Q2 2026 13F · SEC CIK 1496201

Sphera Funds Management Ltd.

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $698.8M
Reported positions: 97
Top holdings a year, 3 yrs: +30.0%
Average holding period: 2.2 yrs

Sphera Funds Management Ltd. is a hedge fund that reported 97 positions worth $698.8M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Teva Pharmaceutical Inds Ltd (TEVA, 7.3%), Mineralys Therapeutics Inc (MLYS, 5.7%), Tower Semiconductor Ltd (TSEM, 4.0%). A portfolio copying its top holdings returned 30.0% a year over the last 3 years, against 20.4% for the S&P 500.

Sphera Funds Management Ltd. holdings largest 50 of 97 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Sphera Funds Management Ltd. 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
TEVATeva Pharmaceutical Inds Ltd	7.3%	5.9%	1,500,082	+31.9%	$50.8M
MLYSMineralys Therapeutics Inc	5.7%	6.2%	1,469,971	+9.7%	$39.7M
TSEMTower Semiconductor Ltd	4.0%	4.4%	108,265	-25.7%	$28.2M
SNDXSyndax Pharmaceuticals Inc	3.2%	2.9%	1,014,606	+40.0%	$22.2M
BIIBBiogen Inc	3.0%	2.9%	96,626	+4.4%	$20.9M
RAREUltragenyx Pharmaceutical in	2.8%	2.9%	588,494	-27.3%	$19.6M
BMRNBiomarin Pharmaceutical Inc	2.7%	1.4%	328,550	+134.8%	$18.8M
CYTKCytokinetics Inc	2.7%	—	219,987	—	$18.7M
BBIOBridgebio Pharma Inc	2.6%	3.1%	245,346	+0.0%	$18.3M
COGTCogent Biosciences Inc	2.5%	2.8%	459,340	+10.3%	$17.8M
NVMINova Ltd	2.0%	4.0%	25,169	-52.8%	$13.7M
INSMInsmed Inc	1.8%	—	118,800	—	$12.7M
MAZEMaze Therapeutics Inc	1.8%	1.2%	417,564	+83.7%	$12.5M
AZNAstrazeneca PLC Ord	1.7%	2.1%	62,530	+0.0%	$11.9M
SNYNFSanofi SA	1.6%	2.2%	269,515	+0.0%	$11.5M
23256X407Cybin Inc	1.5%	0.8%	1,620,753	+64.2%	$10.7M
LLYLilly Eli & Co	1.4%	1.4%	8,040	-11.1%	$9.6M
MDGLMadrigal Pharmaceuticals Inc	1.3%	0.8%	17,419	+92.7%	$9.4M
TRVITrevi Therapeutics	1.3%	1.2%	499,029	-13.1%	$9.3M
ACADAcadia Pharmaceuticals Inc	1.3%	1.0%	356,534	+39.2%	$9.0M
CLDXCelldex Therapeutics Inc New	1.3%	1.3%	240,868	-1.1%	$9.0M
RYTMRhythm Pharmaceuticals Inc	1.3%	—	80,400	—	$8.9M
ORICOric Pharmaceuticals Inc	1.2%	1.2%	752,983	+40.1%	$8.2M
LRCXLam Research Corp	1.1%	—	18,470	—	$8.0M
AMATApplied Matls Inc	1.1%	—	11,040	—	$8.0M
TNGXTango Therapeutics Inc	1.1%	1.2%	254,250	-26.0%	$7.9M
NVSNovartis AG	1.1%	1.0%	50,000	+35.1%	$7.8M
83417MAE4Solaredge Technologies Inc	1.1%	1.2%	4,000,000	+0.0%	$7.7M
VORVor Biopharma Inc	1.1%	1.0%	416,417	+29.4%	$7.7M
ABBVAbbvie Inc	1.1%	1.1%	30,256	+0.0%	$7.6M
MRKMerck & Co. Inc	1.1%	1.0%	58,600	+20.6%	$7.5M
JNJJohnson & Johnson	1.0%	1.2%	28,831	+0.0%	$7.3M
IDYAIdeaya Biosciences Inc	1.0%	—	196,408	—	$7.3M
IMTXImmatics NV	1.0%	1.2%	720,057	+3.4%	$7.3M
NVCTNuvectis Pharma Inc	1.0%	—	382,945	—	$7.0M
PFEPfizer Inc	1.0%	0.9%	286,000	+53.8%	$6.9M
HRMYHarmony Biosciences Hldgs in	0.9%	—	176,663	—	$6.4M
XENEXenon Pharmaceuticals Inc	0.9%	1.3%	105,000	-17.3%	$6.3M
CLYMClimb Bio Inc	0.9%	—	483,747	—	$6.3M
ZBIOZenas Biopharma Inc	0.8%	—	230,834	—	$5.9M
NVONovo-Nordisk A S	0.8%	0.8%	120,677	+0.0%	$5.8M
ELVNEnliven Therapeutics Inc	0.8%	1.0%	112,765	-26.4%	$5.7M
PRLDPrelude Therapeutics Inc	0.8%	—	1,019,832	—	$5.4M
GSKGsk PLC	0.8%	1.2%	102,000	-16.4%	$5.3M
FBRXForte Biosciences Inc	0.8%	0.8%	249,693	+35.0%	$5.3M
BIOABioage Labs Inc	0.7%	—	213,671	—	$5.2M
SRRKScholar Rock Hldg Corp	0.7%	0.8%	94,265	+0.0%	$5.2M
MSLESatellos Bioscience Inc	0.7%	—	652,590	—	$5.1M
PALIPalisade Bio Inc	0.7%	—	2,257,106	—	$4.7M
ELDNEledon Pharmaceuticals Inc	0.7%	0.9%	1,191,187	-32.8%	$4.7M

