Sphera Funds Management LTD.
Sphera Funds Management Ltd. is an Israel-based hedge fund firm founded in 2004 and headquartered in Tel Aviv. The firm manages a suite of hedge funds, with a specialty in healthcare and related sectors. Serving institutional and sophisticated international investors, Sphera employs a team of around 51-100 professionals and is recognized as one of the more prominent alternative investment managers in the Israeli market.
Investment Strategy
Sphera Funds Management Ltd. implements sector-focused, research-driven long/short equity strategies, primarily in healthcare and global markets. The firm emphasizes fundamental analysis and rigorous risk management. Their funds often leverage deep sector expertise to generate alpha through identifying undervalued growth opportunities and managing downside risk via both long and short positions.
Top Holdings
Equity Positions (97)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
T TEVA | TEVA PHARMACEUTICAL INDS LTD | 6.38% | $27.2M | 1,620,990 | $15.12 | $16.76 | +$3.0M |
N NVMI | NOVA LTD | 4.90% | $20.9M | 75,836 | $200.34 | $275.20 | +$4.2M |
S SNDX | SYNDAX PHARMACEUTICALS INC | 3.45% | $14.7M | 1,571,564 | $16.69 | $9.37 | -$5.7M |
T TSEM | TOWER SEMICONDUCTOR LTD | 2.69% | $11.5M | 264,722 | $41.08 | $43.35 | +$9.3M |
C CYTK | CYTOKINETICS INC | 2.53% | $10.8M | 326,718 | $37.36 | $33.04 | +$5.0M |
Options Positions (9)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
X XBI | SPDR SERIES TRUST | New | Put | $16.6M | 2,000 | $82.93 | $82.93 | +2,000 | +$16.6M |
R RARE | ULTRAGENYX PHARMACEUTICAL IN | Bought | Call | $6.6M | 1,806 | $36.36 | $36.32 | +1,306 | +$4.8M |
M MLTX | MOONLAKE IMMUNOTHERAPEUTICS | New | Call | $5.9M | 1,250 | $47.20 | $47.20 | +1,250 | +$5.9M |
P PRAX | PRAXIS PRECISION MEDICINES I | — | Call | $4.2M | 1,000 | $42.05 | $56.01 | 0 | +$418.0K |
T TLT | ISHARES TR | Sold | Call | $4.1M | 470 | $88.25 | $91.03 | -2,081 | -$19.1M |