Harbert Fund Advisors, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Harbert Fund Advisors, LLC reported 53 stock positions worth $86.2 million . Its top holding was Amazon.com (AMZN) at 8.5% of the portfolio, followed by Liquidia (LQDA, 5.8% ) and Microsoft (MSFT, 4.4% ). Compared with Q4 2024, it opened 14 new positions, sold out of 18, added to 12 and reduced 16. The biggest buy was a new position in Netflix (NFLX) and the biggest sale an exit from Penn Entertainment (PENN).
Location Birmingham, AL
CIK 0001616659
Portfolio Value $86.2M (Q1 2025) Holdings 53 stocks · $86.2M 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 AMZN Amazon.com Inc. 38,500 $7.3M No change LQDA Liquidia Corp. 339,158 $5.0M No change MSFT Microsoft Corp. 10,000 $3.8M Reduce -44.8% ARAY Accuray Inc. 1,849,184 $3.3M No change META Meta Platforms Inc. Class A 5,500 $3.2M Reduce -16.9% GOOG Alphabet Inc. Class C 20,000 $3.1M Reduce -1.2% FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 300,000 $3.1M No change FENC Fennec Pharmaceuticals Inc. 466,869 $2.8M No change INVE Inve Technologies Inc. filed as IDENTIV INC 785,557 $2.5M No change TACT Transact Technologies Inc. 640,168 $2.4M No change INFU Infusystem Holdings Inc. 409,302 $2.2M Reduce -31.5% SPOT Spotify Technology SA 3,750 $2.1M Add +15.4% IIIV I3 Verticals Inc. Class A 78,597 $1.9M Reduce -3.7% ENZB Enzo Biochem Inc. 5,175,913 $1.9M No change NFLX Netflix Inc. 2,000 $1.9M New V Visa Inc. Class A 4,750 $1.7M Reduce -24.0% SPGI S&P Global Inc. 3,250 $1.7M No change MA Mastercard Inc. Class A 3,000 $1.6M Add +5.3% MCO Moody's Corp. 3,500 $1.6M Add +7.7% NVDA Nvidia Corp. 15,000 $1.6M Reduce -50.0% CVNA Carvana Co. 7,500 $1.6M New TSM Taiwan Semiconductor-SP ADR 9,150 $1.5M Reduce -31.5% GFL GFL Environmental Inc.-Sub VT 30,000 $1.4M Add +81.8% DE Deere & Co. 3,000 $1.4M Add +20.0% ISRG Intuitive Surgical Inc. 2,750 $1.4M Reduce -4.3% CEG Constellation Energy 6,750 $1.4M Add +107.7% PCOR Procore Technologies Inc. 20,000 $1.3M New ELV Elevance Health Inc. 2,850 $1.2M New VST Vistra Corp. 10,500 $1.2M Add +95.3% JPM JPMorgan Chase & Co. 5,000 $1.2M Add +25.0% AAPL Apple Inc. 5,500 $1.2M New UNP Union Pacific Corp. 5,000 $1.2M Reduce -28.6% U Unity Software Inc. 57,500 $1.1M Add +53.3% BSX Boston Scientific Corp. 10,750 $1.1M Reduce -38.6% EMBJ Embraer SA-Spon ADR 22,500 $1.0M Reduce -30.8% THC Tenet Healthcare Corp. 7,500 $1.0M New PANW Palo Alto Networks Inc. 5,500 $939K Reduce -32.3% TEAM Atlassian Corp. Class A 4,250 $902K Reduce -15.0% STRM Streamline Health Solutions 321,614 $901K No change HON Honeywell International Inc. 4,250 $900K Reduce -39.3% W Wayfair Inc. Class A 27,500 $881K Add +10.0% SNOW Snowflake Inc. 5,950 $870K New WMT Walmart Inc. 9,000 $790K Add +94.6% NTRA Natera Inc. 5,000 $707K Add +11.1% SARO Standardaero Inc. 25,000 $666K New IQV Iqvia Holdings Inc. 3,750 $661K New LLY Eli Lilly & Co. 750 $619K New DHR Danaher Corp. 2,750 $564K New NBIS Nebius Group NV 25,000 $528K Reduce -56.5% CEPO Cantor Equity Partners I-A 50,000 $512K New SAIL Sailpoint Inc. 25,000 $469K New KMTS Kestra Medical Technologies 10,000 $249K New ILLR Triller Group Inc. 33,182 $26K No change
Options reported separately and not counted above: W calls ($1.2M), IQV calls ($529K), NBIS calls ($211K), REAL calls ($54K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1K (not counted above) Security Class Shares / Principal Value Change LDTDF Prospector Leddartech Alm-28 *W EXP 12/21/202 16,665 $1K No change
Total filed on the 13F, all lines: $86.2M.
