Sector Gamma As
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Sector Gamma As reported 41 stock positions worth $403.3 million. Its top holding was Pfizer (PFE) at 7.9% of the portfolio, followed by Medtronic (MDT, 7.2%) and Merck (MRK, 6.7%). Compared with Q2 2025, it opened 6 new positions, sold out of 3, added to 29 and reduced 6. The biggest buy was a new position in Viatris (VTRS) and the biggest sale an exit from Qiagen (QGEN).
- Most Recent 13F
- Q2 2026
- Location
- OSLO, Q8
- CIK
- 0001475373
- Portfolio Value
- $403.3M (Q3 2025)
- SEC Filing
- 0000945621-25-001004 ↗ filed Oct 31, 2025
Holdings Value
Holdings 41 stocks · $403.3M
| PFE Pfizer Inc. | 7.91% | 1,252,086 | $31.9M | Add +36.1% |
| MDT Medtronic PLC | 7.17% | 303,441 | $28.9M | Add +35.5% |
| MRK Merck & Co. Inc. | 6.71% | 322,500 | $27.1M | Add +59.6% |
| BMY Bristol-Myers Squibb Co. | 6.50% | 581,267 | $26.2M | Add +43.2% |
| BDX Becton Dickinson and Co. | 5.05% | 108,829 | $20.4M | Add +11.1% |
| IONS Ionis Pharmaceuticals Inc. | 4.40% | 270,963 | $17.7M | Reduce -5.2% |
| INCY Incyte Corp. | 4.31% | 205,114 | $17.4M | Add +0.6% |
| AMGN Amgen Inc. | 4.30% | 61,456 | $17.3M | Add +39.7% |
| GILD Gilead Sciences Inc. | 4.05% | 147,239 | $16.3M | Add +15.9% |
| CVS CVS Health Corp. | 2.92% | 156,202 | $11.8M | Reduce -4.2% |
| ZBH Zimmer Biomet Holdings Inc. | 2.77% | 113,478 | $11.2M | Add +28.0% |
| BIIB Biogen Inc. | 2.62% | 75,475 | $10.6M | Add +49.0% |
| BMRN Biomarin Pharmaceutical Inc. | 2.36% | 175,852 | $9.5M | Add +43.7% |
| CAH Cardinal Health Inc. | 2.32% | 59,536 | $9.3M | Reduce -9.8% |
| TMO Thermo Fisher Scientific Inc. | 2.22% | 18,444 | $8.9M | Reduce -27.7% |
| BAX Baxter International Inc. | 2.15% | 381,551 | $8.7M | Add +42.4% |
| GEHC GE Healthcare Technology | 2.07% | 111,390 | $8.4M | Add +50.5% |
| BRKR Bruker Corp. | 2.02% | 250,909 | $8.2M | Add +28.0% |
| CNC Centene Corp. | 1.89% | 213,210 | $7.6M | Add +40.3% |
| LH Labcorp Holdings Inc. | 1.85% | 25,970 | $7.5M | Add +33.3% |
| PTCT PTC Therapeutics Inc. | 1.80% | 118,112 | $7.2M | Add +28.0% |
| VTRS Viatris Inc. | 1.64% | 668,851 | $6.6M | New |
| BIO Bio-Rad Laboratories-A | 1.59% | 22,827 | $6.4M | Add +28.0% |
| HUM Humana Inc. | 1.54% | 23,942 | $6.2M | Add +1.9% |
| ELAN Elanco Animal Health Inc. | 1.53% | 307,271 | $6.2M | Add +5.2% |
| AVTR Avantor Inc. | 1.48% | 477,104 | $6.0M | Add +28.0% |
| OGN Organon & Co. | 1.44% | 543,711 | $5.8M | New |
| EW Edwards Lifesciences Corp. | 1.41% | 72,980 | $5.7M | Add +73.8% |
| DXCM Dexcom Inc. | 1.28% | 76,821 | $5.2M | Add +53.6% |
| ASND Ascendis Pharma A/S | 1.20% | 24,327 | $4.8M | Add +43.1% |
| HCA HCA Healthcare Inc. | 1.15% | 10,883 | $4.6M | Add +36.0% |
| ICLR Icon PLC | 1.08% | 24,967 | $4.4M | New |
| SOLV Solventum Corp. | 1.07% | 59,259 | $4.3M | Add +55.9% |
| KURA Kura Oncology Inc. | 0.96% | 438,415 | $3.9M | New |
| LNTH Lantheus Holdings Inc. | 0.82% | 64,403 | $3.3M | Add +28.0% |
| TNDM Tandem Diabetes Care Inc. | 0.81% | 269,542 | $3.3M | Add +28.0% |
| SNDX Syndax Pharmaceuticals Inc. | 0.80% | 210,814 | $3.2M | New |
| ELV Elevance Health Inc. | 0.77% | 9,603 | $3.1M | Reduce -48.9% |
| CERT Certara Inc. | 0.70% | 230,565 | $2.8M | New |
