Rhenman & Partners Asset Management AB
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Rhenman & Partners Asset Management AB reported 90 stock positions worth $791.0 million. Its top holding was Eli Lilly (LLY) at 5.7% of the portfolio, followed by Boston Scientific (BSX, 4.0%) and Vertex Pharmaceuticals (VRTX, 3.5%). Compared with Q1 2025, it opened 11 new positions, sold out of 15, added to 29 and reduced 37. The biggest buy was Danaher (DHR, shares +190%) and the biggest sale Unitedhealth (UNH, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- Stockholm, V7
- CIK
- 0001599882
- Portfolio Value
- $791.0M (Q2 2025)
- SEC Filing
- 0001213900-25-075249 ↗ filed Aug 13, 2025
Holdings Value
Holdings 90 stocks · $791.0M
| LLY Eli Lilly & Co. | 5.70% | 57,870 | $45.1M | Add +38.6% |
| BSX Boston Scientific Corp. | 4.02% | 296,000 | $31.8M | Reduce -1.3% |
| VRTX Vertex Pharmaceuticals Inc. | 3.46% | 61,455 | $27.4M | Reduce -7.9% |
| GKOS Glaukos Corp. | 3.07% | 235,000 | $24.3M | Reduce -13.0% |
| ISRG Intuitive Surgical Inc. | 3.05% | 44,350 | $24.1M | Reduce -13.9% |
| THC Tenet Healthcare Corp. | 3.04% | 136,429 | $24.0M | Add +7.7% |
| DHR Danaher Corp. | 3.03% | 121,452 | $24.0M | Add +189.5% |
| CVS CVS Health Corp. | 2.58% | 295,362 | $20.4M | Add +25.2% |
| MCK McKesson Corp. | 2.57% | 27,717 | $20.3M | Reduce -41.3% |
| NBIX Neurocrine Biosciences Inc. | 2.37% | 149,217 | $18.8M | Add +66.1% |
| GILD Gilead Sciences Inc. | 2.36% | 168,150 | $18.6M | Reduce -28.0% |
| EXAS Exact Sciences Corp. | 2.35% | 350,000 | $18.6M | Reduce -20.4% |
| ALHC Alignment Healthcare Inc. | 2.28% | 1,287,284 | $18.0M | Reduce -3.7% |
| INSM Insmed Inc. | 2.23% | 175,435 | $17.7M | Reduce -5.4% |
| ELV Elevance Health Inc. | 2.20% | 44,650 | $17.4M | Reduce -8.8% |
| EHC Encompass Health Corp. | 2.11% | 136,400 | $16.7M | Add +264.7% |
| ALNY Alnylam Pharmaceuticals Inc. | 2.11% | 51,197 | $16.7M | Add +6.2% |
| MDT Medtronic PLC | 1.98% | 179,500 | $15.6M | Reduce -29.6% |
| COR Cencora Inc. | 1.87% | 49,375 | $14.8M | Add +52.5% |
| REGN Regeneron Pharmaceuticals | 1.84% | 27,700 | $14.5M | Reduce -12.8% |
| PODD Insulet Corp. | 1.83% | 46,000 | $14.5M | Reduce -24.6% |
| DXCM Dexcom Inc. | 1.76% | 159,500 | $13.9M | Add +2.9% |
| ABBV Abbvie Inc. | 1.63% | 69,375 | $12.9M | Reduce -21.7% |
| ALGN Align Technology Inc. | 1.59% | 66,500 | $12.6M | Add +60.2% |
| RPRX Royalty Pharma PLC Class A | 1.57% | 344,000 | $12.4M | Reduce -16.3% |
| COO The Cooper Cos Inc. | 1.53% | 170,000 | $12.1M | Reduce -28.0% |
| JAZZ Jazz Pharmaceuticals PLC | 1.46% | 109,030 | $11.6M | Reduce -12.3% |
| HCA HCA Healthcare Inc. | 1.44% | 29,778 | $11.4M | Add +77.5% |
| PRCT Procept Biorobotics Corp. | 1.38% | 190,000 | $10.9M | Reduce -57.6% |
| CI The Cigna Group | 1.34% | 32,000 | $10.6M | Add +13.5% |
| AKRO Akero Therapeutics Inc. | 1.33% | 197,600 | $10.5M | Add +113.6% |
| VRNA Verona Pharma Ltd. | 1.27% | 106,500 | $10.1M | Add +52.1% |
| NTRA Natera Inc. | 1.23% | 57,500 | $9.7M | Reduce -58.5% |
