Melqart Asset Management (UK) Ltd In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Melqart Asset Management (UK) Ltd reported 45 stock positions worth $740.3 million . Its top holding was Hess (HES) at 11.5% of the portfolio, followed by United States Steel (X, 10.2% ) and Ansys (ANSS, 9.5% ). Compared with Q4 2024, it opened 21 new positions, sold out of 18, added to 11 and reduced 13. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Hashicorp Class A (HCP).
Location London, X0
CIK 0001712901
Portfolio Value $740.3M (Q1 2025) Holdings 45 stocks · $740.3M 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 Q4 2024 HES Hess Corp. 530,710 $84.8M Add +25.4% X United States Steel Corp. 1,782,797 $75.3M Reduce -14.0% ANSS Ansys Inc. 222,308 $70.4M Reduce -9.4% ITCI Intra-Cellular Therapies Inc. 400,695 $52.9M New ALE Allete Inc. 637,825 $41.9M Add +729.6% CYTK Cytokinetics Inc. 999,447 $40.2M Reduce -12.1% K Kellanova 479,858 $39.6M Reduce -1.0% NVDA Nvidia Corp. 303,937 $32.9M New ESGR Enstar Group Ltd. 70,363 $23.4M New JNPR Juniper Networks Inc. 497,627 $18.0M Reduce -57.1% DFS Discover Financial Services 96,308 $16.4M Add +114.1% AVGO Broadcom Inc. 90,294 $15.1M Add +5.0% MRVL Marvell Technology Inc. 243,448 $15.0M Add +13.7% EVRI Everi Holdings Inc. 872,070 $11.9M New PENN Penn Entertainment Inc. 729,161 $11.9M New BECN Beacon Roofing Supply Inc. 96,031 $11.9M New AMED Amedisys Inc. 121,479 $11.3M New SWTX Springworks Therapeutics Inc. 240,463 $10.6M New TSM Taiwan Semiconductor-SP ADR 61,217 $10.2M New RBRK Rubrik Inc. Class A 159,498 $9.7M Reduce -41.6% WSC Willscot Holdings Corp. 343,558 $9.6M Add +6.4% SNOW Snowflake Inc. 64,659 $9.5M New MU Micron Technology Inc. 98,537 $8.6M Add +30.5% CYBR Cyberark Software Ltd./Israel 24,859 $8.4M New SHOP Shopify Inc. Class A 86,527 $8.3M Add +20.0% NTNX Nutanix Inc. Class A 116,803 $8.2M Reduce -34.4% WDC Western Digital Corp. 200,492 $8.1M Add +150.2% DT Dynatrace Inc. 168,039 $7.9M Reduce -36.5% MNDY Monday.com Ltd. 27,482 $6.7M Reduce -60.7% ORCL Oracle Corp. 47,331 $6.6M Add +33.4% SIMO Silicon Motion Technol-ADR 123,490 $6.2M Reduce -42.6% NBIS Nebius Group NV 279,765 $5.9M Add +250.6% STX Seagate Technology Holdings 66,899 $5.7M New HUBS HubSpot Inc. 9,415 $5.4M Reduce -69.3% ROIV Roivant Sciences Ltd. 502,584 $5.1M Reduce -32.3% ANET Arista Networks Inc. 56,388 $4.4M New VERX Vertex Inc. Class A 118,566 $4.2M New APPF Appfolio Inc. Class A 13,633 $3.0M New FRO Frontline PLC 187,467 $2.8M New OS Onestream Inc. 127,158 $2.7M New MDB Mongodb Inc. 15,224 $2.7M Reduce -62.7% BRZE Braze Inc. Class A 73,342 $2.6M New LGTY Logility Supply Chain Soluti 138,178 $2.0M New AMPS Altus Power Inc. 266,380 $1.3M New ACCD Accolade Inc. 188,328 $1.3M New
Options reported separately and not counted above: X calls ($26.6M), CPRI calls ($272K).
