Rhenman & Partners Asset Management AB
CIK 1599882 · View on SEC EDGAR ↗
- Portfolio value
- $1.1B
- Positions
- 99
- As of
- June 30, 2026
Portfolio value QoQ: +30.7% 13F does not disclose cash
- Top 10 holdings weight
- 25.08%
- Top 25 holdings weight
- 49.55%
- Positions above 1%
- 48
- Effective number of positions
- 65.5
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 17.74% Est. buys $331,219,867 · sells $165,863,059
Median holding: 5.0 quarters Tracked Q4 2024–Q2 2026 · 64.3% still held
- New positions
- 21
- Increased
- 41
- Decreased
- 34
- Closed
- 8
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Annualized: +15.7% · 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: 99.5% · Options excluded: 0.0%
Sector breakdown
Full portfolio 99 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $38,902,968 | 3.67% | 93,600 | $26,591,123 | Up ×1 | ||
| CVS CVS Health Corporation Common Stock | $28,901,240 | 2.73% | 279,374 | $4,733,810 | Down ×1 | ||
| AZN AstraZeneca PLC - American Depositary Shares | $28,480,798 | 2.69% | 151,500 | Up ×1 | |||
| MRK Merck & Company, Inc. Common Stock (new) | $27,434,750 | 2.59% | 213,500 | ||||
| LLY Eli Lilly and Company Common Stock | $26,765,280 | 2.53% | 22,315 | $-4,244,766 | Down ×4 | ||
| ABBV AbbVie Inc. Common Stock | $24,352,461 | 2.30% | 96,775 | $8,785,614 | Up ×1 | ||
| ALHC Alignment Healthcare, Inc. - Common Stock | $23,740,546 | 2.24% | 997,083 | $5,178,757 | Down ×1 | ||
| EW Edwards Lifesciences Corporation Common Stock | $23,519,600 | 2.22% | 260,000 | $10,466,560 | Up ×1 | ||
| GILD Gilead Sciences, Inc. - Common Stock | $22,520,105 | 2.13% | 178,250 | $-859,213 | Up ×3 | ||
| JAZZ Jazz Pharmaceuticals plc - Ordinary Shares | $21,070,417 | 1.99% | 87,440 | $6,723,412 | Up ×2 | ||
| BIIB Biogen Inc. - Common Stock | $20,493,291 | 1.93% | 94,850 | $491,988 | Down ×1 | ||
| SYK Stryker Corporation Common Stock | $20,464,600 | 1.93% | 65,000 | $4,757,998 | Up ×1 | ||
| BSX Boston Scientific Corporation Common Stock | $19,227,340 | 1.81% | 450,500 | $-19,991,410 | Down ×1 | ||
| JNJ Johnson & Johnson Common Stock | $18,412,825 | 1.74% | 72,500 | Up ×1 | |||
| GH Guardant Health, Inc. - Common Stock | $17,253,450 | 1.63% | 115,000 | $3,859,800 | Down ×1 | ||
| REGN Regeneron Pharmaceuticals, Inc. - Common Stock | $17,078,761 | 1.61% | 27,390 | $-20,085,223 | Down ×2 | ||
| GKOS Glaukos Corporation Common Stock | $16,631,440 | 1.57% | 119,000 | $7,588,000 | Up ×1 | ||
| BMRN BioMarin Pharmaceutical Inc. - Common Stock | $16,622,410 | 1.57% | 290,500 | $4,928,980 | Up ×1 | ||
| NRIX Nurix Therapeutics, Inc. - Common stock | $16,599,905 | 1.57% | 684,250 | $11,740,655 | Up ×1 | ||
