Montanova Capital, LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Montanova Capital, LLC reported 95 stock positions worth $4.8 billion. Its top holding was Veradermics (MANE) at 10.8% of the portfolio, followed by Arcutis Biotherapeutics (ARQT, 6.9%) and Legend Biotech Corp.-ADR (LEGN, 4.3%). Compared with Q1 2026, it opened 21 new positions, sold out of 14, added to 25 and reduced 17. The biggest buy was a new position in Avalyn Pharma (AVLN) and the biggest sale an exit from Apellis Pharmaceuticals (APLS).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001569064
Portfolio Value
$4.8B (Q2 2026)
SEC Filing
0001172661-26-003727 ↗ filed Aug 14, 2026

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $2.4B Q1 2024 Q2 2024: $2.5B Q2 2024 Q3 2024: $2.8B Q3 2024 Q4 2024: $2.7B Q4 2024 Q1 2025: $2.5B Q1 2025 Q2 2025: $2.7B Q2 2025 Q3 2025: $3.3B Q3 2025 Q4 2025: $4.0B Q4 2025 Q1 2026: $3.7B Q1 2026 Q2 2026: $4.8B $4.8B Q2 2026

Holdings 95 stocks · $4.8B
MANE Veradermics Inc. 10.77% 4,168,970 $512.5M No change
ARQT Arcutis Biotherapeutics Inc. 6.85% 12,437,000 $326.1M Add +0.9%
LEGN Legend Biotech Corp.-ADR 4.29% 7,070,000 $204.2M Reduce -6.7%
PVLA Palvella Therapeutics Inc. 3.65% 1,135,406 $173.5M Reduce -1.6%
AVBP Arrivent Biopharma Inc. 3.30% 4,515,531 $156.9M Add +2.6%
BNTC Benitec Biopharma Inc. 3.25% 11,548,351 $154.5M No change
BHVN Biohaven Ltd. 3.22% 10,286,937 $153.1M No change
AMD Advanced Micro Devices 3.14% 257,240 $149.4M No change
RCUS Arcus Biosciences Inc. 3.09% 4,776,423 $147.3M Reduce -5.1%
TSM Taiwan Semiconductor-SP ADR 3.06% 304,627 $145.5M Add +2.0%
NVDA Nvidia Corp. 3.03% 720,609 $144.2M Add +25.4%
EYPT Eyepoint Inc. 2.49% 8,296,375 $118.6M No change
SYY Sysco Corp. 2.48% 1,411,550 $118.0M Add +21.8%
GE General Electric filed as GE AEROSPACE 2.44% 310,262 $116.0M No change
IMTX Immatics NV 2.38% 11,190,129 $113.4M No change
MGM MGM Resorts International 2.34% 2,325,360 $111.2M Add +7.7%
META Meta Platforms Inc. Class A 2.08% 175,807 $99.0M Add +3.6%
CAPR Capricor Therapeutics Inc. 2.07% 4,092,784 $98.6M Add +7.2%
KURA Kura Oncology Inc. 1.98% 8,575,422 $94.1M No change
GLUE Monte Rosa Therapeutics Inc. 1.81% 3,549,539 $85.9M Reduce -16.0%
AVLN Avalyn Pharma Inc. 1.73% 2,503,109 $82.4M New
HD Home Depot Inc. 1.68% 226,053 $79.7M Add +2.0%
HUT Hut 8 Corp. 1.63% 670,000 $77.3M New
COF Capital One Financial Corp. 1.40% 333,098 $66.8M Add +10.2%
VMC Vulcan Materials Co. 1.33% 214,978 $63.4M Add +18.4%
FERG Ferguson Enterprises Inc. 1.23% 246,758 $58.6M Add +16.4%
ZURA Zura Bio Ltd. 1.17% 9,443,001 $55.7M Add +4.2%
IFRX Inflarx NV 1.08% 22,933,910 $51.4M Add +189.1%
AURA Aura Biosciences Inc. 1.08% 7,206,217 $51.2M Add +64.8%