What Sphera Funds Management Ltd. bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +83.9% /yr; S&P 500 +20.1%
3 years: +30.0% /yr; S&P 500 +20.4%
5 years: +18.7% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$698.8M	97
Q1 2026	$581.5M	92
Q4 2025	$478.5M	94
Q3 2025	$421.6M	101
Q2 2025	$382.5M	101
Q1 2025	$405.5M	112
Q4 2024	$541.4M	103
Q3 2024	$611.2M	108
Q2 2024	$613.6M	110
Q1 2024	$617.5M	93
Q4 2023	$538.6M	89
Q3 2023	$416.7M	75

Questions about Sphera Funds Management Ltd.'s portfolio

What stocks does Sphera Funds Management Ltd. own?

Sphera Funds Management Ltd.'s latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 97 positions worth $698.8M. The largest are Teva Pharmaceutical Inds Ltd (TEVA) at 7.3%, Mineralys Therapeutics Inc (MLYS) at 5.7%, Tower Semiconductor Ltd (TSEM) at 4.0%, Syndax Pharmaceuticals Inc (SNDX) at 3.2% and Biogen Inc (BIIB) at 3.0%.

What did Sphera Funds Management Ltd. buy last quarter?

In Q2 2026, Sphera Funds Management Ltd. added Biomarin Pharmaceutical Inc (BMRN) (+134.8% shares), Madrigal Pharmaceuticals Inc (MDGL) (+92.7% shares) and Maze Therapeutics Inc (MAZE) (+83.7% shares), compared with its Q1 2026 filing.

What did Sphera Funds Management Ltd. sell last quarter?

In Q2 2026, Sphera Funds Management Ltd. cut from its top 50 Amicus Therapeutic (FOLD), cut from its top 50 Cellebrite Di Ltd (CLBT), cut from its top 50 Apellis Pharmaceuticals Inc (APLS), cut from its top 50 Palo Alto Networks Inc (PANW), cut from its top 50 Biocryst Pharmaceuticals Inc (BCRX), Nova Ltd (NVMI) (-52.8% shares), Eledon Pharmaceuticals Inc (ELDN) (-32.8% shares) and Ultragenyx Pharmaceutical in (RARE) (-27.3% shares), compared with its Q1 2026 filing.

How has Sphera Funds Management Ltd.'s portfolio performed?

A portfolio copying Sphera Funds Management Ltd.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +30.0% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +83.9% against +20.1%. Over 5 years: +18.7% a year against +11.6%.

When is Sphera Funds Management Ltd.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Sphera Funds Management Ltd.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.