SPHERA FUNDS MANAGEMENT LTD.

CIK 0001496201 · Q1 2026

13F Equity AUM

$629.7M

+21.7% QoQ

Positions

-3 QoQ

AUM Rank

#3,755

Top 30%

Skill Alpha (FF)

+0.2%/yr^ns

No Clear Edge

Rank #2,177 · Top 27%

vs S&P -3.7%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 23.0%Top 10: 37.1%Top 20: 53.1%

MLYS5.8%

TEVA5.4%

TSEM4.1%

XBI4.1%

NVMI3.7%

CYTK3.1%

BBIO2.9%

BIIB2.7%

RARE2.7%

SNDX2.7%

Others (85)62.9%

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

Sector Allocation

Healthcare75.7%

Technology12.8%

Financial Services5.6%

Energy2.4%

Other3.5%

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

Position Sizing

Positions: 95Median: 0.75%Avg: 1.05%

0–0.5%

32(9.1%)

0.5–1%

28(21.0%)

1–3%

29(43.8%)

3–5%

4(14.9%)

5%+

2(11.2%)

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

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Portfolio Overlap

Shared: 88Unique: 7vs 20 funds

1.2%Low

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.6%

BlackRock, Inc.

GEODE CAPITAL MANAGEMENT, LLC

2.3%

VANGUARD CAPITAL MANAGEMENT LLC

2.1%

STATE STREET CORP

2.1%

BANK OF AMERICA CORP /DE/

1.5%

FMR LLC

2.4%

JPMORGAN CHASE & CO

1.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New20Increased32Decreased29Exited23

New Positions

AZN2.0%

+63K

CLBT1.4%

+632K

PANW1.3%

+53K

HNM1.2%

+68K

XENE1.2%

+127K

AMZN1.1%

+32K

AAOI1.0%

+73K

BHVN0.8%

+594K

ZBIO0.7%

+214K

RLAY0.7%

+408K

Increased

PALI0.5%

+1.5M(+842%)

MLYS5.8%

+891K(+198%)

PRLD0.3%

+436K(+355%)

PMN0.7%

+314K(+2658%)

CYTK3.1%

+207K(+226%)

SKYE0.1%

+200K(+42%)

HELP0.8%

+162K(+20%)

RARE2.7%

+159K(+24%)

MAZE1.1%

+156K(+216%)

WVE0.6%

+140K(+34%)

Decreased

CLYM0.5%

-513,000(-55%)

ORIC1.1%

-466,750(-46%)

YB4P0.6%

-439,000(-37%)

ELDN0.9%

-360,000(-17%)

DTIL0.0%

-356,116(-90%)

DYN0.5%

-232,300(-59%)

TNGX1.1%

-201,000(-37%)

IMTX1.1%

-165,000(-19%)

CRVS0.6%

-159,748(-39%)

BIOA0.2%

-156,517(-64%)

Exited

-135,060

-40,000

-1,316,212

-355,725

-18,040

-650,000

-9,755

-5,340

-124,000

-157,840

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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