Harbert Fund Advisors, LLC In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Harbert Fund Advisors, LLC reported 57 stock positions worth $115.0 million . Its top holding was Penn Entertainment (PENN) at 8.9% of the portfolio, followed by Amazon.com (AMZN, 7.3% ) and Microsoft (MSFT, 6.6% ). Compared with Q3 2024, it opened 18 new positions, sold out of 34, added to 23 and reduced 7. The biggest buy was Microsoft (MSFT, shares +54% ) and the biggest sale an exit from Turtle Beach (TBCH).
Location Birmingham, AL
CIK 0001616659
Portfolio Value $115.0M (Q4 2024) Holdings 57 stocks · $115.0M 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 Q3 2024 PENN Penn Entertainment Inc. 518,272 $10.3M Reduce -14.8% AMZN Amazon.com Inc. 38,500 $8.4M Reduce -3.8% MSFT Microsoft Corp. 18,125 $7.6M Add +54.3% INFU Infusystem Holdings Inc. 597,613 $5.0M Reduce -3.3% NVDA Nvidia Corp. 30,000 $4.0M Add +50.0% LQDA Liquidia Corp. 339,158 $4.0M No change META Meta Platforms Inc. Class A 6,615 $3.9M Add +32.3% GOOG Alphabet Inc. Class C 20,250 $3.9M Reduce -37.7% ENZB Enzo Biochem Inc. 5,175,913 $3.7M No change ARAY Accuray Inc. 1,849,184 $3.7M No change FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 300,000 $3.1M No change FENC Fennec Pharmaceuticals Inc. 466,869 $3.0M No change INVE Inve Technologies Inc. filed as IDENTIV INC 785,557 $2.9M No change TSM Taiwan Semiconductor-SP ADR 13,350 $2.6M Add +18.7% TACT Transact Technologies Inc. 640,168 $2.6M No change V Visa Inc. Class A 6,250 $2.0M Reduce -32.4% IIIV I3 Verticals Inc. Class A 81,606 $1.9M No change XYZ Block Inc. 21,500 $1.8M Add +186.7% SPGI S&P Global Inc. 3,250 $1.6M Add +62.5% UNP Union Pacific Corp. 7,000 $1.6M Add +127.6% NBIS Nebius Group NV 57,500 $1.6M New HON Honeywell International Inc. 7,000 $1.6M New ETN Eaton Corp. PLC 4,750 $1.6M Add +211.5% ROP Roper Technologies Inc. 3,025 $1.6M Add +227.0% BSX Boston Scientific Corp. 17,500 $1.6M Add +16.7% MCO Moody's Corp. 3,250 $1.5M Add +51.2% MA Mastercard Inc. Class A 2,850 $1.5M Reduce -37.4% ISRG Intuitive Surgical Inc. 2,875 $1.5M Add +11.7% PANW Palo Alto Networks Inc. 8,125 $1.5M Add +170.8% SPOT Spotify Technology SA 3,250 $1.5M Add +136.4% TEAM Atlassian Corp. Class A 5,000 $1.2M New STRM Streamline Health Solutions 321,614 $1.2M No change EMBJ Embraer SA-Spon ADR 32,500 $1.2M Add +128.1% DKNG Draftkings Inc. Class A 30,000 $1.1M New W Wayfair Inc. Class A 25,000 $1.1M New DE Deere & Co. 2,500 $1.1M Add +42.9% ALL Allstate Corp. 5,000 $964K New XOM Exxon Mobil Corp. 8,950 $963K Add +79.0% JPM JPMorgan Chase & Co. 4,000 $959K Add +60.0% TPG TPG Inc. 15,000 $943K New CLMT Calumet Inc. 40,000 $881K New U Unity Software Inc. 37,500 $843K New PGR Progressive Corp. 3,250 $779K Add +62.5% CPNG Coupang Inc. 35,000 $769K New PRMB Primo Brands Corp. 25,000 $769K New VST Vistra Corp. 5,375 $741K New GFL GFL Environmental Inc.-Sub VT 16,500 $735K Add +32.0% ALGN Align Technology Inc. 3,500 $730K New CEG Constellation Energy 3,250 $727K New DDOG Datadog Inc. Class A 5,000 $714K Add +11.1% EMR Emerson Electric Co. 5,750 $713K Add +15.0% NTRA Natera Inc. 4,500 $712K New PRM Perimeter Solutions Inc. 55,000 $703K New EXAS Exact Sciences Corp. 12,500 $702K New WMT Walmart Inc. 4,625 $418K Reduce -26.0% DLR Digital Realty Trust Inc. 2,100 $372K Add +20.0% ILLR Triller Group Inc. 33,182 $79K New
Options reported separately and not counted above: SPY calls ($20.5M), XLV calls ($7.2M), IWM calls ($5.5M), AMZN puts ($4.4M), IWO calls ($4.3M), XBI calls ($3.4M), FXI calls ($3.0M), IQV calls ($2.9M), TLT calls ($2.6M), NKE calls ($2.3M), NVDA puts ($1.6M), XHB calls ($1.6M), and 25 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $2K (not counted above) Security Class Shares / Principal Value Change LDTDF Prospector Leddartech Alm-28 *W EXP 12/21/202 16,665 $2K No change
Total filed on the 13F, all lines: $115.0M.
