Camber Capital Management LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Camber Capital Management LP reported 35 stock positions worth $2.5 billion. Its top holding was Medtronic (MDT) at 8.7% of the portfolio, followed by Viatris (VTRS, 7.4%) and Zimmer Biomet (ZBH, 6.7%). Compared with Q3 2024, it opened 8 new positions, sold out of 4, added to 8 and reduced 6. The biggest buy was a new position in Pfizer (PFE) and the biggest sale Baxter International (BAX, shares −29%).

Most Recent 13F
Q2 2025
Location
BOSTON, MA
CIK
0001444043
Portfolio Value
$2.5B (Q4 2024)
SEC Filing
0001654954-25-001508 ↗ filed Feb 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $2.8B Q1 2024 Q2 2024: $2.6B Q2 2024 Q3 2024: $2.6B Q3 2024 Q4 2024: $2.5B $2.5B Q4 2024 Q1 2025: $1.6B Q1 2025 Q2 2025: $717.9M Q2 2025

Holdings 35 stocks · $2.5B
MDT Medtronic PLC 8.65% 2,750,000 $219.7M No change
VTRS Viatris Inc. 7.35% 15,000,000 $186.8M No change
ZBH Zimmer Biomet Holdings Inc. 6.68% 1,605,000 $169.5M Reduce -35.8%
HUM Humana Inc. 6.49% 650,000 $164.9M Add +225.0%
PTCT PTC Therapeutics Inc. 5.69% 3,200,000 $144.4M Reduce -8.6%
JAZZ Jazz Pharmaceuticals PLC 5.58% 1,150,000 $141.6M No change
BAX Baxter International Inc. 5.31% 4,625,000 $134.9M Reduce -28.9%
CVS CVS Health Corp. 5.30% 3,000,000 $134.7M Add +100.0%
PFE Pfizer Inc. 5.22% 5,000,000 $132.7M New
SRPT Sarepta Therapeutics Inc. 4.79% 1,000,000 $121.6M Add +29.0%
ASND Ascendis Pharma A/S 4.34% 800,000 $110.1M Add +14.3%
GMED Globus Medical Inc. Class A 3.99% 1,225,000 $101.3M Reduce -43.0%
GSK GSK PLC-Spon ADR 3.33% 2,500,000 $84.5M Reduce -16.7%
BKD Brookdale Senior Living Inc. 2.76% 13,935,000 $70.1M No change
CON Concentra Group Holdings Par 2.73% 3,500,000 $69.2M Add +77.2%
QGEN Qiagen NV 2.63% 1,500,000 $66.8M No change
DNLI Denali Therapeutics Inc. 1.81% 2,250,000 $45.9M Add +12.5%
EVH Evolent Health Inc. Class A 1.77% 4,000,000 $45.0M Add +185.7%
ALKS Alkermes PLC 1.70% 1,500,000 $43.1M Add +650.0%
MYGN Myriad Genetics Inc. 1.67% 3,100,000 $42.5M Reduce -21.5%
MEDP Medpace Holdings Inc. 1.64% 125,000 $41.5M No change
CI The Cigna Group 1.63% 150,000 $41.4M New
ZIMV Zimvie Inc. 1.50% 2,725,000 $38.0M No change
BMRN Biomarin Pharmaceutical Inc. 1.16% 450,000 $29.6M New
MLTX Moonlake Immunotherapeutics 0.94% 441,000 $23.9M No change
IONS Ionis Pharmaceuticals Inc. 0.86% 625,000 $21.9M New
HLF Herbalife Ltd. 0.79% 3,000,000 $20.1M No change
INGN Inogen Inc. 0.72% 2,000,000 $18.3M No change
ANAB Anaptysbio Inc. 0.65% 1,250,000 $16.6M New
OSUR Orasure Technologies Inc. 0.60% 4,250,000 $15.3M No change
TXG 10X Genomics Inc. Class A 0.57% 1,000,000 $14.4M New
MRUS Merus NV 0.41% 250,000 $10.5M New
TBPH Theravance Biopharma Inc. 0.37% 1,000,000 $9.4M No change
GPCR Structure Therapeutics Inc. 0.32% 300,000 $8.1M New
GMAB Genmab A/S -SP ADR 0.04% 50,000 $1.0M No change

Options reported separately and not counted above: SPY puts ($1.5B), GSK calls ($169.1M), PFE calls ($132.7M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $17.2M (not counted above)
SecurityClassShares / PrincipalValueChange
BROOKDALE SENIOR LIVING (BKD 7 11/15/25) UNIT 11/15/2025 250,000$17.2MNo change

Total filed on the 13F, all lines: $2.6B.

Portfolio Sells Q3 2024 → Q4 2024
BAX Baxter International Inc. Reduce -28.9% 5.31% −4.36
ZBH Zimmer Biomet Holdings Inc. Reduce -35.8% 6.68% −3.90
SEM Select Medical Holdings Corp. Sold out 0.00% −2.90
MYGN Myriad Genetics Inc. Reduce -21.5% 1.67% −2.57
GMED Globus Medical Inc. Class A Reduce -43.0% 3.99% −2.04
GSK GSK PLC-Spon ADR Reduce -16.7% 3.33% −1.48
UHS Universal Health Services-B Sold out 0.00% −1.12
BCYC Bicycle Therapeutics PLC-ADR Sold out 0.00% −0.81
SKIN Skinhealth Systems Inc. Sold out 0.00% −0.08
PTCT PTC Therapeutics Inc. Reduce -8.6% 5.69% +0.60

Portfolio Buys Q3 2024 → Q4 2024
PFE Pfizer Inc. New 5.22% +5.22
HUM Humana Inc. Add +225.0% 6.49% +4.01
CI The Cigna Group New 1.63% +1.63
CVS CVS Health Corp. Add +100.0% 5.30% +1.61
ALKS Alkermes PLC Add +650.0% 1.70% +1.48
BMRN Biomarin Pharmaceutical Inc. New 1.16% +1.16
CON Concentra Group Holdings Par Add +77.2% 2.73% +1.00
SRPT Sarepta Therapeutics Inc. Add +29.0% 4.79% +1.00
IONS Ionis Pharmaceuticals Inc. New 0.86% +0.86
ANAB Anaptysbio Inc. New 0.65% +0.65
TXG 10X Genomics Inc. Class A New 0.57% +0.57
MRUS Merus NV New 0.41% +0.41
GPCR Structure Therapeutics Inc. New 0.32% +0.32
ASND Ascendis Pharma A/S Add +14.3% 4.34% +0.24
EVH Evolent Health Inc. Class A Add +185.7% 1.77% +0.22
DNLI Denali Therapeutics Inc. Add +12.5% 1.81% −0.48

Options Activity Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US put Add +150.0% 2,500,000 $1.5B
GSK GSK PLC-Spon ADR call New 5,000,000 $169.1M
PFE Pfizer Inc. call New 5,000,000 $132.7M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2025 23$717.9MZBH, BAX, HUM, CVS, GMED
Q1 2025 28$1.6BZBH, BAX, HUM, CVS, GMED
Q4 2024 35$2.5BMDT, VTRS, ZBH, HUM, PTCT
Q3 2024 31$2.6BZBH, MDT, BAX, VTRS, GMED
Q2 2024 34$2.6BZBH, BAX, MDT, UHS, GMED
Q1 2024 33$2.8BZBH, UHS, BAX, THC, VTRS