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 ▲ PENN Penn Entertainment Inc. Sold out 0.00% −8.93 MSFT Microsoft Corp. Reduce -44.8% 4.35% −2.29 INFU Infusystem Holdings Inc. Reduce -31.5% 2.55% −1.84 NVDA Nvidia Corp. Reduce -50.0% 1.89% −1.62 XYZ Block Inc. Sold out 0.00% −1.59 ETN Eaton Corp. PLC Sold out 0.00% −1.37 ROP Roper Technologies Inc. Sold out 0.00% −1.37 DKNG Draftkings Inc. Class A Sold out 0.00% −0.97 ALL Allstate Corp. Sold out 0.00% −0.84 XOM Exxon Mobil Corp. Sold out 0.00% −0.84 TPG TPG Inc. Sold out 0.00% −0.82 NBIS Nebius Group NV Reduce -56.5% 0.61% −0.77 CLMT Calumet Inc. Sold out 0.00% −0.77 PGR Progressive Corp. Sold out 0.00% −0.68 CPNG Coupang Inc. Sold out 0.00% −0.67 PRMB Primo Brands Corp. Sold out 0.00% −0.67 ALGN Align Technology Inc. Sold out 0.00% −0.63 DDOG Datadog Inc. Class A Sold out 0.00% −0.62 EMR Emerson Electric Co. Sold out 0.00% −0.62 PRM Perimeter Solutions Inc. Sold out 0.00% −0.61 EXAS Exact Sciences Corp. Sold out 0.00% −0.61 TSM Taiwan Semiconductor-SP ADR Reduce -31.5% 1.76% −0.53 HON Honeywell International Inc. Reduce -39.3% 1.04% −0.33 DLR Digital Realty Trust Inc. Sold out 0.00% −0.32 PANW Palo Alto Networks Inc. Reduce -32.3% 1.09% −0.20 BSX Boston Scientific Corp. Reduce -38.6% 1.26% −0.10 UNP Union Pacific Corp. Reduce -28.6% 1.37% −0.02 TEAM Atlassian Corp. Class A Reduce -15.0% 1.05% −0.01 EMBJ Embraer SA-Spon ADR Reduce -30.8% 1.21% +0.17 V Visa Inc. Class A Reduce -24.0% 1.93% +0.21 GOOG Alphabet Inc. Class C Reduce -1.2% 3.62% +0.27 ISRG Intuitive Surgical Inc. Reduce -4.3% 1.58% +0.28 META Meta Platforms Inc. Class A Reduce -16.9% 3.68% +0.31 IIIV I3 Verticals Inc. Class A Reduce -3.7% 2.25% +0.61
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 ▼ NFLX Netflix Inc. New 2.16% +2.16 CVNA Carvana Co. New 1.82% +1.82 PCOR Procore Technologies Inc. New 1.53% +1.53 ELV Elevance Health Inc. New 1.44% +1.44 AAPL Apple Inc. New 1.42% +1.42 THC Tenet Healthcare Corp. New 1.17% +1.17 SPOT Spotify Technology SA Add +15.4% 2.39% +1.13 GFL GFL Environmental Inc.-Sub VT Add +81.8% 1.68% +1.04 SNOW Snowflake Inc. New 1.01% +1.01 CEG Constellation Energy Add +107.7% 1.58% +0.95 VST Vistra Corp. Add +95.3% 1.43% +0.79 SARO Standardaero Inc. New 0.77% +0.77 IQV Iqvia Holdings Inc. New 0.77% +0.77 LLY Eli Lilly & Co. New 0.72% +0.72 DE Deere & Co. Add +20.0% 1.63% +0.71 DHR Danaher Corp. New 0.65% +0.65 MA Mastercard Inc. Class A Add +5.3% 1.91% +0.60 CEPO Cantor Equity Partners I-A New 0.59% +0.59 JPM JPMorgan Chase & Co. Add +25.0% 1.42% +0.59 U Unity Software Inc. Add +53.3% 1.31% +0.57 WMT Walmart Inc. Add +94.6% 0.92% +0.55 MCO Moody's Corp. Add +7.7% 1.89% +0.55 SAIL Sailpoint Inc. New 0.54% +0.54 KMTS Kestra Medical Technologies New 0.29% +0.29 NTRA Natera Inc. Add +11.1% 0.82% +0.20 W Wayfair Inc. Class A Add +10.0% 1.02% +0.06