Portfolio Sells Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▲ TBCH Turtle Beach Corp. Sold out 0.00% −6.45 ELV Elevance Health Inc. Sold out 0.00% −2.20 AAPL Apple Inc. Sold out 0.00% −2.02 IQV Iqvia Holdings Inc. Sold out 0.00% −2.00 INSE Inspired Entertainment Inc. Sold out 0.00% −1.94 UNH Unitedhealth Group Inc. Sold out 0.00% −1.65 ECVT Ecovyst Inc. Sold out 0.00% −1.64 AVGO Broadcom Inc. Sold out 0.00% −1.22 GOOG Alphabet Inc. Class C Reduce -37.7% 3.35% −1.02 PCT Purecycle Technologies Inc. Sold out 0.00% −0.93 TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.82 NEE Nextera Energy Inc. Sold out 0.00% −0.81 NRG NRG Energy Inc. Sold out 0.00% −0.80 OXY Occidental Petroleum Corp. Sold out 0.00% −0.62 TSLA Tesla Inc. Sold out 0.00% −0.58 TRMD Torm PLC-A Sold out 0.00% −0.55 MA Mastercard Inc. Class A Reduce -37.4% 1.30% −0.51 WCN Waste Connections Inc. Sold out 0.00% −0.43 THC Tenet Healthcare Corp. Sold out 0.00% −0.42 ADBE Adobe Inc. Sold out 0.00% −0.42 AVTR Avantor Inc. Sold out 0.00% −0.42 IBB iShares Biotechnology ETF Sold out 0.00% −0.41 PCOR Procore Technologies Inc. Sold out 0.00% −0.41 XBI SS SPDR S&P Biotech ETF Sold out 0.00% −0.41 PLD Prologis Inc. Sold out 0.00% −0.41 WDAY Workday Inc. Class A Sold out 0.00% −0.40 BRZE Braze Inc. Class A Sold out 0.00% −0.40 TDG Transdigm Group Inc. Sold out 0.00% −0.40 FCX Freeport-McMoran Inc. Sold out 0.00% −0.40 NFLX Netflix Inc. Sold out 0.00% −0.40 ENPH Enphase Energy Inc. Sold out 0.00% −0.40 SBAC SBA Communications Corp. Sold out 0.00% −0.39 AMT American Tower Corp. Sold out 0.00% −0.37 V Visa Inc. Class A Reduce -32.4% 1.72% −0.33 PENN Penn Entertainment Inc. Reduce -14.8% 8.93% −0.31 AME Ametek Inc. Sold out 0.00% −0.21 RACE Ferrari NV Sold out 0.00% −0.20 REAL The Realreal Inc. Sold out 0.00% −0.18 WMT Walmart Inc. Reduce -26.0% 0.36% −0.04 INFU Infusystem Holdings Inc. Reduce -3.3% 4.39% +1.05 AMZN Amazon.com Inc. Reduce -3.8% 7.34% +1.34
Portfolio Buys Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▼ MSFT Microsoft Corp. Add +54.3% 6.64% +2.57 NVDA Nvidia Corp. Add +50.0% 3.50% +1.55 NBIS Nebius Group NV New 1.38% +1.38 HON Honeywell International Inc. New 1.37% +1.37 XYZ Block Inc. Add +186.7% 1.59% +1.18 META Meta Platforms Inc. Class A Add +32.3% 3.37% +1.06 TEAM Atlassian Corp. Class A New 1.06% +1.06 DKNG Draftkings Inc. Class A New 0.97% +0.97 W Wayfair Inc. Class A New 0.96% +0.96 ETN Eaton Corp. PLC Add +211.5% 1.37% +0.96 ROP Roper Technologies Inc. Add +227.0% 1.37% +0.95 PANW Palo Alto Networks Inc. Add +170.8% 1.29% +0.87 SPOT Spotify Technology SA Add +136.4% 1.26% +0.86 ALL Allstate Corp. New 0.84% +0.84 TPG TPG Inc. New 0.82% +0.82 UNP Union Pacific Corp. Add +127.6% 1.39% +0.78 CLMT Calumet Inc. New 0.77% +0.77 U Unity Software Inc. New 0.73% +0.73 TSM Taiwan Semiconductor-SP ADR Add +18.7% 2.29% +0.72 CPNG Coupang Inc. New 0.67% +0.67 PRMB Primo Brands Corp. New 0.67% +0.67 VST Vistra Corp. New 0.64% +0.64 ALGN Align Technology Inc. New 0.63% +0.63 CEG Constellation Energy New 0.63% +0.63 EMBJ Embraer SA-Spon ADR Add +128.1% 1.04% +0.63 NTRA Natera Inc. New 0.62% +0.62 PRM Perimeter Solutions Inc. New 0.61% +0.61 EXAS Exact Sciences Corp. New 0.61% +0.61 SPGI S&P Global Inc. Add +62.5% 1.41% +0.57 MCO Moody's Corp. Add +51.2% 1.34% +0.52 JPM JPMorgan Chase & Co. Add +60.0% 0.83% +0.41 XOM Exxon Mobil Corp. Add +79.0% 0.84% +0.36 BSX Boston Scientific Corp. Add +16.7% 1.36% +0.35 DE Deere & Co. Add +42.9% 0.92% +0.33 ISRG Intuitive Surgical Inc. Add +11.7% 1.30% +0.29 PGR Progressive Corp. Add +62.5% 0.68% +0.27 GFL GFL Environmental Inc.