Rhenman & Partners Asset Management AB
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Rhenman & Partners Asset Management AB reported 92 stock positions worth $903.7 million. Its top holding was Boston Scientific (BSX) at 4.7% of the portfolio, followed by Eli Lilly (LLY, 4.5%) and Abbvie (ABBV, 3.3%). Compared with Q2 2025, it opened 13 new positions, sold out of 11, added to 46 and reduced 23. The biggest buy was Abbvie (ABBV, shares +88%) and the biggest sale an exit from Dexcom (DXCM).
- Most Recent 13F
- Q2 2026
- Location
- Stockholm, V7
- CIK
- 0001599882
- Portfolio Value
- $903.7M (Q3 2025)
- SEC Filing
- 0001213900-25-109534 ↗ filed Nov 13, 2025
Holdings Value
Holdings 92 stocks · $903.7M
| BSX Boston Scientific Corp. | 4.73% | 438,000 | $42.8M | Add +48.0% |
| LLY Eli Lilly & Co. | 4.51% | 53,420 | $40.8M | Reduce -7.7% |
| ABBV Abbvie Inc. | 3.34% | 130,375 | $30.2M | Add +87.9% |
| DHR Danaher Corp. | 2.95% | 134,452 | $26.7M | Add +10.7% |
| ALHC Alignment Healthcare Inc. | 2.86% | 1,479,284 | $25.8M | Add +14.9% |
| ISRG Intuitive Surgical Inc. | 2.40% | 48,500 | $21.7M | Add +9.4% |
| UNH Unitedhealth Group Inc. | 2.39% | 62,530 | $21.6M | Add +105.5% |
| AXSM Axsome Therapeutics Inc. | 2.32% | 172,800 | $21.0M | Add +90.3% |
| CVS CVS Health Corp. | 2.31% | 277,362 | $20.9M | Reduce -6.1% |
| MCK McKesson Corp. | 2.27% | 26,600 | $20.5M | Reduce -4.0% |
| REGN Regeneron Pharmaceuticals | 2.25% | 36,100 | $20.3M | Add +30.3% |
| IONS Ionis Pharmaceuticals Inc. | 2.24% | 310,000 | $20.3M | Add +70.3% |
| MDT Medtronic PLC | 2.16% | 205,000 | $19.5M | Add +14.2% |
| COR Cencora Inc. | 2.16% | 62,375 | $19.5M | Add +26.3% |
| EXAS Exact Sciences Corp. | 2.11% | 348,000 | $19.0M | Reduce -0.6% |
| INSM Insmed Inc. | 2.10% | 131,885 | $19.0M | Reduce -24.8% |
| GKOS Glaukos Corp. | 2.08% | 230,000 | $18.8M | Reduce -2.1% |
| VRTX Vertex Pharmaceuticals Inc. | 2.04% | 46,955 | $18.4M | Reduce -23.6% |
| PODD Insulet Corp. | 1.98% | 58,000 | $17.9M | Add +26.1% |
| COO The Cooper Cos Inc. | 1.80% | 237,000 | $16.2M | Add +39.4% |
| NBIX Neurocrine Biosciences Inc. | 1.78% | 114,717 | $16.1M | Reduce -23.1% |
| EHC Encompass Health Corp. | 1.68% | 119,400 | $15.2M | Reduce -12.5% |
| CAH Cardinal Health Inc. | 1.63% | 94,000 | $14.8M | Add +70.9% |
| TMO Thermo Fisher Scientific Inc. | 1.61% | 30,040 | $14.6M | Add +169.7% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.61% | 31,875 | $14.5M | Reduce -37.7% |
| CYTK Cytokinetics Inc. | 1.55% | 255,250 | $14.0M | Add +144.8% |
| PRCT Procept Biorobotics Corp. | 1.54% | 390,000 | $13.9M | Add +105.3% |
| CI The Cigna Group | 1.48% | 46,500 | $13.4M | Add +45.3% |
| ABT Abbott Laboratories | 1.46% | 98,500 | $13.2M | Add +68.4% |
| JAZZ Jazz Pharmaceuticals PLC | 1.39% | 95,030 | $12.5M | Reduce -12.8% |
| EW Edwards Lifesciences Corp. | 1.33% | 155,000 | $12.1M | Add +181.8% |
| THC Tenet Healthcare Corp. | 1.31% | 58,429 | $11.9M | Reduce -57.2% |
| AKRO Akero Therapeutics Inc. | 1.21% | 230,600 | $10.9M | Add +16.7% |
