13F Insight
DOSSIER · 13F-HR · Q4 2025

DEERFIELD MANAGEMENT COMPANY, L.P.

$7.8B in tracked AUM across 150 positions as of Q4 2025.

DM
CIK 0001009258 · last filed Dec 31, 2025
Total AUM
$7.8B
as of Q4 2025
Holdings
150
—
positions
Whale Score
64
64
tracked
Activity
—
no data
changes this Q
AI Analysis · Q4 2025

1. Portfolio Overview

Deerfield Management Company, L.P. reported a significant contraction in portfolio value for the quarter ending September 30, 2025, with total assets under management (AUM) decreasing by 29.6%, falling from $5.51 billion to $3.88 billion. This reduction is not solely attributable to market performance but indicates substantial active portfolio restructuring. The firm currently holds 92 positions, suggesting a focused strategy that balances high-conviction core holdings...

The quarter was characterized by high turnover, with 16 new positions initiated and 16 positions completely liquidated. This churn rate, combined with the $1.63 billion drop in total value, points to a deliberate rotation of capital. Deerfield appears to be realizing significant gains from previous winners (particularly in the biotech space) and reallocating capital into new opportunities, rather than passively riding out market volatility.

2. Key Holdings

Analysis generated by 13F Insight from SEC Form 13F filing data · Q4 2025. Methodology

Quarter at a glance — Q4 2025

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q4 2025.

#HoldingValueSharesWeight
01
NUVL
NUVALENT INC
$1.7B17.2M22.2%02
BKD 3.5 10/15/29
BROOKDALE SR LIVING INC
$427M306.9M5.5%03
COGT
COGENT BIOSCIENCES INC
$321M9.0M4.1%04
PRAX
PRAXIS PRECISION MEDICINES I
$266M903K3.4%05
CNC
CENTENE CORP DEL
$265M6.4M3.4%06
VTRS
VIATRIS INC
$252M20.2M3.2%07
RVMD
REVOLUTION MEDICINES INC
$231M2.9M2.9%08
UTHR
UNITED THERAPEUTICS CORP DEL
$208M426K2.7%09
VERA
VERA THERAPEUTICS INC
$206M4.1M2.6%10
MIRM 4 05/01/29
MIRUM PHARMACEUTICALS INC
$181M70.0M2.3%

Filing history

2025Q4Dec 31
$7.8B▲ 101.9%
150 positionsView →2025Q3Sep 30
$3.9B▼ 29.6%
92 positionsView →2025Q2Jun 30
$5.5B▲ 90.5%
124 positionsLocked2025Q1Mar 31
$2.9B▼ 45.2%
88 positionsLocked2024Q4Dec 31
$5.3B▼ 21.1%
106 positionsLocked2024Q3Sep 30
$6.7B▲ 11.4%
443 positionsLocked2024Q2Jun 30
$6.0B▲ 4.6%
433 positionsLocked2024Q1Mar 31
$5.7B▲ 6.1%
367 positionsLocked2023Q4Dec 31
$5.4B▲ 19.3%
222 positionsLocked2023Q3Sep 30
$4.5B▼ 3.1%
88 positionsLocked2023Q2Jun 30
$4.7B▲ 4.4%
101 positionsLocked2023Q1Mar 31
$4.5B▼ 7.1%
106 positionsLocked
Showing 12 of 86