Harbert Fund Advisors, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Harbert Fund Advisors, LLC reported 20 stock positions worth $33.3 million . Its top holding was Chime Financial Class A (CHYM) at 17.1% of the portfolio, followed by Liquidia (LQDA, 9.7% ) and Freenome (FRNM, 9.6% ). Compared with Q1 2025, it opened 8 new positions, sold out of 41 and reduced 5. The biggest buy was a new position in Chime Financial Class A (CHYM) and the biggest sale Amazon.com (AMZN, shares −96% ).
Location Birmingham, AL
CIK 0001616659
Portfolio Value $33.3M (Q2 2025) Holdings 20 stocks · $33.3M 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 Q1 2025 CHYM Chime Financial Inc. Class A 165,000 $5.7M New LQDA Liquidia Corp. 259,811 $3.2M Reduce -23.4% FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 300,000 $3.2M No change INVE Inve Technologies Inc. filed as IDENTIV INC 785,557 $2.6M No change INFU Infusystem Holdings Inc. 409,302 $2.6M No change FENC Fennec Pharmaceuticals Inc. 287,614 $2.4M Reduce -38.4% TACT Transact Technologies Inc. 640,168 $2.3M No change LOAR Loar Holdings Inc. 25,000 $2.2M New CAI Caris Life Sciences Inc. 80,000 $2.1M New ARAY Accuray Inc. 1,448,820 $2.0M Reduce -21.6% STRM Streamline Health Solutions 321,614 $1.7M No change HNGE Hinge Health Inc. Class A 20,000 $1.0M New CEPO Cantor Equity Partners I-A 50,000 $595K No change MNTN MNTN Inc. Class A 25,000 $547K New AMZN Amazon.com Inc. 1,507 $331K Reduce -96.1% OMDA Omada Health Inc. 15,000 $275K New MSFT Microsoft Corp. 535 $266K Reduce -94.7% MELI MercadoLibre Inc. 94 $246K New SMWB Similarweb Ltd. 12,323 $97K New ILLR Triller Group Inc. 33,182 $31K No change
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ AMZN Amazon.com Inc. Reduce -96.1% 0.99% −7.50 META Meta Platforms Inc. Class A Sold out 0.00% −3.68 GOOG Alphabet Inc. Class C Sold out 0.00% −3.62 MSFT Microsoft Corp. Reduce -94.7% 0.80% −3.56 SPOT Spotify Technology SA Sold out 0.00% −2.39 IIIV I3 Verticals Inc. Class A Sold out 0.00% −2.25 ENZB Enzo Biochem Inc. Sold out 0.00% −2.22 NFLX Netflix Inc. Sold out 0.00% −2.16 V Visa Inc. Class A Sold out 0.00% −1.93 SPGI S&P Global Inc. Sold out 0.00% −1.92 MA Mastercard Inc. Class A Sold out 0.00% −1.91 MCO Moody's Corp. Sold out 0.00% −1.89 NVDA Nvidia Corp. Sold out 0.00% −1.89 CVNA Carvana Co. Sold out 0.00% −1.82 TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −1.76 GFL GFL Environmental Inc.-Sub VT Sold out 0.00% −1.68 DE Deere & Co. Sold out 0.00% −1.63 ISRG Intuitive Surgical Inc. Sold out 0.00% −1.58 CEG Constellation Energy Sold out 0.00% −1.58 PCOR Procore Technologies Inc. Sold out 0.00% −1.53 ELV Elevance Health Inc. Sold out 0.00% −1.44 VST Vistra Corp. Sold out 0.00% −1.43 JPM JPMorgan Chase & Co. Sold out 0.00% −1.42 AAPL Apple Inc. Sold out 0.00% −1.42 UNP Union Pacific Corp. Sold out 0.00% −1.37 U Unity Software Inc. Sold out 0.00% −1.31 BSX Boston Scientific Corp. Sold out 0.00% −1.26 EMBJ Embraer SA-Spon ADR Sold out 0.00% −1.21 THC Tenet Healthcare Corp. Sold out 0.00% −1.17 PANW Palo Alto Networks Inc. Sold out 0.00% −1.09 TEAM Atlassian Corp. Class A Sold out 0.00% −1.05 HON Honeywell International Inc. Sold out 0.00% −1.04 W Wayfair Inc. Class A Sold out 0.00% −1.02 SNOW Snowflake Inc. Sold out 0.00% −1.01 WMT Walmart Inc. Sold out 0.00% −0.92 NTRA Natera Inc. Sold out 0.00% −0.82 SARO Standardaero Inc. Sold out 0.00% −0.77 IQV Iqvia Holdings Inc. Sold out 0.00% −0.77 LLY Eli Lilly & Co. Sold out 0.00% −0.72 DHR Danaher Corp. Sold out 0.00% −0.65 NBIS Nebius Group NV Sold out 0.00% −0.61 SAIL Sailpoint Inc. Sold out 0.00% −0.54 KMTS Kestra Medical Technologies Sold out 0.00% −0.29 ARAY Accuray Inc. Reduce -21.6% 5.96% +2.12 FENC Fennec Pharmaceuticals Inc. Reduce -38.4% 7.16% +3.86 LQDA Liquidia Corp. Reduce -23.4% 9.71% +3.91
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ CHYM Chime Financial Inc. Class A New 17.08% +17.08 LOAR Loar Holdings Inc. New 6.46% +6.46 CAI Caris Life Sciences Inc. New 6.41% +6.41 HNGE Hinge Health Inc. Class A New 3.11% +3.11 MNTN MNTN Inc. Class A New 1.64% +1.64 OMDA Omada Health Inc. New 0.82% +0.82 MELI MercadoLibre Inc. New 0.74% +0.74 SMWB Similarweb Ltd. New 0.29% +0.29
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ W Wayfair Inc. Class A call Sold out 37,500 $1.2Mbefore exit IQV Iqvia Holdings Inc. call Sold out 3,000 $529Kbefore exit NBIS Nebius Group NV call Sold out 10,000 $211Kbefore exit REAL The Realreal Inc. call Sold out 10,000 $54Kbefore exit
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 Security Class Change vs Q1 2025 Shares / Principal Value ▼ LDTDF Prospector Leddartech Alm-28 *W EXP 12/21/202 Sold out 16,665 $1Kbefore 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