Montanova Capital, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Montanova Capital, LLC reported 99 stock positions worth $2.4 billion. Its top holding was Biohaven (BHVN) at 9.2% of the portfolio, followed by Kura Oncology (KURA, 6.4%) and Arcellx (ACLX, 4.6%). Compared with Q4 2023, it opened 23 new positions, sold out of 11, added to 16 and reduced 30. The biggest buy was Kura Oncology (KURA, shares +2%) and the biggest sale Royalty Pharma Class A (RPRX, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001569064
- Portfolio Value
- $2.4B (Q1 2024)
- SEC Filing
- 0001172661-24-002511 ↗ filed May 15, 2024
Holdings Value
Holdings 99 stocks · $2.4B
| BHVN Biohaven Ltd. | 9.23% | 4,003,046 | $218.9M | Reduce -12.5% |
| KURA Kura Oncology Inc. | 6.36% | 7,069,627 | $150.8M | Add +1.8% |
| ACLX Arcellx Inc. | 4.58% | 1,562,354 | $108.7M | Reduce -35.9% |
| META Meta Platforms Inc. Class A | 3.56% | 173,605 | $84.3M | Reduce -21.1% |
| RARE Ultragenyx Pharmaceutical Inc. | 3.30% | 1,676,811 | $78.3M | Reduce -21.1% |
| ARQT Arcutis Biotherapeutics Inc. | 3.29% | 7,877,297 | $78.1M | Reduce -7.0% |
| EYPT Eyepoint Inc. | 3.28% | 3,763,888 | $77.8M | Reduce -7.2% |
| ETNB 89BIO Inc. | 3.09% | 6,298,004 | $73.3M | Add +28.8% |
| RPRX Royalty Pharma PLC Class A | 2.88% | 2,250,361 | $68.3M | Reduce -42.1% |
| ITCI Intra-Cellular Therapies Inc. | 2.80% | 959,198 | $66.4M | Reduce -17.7% |
| AMZN Amazon.com Inc. | 2.72% | 356,962 | $64.4M | Reduce -3.0% |
| AMD Advanced Micro Devices | 2.60% | 341,699 | $61.7M | Add +2.5% |
| INSM Insmed Inc. | 2.32% | 2,023,000 | $54.9M | Reduce -24.6% |
| CI The Cigna Group | 2.10% | 137,139 | $49.8M | Add +42.4% |
| KALV Kalvista Pharmaceuticals Inc. | 2.10% | 4,192,005 | $49.7M | Add +56.2% |
| VZ Verizon Communications Inc. | 2.09% | 1,179,452 | $49.5M | Add +64.5% |
| ARGX Argenx SE - ADR | 2.02% | 121,900 | $48.0M | Add +127.0% |
| MRNS Marinus Pharmaceuticals Inc. | 1.95% | 5,108,520 | $46.2M | Reduce -4.4% |
| GS Goldman Sachs Group Inc. | 1.94% | 109,890 | $45.9M | Reduce -0.4% |
| TSM Taiwan Semiconductor-SP ADR | 1.89% | 329,352 | $44.8M | Reduce -15.2% |
| T AT&T Inc. | 1.78% | 2,398,619 | $42.2M | Add +96.6% |
| APO Apollo Global Management Inc. | 1.76% | 370,636 | $41.7M | Reduce -31.5% |
| FERG Ferguson Jersey Ltd. | 1.56% | 169,280 | $37.0M | Reduce -3.9% |
| GE General Electric | 1.54% | 207,447 | $36.4M | Reduce -41.8% |
| KO The Coca-Cola Co. | 1.41% | 546,500 | $33.4M | New |
| MSFT Microsoft Corp. | 1.41% | 79,317 | $33.4M | Reduce -51.0% |
| STRO Sutro Biopharma Inc. Com SHS | 1.38% | 5,778,188 | $32.6M | No change |
| MCK McKesson Corp. | 1.28% | 56,639 | $30.4M | Reduce -10.8% |
| AAPL Apple Inc. | 1.28% | 176,680 | $30.3M | New |
| CRH CRH PLC | 1.22% | 335,580 | $28.9M | New |
| AVBP Arrivent Biopharma Inc. | 1.18% | 1,563,709 | $27.9M | New |
| FULC Fulcrum Therapeutics Inc. | 1.13% | 2,848,486 | $26.9M | Reduce -48.4% |
| ELV Elevance Health Inc. | 1.11% | 50,925 | $26.4M | Reduce -5.2% |
| ORCL Oracle Corp. | 1.04% | 196,674 | $24.7M | Reduce -38.9% |
| CMG Chipotle Mexican Grill Inc. | 0.98% | 7,970 | $23.2M | Reduce -8.5% |
| BCYC Bicycle Therapeutics PLC-ADR | 0.96% | 914,476 | $22.8M | No change |