| NTRA Natera, Inc. - Common Stock | $16,572,022 | 1.56% | 61,050 | $6,252,538 | Up ×3 | ||
| MIRM Mirum Pharmaceuticals, Inc. - common stock | $16,296,729 | 1.54% | 139,205 | $7,741,879 | Up ×1 | ||
| INSM Insmed Incorporated - Common Stock | $16,201,975 | 1.53% | 151,960 | $-9,921,980 | Down ×1 | ||
| THC Tenet Healthcare Corporation Common Stock | $15,939,216 | 1.50% | 85,200 | $5,748,876 | Up ×1 | ||
| TMO Thermo Fisher Scientific Inc Common Stock | $15,832,949 | 1.49% | 31,580 | $-4,486,901 | Down ×1 | ||
| CNC Centene Corporation Common Stock | $15,662,360 | 1.48% | 244,000 | ||||
| AXSM Axsome Therapeutics, Inc. - Common Stock | $15,432,748 | 1.46% | 63,050 | $4,649,272 | Down ×3 | ||
| DHR Danaher Corporation Common Stock | $15,286,401 | 1.44% | 80,252 | $11,863,742 | Up ×1 | ||
| VRTX Vertex Pharmaceuticals Incorporated - Common Stock | $15,242,160 | 1.44% | 30,685 | $-4,175,632 | Down ×1 | ||
| AVR Anteris Technologies Global Corp. - Common Stock | $15,155,456 | 1.43% | 1,538,625 | $7,171,087 | Up ×2 | ||
| NBIX Neurocrine Biosciences, Inc. - Common Stock | $14,467,213 | 1.37% | 85,841 | $1,182,420 | Down ×2 | ||
| PNTG The Pennant Group, Inc. - Common Stock | $13,725,853 | 1.30% | 371,471 | $5,331,691 | Up ×1 | ||
| ISRG Intuitive Surgical, Inc. - Common Stock | $13,719,960 | 1.30% | 34,500 | $-3,265,678 | Down ×3 | ||
| ELV Elevance Health, Inc. Common Stock | $13,496,877 | 1.27% | 34,900 | $4,041,052 | Up ×2 | ||
| LIVN LivaNova PLC - Ordinary Shares | $13,485,720 | 1.27% | 164,000 | $3,633,920 | Up ×1 | ||
| COR Cencora, Inc. Common Stock | $13,237,238 | 1.25% | 46,778 | $-3,215,845 | Down ×2 | ||
| CRL Charles River Laboratories International, Inc. Common Stock | $12,972,388 | 1.22% | 57,200 | $8,487,388 | Up ×2 | ||
| IDYA IDEAYA Biosciences, Inc. - Common Stock | $12,813,426 | 1.21% | 343,800 | $4,300,166 | Up ×2 | ||
| MCK McKesson Corporation Common Stock | $12,505,180 | 1.18% | 16,550 | $-2,076,136 | Down ×5 | ||
| SNDX Syndax Pharmaceuticals, Inc. - Common Stock | $12,247,065 | 1.16% | 560,250 | $3,387,785 | Up ×1 | ||
| BTSG BrightSpring Health Services, Inc. - Common Stock | $11,569,587 | 1.09% | 165,896 | $9,439,087 | Up ×1 | ||
| MDT Medtronic plc. Ordinary Shares | $11,343,350 | 1.07% | 145,000 | $3,544,850 | Up ×1 | ||
| MLYS Mineralys Therapeutics, Inc. - Common Stock | $11,233,690 | 1.06% | 416,371 | $4,107,097 | Up ×2 | ||
| OSCR Oscar Health, Inc. Class A Common Stock | $11,179,840 | 1.06% | 392,000 | $3,609,640 | Down ×1 | ||
| RPRX Royalty Pharma plc - Class A Ordinary Shares | $11,045,790 | 1.04% | 197,000 | $-131,220 | Down ×1 | ||
| DXCM DexCom, Inc. - Common Stock | $10,776,000 | 1.02% | 160,000 | ||||