| ALGN Align Technology Inc. | 1.15% | 83,000 | $10.4M | Add +24.8% |
| BMRN Biomarin Pharmaceutical Inc. | 1.12% | 186,650 | $10.1M | Add +24.7% |
| DOCS Doximity Inc. Class A | 1.10% | 136,000 | $9.9M | Add +547.6% |
| RPRX Royalty Pharma PLC Class A | 1.01% | 258,500 | $9.1M | Reduce -24.9% |
| GILD Gilead Sciences Inc. | 0.98% | 80,150 | $8.9M | Reduce -52.3% |
| SNDX Syndax Pharmaceuticals Inc. | 0.98% | 574,000 | $8.8M | No change |
| MDGL Madrigal Pharmaceuticals Inc. | 0.93% | 18,250 | $8.4M | New |
| BIIB Biogen Inc. | 0.85% | 55,000 | $7.7M | Add +358.3% |
| DVAX Dynavax Technologies Corp. | 0.85% | 772,000 | $7.7M | Add +36.6% |
| ADPT Adaptive Biotechnologies | 0.82% | 495,000 | $7.4M | New |
| ELV Elevance Health Inc. | 0.80% | 22,500 | $7.3M | Reduce -49.6% |
| DNTH Dianthus Therapeutics Inc. | 0.76% | 173,627 | $6.8M | Add +37.1% |
| MLYS Mineralys Therapeutics Inc. | 0.69% | 165,000 | $6.3M | New |
| CNC Centene Corp. | 0.67% | 170,000 | $6.1M | Add +70.4% |
| STOK Stoke Therapeutics Inc. | 0.65% | 250,000 | $5.9M | New |
| VKTX Viking Therapeutics Inc. | 0.63% | 216,288 | $5.7M | Add +154.5% |
| AVR Anteris Technologies Global | 0.62% | 1,250,763 | $5.6M | No change |
| ACLX Arcellx Inc. | 0.59% | 65,250 | $5.4M | Reduce -3.0% |
| APLS Apellis Pharmaceuticals Inc. | 0.58% | 232,250 | $5.3M | Add +149.1% |
| PEN Penumbra Inc. | 0.57% | 20,500 | $5.2M | Reduce -4.7% |
| GPCR Structure Therapeutics Inc. | 0.56% | 180,100 | $5.0M | Add +33.3% |
| MRUS Merus NV | 0.56% | 53,500 | $5.0M | Reduce -53.9% |
| BRKR Bruker Corp. | 0.55% | 154,315 | $5.0M | Add +25.1% |
| NTRA Natera Inc. | 0.55% | 31,000 | $5.0M | Reduce -46.1% |
| PRVA Privia Health Group Inc. | 0.54% | 194,189 | $4.8M | Add +113.0% |
| NUVL Nuvalent Inc. Class A | 0.50% | 52,500 | $4.5M | No change |
| INSP Inspire Medical Systems Inc. | 0.50% | 61,000 | $4.5M | Add +100.0% |
| KURA Kura Oncology Inc. | 0.48% | 490,000 | $4.3M | Add +96.0% |
| MIRM Mirum Pharmaceuticals Inc. | 0.46% | 56,255 | $4.1M | Reduce -14.4% |
| RDNT Radnet Inc. | 0.42% | 50,000 | $3.8M | Add +8.7% |
| VERA Vera Therapeutics Inc. | 0.42% | 130,000 | $3.8M | New |
| IQV Iqvia Holdings Inc. | 0.41% | 19,500 | $3.7M | Add +50.0% |
| VCEL Vericel Corp. | 0.41% | 117,000 | $3.7M | Add +101.7% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.40% | 119,400 | $3.6M | Add +28.3% |
| BNTX Biontech SE-ADR | 0.39% | 35,870 | $3.5M | No change |
| RYTM Rhythm Pharmaceuticals Inc. | 0.39% | 35,000 | $3.5M | New |
| TGTX TG Therapeutics Inc. | 0.37% | 93,000 | $3.4M | Reduce -19.1% |
| UTHR United Therapeutics Corp. | 0.37% | 8,000 | $3.4M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.36% | 81,000 | $3.3M | Add +131.4% |
| NRIX Nurix Therapeutics Inc. | 0.36% | 347,500 | $3.2M | Add +87.8% |
| GH Guardant Health Inc. | 0.35% | 50,000 | $3.1M | New |
| ALKS Alkermes PLC | 0.31% | 94,000 | $2.8M | Add +141.0% |
| LIVN Livanova PLC | 0.31% | 53,000 | $2.8M | No change |
| ANNX Annexon Inc. | 0.28% | 823,000 | $2.5M | Add +78.9% |