| PEPG Pepgen Inc. | 0.94% | 1,520,932 | $22.4M | Add +212.6% |
| BSX Boston Scientific Corp. | 0.88% | 303,035 | $20.8M | Reduce -56.3% |
| FATE Fate Therapeutics Inc. | 0.79% | 2,562,852 | $18.8M | New |
| RCUS Arcus Biosciences Inc. | 0.76% | 957,304 | $18.1M | No change |
| HLT Hilton Worldwide Holdings Inc. | 0.71% | 78,502 | $16.7M | Reduce -28.1% |
| CRM Salesforce Inc. | 0.70% | 55,050 | $16.6M | New |
| SBUX Starbucks Corp. | 0.67% | 172,951 | $15.8M | New |
| JNJ Johnson & Johnson | 0.60% | 90,097 | $14.3M | No change |
| GPN Global Payments Inc. | 0.60% | 106,094 | $14.2M | Reduce -5.6% |
| PINS Pinterest Inc. Class A | 0.58% | 395,851 | $13.7M | New |
| MREO Mereo Biopharma Group PL-ADR | 0.51% | 3,653,494 | $12.1M | Reduce -50.4% |
| SNY Sanofi-ADR | 0.43% | 210,701 | $10.2M | Add +23.2% |
| IMTX Immatics NV | 0.42% | 946,563 | $9.9M | New |
| TERN Terns Pharmaceuticals Inc. | 0.38% | 1,363,675 | $8.9M | Reduce -76.6% |
| IFRX Inflarx NV | 0.37% | 5,733,910 | $8.8M | No change |
| ELAN Elanco Animal Health Inc. | 0.35% | 507,200 | $8.3M | Reduce -17.4% |
| RVNC Revance Therapeutics Inc. | 0.33% | 1,600,000 | $7.9M | New |
| UNH Unitedhealth Group Inc. | 0.32% | 15,123 | $7.5M | Add +17.9% |
| ZURA Zura Bio Ltd. | 0.31% | 2,850,000 | $7.3M | No change |
| GEHC GE Healthcare Technology | 0.29% | 75,000 | $6.8M | New |
| KRRO Korro Bio Inc. | 0.28% | 73,821 | $6.6M | No change |
| KEZAR LIFE SCIENCES INC | 0.27% | 7,167,591 | $6.5M | No change |
| PROKIDNEY CORP | 0.27% | 3,867,847 | $6.3M | No change |
| SYRE Spyre Therapeutics Inc. | 0.26% | 162,395 | $6.2M | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 0.21% | 32,660 | $4.9M | Add +231.2% |
| TMO Thermo Fisher Scientific Inc. | 0.18% | 7,260 | $4.2M | No change |
| DHR Danaher Corp. | 0.17% | 16,427 | $4.1M | No change |
| ABT Abbott Laboratories | 0.16% | 33,520 | $3.8M | No change |
| TEVA Teva Pharmaceutical-SP ADR | 0.16% | 268,100 | $3.8M | Reduce -46.1% |
| GILD Gilead Sciences Inc. | 0.16% | 50,700 | $3.7M | Add +123.3% |
| KVUE Kenvue Inc. | 0.16% | 171,596 | $3.7M | No change |
| COR Cencora Inc. | 0.13% | 12,488 | $3.0M | No change |
| TRML Tourmaline Bio Inc. | 0.12% | 125,000 | $2.9M | New |
| MTD Mettler-Toledo International | 0.11% | 1,964 | $2.6M | New |
| NTRA Natera Inc. | 0.09% | 24,600 | $2.2M | No change |
| COGT Cogent Biosciences Inc. | 0.09% | 316,000 | $2.1M | Reduce -91.5% |
| ISRG Intuitive Surgical Inc. | 0.09% | 5,200 | $2.1M | Add +69.4% |
| AVTR Avantor Inc. | 0.08% | 71,850 | $1.8M | Add +87.8% |
| IQV Iqvia Holdings Inc. | 0.08% | 7,175 | $1.8M | No change |
| MOLN Molecular Partners AG -ADR | 0.07% | 400,000 | $1.7M | No change |
| SYK Stryker Corp. | 0.07% | 4,360 | $1.6M | No change |
| MDT Medtronic PLC | 0.06% | 17,460 | $1.5M | No change |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 0.06% | 47,200 | $1.5M | No change |
| CVS CVS Health Corp. | 0.06% | 17,170 | $1.4M | No change |
| ILMN Illumina Inc. | 0.05% | 8,730 | $1.2M | No change |
| AKLI Akili Inc. | 0.05% | 3,841,718 | $1.1M | No change |
| WAT Waters Corp. | 0.05% | 3,150 | $1.1M | No change |
| BNTC Benitec Biopharma Inc. | 0.05% | 204,220 | $1.1M | No change |
| HCA HCA Healthcare Inc. | 0.04% | 3,190 | $1.1M | New |
