undamentalytics Newsletter
Sign in

Funds (13F)

Deerfield Management Company, L.P.

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+13.8%
S&P 500 +14.1%
Last 12 months
+11.5%
S&P 500 +12.1%
Sharpe ratio
0.54
S&P 500 0.78
Biggest drop
−55.1%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$55.4k
StrategyS&P 500 $10,000 in Deerfield Management Company, L.P. from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Deerfield Management Company, L.P.'s quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Deerfield Management Company, L.P.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+13.8%+14.1%
Total return+454%+470%
Last 12 months+11.5%+12.1%
Last 3 months−9.9%—
Last month−1.8%—
This year so far−0.9%—
Volatility a year26.6%16.0%
Sharpe ratio0.540.78
Biggest drop−55.1%−31.8%
Beta to the S&P 5001.061.00
Alpha a year (t-statistic)+1.3% (0.22)—
Share of weeks up56%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
RVMD7.8%——
PRAX5.7%——
VTRS5.6%——
CNC5.5%——
UTHR4.3%——
LEGN4.1%——
COGT3.4%——
BKD3.3%——
VERA2.9%——
IONS2.8%——
CELC2.7%——
BCRX2.6%——
NAMS2.5%——
ACHC2.3%——
TNGX2.3%——
AHCO2.1%——
PHVS2.0%——
ARWR2.0%——
DNTH1.9%——
LRMR1.9%——
MLYS1.9%——
IDYA1.8%——
XENE1.7%——
SVRA1.5%——
LNTH1.5%——
SNDX1.4%——
BMRN1.3%——
PFE1.3%——
INDV1.2%——
BIO1.2%——
SPRY1.1%——
STOK1.0%——
GPCR1.0%——
NVST1.0%——
INSP1.0%——
CDNA1.0%——
BSX1.0%——
BLTE1.0%——
PBLS0.9%——
CERT0.9%——
IRON0.8%——
BBOT0.7%——
TYRA0.6%——
MNPR0.5%——
SION0.5%——
AVLN0.4%——
FHTX0.4%——
BBNX0.4%——
ALNY0.4%——
DRUG0.3%——
ODTX0.3%——
STLN0.3%——
KYTX0.3%——
ALMR0.3%——
CHE0.2%——
SGP0.2%——
ADAG0.2%——
COAG0.2%——
MOBI0.2%——
EMBC0.1%——
VCYT0.1%——
ANNX0.1%——
ALEC0.0%——
EW0.0%——
MIRM0.0%——
HUM0.0%——
PMVP0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+13.8%+14.1%0.540.78−55.1%1.06+1.3% (0.22)
2018 onwards5 Jan 2018 to 2 Nov 2026+8.1%+13.9%0.320.66−55.1%1.04−3.4% (−0.47)
Last three years3 Nov 2023 to 2 Nov 2026+16.2%+21.8%0.541.16−30.1%0.96−1.9% (−0.15)
Last year7 Nov 2025 to 2 Nov 2026+13.9%+14.2%0.500.84−18.8%0.94+2.3% (0.11)
DateCompanyAction
21 Aug 2026PBLSBought
21 Aug 2026ODTXBought
21 Aug 2026MOBIBought
21 Aug 2026MLYSBought
21 Aug 2026MIRMBought
21 Aug 2026COAGBought
21 Aug 2026CHEBought
21 Aug 2026BSXBought
21 Aug 2026AVLNBought
21 Aug 2026ALMRBought
21 Aug 2026ADAGBought
22 May 2026TYRABought
22 May 2026SNDXBought
22 May 2026SGPBought
22 May 2026PFEBought
22 May 2026MANEBought
22 May 2026INDVBought
22 May 2026DRUGBought
22 May 2026DNTHBought
22 May 2026BMRNBought
20 Feb 2026WOOFBought
20 Feb 2026VEEVBought
20 Feb 2026TNGXBought
20 Feb 2026STOKBought
20 Feb 2026SGRYBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026TSHASold
21 Aug 2026NBIXSold
21 Aug 2026MYGNSold
21 Aug 2026MANESold
21 Aug 2026KYMRSold
21 Aug 2026CMPXSold
21 Aug 2026CGEMSold
22 May 2026ZTSSold
22 May 2026XERSSold
22 May 2026WOOFSold
22 May 2026VTRSold
22 May 2026VREXSold
22 May 2026VEEVSold
22 May 2026UFPTSold
22 May 2026TXGSold
22 May 2026TRUPSold
22 May 2026TNDMSold
22 May 2026TMDXSold
22 May 2026SYRESold
22 May 2026SYKSold
22 May 2026STESold
22 May 2026STAASold
22 May 2026SGRYSold
22 May 2026SDGRSold
22 May 2026RXSTSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest