Rhenman & Partners Asset Management AB
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Rhenman & Partners Asset Management AB reported 94 stock positions worth $870.0 million. Its top holding was Unitedhealth (UNH) at 4.7% of the portfolio, followed by Eli Lilly (LLY, 4.0%) and Vertex Pharmaceuticals (VRTX, 3.7%). Compared with Q4 2024, it opened 12 new positions, sold out of 10, added to 20 and reduced 55. The biggest buy was Glaukos (GKOS, shares +639%) and the biggest sale Inspire Medical Systems (INSP, shares −89%).
- Most Recent 13F
- Q2 2026
- Location
- Stockholm, V7
- CIK
- 0001599882
- Portfolio Value
- $870.0M (Q1 2025)
- SEC Filing
- 0001213900-25-042939 ↗ filed May 14, 2025
Holdings Value
Holdings 94 stocks · $870.0M
| UNH Unitedhealth Group Inc. | 4.66% | 77,430 | $40.6M | Add +27.9% |
| LLY Eli Lilly & Co. | 3.96% | 41,750 | $34.5M | Reduce -8.1% |
| VRTX Vertex Pharmaceuticals Inc. | 3.72% | 66,750 | $32.4M | Add +33.5% |
| MCK McKesson Corp. | 3.65% | 47,217 | $31.8M | Add +38.4% |
| BSX Boston Scientific Corp. | 3.48% | 300,000 | $30.3M | Reduce -32.4% |
| GKOS Glaukos Corp. | 3.05% | 270,000 | $26.6M | Add +639.1% |
| GILD Gilead Sciences Inc. | 3.01% | 233,500 | $26.2M | Reduce -8.6% |
| PRCT Procept Biorobotics Corp. | 3.00% | 448,000 | $26.1M | Add +6.6% |
| ISRG Intuitive Surgical Inc. | 2.93% | 51,500 | $25.5M | Reduce -19.5% |
| ALHC Alignment Healthcare Inc. | 2.86% | 1,337,284 | $24.9M | Reduce -24.1% |
| MDT Medtronic PLC | 2.63% | 255,000 | $22.9M | Reduce -5.4% |
| MOH Molina Healthcare Inc. | 2.58% | 68,200 | $22.5M | Add +99.4% |
| ELV Elevance Health Inc. | 2.45% | 48,950 | $21.3M | Add +111.5% |
| REGN Regeneron Pharmaceuticals | 2.31% | 31,750 | $20.1M | Reduce -26.9% |
| COO The Cooper Cos Inc. | 2.29% | 236,000 | $19.9M | Add +105.2% |
| BMY Bristol-Myers Squibb Co. | 2.28% | 325,000 | $19.8M | New |
| NTRA Natera Inc. | 2.25% | 138,500 | $19.6M | Add +12.2% |
| EXAS Exact Sciences Corp. | 2.19% | 440,000 | $19.0M | Reduce -6.6% |
| BMRN Biomarin Pharmaceutical Inc. | 2.15% | 265,000 | $18.7M | Add +5.7% |
| ABBV Abbvie Inc. | 2.13% | 88,650 | $18.6M | Reduce -28.6% |
| THC Tenet Healthcare Corp. | 1.96% | 126,700 | $17.0M | Reduce -35.9% |
| PODD Insulet Corp. | 1.84% | 61,000 | $16.0M | Add +7.0% |
| CVS CVS Health Corp. | 1.84% | 235,862 | $16.0M | Reduce -11.8% |
| JAZZ Jazz Pharmaceuticals PLC | 1.77% | 124,300 | $15.4M | Reduce -14.6% |
| INSM Insmed Inc. | 1.63% | 185,500 | $14.2M | Add +201.6% |