| UHS Universal Health Services-B | 0.27% | 12,000 | $2.5M | Reduce -53.9% |
| JANX Janux Therapeutics Inc. | 0.27% | 100,127 | $2.4M | Add +81.6% |
| RLAY Relay Therapeutics Inc. | 0.27% | 460,000 | $2.4M | No change |
| IOVA Iovance Biotherapeutics Inc. | 0.26% | 1,097,827 | $2.4M | Add +69.5% |
| OCUL Ocular Therapeutix Inc. | 0.26% | 202,000 | $2.4M | New |
| KRYS Krystal Biotech Inc. | 0.23% | 11,750 | $2.1M | Reduce -7.8% |
| XNCR Xencor Inc. | 0.22% | 165,750 | $1.9M | No change |
| BTSG Brightspring Health Services | 0.20% | 60,000 | $1.8M | New |
| MLTX Moonlake Immunotherapeutics | 0.16% | 207,000 | $1.5M | Add +360.0% |
| DNLI Denali Therapeutics Inc. | 0.16% | 100,000 | $1.5M | No change |
| STVN Stevanato Group SPA | 0.15% | 51,000 | $1.3M | New |
| IRTC Irhythm Holdings Inc. | 0.13% | 7,000 | $1.2M | New |
| IMCR Immunocore Holdings PLC-ADR | 0.11% | 28,278 | $1.0M | No change |
| TECH Bio-Techne Corp. | 0.09% | 15,000 | $834K | No change |
| ATEC Alphatec Holdings Inc. | 0.03% | 18,000 | $262K | New |
Portfolio Sells Q2 2025 → Q3 2025
| DXCM Dexcom Inc. | Sold out | 0.00% | −1.76 |
| THC Tenet Healthcare Corp. | Reduce -57.2% | 1.31% | −1.72 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −1.44 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -23.6% | 2.04% | −1.42 |
| ELV Elevance Health Inc. | Reduce -49.6% | 0.80% | −1.39 |
| GILD Gilead Sciences Inc. | Reduce -52.3% | 0.98% | −1.37 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −1.27 |
| LLY Eli Lilly & Co. | Reduce -7.7% | 4.51% | −1.19 |
| GKOS Glaukos Corp. | Reduce -2.1% | 2.08% | −0.99 |
| OSCR Oscar Health Inc. Class A | Sold out | 0.00% | −0.85 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.84 |
| ALC Alcon Inc. | Sold out | 0.00% | −0.76 |
| NTRA Natera Inc. | Reduce -46.1% | 0.55% | −0.68 |
| ASTH Astrana Health Inc. | Sold out | 0.00% | −0.60 |
| NBIX Neurocrine Biosciences Inc. | Reduce -23.1% | 1.78% | −0.59 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.58 |
| RPRX Royalty Pharma PLC Class A | Reduce -24.9% | 1.01% | −0.56 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -37.7% | 1.61% | −0.50 |
| EHC Encompass Health Corp. | Reduce -12.5% | 1.68% | −0.44 |
| UHS Universal Health Services-B | Reduce -53.9% | 0.27% | −0.32 |
| RGEN Repligen Corp. | Sold out | 0.00% | −0.31 |
| MCK McKesson Corp. | Reduce -4.0% | 2.27% | −0.29 |
| CVS CVS Health Corp. | Reduce -6.1% | 2.31% | −0.26 |
| EXAS Exact Sciences Corp. | Reduce -0.6% | 2.11% | −0.24 |
| MRUS Merus NV | Reduce -53.9% | 0.56% | −0.21 |
| SMMT Summit Therapeutics Inc. | Sold out | 0.00% | −0.21 |
| TGTX TG Therapeutics Inc. | Reduce -19.1% | 0.37% | −0.15 |
| INSM Insmed Inc. | Reduce -24.8% | 2.10% | −0.13 |
| PEN Penumbra Inc. | Reduce -4.7% | 0.57% | −0.12 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -12.8% | 1.39% | −0.08 |
| INMB Inmune Bio Inc. | Sold out | 0.00% | −0.05 |
| KRYS Krystal Biotech Inc. | Reduce -7.8% | 0.23% | +0.01 |
| ACLX Arcellx Inc. | Reduce -3.0% | 0.59% | +0.03 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -14.4% | 0.46% | +0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| ABBV Abbvie Inc. | Add +87.9% | 3.34% | +1.71 |
