In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), DCF Advisers, LLC reported 75 stock positions worth $302.8 million . Its top holding was Micron Technology (MU) at 15.8% of the portfolio, followed by Alphabet Class C (GOOG, 5.9% ) and Teva Pharmaceutical-SP ADR (TEVA, 4.0% ). Compared with Q3 2025, it opened 18 new positions, sold out of 21, added to 12 and reduced 21. The biggest buy was a new position in Cybin (HELP) and the biggest sale an exit from Alibaba Group HLDG .
Location MOUNT PLEASANT, SC
CIK 0001802493
Portfolio Value $302.8M (Q4 2025) Holdings 75 stocks · $302.8M 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 Q3 2025 MU Micron Technology Inc. 167,250 $47.7M Reduce -18.5% GOOG Alphabet Inc. Class C 57,000 $17.9M No change TEVA Teva Pharmaceutical-SP ADR 385,000 $12.0M Add +4.7% ARGX Argenx SE - ADR 13,650 $11.5M No change GDX Vaneck Gold Miners ETF 109,500 $9.4M Reduce -4.4% LLY Eli Lilly & Co. 8,300 $8.9M No change IONS Ionis Pharmaceuticals Inc. 103,000 $8.1M Reduce -5.0% IAU iShares Gold Trust 100,000 $8.1M No change REGN Regeneron Pharmaceuticals 10,000 $7.7M No change AMZN Amazon.com Inc. 32,000 $7.4M Add +9.4% BAC Bank of America Corp. filed as BANK AMERICA CORP 119,500 $6.6M No change AMD Advanced Micro Devices 30,000 $6.4M Reduce -7.7% HELP Cybin Inc. 775,588 $6.3M New NAMS Newamsterdam Pharma Co. NV 160,600 $5.6M Reduce -8.4% CRVS Corvus Pharmaceuticals Inc. 729,000 $5.6M New ORCL Oracle Corp. 28,500 $5.6M Reduce -1.7% BABA Alibaba Group Holding-SP ADR 37,400 $5.5M New BIDU Baidu Inc. - Spon ADR 40,500 $5.3M Add +2.5% GLD SPDR Gold Shares 13,000 $5.2M Reduce -13.3% ET Energy Transfer LP 300,500 $5.0M New SLV iShares Silver Trust 72,500 $4.7M Reduce -27.5% UBER Uber Technologies Inc. 55,000 $4.5M New AMGN Amgen Inc. 13,500 $4.4M Add +17.4% C Citigroup Inc. 36,000 $4.2M No change INCY Incyte Corp. 41,500 $4.1M No change AZN Astrazeneca PLC-Spons ADR 44,300 $4.1M New CSCO Cisco Systems Inc. 50,000 $3.9M Reduce -16.7% EVO Evotec SE - Spon ADR 1,198,993 $3.7M No change LFCR Lifecore Biomedical Inc. 442,000 $3.6M Reduce -2.2% GDXJ Vaneck Junior Gold Miners 26,500 $3.0M No change HD Home Depot Inc. 8,500 $2.9M New LYFT LYFT Inc. Class A 150,000 $2.9M Add +347.8% ZBH Zimmer Biomet Holdings Inc. 30,500 $2.7M No change VRTX Vertex Pharmaceuticals Inc. 6,000 $2.7M New B Barrick Gold Corp. 60,000 $2.6M New ZM Zoom Communications Inc. 30,250 $2.6M Add +11.0% XAODX Abrdn Total Dynamic Dividend 266,000 $2.6M No change AAPL Apple Inc. 9,250 $2.5M No change ABBV Abbvie Inc. 10,750 $2.5M No change XNCR Xencor Inc. 154,736 $2.4M Reduce -18.4% MRVL Marvell Technology Inc. 27,500 $2.3M Reduce -19.7% GPCR Structure Therapeutics Inc. 30,000 $2.1M New XJQCX Nuveen Credit Strategies Inc. 408,720 $2.1M Add +10.0% BNED Barnes & Noble Education Inc. 214,943 $2.0M Reduce -6.3% URNM Sprott Uranium Miners ETF 35,000 $1.9M No change PRTA Prothena Corp. PLC 195,747 $1.9M Reduce -2.5% QCOM Qualcomm Inc. 10,250 $1.8M Add +32.3% ZLAB Zai Lab Ltd.