Camber Capital Management LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Camber Capital Management LP reported 28 stock positions worth $1.6 billion . Its top holding was Zimmer Biomet (ZBH) at 15.9% of the portfolio, followed by Baxter International (BAX, 12.3% ) and Humana (HUM, 12.0% ). Compared with Q4 2024, it sold out of 7, added to 7 and reduced 16. The biggest buy was Zimmer Biomet (ZBH, shares +40% ) and the biggest sale an exit from Medtronic (MDT).
Location BOSTON, MA
CIK 0001444043
Portfolio Value $1.6B (Q1 2025) Holdings 28 stocks · $1.6B Holdings quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 ZBH Zimmer Biomet Holdings Inc. 2,250,000 $254.7M Add +40.2% BAX Baxter International Inc. 5,750,000 $196.8M Add +24.3% HUM Humana Inc. 725,000 $191.8M Add +11.5% CVS CVS Health Corp. 2,250,000 $152.4M Reduce -25.0% GMED Globus Medical Inc. Class A 1,250,000 $91.5M Add +2.0% PTCT PTC Therapeutics Inc. 1,500,000 $76.4M Reduce -53.1% CI The Cigna Group 200,000 $65.8M Add +33.3% VTRS Viatris Inc. 7,500,000 $65.3M Reduce -50.0% PFE Pfizer Inc. 2,500,000 $63.4M Reduce -50.0% QGEN Qiagen N.V. 1,400,000 $56.2M Reduce -4.0% ASND Ascendis Pharma A/S 350,000 $54.6M Reduce -56.3% SRPT Sarepta Therapeutics Inc. 800,000 $51.1M Reduce -20.0% BKD Brookdale Senior Living Inc. 6,250,000 $39.1M Reduce -55.1% BMRN Biomarin Pharmaceutical Inc. 500,000 $35.3M Add +11.1% CON Concentra Group Holdings Par 1,600,000 $34.7M Reduce -54.3% EVH Evolent Health Inc. Class A 3,000,000 $28.4M Reduce -25.0% IONS Ionis Pharmaceuticals Inc. 725,000 $21.9M Add +16.0% MYGN Myriad Genetics Inc. 2,350,000 $20.8M Reduce -24.2% ZIMV Zimvie Inc. 1,885,000 $20.4M Reduce -30.8% MLTX Moonlake Immunotherapeutics 441,000 $17.2M No change DNLI Denali Therapeutics Inc. 1,250,000 $17.0M Reduce -44.4% ANAB Anaptysbio Inc. 750,000 $13.9M Reduce -40.0% TBPH Theravance Biopharma Inc. 1,000,000 $8.9M No change TXG 10X Genomics Inc. Class A 1,000,000 $8.7M No change INGN Inogen Inc. 975,000 $7.0M Reduce -51.3% GPCR Structure Therapeutics Inc. 300,000 $5.2M No change OSUR Orasure Technologies Inc. 900,000 $3.0M Reduce -78.8% GMAB Genmab A/S -SP ADR 50,000 $979K No change
Options reported separately and not counted above: SPY puts ($839.1M), PFE calls ($172.3M), XBI puts ($162.2M), GSK calls ($38.7M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ MDT Medtronic PLC Sold out 0.00% −8.65 JAZZ Jazz Pharmaceuticals PLC Sold out 0.00% −5.58 GSK GSK PLC-Spon ADR Sold out 0.00% −3.33 VTRS Viatris Inc. Reduce -50.0% 4.08% −3.28 ALKS Alkermes PLC Sold out 0.00% −1.70 MEDP Medpace Holdings Inc. Sold out 0.00% −1.64 SRPT Sarepta Therapeutics Inc. Reduce -20.0% 3.19% −1.60 PFE Pfizer Inc. Reduce -50.0% 3.95% −1.27 ASND Ascendis Pharma A/S Reduce -56.3% 3.40% −0.93 PTCT PTC Therapeutics Inc. Reduce -53.1% 4.77% −0.92 HLF Herbalife Ltd. Sold out 0.00% −0.79 DNLI Denali Therapeutics Inc. Reduce -44.4% 1.06% −0.75 CON Concentra Group Holdings Par Reduce -54.3% 2.17% −0.56 OSUR Orasure Technologies Inc. Reduce -78.8% 0.19% −0.41 MRUS Merus NV Sold out 0.00% −0.41 MYGN Myriad Genetics Inc. Reduce -24.2% 1.30% −0.37 BKD Brookdale Senior Living Inc. Reduce -55.1% 2.44% −0.32 INGN Inogen Inc. Reduce -51.3% 0.43% −0.29 ZIMV Zimvie Inc. Reduce -30.8% 1.27% −0.23 EVH Evolent Health Inc. Class A Reduce -25.0% 1.77% +0.00 ANAB Anaptysbio Inc. Reduce -40.0% 0.87% +0.22 QGEN Qiagen N.V. Reduce -4.0% 3.51% +0.88 CVS CVS Health Corp. Reduce -25.0% 9.51% +4.21
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ ZBH Zimmer Biomet Holdings Inc. Add +40.2% 15.89% +9.21 BAX Baxter International Inc. Add +24.3% 12.28% +6.97 HUM Humana Inc. Add +11.5% 11.97% +5.48 CI The Cigna Group Add +33.3% 4.11% +2.47 GMED Globus Medical Inc. Class A Add +2.0% 5.71% +1.72 BMRN Biomarin Pharmaceutical Inc. Add +11.1% 2.21% +1.04 IONS Ionis Pharmaceuticals Inc. Add +16.0% 1.36% +0.50
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -40.0% 1,500,000 $839.1M PFE Pfizer Inc. call Add +36.0% 6,800,000 $172.3M XBI SS SPDR S&P Biotech ETF put New 2,000,000 $162.2M GSK GSK PLC-Spon ADR call Reduce -80.0% 1,000,000 $38.7M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2025 23 $717.9M ZBH, BAX, HUM, CVS, GMED Q1 2025 28 $1.6B ZBH, BAX, HUM, CVS, GMED Q4 2024 35 $2.5B MDT, VTRS, ZBH, HUM, PTCT Q3 2024 31 $2.6B ZBH, MDT, BAX, VTRS, GMED Q2 2024 34 $2.6B ZBH, BAX, MDT, UHS, GMED Q1 2024 33 $2.8B ZBH, UHS, BAX, THC, VTRS