| OSCR Oscar Health Inc. Class A | 1.54% | 1,022,743 | $13.4M | Reduce -24.9% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.50% | 48,197 | $13.0M | Add +183.5% |
| RPRX Royalty Pharma PLC Class A | 1.47% | 411,000 | $12.8M | Reduce -30.9% |
| AXSM Axsome Therapeutics Inc. | 1.47% | 109,600 | $12.8M | Reduce -10.6% |
| HUM Humana Inc. | 1.42% | 46,830 | $12.4M | Reduce -15.2% |
| DXCM Dexcom Inc. | 1.22% | 155,000 | $10.6M | New |
| NBIX Neurocrine Biosciences Inc. | 1.14% | 89,817 | $9.9M | Reduce -10.5% |
| ZBH Zimmer Biomet Holdings Inc. | 1.14% | 87,250 | $9.9M | Reduce -29.6% |
| CI The Cigna Group | 1.07% | 28,200 | $9.3M | Reduce -64.0% |
| COR Cencora Inc. | 1.03% | 32,375 | $9.0M | Reduce -39.8% |
| DHR Danaher Corp. | 0.99% | 41,952 | $8.6M | Reduce -34.4% |
| CNC Centene Corp. | 0.88% | 126,000 | $7.6M | Reduce -35.5% |
| DVAX Dynavax Technologies Corp. | 0.84% | 565,000 | $7.3M | Reduce -32.7% |
| TGTX TG Therapeutics Inc. | 0.80% | 177,500 | $7.0M | Reduce -32.4% |
| ABT Abbott Laboratories | 0.79% | 52,000 | $6.9M | Reduce -59.4% |
| BIIB Biogen Inc. | 0.78% | 49,500 | $6.8M | Reduce -60.0% |
| ALGN Align Technology Inc. | 0.76% | 41,500 | $6.6M | Reduce -0.9% |
| TMO Thermo Fisher Scientific Inc. | 0.72% | 12,640 | $6.3M | Reduce -19.2% |
| HCA HCA Healthcare Inc. | 0.67% | 16,778 | $5.8M | Reduce -51.2% |
| SNDX Syndax Pharmaceuticals Inc. | 0.61% | 433,000 | $5.3M | Add +86.6% |
| AVR Anteris Technologies Global | 0.54% | 1,290,000 | $4.7M | New |
| ASTH Astrana Health Inc. | 0.53% | 150,000 | $4.7M | Add +87.5% |
| VRNA Verona Pharma Ltd. | 0.51% | 70,000 | $4.4M | New |
| BDX Becton Dickinson and Co. | 0.50% | 19,000 | $4.4M | Reduce -60.3% |
| CYTK Cytokinetics Inc. | 0.48% | 104,250 | $4.2M | Reduce -30.1% |
| IQV Iqvia Holdings Inc. | 0.45% | 22,000 | $3.9M | Reduce -24.1% |
| JANX Janux Therapeutics Inc. | 0.44% | 141,627 | $3.8M | Reduce -16.7% |
| EHC Encompass Health Corp. | 0.44% | 37,400 | $3.8M | Reduce -33.2% |
| AKRO Akero Therapeutics Inc. | 0.43% | 92,500 | $3.7M | New |
| NUVL Nuvalent Inc. Class A | 0.43% | 52,500 | $3.7M | Reduce -27.6% |
| MIRM Mirum Pharmaceuticals Inc. | 0.38% | 73,755 | $3.3M | No change |
| BNTX Biontech SE-ADR | 0.37% | 35,750 | $3.3M | Reduce -32.2% |
| KRYS Krystal Biotech Inc. | 0.37% | 17,750 | $3.2M | Reduce -25.3% |
| MRUS Merus NV | 0.36% | 74,500 | $3.1M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 0.34% | 82,000 | $3.0M | New |
| NRIX Nurix Therapeutics Inc. | 0.34% | 249,336 | $3.0M | Reduce -14.0% |
| MRK Merck & Co. Inc. | 0.34% | 33,000 | $3.0M | Reduce -88.1% |
| ACLX Arcellx Inc. | 0.33% | 43,500 | $2.9M | No change |