-ADR 97,500 $1.7M Add +6.0% BHVN Biohaven Ltd. 151,500 $1.7M Reduce -11.7% ANAB Anaptysbio Inc. 35,250 $1.7M Reduce -26.6% VRDN Viridian Therapeutics Inc. 52,700 $1.6M Reduce -15.0% AVGO Broadcom Inc. 4,500 $1.6M Reduce -10.0% INTC Intel Corp. 40,000 $1.5M No change IMRX Immuneering Corp. Class A 215,000 $1.4M New LNSR Lensar Inc. 118,217 $1.4M Reduce -0.8% META Meta Platforms Inc. Class A 2,000 $1.3M No change LRCX Lam Research Corp. 7,500 $1.3M No change PFE Pfizer Inc. 47,000 $1.2M No change SNY Sanofi-ADR 21,000 $1.0M New GM General Motors Co. 12,500 $1.0M New TDOC Teladoc Health Inc. 137,500 $963K Add +292.9% OI O-I Glass Inc. 64,750 $956K Reduce -16.2% STEW SRH Total Return Fund Inc. 50,000 $927K No change ARQ Arq Inc. 260,570 $852K New TPB Turning Point Brands Inc. 7,000 $759K No change IWM iShares Russell 2000 ETF 3,000 $738K No change SPOT Spotify Technology SA 1,250 $726K No change ALLT Allot Ltd. 72,000 $708K Add +2.9% CTLP Cantaloupe Inc. 33,500 $356K No change PYPL PayPal Holdings Inc. 5,000 $292K Reduce -54.5% MEOH Methanex Corp. 5,500 $218K New BUR Burford Capital Ltd. 19,500 $174K New IFRX Inflarx NV 158,500 $160K New ARDX Ardelyx Inc. 20,000 $117K Add +100.0% ALT Altimmune Inc. 18,700 $68K New
Options reported separately and not counted above: SPY puts ($47.1M), MU puts ($6.4M), TEVA puts ($3.0M), SOXX puts ($3.0M), GOOGL puts ($1.6M), QQQ puts ($1.2M), GDX puts ($1.1M), AMGN calls ($982K), UBER puts ($980K), ZM calls ($863K), DOCU calls ($650K), ALT calls ($570K), and 8 more.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ ALIBABA GROUP HLDG LTD Sold out 0.00% −2.65 CORVUS PHARMACEUTICALS INC Sold out 0.00% −2.15 UBER TECHNOLOGIES INC Sold out 0.00% −2.04 ENERGY TRANSFER L P Sold out 0.00% −1.95 ASTRAZENECA PLC Sold out 0.00% −1.33 ORCL Oracle Corp. Reduce -1.7% 1.83% −1.26 HOME DEPOT INC Sold out 0.00% −0.92 CYBIN INC Sold out 0.00% −0.82 BARRICK GOLD CORP Sold out 0.00% −0.74 STRUCTURE THERAPEUTICS INC Sold out 0.00% −0.68 BOXX Alpha Architect 1-3 MNTH Box Sold out 0.00% −0.43 BHVN Biohaven Ltd. Reduce -11.7% 0.56% −0.41 IMMUNEERING CORP Sold out 0.00% −0.39 BP BP PLC-Spons ADR Sold out 0.00% −0.33 MRVL Marvell Technology Inc. Reduce -19.7% 0.77% −0.32 GLD SPDR Gold Shares Reduce -13.3% 1.70% −0.32 ARQ INC Sold out 0.00% −0.30 SANOFI SA Sold out 0.00% −0.29 GENERAL MTRS CO Sold out 0.00% −0.29 CSCO Cisco Systems Inc. Reduce -16.7% 1.27% −0.28 BNED Barnes & Noble Education Inc. Reduce -6.3% 0.65% −0.21 GDX Vaneck Gold Miners ETF Reduce -4.4% 3.10% −0.21 PYPL PayPal Holdings Inc. Reduce -54.5% 0.10% −0.18 PRTA Prothena Corp. PLC Reduce -2.5% 0.62% −0.12 BURFORD CAP LTD Sold out 0.00% −0.11 AVGO Broadcom Inc. Reduce -10.0% 0.51% −0.11 LNSR Lensar Inc. Reduce -0.8% 0.45% −0.10 PALO ALTO NETWORKS INC Sold out 0.00% −0.08 METHANEX CORP Sold out 0.00% −0.08 LFCR Lifecore Biomedical Inc. Reduce -2.2% 1.19% −0.07 OI O-I Glass Inc. Reduce -16.2% 0.32% −0.06 KRANESHARES TRUST Sold out 0.00% −0.06 SLV iShares Silver Trust Reduce -27.5% 1.54% −0.06 NN Nextnav Inc. Sold out 0.00% −0.06 XNCR Xencor Inc. Reduce -18.4% 0.78% −0.06 NAMS Newamsterdam Pharma Co. NV Reduce -8.4% 1.86% −0.03 ALTIMMUNE INC Sold out 0.00% −0.02 IONS Ionis Pharmaceuticals Inc. Reduce -5.0% 2.69% +0.00 ANAB Anaptysbio Inc. Reduce -26.6% 0.56% +0.01 VRDN Viridian Therapeutics Inc. Reduce -15.0% 0.54% +0.03 AMD Advanced Micro Devices Reduce -7.7% 2.12% +0.13 MU Micron Technology Inc. Reduce -18.5% 15.76% +2.75
