Rhenman & Partners Asset Management AB
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Rhenman & Partners Asset Management AB reported 94 stock positions worth $1.1 billion. Its top holding was Regeneron Pharmaceuticals (REGN) at 4.4% of the portfolio, followed by Eli Lilly (LLY, 4.2%) and Boston Scientific (BSX, 3.8%). Compared with Q3 2025, it opened 13 new positions, sold out of 11, added to 43 and reduced 32. The biggest buy was Regeneron Pharmaceuticals (REGN, shares +70%) and the biggest sale an exit from Exact Sciences (EXAS).
- Most Recent 13F
- Q2 2026
- Location
- Stockholm, V7
- CIK
- 0001599882
- Portfolio Value
- $1.1B (Q4 2025)
- SEC Filing
- 0001213900-26-015821 ↗ filed Feb 13, 2026
Holdings Value
Holdings 94 stocks · $1.1B
| REGN Regeneron Pharmaceuticals | 4.43% | 61,400 | $47.4M | Add +70.1% |
| LLY Eli Lilly & Co. | 4.24% | 42,220 | $45.4M | Reduce -21.0% |
| BSX Boston Scientific Corp. | 3.84% | 431,207 | $41.1M | Reduce -1.6% |
| MDT Medtronic PLC | 2.66% | 296,000 | $28.4M | Add +44.4% |
| ISRG Intuitive Surgical Inc. | 2.54% | 48,000 | $27.2M | Reduce -1.0% |
| COO The Cooper Cos Inc. | 2.51% | 327,500 | $26.8M | Add +38.2% |
| CVS CVS Health Corp. | 2.49% | 335,500 | $26.6M | Add +21.0% |
| ABBV Abbvie Inc. | 2.36% | 110,575 | $25.3M | Reduce -15.2% |
| GKOS Glaukos Corp. | 2.22% | 210,000 | $23.7M | Reduce -8.7% |
| DHR Danaher Corp. | 2.12% | 99,052 | $22.7M | Reduce -26.3% |
| COR Cencora Inc. | 2.00% | 63,375 | $21.4M | Add +1.6% |
| VERA Vera Therapeutics Inc. | 1.99% | 420,000 | $21.3M | Add +223.1% |
| MCK McKesson Corp. | 1.96% | 25,600 | $21.0M | Reduce -3.8% |
| AXSM Axsome Therapeutics Inc. | 1.96% | 114,800 | $21.0M | Reduce -33.6% |
| ALHC Alignment Healthcare Inc. | 1.86% | 1,009,450 | $19.9M | Reduce -31.8% |
| INSM Insmed Inc. | 1.85% | 113,585 | $19.8M | Reduce -13.9% |
| TMO Thermo Fisher Scientific Inc. | 1.82% | 33,640 | $19.5M | Add +12.0% |
| PRCT Procept Biorobotics Corp. | 1.80% | 611,000 | $19.2M | Add +56.7% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.70% | 45,675 | $18.2M | Add +43.3% |
| UNH Unitedhealth Group Inc. | 1.69% | 54,900 | $18.1M | Reduce -12.2% |
| NBIX Neurocrine Biosciences Inc. | 1.66% | 125,491 | $17.8M | Add +9.4% |
| PODD Insulet Corp. | 1.62% | 61,000 | $17.3M | Add +5.2% |
| DOCS Doximity Inc. Class A | 1.54% | 372,750 | $16.5M | Add +174.1% |
| EW Edwards Lifesciences Corp. | 1.54% | 193,500 | $16.5M | Add +24.8% |
| NUVL Nuvalent Inc. Class A | 1.54% | 163,350 | $16.4M | Add +211.1% |
| BIIB Biogen Inc. | 1.52% | 92,350 | $16.3M | Add +67.9% |
| VRTX Vertex Pharmaceuticals Inc. | 1.45% | 34,255 | $15.5M | Reduce -27.1% |
| EHC Encompass Health Corp. | 1.45% | 146,263 | $15.5M | Add +22.5% |
| GILD Gilead Sciences Inc. | 1.45% | 126,150 | $15.5M | Add +57.4% |
| ALGN Align Technology Inc. | 1.44% | 99,000 | $15.5M | Add +19.3% |
| THC Tenet Healthcare Corp. | 1.42% | 76,504 | $15.2M | Add +30.9% |
| BMRN Biomarin Pharmaceutical Inc. | 1.19% | 215,000 | $12.8M | Add +15.2% |
| JAZZ Jazz Pharmaceuticals PLC | 1.18% | 74,030 | $12.6M | Reduce -22.1% |
| IONS Ionis Pharmaceuticals Inc. | 1.17% | 158,500 | $12.5M | Reduce -48.9% |
| AMGN Amgen Inc. | 1.10% | 36,000 | $11.8M | New |
| LIVN Livanova PLC | 1.09% | 190,000 | $11.7M | Add +258.5% |