| INSP Inspire Medical Systems Inc. | 0.29% | 16,000 | $2.5M | Reduce -89.3% |
| IONS Ionis Pharmaceuticals Inc. | 0.28% | 81,000 | $2.4M | Reduce -61.9% |
| VKTX Viking Therapeutics Inc. | 0.28% | 100,000 | $2.4M | Add +11.1% |
| DNTH Dianthus Therapeutics Inc. | 0.26% | 126,627 | $2.3M | Add +11.1% |
| PRVA Privia Health Group Inc. | 0.25% | 98,189 | $2.2M | Reduce -19.0% |
| IOVA Iovance Biotherapeutics Inc. | 0.25% | 647,827 | $2.2M | Reduce -47.6% |
| XNCR Xencor Inc. | 0.24% | 195,750 | $2.1M | No change |
| BRKR Bruker Corp. | 0.20% | 42,315 | $1.8M | Add +16.5% |
| MLTX Moonlake Immunotherapeutics | 0.20% | 45,000 | $1.8M | New |
| ESPR Esperion Therapeutics Inc. | 0.18% | 1,066,495 | $1.5M | Reduce -44.3% |
| INMB Inmune Bio Inc. | 0.16% | 178,284 | $1.4M | No change |
| DNLI Denali Therapeutics Inc. | 0.16% | 100,000 | $1.4M | New |
| VIR Vir Biotechnology Inc. | 0.15% | 200,000 | $1.3M | New |
| ALKS Alkermes PLC | 0.15% | 39,000 | $1.3M | Reduce -50.0% |
| KURA Kura Oncology Inc. | 0.15% | 195,000 | $1.3M | Reduce -38.0% |
| ARVN Arvinas Inc. | 0.15% | 183,000 | $1.3M | Add +17.7% |
| AMGN Amgen Inc. | 0.14% | 4,000 | $1.2M | Add +33.3% |
| GERN Geron Corp. | 0.14% | 783,000 | $1.2M | Reduce -21.7% |
| ICLR Icon PLC | 0.14% | 7,000 | $1.2M | New |
| GPCR Structure Therapeutics Inc. | 0.14% | 70,000 | $1.2M | New |
| RLAY Relay Therapeutics Inc. | 0.14% | 460,000 | $1.2M | No change |
| XENE Xenon Pharmaceuticals Inc. | 0.14% | 35,000 | $1.2M | No change |
| MEDP Medpace Holdings Inc. | 0.13% | 3,800 | $1.2M | Reduce -44.1% |
| ANNX Annexon Inc. | 0.10% | 460,000 | $888K | Reduce -15.2% |
| IMCR Immunocore Holdings PLC-ADR | 0.10% | 28,278 | $839K | Reduce -51.5% |
| AVTR Avantor Inc. | 0.09% | 47,826 | $775K | Reduce -22.6% |
| IDYA Ideaya Biosciences Inc. | 0.07% | 39,500 | $647K | Reduce -51.8% |
| APLS Apellis Pharmaceuticals Inc. | 0.07% | 28,250 | $618K | Reduce -85.6% |
| PEN Penumbra Inc. | 0.07% | 2,200 | $588K | New |
| RGEN Repligen Corp. | 0.07% | 4,500 | $573K | Reduce -50.0% |
| IMVT Immunovant Inc. | 0.05% | 25,924 | $443K | Reduce -82.1% |
Portfolio Sells Q4 2024 → Q1 2025
| INSP Inspire Medical Systems Inc. | Reduce -89.3% | 0.29% | −2.57 |
| MRK Merck & Co. Inc. | Reduce -88.1% | 0.34% | −2.50 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −1.51 |
| BIIB Biogen Inc. | Reduce -60.0% | 0.78% | −1.17 |
| CI The Cigna Group | Reduce -64.0% | 1.07% | −1.16 |
| REGN Regeneron Pharmaceuticals | Reduce -26.9% | 2.31% | −0.87 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.83 |