| ALGN Align Technology, Inc. - Common Stock | $10,625,580 | 1.00% | 63,000 | $9,339,855 | Up ×1 | ||
| SYRE Spyre Therapeutics, Inc. - Common Stock | $10,591,454 | 1.00% | 119,300 | Up ×1 | |||
| RLAY Relay Therapeutics, Inc. - Common Stock | $10,589,860 | 1.00% | 566,000 | $7,007,860 | Up ×1 | ||
| ARWR Arrowhead Pharmaceuticals, Inc. - Common Stock | $10,433,280 | 0.98% | 128,000 | $1,373,130 | Down ×1 | ||
| A Agilent Technologies, Inc. Common Stock | $9,962,250 | 0.94% | 75,000 | $7,112,750 | Up ×2 | ||
| NKTR Nektar Therapeutics - Common Stock | $9,860,662 | 0.93% | 141,250 | $5,615,612 | Up ×1 | ||
| ALKS Alkermes plc - Ordinary Shares | $9,706,174 | 0.92% | 185,250 | $4,994,454 | Up ×1 | ||
| ABT Abbott Laboratories Common Stock | $8,711,040 | 0.82% | 96,000 | $-2,788,000 | Down ×1 | ||
| DNTH Dianthus Therapeutics, Inc. - Common Stock | $8,395,660 | 0.79% | 86,127 | $1,545,522 | Up ×1 | ||
| PRCT PROCEPT BioRobotics Corporation - Common Stock | $7,790,100 | 0.74% | 345,000 | $-4,089,650 | Down ×2 | ||
| GPCR Structure Therapeutics Inc. - American Depositary Shares | $7,787,517 | 0.74% | 145,100 | $1,613,097 | Up ×1 | ||
| ORKA Oruka Therapeutics, Inc. - Common Stock | $7,613,600 | 0.72% | 80,000 | Up ×1 | |||
| EHC Encompass Health Corporation Common Stock | $7,506,504 | 0.71% | 74,263 | $2,064,184 | Up ×1 | ||
| MLTX MoonLake Immunotherapeutics - Class A Ordinary Shares | $7,492,056 | 0.71% | 384,800 | $3,027,776 | Up ×1 | ||
| IOVA Iovance Biotherapeutics, Inc. - Common Stock | $7,094,160 | 0.67% | 1,705,327 | $-120,038 | Down ×1 | ||
| BBIO BridgeBio Pharma, Inc. - Common Stock | $6,785,128 | 0.64% | 91,100 | $57,172 | Up ×2 | ||
| KURA Kura Oncology, Inc. - Common Stock | $6,488,755 | 0.61% | 591,500 | $4,281,460 | Up ×1 | ||
| PODD Insulet Corporation - Common Stock | $6,394,500 | 0.60% | 42,000 | $3,456,740 | Up ×1 | ||
| ERAS Erasca, Inc. - Common Stock | $6,393,680 | 0.60% | 349,000 | Up ×1 | |||
| KRYS Krystal Biotech, Inc. - Common Stock | $6,067,513 | 0.57% | 16,325 | $1,760,027 | Down ×2 | ||
| STVN Stevanato Group S.p.A. Ordinary Shares | $5,528,914 | 0.52% | 305,972 | $1,752,119 | Up ×3 | ||
| ASTH Astrana Health Inc. - Common Stock | $5,517,592 | 0.52% | 118,888 | ||||
| CAH Cardinal Health, Inc. Common Stock | $5,345,100 | 0.50% | 22,500 | $-360,270 | Down ×1 | ||
| ALNY Alnylam Pharmaceuticals, Inc. - Common Stock | $5,177,716 | 0.49% | 17,200 | $-6,225,719 | Down ×2 | ||
| MOH Molina Healthcare Inc Common Stock | $4,998,696 | 0.47% | 21,857 | ||||
| VKTX Viking Therapeutics, Inc. - Common Stock | $4,993,280 | 0.47% | 128,000 | $-213,120 | Down ×1 | ||
| CI The Cigna Group Common Stock | $4,796,832 | 0.45% | 17,400 | $2,662,832 | Up ×1 | ||
