Sector Gamma As
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Sector Gamma As reported 36 stock positions worth $438.7 million. Its top holding was Bristol-Myers Squibb (BMY) at 9.2% of the portfolio, followed by Merck (MRK, 8.7%) and Medtronic (MDT, 5.9%). Compared with Q3 2025, it opened 3 new positions, sold out of 8, added to 22 and reduced 10. The biggest buy was Bristol-Myers Squibb (BMY, shares +28%) and the biggest sale Pfizer (PFE, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- OSLO, Q8
- CIK
- 0001475373
- Portfolio Value
- $438.7M (Q4 2025)
- SEC Filing
- 0000945621-26-000283 ↗ filed Feb 12, 2026
Holdings Value
Holdings 36 stocks · $438.7M
| BMY Bristol-Myers Squibb Co. | 9.17% | 745,955 | $40.2M | Add +28.3% |
| MRK Merck & Co. Inc. | 8.72% | 363,651 | $38.3M | Add +12.8% |
| MDT Medtronic PLC | 5.90% | 269,644 | $25.9M | Reduce -11.1% |
| BDX Becton Dickinson and Co. | 5.86% | 132,376 | $25.7M | Add +21.6% |
| GILD Gilead Sciences Inc. | 4.94% | 176,414 | $21.7M | Add +19.8% |
| INCY Incyte Corp. | 4.93% | 218,783 | $21.6M | Add +6.7% |
| PFE Pfizer Inc. | 4.88% | 859,539 | $21.4M | Reduce -31.4% |
| AMGN Amgen Inc. | 4.55% | 60,956 | $20.0M | Reduce -0.8% |
| BIIB Biogen Inc. | 3.43% | 85,475 | $15.0M | Add +13.3% |
| IONS Ionis Pharmaceuticals Inc. | 3.34% | 184,977 | $14.6M | Reduce -31.7% |
| CVS CVS Health Corp. | 3.21% | 177,599 | $14.1M | Add +13.7% |
| CAH Cardinal Health Inc. | 2.90% | 61,946 | $12.7M | Add +4.0% |
| TMO Thermo Fisher Scientific Inc. | 2.86% | 21,688 | $12.6M | Add +17.6% |
| BRKR Bruker Corp. | 2.73% | 254,697 | $12.0M | Add +1.5% |
| ZBH Zimmer Biomet Holdings Inc. | 2.72% | 132,478 | $11.9M | Add +16.7% |
| BMRN Biomarin Pharmaceutical Inc. | 2.69% | 198,505 | $11.8M | Add +12.9% |
| ELV Elevance Health Inc. | 2.60% | 32,546 | $11.4M | Add +238.9% |
| CNC Centene Corp. | 2.42% | 258,109 | $10.6M | Add +21.1% |
| GEHC GE Healthcare Technology | 2.14% | 114,390 | $9.4M | Add +2.7% |
| EW Edwards Lifesciences Corp. | 1.87% | 96,402 | $8.2M | Add +32.1% |
| AVTR Avantor Inc. | 1.82% | 695,403 | $8.0M | Add +45.8% |
| BIO Bio-Rad Laboratories-A | 1.64% | 23,750 | $7.2M | Add +4.0% |
| LH Labcorp Holdings Inc. | 1.55% | 27,019 | $6.8M | Add +4.0% |
| LNTH Lantheus Holdings Inc. | 1.42% | 93,823 | $6.2M | Add +45.7% |
| TNDM Tandem Diabetes Care Inc. | 1.34% | 267,091 | $5.9M | Reduce -0.9% |
| REGN Regeneron Pharmaceuticals | 1.26% | 7,165 | $5.5M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 1.22% | 115,000 | $5.4M | New |
| SNDX Syndax Pharmaceuticals Inc. | 1.21% | 252,062 | $5.3M | Add +19.6% |
| DXCM Dexcom Inc. | 1.15% | 76,122 | $5.1M | Reduce -0.9% |
| HCA HCA Healthcare Inc. | 1.15% | 10,784 | $5.0M | Reduce -0.9% |
| KURA Kura Oncology Inc. | 1.08% | 455,841 | $4.7M | Add +4.0% |
| PTCT PTC Therapeutics Inc. | 1.07% | 61,923 | $4.7M | Reduce -47.6% |
