Sio Capital Management, LLC

2. Key Holdings

The portfolio is dominated by a mix of large-cap healthcare giants and high-growth mid-cap biotechnology firms.

• Top Position: The largest holding is Celuity Inc (CELC), representing 15.90% of the portfolio ($38.85M). This is a new position established in Q3, signaling an aggressive entry into what the firm likely views as an undervalued or high-upside opportunity in oncology diagnostics.
• Major Caps: The firm maintains substantial exposure to "Big Pharma," with Sanofi (SNY) at 10.87% and Merck (MRK) at 6.09%. Notably, Sanofi was the subject of the largest position increase during the quarter, growing by over 200%.
• Biotech Concentration: Alkermes PLC and Biomarin Pharmaceutical (BMRN) round out the top five, reinforcing the firm's heavy tilt toward healthcare and life sciences.
• Significant Weightings: Positions such as Centene Corp (CNC) and Kenvue (KVUE) provide exposure to managed care and consumer health, respectively, though these are outliers in a portfolio heavily skewed toward biotech.