| IONS Ionis Pharmaceuticals, Inc. - Common Stock | $4,749,471 | 0.45% | 59,900 | $-2,226,390 | Down ×3 | ||
| AMN AMN Healthcare Services Inc | $4,676,364 | 0.44% | 144,466 | Up ×1 | |||
| DNLI Denali Therapeutics Inc. - Common Stock | $4,603,880 | 0.43% | 179,000 | $783,080 | Down ×1 | ||
| MEDP Medpace Holdings, Inc. - Common Stock | $4,501,515 | 0.42% | 8,500 | ||||
| MDGL Madrigal Pharmaceuticals, Inc. - Common Stock | $4,322,447 | 0.41% | 8,050 | $-8,267,007 | Down ×1 | ||
| AMGN Amgen Inc. - Common Stock | $4,309,228 | 0.41% | 11,900 | $-1,038,892 | Down ×2 | ||
| SION Sionna Therapeutics, Inc. - Common Stock | $4,271,429 | 0.40% | 97,100 | $763,554 | Up ×1 | ||
| Unknown issuer (CUSIP: K08588103) | $4,000,800 | 0.38% | 15,000 | Up ×1 | |||
| COO The Cooper Companies, Inc. - Common Stock | $3,872,340 | 0.37% | 54,000 | $297,340 | Up ×1 | ||
| WAY Waystar Holding Corp. - Common Stock | $3,665,960 | 0.35% | 178,566 | $-4,593,306 | Down ×1 | ||
| MBX MBX Biosciences, Inc. - Common Stock | $3,422,400 | 0.32% | 62,000 | Up ×1 | |||
| VCEL Vericel Corporation - Common Stock | $3,114,300 | 0.29% | 70,000 | $862,400 | |||
| VEEV Veeva Systems Inc. Class A Common Stock | $3,070,231 | 0.29% | 17,300 | $-11,913,567 | Down ×1 | ||
| BCAX Bicara Therapeutics Inc. - Common Stock | $2,617,173 | 0.25% | 88,150 | Up ×1 | |||
| STE STERIS plc (Ireland) Ordinary Shares | $2,421,555 | 0.23% | 11,500 | $-121,440 | |||
| OCUL Ocular Therapeutix, Inc. - Common Stock | $2,209,500 | 0.21% | 225,000 | $-373,850 | Down ×1 | ||
| STOK Stoke Therapeutics, Inc. - Common Stock | $2,110,440 | 0.20% | 64,500 | $-592,040 | Down ×3 | ||
| XENE Xenon Pharmaceuticals Inc. - Common Shares | $2,006,970 | 0.19% | 33,250 | $378,770 | Up ×1 | ||
| DOCS Doximity, Inc. Class A Common Stock | $1,578,459 | 0.15% | 76,107 | $-2,704,267 | Down ×2 | ||
| PRVA Privia Health Group, Inc. - Common Stock | $1,286,500 | 0.12% | 50,000 | ||||
| NVCR NovoCure Limited - Ordinary Shares | $1,060,500 | 0.10% | 70,000 | $297,500 | |||
| Unknown issuer (CUSIP: 60365F109) | $822,250 | 0.08% | 55,000 | Up ×1 | |||
| ATEC Alphatec Holdings, Inc. - Common Stock | $735,250 | 0.07% | 85,000 | $-26,350 | Up ×3 | ||
| Unknown issuer (CUSIP: 00857U206) | $535,900 | 0.05% | 5,000 | Up ×1 | |||
| TXG 10x Genomics, Inc. - Common Stock | $325,890 | 0.03% | 8,500 | Up ×1 | |||
| TNDM Tandem Diabetes Care, Inc. - Common Stock | $301,800 | 0.03% | 20,000 | Up ×1 | |||
| TGTX TG Therapeutics, Inc. - Common Stock | $274,700 | 0.03% | 5,000 | ||||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| AZN | $28,480,798 | 151,500 | 2.69% |
| MRK | $27,434,750 | 213,500 | 2.59% |
