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Hedge fund

Deerfield Management Company, L.P.

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1009258

Reported value
$8.0bn
71% in companies we cover
Positions we cover
67
Largest RVMD 5.6%
Copy, a year
+13.8%
S&P 500 +14.1%
Copy Sharpe ratio
0.54
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$55.4k
CopyS&P 500 $10,000 copying Deerfield Management Company, L.P.'s filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −55.1% (S&P 500 −31.8%); beta 1.06; alpha +1.3% a year (t = 0.22); last 12 months +11.5% against +12.1%.

Reported value by quarter

Deerfield Management Company, L.P.: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1T $2T $3T Reported value, 2013-06-30: $1.5B Reported value, 2013-09-30: $1.5B Reported value, 2013-12-31: $1.3B Reported value, 2014-03-31: $1.7B Reported value, 2014-06-30: $1.8B Reported value, 2014-09-30: $2B Reported value, 2014-12-31: $2.3B Reported value, 2015-03-31: $0 Reported value, 2015-06-30: $2.6B Reported value, 2015-09-30: $2.2B Reported value, 2015-12-31: $2.1B Reported value, 2016-03-31: $2B Reported value, 2016-06-30: $2.1B Reported value, 2016-09-30: $1.8B Reported value, 2016-12-31: $1.9B Reported value, 2017-03-31: $2B Reported value, 2017-06-30: $1.5B Reported value, 2017-09-30: $1.8B Reported value, 2017-12-31: $2.1B Reported value, 2018-03-31: $2.3B Reported value, 2018-06-30: $2.4B Reported value, 2018-09-30: $2.3B Reported value, 2018-12-31: $2B Reported value, 2019-03-31: $2.2B Reported value, 2019-06-30: $2.3B Reported value, 2019-09-30: $2B Reported value, 2019-12-31: $2.7B Reported value, 2020-03-31: $2.5B Reported value, 2020-06-30: $2.8B Reported value, 2020-09-30: $3.1B Reported value, 2020-12-31: $4.6B Reported value, 2021-03-31: $3.6B Reported value, 2021-06-30: $4B Reported value, 2021-09-30: $3.6B Reported value, 2021-12-31: $3.2B Reported value, 2022-03-31: $2.7B Reported value, 2022-06-30: $2.8B Reported value, 2022-09-30: $2.9B Reported value, 2022-12-31: $2.9T Reported value, 2023-03-31: $2.8B Reported value, 2023-06-30: $3.2B Reported value, 2023-09-30: $3.1B Reported value, 2023-12-31: $4.3B Reported value, 2024-03-31: $5.2B Reported value, 2024-06-30: $5.2B Reported value, 2024-09-30: $6B Reported value, 2024-12-31: $4.7B Reported value, 2025-03-31: $4.4B Reported value, 2025-06-30: $4.9B Reported value, 2025-09-30: $6B Reported value, 2025-12-31: $6.8B Reported value, 2026-03-31: $7.2B Reported value, 2026-06-30: $8B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $8B
View chart data
Period Reported value
2013-06-30 $1.5B
2013-09-30 $1.5B
2013-12-31 $1.3B
2014-03-31 $1.7B
2014-06-30 $1.8B
2014-09-30 $2B
2014-12-31 $2.3B
2015-03-31 $0
2015-06-30 $2.6B
2015-09-30 $2.2B
2015-12-31 $2.1B
2016-03-31 $2B
2016-06-30 $2.1B
2016-09-30 $1.8B
2016-12-31 $1.9B
2017-03-31 $2B
2017-06-30 $1.5B
2017-09-30 $1.8B
2017-12-31 $2.1B
2018-03-31 $2.3B
2018-06-30 $2.4B
2018-09-30 $2.3B
2018-12-31 $2B
