PFM Health Sciences portfolio
Investment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
PFM Health Sciences reported a $1.2 bn portfolio of 96 positions to the SEC as of the end of Q2 2026. Its largest positions are ASND, AXSM, LLY. During the quarter it opened Humana and Mettler-Toledo International and exited Glaukos.
Sections with a free account
What changed this quarter
104 positions with a change (32 new, 22 added to, 41 trimmed, 9 sold); also, 3 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Tenet Healthcare−68%fewer sharesReduced8.1% → 2.1%
- Humana+3.3 ppof portfolioNew— → 3.3%
- Eli Lilly−40%fewer sharesReduced6.5% → 4.1%
- Penumbra−57%fewer sharesReduced4.9% → 1.7%
- Glaukos−2.0 ppof portfolioSold out2.5% → —
- Ascendis Pharma A/S+53%more sharesIncreased3.7% → 5.4%
- Mettler-Toledo International+1.5 ppof portfolioNew— → 1.5%
- Merck+1.4 ppof portfolioNew— → 1.4%
- Cytokinetics+1.4 ppof portfolioNew— → 1.4%
- Lantheus Holdings+1.4 ppof portfolioNew— → 1.4%
- CVS Health+1.2 ppof portfolioNew— → 1.2%
- Icon+137%more sharesIncreased0.7% → 2.1%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- Ascendis Pharma A/SASND5.4%
- Axsome TherapeuticsAXSM4.7%
- Eli LillyLLY4.1%
- Jazz PharmaceuticalsJAZZ3.4%
- HumanaHUM3.3%
- UnitedHealth GroupUNH3.2%
- Neurocrine BiosciencesNBIX3.1%
- Inhibrx BiosciencesINBX2.5%
- United TherapeuticsUTHR2.4%
- Revolution MedicinesRVMD2.3%
- IconICLR2.1%
- Tenet HealthcareTHC2.1%
- Edwards LifesciencesEW2.0%
- WatersWAT1.9%
- PenumbraPEN1.7%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Health Care 100%
How its portfolio changed (8 quarters)
Q2 2026: 96
Q2 2026: 34%
Q2 2026: 27.9%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Declared options (2)
Besides stocks, PFM Health Sciences declared 1 put (they gain if the stock falls) and 1 call (they gain if it rises) with a notional of $13.6M. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Mar 31, 2026 (high confidence).
The data, as reported: PFM HEALTH SCIENCES, LP (CRD 146747): 7.B private funds: 2 hedge, 2 pe (gross assets $1.2 bn); 5.D assets by client type: pooled vehicles 100% (of $1.3 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
Not counted as a concentrated manager: its top 10 positions are under 45%. Its portfolio is shown all the same, but it is left out of manager counts, the consensus and the ranking. How this is decided
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Same type of filer and a 13F portfolio value between a third and three times this one. It is not a comparison of what they hold.
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