Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (49 quarters reported)
$972M in Q2 2013 → $1.07B now. Hover for any quarter.
As reported for the quarter ended June 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr Put | 29.0% | Trimmed 67% | 500,000 | $309M |
| Zimmer Biomet Holdings Inc | 8.6% | Trimmed 56% | 1,000,000 | $91.2M |
| BI Baxter Intl Inc | 8.1% | Trimmed 50% | 2,850,000 | $86.3M |
| Humana Inc | 6.9% | Trimmed 59% | 300,000 | $73.3M |
| Cvs Health Corp | 6.8% | Trimmed 53% | 1,050,000 | $72.4M |
| GM Globus Med Inc | 4.4% | Trimmed 36% | 800,000 | $47.2M |
| Icon PLC | 4.1% | New | 300,000 | $43.6M |
| Ascendis Pharma A/s | 4.1% | Trimmed 29% | 250,000 | $43.2M |
| Merck & Co Inc | 3.7% | New | 500,000 | $39.6M |
| Gsk PLC Call | 3.6% | Unchanged | 1,000,000 | $38.4M |
| Pfizer Inc | 3.4% | Trimmed 40% | 1,500,000 | $36.4M |
| Biomarin Pharmaceutical Inc | 3.1% | Added 20% | 600,000 | $33M |
| Unitedhealth Group Inc | 2.9% | New | 100,000 | $31.2M |
| Viatris Inc | 2.3% | Trimmed 63% | 2,750,000 | $24.6M |
| BS Brookdale Sr Living Inc | 1.4% | Trimmed 66% | 2,150,000 | $15M |
| Zimvie Inc | 1.4% | Trimmed 15% | 1,600,000 | $15M |
| Apellis Pharmaceuticals Inc | 1.4% | New | 850,000 | $14.7M |
| Myriad Genetics Inc | 1.0% | Trimmed 15% | 2,000,000 | $10.6M |
| Evolent Health Inc | 0.9% | Trimmed 72% | 850,000 | $9.57M |
| CG Concentra Group Holdings Par | 0.8% | Trimmed 75% | 400,000 | $8.23M |
| Inogen Inc | 0.6% | Unchanged | 975,000 | $6.85M |
| Denali Therapeutics Inc | 0.5% | Trimmed 68% | 400,000 | $5.6M |
| Theravance Biopharma Inc | 0.5% | Trimmed 55% | 450,000 | $4.96M |
| Anaptysbio Inc | 0.3% | Trimmed 83% | 125,000 | $2.78M |
| Orasure Technologies Inc | 0.3% | Unchanged | 900,000 | $2.7M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −1,000,000 | −$618M | 29.0% |
| Pfizer Inc | Exited | −6,800,000 | −$172M | — |
| SS SPDR Ser Tr | Exited | −2,000,000 | −$162M | — |
| Zimmer Biomet Holdings Inc | Trimmed | −1,250,000 | −$114M | 8.6% |
| Humana Inc | Trimmed | −425,000 | −$104M | 6.9% |
| BI Baxter Intl Inc | Trimmed | −2,900,000 | −$87.8M | 8.1% |
| Cvs Health Corp | Trimmed | −1,200,000 | −$82.8M | 6.8% |
| Ptc Therapeutics Inc | Exited | −1,500,000 | −$76.4M | — |
| The Cigna Group | Exited | −200,000 | −$65.8M | — |
| QN Qiagen Nv | Exited | −1,400,000 | −$56.2M | — |
Showing the 10 largest of 33 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −1,000,000 | −$559M | 29.8% |
| Medtronic PLC | Exited | −2,750,000 | −$220M | — |
| SS SPDR Ser Tr | New | +2,000,000 | +$162M | 5.8% |
| Gsk PLC | Trimmed | −4,000,000 | −$155M | 1.4% |
| Jazz Pharmaceuticals PLC | Exited | −1,150,000 | −$142M | — |
| Ptc Therapeutics Inc | Trimmed | −1,700,000 | −$86.6M | 2.7% |
| Gsk PLC | Exited | −2,500,000 | −$84.6M | — |
| Zimmer Biomet Holdings Inc | Added | +645,000 | +$73M | 9.0% |
| Ascendis Pharma A/s | Trimmed | −450,000 | −$70.1M | 1.9% |
| QN Qiagen Nv | Exited | −1,500,000 | −$66.8M | — |
Showing the 10 largest of 36 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Added | +1,500,000 | +$879M | 33.9% |
| Gsk PLC | New | +5,000,000 | +$169M | 3.9% |
| Pfizer Inc | New | +5,000,000 | +$133M | 3.1% |
| Pfizer Inc | New | +5,000,000 | +$133M | 3.1% |
| Humana Inc | Added | +450,000 | +$114M | 3.8% |
| Zimmer Biomet Holdings Inc | Trimmed | −895,000 | −$94.5M | 3.9% |
| GM Globus Med Inc | Trimmed | −925,000 | −$76.5M | 2.3% |
| SM Select Med Hldgs Corp | Exited | −2,125,000 | −$74.1M | — |
| Cvs Health Corp | Added | +1,500,000 | +$67.3M | 3.1% |
| BI Baxter Intl Inc | Trimmed | −1,875,000 | −$54.7M | 3.1% |
Showing the 10 largest of 29 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −750,000 | −$430M | 18.2% |
| UH Universal Hlth Svcs Inc | Trimmed | −825,000 | −$189M | 0.9% |
| Ascendis Pharma A/s | New | +700,000 | +$105M | 3.3% |
| Biomarin Pharmaceutical Inc | Exited | −1,100,000 | −$90.6M | — |
| Walgreens Boots Alliance Inc | Exited | −7,000,000 | −$84.7M | — |
| Sarepta Therapeutics Inc | Added | +625,000 | +$78.1M | 3.1% |
| Pfizer Inc | Exited | −2,500,000 | −$70M | — |
| Humana Inc | Trimmed | −200,000 | −$63.3M | 2.0% |
| Zimmer Biomet Holdings Inc | Added | +575,000 | +$62.1M | 8.6% |
| Medtronic PLC | Added | +500,000 | +$45M | 7.9% |
Showing the 10 largest of 28 changes.
