In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), DCF Advisers, LLC reported 74 stock positions worth $185.8 million . Its top holding was Micron Technology (MU) at 9.1% of the portfolio, followed by Alphabet Class C (GOOG, 4.8% ) and Argenx SE - ADR (ARGX, 4.6% ). Compared with Q4 2024, it opened 18 new positions, sold out of 22, added to 24 and reduced 19. The biggest buy was a new position in Energy Transfer (ET) and the biggest sale Intra-Cellular Therapies (ITCI, shares −96% ).
Location MOUNT PLEASANT, SC
CIK 0001802493
Portfolio Value $185.8M (Q1 2025) Holdings 74 stocks · $185.8M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 MU Micron Technology Inc. 195,000 $16.9M Add +6.3% GOOG Alphabet Inc. Class C 57,000 $8.9M Reduce -0.7% ARGX Argenx SE - ADR 14,350 $8.5M Reduce -28.3% AMZN Amazon.com Inc. 33,350 $6.3M Add +11.2% IAU iShares Gold Trust 100,000 $5.9M No change REGN Regeneron Pharmaceuticals 8,900 $5.6M No change ET Energy Transfer LP 300,500 $5.6M New GLD SPDR Gold Shares 18,000 $5.2M No change LLY Eli Lilly & Co. 6,250 $5.2M Reduce -10.7% BABA Alibaba Group Holding-SP ADR 38,800 $5.1M New ORCL Oracle Corp. 36,500 $5.1M No change BAC Bank of America Corp. filed as BANK AMERICA CORP 119,500 $5.0M No change BIDU Baidu Inc. - Spon ADR 52,500 $4.8M Add +9.9% GDX Vaneck Gold Miners ETF 90,000 $4.1M Add +9.1% CSCO Cisco Systems Inc. 65,000 $4.0M Add +116.7% AMD Advanced Micro Devices 38,000 $3.9M Reduce -24.0% UBER Uber Technologies Inc. 50,000 $3.6M New NAMS Newamsterdam Pharma Co. NV 172,500 $3.5M Add +93.0% LFCR Lifecore Biomedical Inc. 483,000 $3.4M Reduce -10.6% AZN Astrazeneca PLC-Spons ADR 45,800 $3.4M New ZLAB Zai Lab Ltd.-ADR 90,000 $3.3M Add +39.0% SLV iShares Silver Trust 100,000 $3.1M Reduce -31.0% ZBH Zimmer Biomet Holdings Inc. 26,804 $3.0M Add +17.5% IONS Ionis Pharmaceuticals Inc. 95,000 $2.9M Add +14.6% INCY Incyte Corp. 45,000 $2.7M Reduce -7.2% C Citigroup Inc. 37,500 $2.7M Reduce -16.7% TEVA Teva Pharmaceutical-SP ADR 171,000 $2.6M Add +15.9% EVO Evotec SE - Spon ADR 751,579 $2.5M Add +227.0% PRTA Prothena Corp. PLC 195,000 $2.4M Add +88.4% ABBV Abbvie Inc. 10,750 $2.3M Reduce -65.9% XAODX Abrdn Total Dynamic Dividend 266,000 $2.2M Add +1.7% BNED Barnes & Noble Education Inc. 205,443 $2.2M Add +16.9% XNCR Xencor Inc. 202,167 $2.2M Reduce -0.5% AMGN Amgen Inc. 6,825 $2.1M Add +17.2% ZM Zoom Communications Inc. 27,500 $2.0M Add +22.2% AAPL Apple Inc. 8,000 $1.8M No change XJQCX Nuveen Credit Strategies Inc. 324,713 $1.7M Add +6.1% MRVL Marvell Technology Inc. 27,500 $1.7M Add +89.7% LNSR Lensar Inc. 115,717 $1.6M Reduce -49.7% URNM Sprott Uranium Miners ETF 42,400 $1.4M No change PFE Pfizer Inc. 51,350 $1.3M No change HELP Cybin Inc. 202,000 $1.3M New CRVS Corvus Pharmaceuticals Inc. 400,000 $1.3M New B Barrick Gold Corp. 65,000 $1.3M New GDXJ Vaneck Junior Gold Miners 21,500 $1.2M No change BHVN Biohaven Ltd. 50,500 $1.2M Add +40.3% QCOM Qualcomm Inc. 7,750 $1.2M Add +10.7% GM General Motors Co. 25,000 $1.2M New META Meta Platforms Inc. Class A 2,000 $1.2M No change BOXX Alpha Architect 1-3 MNTH Box 10,000 $1.1M Add +1.3% BP BP PLC-Spons ADR 30,000 $1.0M New INTC Intel Corp. 40,000 $908K Reduce -3.0% XLE SS Energy Select Sector 9,250 $864K New STEW SRH Total Return Fund Inc. 50,000 $863K Reduce -15.3% OI O-I Glass Inc. 