1y return+51.2%S&P 500 +20.9%
3y return+63.7%S&P 500 +68.5%
5y return+43.9%S&P 500 +74.5%
10y return+281.6%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: $382 against $357 in the S&P 500.2
PFM Health Sciences, LPS&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 |
|---|---|---|---|
| Ascendis Pharma A/sCUSIP K08588103 | $62.2M | 5.4% | New |
| AXSMAxsome Therapeutics Inc. | $53.8M | 4.7% | −16.9% |
| LLYEli Lilly & Co | $47.1M | 4.1% | −40.3% |
| Jazz Pharmaceuticals PLCCUSIP G50871105 | $38.7M | 3.4% | −9.8% |
| HUMHumana Inc | $37.5M | 3.3% | New |
| UNHUnitedhealth Group Inc | $36.7M | 3.2% | +52.1% |
| NBIXNeurocrine Biosciences Inc | $36.0M | 3.1% | −1.1% |
| INBXInhibrx Biosciences Inc | $29.2M | 2.5% | |
| UTHRUnited Therapeutics Corp Del | $27.1M | 2.4% | +25.6% |
| RVMDRevolution Medicines Inc | $26.8M | 2.3% | +1.7% |
| Icon Pub Ltd CoCUSIP G4705A100 | $23.7M | 2.1% | +137.4% |
| THCTenet Healthcare Corp | $23.7M | 2.1% | −68.2% |
| EWEdwards Lifesciences Corp | $22.7M | 2.0% | −1.6% |
| WATWaters Corp | $22.4M | 1.9% | +50.5% |
| PENPenumbra Inc | $19.0M | 1.7% | −56.9% |
| BBIOBridgebio Pharma Inc | $18.9M | 1.6% | −1.7% |
| SYKStryker Corporation | $17.8M | 1.5% | +157.9% |
| MTDMettler Toledo International | $17.0M | 1.5% | New |
| INDVIndivior Pharmaceuticals Inc | $16.5M | 1.4% | −30.2% |
| MRKMerck & Co Inc | $16.3M | 1.4% | New |
| CYTKCytokinetics Inc | $16.3M | 1.4% | New |
| LNTHLantheus Hldgs Inc | $16.2M | 1.4% | New |
| CNCCentene Corp Del | $16.0M | 1.4% | −5.5% |
| COOCooper Cos Inc | $15.8M | 1.4% | +30.1% |
| MDGLMadrigal Pharmaceuticals Inc | $15.7M | 1.4% | −14.2% |
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 |
|---|---|---|---|
| THCTenet Healthcare Corp | June 30, 2020 | +933.0% | $23.7M |
| LLYEli Lilly & Co | December 31, 2020 | +610.4% | $47.1M |
| INBXInhibrx Biosciences Inc | June 30, 2024 | +568.7% | $29.2M |
| AXSMAxsome Therapeutics Inc. | June 30, 2022 | +539.1% | $53.8M |
| RVMDRevolution Medicines Inc | September 30, 2025 | +301.0% | $26.8M |
| OSCROscar Health Inc | June 30, 2023 | +253.8% | $14.8M |
| BBIOBridgebio Pharma Inc | December 31, 2024 | +171.4% | $18.9M |
| DFTXDefinium Therapeutics Inc | March 31, 2026 | +148.9% | $11.7M |
| DNTHDianthus Therapeutics Inc | September 30, 2025 | +147.7% | $11.8M |
| ORKAOruka Therapeutics Inc | March 31, 2026 | +94.0% | $15.1M |
Sold off last quarter
- Ascendis Pharma A/sCUSIP 04351P101 was $34.8M
- GKOSGlaukos Corp was $23.2M
- Centessa Pharmaceuticals PLCCUSIP 152309100 was $21.0M
- NEONeogenomics Inc was $13.2M
- DXCMDexcom Inc was $9.4M
- Terns Pharmaceuticals IncCUSIP 880881107 was $9.1M
- Soleno Therapeutics IncCUSIP 834203309 was $8.3M
- BLLNBilliontoone Inc was $7.0M
- CAHCardinal Health Inc was $6.7M
- ALHCAlignment Healthcare Inc was $6.3M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +24.4% | +14.8% |
| March 31, 2026 | −5.8% | −4.6% |
| December 31, 2025 | +21.0% | +2.4% |
| September 30, 2025 | +6.7% | +7.8% |
| June 30, 2025 | +2.0% | +10.5% |
| March 31, 2025 | +2.6% | −4.6% |
| December 31, 2024 | −11.1% | +2.1% |
| September 30, 2024 | +3.6% | +5.4% |
| June 30, 2024 | −6.0% | +4.0% |
| March 31, 2024 | +11.5% | +10.0% |
| December 31, 2023 | +13.5% | +11.2% |
| September 30, 2023 | −5.6% | −3.6% |
| June 30, 2023 | +8.7% | +8.3% |
| March 31, 2023 | −5.3% | +7.0% |
| December 31, 2022 | +4.8% | +7.1% |
| September 30, 2022 | −0.4% | −5.3% |
| June 30, 2022 | −11.1% | −16.5% |
| March 31, 2022 | −9.4% | −4.9% |
| December 31, 2021 | +0.0% | +10.7% |
| September 30, 2021 | +1.7% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: PFM Health Sciences, LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1442756&type=13F-HR&dateb=&owner=include&count=40CIK 1442756
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1442756/000144275626000006/Filed August 14, 2026 · accession 0001442756-26-000006