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −450,000 | −$245M | 26.4% |
| Tenet Healthcare Corp | Exited | −1,900,000 | −$200M | — |
| Humana Inc | New | +400,000 | +$149M | 4.1% |
| Cvs Health Corp | New | +1,500,000 | +$88.6M | 2.5% |
| Biogen Inc | Exited | −400,000 | −$86.3M | — |
| Biomarin Pharmaceutical Inc | Added | +850,000 | +$70M | 2.5% |
| Sarepta Therapeutics Inc | Trimmed | −435,000 | −$68.7M | 0.7% |
| UH Universal Hlth Svcs Inc | Trimmed | −300,000 | −$55.5M | 4.9% |
| Myriad Genetics Inc | Trimmed | −2,135,000 | −$52.2M | 3.7% |
| Collegium Pharmaceutical Inc | Exited | −852,900 | −$33.1M | — |
Showing the 10 largest of 28 changes.
quarter ended March 31, 2024 · filed May 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tenet Healthcare Corp | Trimmed | −1,845,000 | −$194M | 4.9% |
| UH Universal Hlth Svcs Inc | Trimmed | −620,000 | −$113M | 5.6% |
| SS SPDR S&P 500 ETF Tr | Added | +200,000 | +$105M | 28.2% |
| Biogen Inc | New | +400,000 | +$86.3M | 2.1% |
| Jazz Pharmaceuticals PLC | Added | +475,000 | +$57.2M | 3.4% |
| QN Qiagen Nv | New | +1,210,000 | +$52M | 1.3% |
| Ionis Pharmaceuticals Inc | Exited | −865,000 | −$43.8M | — |
| UP Ultragenyx Pharmaceutical In | Exited | −900,000 | −$43M | — |
| Pfizer Inc | Trimmed | −1,420,000 | −$39.4M | 1.7% |
| Denali Therapeutics Inc | New | +1,500,000 | +$30.8M | 0.8% |
Showing the 10 largest of 28 changes.
quarter ended December 31, 2023 · filed February 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +2,000,000 | +$951M | 24.2% |
| S Sanofi | Exited | −2,750,000 | −$148M | — |
| TP Teva Pharmaceutical Inds Ltd | Exited | −10,150,000 | −$104M | — |
| Pfizer Inc | Trimmed | −3,580,000 | −$103M | 2.9% |
| Jazz Pharmaceuticals PLC | New | +675,000 | +$83M | 2.1% |
| BI Baxter Intl Inc | Added | +2,000,000 | +$77.3M | 4.9% |
| Ionis Pharmaceuticals Inc | Trimmed | −1,385,000 | −$70.1M | 1.1% |
| Mirati Therapeutics Inc | Exited | −1,500,000 | −$65.3M | — |
| Dentsply Sirona Inc | Exited | −1,765,000 | −$60.3M | — |
| Walgreens Boots Alliance Inc | Added | +1,800,000 | +$47M | 4.7% |
Showing the 10 largest of 35 changes.
quarter ended September 30, 2023 · filed November 14, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pfizer Inc | New | +7,500,000 | +$249M | 8.2% |
| Zimmer Biomet Holdings Inc | Added | +800,000 | +$89.8M | 6.8% |
| Medtronic PLC | Added | +900,000 | +$70.5M | 3.9% |
| S Sanofi | Trimmed | −1,250,000 | −$67.1M | 4.9% |
| Quanterix Corp | Trimmed | −2,150,000 | −$58.4M | 1.1% |
| Walgreens Boots Alliance Inc | Trimmed | −2,300,000 | −$51.2M | 3.8% |
| Sarepta Therapeutics Inc | Added | +400,000 | +$48.5M | 3.2% |
| Gsk PLC | Trimmed | −1,250,000 | −$45.3M | 3.4% |
| GM Globus Med Inc | Added | +725,000 | +$36M | 2.8% |
| Tenet Healthcare Corp | Added | +450,000 | +$29.7M | 7.9% |
Showing the 10 largest of 32 changes.
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