| MDGL Madrigal Pharmaceuticals Inc. | 1.06% | 19,550 | $11.4M | Add +7.1% |
| CI The Cigna Group | 0.99% | 38,650 | $10.6M | Reduce -16.9% |
| GPCR Structure Therapeutics Inc. | 0.96% | 147,600 | $10.3M | Reduce -18.1% |
| SNDX Syndax Pharmaceuticals Inc. | 0.96% | 487,000 | $10.2M | Reduce -15.2% |
| NRIX Nurix Therapeutics Inc. | 0.95% | 537,500 | $10.2M | Add +54.7% |
| PNTG The Pennant Group Inc. | 0.94% | 357,346 | $10.1M | New |
| ADPT Adaptive Biotechnologies | 0.92% | 605,000 | $9.8M | Add +22.2% |
| PEN Penumbra Inc. | 0.92% | 31,500 | $9.8M | Add +53.7% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.90% | 144,500 | $9.6M | New |
| APLS Apellis Pharmaceuticals Inc. | 0.88% | 374,450 | $9.4M | Add +61.2% |
| NTRA Natera Inc. | 0.87% | 40,500 | $9.3M | Add +30.6% |
| KURA Kura Oncology Inc. | 0.85% | 872,000 | $9.1M | Add +78.0% |
| ACLX Arcellx Inc. | 0.81% | 133,500 | $8.7M | Add +104.6% |
| IDYA Ideaya Biosciences Inc. | 0.81% | 250,000 | $8.6M | New |
| MIRM Mirum Pharmaceuticals Inc. | 0.78% | 106,255 | $8.4M | Add +88.9% |
| GH Guardant Health Inc. | 0.76% | 80,000 | $8.2M | Add +60.0% |
| RPRX Royalty Pharma PLC Class A | 0.75% | 206,500 | $8.0M | Reduce -20.1% |
| BTSG Brightspring Health Services | 0.69% | 198,000 | $7.4M | Add +230.0% |
| BRKR Bruker Corp. | 0.65% | 147,315 | $6.9M | Reduce -4.5% |
| STOK Stoke Therapeutics Inc. | 0.64% | 216,000 | $6.9M | Reduce -13.6% |
| BBIO Bridgebio Pharma Inc. | 0.58% | 81,600 | $6.2M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.58% | 139,000 | $6.2M | Add +71.6% |
| AVR Anteris Technologies Global | 0.58% | 1,238,625 | $6.2M | Reduce -1.0% |
| KRYS Krystal Biotech Inc. | 0.58% | 25,000 | $6.2M | Add +112.8% |
| IQV Iqvia Holdings Inc. | 0.56% | 26,500 | $6.0M | Add +35.9% |
| IMCR Immunocore Holdings PLC-ADR | 0.50% | 153,278 | $5.3M | Add +442.0% |
| ELV Elevance Health Inc. | 0.49% | 15,000 | $5.3M | Reduce -33.3% |
| MLYS Mineralys Therapeutics Inc. | 0.48% | 142,571 | $5.2M | Reduce -13.6% |
| MLTX Moonlake Immunotherapeutics | 0.45% | 364,000 | $4.8M | Add +75.8% |
| CRL Charles River Laboratories | 0.41% | 22,000 | $4.4M | New |
| IOVA Iovance Biotherapeutics Inc. | 0.41% | 1,595,327 | $4.4M | Add +45.3% |
| VCEL Vericel Corp. | 0.39% | 117,000 | $4.2M | No change |
| DNTH Dianthus Therapeutics Inc. | 0.38% | 98,627 | $4.1M | Reduce -43.2% |
| RLAY Relay Therapeutics Inc. | 0.36% | 460,000 | $3.9M | No change |
| RYTM Rhythm Pharmaceuticals Inc. | 0.35% | 35,000 | $3.7M | No change |
| OSCR Oscar Health Inc. Class A | 0.35% | 260,000 | $3.7M | New |
| ALKS Alkermes PLC | 0.35% | 133,250 | $3.7M | Add +41.8% |
| RDNT Radnet Inc. | 0.31% | 47,000 | $3.4M | Reduce -6.0% |
| INSP Inspire Medical Systems Inc. | 0.31% | 35,800 | $3.3M | Reduce -41.3% |
| OCUL Ocular Therapeutix Inc. | 0.30% | 265,000 | $3.2M | Add +31.2% |
| ASND Ascendis Pharma A/S | 0.30% | 15,000 | $3.2M | New |
| JANX Janux Therapeutics Inc. | 0.29% | 225,377 | $3.1M | Add +125.1% |
| PRVA Privia Health Group Inc. | 0.28% | 125,000 | $3.0M | Reduce -35.6% |
| STVN Stevanato Group SPA | 0.28% | 147,025 | $3.0M | Add +188.3% |
| VKTX Viking Therapeutics Inc. | 0.27% | 83,000 | $2.9M | Reduce -61.6% |