2019-03-31 $2.2B
2019-06-30 $2.3B
2019-09-30 $2B
2019-12-31 $2.7B
2020-03-31 $2.5B
2020-06-30 $2.8B
2020-09-30 $3.1B
2020-12-31 $4.6B
2021-03-31 $3.6B
2021-06-30 $4B
2021-09-30 $3.6B
2021-12-31 $3.2B
2022-03-31 $2.7B
2022-06-30 $2.8B
2022-09-30 $2.9B
2022-12-31 $2.9T
2023-03-31 $2.8B
2023-06-30 $3.2B
2023-09-30 $3.1B
2023-12-31 $4.3B
2024-03-31 $5.2B
2024-06-30 $5.2B
2024-09-30 $6B
2024-12-31 $4.7B
2025-03-31 $4.4B
2025-06-30 $4.9B
2025-09-30 $6B
2025-12-31 $6.8B
2026-03-31 $7.2B
2026-06-30 $8B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
RVMDRevolution Medicines, Inc.5.58%$448.0m2.39M+4.1% Added
PRAXPraxis Precision Medicines, Inc.4.02%$322.5m963.4K0.0%
VTRSViatris4.00%$320.9m20.21M0.0%
CNCCentene Corporation3.92%$314.6m4.90M−17.2% Reduced
UTHRUnited Therapeutics Corp3.08%$247.6m457.0K0.0%
LEGNLegend Biotech Corp2.93%$235.0m8.14M+5.9% Added
COGTCogent Biosciences, Inc.2.41%$193.7m5.01M−44.6% Reduced
BKDBrookdale Senior Living Inc.2.33%$187.2m11.64M0.0%
VERAVera Therapeutics, Inc.2.09%$168.1m3.92M+5.2% Added
IONSIonis Pharmaceuticals Inc1.95%$157.0m1.98M0.0%
CELCCelcuity Inc.1.89%$151.8m1.45M−15.3% Reduced
BCRXBiocryst Pharmaceuticals Inc1.88%$151.0m15.10M+0.4%
NAMSNewamsterdam Pharma Co N.V.1.80%$144.5m4.26M0.0%
ACHCAcadia Healthcare Company, Inc.1.66%$133.5m4.52M0.0%
TNGXTango Therapeutics, Inc.1.63%$131.0m4.19M+1.1% Added
AHCOAdapthealth Corp.1.49%$119.6m11.48M0.0%
PHVSPharvaris N.V.1.45%$116.7m3.38M+8.0% Added
ARWRArrowhead Pharmaceuticals, Inc.1.41%$113.2m1.39M−11.7% Reduced
DNTHDianthus Therapeutics, Inc.1.37%$109.7m1.13M+10.3% Added
LRMRLarimar Therapeutics, Inc.1.35%$108.6m35.61M0.0%
MLYSMineralys Therapeutics, Inc.1.33%$106.8m3.96MNew
IDYAIdeaya Biosciences, Inc.1.26%$101.2m2.71M+77.4% Added
XENEXenon Pharmaceuticals Inc.1.21%$97.5m1.62M0.0%
SVRASavara Inc1.04%$83.6m13.57M0.0%
LNTHLantheus Holdings, Inc.1.04%$83.5m753.0K−9.1% Reduced
SNDXSyndax Pharmaceuticals Inc1.03%$82.6m3.78M0.0%
BMRNBiomarin Pharmaceutical Inc0.95%$76.3m1.33M+56.5% Added
PFEPfizer0.91%$73.2m3.04M0.0%
INDVIndivior Pharmaceuticals, Inc.0.84%$67.7m1.65M−46.8% Reduced
BIOBio-rad Laboratories, Inc.0.83%$66.4m226.1K0.0%
SPRYARS Pharmaceuticals, Inc.0.75%$60.1m7.50M0.0%
STOKStoke Therapeutics, Inc.0.74%$59.7m1.82M0.0%
GPCRStructure Therapeutics Inc.0.73%$58.3m1.09M+41.4% Added
NVSTEnvista Holdings Corp0.72%$58.2m2.21M0.0%
INSPInspire Medical Systems, Inc.0.72%$57.9m1.30M−52.0% Reduced
CDNACaredx, Inc.0.71%$56.9m2.00M−8.8% Reduced
BSXBoston Scientific0.70%$56.1m1.31MNew
BLTEBelite BIO, Inc0.69%$55.0m357.2K+17.5% Added
PBLSParabilis Medicines, Inc.0.64%$51.5m1.88MNew
CERTCertara, Inc.0.61%$49.2m7.51M−3.8% Reduced
IRONDisc Medicine, Inc.0.60%$48.1m657.0K0.0%
BBOTBridgebio Oncology Therapeutics, Inc.0.46%$37.2m4.89M0.0%
TYRATyra Biosciences, Inc.0.40%$32.5m1.02M+85.2% Added
MNPRMonopar Therapeutics0.37%$30.0m323.7K0.0%
SIONSionna Therapeutics, Inc.0.37%$30.0m680.9K−29.8% Reduced
AVLNAvalyn Pharma Inc.0.30%$24.1m731.0KNew
