DCF Advisers, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), DCF Advisers, LLC reported 74 stock positions worth $207.9 million. Its top holding was Micron Technology (MU) at 11.6% of the portfolio, followed by Alphabet Class C (GOOG, 4.9%) and Amazon.com (AMZN, 3.8%). Compared with Q1 2025, it opened 3 new positions, sold out of 3, added to 28 and reduced 18. The biggest buy was Micron Technology (MU, shares +1%) and the biggest sale Argenx SE - ADR (ARGX, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- MOUNT PLEASANT, SC
- CIK
- 0001802493
- Portfolio Value
- $207.9M (Q2 2025)
- SEC Filing
- 0001013594-25-000987 ↗ filed Aug 12, 2025
Holdings Value
Holdings 74 stocks · $207.9M
| MU Micron Technology Inc. | 11.64% | 196,250 | $24.2M | Add +0.6% |
| GOOG Alphabet Inc. Class C | 4.86% | 57,000 | $10.1M | No change |
| AMZN Amazon.com Inc. | 3.78% | 35,850 | $7.9M | Add +7.5% |
| ARGX Argenx SE - ADR | 3.62% | 13,650 | $7.5M | Reduce -4.9% |
| ORCL Oracle Corp. | 3.52% | 33,500 | $7.3M | Reduce -8.2% |
| IAU iShares Gold Trust | 3.00% | 100,000 | $6.2M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.72% | 119,500 | $5.7M | No change |
| ET Energy Transfer LP | 2.62% | 300,500 | $5.4M | No change |
| GDX Vaneck Gold Miners ETF | 2.57% | 102,500 | $5.3M | Add +13.9% |
| LLY Eli Lilly & Co. | 2.48% | 6,625 | $5.2M | Add +6.0% |
| UBER Uber Technologies Inc. | 2.47% | 55,000 | $5.1M | Add +10.0% |
| AMD Advanced Micro Devices | 2.39% | 35,000 | $5.0M | Reduce -7.9% |
| REGN Regeneron Pharmaceuticals | 2.37% | 9,400 | $4.9M | Add +5.6% |
| EVO Evotec SE - Spon ADR | 2.25% | 1,114,493 | $4.7M | Add +48.3% |
| GLD SPDR Gold Shares | 2.20% | 15,000 | $4.6M | Reduce -16.7% |
| BIDU Baidu Inc. - Spon ADR | 2.17% | 52,500 | $4.5M | No change |
| BABA Alibaba Group Holding-SP ADR | 2.14% | 39,150 | $4.4M | Add +0.9% |
| CSCO Cisco Systems Inc. | 1.92% | 57,500 | $4.0M | Reduce -11.5% |
| LFCR Lifecore Biomedical Inc. | 1.81% | 462,987 | $3.8M | Reduce -4.1% |
| IONS Ionis Pharmaceuticals Inc. | 1.74% | 91,750 | $3.6M | Reduce -3.4% |
| SLV iShares Silver Trust | 1.58% | 100,000 | $3.3M | No change |
| AZN Astrazeneca PLC-Spons ADR | 1.54% | 45,800 | $3.2M | No change |
| ZLAB Zai Lab Ltd.-ADR | 1.53% | 91,000 | $3.2M | Add +1.1% |
| NAMS Newamsterdam Pharma Co. NV | 1.50% | 172,500 | $3.1M | No change |
| C Citigroup Inc. | 1.47% | 36,000 | $3.1M | Reduce -4.0% |
| TEVA Teva Pharmaceutical-SP ADR | 1.47% | 182,500 | $3.1M | Add +6.7% |
| CRVS Corvus Pharmaceuticals Inc. | 1.46% | 757,500 | $3.0M | Add +89.4% |
| AMGN Amgen Inc. | 1.41% | 10,500 | $2.9M | Add +53.9% |
| INCY Incyte Corp. | 1.36% | 41,500 | $2.8M | Reduce -7.8% |
| ZBH Zimmer Biomet Holdings Inc. | 1.34% | 30,650 | $2.8M | Add +14.3% |
| ZM Zoom Communications Inc. | 1.28% | 34,000 | $2.7M | Add +23.6% |
| BNED Barnes & Noble Education Inc. | 1.22% | 215,943 | $2.5M | Add +5.1% |
| MRVL Marvell Technology Inc. | 1.17% | 31,500 | $2.4M | Add +14.6% |
| XAODX Abrdn Total Dynamic Dividend | 1.13% | 266,000 | $2.4M | No change |
