Latest Partner Fund Management, L.P. Stock Portfolio

Partner Fund Management, L.P. Performance:

2025 Q2: 3.35%YTD: 7.77%2024: -0.35%

Performance for 2025 Q2 is 3.35%, and YTD is 7.77%, and 2024 is -0.35%.

About Partner Fund Management, L.P. and 13F Hedge Fund Stock Holdings

PFM Health Sciences, LP is a hedge fund based in SAN FRANCISCO, CA. On 06-Sep-2023, the fund reported that it had an AUM (Regulated Assets under Management) of $3.3 Billions. In it's latest 13F Holdings report, PFM Health Sciences, LP reported an equity portfolio of $1.2 Billions as of 30 Jun, 2025.

The top stock holdings of PFM Health Sciences, LP are LLY, THC, MCK. The fund has invested 17.8% of it's portfolio in ELI LILLY & CO and 7.5% of portfolio in TENET HEALTHCARE CORP.

The fund managers got completely rid off VERTEX PHARMACEUTICALS INC (VRTX), ELEVANCE HEALTH INC (ELV) and UNIVERSAL HLTH SVCS INC (UHS) stocks. They significantly reduced their stock positions in ARGENX SE, ABBVIE INC (ABBV) and WEREWOLF THERAPEUTICS INC (HOWL). PFM Health Sciences, LP opened new stock positions in TEVA PHARMACEUTICAL INDS LTD (TEVA), NATERA INC (NTRA) and CENCORA INC (ABC). The fund showed a lot of confidence in some stocks as they added substantially to COMPASS PATHWAYS PLC (CMPS), ICON PLC and HUMANA INC (HUM).

Partner Fund Management, L.P. Annual Return Estimates Vs S&P 500

Our best estimate is that PFM Health Sciences, LP made a return of 3.35% in the last quarter. In trailing 12 months, it's portfolio return was 2.24%.

New Buys

Ticker	$ Bought
teva pharmaceutical inds ltd	20,763,100
natera inc	17,105,200
cencora inc	15,978,100
masimo corp	15,888,500
akero therapeutics inc	14,202,700
hologic inc	13,813,000
irhythm technologies inc	13,572,700
arcutis biotherapeutics inc	12,945,700

New stocks bought by Partner Fund Management, L.P.

Additions

Ticker	% Inc.
compass pathways plc	294
icon plc	114
humana inc	73.17
cvs health corp	53.38
danaher corporation	43.51
structure therapeutics inc	40.08
neogenomics inc	31.54
molina healthcare inc	22.33

Additions to existing portfolio by Partner Fund Management, L.P.

Reductions

Ticker	% Reduced
argenx se	-89.51
abbvie inc	-87.71
sagimet biosciences inc	-86.13
werewolf therapeutics inc	-84.00
uniqure nv	-70.94
erasca inc	-69.27
praxis precision medicines i	-47.34
caribou biosciences inc	-45.79

Partner Fund Management, L.P. reduced stake in above stock

Sold off

Ticker	$ Sold
sarepta therapeutics inc	-9,310,000
pmv pharmaceuticals inc	-3,599,120
turnstone biologics corp	-382,263
syndax pharmaceuticals inc	-11,381,100
metagenomi inc	-1,204,690
boundless bio inc	-363,175
biohaven ltd	-4,743,260
universal hlth svcs inc	-29,222,200

Partner Fund Management, L.P. got rid off the above stocks

Sector Distribution

PFM Health Sciences, LP has about 90.3% of it's holdings in Healthcare sector.

Sector	%
Healthcare	90.3
Others	9.7

Market Cap. Distribution

PFM Health Sciences, LP has about 64% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
LARGE-CAP	43.8
MEGA-CAP	20.2
MID-CAP	17
UNALLOCATED	8.2
SMALL-CAP	6.9
MICRO-CAP	3.9

Stocks belong to which Index?

About 63.6% of the stocks held by PFM Health Sciences, LP either belong to S&P 500 or RUSSELL 2000 index.

Index	%
S&P 500	47.4
Others	36.5
RUSSELL 2000	16.2

Top 5 Winners (%)		%
AMLX	amylyx pharmaceuticals inc	81.1 %
OM	outset med inc	73.7 %
OSCR	oscar health inc	63.5 %
BPMC	blueprint medicines corp	42.2 %
CRBU	caribou biosciences inc	38.2 %

Top 5 Winners ($)		$
THC	tenet healthcare corp	20.4 M
OM	outset med inc	13.7 M
BBIO	bridgebio pharma inc	7.8 M
SLNO	soleno therapeutics inc	7.3 M
OSCR	oscar health inc	7.2 M

Top 5 Losers (%)		%
UNH	unitedhealth group inc	-40.4 %
NEO	neogenomics inc	-18.5 %
ABBV	abbvie inc	-11.4 %
AXSM	axsome therapeutics inc	-10.5 %
CNTA	centessa pharmaceuticals plc	-8.6 %

Top 5 Losers ($)		$
LLY	eli lilly & co	-12.7 M
ABBV	abbvie inc	-7.9 M
UNH	unitedhealth group inc	-7.6 M
AXSM	axsome therapeutics inc	-6.8 M
MOH	molina healthcare inc	-2.2 M

Partner Fund Management, L.P. Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Partner Fund Management, L.P.

PFM Health Sciences, LP has 55 stocks in it's portfolio. About 53.5% of the portfolio is in top 10 stocks. LLY proved to be the most loss making stock for the portfolio. THC was the most profitable stock for PFM Health Sciences, LP last quarter.

Last Reported on: 14 Aug, 2025

	Ticker	Namesorted descending	% Portfolio	Shares Held	$ Value	Type	% Change
	LLY	eli lilly & co	17.79	268,023	208,932,000	reduced	-2.1
Historical Trend of ELI LILLY & CO Position Held By Partner Fund Management, L.P. What % of Portfolio is LLY?: Number of LLY shares held: Change in No. of Shares Held:
	THC	tenet healthcare corp	7.48	499,243	87,866,800	added	1.61

	MCK	mckesson corp	4.51	72,313	52,989,500	reduced	-25.83

	AXSM	axsome therapeutics inc	4.29	483,105	50,431,300	reduced	-13.2

	ISRG	intuitive surgical inc	4.12	88,967	48,345,600	reduced	-4.41

	PEN	penumbra inc	3.63	166,261	42,667,600	unchanged	0.00

		ascendis pharma a/s	3.26	221,754	38,274,700	added	18.64

	SLNO	soleno therapeutics inc	2.90	407,202	34,115,400	reduced	-31.59

	CVS	cvs health corp	2.81	479,005	33,041,800	added	53.38

	OM	outset med inc	2.72	1,664,730	31,979,400	reduced	-1.25

	DHR	danaher corporation	2.71	161,413	31,885,500	added	43.51

	EW	edwards lifesciences corp	2.61	392,503	30,697,700	added	3.3

		ascendis pharma a/s	2.46	23,000,000	28,841,400	unchanged	0.00

	HCA	hca healthcare inc	2.36	72,290	27,694,300	reduced	-6.68

	HUM	humana inc	2.28	109,511	26,773,200	added	73.17

	MOH	molina healthcare inc	2.17	85,739	25,541,600	added	22.33

	ALNY	alnylam pharmaceuticals inc	2.00	72,220	23,550,200	reduced	-17.13

	BBIO	bridgebio pharma inc	1.92	521,793	22,531,000	reduced	-42.54

	TEVA	teva pharmaceutical inds ltd	1.77	1,238,850	20,763,100	new

		indivior plc	1.70	1,355,930	19,986,400	added	16.91