SPHERA FUNDS MANAGEMENT LTD.

Q3 2025 13F-HR Holdings

Location
Tel Aviv, L3
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
114
Total value ($000)
$474,069
Net value change ($000)
+47,929 (11.2%)
New positions
23
Sold out positions
23
Turnover %
31.1%
Sector allocation + QoQ delta (equities-only)

Holdings aggregated across other managers listed in the original SEC filing. View detailed breakdown

Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
NICE 22,788 NEW
QQQ 13,784 NEW
TSEM 11,067 96.4%
RARE 6,966 191.4%
CLBT 5,540 NEW
RAPP 4,679 NEW
VRNS 4,247 NEW
MDWD 3,339 NEW
DYN 3,287 155.9%
TEVA 3,274 12.1%
Top Reduces (Value $000, Stocks/ETFs)
SNDX -8,753 -59.5%
NVDA -8,613 -100.0%
NVMI -6,838 -32.8%
MSFT -5,865 -100.0%
TVTX -4,963 -100.0%
AMZN -4,096 -57.6%
ORA -3,742 -57.3%
RNAM -3,578 -100.0%
META -3,411 -54.2%
AMAT -3,295 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 52,469 (11.1% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type