 31, 2025 80,416 $8,581,191 No longer tracked
CVS March 31, 2026 107,767 $8,552,389 30.3%
SNY March 31, 2026 176,413 $8,548,974 -5.3%
IQV March 31, 2026 37,852 $8,532,219 50.2%
SLNO June 30, 2026 248,180 $8,309,066 No longer tracked
CNC June 30, 2025 135,398 $8,220,013 18.2%
ABBV Sept. 30, 2025 40,782 $7,569,955 13.9%
SPY March 31, 2025 12,427 $7,283,216 No longer tracked
VEEV March 31, 2026 32,489 $7,252,519 41.0%
TEVA Dec. 31, 2025 356,818 $7,207,724 19.1%
BLLN June 30, 2026 88,069 $6,952,167 -20.7%
ARQT Dec. 31, 2025 360,460 $6,794,671 -13.5%
CAH June 30, 2026 31,941 $6,749,453 -2.9%
ALGN March 31, 2026 42,304 $6,605,770 -7.3%
ALHC June 30, 2026 359,826 $6,340,134 -45.0%
BPMC Sept. 30, 2025 48,444 $6,209,552 No longer tracked
PSNL June 30, 2026 870,097 $5,542,518 26.0%
WST Dec. 31, 2025 18,365 $4,817,690 28.2%
BHVN June 30, 2025 197,307 $4,743,260 1.0%
AZN Dec. 31, 2025 61,795 $4,740,912 80.0%
ELAN March 31, 2026 207,311 $4,691,448 0.5%
MOH March 31, 2026 22,802 $3,957,059 48.7%
MDLN June 30, 2026 86,777 $3,861,577 -16.4%
BNTX March 31, 2025 33,109 $3,772,771 25.9%
PMVP June 30, 2025 3,301,942 $3,599,117 25.0%
ITCI March 31, 2025 40,610 $3,391,747 No longer tracked
SRPT June 30, 2025 50,809 $3,242,630 14.4%
ELVN Dec. 31, 2025 156,463 $3,202,798 285.5%
XENE June 30, 2025 92,236 $3,094,518 92.3%
INSM March 31, 2025 43,774 $3,022,157 64.4%
TGTX March 31, 2025 98,674 $2,970,087 39.9%
FTRE March 31, 2026 165,439 $2,853,823 90.7%
IOBT Sept. 30, 2025 1,972,073 $2,741,181 No longer tracked
ADAPY March 31, 2025 4,871,969 $2,624,530 No longer tracked
ALKS March 31, 2025 80,719 $2,321,478 45.6%
JAZZ March 31, 2025 17,597 $2,167,071 101.7%
LQDA Dec. 31, 2025 76,300 $1,735,062 103.0%
GMED June 30, 2026 16,923 $1,458,086 7.9%
ERAS Sept. 30, 2025 1,072,224 $1,361,724 708.7%
CAPR June 30, 2025 140,681 $1,335,063 -30.3%
HIMS Dec. 31, 2025 22,915 $1,299,739 -0.2%
MGX June 30, 2025 885,803 $1,204,692 -16.9%
SWTX June 30, 2025 26,437 $1,166,665 No longer tracked
KROS June 30, 2025 104,323 $1,063,051 -18.1%
ACLX June 30, 2025 15,488 $1,016,013 No longer tracked
MNMD Dec. 31, 2025 75,138 $885,877 No longer tracked
IRON March 31, 2026 11,002 $873,669 22.4%
GBIO March 31, 2025 787,914 $835,189 No longer tracked
HOWL Dec. 31, 2025 401,110 $790,187 43.0%
VERV June 30, 2025 155,495 $710,612 No longer tracked
SGMT Sept. 30, 2025 90,000 $685,800 49.1%
BLUE March 31, 2025 75,758 $631,822 No longer tracked
CELC June 30, 2025 53,349 $539,358 590.4%
IOVA June 30, 2025 132,152 $440,066 422.4%
TSBX June 30, 2025 932,348 $382,263 No longer tracked
BOLD June 30, 2025 240,513 $363,175 195.0%
NPCE March 31, 2026 11,329 $174,920 5.6%
TMCI March 31, 2026 50,000 $122,500 235.4%