SEC 13F Intelligence

Managers / Q2 2025 · view latest →

PFM Health Sciences, LP

CIK 0001442756 · 50 CALIFORNIA STREET, SUITE 2650, SAN FRANCISCO, CA, 94111 · 415-281-1000

Reported Value
$1.2B
Q2 2025
Positions
57
Filings on Record
31
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Pfm Health Sciences, LP reported $1.2B in U.S.-listed holdings across 57 positions for Q2 2025.

Its largest position, LLY, represents 17.8% of the portfolio.

Compared with Q1 2025, the fund opened 17 new positions and exited 26.

Portfolio Metrics

Turnover
+23.8%
vs prior filed quarter
Top-10 Concentration
+53.5%
share of reported value
Largest Position
+17.8%
Eli Lilly
New / Exited
17 / 26
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $3.8BQ4 ’18Q1 ’19: $4.5BQ2 ’19: $5.3BQ3 ’19: $3.4BQ4 ’19: $2.1BQ4 ’19Q1 ’20: $1.2BQ2 ’20: $1.9BQ3 ’20: $2.2BQ4 ’20: $2.8BQ4 ’20Q1 ’21: $3.3BQ2 ’21: $3.2BQ3 ’21: $3.4BQ4 ’21: $2.9BQ4 ’21Q1 ’22: $2.7BQ2 ’22: $2.6BQ3 ’22: $2.8BQ4 ’22: $2.8BQ4 ’22Q1 ’23: $2.3BQ2 ’23: $2.6BQ3 ’23: $2.1BQ4 ’23: $1.7BQ4 ’23Q1 ’24: $2.1BQ2 ’24: $2.0BQ3 ’24: $1.8BQ4 ’24: $1.6BQ4 ’24Q1 ’25: $1.4BQ2 ’25: $1.2BQ3 ’25: $1.3BQ4 ’25: $1.0BQ4 ’25Q1 ’26: $1.1Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 85.9%Other: 7.1%ADR: 3.7%US DOMESTIC: 2.5%ETP: 0.9%
  • Common Stock · 85.9% · $1.0B
  • Other · 7.1% · $83M
  • ADR · 3.7% · $43M
  • US DOMESTIC · 2.5% · $29M
  • ETP · 0.9% · $11M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TEVATEVA PHARMACEUTICAL INDS LTDNEW+1.24M1.24M+$21M$21M
NTRANATERA INCNEW+101.3K101.3K+$17M$17M
ABGCENCORA INCNEW+53.3K53.3K+$16M$16M
MASI*MASIMO CORPNEW+94.5K94.5K+$16M$16M
AKROAKERO THERAPEUTICS INCNEW+266.2K266.2K+$14M$14M
HO1HOLOGIC INCNEW+212.0K212.0K+$14M$14M
IRTCIRHYTHM TECHNOLOGIES INCNEW+88.2K88.2K+$14M$14M
ARQTARCUTIS BIOTHERAPEUTICS INCNEW+923.4K923.4K+$13M$13M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