| UNH Unitedhealth Group Inc. | 1.20% | 30,430 | $9.5M | Reduce -60.7% |
| AXSM Axsome Therapeutics Inc. | 1.20% | 90,800 | $9.5M | Reduce -17.1% |
| CAH Cardinal Health Inc. | 1.17% | 55,000 | $9.2M | New |
| BMRN Biomarin Pharmaceutical Inc. | 1.04% | 149,650 | $8.2M | Reduce -43.5% |
| ABT Abbott Laboratories | 1.01% | 58,500 | $8.0M | Add +12.5% |
| IONS Ionis Pharmaceuticals Inc. | 0.91% | 182,000 | $7.2M | Add +124.7% |
| OSCR Oscar Health Inc. Class A | 0.85% | 312,092 | $6.7M | Reduce -69.5% |
| MOH Molina Healthcare Inc. | 0.84% | 22,200 | $6.6M | Reduce -67.5% |
| MRUS Merus NV | 0.77% | 116,000 | $6.1M | Add +55.7% |
| ALC Alcon Inc. filed as ALCON AG | 0.76% | 68,000 | $6.0M | New |
| DVAX Dynavax Technologies Corp. | 0.71% | 565,000 | $5.6M | No change |
| PEN Penumbra Inc. | 0.70% | 21,500 | $5.5M | Add +877.3% |
| CNC Centene Corp. | 0.68% | 99,757 | $5.4M | Reduce -20.8% |
| SNDX Syndax Pharmaceuticals Inc. | 0.68% | 574,000 | $5.4M | Add +32.6% |
| BRKR Bruker Corp. | 0.64% | 123,315 | $5.1M | Add +191.4% |
| AVR Anteris Technologies Global | 0.60% | 1,250,763 | $4.7M | Reduce -3.0% |
| ASTH Astrana Health Inc. | 0.60% | 190,000 | $4.7M | Add +26.7% |
| UHS Universal Health Services-B | 0.60% | 26,000 | $4.7M | New |
| SYK Stryker Corp. | 0.58% | 11,500 | $4.5M | New |
| TMO Thermo Fisher Scientific Inc. | 0.57% | 11,140 | $4.5M | Reduce -11.9% |
| ACLX Arcellx Inc. | 0.56% | 67,250 | $4.4M | Add +54.6% |
| EW Edwards Lifesciences Corp. | 0.54% | 55,000 | $4.3M | New |
| TGTX TG Therapeutics Inc. | 0.52% | 115,000 | $4.1M | Reduce -35.2% |
| NUVL Nuvalent Inc. Class A | 0.51% | 52,500 | $4.0M | No change |
| INSP Inspire Medical Systems Inc. | 0.50% | 30,500 | $4.0M | Add +90.6% |
| BNTX Biontech SE-ADR | 0.48% | 35,870 | $3.8M | Add +0.3% |
| CYTK Cytokinetics Inc. | 0.44% | 104,250 | $3.4M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 0.43% | 93,100 | $3.4M | Add +13.5% |
| MIRM Mirum Pharmaceuticals Inc. | 0.42% | 65,755 | $3.3M | Reduce -10.8% |
| GPCR Structure Therapeutics Inc. | 0.35% | 135,100 | $2.8M | Add +93.0% |
| RDNT Radnet Inc. | 0.33% | 46,000 | $2.6M | New |
| VCEL Vericel Corp. | 0.31% | 58,000 | $2.5M | New |
| RGEN Repligen Corp. | 0.31% | 19,500 | $2.4M | Add +333.3% |
| LIVN Livanova PLC | 0.30% | 53,000 | $2.4M | New |
| DNTH Dianthus Therapeutics Inc. | 0.30% | 126,627 | $2.4M | No change |
| VKTX Viking Therapeutics Inc. | 0.28% | 85,000 | $2.3M | Reduce -15.0% |
| MLTX Moonlake Immunotherapeutics | 0.27% | 45,000 | $2.1M | No change |
| NRIX Nurix Therapeutics Inc. | 0.27% | 185,000 | $2.1M | Reduce -25.8% |
| PRVA Privia Health Group Inc. | 0.27% | 91,189 | $2.1M | Reduce -7.1% |
| IQV Iqvia Holdings Inc. | 0.26% | 13,000 | $2.0M | Reduce -40.9% |
| KRYS Krystal Biotech Inc. | 0.22% | 12,750 | $1.8M | Reduce -28.2% |
| SMMT Summit Therapeutics Inc. | 0.21% | 78,000 | $1.7M | New |
| APLS Apellis Pharmaceuticals Inc. | 0.20% | 93,250 | $1.6M | Add +230.1% |
| RLAY Relay Therapeutics Inc. | 0.20% | 460,000 | $1.6M | No change |
| BIIB Biogen Inc. | 0.19% | 12,000 | $1.5M | Reduce -75.8% |
