Healthcare: biopharma and medtech

An L3VLUP-defined theme, not a standard classification

Definition

Companies that discover, make or test medicines and medical devices: drugmakers, biotechs, device makers, laboratory instruments and the contract researchers and diagnostics labs that serve them. Insurers and providers are not in it.

This is our own definition. It takes SIC 2833 to 2836, 3826, 3841 to 3845, 3851, 8731, plus these named companies: DHR, NTRA, TMO. A stock may sit in several themes.

Q2 2026 against Q1 2026

Reported value: $945bn; +$87.3bn on the quarter before
Managers listing any: 77; +1 on the quarter before
Stocks listed: 455; +5 on the quarter before
Buyers: 5,775; manager-stock pairs opening or adding
Sellers: 5,096; manager-stock pairs trimming or exiting

value over 8 quartersNet buying actions by quarter: +330 · +299 · +476 · +390 · +321 · +1,302 · +679 · +679

See it in the heatmap, ranked by breadth →

Managers listing any counts distinct comparable managers. Buyers and sellers count actions by comparable managers, once for each stock a manager moved in. Value moves with prices as well as with buying.

Largest stocks (458 in all)

By combined reported value at Q2 2026. Holders are at least counts, among listed positions.

Stock	Holders	Value	Buyers	Sellers
LLYEli Lilly & Co	47	$132bn	24	24
JNJJohnson & Johnson	39	$39.4bn	18	21
VRTXVertex Pharmaceuticals Inc	35	$34.7bn	21	17
GILDGilead Sciences Inc	37	$34.6bn	22	16
ABBVAbbvie Inc	39	$33.5bn	24	16
MRKMerck & Co Inc	36	$29.6bn	14	24
AZNAstrazeneca PLC	33	$29.1bn	19	18
TMOThermo Fisher Scientific Inc	48	$26.7bn	27	22
AMGNAmgen Inc	31	$25.2bn	19	13
ISRGIntuitive Surgical Inc	42	$24.9bn	24	23
DHRDanaher Corp Del	47	$21.1bn	27	22
ALNYAlnylam Pharmaceuticals Inc	34	$16.2bn	17	18
ABTAbbott Laboratories	42	$16.0bn	23	21
ARGXArgenx Se	29	$15.4bn	16	15
BSXBoston Scientific Corp	46	$13.3bn	30	21
MDTMedtronic PLC	37	$13.3bn	30	11
SYKStryker Corporation	35	$12.3bn	16	24
REGNRegeneron Pharmaceuticals	35	$11.4bn	24	15
RVMDRevolution Medicines Inc	31	$10.7bn	16	23
NTRANatera Inc	35	$10.5bn	21	17
WATWaters Corp	34	$10.3bn	21	14
MDLNMedline Inc	35	$9.4bn	22	23
BDXBecton Dickinson & Co	28	$8.8bn	16	19
BMYBristol-myers Squibb Co	34	$8.4bn	15	23
MRNAModerna Inc	27	$8.1bn	17	17

Managers holding its largest names

Across the 15 largest stocks above at Q2 2026: how many of them each manager lists, and their combined value. A manager can hold others below its listed range.

Fidelity (FMR LLC)15 of 15 · $93.7bn
Capital World Investors12 of 15 · $74.4bn
Capital Research Global Investors15 of 15 · $61.9bn
T. Rowe Price Associates Inc15 of 15 · $52.3bn
Wellington Management Group LLP15 of 15 · $48.9bn
Invesco Ltd15 of 15 · $38.9bn
Janus Henderson Group Ltd15 of 15 · $18.7bn
AllianceBernstein LP14 of 15 · $14.5bn
MFS Investment Management10 of 15 · $10.9bn
Arrowstreet Capital LP13 of 15 · $7.9bn
Neuberger Berman Group LLC13 of 15 · $6.2bn
AQR Capital Management LLC9 of 15 · $5.3bn
Dodge & Cox12 of 15 · $5.3bn
D. E. Shaw & Co.12 of 15 · $4.6bn
Citadel Advisors LLC9 of 15 · $4.6bn
Two Sigma Investments LP10 of 15 · $3.9bn
Marshall Wace LLP10 of 15 · $3.1bn
Acadian Asset Management LLC9 of 15 · $2.5bn
Holocene Advisors LP11 of 15 · $2.5bn
Millennium Management LLC10 of 15 · $2.4bn

Provided for information purposes only, not financial advice. The holdings shown here and anything drawn from them are illustrative, produced from assumptions you control, and must not be relied on for any investment, financial or business decision. Read the full notice

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Illustrative figures. Default values are plausible starting points chosen so a model has somewhere to begin. They are not data, not a view on any company, and not calibrated to anything. Outputs move with whatever you type in.

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