Camber Capital Management LP

2. Key Holdings

The portfolio is dominated by a large passive position alongside high-conviction healthcare names.

• SPDR S&P 500 ETF (SPY): This remains the largest single holding, valued at $308.93 million, representing 29.0% of the portfolio. However, it is crucial to note that this position was reduced by 66.7% during the quarter (a reduction of $530.16 million), suggesting a pivot away from passive market exposure toward active stock selection.
• Zimmer Biomet (ZBH): The largest active equity position at $91.21 million (8.56%). Despite holding this top spot, the position was reduced by 55.6%, indicating the firm took profits or minimized risk in this holding.
• Baxter International (BAX): A new position and the third-largest holding at $86.30 million (8.10%). This represents a significant bet on the medical technology/renal care space.
• Managed Care & Insurance: Humana (HUM) and CVS Health (CVS) were added as substantial new positions, accounting for 6.89% and 6.80% of the portfolio, respectively.

3. Sector Allocation

The fund exhibits a heavy sector concentration, primarily in Healthcare, which accounts for approximately 49.6% of the total portfolio value ($527.77 million). This aligns with Camber Capital's historical specialization in healthcare and life sciences.

• Healthcare: Includes a mix of large-cap pharmaceuticals (Merck, Pfizer, GSK), medical devices (Zimmer Biomet, Baxter, Globus Medical), and biotechnology (BioMarin, Ascendis).
• ETF Exposure: The SPY ETF accounts for 29.0%, providing broad market beta but significantly reduced from the previous quarter.
• Financial Services & Consumer Cyclical: Combined, these sectors represent roughly 13.7% of the portfolio, driven almost entirely by new positions in Humana (Financial Services) and CVS (Consumer Cyclical).
• Technology: Minimal exposure (0.9%), restricted to Evolent Health.