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ HELP Cybin Inc. New 2.10% +2.10 CRVS Corvus Pharmaceuticals Inc. New 1.85% +1.85 BABA Alibaba Group Holding-SP ADR New 1.81% +1.81 ET Energy Transfer LP New 1.64% +1.64 UBER Uber Technologies Inc. New 1.48% +1.48 AZN Astrazeneca PLC-Spons ADR New 1.34% +1.34 TEVA Teva Pharmaceutical-SP ADR Add +4.7% 3.97% +1.15 HD Home Depot Inc. New 0.97% +0.97 VRTX Vertex Pharmaceuticals Inc. New 0.90% +0.90 B Barrick Gold Corp. New 0.86% +0.86 GPCR Structure Therapeutics Inc. New 0.69% +0.69 LYFT LYFT Inc. Class A Add +347.8% 0.96% +0.68 IMRX Immuneering Corp. Class A New 0.47% +0.47 SNY Sanofi-ADR New 0.34% +0.34 GM General Motors Co. New 0.34% +0.34 ARQ Arq Inc. New 0.28% +0.28 AMGN Amgen Inc. Add +17.4% 1.46% +0.23 TDOC Teladoc Health Inc. Add +292.9% 0.32% +0.22 QCOM Qualcomm Inc. Add +32.3% 0.58% +0.09 MEOH Methanex Corp. New 0.07% +0.07 BUR Burford Capital Ltd. New 0.06% +0.06 IFRX Inflarx NV New 0.05% +0.05 ALT Altimmune Inc. New 0.02% +0.02 ARDX Ardelyx Inc. Add +100.0% 0.04% +0.02 ZM Zoom Communications Inc. Add +11.0% 0.86% +0.01 AMZN Amazon.com Inc. Add +9.4% 2.44% +0.01 ALLT Allot Ltd. Add +2.9% 0.23% −0.05 XJQCX Nuveen Credit Strategies Inc. Add +10.0% 0.68% −0.06 BIDU Baidu Inc. - Spon ADR Add +2.5% 1.75% −0.22 ZLAB Zai Lab Ltd.-ADR Add +6.0% 0.57% −0.61
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 69,000 $47.1M INVESCO QQQ TR ETF put Sold out 46,200 $27.7Mbefore exit MU Micron Technology Inc. put Reduce -45.8% 22,500 $6.4M TEVA Teva Pharmaceutical-SP ADR put New 97,500 $3.0M SOXX iShares Semiconductor ETF put New 10,000 $3.0M HOME DEPOT INC call Sold out 5,000 $2.0Mbefore exit AMZN Amazon.com Inc. call Sold out 7,500 $1.6Mbefore exit GOOGL Alphabet Inc. Class A put New 5,000 $1.6M C Citigroup Inc. put Sold out 15,000 $1.5Mbefore exit SPDR S&P 500 ETF TR put Sold out 2,000 $1.3Mbefore exit QQQ Invesco QQQ Trust Series 1 put New 2,000 $1.2M TARGET CORP call Sold out 11,500 $1.0Mbefore exit AMGN Amgen Inc. call Add +50.0% 3,000 $982K UBER TECHNOLOGIES INC put Sold out 10,000 $980Kbefore exit UBER Uber Technologies Inc. put New 10,000 $980K ZM Zoom Communications Inc. call New 10,000 $863K DOCU Docusign Inc. call New 9,500 $650K ALT Altimmune Inc. call New 158,000 $570K BHVN Biohaven Ltd. call Add +683.3% 47,000 $531K ALTIMMUNE INC call Sold out 126,000 $475Kbefore exit BIIB Biogen Inc. call New 2,500 $440K SBUX Starbucks Corp. call New 5,000 $421K LYFT LYFT Inc. Class A call Add +250.0% 17,500 $339K TEVA Teva Pharmaceutical-SP ADR call Reduce -82.6% 10,000 $312K VRTX Vertex Pharmaceuticals Inc. call New 500 $227K OI O-I Glass Inc. call Sold out 16,000 $208Kbefore exit BIDU Baidu Inc. - Spon ADR call New 1,500 $196K KRANESHARES TRUST put Sold out 4,000 $168Kbefore exit ZLAB Zai Lab Ltd.-ADR put New 1,500 $26K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ ESPERION THERAPEUTICS INC NE NOTE 4.000%11/1 · principal Sold out 100,000 $99Kbefore 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