DEERFIELD MANAGEMENT COMPANY, L.P.

CIK 0001009258 · Q1 2026

13F Equity AUM

$8.5B

+8.3% QoQ

Positions

-68 QoQ

AUM Rank

#719

Top 6%

Skill Alpha (FF)

-5.8%/yr^ns

No Clear Edge

Rank #7,602 · Top 92%

vs S&P -15.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 37.8%Top 10: 50.9%Top 20: 68.6%

NUVL20.9%

BKD 3.5 10/15/296.0%

COGT4.1%

PRAX3.7%

VTRS3.2%

UTH3.2%

RVMD2.6%

MIRM 4 05/01/292.5%

ARROWHEAD PHARMACEUTICALS IN2.4%

CELC2.3%

Others (70)49.1%

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

Sector Allocation

Healthcare88.7%

Fixed Income6.3%

Unclassified5.0%

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

Position Sizing

Positions: 80Median: 0.74%Avg: 1.25%

0–0.5%

30(5.6%)

0.5–1%

18(12.8%)

1–3%

26(40.6%)

3–5%

4(14.2%)

5%+

2(26.8%)

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

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Portfolio Overlap

Shared: 76Unique: 4vs 20 funds

1%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)

BlackRock, Inc.

1.8%

STATE STREET CORP

1.9%

GEODE CAPITAL MANAGEMENT, LLC

1.9%

MORGAN STANLEY

1.2%

BANK OF AMERICA CORP /DE/

1.3%

VANGUARD CAPITAL MANAGEMENT LLC

1.8%

JPMORGAN CHASE & CO

1.2%

FMR LLC

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

New12Increased15Decreased9Exited80

New Positions

ARROWHEAD PHARMACEUT…2.4%

+200.0M

INDV1.1%

+3.1M

SNDX1.0%

+3.8M

DNTH1.0%

+1.0M

PFE1.0%

+3.0M

ZENAS BIOPHARMA INC0.8%

+65.0M

GMAB0.8%

+2.5M

BMRN0.6%

+852K

TYRA0.3%

+549K

DRUG0.2%

+283K

Increased

LRMR1.9%

+5.0M(+16%)

LEGN1.6%

+1.8M(+30%)

TNGX1.0%

+1.2M(+43%)

INSP1.6%

+1.2M(+80%)

XENE1.1%

+1.1M(+198%)

FHTX0.3%

+745K(+20%)

BCRX1.7%

+697K(+5%)

BBNX0.2%

+386K(+41%)

MNPR0.2%

+153K(+90%)

IRON0.5%

+146K(+29%)

Decreased

CPRX1.1%

-967,561(-20%)

IDYA0.6%

-623,035(-29%)

RVMD2.6%

-597,613(-21%)

NBIX0.9%

-574,345(-48%)

CNC2.3%

-530,907(-8%)

VERA1.8%

-337,595(-8%)

ARWR1.2%

-259,649(-14%)

EMBC0.3%

-217,070(-8%)

NVST0.7%

-70,398(-3%)

Exited

INDIVIOR PLC

-3,393,063

-1,999,045

-1,000,000

-25,255,000

-354,000

-710,626

-765,694

-1,107,944

-260,000

-1,300,000

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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