48 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1LLYELI LILLY & COhistory →COM17.79%$209M268.0K
2THCTENET HEALTHCARE CORPhistory →COM NEW7.48%$88M499.2K
3ASCENDIS PHARMA A/SSPONSORED ADR · NOTE 2.250% 4/05.71%$67M23.22M
4MCKMCKESSON CORPhistory →COM4.51%$53M72.3K
5AXSMAXSOME THERAPEUTICS INChistory →COM4.29%$50M483.1K
6ISRGINTUITIVE SURGICAL INChistory →COM NEW4.12%$48M89.0K
7PENPENUMBRA INChistory →COM3.63%$43M166.3K
8SLNOEURSOLENO THERAPEUTICS INChistory →COM2.90%$34M407.2K
9CVSCVS HEALTH CORPhistory →COM2.81%$33M479.0K
10OMOUTSET MED INChistory →COM NEW2.72%$32M1.66M
11DHRDANAHER CORPORATIONhistory →COM2.71%$32M161.4K
12EWEDWARDS LIFESCIENCES CORPhistory →COM2.61%$31M392.5K
13HCAHCA HEALTHCARE INChistory →COM2.36%$28M72.3K
14HUMHUMANA INChistory →COM2.28%$27M109.5K
15MOHMOLINA HEALTHCARE INChistory →COM2.17%$26M85.7K
16ALNYALNYLAM PHARMACEUTICALS INChistory →COM2.00%$24M72.2K
17BBIOBRIDGEBIO PHARMA INChistory →COM1.92%$23M521.8K
18TEVATEVA PHARMACEUTICAL INDS LTDhistory →SPONSORED ADS1.77%$21M1.24M
19INDIVIOR PLCORD1.70%$20M1.36M
20NTRANATERA INChistory →COM1.46%$17M101.3K
21ABGCENCORA INChistory →COM1.36%$16M53.3K
22MASI*MASIMO CORPhistory →COM1.35%$16M94.5K
23OSCROSCAR HEALTH INChistory →CL A1.34%$16M735.0K
24WATWATERS CORPhistory →COM1.28%$15M43.1K
25AKROAKERO THERAPEUTICS INChistory →COM1.21%$14M266.2K
26HO1HOLOGIC INChistory →COM1.18%$14M212.0K
27IRTCIRHYTHM TECHNOLOGIES INChistory →COM1.16%$14M88.2K
28ARQTARCUTIS BIOTHERAPEUTICS INChistory →COM1.10%$13M923.4K
29ICON PLCSHS1.09%$13M88.2K
30UNHUNITEDHEALTH GROUP INChistory →COM0.92%$11M34.6K
31SPDR S&P 500 ETF TRTR UNIT0.90%$11M17.1K
32UTHUNITED THERAPEUTICS CORP DELhistory →COM0.89%$10M36.4K
33BMRNBIOMARIN PHARMACEUTICAL INCCOM0.83%$10M178.3K
34MERUS N VCOM0.82%$10M183.9K
35VRNAVERONA PHARMA PLCSPONSORED ADS0.65%$8M80.4K
36ABBVABBVIE INCCOM0.64%$8M40.8K
372655787DBLUEPRINT MEDICINES CORPCOM0.53%$6M48.4K
38NEONEOGENOMICS INCCOM NEW0.48%$6M770.0K
39CMPSCOMPASS PATHWAYS PLCSPONSORED ADS0.42%$5M1.78M
40AMLXAMYLYX PHARMACEUTICALS INCCOM0.40%$5M732.3K
41260CENTESSA PHARMACEUTICALS PLCSPONSORED ADS0.39%$5M345.0K
42ARGXARGENX SESPONSORED ADR0.34%$4M7.2K
43PRAXPRAXIS PRECISION MEDICINES ICOM NEW0.30%$4M84.7K
44INBXINHIBRX BIOSCIENCES INCCOM0.30%$3M244.3K
45IOBTQIO BIOTECH INCCOM0.23%$3M1.97M
46UNIQURE NVSHS0.21%$2M174.3K
47RZLTREZOLUTE INCCOM NEW0.16%$2M434.1K
48CRBUCARIBOU BIOSCIENCES INCCOM0.15%$2M1.36M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.1B83May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.0B78Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.3B72Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.2B57Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.4B66May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.6B83Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.8B75Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$2.0B78Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$2.1B87May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.7B65Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$2.1B73Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.6B83Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$2.3B78May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$2.8B89Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$2.8B85Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$2.6B80Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$2.7B68May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$2.9B71Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$3.4B85Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$3.2B84Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$3.3B86May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.8B85Feb 19, 2021RESTATEMENTchanges · EDGAR ↗
Q3 2020$2.2B77Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.9B76Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.2B61May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$2.1B61Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$3.4B72Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$5.3B85Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$4.5B90May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$3.8B94Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.