FTH Faeth Therapeutics Inc. 1.06% 2,020,103 $50.5M Add +5747.1%
MSOS Advisorshares Pure US Cann 1.04% 9,738,524 $49.5M Add +7.7%
AMZN Amazon.com Inc. 1.03% 204,860 $48.8M Reduce -19.4%
REPL Replimune Group Inc. 1.02% 4,389,836 $48.6M Add +4.0%
APH Amphenol Corp. Class A 1.00% 269,300 $47.5M New
SPOT Spotify Technology SA 0.98% 101,800 $46.7M Add +9154.5%
CTNM Contineum Therapeutics Inc. Class A 0.98% 2,841,334 $46.6M No change
APO Apollo Global Management Inc. 0.95% 383,300 $45.3M Reduce -1.1%
BAC Bank of America Corp. 0.95% 789,720 $45.0M Reduce -39.0%
DRAM Roundhill Memory ETF 0.94% 603,000 $44.5M New
CRNX Crinetics Pharmaceuticals Inc. 0.93% 1,186,279 $44.4M Add +13.6%
CBRS Cerebras Systems Inc. Class A 0.80% 171,900 $38.0M New
DKS Dick's Sporting Goods Inc. 0.72% 151,320 $34.3M New
AVGO Broadcom Inc. 0.66% 83,600 $31.6M New
CMPX Compass Therapeutics Inc. 0.65% 14,101,159 $30.9M Reduce -1.4%
LXEO Lexeo Therapeutics Inc. 0.62% 6,384,200 $29.7M Add +410.7%
UNH Unitedhealth Group Inc. 0.56% 64,130 $26.7M Reduce -36.3%
PROK Prokidney Corp. 0.53% 12,341,266 $25.2M No change
WHWK Whitehawk Therapeutics Inc. 0.41% 4,300,000 $19.7M Add +16.2%
SPCX Space Exploration Techn Class A 0.36% 101,200 $17.3M New
MLM Martin Marietta Materials 0.32% 26,000 $15.0M New
FULC Fulcrum Therapeutics Inc. 0.28% 3,680,921 $13.5M Reduce -43.9%
PLNT Planet Fitness Inc. Class A 0.24% 219,910 $11.5M New
BE Bloom Energy Corp. Class A 0.21% 33,800 $10.2M New
KARD Kardigan Inc. 0.20% 400,000 $9.5M New
CVS CVS Health Corp. 0.18% 84,500 $8.7M New
MOLN Molecular Partners AG -ADR 0.18% 2,221,494 $8.6M No change
AVR Anteris Technologies Global 0.18% 850,000 $8.4M No change
DXCM Dexcom Inc. 0.14% 101,980 $6.9M Add +221.9%
TMO Thermo Fisher Scientific Inc. 0.14% 13,400 $6.7M No change
CNC Centene Corp. 0.13% 99,100 $6.4M New
ABT Abbott Laboratories 0.13% 66,920 $6.1M No change
BSX Boston Scientific Corp. 0.13% 140,083 $6.0M Add +13.0%
ISRG Intuitive Surgical Inc. 0.11% 13,600 $5.4M Add +20.4%
DHR Danaher Corp. 0.11% 26,600 $5.1M Reduce -26.9%
MLYS Mineralys Therapeutics Inc. 0.10% 173,886 $4.7M Reduce -88.7%
CLDX Celldex Therapeutics Inc. 0.09% 121,297 $4.5M New
MSLE Satellos Bioscience Inc. 0.08% 475,000 $3.7M No change
COR Cencora Inc. 0.07% 12,488 $3.5M No change
TRLV Trulieve Cannabis Corp. 0.07% 356,100 $3.5M New
ABEO Abeona Therapeutics Inc. 0.06% 500,000 $3.1M Reduce -81.3%
NTRA Natera Inc. 0.06% 10,100 $2.7M No change
JNJ Johnson & Johnson 0.04% 7,700 $2.0M Reduce -67.1%
LRCX Lam Research Corp. 0.04% 4,302 $1.9M New
MSFT Microsoft Corp. 0.04% 4,970 $1.9M No change
SYK Stryker Corp. 0.04% 5,860 $1.8M No change
EW Edwards Lifesciences Corp. 0.04% 18,700 $1.7M No change
