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Livermore
Livermore
ZHEN

Sphera Funds Management Ltd.

SEC CIK
0001496201
Latest filing
Aug 14, 2026

The latest 13F from Sphera Funds Management Ltd. covers Q2 2026 (filed Aug 14, 2026): 97 long positions worth $698.8M. The top 10 holdings make up 36.5% of the portfolio, and the largest is Teva Pharmaceutical Industries Ltd (TEVA) at 7.3%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
22
Est. +$102.6M
Added
33
Est. +$95.3M
Reduced
28
Est. −$95.9M
Sold out
17
Est. −$79.6M

Top 5 holdings

Share of this quarter's portfolio value

  1. TEVATeva Pharmaceutical Industries Ltd
    7.3%$50.8MHistory
  2. MLYSMineralys Therapeutics, Inc.
    5.7%$39.7MHistory
  3. TSEMTower Semiconductor Ltd
    4.0%$28.2MHistory
  4. SNDXSyndax Pharmaceuticals Inc
    3.2%$22.2MHistory
  5. BIIBBiogen Inc.
    3.0%$20.9MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. CYTKCytokinetics Inc
    +$15.3MAddedHistory
  2. INSMINSMED Inc
    +$12.7MNewHistory
  3. TEVATeva Pharmaceutical Industries Ltd
    +$12.3MAddedHistory
  4. BMRNBiomarin Pharmaceutical Inc
    +$10.8MAddedHistory
  5. RYTMRhythm Pharmaceuticals, Inc.
    +$8.93MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. CYTKCytokinetics Inc
    +2.23 pp0.5% → 2.7%History
  2. INSMINSMED Inc
    +1.81 pp0.0% → 1.8%History
  3. TEVATeva Pharmaceutical Industries Ltd
    +1.38 pp5.9% → 7.3%History
  4. BMRNBiomarin Pharmaceutical Inc
    +1.33 pp1.4% → 2.7%History
  5. RYTMRhythm Pharmaceuticals, Inc.
    +1.28 pp0.0% → 1.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. CRISCuris Inc
    −$19.8MReducedHistory
  2. NVMINova Ltd.
    −$15.3MReducedHistory
  3. TSEMTower Semiconductor Ltd
    −$9.77MReducedHistory
  4. FOLDAmicus Therapeutics, Inc.
    −$8.72MSold outHistory
  5. CLBTCellebrite DI Ltd.
    −$8.70MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. NVMINova Ltd.
    −2.03 pp4.0% → 2.0%History
  2. FOLDAmicus Therapeutics, Inc.
    −1.50 pp1.5% → 0.0%History
  3. CLBTCellebrite DI Ltd.
    −1.50 pp1.5% → 0.0%History
  4. APLSApellis Pharmaceuticals, Inc.
    −1.49 pp1.5% → 0.0%History
  5. PANWPalo Alto Networks Inc
    −1.46 pp1.5% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$698.8M
+$117.3M (+20.2%) vs. prior quarter
Positions
97
+5 vs. prior quarter
Top 10 concentration
36.5%
Top 10 as share of value
Turnover
27.4%
Q2 2026, one quarter
Average holding period
9.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.09B (Q1 2021)