| ABT Abbott Laboratories | Reduce -59.4% | 0.79% | −0.70 |
| IOVA Iovance Biotherapeutics Inc. | Reduce -47.6% | 0.25% | −0.69 |
| BDX Becton Dickinson and Co. | Reduce -60.3% | 0.50% | −0.62 |
| THC Tenet Healthcare Corp. | Reduce -35.9% | 1.96% | −0.61 |
| BSX Boston Scientific Corp. | Reduce -32.4% | 3.48% | −0.60 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -85.6% | 0.07% | −0.57 |
| UHS Universal Health Services-B | Sold out | 0.00% | −0.57 |
| EXAS Exact Sciences Corp. | Reduce -6.6% | 2.19% | −0.53 |
| DHR Danaher Corp. | Reduce -34.4% | 0.99% | −0.52 |
| ISRG Intuitive Surgical Inc. | Reduce -19.5% | 2.93% | −0.50 |
| JANX Janux Therapeutics Inc. | Reduce -16.7% | 0.44% | −0.50 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -61.9% | 0.28% | −0.48 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.44 |
| HCA HCA Healthcare Inc. | Reduce -51.2% | 0.67% | −0.39 |
| OSCR Oscar Health Inc. Class A | Reduce -24.9% | 1.54% | −0.34 |
| CNC Centene Corp. | Reduce -35.5% | 0.88% | −0.34 |
| IMVT Immunovant Inc. | Reduce -82.1% | 0.05% | −0.32 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.28 |
| NBIX Neurocrine Biosciences Inc. | Reduce -10.5% | 1.14% | −0.27 |
| DVAX Dynavax Technologies Corp. | Reduce -32.7% | 0.84% | −0.26 |
| ESPR Esperion Therapeutics Inc. | Reduce -44.3% | 0.18% | −0.26 |
| BNTX Biontech SE-ADR | Reduce -32.2% | 0.37% | −0.24 |
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −0.24 |
| CYTK Cytokinetics Inc. | Reduce -30.1% | 0.48% | −0.24 |
| NRIX Nurix Therapeutics Inc. | Reduce -14.0% | 0.34% | −0.22 |
| GERN Geron Corp. | Reduce -21.7% | 0.14% | −0.22 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -29.6% | 1.14% | −0.21 |
| COR Cencora Inc. | Reduce -39.8% | 1.03% | −0.21 |
| ANNX Annexon Inc. | Reduce -15.2% | 0.10% | −0.18 |
| PLRX Pliant Therapeutics Inc. | Sold out | 0.00% | −0.16 |
| NUVL Nuvalent Inc. Class A | Reduce -27.6% | 0.43% | −0.16 |
| IDYA Ideaya Biosciences Inc. | Reduce -51.8% | 0.07% | −0.14 |
| ALGN Align Technology Inc. | Reduce -0.9% | 0.76% | −0.14 |
| IQV Iqvia Holdings Inc. | Reduce -24.1% | 0.45% | −0.14 |
| KURA Kura Oncology Inc. | Reduce -38.0% | 0.15% | −0.13 |
| ABBV Abbvie Inc. | Reduce -28.6% | 2.13% | −0.13 |
| TMO Thermo Fisher Scientific Inc. | Reduce -19.2% | 0.72% | −0.11 |
| MEDP Medpace Holdings Inc. | Reduce -44.1% | 0.13% | −0.10 |
| EHC Encompass Health Corp. | Reduce -33.2% | 0.44% | −0.10 |
| RPRX Royalty Pharma PLC Class A | Reduce -30.9% | 1.47% | −0.09 |
| ALKS Alkermes PLC | Reduce -50.0% | 0.15% | −0.08 |
