1y return+64.7%S&P 500 +20.9%
3y return+109.3%S&P 500 +68.5%
5y return+44.7%S&P 500 +74.5%
10y return+289.8%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $390 against $357 in the S&P 500.2
Deerfield Management Company, L.P.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| Nuvalent IncCUSIP 670703107 | $2.1B | 26.5% | |
| RVMDRevolution Medicines Inc | $448.0M | 5.6% | +4.1% |
| PRAXPraxis Precision Medicines I | $322.5M | 4.0% | |
| VTRSViatris Inc | $320.9M | 4.0% | |
| CNCCentene Corp Del | $314.6M | 3.9% | −17.2% |
| UTHRUnited Therapeutics Corp Del | $247.6M | 3.1% | |
| LEGNLegend Biotech Corp | $235.0M | 2.9% | +5.9% |
| COGTCogent Biosciences Inc | $193.7M | 2.4% | −44.6% |
| GMABGenmab A/s | $188.6M | 2.3% | +178.8% |
| BKDBrookdale Sr Living Inc | $187.2M | 2.3% | |
| VERAVera Therapeutics Inc | $168.1M | 2.1% | +5.2% |
| IONSIonis Pharmaceuticals Inc | $157.0M | 2.0% | |
| CELCCelcuity Inc | $151.8M | 1.9% | −15.3% |
| BCRXBiocryst Pharmaceuticals Inc | $151.0M | 1.9% | |
| Newamsterdam Pharma CompanyCUSIP N62509109 | $144.5M | 1.8% | |
| ACHCAcadia Healthcare Company In | $133.5M | 1.7% | |
| TNGXTango Therapeutics Inc | $131.0M | 1.6% | +1.1% |
| AHCOAdapthealth Corp | $119.6M | 1.5% | |
| Pharvaris N VCUSIP N69605108 | $116.7M | 1.5% | +8.0% |
| ARWRArrowhead Pharmaceuticals In | $113.2M | 1.4% | −11.7% |
| DNTHDianthus Therapeutics Inc | $109.7M | 1.4% | +10.3% |
| LRMRLarimar Therapeutics Inc | $108.6M | 1.4% | |
| MLYSMineralys Therapeutics Inc | $106.8M | 1.3% | New |
| IDYAIdeaya Biosciences Inc | $101.2M | 1.3% | +77.4% |
| XENEXenon Pharmaceuticals Inc | $97.5M | 1.2% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| RVMDRevolution Medicines Inc | June 30, 2020 | +493.2% | $448.0M |
| Nuvalent IncCUSIP 670703107 | September 30, 2021 | +447.7% | $2.1B |
| BKDBrookdale Sr Living Inc | June 30, 2020 | +445.4% | $187.2M |
| TNGXTango Therapeutics Inc | December 31, 2025 | +252.8% | $131.0M |
| COGTCogent Biosciences Inc | December 31, 2020 | +244.6% | $193.7M |
| IDYAIdeaya Biosciences Inc | September 30, 2022 | +149.8% | $101.2M |
| ARWRArrowhead Pharmaceuticals In | September 30, 2025 | +136.3% | $113.2M |
| GPCRStructure Therapeutics Inc | March 31, 2023 | +125.6% | $58.3M |
| CELCCelcuity Inc | September 30, 2025 | +111.8% | $151.8M |
| CDNACaredx Inc | September 30, 2025 | +96.0% | $56.9M |
Sold off last quarter
- Catalyst Pharmaceuticals IncCUSIP 14888U101 was $97.6M
- NBIXNeurocrine Biosciences Inc was $80.4M
- Day One Biopharmaceuticals ICUSIP 23954D109 was $79.8M
- Enhabit IncCUSIP 29332G102 was $66.9M
- KYMRKymera Therapeutics Inc was $46.7M
- CMPXCompass Therapeutics Inc was $19.1M
- TSHATaysha Gene Therapies Inc was $12.2M
- CGEMCullinan Therapeutics Inc was $5.5M
- Biomx IncCUSIP 09090D509 was $493K
- MANEVeradermics Inc was $316K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +16.6% | +14.8% |
| March 31, 2026 | +1.7% | −4.6% |
| December 31, 2025 | +21.7% | +2.4% |
| September 30, 2025 | +14.2% | +7.8% |
| June 30, 2025 | +7.2% | +10.5% |
| March 31, 2025 | −9.5% | −4.6% |
| December 31, 2024 | −15.4% | +2.1% |
| September 30, 2024 | +19.0% | +5.4% |
| June 30, 2024 | −7.2% | +4.0% |
| March 31, 2024 | +13.3% | +10.0% |
| December 31, 2023 | +30.6% | +11.2% |
| September 30, 2023 | −5.3% | −3.6% |
| June 30, 2023 | +16.1% | +8.3% |
| March 31, 2023 | −14.0% | +7.0% |
| December 31, 2022 | +9.8% | +7.1% |
| September 30, 2022 | +13.9% | −5.3% |
| June 30, 2022 | −11.6% | −16.5% |
| March 31, 2022 | −16.4% | −4.9% |
| December 31, 2021 | −11.8% | +10.7% |
| September 30, 2021 | −15.0% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Deerfield Management Company, L.P. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1009258&type=13F-HR&dateb=&owner=include&count=40CIK 1009258
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1009258/000121390026089991/Filed August 14, 2026 · accession 0001213900-26-089991