SECTOR GAMMA AS
Portfolio value QoQ: +8.9% 13F does not disclose cash
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 20.17% Est. buys $100,250,104 · sells $89,211,477
Median holding: 4.0 quarters Tracked Q1 2025–Q2 2026 · 63.5% still held
Performance vs S&P 500
Annualized: +13.9% · S&P 500: +28.7%
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.
Sector breakdown
Full portfolio 40 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| BMY | $41,838,746 | 9.08% | 726,115 | $-8,373,450 | Down ×1 | ||
| MRK | $27,885,528 | 6.05% | 217,008 | $-3,430,771 | Down ×2 | ||
| MDT | $27,571,147 | 5.98% | 352,437 | $3,250,052 | Up ×2 | ||
| PFE | $24,181,497 | 5.25% | 1,004,215 | $-6,464,594 | Down ×1 | ||
| INCY | $19,356,560 | 4.20% | 170,753 | $484,559 | Down ×2 | ||
| ELV | $17,209,098 | 3.73% | 44,499 | $4,339,222 | Up ×3 | ||
| BMRN | $16,875,208 | 3.66% | 294,918 | $3,322,240 | Up ×4 | ||
| TMO | $16,837,674 | 3.65% | 33,584 | ||||
| CVS | $16,069,613 | 3.49% | 155,337 | $6,349,710 | Up ×1 | ||
| IQV | $15,060,340 | 3.27% | 77,944 | $8,199,516 | Up ×1 | ||
| IONS | $15,022,918 | 3.26% | 189,468 | $2,297,566 | Up ×1 | ||
| BDX | $14,099,113 | 3.06% | 93,168 | $1,109,557 | Up ×1 | ||
| ABT | $13,379,069 | 2.90% | 147,444 | $4,392,159 | Up ×1 | ||
| GEHC | $13,305,311 | 2.89% | 207,863 | $4,306,878 | Up ×6 | ||
| ZBH | $12,251,210 | 2.66% | 142,307 | $-1,839,391 | Down ×1 | ||
| BIIB | $11,702,458 | 2.54% | 54,163 | $-4,814,842 | Down ×1 | ||
| QGEN | $11,246,724 | 2.44% | 287,640 | $4,745,389 | Up ×1 | ||
| CNC | $10,424,777 | 2.26% | 162,405 | $5,107,637 | |||
| REGN | $9,839,461 | 2.13% | 15,780 | ||||
| BIO | $9,791,894 | 2.12% | 33,350 | $3,171,581 | Up ×1 | ||
| CAH | $9,666,079 | 2.10% | 40,689 | $-1,934,206 | Down ×2 | ||
| AMGN | $9,516,876 | 2.06% | 26,281 | $-7,074,611 | Down ×3 | ||
| BRKR | $9,168,543 | 1.99% | 152,352 | $-6,298 | Down ×2 | ||
| AVTR | $8,970,271 | 1.95% | 906,088 | $3,518,311 | Up ×1 | ||
| PTCT | $8,157,000 | 1.77% | 100,000 | $3,047,250 | Up ×2 | ||
| LH | $7,285,320 | 1.58% | 26,019 | $2,210,861 | Up ×1 | ||
| DXCM | $6,877,917 | 1.49% | 102,122 | $3,353,455 | Up ×1 | ||
| Unknown issuer (CUSIP: K08588103) | $5,682,470 | 1.23% | 21,305 | Up ×1 | |||
| EW | $5,463,965 | 1.19% | 60,402 | $626,973 | |||
| SNDX | $5,284,415 | 1.15% | 241,739 | $-1,396,709 | Down ×1 | ||
| BSX | $5,169,743 | 1.12% | 121,128 | Up ×1 | |||
| KURA | $4,750,142 | 1.03% | 433,012 | $1,402,127 | Up ×1 | ||
| TVTX | $4,544,800 | 0.99% | 80,000 | Up ×1 | |||
| CRNX | $4,289,380 | 0.93% | 114,628 | $868,218 | Up ×1 | ||
| TNDM | $4,030,403 | 0.87% | 267,091 | $-1,089,731 | |||
| IOVA | $4,028,819 | 0.87% | 968,466 | $869,819 | Up ×1 | ||
| CYTK | $3,833,550 | 0.83% | 45,000 | Up ×1 | |||
| OGN | $3,666,375 | 0.80% | 270,781 | $1,414,291 | Down ×1 | ||
| ARDX | $3,502,904 | 0.76% | 686,844 | $411,279 | Up ×1 | ||
| NTLA | $3,133,195 | 0.68% | 185,177 | Up ×1 | |||
| 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.
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| BMY | Trimmed | -102K | -$8.4M |
| IQV | Bought more | +38K | +$8.2M |
| AMGN | Trimmed | -21K | -$7.1M |
| PFE | Trimmed | -87K | -$6.5M |
| CVS | Bought more | +20K | +$6.3M |
| CNC | Price move only | +0 | +$5.1M |
| BIIB | Trimmed | -36K | -$4.8M |
| QGEN | Bought more | +125K | +$4.7M |
| ABT | Bought more | +60K | +$4.4M |
| ELV | Bought more | +537 | +$4.3M |
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 |
|---|---|---|---|---|
| JNJ | June 30, 2025 | 98,000 | $16,252,320 | 67.0% |
| TMO | March 31, 2026 | 21,688 | $12,567,112 | 34.6% |
| UNH | June 30, 2026 | 36,435 | $9,858,947 | -10.9% |
| BAX | Dec. 31, 2025 | 381,551 | $8,687,916 | 25.0% |
| GILD | June 30, 2026 | 53,247 | $7,421,034 | 14.0% |
| LNTH | June 30, 2026 | 93,344 | $7,080,142 | -9.8% |
| VTRS | Dec. 31, 2025 | 668,851 | $6,621,625 | 42.0% |
| HUM | Dec. 31, 2025 | 23,942 | $6,228,990 | 52.2% |
| ELAN | Dec. 31, 2025 | 307,271 | $6,188,438 | -2.0% |
| QGEN | Sept. 30, 2025 | 117,000 | $5,623,020 | 0.5% |
| REGN | March 31, 2026 | 7,165 | $5,530,449 | -5.3% |
| HCA | March 31, 2026 | 10,784 | $5,034,618 | -8.9% |
| ASND | June 30, 2026 | 21,305 | $4,873,093 | -14.2% |
| ICLR | Dec. 31, 2025 | 24,967 | $4,369,225 | -10.8% |
| SOLV | Dec. 31, 2025 | 59,259 | $4,325,907 | 10.0% |
| HUM | June 30, 2026 | 19,202 | $3,329,435 | -1.9% |
| BBIO | June 30, 2026 | 44,263 | $3,286,970 | -10.8% |
| DNLI | June 30, 2026 | 162,710 | $3,124,032 | -22.4% |
| COGT | June 30, 2026 | 80,000 | $3,079,200 | -20.8% |
| TGTX | Sept. 30, 2025 | 82,000 | $2,951,180 | 50.3% |
| BNTX | Dec. 31, 2025 | 27,732 | $2,734,930 | 1.6% |
| ACLX | Dec. 31, 2025 | 32,009 | $2,627,939 | No longer tracked |
| THC | Sept. 30, 2025 | 12,500 | $2,200,000 | 29.3% |
| CGON | March 31, 2026 | 52,039 | $2,160,659 | -1.4% |
| CERT | March 31, 2026 | 230,565 | $2,031,278 | 65.6% |
| ARWR | June 30, 2026 | 30,000 | $1,881,000 | -22.1% |