Sphera Funds Management Ltd
Sphera Funds Management Ltd reported 97 US-listed holdings worth $698.8 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Teva Pharmaceutical Industries Ltd. (7.3%), Mineralys Therapeutics Inc. (5.7%) and Tower Semiconductor Ltd (4.0%). Against the quarter before, it opened 22 positions, added to 32, trimmed 28 and sold out of 17.
Reported holdings$698.8M+20.2% on Q1 2026
Positions97+5 on Q1 2026
The largest ten36.5%of its reported holdings
Latest 13FQ2 2026filed 14 August 2026
OpenedAdded toHeldTrimmed
The 14 largest of its 97 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +74.7% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Its reported holdingsThe S&P 500
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Opened 22Added 32Held 15Trimmed 28Sold out 17
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 22
- Insmed Inc. INSM$12.7 million
- Rhythm Pharmaceuticals Inc. RYTM$8.9 million
- Lam Research Corp. LRCX$8.0 million
- Applied Materials Inc. AMAT$8.0 million
- Ideaya Biosciences Inc. IDYA$7.3 million
- Nuvectis Pharma Inc. NVCT$7.0 million
- Harmony Biosciences Holdings, Inc. HRMY$6.4 million
- Vistra Corp. VST$4.7 million
and 14 more in the table below
Added to 32
- Cytokinetics Inc. CYTK+180,170 shares · +452%
- Teva Pharmaceutical Industries Ltd. TEVA+363,107 shares · +32%
- Biomarin Pharmaceutical Inc. BMRN+188,650 shares · +135%
- Syndax Pharmaceuticals Inc. SNDX+290,043 shares · +40%
- Maze Therapeatics MAZE+190,221 shares · +84%
- Madrigal Pharmaceuticals Inc. MDGL+8,379 shares · +93%
- Cybin Inc. HELP+633,663 shares · +64%
- Mineralys Therapeutics Inc. MLYS+130,000 shares · +10%
and 24 more in the table below
Trimmed 28
- Curis Inc. CRIS-1.9 million shares · -95%
- Nova Ltd NVMI-28,197 shares · -53%
- Tower Semiconductor Ltd TSEM-37,470 shares · -26%
- Ultragenyx Pharmaceutical in RARE-220,839 shares · -27%
- Biohaven Ltd BHVN-429,563 shares · -72%
- Revolution Medicines, Inc. RVMD-32,710 shares · -59%
- Biocryst Pharmaceuticals Inc. BCRX-444,413 shares · -51%
- Ormat Technologies, Inc. ORA-40,235 shares · -59%
and 20 more in the table below
Sold out of 17
- Amicus Therapeutics Inc. FOLD$8.7 million last quarter
- Cellebrite Di Ltd CLBT$8.7 million last quarter
- Apellis Pharmaceuticals Inc. APLS$8.6 million last quarter
- Palo Alto Networks Inc. PANW$8.5 million last quarter
- Camtek Ltd CAMT$8.0 million last quarter
- Soleno Therapeutics Inc. SLNO$7.2 million last quarter
- Amazon.com Inc. AMZN$6.7 million last quarter
- Applied Optoelectronics Inc. AAOI$6.2 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Teva Pharmaceutical Industries Ltd. TEVA | 1.5M | $50.8 million | 7.27% | +363.1K |
| Mineralys Therapeutics Inc. MLYS | 1.5M | $39.7 million | 5.68% | +130.0K |
| Tower Semiconductor Ltd TSEM | 108.3K | $28.2 million | 4.04% | -37.5K |
| Syndax Pharmaceuticals Inc. SNDX | 1.0M | $22.2 million | 3.17% | +290.0K |
| Biogen Inc. BIIB | 96.6K | $20.9 million | 2.99% | +4.1K |
| Ultragenyx Pharmaceutical in RARE | 588.5K | $19.6 million | 2.81% | -220.8K |
| Biomarin Pharmaceutical Inc. BMRN | 328.6K | $18.8 million | 2.69% | +188.7K |
| Cytokinetics Inc. CYTK | 220.0K | $18.7 million | 2.68% | +180.2K |
| Bridgebio Pharma Inc. BBIO | 245.3K | $18.3 million | 2.61% | +100 |
| Cogent Biosciences Inc. COGT | 459.3K | $17.8 million | 2.54% | +43.0K |
| Nova Ltd NVMI | 25.2K | $13.7 million | 1.96% | -28.2K |
