Latest Partner Fund Management, L.P. Stock Portfolio

Partner Fund Management, L.P. Performance:

2025 Q4: 13.17%YTD: 29.32%2024: 0.1%

Performance for 2025 Q4 is 13.17%, and YTD is 29.32%, and 2024 is 0.1%.

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 2026-02-17, the fund reported it's updated stock portfolio. In the 13F Holdings report, PFM Health Sciences, LP reported an equity portfolio of $1 Billions as of 31 Dec, 2025.

The top stock holdings of PFM Health Sciences, LP are THC, LLY, AXSM. The fund has invested 7.9% of it's portfolio in TENET HEALTHCARE CORP and 7.3% of portfolio in ELI LILLY & CO.

The fund managers got completely rid off MCKESSON CORP (MCK), CENCORA INC (ABC) and ELEVANCE HEALTH INC FORMERLY (ANTX) stocks. They significantly reduced their stock positions in INTUITIVE SURGICAL INC (ISRG), VERA THERAPEUTICS INC (VERA) and HCA HEALTHCARE INC (HCA). PFM Health Sciences, LP opened new stock positions in GLAUKOS CORP (GKOS), MEDTRONIC PLC (MDT) and STRYKER CORPORATION (SYK). The fund showed a lot of confidence in some stocks as they added substantially to THERMO FISHER SCIENTIFIC INC (TMO), AMNEAL PHARMACEUTICALS INC (AMRX) and NEUROCRINE BIOSCIENCES INC (NBIX).

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 13.17% in the last quarter. In trailing 12 months, it's portfolio return was 29.32%.

Performance
S&P 500

New Buys

Ticker	$ Bought
glaukos corp	22,771,200
medtronic plc	20,537,200
stryker corporation	17,873,000
unitedhealth group inc	16,683,400
dexcom inc	15,089,700
cardinal health inc	12,811,100
teleflex incorporated	12,496,300
gilead sciences inc	8,716,750

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

Additions

Ticker	% Inc.
thermo fisher scientific inc	1,538
amneal pharmaceuticals inc	311
neurocrine biosciences inc	185
dianthus therapeutics inc	46.78
waters corp	40.51
cooper cos inc	35.55
centene corp del	26.3
ascendis pharma a/s	22.28

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

Reductions

Ticker	% Reduced
intuitive surgical inc	-80.09
vera therapeutics inc	-79.04
hca healthcare inc	-78.92
eli lilly & co	-69.67
outset med inc	-69.32
amylyx pharmaceuticals inc	-69.15
cvs health corp	-68.91
disc medicine inc	-66.19

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

Sold off

Ticker	$ Sold
werewolf therapeutics inc	-790,187
arcutis biotherapeutics inc	-6,794,670
teva pharmaceutical inds ltd	-7,207,720
akero therapeutics inc	-11,778,800
enliven therapeutics inc	-3,202,800
merus n v	-12,309,400
natera inc	-18,607,500
cencora inc	-25,156,500

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

Sector Distribution

PFM Health Sciences, LP has about 84.4% of it's holdings in Healthcare sector.

Sector	%
Healthcare	84.4
Others	15.6

Market Cap. Distribution

PFM Health Sciences, LP has about 59.1% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
LARGE-CAP	47.8
MID-CAP	20.2
UNALLOCATED	15.6
MEGA-CAP	11.3
SMALL-CAP	4.7

Stocks belong to which Index?

About 58.7% of the stocks held by PFM Health Sciences, LP either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	41.3
S&P 500	36
RUSSELL 2000	22.7

Top 5 Winners (%)		%
PRAX	praxis precision medicines i	345.4 %
	inhibrx biosciences inc	120.1 %
	structure therapeutics inc	118.2 %
	mbx biosciences inc	54.5 %
RVMD	revolution medicines inc	51.4 %

Top 5 Winners ($)		$
LLY	eli lilly & co	45.7 M
AXSM	axsome therapeutics inc	23.9 M
	inhibrx biosciences inc	11.4 M
PRAX	praxis precision medicines i	11.1 M
PEN	penumbra inc	9.8 M

Top 5 Losers (%)		%
QURE	uniqure nv	-54.6 %
RZLT	rezolute inc	-54.5 %
OM	outset med inc	-48.2 %
SLNO	soleno therapeutics inc	-31.3 %
CRBU	caribou biosciences inc	-27.1 %

Top 5 Losers ($)		$
OM	outset med inc	-11.8 M
SLNO	soleno therapeutics inc	-5.2 M
OSCR	oscar health inc	-3.0 M
VEEV	veeva sys inc	-2.8 M
RZLT	rezolute inc	-2.3 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 76 stocks in it's portfolio. About 41.3% of the portfolio is in top 10 stocks. OM proved to be the most loss making stock for the portfolio. LLY was the most profitable stock for PFM Health Sciences, LP last quarter.

Last Reported on: 17 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABC	cencora inc	0.00	0.00	0.00	sold off	-100

ADMA	adma biologics inc	2.31	1,270,890	23,181,100	added	7.61

AKRO	akero therapeutics inc	0.00	0.00	0.00	sold off	-100

ALGN	align technology inc	0.66	42,304	6,605,770	new

AMLX	amylyx pharmaceuticals inc	0.16	134,549	1,625,350	reduced	-69.15

AMRX	amneal pharmaceuticals inc	1.84	1,465,480	18,465,000	added	311

ANTX	elevance health inc formerly	0.00	0.00	0.00	sold off	-100

ARGX	argenx se	0.35	4,202	3,533,670	reduced	-34.37

ARQT	arcutis biotherapeutics inc	0.00	0.00	0.00	sold off	-100

ASND	ascendis pharma a/s	3.78	177,685	37,889,500	added	22.28

ASND	ascendis pharma a/s	1.51	10,655,000	15,134,900	reduced	-7.47

AXSM	axsome therapeutics inc	4.58	251,562	45,945,300	reduced	-52.57

AZN	astrazeneca plc	0.00	0.00	0.00	sold off	-100

BBIO	bridgebio pharma inc	2.34	306,506	23,444,600	reduced	-6.32

BLTE	belite bio inc	0.32	19,823	3,170,890	new

BSX	boston scientific corp	0.00	0.00	0.00	sold off	-100

CAH	cardinal health inc	1.28	62,341	12,811,100	new

CGEM	cullinan therapeutics inc	0.23	227,003	2,349,480	new

CLDX	celldex therapeutics inc new	0.36	133,161	3,616,650	new

CMPS	compass pathways plc	0.54	779,618	5,379,360	reduced	-53.12