1y return+103.3%S&P 500 +20.9%
3y return+95.5%S&P 500 +68.5%
5y return+75.8%S&P 500 +74.5%
10y return+233.4%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: $333 against $357 in the S&P 500.2
Sphera Funds Management Ltd.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 |
|---|---|---|---|
| Teva Pharmaceutical Inds LtdCUSIP 881624209 | $50.8M | 7.3% | +31.9% |
| MLYSMineralys Therapeutics Inc | $39.7M | 5.7% | +9.7% |
| Tower Semiconductor LtdCUSIP M87915274 | $28.2M | 4.0% | −25.7% |
| SNDXSyndax Pharmaceuticals Inc | $22.2M | 3.2% | +40.0% |
| BIIBBiogen Inc | $20.9M | 3.0% | +4.4% |
| RAREUltragenyx Pharmaceutical In | $19.6M | 2.8% | −27.3% |
| BMRNBiomarin Pharmaceutical Inc | $18.8M | 2.7% | +134.8% |
| CYTKCytokinetics Inc | $18.7M | 2.7% | +452.5% |
| BBIOBridgebio Pharma Inc | $18.3M | 2.6% | |
| COGTCogent Biosciences Inc | $17.8M | 2.5% | +10.3% |
| Nova LtdCUSIP M7516K103 | $13.7M | 2.0% | −52.8% |
| INSMInsmed Inc | $12.7M | 1.8% | New |
| MAZEMaze Therapeutics Inc | $12.5M | 1.8% | +83.7% |
| Astrazeneca PLCCUSIP G0593M107 | $11.9M | 1.7% | |
| SNYSanofi Sa | $11.5M | 1.6% | |
| Cybin IncCUSIP 23256X407 | $10.7M | 1.5% | +64.2% |
| LLYEli Lilly & Co | $9.6M | 1.4% | −11.1% |
| MDGLMadrigal Pharmaceuticals Inc | $9.4M | 1.3% | +92.7% |
| TRVITrevi Therapeutics Inc | $9.3M | 1.3% | −13.1% |
| ACADAcadia Pharmaceuticals Inc | $9.0M | 1.3% | +39.2% |
| CLDXCelldex Therapeutics Inc New | $9.0M | 1.3% | −1.1% |
| RYTMRhythm Pharmaceuticals Inc | $8.9M | 1.3% | New |
| ORICOric Pharmaceuticals Inc | $8.2M | 1.2% | +40.1% |
| LRCXLam Research Corp | $8.0M | 1.1% | New |
| AMATApplied Matls Inc | $8.0M | 1.1% | New |
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 |
|---|---|---|---|
| LLYEli Lilly & Co | June 30, 2020 | +630.6% | $9.6M |
| Tower Semiconductor LtdCUSIP M87915274 | June 30, 2023 | +594.7% | $28.2M |
| COGTCogent Biosciences Inc | March 31, 2025 | +546.1% | $17.8M |
| BBIOBridgebio Pharma Inc | March 31, 2023 | +349.2% | $18.3M |
| Teva Pharmaceutical Inds LtdCUSIP 881624209 | March 31, 2023 | +282.8% | $50.8M |
| TNGXTango Therapeutics Inc | December 31, 2025 | +252.8% | $7.9M |
| TRVITrevi Therapeutics Inc | June 30, 2025 | +241.0% | $9.3M |
| CYTKCytokinetics Inc | September 30, 2023 | +189.2% | $18.7M |
| MAZEMaze Therapeutics Inc | March 31, 2025 | +171.0% | $12.5M |
| Nova LtdCUSIP M7516K103 | September 30, 2024 | +160.6% | $13.7M |
Sold off last quarter
- Amicus TherapeuticCUSIP 03152W109 was $8.7M
- Cellebrite Di LtdCUSIP M2197Q107 was $8.7M
- Apellis Pharmaceuticals IncCUSIP 03753U106 was $8.6M
- PANWPalo Alto Networks Inc was $8.5M
- Camtek LtdCUSIP M20791105 was $8.0M
- Soleno Therapeutics IncCUSIP 834203309 was $7.2M
- AMZNAmazon Com Inc was $6.7M
- AAOIApplied Optoelectronics Inc was $6.2M
- ENPHEnphase Energy Inc was $5.4M
- Zim Integrated Shipping ServCUSIP M9T951109 was $2.8M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +16.2% | +14.8% |
| March 31, 2026 | +10.2% | −4.6% |
| December 31, 2025 | +23.3% | +2.4% |
| September 30, 2025 | +28.8% | +7.8% |
| June 30, 2025 | +7.4% | +10.5% |
| March 31, 2025 | −13.8% | −4.6% |
| December 31, 2024 | −7.1% | +2.1% |
| September 30, 2024 | −0.1% | +5.4% |
| June 30, 2024 | −8.0% | +4.0% |
| March 31, 2024 | +15.3% | +10.0% |
| December 31, 2023 | +16.2% | +11.2% |
| September 30, 2023 | −9.2% | −3.6% |
| June 30, 2023 | +6.8% | +8.3% |
| March 31, 2023 | −4.3% | +7.0% |
| December 31, 2022 | +12.2% | +7.1% |
| September 30, 2022 | −1.4% | −5.3% |
| June 30, 2022 | −9.5% | −16.5% |
| March 31, 2022 | −8.9% | −4.9% |
| December 31, 2021 | +2.0% | +10.7% |
| September 30, 2021 | −5.4% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Sphera Funds Management Ltd. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1496201&type=13F-HR&dateb=&owner=include&count=40CIK 1496201
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1496201/000149620126000004/Filed August 14, 2026 · accession 0001496201-26-000004