| IMCR Immunocore Holdings PLC-ADR | Reduce -51.5% | 0.10% | −0.08 |
| IGMS Igm Biosciences Inc. | Sold out | 0.00% | −0.08 |
Portfolio Buys Q4 2024 → Q1 2025
| GKOS Glaukos Corp. | Add +639.1% | 3.05% | +2.49 |
| BMY Bristol-Myers Squibb Co. | New | 2.28% | +2.28 |
| MCK McKesson Corp. | Add +38.4% | 3.65% | +1.65 |
| VRTX Vertex Pharmaceuticals Inc. | Add +33.5% | 3.72% | +1.65 |
| ELV Elevance Health Inc. | Add +111.5% | 2.45% | +1.57 |
| MOH Molina Healthcare Inc. | Add +99.4% | 2.58% | +1.56 |
| UNH Unitedhealth Group Inc. | Add +27.9% | 4.66% | +1.51 |
| DXCM Dexcom Inc. | New | 1.22% | +1.22 |
| COO The Cooper Cos Inc. | Add +105.2% | 2.29% | +1.20 |
| INSM Insmed Inc. | Add +201.6% | 1.63% | +1.19 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +183.5% | 1.50% | +1.08 |
| AVR Anteris Technologies Global | New | 0.54% | +0.54 |
| VRNA Verona Pharma Ltd. | New | 0.51% | +0.51 |
| BMRN Biomarin Pharmaceutical Inc. | Add +5.7% | 2.15% | +0.46 |
| AKRO Akero Therapeutics Inc. | New | 0.43% | +0.43 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.34% | +0.34 |
| PODD Insulet Corp. | Add +7.0% | 1.84% | +0.31 |
| SNDX Syndax Pharmaceuticals Inc. | Add +86.6% | 0.61% | +0.30 |
| ASTH Astrana Health Inc. | Add +87.5% | 0.53% | +0.28 |
| NTRA Natera Inc. | Add +12.2% | 2.25% | +0.24 |
| MLTX Moonlake Immunotherapeutics | New | 0.20% | +0.20 |
| DNLI Denali Therapeutics Inc. | New | 0.16% | +0.16 |
| VIR Vir Biotechnology Inc. | New | 0.15% | +0.15 |
| ICLR Icon PLC | New | 0.14% | +0.14 |
| GPCR Structure Therapeutics Inc. | New | 0.14% | +0.14 |
| PEN Penumbra Inc. | New | 0.07% | +0.07 |
| AMGN Amgen Inc. | Add +33.3% | 0.14% | +0.06 |
| DNTH Dianthus Therapeutics Inc. | Add +11.1% | 0.26% | +0.01 |
| BRKR Bruker Corp. | Add +16.5% | 0.20% | −0.02 |
| VKTX Viking Therapeutics Inc. | Add +11.1% | 0.28% | −0.09 |
| ARVN Arvinas Inc. | Add +17.7% | 0.15% | −0.16 |
| PRCT Procept Biorobotics Corp. | Add +6.6% | 3.00% | −0.48 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 99 | $1.1B | UNH, CVS, AZN, MRK, LLY |
| Q1 2026 | 86 | $810.5M | BSX, REGN, LLY, INSM, CVS |
| Q4 2025 | 94 | $1.1B | REGN, LLY, BSX, MDT, ISRG |
| Q3 2025 | 92 | $903.7M | BSX, LLY, ABBV, DHR, ALHC |
| Q2 2025 | 90 | $791.0M | LLY, BSX, VRTX, GKOS, ISRG |
| Q1 2025 | 94 | $870.0M | UNH, LLY, VRTX, MCK, BSX |
| Q4 2024 | 92 | $972.9M | BSX, LLY, PRCT, ISRG, REGN |
| Q3 2024 | 95 | $1.2B | BSX, UNH, LLY, REGN, THC |
| Q2 2024 | 93 | $1.0B | UNH, ELV, BSX, LLY, REGN |
| Q1 2024 | 84 | $1.1B | CI, LLY, THC, BSX, ELV |