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 ▲ HCP Hashicorp Inc. Class A Sold out 0.00% −5.46 SMAR Smartsheet Inc. Class A Sold out 0.00% −4.17 JNPR Juniper Networks Inc. Reduce -57.1% 2.43% −3.41 ACI Albertsons Cos Inc. Class A Sold out 0.00% −2.88 DJT Trump Media & Technology Gro Sold out 0.00% −2.52 HUBS HubSpot Inc. Reduce -69.3% 0.73% −2.15 SW Smurfit Westrock PLC Sold out 0.00% −2.02 SDRL Seadrill Limited Sold out 0.00% −2.01 CYTK Cytokinetics Inc. Reduce -12.1% 5.43% −1.77 ANSS Ansys Inc. Reduce -9.4% 9.51% −1.63 GXO Gxo Logistics Inc. Sold out 0.00% −1.57 MNDY Monday.com Ltd. Reduce -60.7% 0.90% −1.31 RBRK Rubrik Inc. Class A Reduce -41.6% 1.31% −1.09 MDB Mongodb Inc. Reduce -62.7% 0.36% −0.92 DT Dynatrace Inc. Reduce -36.5% 1.07% −0.87 FYBR Frontier Communications Pare Sold out 0.00% −0.79 HPE Hewlett Packard Enterprise Sold out 0.00% −0.73 SIMO Silicon Motion Technol-ADR Reduce -42.6% 0.84% −0.72 CFLT Confluent Inc. Class A Sold out 0.00% −0.63 CIEN Ciena Corp. Sold out 0.00% −0.57 ROIV Roivant Sciences Ltd. Reduce -32.3% 0.69% −0.50 TER Teradyne Inc. Sold out 0.00% −0.48 TENB Tenable Holdings Inc. Sold out 0.00% −0.43 VSH Vishay Intertechnology Inc. Sold out 0.00% −0.41 INTU Intuit Inc. Sold out 0.00% −0.38 AMBP Ardagh Metal Packaging SA Sold out 0.00% −0.38 NTNX Nutanix Inc. Class A Reduce -34.4% 1.10% −0.36 FRSH Freshworks Inc. Class A Sold out 0.00% −0.27 INDV Indivior Ltd. Sold out 0.00% −0.18 K Kellanova Reduce -1.0% 5.35% +0.07 X United States Steel Corp. Reduce -14.0% 10.18% +0.69
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 ▼ ITCI Intra-Cellular Therapies Inc. New 7.14% +7.14 ALE Allete Inc. Add +729.6% 5.66% +4.99 NVDA Nvidia Corp. New 4.45% +4.45 HES Hess Corp. Add +25.4% 11.45% +3.87 ESGR Enstar Group Ltd. New 3.16% +3.16 EVRI Everi Holdings Inc. New 1.61% +1.61 PENN Penn Entertainment Inc. New 1.61% +1.61 BECN Beacon Roofing Supply Inc. New 1.60% +1.60 AMED Amedisys Inc. New 1.52% +1.52 SWTX Springworks Therapeutics Inc. New 1.43% +1.43 TSM Taiwan Semiconductor-SP ADR New 1.37% +1.37 SNOW Snowflake Inc. New 1.28% +1.28 DFS Discover Financial Services Add +114.1% 2.22% +1.17 CYBR Cyberark Software Ltd./Israel New 1.14% +1.14 STX Seagate Technology Holdings New 0.77% +0.77 ANET Arista Networks Inc. New 0.59% +0.59 VERX Vertex Inc. Class A New 0.56% +0.56 NBIS Nebius Group NV Add +250.6% 0.80% +0.50 WDC Western Digital Corp. Add +150.2% 1.09% +0.45 APPF Appfolio Inc. Class A New 0.41% +0.41 FRO Frontline PLC New 0.38% +0.38 OS Onestream Inc. New 0.37% +0.37 BRZE Braze Inc. Class A New 0.36% +0.36 MU Micron Technology Inc. Add +30.5% 1.16% +0.30 LGTY Logility Supply Chain Soluti New 0.27% +0.27 AMPS Altus Power Inc. New 0.18% +0.18 ACCD Accolade Inc. New 0.18% +0.18 ORCL Oracle Corp. Add +33.4% 0.89% +0.10 SHOP Shopify Inc. Class A Add +20.0% 1.12% +0.08 WSC Willscot Holdings Corp. Add +6.4% 1.29% −0.16 AVGO Broadcom Inc. Add +5.0% 2.04% −0.64 MRVL Marvell Technology Inc. Add +13.7% 2.02% −1.16
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ FYBR Frontier Communications Pare call Sold out 848,400 $29.4Mbefore exit X United States Steel Corp. call Reduce -37.1% 629,000 $26.6M GOOGL Alphabet Inc. Class A call Sold out 63,000 $11.9Mbefore exit ACI Albertsons Cos Inc. Class A call Sold out 501,900 $9.9Mbefore exit CPRI Capri Holdings Ltd. call New 13,800 $272K
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 40 $1.1B WBD, TXNM, NSC, EA, CYTK Q1 2026 41 $1.0B EA, TXNM, WBD, CYTK, GTLS Q4 2025 44 $999.5M WBD, FYBR, AVGO, GTLS, EA Q3 2025 44 $749.5M ALE, CYBR, SNPS, CYTK, TXNM Q2 2025 30 $699.7M HES, ANSS, SKX, ALE, CYTK Q1 2025 45 $740.3M HES, X, ANSS, ITCI, ALE Q4 2024 42 $743.0M ANSS, X, HES, CYTK, JNPR Q3 2024 46 $1.0B CPRI, ANSS, RCM, ACI, CYTK Q2 2024 49 $1.1B CYTK, CPRI, ACI, X, ANSS Q1 2024 45 $1.3B PXD, ACI, CPRI, X, CYTK