| IONS Ionis Pharmaceuticals Inc. | Add +70.3% | 2.24% | +1.34 |
| UNH Unitedhealth Group Inc. | Add +105.5% | 2.39% | +1.19 |
| AXSM Axsome Therapeutics Inc. | Add +90.3% | 2.32% | +1.12 |
| CYTK Cytokinetics Inc. | Add +144.8% | 1.55% | +1.12 |
| TMO Thermo Fisher Scientific Inc. | Add +169.7% | 1.61% | +1.04 |
| DOCS Doximity Inc. Class A | Add +547.6% | 1.10% | +0.94 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.93% | +0.93 |
| ADPT Adaptive Biotechnologies | New | 0.82% | +0.82 |
| EW Edwards Lifesciences Corp. | Add +181.8% | 1.33% | +0.79 |
| BSX Boston Scientific Corp. | Add +48.0% | 4.73% | +0.71 |
| MLYS Mineralys Therapeutics Inc. | New | 0.69% | +0.69 |
| BIIB Biogen Inc. | Add +358.3% | 0.85% | +0.66 |
| STOK Stoke Therapeutics Inc. | New | 0.65% | +0.65 |
| ALHC Alignment Healthcare Inc. | Add +14.9% | 2.86% | +0.58 |
| CAH Cardinal Health Inc. | Add +70.9% | 1.63% | +0.46 |
| DNTH Dianthus Therapeutics Inc. | Add +37.1% | 0.76% | +0.46 |
| ABT Abbott Laboratories | Add +68.4% | 1.46% | +0.45 |
| VERA Vera Therapeutics Inc. | New | 0.42% | +0.42 |
| REGN Regeneron Pharmaceuticals | Add +30.3% | 2.25% | +0.41 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 0.39% | +0.39 |
| APLS Apellis Pharmaceuticals Inc. | Add +149.1% | 0.58% | +0.38 |
| UTHR United Therapeutics Corp. | New | 0.37% | +0.37 |
| GH Guardant Health Inc. | New | 0.35% | +0.35 |
| VKTX Viking Therapeutics Inc. | Add +154.5% | 0.63% | +0.34 |
| KURA Kura Oncology Inc. | Add +96.0% | 0.48% | +0.30 |
| COR Cencora Inc. | Add +26.3% | 2.16% | +0.29 |
| PRVA Privia Health Group Inc. | Add +113.0% | 0.54% | +0.27 |
| COO The Cooper Cos Inc. | Add +39.4% | 1.80% | +0.27 |
| OCUL Ocular Therapeutix Inc. | New | 0.26% | +0.26 |
| XENE Xenon Pharmaceuticals Inc. | Add +131.4% | 0.36% | +0.22 |
| GPCR Structure Therapeutics Inc. | Add +33.3% | 0.56% | +0.20 |
| BTSG Brightspring Health Services | New | 0.20% | +0.20 |
| MDT Medtronic PLC | Add +14.2% | 2.16% | +0.18 |
| ALKS Alkermes PLC | Add +141.0% | 0.31% | +0.17 |
| PRCT Procept Biorobotics Corp. | Add +105.3% | 1.54% | +0.16 |
| PODD Insulet Corp. | Add +26.1% | 1.98% | +0.15 |
| IQV Iqvia Holdings Inc. | Add +50.0% | 0.41% | +0.15 |
| CI The Cigna Group | Add +45.3% | 1.48% | +0.15 |
| STVN Stevanato Group SPA | New | 0.15% | +0.15 |
| DVAX Dynavax Technologies Corp. | Add +36.6% | 0.85% | +0.14 |
| ANNX Annexon Inc. | Add +78.9% | 0.28% | +0.14 |
| IRTC Irhythm Holdings Inc. | New | 0.13% | +0.13 |
| IOVA Iovance Biotherapeutics Inc. | Add +69.5% | 0.26% | +0.12 |
| JANX Janux Therapeutics Inc. | Add +81.6% | 0.27% | +0.11 |
| VCEL Vericel Corp. | Add +101.7% | 0.41% | +0.10 |
| RDNT Radnet Inc. | Add +8.7% | 0.42% | +0.09 |
| NRIX Nurix Therapeutics Inc. | Add +87.8% | 0.36% | +0.09 |
| BMRN Biomarin Pharmaceutical Inc. | Add +24.7% | 1.12% | +0.08 |
| ATEC Alphatec Holdings Inc. | New | 0.03% | +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 |