| ASND Ascendis Pharma A/S | 0.79% | 16,305 | $3.5M | Reduce -33.0% |
| CGON CG Oncology Inc. | 0.49% | 52,039 | $2.2M | New |
| OGN Organon & Co. | 0.49% | 300,000 | $2.2M | Reduce -44.8% |
| CERT Certara Inc. | 0.46% | 230,565 | $2.0M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| PFE Pfizer Inc. | Reduce -31.4% | 4.88% | −3.03 |
| BAX Baxter International Inc. | Sold out | 0.00% | −2.15 |
| VTRS Viatris Inc. | Sold out | 0.00% | −1.64 |
| HUM Humana Inc. | Sold out | 0.00% | −1.54 |
| ELAN Elanco Animal Health Inc. | Sold out | 0.00% | −1.53 |
| MDT Medtronic PLC | Reduce -11.1% | 5.90% | −1.26 |
| ICLR Icon PLC | Sold out | 0.00% | −1.08 |
| SOLV Solventum Corp. | Sold out | 0.00% | −1.07 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -31.7% | 3.34% | −1.06 |
| OGN Organon & Co. | Reduce -44.8% | 0.49% | −0.95 |
| PTCT PTC Therapeutics Inc. | Reduce -47.6% | 1.07% | −0.73 |
| BNTX Biontech SE-ADR | Sold out | 0.00% | −0.68 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −0.65 |
| ASND Ascendis Pharma A/S | Reduce -33.0% | 0.79% | −0.41 |
| DXCM Dexcom Inc. | Reduce -0.9% | 1.15% | −0.13 |
| HCA HCA Healthcare Inc. | Reduce -0.9% | 1.15% | −0.00 |
| AMGN Amgen Inc. | Reduce -0.8% | 4.55% | +0.25 |
| TNDM Tandem Diabetes Care Inc. | Reduce -0.9% | 1.34% | +0.53 |
Portfolio Buys Q3 2025 → Q4 2025
| BMY Bristol-Myers Squibb Co. | Add +28.3% | 9.17% | +2.67 |
| MRK Merck & Co. Inc. | Add +12.8% | 8.72% | +2.01 |
| ELV Elevance Health Inc. | Add +238.9% | 2.60% | +1.83 |
| REGN Regeneron Pharmaceuticals | New | 1.26% | +1.26 |
| CRNX Crinetics Pharmaceuticals Inc. | New | 1.22% | +1.22 |
| GILD Gilead Sciences Inc. | Add +19.8% | 4.94% | +0.88 |
| BIIB Biogen Inc. | Add +13.3% | 3.43% | +0.81 |
| BDX Becton Dickinson and Co. | Add +21.6% | 5.86% | +0.81 |
| BRKR Bruker Corp. | Add +1.5% | 2.73% | +0.71 |
| TMO Thermo Fisher Scientific Inc. | Add +17.6% | 2.86% | +0.65 |
| INCY Incyte Corp. | Add +6.7% | 4.93% | +0.61 |
| LNTH Lantheus Holdings Inc. | Add +45.7% | 1.42% | +0.60 |
| CAH Cardinal Health Inc. | Add +4.0% | 2.90% | +0.58 |
| CNC Centene Corp. | Add +21.1% | 2.42% | +0.53 |
| CGON CG Oncology Inc. | New | 0.49% | +0.49 |
| EW Edwards Lifesciences Corp. | Add +32.1% | 1.87% | +0.47 |
| SNDX Syndax Pharmaceuticals Inc. | Add +19.6% | 1.21% | +0.40 |
| AVTR Avantor Inc. | Add +45.8% | 1.82% | +0.34 |
| BMRN Biomarin Pharmaceutical Inc. | Add +12.9% | 2.69% | +0.33 |
| CVS CVS Health Corp. | Add +13.7% | 3.21% | +0.29 |
| KURA Kura Oncology Inc. | Add +4.0% | 1.08% | +0.12 |
| GEHC GE Healthcare Technology | Add +2.7% | 2.14% | +0.06 |
| BIO Bio-Rad Laboratories-A | Add +4.0% | 1.64% | +0.05 |
| ZBH Zimmer Biomet Holdings Inc. | Add +16.7% | 2.72% | −0.06 |
| LH Labcorp Holdings Inc. | Add +4.0% | 1.55% | −0.30 |
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 |