In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), DCF Advisers, LLC reported 78 stock positions worth $264.0 million . Its top holding was Micron Technology (MU) at 13.0% of the portfolio, followed by Alphabet Class C (GOOG, 5.3% ) and Argenx SE - ADR (ARGX, 3.8% ). Compared with Q2 2025, it opened 18 new positions, sold out of 14, added to 22 and reduced 14. The biggest buy was a new position in Alibaba Group HLDG and the biggest sale an exit from Energy Transfer (ET).
Location MOUNT PLEASANT, SC
CIK 0001802493
Portfolio Value $264.0M (Q3 2025) Holdings 78 stocks · $264.0M 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 Q2 2025 MU Micron Technology Inc. 205,250 $34.3M Add +4.6% GOOG Alphabet Inc. Class C 57,000 $13.9M No change ARGX Argenx SE - ADR 13,650 $10.1M No change GDX Vaneck Gold Miners ETF 114,500 $8.7M Add +11.7% ORCL Oracle Corp. 29,000 $8.2M Reduce -13.4% TEVA Teva Pharmaceutical-SP ADR 367,700 $7.4M Add +101.5% IAU iShares Gold Trust 100,000 $7.3M No change IONS Ionis Pharmaceuticals Inc. 108,413 $7.1M Add +18.2% ALIBABA GROUP HLDG LTD 39,150 $7.0M New AMZN Amazon.com Inc. 29,250 $6.4M Reduce -18.4% LLY Eli Lilly & Co. 8,300 $6.3M Add +25.3% BAC Bank of America Corp. filed as BANK AMERICA CORP 119,500 $6.2M No change CORVUS PHARMACEUTICALS INC 768,500 $5.7M New REGN Regeneron Pharmaceuticals 10,000 $5.6M Add +6.4% UBER TECHNOLOGIES INC 55,000 $5.4M New GLD SPDR Gold Shares 15,000 $5.3M No change AMD Advanced Micro Devices 32,500 $5.3M Reduce -7.1% BIDU Baidu Inc. - Spon ADR 39,500 $5.2M Reduce -24.8% ENERGY TRANSFER L P 300,500 $5.2M New NAMS Newamsterdam Pharma Co. NV 175,250 $5.0M Add +1.6% EVO Evotec SE - Spon ADR 1,198,993 $4.4M Add +7.6% SLV iShares Silver Trust 100,000 $4.2M No change CSCO Cisco Systems Inc. 60,000 $4.1M Add +4.3% C Citigroup Inc. 36,000 $3.7M No change INCY Incyte Corp. 41,500 $3.5M No change ASTRAZENECA PLC 45,800 $3.5M New LFCR Lifecore Biomedical Inc. 452,000 $3.3M Reduce -2.4% AMGN Amgen Inc. 11,500 $3.2M Add +9.5% ZLAB Zai Lab Ltd.-ADR 92,000 $3.1M Add +1.1% ZBH Zimmer Biomet Holdings Inc. 30,500 $3.0M Reduce -0.5% MRVL Marvell Technology Inc. 34,250 $2.9M Add +8.7% GDXJ Vaneck Junior Gold Miners 26,500 $2.6M Add +23.3% BHVN Biohaven Ltd. 171,500 $2.6M Add +203.5% XAODX Abrdn Total Dynamic Dividend 266,000 $2.5M No change ABBV Abbvie Inc. 10,750 $2.5M No change HOME DEPOT INC 6,000 $2.4M New AAPL Apple Inc. 9,250 $2.4M Add +5.7% BNED Barnes & Noble Education Inc. 229,443 $2.3M Add +6.3% ZM Zoom Communications Inc. 27,250 $2.2M Reduce -19.9% XNCR Xencor Inc. 189,736 $2.2M Add +35.5% CYBIN INC 368,768 $2.2M New URNM Sprott Uranium Miners ETF 35,000 $2.1M Reduce -17.4% BARRICK GOLD CORP 60,000 $2.0M New PRTA Prothena Corp. PLC 200,747 $2.0M Add +28.3% XJQCX Nuveen Credit Strategies Inc. 371,713 $2.0M No change STRUCTURE THERAPEUTICS INC 64,250 $1.8M New AVGO Broadcom Inc. 5,000 $1.6M Reduce -21.6% LNSR Lensar Inc. 119,217 $1.5M No change ANAB Anaptysbio Inc. 48,000 $1.5M No change META Meta Platforms Inc. Class A 2,000 $1.5M No change INTC Intel Corp. 40,000 $1.3M Add +33.3% VRDN Viridian Therapeutics Inc. 62,029 $1.3M No change QCOM Qualcomm Inc. 7,750 $1.3M No change PFE Pfizer Inc. 47,000 $1.2M Reduce -8.5% BOXX Alpha Architect 1-3 MNTH Box 10,000 $1.1M No change IMMUNEERING CORP 147,000 $1.0M New LRCX Lam Research Corp. 7,500 $1.0M No change OI O-I Glass Inc. 77,250 $1.0M Add +4.0% STEW SRH Total Return Fund Inc. 50,000 $908K No change SPOT Spotify Technology SA 1,250 $873K No change BP BP PLC-Spons ADR 25,000 $862K Reduce -16.7% ARQ INC 111,994 $802K New SANOFI SA 16,250 $767K New GENERAL MTRS CO 12,500 $762K New ALLT Allot Ltd. 70,000 $741K Add +98.7% PYPL PayPal Holdings Inc. 11,000 $738K No change LYFT LYFT Inc. Class A 33,500 $737K Add +11.7% IWM iShares Russell 2000 ETF 3,000 $726K No change TPB Turning Point Brands Inc. 7,000 $692K Reduce -12.5% CTLP Cantaloupe Inc. 33,500 $354K No change BURFORD CAP LTD 24,500 $293K New TDOC Teladoc Health Inc. 35,000 $271K Reduce -46.1% PALO ALTO NETWORKS INC 1,050 $214K New METHANEX CORP 5,250 $209K New KRANESHARES TRUST 4,000 $168K New NN Nextnav Inc. 11,450 $164K Reduce -42.8% ARDX Ardelyx Inc. 10,000 $55K No change ALTIMMUNE INC 10,770 $41K New
Options reported separately and not counted above: INVESCO QQQ TR ETF puts ($27.7M), MU puts ($6.9M), HOME DEPOT INC calls ($2.0M), AMZN calls ($1.6M), C puts ($1.5M), SPDR S&P 500 ETF TR puts ($1.3M), TEVA calls ($1.2M), GDX puts ($1.1M), TARGET CORP calls ($1.0M), UBER TECHNOLOGIES INC puts ($980K), AMGN calls ($564K), ALTIMMUNE INC calls ($475K), and 4 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $99K (not counted above) Security Class Shares / Principal Value Change ESPERION THERAPEUTICS INC NE NOTE 4.000%11/1 · principal 100,000 $99K New
Total filed on the 13F, all lines: $264.1M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ ET Energy Transfer LP Sold out 0.00% −2.62 UBER Uber Technologies Inc. Sold out 0.00% −2.47 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −2.14 AZN Astrazeneca PLC-Spons ADR Sold out 0.00% −1.54 CRVS Corvus Pharmaceuticals Inc. Sold out 0.00% −1.46 AMZN Amazon.com Inc. Reduce -18.4% 2.43% −1.35 HELP Cybin Inc. Sold out 0.00% −0.82 B Barrick Gold Corp. Sold out 0.00% −0.60 GM General Motors Co. Sold out 0.00% −0.59 LFCR Lifecore Biomedical Inc. Reduce -2.4% 1.26% −0.55 ORCL Oracle Corp. Reduce -13.4% 3.09% −0.43 ZM Zoom Communications Inc. Reduce -19.9% 0.85% −0.42 AMD Advanced Micro Devices Reduce -7.1% 1.99% −0.40 ARQ Arq Inc. Sold out 0.00% −0.28 GPCR Structure Therapeutics Inc. Sold out 0.00% −0.25 AVGO Broadcom Inc. Reduce -21.6% 0.62% −0.22 ZBH Zimmer Biomet Holdings Inc. Reduce -0.5% 1.14% −0.21 BIDU Baidu Inc. - Spon ADR Reduce -24.8% 1.97% −0.19 URNM Sprott Uranium Miners ETF Reduce -17.4% 0.80% −0.18 TDOC Teladoc Health Inc. Reduce -46.1% 0.10% −0.17 BUR Burford Capital Ltd. Sold out 0.00% −0.17 PFE Pfizer Inc. Reduce -8.5% 0.45% −0.15 BP BP PLC-Spons ADR Reduce -16.7% 0.33% −0.11 PANW Palo Alto Networks Inc. Sold out 0.00% −0.10 XLE SS Energy Select Sector Sold out 0.00% −0.10 NN Nextnav Inc. Reduce -42.8% 0.06% −0.08 TPB Turning Point Brands Inc. Reduce -12.5% 0.26% −0.03 ALT Altimmune Inc. Sold out 0.00% −0.02