| CYTK Cytokinetics Inc. | 0.26% | 44,375 | $2.8M | Reduce -82.6% |
| A Agilent Technologies Inc. | 0.25% | 20,000 | $2.7M | New |
| XNCR Xencor Inc. | 0.24% | 165,750 | $2.5M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 0.23% | 100,000 | $2.5M | New |
| TGTX TG Therapeutics Inc. | 0.20% | 73,250 | $2.2M | Reduce -21.2% |
| BNTX Biontech SE-ADR | 0.19% | 20,870 | $2.0M | Reduce -41.8% |
| WST West Pharmaceutical Services | 0.18% | 7,000 | $1.9M | New |
| CNC Centene Corp. | 0.18% | 46,231 | $1.9M | Reduce -72.8% |
| QURE Uniqure NV | 0.18% | 79,375 | $1.9M | New |
| DNLI Denali Therapeutics Inc. | 0.15% | 100,000 | $1.7M | No change |
| STE Steris PLC | 0.14% | 6,000 | $1.5M | New |
| IRTC Irhythm Holdings Inc. | 0.12% | 7,000 | $1.2M | No change |
| ATEC Alphatec Holdings Inc. | 0.04% | 20,000 | $421K | Add +11.1% |
Portfolio Sells Q3 2025 → Q4 2025
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −2.11 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −1.63 |
| ABT Abbott Laboratories | Sold out | 0.00% | −1.46 |
| CYTK Cytokinetics Inc. | Reduce -82.6% | 0.26% | −1.29 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −1.21 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -48.9% | 1.17% | −1.07 |
| ALHC Alignment Healthcare Inc. | Reduce -31.8% | 1.86% | −0.99 |
| ABBV Abbvie Inc. | Reduce -15.2% | 2.36% | −0.98 |
| BSX Boston Scientific Corp. | Reduce -1.6% | 3.84% | −0.89 |
| DVAX Dynavax Technologies Corp. | Sold out | 0.00% | −0.85 |
| DHR Danaher Corp. | Reduce -26.3% | 2.12% | −0.83 |
| UNH Unitedhealth Group Inc. | Reduce -12.2% | 1.69% | −0.70 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -27.1% | 1.45% | −0.58 |
| MRUS Merus NV | Sold out | 0.00% | −0.56 |
| CNC Centene Corp. | Reduce -72.8% | 0.18% | −0.49 |
| CI The Cigna Group | Reduce -16.9% | 0.99% | −0.49 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −0.40 |
| DNTH Dianthus Therapeutics Inc. | Reduce -43.2% | 0.38% | −0.38 |
| UTHR United Therapeutics Corp. | Sold out | 0.00% | −0.37 |
| AXSM Axsome Therapeutics Inc. | Reduce -33.6% | 1.96% | −0.36 |
| VKTX Viking Therapeutics Inc. | Reduce -61.6% | 0.27% | −0.36 |
| ELV Elevance Health Inc. | Reduce -33.3% | 0.49% | −0.31 |
| MCK McKesson Corp. | Reduce -3.8% | 1.96% | −0.31 |
| ANNX Annexon Inc. | Sold out | 0.00% | −0.28 |
| UHS Universal Health Services-B | Sold out | 0.00% | −0.27 |
| LLY Eli Lilly & Co. | Reduce -21.0% | 4.24% | −0.27 |
| RPRX Royalty Pharma PLC Class A | Reduce -20.1% | 0.75% | −0.26 |
| PRVA Privia Health Group Inc. | Reduce -35.6% | 0.28% | −0.26 |
| INSM Insmed Inc. | Reduce -13.9% | 1.85% | −0.25 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -22.1% | 1.18% | −0.21 |
| MLYS Mineralys Therapeutics Inc. | Reduce -13.6% | 0.48% | −0.21 |
| BNTX Biontech SE-ADR | Reduce -41.8% | 0.19% | −0.21 |
| INSP Inspire Medical Systems Inc. | Reduce -41.3% | 0.31% | −0.19 |
| TGTX TG Therapeutics Inc. | Reduce -21.2% | 0.20% | −0.17 |
| RDNT Radnet Inc. | Reduce -6.0% | 0.31% | −0.11 |
| TECH Bio-Techne Corp. | Sold out | 0.00% | −0.09 |
| AVR Anteris Technologies Global | Reduce -1.0% | 0.58% | −0.05 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -15.2% | 0.96% | −0.02 |
| STOK Stoke Therapeutics Inc. | Reduce -13.6% | 0.64% | −0.01 |