| EW Edwards Lifesciences Corp. | 0.04% | 11,100 | $1.1M | New |
| PTGX Protagonist Therapeutics Inc. | 0.04% | 30,500 | $882K | New |
| DXCM Dexcom Inc. | 0.03% | 5,880 | $816K | No change |
| A Agilent Technologies Inc. | 0.03% | 4,990 | $726K | No change |
| MS Morgan Stanley | 0.03% | 7,641 | $719K | Add +59.2% |
| HUM Humana Inc. | 0.03% | 1,950 | $676K | New |
| VLTO Veralto Corp. | 0.02% | 5,475 | $485K | No change |
| RMD Resmed Inc. | 0.02% | 2,390 | $473K | New |
| IONS Ionis Pharmaceuticals Inc. | 0.02% | 10,800 | $468K | New |
| ZBH Zimmer Biomet Holdings Inc. | 0.02% | 3,260 | $430K | New |
| ALGN Align Technology Inc. | 0.02% | 1,100 | $361K | New |
| STE Steris PLC | 0.01% | 1,530 | $344K | New |
| BAX Baxter International Inc. | 0.01% | 7,970 | $341K | New |
| CRL Charles River Laboratories | 0.01% | 1,010 | $274K | No change |
Options reported separately and not counted above: SPY puts ($235.4M), QQQ puts ($86.6M).
Portfolio Sells Q4 2023 → Q1 2024
| RPRX Royalty Pharma PLC Class A | Reduce -42.1% | 2.88% | −2.11 |
| LVS Las Vegas Sands Corp. | Sold out | 0.00% | −1.66 |
| ACLX Arcellx Inc. | Reduce -35.9% | 4.58% | −1.60 |
| INSM Insmed Inc. | Reduce -24.6% | 2.32% | −1.49 |
| MSFT Microsoft Corp. | Reduce -51.0% | 1.41% | −1.38 |
| TERN Terns Pharmaceuticals Inc. | Reduce -76.6% | 0.38% | −1.35 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -21.1% | 3.30% | −1.35 |
| ITCI Intra-Cellular Therapies Inc. | Reduce -17.7% | 2.80% | −1.02 |
| EYPT Eyepoint Inc. | Reduce -7.2% | 3.28% | −1.00 |
| BSX Boston Scientific Corp. | Reduce -56.3% | 0.88% | −0.96 |
| COGT Cogent Biosciences Inc. | Reduce -91.5% | 0.09% | −0.91 |
| MRNS Marinus Pharmaceuticals Inc. | Reduce -4.4% | 1.95% | −0.71 |
| FULC Fulcrum Therapeutics Inc. | Reduce -48.4% | 1.13% | −0.57 |
| APO Apollo Global Management Inc. | Reduce -31.5% | 1.76% | −0.55 |
| GE General Electric | Reduce -41.8% | 1.54% | −0.54 |
| ORCL Oracle Corp. | Reduce -38.9% | 1.04% | −0.51 |
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −0.41 |
| ANAB Anaptysbio Inc. | Sold out | 0.00% | −0.35 |
| SANA Sana Biotechnology Inc. | Sold out | 0.00% | −0.30 |
| MREO Mereo Biopharma Group PL-ADR | Reduce -50.4% | 0.51% | −0.27 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −0.22 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -28.1% | 0.71% | −0.20 |
| INCY Incyte Corp. | Sold out | 0.00% | −0.11 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -46.1% | 0.16% | −0.08 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.08 |
| ELAN Elanco Animal Health Inc. | Reduce -17.4% | 0.35% | −0.07 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.07 |
| MCK McKesson Corp. | Reduce -10.8% | 1.28% | −0.06 |
| GPN Global Payments Inc. | Reduce -5.6% | 0.60% | −0.05 |
| ELV Elevance Health Inc. | Reduce -5.2% | 1.11% | −0.04 |
| IDXX Idexx Laboratories Inc. | Sold out | 0.00% | −0.02 |
| UTHR United Therapeutics Corp. | Sold out | 0.00% | −0.01 |
| TECH Bio-Techne Corp. | Sold out | 0.00% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -0.4% | 1.94% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -21.1% | 3.56% | −0.01 |
| FERG Ferguson Jersey Ltd. | Reduce -3.9% | 1.56% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -15.2% | 1.89% | +0.04 |