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ ALIBABA GROUP HLDG LTD New 2.65% +2.65 CORVUS PHARMACEUTICALS INC New 2.15% +2.15 UBER TECHNOLOGIES INC New 2.04% +2.04 ENERGY TRANSFER L P New 1.95% +1.95 MU Micron Technology Inc. Add +4.6% 13.01% +1.37 TEVA Teva Pharmaceutical-SP ADR Add +101.5% 2.81% +1.34 ASTRAZENECA PLC New 1.33% +1.33 IONS Ionis Pharmaceuticals Inc. Add +18.2% 2.69% +0.94 HOME DEPOT INC New 0.92% +0.92 CYBIN INC New 0.82% +0.82 GDX Vaneck Gold Miners ETF Add +11.7% 3.31% +0.75 BARRICK GOLD CORP New 0.74% +0.74 STRUCTURE THERAPEUTICS INC New 0.68% +0.68 BHVN Biohaven Ltd. Add +203.5% 0.98% +0.59 IMMUNEERING CORP New 0.39% +0.39 NAMS Newamsterdam Pharma Co. NV Add +1.6% 1.89% +0.39 XNCR Xencor Inc. Add +35.5% 0.84% +0.31 ARQ INC New 0.30% +0.30 GDXJ Vaneck Junior Gold Miners Add +23.3% 0.99% +0.29 SANOFI SA New 0.29% +0.29 GENERAL MTRS CO New 0.29% +0.29 PRTA Prothena Corp. PLC Add +28.3% 0.74% +0.29 INTC Intel Corp. Add +33.3% 0.51% +0.19 ALLT Allot Ltd. Add +98.7% 0.28% +0.14 BURFORD CAP LTD New 0.11% +0.11 PALO ALTO NETWORKS INC New 0.08% +0.08 METHANEX CORP New 0.08% +0.08 KRANESHARES TRUST New 0.06% +0.06 LYFT LYFT Inc. Class A Add +11.7% 0.28% +0.05 AAPL Apple Inc. Add +5.7% 0.89% +0.03 ALTIMMUNE INC New 0.02% +0.02 MRVL Marvell Technology Inc. Add +8.7% 1.09% −0.08 LLY Eli Lilly & Co. Add +25.3% 2.40% −0.09 OI O-I Glass Inc. Add +4.0% 0.38% −0.15 AMGN Amgen Inc. Add +9.5% 1.23% −0.18 REGN Regeneron Pharmaceuticals Add +6.4% 2.13% −0.24 ZLAB Zai Lab Ltd.-ADR Add +1.1% 1.18% −0.35 BNED Barnes & Noble Education Inc. Add +6.3% 0.86% −0.36 CSCO Cisco Systems Inc. Add +4.3% 1.56% −0.36 EVO Evotec SE - Spon ADR Add +7.6% 1.65% −0.60
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ INVESCO QQQ TR ETF put New 46,200 $27.7M MU Micron Technology Inc. put Reduce -2.4% 41,500 $6.9M HOME DEPOT INC call New 5,000 $2.0M AMZN Amazon.com Inc. call New 7,500 $1.6M C Citigroup Inc. put New 15,000 $1.5M SPDR S&P 500 ETF TR put New 2,000 $1.3M TEVA Teva Pharmaceutical-SP ADR call Add +666.7% 57,500 $1.2M GDX Vaneck Gold Miners ETF put Add +20.0% 15,000 $1.1M TARGET CORP call New 11,500 $1.0M UBER TECHNOLOGIES INC put New 10,000 $980K UBER Uber Technologies Inc. put Sold out 7,500 $700Kbefore exit AMGN Amgen Inc. call New 2,000 $564K ALT Altimmune Inc. call Sold out 126,000 $488Kbefore exit ALTIMMUNE INC call New 126,000 $475K MU Micron Technology Inc. call Sold out 2,500 $308Kbefore exit KRANESHARES TRUST put New 4,000 $168K LYFT LYFT Inc. Class A call New 5,000 $110K BHVN Biohaven Ltd. call New 6,000 $90K BUR Burford Capital Ltd. call Sold out 3,500 $50Kbefore exit CRVS Corvus Pharmaceuticals Inc. call Sold out 2,500 $10Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ ESPERION THERAPEUTICS INC NE NOTE 4.000%11/1 · principal New 100,000 $99K ESPERION THERAPEUTICS (ESPR 4 11/15/25) NOTE 4.000%11/1 · principal Sold out 100,000 $98Kbefore 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