74,250 $852K No change AVGO Broadcom Inc. 5,000 $837K Reduce -28.6% VRDN Viridian Therapeutics Inc. 62,029 $836K Add +108.5% PYPL PayPal Holdings Inc. 11,000 $718K Add +10.0% SPOT Spotify Technology SA 1,250 $688K Reduce -37.5% LYFT LYFT Inc. Class A 55,000 $653K New ANAB Anaptysbio Inc. 34,850 $648K New TPB Turning Point Brands Inc. 10,100 $600K Reduce -69.9% IWM iShares Russell 2000 ETF 3,000 $598K Reduce -72.1% LRCX Lam Research Corp. 7,500 $545K No change ARQ Arq Inc. 113,433 $473K New ITCI Intra-Cellular Therapies Inc. 3,500 $462K Reduce -96.5% TDOC Teladoc Health Inc. 52,500 $418K No change BUR Burford Capital Ltd. 21,000 $277K New CTLP Cantaloupe Inc. 31,500 $248K New NN Nextnav Inc. 13,000 $158K New ALLT Allot Ltd. 24,238 $138K New ALT Altimmune Inc. 21,770 $109K New WOLF Wolfspeed Inc. 27,500 $84K Add +175.0% EQ Equillium Inc. 39,492 $15K Reduce -37.3%
Options reported separately and not counted above: VOO puts ($18.0M), GLD puts ($2.3M), MU calls ($1.1M), ALT calls ($475K), ZM calls ($369K), OI calls ($184K), TEVA calls ($115K), IONS puts ($45K), LNSR calls ($28K), CRVS calls ($16K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $441K (not counted above) Total filed on the 13F, all lines: $186.2M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ ITCI Intra-Cellular Therapies Inc. Reduce -96.5% 0.25% −3.97 ENERGY TRANSFER L P Sold out 0.00% −2.97 ALIBABA GROUP HLDG LTD Sold out 0.00% −1.90 ARGX Argenx SE - ADR Reduce -28.3% 4.57% −1.65 ABBV Abbvie Inc. Reduce -65.9% 1.21% −1.62 XNCR Xencor Inc. Reduce -0.5% 1.16% −1.20 AMD Advanced Micro Devices Reduce -24.0% 2.10% −0.95 IWM iShares Russell 2000 ETF Reduce -72.1% 0.32% −0.88 UBER TECHNOLOGIES INC Sold out 0.00% −0.76 GOOG Alphabet Inc. Class C Reduce -0.7% 4.79% −0.74 TPB Turning Point Brands Inc. Reduce -69.9% 0.32% −0.70 GENERAL MTRS CO Sold out 0.00% −0.67 BA The Boeing Co. Sold out 0.00% −0.63 BARRICK GOLD CORP Sold out 0.00% −0.56 F Ford Motor Co. Sold out 0.00% −0.50 DE Deere & Co. Sold out 0.00% −0.43 AVGO Broadcom Inc. Reduce -28.6% 0.45% −0.37 SNY Sanofi-ADR Sold out 0.00% −0.35 BURFORD CAP LTD Sold out 0.00% −0.34 CYBIN INC Sold out 0.00% −0.33 ARQ INC Sold out 0.00% −0.30 ASTRAZENECA PLC Sold out 0.00% −0.27 ISHARES TR Sold out 0.00% −0.26 SLV iShares Silver Trust Reduce -31.0% 1.67% −0.26 ALTIMMUNE INC Sold out 0.00% −0.25 INCY Incyte Corp. Reduce -7.2% 1.47% −0.23 LFCR Lifecore Biomedical Inc. Reduce -10.6% 1.83% −0.20 FLUT Flutter Entertainment PLC-Di Sold out 0.00% −0.20 GENMAB A/S Sold out 0.00% −0.17 C Citigroup Inc. Reduce -16.7% 1.43% −0.17 LNSR Lensar Inc. Reduce -49.7% 0.88% −0.16 NOK Nokia Corp.-Spon ADR Sold out 0.00% −0.11 SPOT Spotify Technology SA Reduce -37.5% 0.37% −0.08 CORVUS PHARMACEUTICALS INC Sold out 0.00% −0.08 LCTX Lineage Cell Therapeutics Inc. Sold out 0.00% −0.03 TBHC Brand House Collective Inc./T Sold out 0.00% −0.02 EQ Equillium Inc. Reduce -37.3% 0.01% −0.02 STEW SRH Total Return Fund Inc. Reduce -15.3% 0.46% −0.01 OVID Ovid Therapeutics Inc. Sold out 0.00% −0.01 LLY Eli Lilly & Co. Reduce -10.7% 2.78% +0.04 INTC Intel Corp. Reduce -3.0% 0.49% +0.07