| KURA Kura Oncology Inc. | 0.18% | 250,000 | $1.4M | Add +28.2% |
| DNLI Denali Therapeutics Inc. | 0.18% | 100,000 | $1.4M | No change |
| XNCR Xencor Inc. | 0.16% | 165,750 | $1.3M | Reduce -15.3% |
| DOCS Doximity Inc. Class A | 0.16% | 21,000 | $1.3M | New |
| JANX Janux Therapeutics Inc. | 0.16% | 55,127 | $1.3M | Reduce -61.1% |
| ALKS Alkermes PLC | 0.14% | 39,000 | $1.1M | No change |
| IOVA Iovance Biotherapeutics Inc. | 0.14% | 647,827 | $1.1M | No change |
| ANNX Annexon Inc. | 0.14% | 460,000 | $1.1M | No change |
| XENE Xenon Pharmaceuticals Inc. | 0.14% | 35,000 | $1.1M | No change |
| IMCR Immunocore Holdings PLC-ADR | 0.11% | 28,278 | $887K | No change |
| TECH Bio-Techne Corp. | 0.10% | 15,000 | $772K | New |
| INMB Inmune Bio Inc. | 0.05% | 178,284 | $412K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -60.7% | 1.20% | −3.46 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −2.28 |
| MOH Molina Healthcare Inc. | Reduce -67.5% | 0.84% | −1.75 |
| PRCT Procept Biorobotics Corp. | Reduce -57.6% | 1.38% | −1.62 |
| HUM Humana Inc. | Sold out | 0.00% | −1.42 |
| ZBH Zimmer Biomet Holdings Inc. | Sold out | 0.00% | −1.14 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -43.5% | 1.04% | −1.11 |
| MCK McKesson Corp. | Reduce -41.3% | 2.57% | −1.08 |
| NTRA Natera Inc. | Reduce -58.5% | 1.23% | −1.02 |
| COO The Cooper Cos Inc. | Reduce -28.0% | 1.53% | −0.76 |
| OSCR Oscar Health Inc. Class A | Reduce -69.5% | 0.85% | −0.70 |
| MDT Medtronic PLC | Reduce -29.6% | 1.98% | −0.66 |
| GILD Gilead Sciences Inc. | Reduce -28.0% | 2.36% | −0.65 |
| BIIB Biogen Inc. | Reduce -75.8% | 0.19% | −0.59 |
| ALHC Alignment Healthcare Inc. | Reduce -3.7% | 2.28% | −0.58 |
| ABBV Abbvie Inc. | Reduce -21.7% | 1.63% | −0.51 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.50 |
| REGN Regeneron Pharmaceuticals | Reduce -12.8% | 1.84% | −0.48 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.34 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -12.3% | 1.46% | −0.31 |
| TGTX TG Therapeutics Inc. | Reduce -35.2% | 0.52% | −0.28 |
| JANX Janux Therapeutics Inc. | Reduce -61.1% | 0.16% | −0.28 |
| AXSM Axsome Therapeutics Inc. | Reduce -17.1% | 1.20% | −0.27 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -7.9% | 3.46% | −0.26 |
| ELV Elevance Health Inc. | Reduce -8.8% | 2.20% | −0.25 |
| CNC Centene Corp. | Reduce -20.8% | 0.68% | −0.19 |
| IQV Iqvia Holdings Inc. | Reduce -40.9% | 0.26% | −0.19 |
| ESPR Esperion Therapeutics Inc. | Sold out | 0.00% | −0.18 |
| TMO Thermo Fisher Scientific Inc. | Reduce -11.9% | 0.57% | −0.15 |
| VIR Vir Biotechnology Inc. | Sold out | 0.00% | −0.15 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −0.15 |
| KRYS Krystal Biotech Inc. | Reduce -28.2% | 0.22% | −0.15 |
| AMGN Amgen Inc. | Sold out | 0.00% | −0.14 |
| GERN Geron Corp. | Sold out | 0.00% | −0.14 |
| ICLR Icon PLC | Sold out | 0.00% | −0.14 |
| MEDP Medpace Holdings Inc. | Sold out | 0.00% | −0.13 |
| AVTR Avantor Inc. | Sold out | 0.00% | −0.09 |
| XNCR Xencor Inc. | Reduce -15.3% | 0.16% | −0.07 |
