SPHERA FUNDS MANAGEMENT LTD.

Q4 2025 13F-HR Holdings

Location
Tel Aviv, L3
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
99
Total value ($000)
$517,294
Net value change ($000)
+43,225 (9.1%)
New positions
23
Sold out positions
30
Turnover %
34.6%
Sector allocation + QoQ delta (equities-only)

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

Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
COGT 12,029 850.1%
SNDX 10,056 168.6%
BMRN 8,736 NEW
MLYS 7,955 95.4%
SRRK 6,972 NEW
WAVE LIFE SCIENCES LTD 6,573 1795.9%
BCRX 6,536 NEW
BBIO 6,125 289.5%
VOR 5,368 NEW
BIIB 5,083 43.9%
Top Reduces (Value $000, Stocks/ETFs)
NICE -22,788 -100.0%
QQQ -13,784 -100.0%
TSEM -8,158 -36.2%
CDTX -7,253 -100.0%
CLBT -5,540 -100.0%
RAPP -4,679 -100.0%
IMVT -4,139 -100.0%
RARE -3,691 -34.8%
ENGN -3,445 -100.0%
RZLT -3,421 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 38,768 (7.5% 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