| BNTX Biontech SE-ADR | 0.68% | 27,732 | $2.7M | Reduce -26.0% |
| ACLX Arcellx Inc. | 0.65% | 32,009 | $2.6M | Add +28.0% |
Portfolio Sells Q2 2025 → Q3 2025
| QGEN Qiagen N.V. | Sold out | 0.00% | −1.84 |
| ELV Elevance Health Inc. | Reduce -48.9% | 0.77% | −1.62 |
| CAH Cardinal Health Inc. | Reduce -9.8% | 2.32% | −1.31 |
| TMO Thermo Fisher Scientific Inc. | Reduce -27.7% | 2.22% | −1.16 |
| TGTX TG Therapeutics Inc. | Sold out | 0.00% | −0.96 |
| CVS CVS Health Corp. | Reduce -4.2% | 2.92% | −0.76 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −0.72 |
| BNTX Biontech SE-ADR | Reduce -26.0% | 0.68% | −0.63 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -5.2% | 4.40% | +0.70 |
Portfolio Buys Q2 2025 → Q3 2025
| VTRS Viatris Inc. | New | 1.64% | +1.64 |
| MRK Merck & Co. Inc. | Add +59.6% | 6.71% | +1.48 |
| OGN Organon & Co. | New | 1.44% | +1.44 |
| ICLR Icon PLC | New | 1.08% | +1.08 |
| KURA Kura Oncology Inc. | New | 0.96% | +0.96 |
| SNDX Syndax Pharmaceuticals Inc. | New | 0.80% | +0.80 |
| MDT Medtronic PLC | Add +35.5% | 7.17% | +0.78 |
| CERT Certara Inc. | New | 0.70% | +0.70 |
| PFE Pfizer Inc. | Add +36.1% | 7.91% | +0.62 |
| BIIB Biogen Inc. | Add +49.0% | 2.62% | +0.54 |
| BMY Bristol-Myers Squibb Co. | Add +43.2% | 6.50% | +0.36 |
| EW Edwards Lifesciences Corp. | Add +73.8% | 1.41% | +0.33 |
| PTCT PTC Therapeutics Inc. | Add +28.0% | 1.80% | +0.32 |
| AMGN Amgen Inc. | Add +39.7% | 4.30% | +0.28 |
| GEHC GE Healthcare Technology | Add +50.5% | 2.07% | +0.28 |
| ASND Ascendis Pharma A/S | Add +43.1% | 1.20% | +0.24 |
| BIO Bio-Rad Laboratories-A | Add +28.0% | 1.59% | +0.18 |
| LH Labcorp Holdings Inc. | Add +33.3% | 1.85% | +0.18 |
| ELAN Elanco Animal Health Inc. | Add +5.2% | 1.53% | +0.17 |
| BMRN Biomarin Pharmaceutical Inc. | Add +43.7% | 2.36% | +0.16 |
| HCA HCA Healthcare Inc. | Add +36.0% | 1.15% | +0.15 |
| SOLV Solventum Corp. | Add +55.9% | 1.07% | +0.13 |
| ZBH Zimmer Biomet Holdings Inc. | Add +28.0% | 2.77% | +0.13 |
| ACLX Arcellx Inc. | Add +28.0% | 0.65% | +0.11 |
| DXCM Dexcom Inc. | Add +53.6% | 1.28% | −0.14 |
| AVTR Avantor Inc. | Add +28.0% | 1.48% | −0.16 |
| INCY Incyte Corp. | Add +0.6% | 4.31% | −0.23 |
| HUM Humana Inc. | Add +1.9% | 1.54% | −0.33 |
| BDX Becton Dickinson and Co. | Add +11.1% | 5.05% | −0.47 |
| TNDM Tandem Diabetes Care Inc. | Add +28.0% | 0.81% | −0.47 |
| BAX Baxter International Inc. | Add +42.4% | 2.15% | −0.50 |
| LNTH Lantheus Holdings Inc. | Add +28.0% | 0.82% | −0.53 |
| GILD Gilead Sciences Inc. | Add +15.9% | 4.05% | −0.55 |
| BRKR Bruker Corp. | Add +28.0% | 2.02% | −0.62 |
| CNC Centene Corp. | Add +40.3% | 1.89% | −0.81 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 40 | $461.0M | BMY, MRK, MDT, PFE, INCY |
| Q1 2026 | 42 | $423.5M | BMY, MRK, PFE, MDT, INCY |
| Q4 2025 | 36 | $438.7M | BMY, MRK, MDT, BDX, GILD |
| Q3 2025 | 41 | $403.3M | PFE, MDT, MRK, BMY, BDX |
| Q2 2025 | 38 | $305.9M | PFE, MDT, BMY, BDX, MRK |
| Q1 2025 | 33 | $312.2M | BMY, PFE, BDX, MDT, AMGN |
| Q4 2024 | 30 | $290.9M | PFE, MDT, BMY, GILD, BDX |
| Q3 2024 | 29 | $329.6M | BMY, MDT, GILD, PFE, CVS |
| Q2 2024 | 28 | $267.7M | GILD, PFE, BMY, MDT, ELV |
| Q1 2024 | 28 | $354.8M | MDT, PFE, BMY, CVS, CAH |