FHTXFoghorn Therapeutics Inc.0.27%$21.4m4.39M0.0%
BBNXBeta Bionics, Inc.0.26%$20.7m1.32M0.0%
ALNYAlnylam Pharmaceuticals, Inc.0.26%$20.5m67.9K0.0%
DRUGBright Minds Biosciences Inc.0.25%$19.9m283.0K0.0%
ODTXOdyssey Therapeutics, Inc.0.24%$19.6m1.05MNew
STLNStarling Oncology, Inc.0.23%$18.2m3.36M0.0%
KYTXKyverna Therapeutics, Inc.0.22%$17.8m2.00M0.0%
ALMRAlamar Biosciences, Inc.0.20%$16.3m600.0KNew
CHEChemed Corp0.17%$14.0m30.0KNew
SGPSpyglass Pharma, Inc.0.15%$12.2m550.0K0.0%
ADAGAdagene Inc.0.14%$11.2m2.67MNew
COAGHemab Therapeutics Holdings, Inc.0.13%$10.1m275.0KNew
MOBIMobia Medical, Inc.0.11%$9.0m670.8KNew
EMBCEmbecta Corp.0.10%$8.3m2.53M0.0%
VCYTVeracyte, Inc.0.07%$5.9m101.0K−86.1% Reduced
ANNXAnnexon, Inc.0.04%$3.3m583.9K0.0%
ALECAlector, Inc.0.03%$2.1m1.06M0.0%
EWEdwards Lifesciences0.01%$1.2m13.7K0.0%
MIRMMirum Pharmaceuticals, Inc.0.01%$705,5816.0KNew
HUMHumana0.01%$364,2519170.0%
PMVPPMV Pharmaceuticals, Inc.0.00%$11,7798.8K0.0%
CompanyBought (value)Shares
MLYSMineralys Therapeutics, Inc.$106.8m3.96M
BSXBoston Scientific$56.1m1.31M
PBLSParabilis Medicines, Inc.$51.5m1.88M
IDYAIdeaya Biosciences, Inc.$44.1m1.18M
BMRNBiomarin Pharmaceutical Inc$27.5m481.3K
AVLNAvalyn Pharma Inc.$24.1m731.0K
ODTXOdyssey Therapeutics, Inc.$19.6m1.05M
RVMDRevolution Medicines, Inc.$17.8m95.0K
GPCRStructure Therapeutics Inc.$17.1m318.0K
ALMRAlamar Biosciences, Inc.$16.3m600.0K
TYRATyra Biosciences, Inc.$14.9m468.0K
CHEChemed Corp$14.0m30.0K
LEGNLegend Biotech Corp$13.0m450.0K
ADAGAdagene Inc.$11.2m2.67M
DNTHDianthus Therapeutics, Inc.$10.3m105.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
COGTCogent Biosciences, Inc.−$156.3m−4.04M
NBIXNeurocrine Biosciences Inc−$80.4m−610.0K
CNCCentene Corporation−$65.2m−1.02M
INSPInspire Medical Systems, Inc.−$62.7m−1.41M
INDVIndivior Pharmaceuticals, Inc.−$59.4m−1.45M
KYMRKymera Therapeutics, Inc.−$46.7m−561.2K
VCYTVeracyte, Inc.−$36.7m−625.0K
CELCCelcuity Inc.−$27.5m−263.0K
CMPXCompass Therapeutics, Inc.−$19.1m−3.61M
ARWRArrowhead Pharmaceuticals, Inc.−$15.0m−184.2K
SIONSionna Therapeutics, Inc.−$12.7m−289.7K
TSHATaysha Gene Therapies, Inc.−$12.2m−2.72M
LNTHLantheus Holdings, Inc.−$8.3m−75.0K
CDNACaredx, Inc.−$5.5m−193.4K
CGEMCullinan Therapeutics, Inc.−$5.5m−386.2K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
NBIXNeurocrine Biosciences Inc$80.4m610.0K
KYMRKymera Therapeutics, Inc.$46.7m561.2K
CMPXCompass Therapeutics, Inc.$19.1m3.61M
TSHATaysha Gene Therapies, Inc.$12.2m2.72M
CGEMCullinan Therapeutics, Inc.$5.5m386.2K
MANEVeradermics, Inc$315,7505.0K
MYGNMyriad Genetics Inc$2,273505
  • Health Care99.1%
  • Technology0.9%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+13.8%+14.1%0.540.78−55.1%1.06
2018 onwardsJanuary 5, 2018 to November 2, 2026+8.1%+13.9%0.320.66−55.1%1.04
Last three yearsNovember 3, 2023 to November 2, 2026+16.2%+21.8%0.541.16−30.1%0.96
Last yearNovember 7, 2025 to November 2, 2026+13.9%+14.2%0.500.84−18.8%0.94

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.