SPHERA FUNDS MANAGEMENT LTD.

CIK 0001496201 · Q2 2026

13F Equity AUM

$766.5M

+21.7% QoQ

Positions

101

+6 QoQ

AUM Rank

#3,906

Top 31%

Skill Alpha (FF)

+0.2%/yr^ns

No Clear Edge

Rank #2,180 · Top 27%

vs S&P -1.1%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 24.6%Top 10: 38.0%Top 20: 53.5%

TEVA6.6%

BIIB5.5%

MLYS5.2%

TSEM3.7%

CYTK3.6%

XBI3.1%

SNDX2.9%

RARE2.6%

BMRN2.5%

BBIO2.4%

Others (91)62.0%

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

Sector Allocation

Healthcare83.5%

Technology7.5%

Financial Services4.7%

Other4.2%

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

Position Sizing

Positions: 101Median: 0.61%Avg: 0.99%

0–0.5%

33(9.3%)

0.5–1%

38(26.3%)

1–3%

24(36.7%)

3–5%

3(10.3%)

5%+

3(17.4%)

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

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Portfolio Overlap

Shared: 0Unique: 101vs 20 funds

0%Low

101

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

New24Increased34Decreased28Exited18

New Positions

IM8N1.6%

+119K

RYTM1.2%

+80K

LRCX1.0%

+18K

AMAT1.0%

+11K

IDYA0.9%

+196K

NVCT0.9%

+383K

HRMY0.8%

+177K

TLN0.6%

+12K

VST0.6%

+29K

CLOU0.6%

+196K

Increased

CTMX0.4%

+659K(+300%)

HELP1.4%

+634K(+64%)

PALI0.6%

+524K(+30%)

PRLD0.7%

+461K(+83%)

TEVA6.6%

+363K(+32%)

ORIC1.2%

+315K(+59%)

SNDX2.9%

+290K(+40%)

VSTM0.3%

+289K(+84%)

MAZE1.6%

+190K(+84%)

BMRN2.5%

+189K(+135%)

Decreased

CRIS0.1%

-1,895,941(-95%)

ELDN0.6%

-580,944(-33%)

BCRX0.6%

-444,413(-51%)

BHVN0.3%

-429,563(-72%)

OVID0.5%

-269,828(-17%)

RARE2.6%

-220,839(-27%)

STTK0.1%

-194,325(-69%)

RLAY0.6%

-174,600(-43%)

UPB0.2%

-138,300(-39%)

TNGX1.0%

-89,313(-26%)

Exited

-603,377

-631,521

-214,914

-52,800

-53,020

-216,281

-31,940

-73,400

-142,419

-105,950

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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