Q1 2021: $1.09BQ2 2021: $1.05BQ3 2021: $1.01BQ4 2021: $842.0MQ1 2022: $596.5MQ2 2022: $526.9MQ3 2022: $564.7MQ4 2022: $318.1MQ1 2023: $461.9MQ2 2023: $466.6MQ3 2023: $416.7MQ4 2023: $538.6MQ1 2024: $617.5MQ2 2024: $613.6MQ3 2024: $611.2MQ4 2024: $541.4MQ1 2025: $405.5MQ2 2025: $382.5MQ3 2025: $421.6MQ4 2025: $478.5MQ1 2026: $581.5MQ2 2026: $698.8M
Q1 2021Q2 2026
13F filings of Sphera Funds Management Ltd. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202697$698.8MTEVAMLYSTSEMvs. Q1 2026SEC
Q1 2026May 15, 202692$581.5MMLYSTEVATSEMvs. Q4 2025SEC
Q4 2025Feb 17, 202694$478.5MTEVABIIBMLYSvs. Q3 2025SEC
Q3 2025Nov 14, 2025101$421.6MTEVANICETSEMvs. Q2 2025SEC
Q2 2025Aug 14, 2025101$382.5MTEVANVMISNDXvs. Q1 2025SEC
Q1 2025May 15, 2025112$405.5MTEVASNDXSNYvs. Q4 2024SEC
Q4 2024Feb 14, 2025103$541.4MTEVABBIOSNYvs. Q3 2024SEC
Q3 2024Nov 14, 2024108$611.2MTEVASNYBBIOvs. Q2 2024SEC
Q2 2024Aug 14, 2024110$613.6MBBIOSNYCYTKvs. Q1 2024SEC
Q1 2024May 15, 202493$617.5MTEVASNYNICEvs. Q4 2023SEC
Q4 2023Feb 15, 2024Amended89$538.6MTEVASNYCYTKvs. Q3 2023SEC
Q3 2023Nov 14, 202375$416.7MSNYAZNEnphase Energy, Inc.vs. Q2 2023SEC
Q2 2023Aug 14, 202376$466.6MSNYAZNJNJvs. Q1 2023SEC
Q1 2023May 15, 202375$461.9MSNYNICEAZNvs. Q4 2022SEC
Q4 2022Feb 14, 202358$318.1MAZNSNYJNJvs. Q3 2022SEC
Q3 2022Nov 14, 202265$564.7MAZNLLYSNYvs. Q2 2022SEC
Q2 2022Aug 15, 202250$526.9MAZNJNJLLYvs. Q1 2022SEC
Q1 2022May 16, 202259$596.5MAZNJNJSNYvs. Q4 2021SEC
Q4 2021Feb 14, 202285$842.0MABBVAZNSNYvs. Q3 2021SEC
Q3 2021Nov 15, 2021107$1.01BLLYAZNABBVvs. Q2 2021SEC
Q2 2021Aug 17, 2021121$1.05BAZNJNJMRKvs. Q1 2021SEC
Q1 2021May 17, 2021158$1.09BLLYJNJABBV–SEC

13D and 13G filings

Companies where Sphera Funds Management Ltd. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

2 companies, largest stake first.

Companies where Sphera Funds Management Ltd. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
PMNProMIS Neurosciences Inc.13G/A7.78%180.7K shares+2.27 ppfrom 5.51%Aug 30, 20234 filingsFeb 5, 2026SEC
TENXTenax Therapeutics, Inc.13G5.33%1.99M sharesNewAug 27, 20261 filingAug 27, 2026SEC

Latest filings

31 filings on file made by Sphera Funds Management Ltd. or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Sphera Funds Management Ltd.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
TENXTenax Therapeutics, Inc.Aug 27, 20266:20 AM ET13G5.33%1.99M sharesNewAug 17, 2026SEC
PMNProMIS Neurosciences Inc.Feb 5, 202611:51 AM ET13G/A7.78%180.7K shares+2.27 ppfrom 5.51%Dec 31, 2025SEC
OTLKOutlook Therapeutics, Inc.Feb 5, 202611:48 AM ET13G/A4.69%3.15M shares−2.80 ppfrom 7.49%Below 5%Dec 31, 2025SEC
PMNProMIS Neurosciences Inc.Oct 23, 20256:02 AM ET13G/A5.51%3.12M shares–Sep 30, 2025SEC
OTLKOutlook Therapeutics, Inc.Apr 10, 20255:28 PM ET13G/A7.49%2.57M shares+2.28 ppfrom 5.21%Apr 10, 2025SEC
SKYESkye Bioscience, Inc.Apr 10, 20255:27 PM ET13G/A4.77%1.48M shares–Below 5%Mar 31, 2025SEC
CMMBChemomab Therapeutics Ltd.Apr 10, 20255:25 PM ET13G/A4.78%900.4K shares–Below 5%Mar 31, 2025SEC
OTLKOutlook Therapeutics, Inc.Mar 3, 20253:58 PM ET13G5.21%1.71M sharesNewJan 17, 2025SEC
JSPRJasper Therapeutics, Inc.Nov 4, 202413G/AOld format–––SEC
CMMBChemomab Therapeutics Ltd.Aug 20, 202413GOld format–New–SEC
SKYESkye Bioscience, Inc.Feb 8, 202413GOld format–New–SEC
JSPRJasper Therapeutics, Inc.Feb 5, 202413G/AOld format–––SEC
PRAXPraxis Precision Medicines, Inc.Feb 5, 202413G/AOld format–––SEC
INZYInozyme Pharma, Inc.Feb 5, 202413G/AOld format–––SEC
PMNProMIS Neurosciences Inc.Feb 5, 202413G/AOld format–––SEC
JSPRJasper Therapeutics, Inc.Oct 10, 202313GOld format–New–SEC
PMNProMIS Neurosciences Inc.Aug 30, 202313GOld format–New–SEC
PRAXPraxis Precision Medicines, Inc.Jun 27, 202313G/AOld format–––SEC
PRAXPraxis Precision Medicines, Inc.Jun 22, 202313GOld format–New–SEC
INZYInozyme Pharma, Inc.Mar 7, 202313GOld format–New–SEC