| JNJ | $18,412,825 | 72,500 | 1.74% |
| CNC | $15,662,360 | 244,000 | 1.48% |
| DXCM | $10,776,000 | 160,000 | 1.02% |
| SYRE | $10,591,454 | 119,300 | 1.00% |
| ORKA | $7,613,600 | 80,000 | 0.72% |
| ERAS | $6,393,680 | 349,000 | 0.60% |
| ASTH | $5,517,592 | 118,888 | 0.52% |
| MOH | $4,998,696 | 21,857 | 0.47% |
| AMN | $4,676,364 | 144,466 | 0.44% |
| MEDP | $4,501,515 | 8,500 | 0.42% |
| Unknown issuer (CUSIP: K08588103) | $4,000,800 | 15,000 | 0.38% |
| MBX | $3,422,400 | 62,000 | 0.32% |
| BCAX | $2,617,173 | 88,150 | 0.25% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| UNH | Bought more | +48K | +$26.6M |
| REGN | Trimmed | -21K | -$20.1M |
| BSX | Trimmed | -174K | -$20.0M |
| VEEV | Trimmed | -68K | -$11.9M |
| DHR | Bought more | +62K | +$11.9M |
| NRIX | Bought more | +371K | +$11.7M |
| EW | Bought more | +97K | +$10.5M |
| INSM | Trimmed | -8K | -$9.9M |
| ABBV | Bought more | +25K | +$8.8M |
| CRL | Bought more | +31K | +$8.5M |
2 positions hidden (data completeness check)
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.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| VERA | March 31, 2026 | 420,000 | $21,268,800 | -21.3% |
| BMY | June 30, 2025 | 325,000 | $19,821,750 | 42.7% |
| EXAS | Dec. 31, 2025 | 348,000 | $19,039,080 | No longer tracked |
| CAH | Dec. 31, 2025 | 94,000 | $14,754,240 | 12.2% |
| ITCI | March 31, 2025 | 176,000 | $14,699,520 | No longer tracked |
| DXCM | Sept. 30, 2025 | 159,500 | $13,922,755 | 32.9% |
| ABT | Dec. 31, 2025 | 98,500 | $13,193,090 | -8.7% |
| HUM | June 30, 2025 | 46,830 | $12,391,218 | 57.1% |
| HCA | Sept. 30, 2025 | 29,778 | $11,407,952 | -2.4% |
| AKRO | Dec. 31, 2025 | 230,600 | $10,948,888 | No longer tracked |
| VRNA | Sept. 30, 2025 | 106,500 | $10,072,770 | No longer tracked |
| ADPT | June 30, 2026 | 720,000 | $9,993,600 | 16.9% |
| ZBH | June 30, 2025 | 87,250 | $9,874,955 | 8.9% |
| PEN | March 31, 2026 | 31,500 | $9,793,665 | -1.3% |
| APLS | March 31, 2026 | 374,450 | $9,406,184 | No longer tracked |
| IQV | June 30, 2026 | 53,000 | $9,038,620 | 32.6% |
| ACLX | March 31, 2026 | 133,500 | $8,704,200 | No longer tracked |
| NUVL | June 30, 2026 | 81,200 | $8,318,940 | No longer tracked |
| SYK | March 31, 2025 | 22,500 | $8,101,125 | -11.2% |
| DVAX | Dec. 31, 2025 | 772,000 | $7,665,960 | No longer tracked |
| BRKR | March 31, 2026 | 147,315 | $6,940,010 | 63.1% |
| OSCR | Sept. 30, 2025 | 312,092 | $6,691,252 | 62.8% |
| MOH | Sept. 30, 2025 | 22,200 | $6,613,380 | 3.6% |
| APGE | June 30, 2026 | 75,000 | $6,312,750 | 1.6% |
| ALC | Sept. 30, 2025 | 68,000 | $5,989,836 | -2.3% |
| UHS | March 31, 2025 | 30,900 | $5,544,078 | -7.1% |