-Sub VT Add +32.0% 0.64% +0.24 DDOG Datadog Inc. Class A Add +11.1% 0.62% +0.20 EMR Emerson Electric Co. Add +15.0% 0.62% +0.18 DLR Digital Realty Trust Inc. Add +20.0% 0.32% +0.10 ILLR Triller Group Inc. New 0.07% +0.07
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call New 35,000 $20.5M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 17,500 $10.0Mbefore exit XLV SS Health Care Select Sector call New 52,500 $7.2M IWM iShares Russell 2000 ETF call Add +100.0% 25,000 $5.5M AMZN Amazon.com Inc. put Add +300.0% 20,000 $4.4M IWO iShares Russell 2000 Growth call New 15,000 $4.3M CVS CVS Health Corp. call Sold out 55,000 $3.5Mbefore exit XBI SS SPDR S&P Biotech ETF call Add +1400.0% 37,500 $3.4M FXI iShares China Large-Cap ETF call New 100,000 $3.0M IQV Iqvia Holdings Inc. call New 15,000 $2.9M TLT iShares 20+ Year Treasury BD call Add +201.0% 30,100 $2.6M QQQ Invesco QQQ Trust Series 1 put Sold out 5,000 $2.4Mbefore exit NKE Nike Inc. Class B call New 30,000 $2.3M GOOG Alphabet Inc. Class C call Sold out 10,000 $1.7Mbefore exit NVDA Nvidia Corp. put Add +14.3% 12,000 $1.6M XHB SS SPDR S&P Homebldrs ETF call New 15,000 $1.6M NVDA Nvidia Corp. call New 11,500 $1.5M META Meta Platforms Inc. Class A put Reduce -44.4% 2,500 $1.5M HUM Humana Inc. call Add +10.0% 5,500 $1.4M UNH Unitedhealth Group Inc. call New 2,700 $1.4M AAPL Apple Inc. put Reduce -10.0% 4,500 $1.1M V Visa Inc. Class A put Add +40.0% 3,500 $1.1M NCNO Ncino Inc. call New 30,000 $1.0M DE Deere & Co. put New 2,000 $847K ZTS Zoetis Inc. call New 5,000 $815K XYZ Block Inc. call Sold out 10,000 $671Kbefore exit TSM Taiwan Semiconductor-SP ADR put New 3,000 $592K UNH Unitedhealth Group Inc. put Sold out 1,000 $585Kbefore exit NBIS Nebius Group NV call New 20,100 $557K W Wayfair Inc. Class A call New 12,500 $554K MA Mastercard Inc. Class A put Reduce -60.0% 1,000 $527K PANW Palo Alto Networks Inc. put Sold out 3,000 $513Kbefore exit GDX Vaneck Gold Miners ETF put Sold out 10,000 $398Kbefore exit PCOR Procore Technologies Inc. call Sold out 5,000 $309Kbefore exit PM Philip Morris International call New 2,500 $301K TMO Thermo Fisher Scientific Inc. put Sold out 400 $247Kbefore exit IQV Iqvia Holdings Inc. put Sold out 1,000 $237Kbefore exit U Unity Software Inc. call New 10,000 $225K THC Tenet Healthcare Corp. put Sold out 1,000 $166Kbefore exit BRZE Braze Inc. Class A call Sold out 2,500 $81Kbefore exit MSFT Microsoft Corp. put Reduce -99.2% 100 $42K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ JWSWF Jaws Mustang Acq C -CW26 *W EXP 01/30/202 Sold out 10,000 $231before 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 0 $0 Q1 2026 2 $3.0M INVE, TACT Q4 2025 2 $3.5M INVE, TACT Q3 2025 12 $15.3M LQDA, FRNM, INVE, TACT, FENC Q2 2025 20 $33.3M CHYM, LQDA, FRNM, INVE, INFU Q1 2025 53 $86.2M AMZN, LQDA, MSFT, ARAY, META Q4 2024 57 $115.0M PENN, AMZN, MSFT, INFU, NVDA Q3 2024 73 $124.1M PENN, TBCH, AMZN, ENZB, GOOG Q2 2024 87 $124.4M PENN, AMZN, MSFT, TBCH, ENZB Q1 2024 78 $145.3M TBCH, AMZN, MSFT, ENZB, INVE