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call Sold out 35,000 $20.5Mbefore exit XLV SS Health Care Select Sector call Sold out 52,500 $7.2Mbefore exit IWM iShares Russell 2000 ETF call Sold out 25,000 $5.5Mbefore exit AMZN Amazon.com Inc. put Sold out 20,000 $4.4Mbefore exit IWO iShares Russell 2000 Growth call Sold out 15,000 $4.3Mbefore exit XBI SS SPDR S&P Biotech ETF call Sold out 37,500 $3.4Mbefore exit FXI iShares China Large-Cap ETF call Sold out 100,000 $3.0Mbefore exit TLT iShares 20+ Year Treasury BD call Sold out 30,100 $2.6Mbefore exit NKE Nike Inc. Class B call Sold out 30,000 $2.3Mbefore exit NVDA Nvidia Corp. put Sold out 12,000 $1.6Mbefore exit XHB SS SPDR S&P Homebldrs ETF call Sold out 15,000 $1.6Mbefore exit NVDA Nvidia Corp. call Sold out 11,500 $1.5Mbefore exit META Meta Platforms Inc. Class A put Sold out 2,500 $1.5Mbefore exit HUM Humana Inc. call Sold out 5,500 $1.4Mbefore exit UNH Unitedhealth Group Inc. call Sold out 2,700 $1.4Mbefore exit W Wayfair Inc. Class A call Add +200.0% 37,500 $1.2M AAPL Apple Inc. put Sold out 4,500 $1.1Mbefore exit V Visa Inc. Class A put Sold out 3,500 $1.1Mbefore exit GOOS Canada Goose Holdings Inc. call Sold out 102,600 $1.0Mbefore exit NCNO Ncino Inc. call Sold out 30,000 $1.0Mbefore exit BSX Boston Scientific Corp. put Sold out 10,000 $893Kbefore exit DE Deere & Co. put Sold out 2,000 $847Kbefore exit ZTS Zoetis Inc. call Sold out 5,000 $815Kbefore exit CPRI Capri Holdings Ltd. call Sold out 28,900 $609Kbefore exit TSM Taiwan Semiconductor-SP ADR put Sold out 3,000 $592Kbefore exit IQV Iqvia Holdings Inc. call Reduce -80.0% 3,000 $529K MA Mastercard Inc. Class A put Sold out 1,000 $527Kbefore exit MCO Moody's Corp. put Sold out 1,000 $473Kbefore exit OKTA Okta Inc. call Sold out 5,000 $394Kbefore exit NFLX Netflix Inc. put Sold out 400 $357Kbefore exit ETN Eaton Corp. PLC put Sold out 1,000 $332Kbefore exit PM Philip Morris International call Sold out 2,500 $301Kbefore exit SPGI S&P Global Inc. put Sold out 500 $249Kbefore exit U Unity Software Inc. call Sold out 10,000 $225Kbefore exit SPOT Spotify Technology SA put Sold out 500 $224Kbefore exit NBIS Nebius Group NV call Reduce -50.3% 10,000 $211K REAL The Realreal Inc. call New 10,000 $54K MSFT Microsoft Corp. put Sold out 100 $42Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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