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ ET Energy Transfer LP New 3.01% +3.01 BABA Alibaba Group Holding-SP ADR New 2.76% +2.76 UBER Uber Technologies Inc. New 1.96% +1.96 AZN Astrazeneca PLC-Spons ADR New 1.81% +1.81 MU Micron Technology Inc. Add +6.3% 9.12% +1.31 CSCO Cisco Systems Inc. Add +116.7% 2.16% +1.26 ZLAB Zai Lab Ltd.-ADR Add +39.0% 1.75% +0.89 EVO Evotec SE - Spon ADR Add +227.0% 1.35% +0.87 GDX Vaneck Gold Miners ETF Add +9.1% 2.23% +0.81 NAMS Newamsterdam Pharma Co. NV Add +93.0% 1.90% +0.74 HELP Cybin Inc. New 0.69% +0.69 CRVS Corvus Pharmaceuticals Inc. New 0.68% +0.68 B Barrick Gold Corp. New 0.68% +0.68 GM General Motors Co. New 0.63% +0.63 PRTA Prothena Corp. PLC Add +88.4% 1.30% +0.57 BIDU Baidu Inc. - Spon ADR Add +9.9% 2.60% +0.56 BP BP PLC-Spons ADR New 0.55% +0.55 XLE SS Energy Select Sector New 0.47% +0.47 ZBH Zimmer Biomet Holdings Inc. Add +17.5% 1.63% +0.41 AMGN Amgen Inc. Add +17.2% 1.14% +0.38 LYFT LYFT Inc. Class A New 0.35% +0.35 ANAB Anaptysbio Inc. New 0.35% +0.35 BNED Barnes & Noble Education Inc. Add +16.9% 1.16% +0.27 ARQ Arq Inc. New 0.25% +0.25 ZM Zoom Communications Inc. Add +22.2% 1.09% +0.16 VRDN Viridian Therapeutics Inc. Add +108.5% 0.45% +0.16 BUR Burford Capital Ltd. New 0.15% +0.15 CTLP Cantaloupe Inc. New 0.13% +0.13 MRVL Marvell Technology Inc. Add +89.7% 0.91% +0.10 QCOM Qualcomm Inc. Add +10.7% 0.64% +0.10 XAODX Abrdn Total Dynamic Dividend Add +1.7% 1.20% +0.09 NN Nextnav Inc. New 0.09% +0.09 AMZN Amazon.com Inc. Add +11.2% 3.42% +0.08 IONS Ionis Pharmaceuticals Inc. Add +14.6% 1.54% +0.08 ALLT Allot Ltd. New 0.07% +0.07 XJQCX Nuveen Credit Strategies Inc. Add +6.1% 0.94% +0.06 ALT Altimmune Inc. New 0.06% +0.06 BOXX Alpha Architect 1-3 MNTH Box Add +1.3% 0.60% +0.05 WOLF Wolfspeed Inc. Add +175.0% 0.05% +0.01 BHVN Biohaven Ltd. Add +40.3% 0.65% −0.03 PYPL PayPal Holdings Inc. Add +10.0% 0.39% −0.05 TEVA Teva Pharmaceutical-SP ADR Add +15.9% 1.41% −0.23
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ VOO Vanguard S&P 500 ETF put Add +250.0% 35,000 $18.0M GLD SPDR Gold Shares put New 8,000 $2.3M MU Micron Technology Inc. call Reduce -31.6% 13,000 $1.1M CSCO Cisco Systems Inc. call Sold out 12,500 $740Kbefore exit ALT Altimmune Inc. call New 95,000 $475K ZM Zoom Communications Inc. call New 5,000 $369K ALTIMMUNE INC call Sold out 50,000 $361Kbefore exit OI O-I Glass Inc. call Add +33.3% 16,000 $184K TEVA Teva Pharmaceutical-SP ADR call Reduce -50.0% 7,500 $115K IONS Ionis Pharmaceuticals Inc. call Sold out 2,000 $70Kbefore exit IONS Ionis Pharmaceuticals Inc. put New 1,500 $45K LNSR Lensar Inc. call New 2,000 $28K CRVS Corvus Pharmaceuticals Inc. call New 5,000 $16K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) NOTE 1.500% 4/1 · principal New 350,000 $343K COHERUS BIOSCIENCES INC NOTE 1.500% 4/1 · principal Sold out 350,000 $340Kbefore exit ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal New 100,000 $98K ESPERION THERAPEUTICS INC NE NOTE 4.000%11/1 · principal Sold out 100,000 $97Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 80 $382.2M MU, GOOG, AMD, AMZN, ARGX Q1 2026 72 $265.3M MU, GOOG, ARGX, CRVS, TEVA Q4 2025 75 $302.8M MU, GOOG, TEVA, ARGX, GDX Q3 2025 78 $264.0M MU, GOOG, ARGX, GDX, ORCL Q2 2025 74 $207.9M MU, GOOG, AMZN, ARGX, ORCL Q1 2025 74 $185.8M MU, GOOG, ARGX, AMZN, IAU Q4 2024 78 $197.6M MU, ARGX, GOOG, ITCI, AMZN Q3 2024 79 $191.8M MU, GOOG, ARGX, REGN, ITCI Q2 2024 81 $187.6M MU, GOOG, REGN, ARGX, ITCI Q1 2024 69 $162.5M MU, GOOG, REGN, ARGX, AMD