MDLN Medline Inc. Class A 0.04% 42,500 $1.7M No change
PFGC Performance Food Group Co. 0.03% 14,710 $1.6M Reduce -96.2%
SNOW Snowflake Inc. 0.03% 5,600 $1.4M New
IQV Iqvia Holdings Inc. 0.03% 7,175 $1.4M No change
MCK McKesson Corp. 0.03% 1,830 $1.4M No change
HCA HCA Healthcare Inc. 0.03% 3,190 $1.2M No change
WAT Waters Corp. 0.03% 3,225 $1.2M No change
GOOG Alphabet Inc. Class C 0.03% 3,400 $1.2M New
GWW WW Grainger Inc. 0.02% 770 $1.0M Reduce -23.0%
IONS Ionis Pharmaceuticals Inc. 0.02% 10,800 $856K No change
USFD US Foods Holding Corp. 0.01% 6,920 $708K Reduce -98.3%
A Agilent Technologies Inc. 0.01% 4,990 $663K No change
VLTO Veralto Corp. 0.01% 5,475 $486K No change
RMD Resmed Inc. 0.01% 2,390 $466K No change
STE Steris PLC 0.01% 1,530 $322K No change
SRPT Sarepta Therapeutics Inc. 0.01% 17,888 $321K No change
ZBH Zimmer Biomet Holdings Inc. 0.01% 3,260 $281K No change
CRL Charles River Laboratories 0.00% 1,010 $229K New
INM Inmed Pharmaceuticals Inc. 0.00% 100,000 $155K New

Options reported separately and not counted above: SPY puts ($709.4M).

Portfolio Sells Q1 2026 → Q2 2026
APLS Apellis Pharmaceuticals Inc. Sold out 0.00% −3.84
KALV Kalvista Pharmaceuticals Inc. Sold out 0.00% −2.60
ERAS Erasca Inc. Sold out 0.00% −1.51
CMPX Compass Therapeutics Inc. Reduce -1.4% 0.65% −1.40
FULC Fulcrum Therapeutics Inc. Reduce -43.9% 0.28% −1.08
MLYS Mineralys Therapeutics Inc. Reduce -88.7% 0.10% −1.03
USFD US Foods Holding Corp. Reduce -98.3% 0.01% −0.98
PFGC Performance Food Group Co. Reduce -96.2% 0.03% −0.86
BAC Bank of America Corp. Reduce -39.0% 0.95% −0.77
AMZN Amazon.com Inc. Reduce -19.4% 1.03% −0.41
LTH Life Time Group Holdings Inc. Sold out 0.00% −0.37
ABEO Abeona Therapeutics Inc. Reduce -81.3% 0.06% −0.26
PVLA Palvella Therapeutics Inc. Reduce -1.6% 3.65% −0.25
WING Wingstop Inc. Sold out 0.00% −0.25
APO Apollo Global Management Inc. Reduce -1.1% 0.95% −0.22
COHR Coherent Corp. Sold out 0.00% −0.19
UNH Unitedhealth Group Inc. Reduce -36.3% 0.56% −0.18
MDT Medtronic PLC Sold out 0.00% −0.17
KZR Kezar Life Sciences Inc. Sold out 0.00% −0.14
JNJ Johnson & Johnson Reduce -67.1% 0.04% −0.11
DHR Danaher Corp. Reduce -26.9% 0.11% −0.08
GLUE Monte Rosa Therapeutics Inc. Reduce -16.0% 1.81% −0.08
MTD Mettler-Toledo International Sold out 0.00% −0.07
TSLA Tesla Inc. Sold out 0.00% −0.05
TLN Talen Energy Corp. Sold out 0.00% −0.05
VST Vistra Corp. Sold out 0.00% −0.02
RBLX Roblox Corp. Class A Sold out 0.00% −0.01
VRDN Viridian Therapeutics Inc. Sold out 0.00% −0.01
GWW WW Grainger Inc. Reduce -23.0% 0.02% −0.01
RCUS Arcus Biosciences Inc. Reduce -5.1% 3.09% +0.15
LEGN Legend Biotech Corp.-ADR Reduce -6.7% 4.29% +0.57

Portfolio Buys Q1 2026 → Q2 2026
AVLN Avalyn Pharma Inc. New 1.73% +1.73