| URNM Sprott Uranium Miners ETF | 0.98% | 42,400 | $2.0M | No change |
| XJQCX Nuveen Credit Strategies Inc. | 0.96% | 371,713 | $2.0M | Add +14.5% |
| ABBV Abbvie Inc. | 0.96% | 10,750 | $2.0M | No change |
| AAPL Apple Inc. | 0.86% | 8,750 | $1.8M | Add +9.4% |
| AVGO Broadcom Inc. | 0.85% | 6,375 | $1.8M | Add +27.5% |
| HELP Cybin Inc. | 0.82% | 202,750 | $1.7M | Add +0.4% |
| LNSR Lensar Inc. | 0.76% | 119,217 | $1.6M | Add +3.0% |
| META Meta Platforms Inc. Class A | 0.71% | 2,000 | $1.5M | No change |
| GDXJ Vaneck Junior Gold Miners | 0.70% | 21,500 | $1.5M | No change |
| B Barrick Gold Corp. | 0.60% | 60,000 | $1.2M | Reduce -7.7% |
| PFE Pfizer Inc. | 0.60% | 51,350 | $1.2M | No change |
| QCOM Qualcomm Inc. | 0.59% | 7,750 | $1.2M | No change |
| GM General Motors Co. | 0.59% | 25,000 | $1.2M | No change |
| BOXX Alpha Architect 1-3 MNTH Box | 0.54% | 10,000 | $1.1M | No change |
| XNCR Xencor Inc. | 0.53% | 140,000 | $1.1M | Reduce -30.8% |
| OI O-I Glass Inc. | 0.53% | 74,250 | $1.1M | No change |
| ANAB Anaptysbio Inc. | 0.51% | 48,000 | $1.1M | Add +37.7% |
| SPOT Spotify Technology SA | 0.46% | 1,250 | $959K | No change |
| PRTA Prothena Corp. PLC | 0.46% | 156,500 | $950K | Reduce -19.7% |
| BP BP PLC-Spons ADR | 0.43% | 30,000 | $898K | No change |
| STEW SRH Total Return Fund Inc. | 0.43% | 50,000 | $884K | No change |
| VRDN Viridian Therapeutics Inc. | 0.42% | 62,029 | $867K | No change |
| PYPL PayPal Holdings Inc. | 0.39% | 11,000 | $818K | No change |
| BHVN Biohaven Ltd. | 0.38% | 56,500 | $797K | Add +11.9% |
| LRCX Lam Research Corp. | 0.35% | 7,500 | $730K | No change |
| INTC Intel Corp. | 0.32% | 30,000 | $672K | Reduce -25.0% |
| IWM iShares Russell 2000 ETF | 0.31% | 3,000 | $647K | No change |
| TPB Turning Point Brands Inc. | 0.29% | 8,000 | $606K | Reduce -20.8% |
| ARQ Arq Inc. | 0.28% | 108,494 | $583K | Reduce -4.3% |
| TDOC Teladoc Health Inc. | 0.27% | 65,000 | $566K | Add +23.8% |
| GPCR Structure Therapeutics Inc. | 0.25% | 24,750 | $513K | New |
| LYFT LYFT Inc. Class A | 0.23% | 30,000 | $473K | Reduce -45.5% |
| CTLP Cantaloupe Inc. | 0.18% | 33,500 | $368K | Add +6.3% |
| BUR Burford Capital Ltd. | 0.17% | 24,500 | $349K | Add +16.7% |
| NN Nextnav Inc. | 0.15% | 20,000 | $304K | Add +53.9% |
| ALLT Allot Ltd. | 0.14% | 35,238 | $301K | Add +45.4% |
| PANW Palo Alto Networks Inc. | 0.10% | 1,050 | $215K | New |
| XLE SS Energy Select Sector | 0.10% | 2,500 | $212K | Reduce -73.0% |
| ALT Altimmune Inc. | 0.02% | 10,770 | $42K | Reduce -50.5% |
| ARDX Ardelyx Inc. | 0.02% | 10,000 | $39K | New |
Options reported separately and not counted above: MU puts ($5.2M), UBER puts ($700K), GDX puts ($651K), ALT calls ($488K), MU calls ($308K), OI calls ($236K), TEVA calls ($126K), BUR calls ($50K), CRVS calls ($10K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $98K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 100,000 | $98K | No change |
Total filed on the 13F, all lines: $208.0M.