| CMG Chipotle Mexican Grill Inc. | Reduce -8.5% | 0.98% | +0.07 |
| AMZN Amazon.com Inc. | Reduce -3.0% | 2.72% | +0.16 |
| BHVN Biohaven Ltd. | Reduce -12.5% | 9.23% | +0.29 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -7.0% | 3.29% | +2.04 |
Portfolio Buys Q4 2023 → Q1 2024
| KURA Kura Oncology Inc. | Add +1.8% | 6.36% | +1.79 |
| KO The Coca-Cola Co. | New | 1.41% | +1.41 |
| AAPL Apple Inc. | New | 1.28% | +1.28 |
| CRH CRH PLC | New | 1.22% | +1.22 |
| AVBP Arrivent Biopharma Inc. | New | 1.18% | +1.18 |
| ARGX Argenx SE - ADR | Add +127.0% | 2.02% | +1.09 |
| VZ Verizon Communications Inc. | Add +64.5% | 2.09% | +0.85 |
| T AT&T Inc. | Add +96.6% | 1.78% | +0.84 |
| FATE Fate Therapeutics Inc. | New | 0.79% | +0.79 |
| PEPG Pepgen Inc. | Add +212.6% | 0.94% | +0.79 |
| CI The Cigna Group | Add +42.4% | 2.10% | +0.78 |
| CRM Salesforce Inc. | New | 0.70% | +0.70 |
| SBUX Starbucks Corp. | New | 0.67% | +0.67 |
| ETNB 89BIO Inc. | Add +28.8% | 3.09% | +0.60 |
| KALV Kalvista Pharmaceuticals Inc. | Add +56.2% | 2.10% | +0.59 |
| PINS Pinterest Inc. Class A | New | 0.58% | +0.58 |
| IMTX Immatics NV | New | 0.42% | +0.42 |
| AMD Advanced Micro Devices | Add +2.5% | 2.60% | +0.35 |
| RVNC Revance Therapeutics Inc. | New | 0.33% | +0.33 |
| GEHC GE Healthcare Technology | New | 0.29% | +0.29 |
| TRML Tourmaline Bio Inc. | New | 0.12% | +0.12 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +231.2% | 0.21% | +0.12 |
| MTD Mettler-Toledo International | New | 0.11% | +0.11 |
| GILD Gilead Sciences Inc. | Add +123.3% | 0.16% | +0.07 |
| HCA HCA Healthcare Inc. | New | 0.04% | +0.04 |
| EW Edwards Lifesciences Corp. | New | 0.04% | +0.04 |
| SNY Sanofi-ADR | Add +23.2% | 0.43% | +0.04 |
| ISRG Intuitive Surgical Inc. | Add +69.4% | 0.09% | +0.04 |
| AVTR Avantor Inc. | Add +87.8% | 0.08% | +0.04 |
| PTGX Protagonist Therapeutics Inc. | New | 0.04% | +0.04 |
| HUM Humana Inc. | New | 0.03% | +0.03 |
| RMD Resmed Inc. | New | 0.02% | +0.02 |
| IONS Ionis Pharmaceuticals Inc. | New | 0.02% | +0.02 |
| ZBH Zimmer Biomet Holdings Inc. | New | 0.02% | +0.02 |
| ALGN Align Technology Inc. | New | 0.02% | +0.02 |
| STE Steris PLC | New | 0.01% | +0.01 |
| BAX Baxter International Inc. | New | 0.01% | +0.01 |
| MS Morgan Stanley | Add +59.2% | 0.03% | +0.01 |
| UNH Unitedhealth Group Inc. | Add +17.9% | 0.32% | +0.01 |
Options Activity Q4 2023 → Q1 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 450,000 | $235.4M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 195,000 | $86.6M |
| KWEB Kranesh Csi China Internet | call | Sold out | 900,000 | $24.3Mbefore 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 | 95 | $4.8B | MANE, ARQT, LEGN, PVLA, AVBP |
| Q1 2026 | 88 | $3.7B | ARQT, MANE, PVLA, APLS, LEGN |
| Q4 2025 | 90 | $4.0B | ARQT, BNTC, LEGN, EYPT, RCUS |
| Q3 2025 | 90 | $3.3B | ARQT, BNTC, META, LEGN, ETNB |
| Q2 2025 | 95 | $2.7B | ARQT, ETNB, LEGN, META, BNTC |
| Q1 2025 | 99 | $2.5B | ARQT, BHVN, BNTC, LEGN, INSM |
| Q4 2024 | 94 | $2.7B | BHVN, ARQT, ITCI, LEGN, BNTC |
| Q3 2024 | 96 | $2.8B | BHVN, KURA, INSM, ITCI, ARQT |
| Q2 2024 | 97 | $2.5B | BHVN, INSM, KURA, ITCI, ARQT |
| Q1 2024 | 99 | $2.4B | BHVN, KURA, ACLX, META, RARE |