| BRKR Bruker Corp. | Reduce -4.5% | 0.65% | +0.09 |
| GKOS Glaukos Corp. | Reduce -8.7% | 2.22% | +0.14 |
| ISRG Intuitive Surgical Inc. | Reduce -1.0% | 2.54% | +0.14 |
| GPCR Structure Therapeutics Inc. | Reduce -18.1% | 0.96% | +0.40 |
Portfolio Buys Q3 2025 → Q4 2025
| REGN Regeneron Pharmaceuticals | Add +70.1% | 4.43% | +2.18 |
| VERA Vera Therapeutics Inc. | Add +223.1% | 1.99% | +1.57 |
| AMGN Amgen Inc. | New | 1.10% | +1.10 |
| NUVL Nuvalent Inc. Class A | Add +211.1% | 1.54% | +1.03 |
| PNTG The Pennant Group Inc. | New | 0.94% | +0.94 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.90% | +0.90 |
| IDYA Ideaya Biosciences Inc. | New | 0.81% | +0.81 |
| LIVN Livanova PLC | Add +258.5% | 1.09% | +0.79 |
| COO The Cooper Cos Inc. | Add +38.2% | 2.51% | +0.71 |
| BIIB Biogen Inc. | Add +67.9% | 1.52% | +0.67 |
| NRIX Nurix Therapeutics Inc. | Add +54.7% | 0.95% | +0.60 |
| BBIO Bridgebio Pharma Inc. | New | 0.58% | +0.58 |
| MDT Medtronic PLC | Add +44.4% | 2.66% | +0.50 |
| BTSG Brightspring Health Services | Add +230.0% | 0.69% | +0.50 |
| GILD Gilead Sciences Inc. | Add +57.4% | 1.45% | +0.46 |
| DOCS Doximity Inc. Class A | Add +174.1% | 1.54% | +0.44 |
| GH Guardant Health Inc. | Add +60.0% | 0.76% | +0.42 |
| CRL Charles River Laboratories | New | 0.41% | +0.41 |
| IMCR Immunocore Holdings PLC-ADR | Add +442.0% | 0.50% | +0.38 |
| KURA Kura Oncology Inc. | Add +78.0% | 0.85% | +0.37 |
| OSCR Oscar Health Inc. Class A | New | 0.35% | +0.35 |
| KRYS Krystal Biotech Inc. | Add +112.8% | 0.58% | +0.35 |
| PEN Penumbra Inc. | Add +53.7% | 0.92% | +0.34 |
| MIRM Mirum Pharmaceuticals Inc. | Add +88.9% | 0.78% | +0.33 |
| NTRA Natera Inc. | Add +30.6% | 0.87% | +0.31 |
| ASND Ascendis Pharma A/S | New | 0.30% | +0.30 |
| APLS Apellis Pharmaceuticals Inc. | Add +61.2% | 0.88% | +0.30 |
| ALGN Align Technology Inc. | Add +19.3% | 1.44% | +0.29 |
| MLTX Moonlake Immunotherapeutics | Add +75.8% | 0.45% | +0.28 |
| PRCT Procept Biorobotics Corp. | Add +56.7% | 1.80% | +0.26 |
| A Agilent Technologies Inc. | New | 0.25% | +0.25 |
| CNTA Centessa Pharmaceuticals Ltd. | New | 0.23% | +0.23 |
| XENE Xenon Pharmaceuticals Inc. | Add +71.6% | 0.58% | +0.22 |
| ACLX Arcellx Inc. | Add +104.6% | 0.81% | +0.22 |
| TMO Thermo Fisher Scientific Inc. | Add +12.0% | 1.82% | +0.21 |
| EW Edwards Lifesciences Corp. | Add +24.8% | 1.54% | +0.21 |
| WST West Pharmaceutical Services | New | 0.18% | +0.18 |
| QURE Uniqure NV | New | 0.18% | +0.18 |
| CVS CVS Health Corp. | Add +21.0% | 2.49% | +0.17 |
| IQV Iqvia Holdings Inc. | Add +35.9% | 0.56% | +0.15 |
| IOVA Iovance Biotherapeutics Inc. | Add +45.3% | 0.41% | +0.14 |
| STE Steris PLC | New | 0.14% | +0.14 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +7.1% | 1.06% | +0.14 |
| STVN Stevanato Group SPA | Add +188.3% | 0.28% | +0.13 |
| THC Tenet Healthcare Corp. | Add +30.9% | 1.42% | +0.11 |
| ADPT Adaptive Biotechnologies | Add +22.2% | 0.92% | +0.10 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +43.3% | 1.70% | +0.09 |
| BMRN Biomarin Pharmaceutical Inc. | Add +15.2% | 1.19% | +0.08 |
| OCUL Ocular Therapeutix Inc. | Add +31.2% | 0.30% | +0.04 |
| ALKS Alkermes PLC | Add +41.8% | 0.35% | +0.04 |
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 |