DEERFIELD MANAGEMENT COMPANY, L.P.

CIK 0001009258 · Q2 2026

13F Equity AUM

$9.6B

+13.1% QoQ

Positions

+1 QoQ

AUM Rank

#533

Top 6%

Skill Alpha (FF)

-6.6%/yr^ns

No Clear Edge

Rank #7,847 · Top 94%

vs S&P -14.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 39.7%Top 10: 53.2%Top 20: 69.9%

NUVL22.2%

BKD 3.5 10/15/296.1%

RVMD4.7%

PRAX3.4%

VTRS3.4%

CNC3.3%

REVOLUTION MEDICINES INC2.6%

UTH2.6%

ARROWHEAD PHARMACEUTICALS IN2.5%

LEGN2.5%

Others (71)46.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare83.4%

Unclassified10.2%

Fixed Income6.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 81Median: 0.62%Avg: 1.23%

0–0.5%

31(5.0%)

0.5–1%

20(13.8%)

1–3%

24(38.3%)

3–5%

4(14.7%)

5%+

2(28.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 81vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New13Increased14Decreased12Exited13

New Positions

REVOLUTION MEDICINES…2.6%

+200.0M

CELCUITY INC1.2%

+100.0M

MLYS1.1%

+4.0M

BSX0.6%

+1.3M

PARABILIS MEDICINES …0.5%

+1.9M

AVALYN PHARMACEUTICA…0.3%

+731K

ODYSSEY THERAPEUTICS…0.2%

+1.0M

ALAMAR BIOSCIENCES I…0.2%

+600K

CHE0.1%

+30K

ADAG0.1%

+2.7M

Increased

GMAB2.0%

+4.4M(+179%)

ZENAS BIOPHARMA INC0.8%

+2.2M(+3%)

IDYA1.1%

+1.2M(+77%)

BMRN0.8%

+481K(+57%)

TYRA0.3%

+468K(+85%)

LEGN2.5%

+450K(+6%)

GPCR0.6%

+318K(+41%)

PHVS1.2%

+250K(+8%)

VERA1.8%

+194K(+5%)

DNTH1.1%

+106K(+10%)

Decreased

NEO 0.25 01/15/280.1%

-59,649,000(-82%)

COGT2.0%

-4,037,799(-45%)

INDV0.7%

-1,448,895(-47%)

INSP0.6%

-1,406,376(-52%)

CNC3.3%

-1,016,091(-17%)

VCYT0.1%

-625,000(-86%)

CERT0.5%

-295,677(-4%)

SION0.3%

-289,674(-30%)

CELC1.6%

-262,986(-15%)

CDNA0.6%

-193,382(-9%)

Exited

-70,000,000

-3,943,600

-610,000

-3,723,131

-4,747,746

-561,170

-3,606,000

-2,722,165

-386,169

-131,272

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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