| Insmed Inc. INSM | 118.8K | $12.7 million | 1.81% | new |
| Maze Therapeatics MAZE | 417.6K | $12.5 million | 1.78% | +190.2K |
| AstraZeneca PLC AZN | 62.5K | $11.9 million | 1.70% | no change |
| Sanofi SNY | 269.5K | $11.5 million | 1.65% | no change |
| Cybin Inc. HELP | 1.6M | $10.7 million | 1.53% | +633.7K |
| Eli Lilly & Co. LLY | 8.0K | $9.6 million | 1.38% | -1.0K |
| Madrigal Pharmaceuticals Inc. MDGL | 17.4K | $9.4 million | 1.34% | +8.4K |
| Trevi Therapeutics Inc. TRVI | 499.0K | $9.3 million | 1.33% | -75.0K |
| Acadia Pharmaceuticals Inc. ACAD | 356.5K | $9.0 million | 1.29% | +100.3K |
| Celldex Therapeutics Inc. CLDX | 240.9K | $9.0 million | 1.28% | -2.7K |
| Rhythm Pharmaceuticals Inc. RYTM | 80.4K | $8.9 million | 1.28% | new |
| Oric Pharmaceuticals Inc. ORIC | 753.0K | $8.2 million | 1.17% | +215.4K |
| Lam Research Corp. LRCX | 18.5K | $8.0 million | 1.15% | new |
| Applied Materials Inc. AMAT | 11.0K | $8.0 million | 1.14% | new |
| Tango Therapeutics Inc. TNGX | 254.2K | $7.9 million | 1.14% | -89.3K |
| Novartis AG NVS | 50.0K | $7.8 million | 1.12% | +13.0K |
| Solaredge Technologies Inc. | 4.0M | $7.7 million | 1.11% | no change |
| Vor Biopharma Inc. VOR | 416.4K | $7.7 million | 1.10% | +94.5K |
| AbbVie Inc. ABBV | 30.3K | $7.6 million | 1.09% | no change |
| Merck & Co., Inc. MRK | 58.6K | $7.5 million | 1.08% | +10.0K |
| Johnson & Johnson JNJ | 28.8K | $7.3 million | 1.05% | no change |
| Ideaya Biosciences Inc. IDYA | 196.4K | $7.3 million | 1.05% | new |
| Immatics N.V IMTX | 720.1K | $7.3 million | 1.04% | +24.0K |
| Nuvectis Pharma Inc. NVCT | 382.9K | $7.0 million | 1.01% | new |
| Pfizer Inc. PFE | 286.0K | $6.9 million | 0.99% | +100.0K |
| Harmony Biosciences Holdings, Inc. HRMY | 176.7K | $6.4 million | 0.92% | new |
| Xenon Pharmaceuticals Inc. XENE | 105.0K | $6.3 million | 0.91% | -22.0K |
| Eliem Therapeutics Inc. CLYM | 483.7K | $6.3 million | 0.90% | +64.5K |
| Zenas Biopharma Inc. ZBIO | 230.8K | $5.9 million | 0.84% | +16.5K |
| Novo Nordisk A/S NVO | 120.7K | $5.8 million | 0.83% | no change |
| Enliven Therapeutics Inc. ELVN | 112.8K | $5.7 million | 0.82% | -40.5K |
| Prelude Therapeutics Inc. PRLD | 1.0M | $5.4 million | 0.78% | +461.5K |
| GSK plc GSK | 102.0K | $5.3 million | 0.77% | -20.0K |
| Forte Biosciences Inc. FBRX | 249.7K | $5.3 million | 0.76% | +64.7K |
| Bioage Labs Inc. BIOA | 213.7K | $5.2 million | 0.75% | +127.2K |
| Scholar Rock Holding Corporation SRRK | 94.3K | $5.2 million | 0.74% | no change |
| Satellos Bioscience Inc. MSLE | 652.6K | $5.1 million | 0.73% | +163.4K |
| Palisade Bio Inc. PALI | 2.3M | $4.7 million | 0.68% | +523.6K |
| Eledon Pharmaceuticals Inc. ELDN | 1.2M | $4.7 million | 0.67% | -580.9K |
| Vistra Corp. VST | 29.4K | $4.7 million | 0.67% | new |
| Talen Energy Corp. TLN | 12.1K | $4.7 million | 0.67% | new |
| Savara Inc. SVRA | 756.2K | $4.7 million | 0.67% | +17.0K |
| Disc Medicine Inc. IRON | 63.5K | $4.6 million | 0.66% | +10.0K |
| Global X FDS CLOU | 195.9K | $4.5 million | 0.64% | new |
| Dyne Therapeutics Inc. DYN | 199.6K | $4.4 million | 0.63% | +39.0K |
| Relay Therapeutics Inc. RLAY | 233.8K | $4.4 million | 0.63% | -174.6K |
| Avalo Therapeutics Inc. AVTX | 232.3K | $4.3 million | 0.61% | new |
| Promis Neurosciences Inc. PMN | 325.6K | $4.3 million | 0.61% | no change |
| Biocryst Pharmaceuticals Inc. BCRX | 422.1K | $4.2 million | 0.60% | -444.4K |
| Revolution Medicines, Inc. RVMD | 22.4K | $4.2 million | 0.60% | -32.7K |
| Cabaletta Bio Inc. CABA | 1.3M | $4.1 million | 0.59% | new |
| Generate Biomedicines Inc. GENB | 245.0K | $4.1 million | 0.59% | +60.0K |
| Mediwound Ltd MDWD | 273.2K | $4.0 million | 0.57% | no change |
| Alpha Cognition Inc. ACOG | 545.8K | $3.9 million | 0.56% | -21.8K |
| Wave Life Sciences Ltd WVE | 638.3K | $3.7 million | 0.53% | +90.0K |
| Corvus Pharmaceuticals Inc. CRVS | 245.0K | $3.7 million | 0.52% | -3.0K |
| Ovid Therapeutics Inc. OVID | 1.4M | $3.6 million | 0.52% | -269.8K |
| Bridgebio Oncology Therapeutics Ord BBOT | 461.0K | $3.5 million | 0.50% | new |
| Cytomx Therapeutics Inc. CTMX | 879.0K | $3.3 million | 0.47% | +659.0K |
| Proqr Thrapeutics N V PRQR | 1.8M | $3.3 million | 0.47% | new |
| Alnylam Pharmaceuticals Inc ALNY | 10.8K | $3.3 million | 0.47% | new |
| Kura Oncology Inc. KURA | 295.0K | $3.2 million | 0.46% | -483 |
| Kodiak Sciences Inc. KOD | 81.8K | $3.2 million | 0.46% | -33.0K |
| Ormat Technologies, Inc. ORA | 28.0K | $3.1 million | 0.44% | -40.2K |
| Contineum Therapeutics Inc. CTNM | 183.5K | $3.0 million | 0.43% | +10.0K |
| Larimar Therapeutics Inc. LRMR | 926.0K | $2.8 million | 0.40% | new |
| Immix Biopharma Inc. IMMX | 270.0K | $2.8 million | 0.40% | new |
| Amgen Inc. AMGN | 7.5K | $2.7 million | 0.39% | no change |
| Biohaven Ltd BHVN | 164.4K | $2.4 million | 0.35% | -429.6K |
| Constellation Energy Corp. CEG | 9.8K | $2.4 million | 0.35% | new |
| Verastem Inc. VSTM | 632.6K | $2.4 million | 0.35% | +289.0K |
| Tenax Therapeutics Inc. TENX | 120.2K | $1.7 million | 0.25% | -15.8K |
| Taysha Gene Therapies Inc. TSHA | 250.0K | $1.7 million | 0.24% | new |
| Structure Therapeutics Inc. GPCR | 28.6K | $1.5 million | 0.22% | -22.2K |
| Upstream Bio Inc. UPB | 219.7K | $1.5 million | 0.22% | -138.3K |
| Voyager Therapeutics Inc. VYGR | 427.6K | $1.5 million | 0.21% | -42.2K |
| Organogenesis Hldgs Inc. ORGO | 550.0K | $1.3 million | 0.19% | no change |
| Inhibikase Therapeutics Inc. IKT | 649.3K | $1.3 million | 0.19% | new |
| Curis Inc. CRIS | 99.0K | $1.0 million | 0.15% | -1.9M |
| Shattuck Labs Inc. STTK | 86.5K | $600,039 | 0.09% | -194.3K |
| First Tracks Biotherapeutics TRAX | 27.9K | $560,865 | 0.08% | new |
| Skye Bioscience Inc. SKYE | 678.9K | $470,701 | 0.07% | no change |
| Traws Pharma Inc. TRAW | 398.5K | $336,043 | 0.05% | new |
| Evommune Inc. EVMN | 22.6K | $300,779 | 0.04% | -55.6K |
| Werewolf Therapeutics Inc. HOWL | 626.8K | $225,589 | 0.03% | no change |
| Aprea Therapeutics Inc. APRE | 270.0K | $216,621 | 0.03% | no change |
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
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Change is shares against its 13F for the quarter before; the 17 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| SPDR Ser Trust XBI | Puts | 150.0K | $23.7 million |
| Biogen Inc. BIIB | Calls | 100.0K | $21.6 million |
| Cytokinetics Inc. CYTK | Calls | 100.0K | $8.5 million |
| Praxis Precision Medicines I PRAX | Calls | 12.5K | $4.2 million |
| iShares Trust TLT | Calls | 47.0K | $4.1 million |
| Abivax SA ABVX | Puts | 20.0K | $2.7 million |
| Tenax Therapeutics Inc. TENX | Calls | 127.6K | $1.9 million |
| Oric Pharmaceuticals Inc. ORIC | Calls | 100.0K | $1.1 million |
8 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.