| IDYA Ideaya Biosciences Inc. | Sold out | 0.00% | −0.07 |
| NRIX Nurix Therapeutics Inc. | Reduce -25.8% | 0.27% | −0.07 |
| IMVT Immunovant Inc. | Sold out | 0.00% | −0.05 |
| PODD Insulet Corp. | Reduce -24.6% | 1.83% | −0.01 |
| VKTX Viking Therapeutics Inc. | Reduce -15.0% | 0.28% | +0.01 |
| PRVA Privia Health Group Inc. | Reduce -7.1% | 0.27% | +0.01 |
| GKOS Glaukos Corp. | Reduce -13.0% | 3.07% | +0.01 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -10.8% | 0.42% | +0.04 |
| AVR Anteris Technologies Global | Reduce -3.0% | 0.60% | +0.06 |
| RPRX Royalty Pharma PLC Class A | Reduce -16.3% | 1.57% | +0.10 |
| ISRG Intuitive Surgical Inc. | Reduce -13.9% | 3.05% | +0.12 |
| EXAS Exact Sciences Corp. | Reduce -20.4% | 2.35% | +0.16 |
Portfolio Buys Q1 2025 → Q2 2025
| DHR Danaher Corp. | Add +189.5% | 3.03% | +2.04 |
| LLY Eli Lilly & Co. | Add +38.6% | 5.70% | +1.74 |
| EHC Encompass Health Corp. | Add +264.7% | 2.11% | +1.68 |
| NBIX Neurocrine Biosciences Inc. | Add +66.1% | 2.37% | +1.23 |
| CAH Cardinal Health Inc. | New | 1.17% | +1.17 |
| THC Tenet Healthcare Corp. | Add +7.7% | 3.04% | +1.08 |
| AKRO Akero Therapeutics Inc. | Add +113.6% | 1.33% | +0.90 |
| COR Cencora Inc. | Add +52.5% | 1.87% | +0.84 |
| ALGN Align Technology Inc. | Add +60.2% | 1.59% | +0.83 |
| HCA HCA Healthcare Inc. | Add +77.5% | 1.44% | +0.78 |
| VRNA Verona Pharma Ltd. | Add +52.1% | 1.27% | +0.76 |
| ALC Alcon Inc. | New | 0.76% | +0.76 |
| CVS CVS Health Corp. | Add +25.2% | 2.58% | +0.74 |
| PEN Penumbra Inc. | Add +877.3% | 0.70% | +0.63 |
| IONS Ionis Pharmaceuticals Inc. | Add +124.7% | 0.91% | +0.63 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +6.2% | 2.11% | +0.61 |
| UHS Universal Health Services-B | New | 0.60% | +0.60 |
| SYK Stryker Corp. | New | 0.58% | +0.58 |
| EW Edwards Lifesciences Corp. | New | 0.54% | +0.54 |
| DXCM Dexcom Inc. | Add +2.9% | 1.76% | +0.54 |
| BRKR Bruker Corp. | Add +191.4% | 0.64% | +0.44 |
| MRUS Merus NV | Add +55.7% | 0.77% | +0.41 |
| RDNT Radnet Inc. | New | 0.33% | +0.33 |
| VCEL Vericel Corp. | New | 0.31% | +0.31 |
| LIVN Livanova PLC | New | 0.30% | +0.30 |
| CI The Cigna Group | Add +13.5% | 1.34% | +0.27 |
| RGEN Repligen Corp. | Add +333.3% | 0.31% | +0.24 |
| ACLX Arcellx Inc. | Add +54.6% | 0.56% | +0.23 |
| GPCR Structure Therapeutics Inc. | Add +93.0% | 0.35% | +0.21 |
| ABT Abbott Laboratories | Add +12.5% | 1.01% | +0.21 |
| SMMT Summit Therapeutics Inc. | New | 0.21% | +0.21 |
| INSP Inspire Medical Systems Inc. | Add +90.6% | 0.50% | +0.21 |
| DOCS Doximity Inc. Class A | New | 0.16% | +0.16 |
| APLS Apellis Pharmaceuticals Inc. | Add +230.1% | 0.20% | +0.13 |
| BNTX Biontech SE-ADR | Add +0.3% | 0.48% | +0.11 |
| TECH Bio-Techne Corp. | New | 0.10% | +0.10 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +13.5% | 0.43% | +0.09 |
| SNDX Syndax Pharmaceuticals Inc. | Add +32.6% | 0.68% | +0.07 |
| ASTH Astrana Health Inc. | Add +26.7% | 0.60% | +0.06 |
| KURA Kura Oncology Inc. | Add +28.2% | 0.18% | +0.03 |
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 |