HUT Hut 8 Corp. New 1.63% +1.63
FTH Faeth Therapeutics Inc. Add +5747.1% 1.06% +1.03
APH Amphenol Corp. Class A New 1.00% +1.00
SPOT Spotify Technology SA Add +9154.5% 0.98% +0.97
DRAM Roundhill Memory ETF New 0.94% +0.94
IFRX Inflarx NV Add +189.1% 1.08% +0.89
CBRS Cerebras Systems Inc. Class A New 0.80% +0.80
DKS Dick's Sporting Goods Inc. New 0.72% +0.72
AVGO Broadcom Inc. New 0.66% +0.66
AVBP Arrivent Biopharma Inc. Add +2.6% 3.30% +0.54
LXEO Lexeo Therapeutics Inc. Add +410.7% 0.62% +0.43
SPCX Space Exploration Techn Class A New 0.36% +0.36
TSM Taiwan Semiconductor-SP ADR Add +2.0% 3.06% +0.32
MLM Martin Marietta Materials New 0.32% +0.32
NVDA Nvidia Corp. Add +25.4% 3.03% +0.31
AURA Aura Biosciences Inc. Add +64.8% 1.08% +0.28
PLNT Planet Fitness Inc. Class A New 0.24% +0.24
SYY Sysco Corp. Add +21.8% 2.48% +0.24
BE Bloom Energy Corp. Class A New 0.21% +0.21
KARD Kardigan Inc. New 0.20% +0.20
CVS CVS Health Corp. New 0.18% +0.18
MGM MGM Resorts International Add +7.7% 2.34% +0.17
MSOS Advisorshares Pure US Cann Add +7.7% 1.04% +0.17
REPL Replimune Group Inc. Add +4.0% 1.02% +0.15
CNC Centene Corp. New 0.13% +0.13
CLDX Celldex Therapeutics Inc. New 0.09% +0.09
DXCM Dexcom Inc. Add +221.9% 0.14% +0.09
TRLV Trulieve Cannabis Corp. New 0.07% +0.07
WHWK Whitehawk Therapeutics Inc. Add +16.2% 0.41% +0.07
LRCX Lam Research Corp. New 0.04% +0.04
SNOW Snowflake Inc. New 0.03% +0.03
GOOG Alphabet Inc. Class C New 0.03% +0.03
CRL Charles River Laboratories New 0.00% +0.00
INM Inmed Pharmaceuticals Inc. New 0.00% +0.00
VMC Vulcan Materials Co. Add +18.4% 1.33% −0.01
ISRG Intuitive Surgical Inc. Add +20.4% 0.11% −0.03
BSX Boston Scientific Corp. Add +13.0% 0.13% −0.09
COF Capital One Financial Corp. Add +10.2% 1.40% −0.09
CRNX Crinetics Pharmaceuticals Inc. Add +13.6% 0.93% −0.10
FERG Ferguson Enterprises Inc. Add +16.4% 1.23% −0.11
ZURA Zura Bio Ltd. Add +4.2% 1.17% −0.29
HD Home Depot Inc. Add +2.0% 1.68% −0.30
META Meta Platforms Inc. Class A Add +3.6% 2.08% −0.55
ARQT Arcutis Biotherapeutics Inc. Add +0.9% 6.85% −1.02
CAPR Capricor Therapeutics Inc. Add +7.2% 2.07% −1.08

Options Activity Q1 2026 → Q2 2026
SPY SS SPDR S&P 500 ETF Trust-US put Add +171.4% 950,000 $709.4M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 95$4.8BMANE, ARQT, LEGN, PVLA, AVBP
Q1 2026 88$3.7BARQT, MANE, PVLA, APLS, LEGN
Q4 2025 90$4.0BARQT, BNTC, LEGN, EYPT, RCUS
Q3 2025 90$3.3BARQT, BNTC, META, LEGN, ETNB
Q2 2025 95$2.7BARQT, ETNB, LEGN, META, BNTC
Q1 2025 99$2.5BARQT, BHVN, BNTC, LEGN, INSM
Q4 2024 94$2.7BBHVN, ARQT, ITCI, LEGN, BNTC
Q3 2024 96$2.8BBHVN, KURA, INSM, ITCI, ARQT
Q2 2024 97$2.5BBHVN, INSM, KURA, ITCI, ARQT
Q1 2024 99$2.4BBHVN, KURA, ACLX, META, RARE