| MRUS | Dec. 31, 2025 | 53,500 | $5,037,025 | No longer tracked |
| ASTH | Sept. 30, 2025 | 190,000 | $4,727,200 | 38.1% |
| SYK | Sept. 30, 2025 | 11,500 | $4,549,745 | -10.6% |
| BDX | June 30, 2025 | 19,000 | $4,352,140 | 39.4% |
| NVO | March 31, 2025 | 50,000 | $4,301,000 | -32.7% |
| RYTM | March 31, 2026 | 35,000 | $3,746,400 | 26.2% |
| RARE | Dec. 31, 2025 | 119,400 | $3,591,552 | 13.6% |
| ASND | June 30, 2026 | 15,000 | $3,430,950 | -3.3% |
| UTHR | Dec. 31, 2025 | 8,000 | $3,353,680 | 8.0% |
| RDNT | March 31, 2026 | 47,000 | $3,353,450 | 36.3% |
| INSP | March 31, 2026 | 35,800 | $3,301,834 | 17.7% |
| JANX | March 31, 2026 | 225,377 | $3,110,203 | 26.5% |
| PRVA | March 31, 2026 | 125,000 | $2,963,750 | 3.1% |
| MRK | June 30, 2025 | 33,000 | $2,962,080 | 91.6% |
| CYTK | March 31, 2026 | 44,375 | $2,819,588 | 17.5% |
| CRL | March 31, 2025 | 14,850 | $2,741,310 | 92.8% |
| ESPR | June 30, 2026 | 985,000 | $2,698,900 | No longer tracked |
| IMCR | June 30, 2026 | 85,724 | $2,584,579 | 13.5% |
| XNCR | March 31, 2026 | 165,750 | $2,537,633 | 130.8% |
| ANNX | Dec. 31, 2025 | 823,000 | $2,510,150 | 3.6% |
| CNTA | March 31, 2026 | 100,000 | $2,501,000 | No longer tracked |
| UHS | Dec. 31, 2025 | 12,000 | $2,453,280 | -19.9% |
| RGEN | Sept. 30, 2025 | 19,500 | $2,425,410 | 32.1% |
| TMDX | March 31, 2025 | 38,000 | $2,369,300 | 37.0% |
| TGTX | March 31, 2026 | 73,250 | $2,183,583 | 66.1% |
| BNTX | March 31, 2026 | 20,870 | $1,986,824 | 29.0% |
| WST | March 31, 2026 | 7,000 | $1,925,980 | 40.7% |
| CNC | March 31, 2026 | 46,231 | $1,902,406 | 96.0% |
| QURE | March 31, 2026 | 79,375 | $1,899,444 | 202.3% |
| SMMT | Sept. 30, 2025 | 78,000 | $1,659,840 | -36.6% |
| ESPR | June 30, 2025 | 1,066,495 | $1,535,753 | No longer tracked |
| PLRX | March 31, 2025 | 116,250 | $1,531,013 | -17.0% |
| VIR | June 30, 2025 | 200,000 | $1,296,000 | 86.7% |
| ARVN | June 30, 2025 | 183,000 | $1,284,660 | 24.0% |
| AMGN | June 30, 2025 | 4,000 | $1,246,200 | 56.2% |
| GERN | June 30, 2025 | 783,000 | $1,244,970 | 10.3% |
| IRTC | March 31, 2026 | 7,000 | $1,242,080 | 8.6% |
| ICLR | June 30, 2025 | 7,000 | $1,224,930 | 18.7% |
| MEDP | June 30, 2025 | 3,800 | $1,157,822 | 94.1% |
| TECH | Dec. 31, 2025 | 15,000 | $834,450 | 22.9% |
| AVTR | June 30, 2025 | 47,826 | $775,259 | 5.4% |
| IGMS | March 31, 2025 | 126,064 | $770,251 | No longer tracked |
| IDYA | June 30, 2025 | 39,500 | $647,010 | 92.9% |
| CMPX | June 30, 2026 | 115,113 | $608,948 | 10.3% |
| ACHC | March 31, 2025 | 13,750 | $545,188 | -11.7% |
| IMVT | June 30, 2025 | 25,924 | $443,041 | 178.4% |
| INMB | Sept. 30, 2025 | 178,284 | $411,836 | 7.7% |
| TECH | March 31, 2025 | 3,000 | $216,090 | 23.3% |