PFM Health Sciences, LP
PFM Health Sciences, LP, founded in 2004, is a specialist healthcare investment advisor headquartered in San Francisco, California. The firm manages both public and private investments, focusing exclusively on the healthcare sector. Led by Founding Partner and CIO Brian Grossman, PFM leverages deep domain expertise to partner with innovative biopharma, medical technology, life science, and healthcare services companies. PFM serves institutional investors and is recognized for a disciplined, research-intensive approach to healthcare investing.
Investment Strategy
PFM Health Sciences specializes in healthcare-focused long/short equity strategies, investing across public and private companies globally. Their approach leverages a bottom-up, fundamental research process paired with macro-level analysis, with a strong emphasis on disruptive innovation and subsector specialization. PFM maintains active coverage across all healthcare subsectors, aiming to identify secular growth trends and invest in companies that drive transformative industry change. The investment philosophy emphasizes risk management, capital efficiency, and flexibility, with the goal of delivering attractive, risk-adjusted returns for clients in both stable and volatile markets.
Latest 13F Filing Activity
PFM Health Sciences, LP filed their most recent 13F report on Jun 30, 2025 disclosing 53 equity positions and 1 options positions with a total 13F market value of $1B. The fund increased holdings in Tenet Healthcare Corp., Teva Pharmaceutical Inds LTD, Natera Inc. among other positions. PFM Health Sciences, LP reduced exposure to Abbvie Inc., Vertex Pharmaceuticals Inc., Elevance Health Inc. among others.
Top Holdings
Equity Positions (53)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
L LLY | ELI LILLY & CO | 17.95% | $208.9M | 268,023 | $174.82 | $779.53 | -$17.2M |
T THC | TENET HEALTHCARE CORP | 7.55% | $87.9M | 499,243 | $56.20 | $176.00 | +$21.8M |
M MCK | MCKESSON CORP | 4.55% | $53.0M | 72,313 | $176.72 | $732.78 | -$12.6M |
A AXSM | AXSOME THERAPEUTICS INC | 4.33% | $50.4M | 483,105 | $53.15 | $104.39 | -$14.5M |
I ISRG | INTUITIVE SURGICAL INC | 4.15% | $48.3M | 88,967 | $379.23 | $543.41 | +$2.2M |
Options Positions (1)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
U UNH | UNITEDHEALTH GROUP INC | New | Put | $20.3M | 650 | $311.97 | $311.97 | +650 | +$20.3M |