Portfolio Sells Q1 2025 → Q2 2025
| ARGX Argenx SE - ADR | Reduce -4.9% | 3.62% | −0.95 |
| PRTA Prothena Corp. PLC | Reduce -19.7% | 0.46% | −0.84 |
| XNCR Xencor Inc. | Reduce -30.8% | 0.53% | −0.63 |
| GLD SPDR Gold Shares | Reduce -16.7% | 2.20% | −0.59 |
| XLE SS Energy Select Sector | Reduce -73.0% | 0.10% | −0.36 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.25 |
| CSCO Cisco Systems Inc. | Reduce -11.5% | 1.92% | −0.24 |
| INTC Intel Corp. | Reduce -25.0% | 0.32% | −0.17 |
| LYFT LYFT Inc. Class A | Reduce -45.5% | 0.23% | −0.12 |
| INCY Incyte Corp. | Reduce -7.8% | 1.36% | −0.11 |
| B Barrick Gold Corp. | Reduce -7.7% | 0.60% | −0.08 |
| WOLF Wolfspeed Inc. | Sold out | 0.00% | −0.05 |
| ALT Altimmune Inc. | Reduce -50.5% | 0.02% | −0.04 |
| TPB Turning Point Brands Inc. | Reduce -20.8% | 0.29% | −0.03 |
| LFCR Lifecore Biomedical Inc. | Reduce -4.1% | 1.81% | −0.02 |
| EQ Equillium Inc. | Sold out | 0.00% | −0.01 |
| ARQ Arq Inc. | Reduce -4.3% | 0.28% | +0.03 |
| C Citigroup Inc. | Reduce -4.0% | 1.47% | +0.04 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -3.4% | 1.74% | +0.20 |
| AMD Advanced Micro Devices | Reduce -7.9% | 2.39% | +0.29 |
| ORCL Oracle Corp. | Reduce -8.2% | 3.52% | +0.78 |
Portfolio Buys Q1 2025 → Q2 2025
| MU Micron Technology Inc. | Add +0.6% | 11.64% | +2.52 |
| EVO Evotec SE - Spon ADR | Add +48.3% | 2.25% | +0.90 |
| CRVS Corvus Pharmaceuticals Inc. | Add +89.4% | 1.46% | +0.77 |
| UBER Uber Technologies Inc. | Add +10.0% | 2.47% | +0.51 |
| AVGO Broadcom Inc. | Add +27.5% | 0.85% | +0.39 |
| AMZN Amazon.com Inc. | Add +7.5% | 3.78% | +0.37 |
| GDX Vaneck Gold Miners ETF | Add +13.9% | 2.57% | +0.34 |
| AMGN Amgen Inc. | Add +53.9% | 1.41% | +0.27 |
| MRVL Marvell Technology Inc. | Add +14.6% | 1.17% | +0.26 |
| GPCR Structure Therapeutics Inc. | New | 0.25% | +0.25 |
| ZM Zoom Communications Inc. | Add +23.6% | 1.28% | +0.18 |
| ANAB Anaptysbio Inc. | Add +37.7% | 0.51% | +0.16 |
| HELP Cybin Inc. | Add +0.4% | 0.82% | +0.13 |
| PANW Palo Alto Networks Inc. | New | 0.10% | +0.10 |
| ALLT Allot Ltd. | Add +45.4% | 0.14% | +0.07 |
| BNED Barnes & Noble Education Inc. | Add +5.1% | 1.22% | +0.06 |
| NN Nextnav Inc. | Add +53.9% | 0.15% | +0.06 |
| TEVA Teva Pharmaceutical-SP ADR | Add +6.7% | 1.47% | +0.06 |
| TDOC Teladoc Health Inc. | Add +23.8% | 0.27% | +0.05 |
| CTLP Cantaloupe Inc. | Add +6.3% | 0.18% | +0.04 |
| XJQCX Nuveen Credit Strategies Inc. | Add +14.5% | 0.96% | +0.02 |
| ARDX Ardelyx Inc. | New | 0.02% | +0.02 |
| BUR Burford Capital Ltd. | Add +16.7% | 0.17% | +0.02 |
| AAPL Apple Inc. | Add +9.4% | 0.86% | −0.09 |
| LNSR Lensar Inc. | Add +3.0% | 0.76% | −0.12 |
| ZLAB Zai Lab Ltd.-ADR | Add +1.1% | 1.53% | −0.22 |
| BHVN Biohaven Ltd. | Add +11.9% | 0.38% | −0.27 |
| ZBH Zimmer Biomet Holdings Inc. | Add +14.3% | 1.34% | −0.29 |
| LLY Eli Lilly & Co. | Add +6.0% | 2.48% | −0.29 |
| BABA Alibaba Group Holding-SP ADR | Add +0.9% | 2.14% | −0.63 |
| REGN Regeneron Pharmaceuticals | Add +5.6% | 2.37% | −0.66 |
Options Activity Q1 2025 → Q2 2025
| VOO Vanguard S&P 500 ETF | put | Sold out | 35,000 | $18.0Mbefore exit |
| MU Micron Technology Inc. | put | New | 42,500 | $5.2M |
| GLD SPDR Gold Shares | put | Sold out | 8,000 | $2.3Mbefore exit |
| UBER Uber Technologies Inc. | put | New | 7,500 | $700K |
| GDX Vaneck Gold Miners ETF | put | New | 12,500 | $651K |
| ALT Altimmune Inc. | call | Add +32.6% | 126,000 | $488K |
| ZM Zoom Communications Inc. | call | Sold out | 5,000 | $369Kbefore exit |
| MU Micron Technology Inc. | call | Reduce -80.8% | 2,500 | $308K |
| BUR Burford Capital Ltd. | call | New | 3,500 | $50K |
| IONS Ionis Pharmaceuticals Inc. | put | Sold out | 1,500 | $45Kbefore exit |
| LNSR Lensar Inc. | call | Sold out | 2,000 | $28Kbefore exit |
| CRVS Corvus Pharmaceuticals Inc. | call | Reduce -50.0% | 2,500 | $10K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | Sold out | 350,000 | $343Kbefore 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 |