Montanova Capital, LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Montanova Capital, LLC reported 97 stock positions worth $2.5 billion. Its top holding was Biohaven (BHVN) at 7.4% of the portfolio, followed by Insmed (INSM, 6.9%) and Kura Oncology (KURA, 5.9%). Compared with Q1 2024, it opened 9 new positions, sold out of 11, added to 23 and reduced 21. The biggest buy was Insmed (INSM, shares +25%) and the biggest sale Cigna (CI, shares −97%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001569064
Portfolio Value
$2.5B (Q2 2024)
SEC Filing
0001172661-24-003525 ↗ filed Aug 14, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $2.4B Q1 2024 Q2 2024: $2.5B $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 Q2 2026

Holdings 97 stocks · $2.5B
BHVN Biohaven Ltd. 7.37% 5,199,219 $180.5M Add +29.9%
INSM Insmed Inc. 6.90% 2,521,800 $169.0M Add +24.7%
KURA Kura Oncology Inc. 5.94% 7,069,627 $145.6M No change
ITCI Intra-Cellular Therapies Inc. 4.38% 1,565,996 $107.3M Add +63.3%
ARQT Arcutis Biotherapeutics Inc. 3.80% 10,004,492 $93.0M Add +27.0%
RARE Ultragenyx Pharmaceutical Inc. 3.46% 2,061,426 $84.7M Add +22.9%
META Meta Platforms Inc. Class A 3.44% 167,169 $84.3M Reduce -3.7%
ACLX Arcellx Inc. 3.42% 1,516,254 $83.7M Reduce -3.0%
UNH Unitedhealth Group Inc. 3.36% 161,468 $82.2M Add +967.7%
AAPL Apple Inc. 3.12% 363,357 $76.5M Add +105.7%
AMZN Amazon.com Inc. 2.81% 356,268 $68.8M Reduce -0.2%
ETNB 89BIO Inc. 2.63% 8,031,845 $64.3M Add +27.5%
TSM Taiwan Semiconductor-SP ADR 2.49% 350,752 $61.0M Add +6.5%
AMD Advanced Micro Devices 2.29% 345,998 $56.1M Add +1.3%
ELV Elevance Health Inc. 2.02% 91,442 $49.5M Add +79.6%
KALV Kalvista Pharmaceuticals Inc. 2.02% 4,192,005 $49.4M No change
RPRX Royalty Pharma PLC Class A 2.01% 1,866,361 $49.2M Reduce -17.1%
MSFT Microsoft Corp. 1.90% 104,033 $46.5M Add +31.2%
EYPT Eyepoint Inc. 1.84% 5,175,823 $45.0M Add +37.5%
APO Apollo Global Management Inc. 1.71% 354,486 $41.9M Reduce -4.4%
T AT&T Inc. 1.71% 2,186,886 $41.8M Reduce -8.8%
SYY Sysco Corp. 1.52% 520,900 $37.2M New
CTNM Contineum Therapeutics Inc. Class A 1.48% 2,053,334 $36.2M New
KO The Coca-Cola Co. 1.46% 560,613 $35.7M Add +2.6%
GS Goldman Sachs Group Inc. 1.44% 77,948 $35.3M Reduce -29.1%
ORCL Oracle Corp. 1.41% 245,114 $34.6M Add +24.6%
GE General Electric filed as GE AEROSPACE 1.33% 204,957 $32.6M Reduce -1.2%
ERAS Erasca Inc. 1.33% 13,768,039 $32.5M New
CRH CRH PLC 1.32% 431,984 $32.4M Add +28.7%
AVBP Arrivent Biopharma Inc. 1.30% 1,712,703 $31.8M Add +9.5%
MCD McDonald's Corp. 1.15% 110,434 $28.1M New
FERG Ferguson Jersey Ltd. 1.15% 145,040 $28.1M Reduce -14.3%
TSLA Tesla Inc. 1.09% 134,913 $26.7M New
VZ Verizon Communications Inc. 1.03% 609,904 $25.2M Reduce -48.3%
CMG Chipotle Mexican Grill Inc. 1.02% 398,500 $25.0M No change
PEPG Pepgen Inc. 0.99% 1,520,932 $24.3M No change
PROKIDNEY CORP 0.94% 9,341,266 $23.0M Add +141.5%
STRO Sutro Biopharma Inc. Com SHS 0.92% 7,708,690 $22.6M Add +33.4%
BSX Boston Scientific Corp. 0.79% 251,689 $19.4M Reduce -16.9%
PINS Pinterest Inc. Class A 0.74% 409,951 $18.1M Add +3.6%
ZURA Zura Bio Ltd. 0.69% 4,860,939 $17.0M Add +70.6%
FULC Fulcrum Therapeutics Inc. 0.64% 2,541,046 $15.8M Reduce -10.8%
ABEO Abeona Therapeutics Inc. 0.64% 3,685,503 $15.6M New
RCUS Arcus Biosciences Inc. 0.59% 957,304 $14.6M No change
JNJ Johnson & Johnson 0.54% 90,097 $13.2M No change
BNTC Benitec Biopharma Inc. 0.48% 1,691,290 $11.8M Add +728.2%
IMTX Immatics NV 0.45% 946,563 $11.0M No change
SNY Sanofi-ADR 0.42% 210,701 $10.2M No change
IFRX Inflarx NV 0.41% 5,733,910 $10.0M No change
GLUE Monte Rosa Therapeutics Inc. 0.41% 2,659,000 $9.9M New
ALNY Alnylam Pharmaceuticals Inc. 0.37% 37,624 $9.1M Add +15.2%
GEHC GE Healthcare Technology 0.24% 75,000 $5.8M No change
MRNS Marinus Pharmaceuticals Inc. 0.18% 3,820,012 $4.5M Reduce -25.2%
TEVA Teva Pharmaceutical-SP ADR 0.18% 268,100 $4.4M No change
KEZAR LIFE SCIENCES INC 0.18% 7,167,591 $4.3M No change
DHR Danaher Corp. 0.17% 16,427 $4.1M No change
TMO Thermo Fisher Scientific Inc. 0.16% 7,260 $4.0M No change
EXAS Exact Sciences Corp. 0.16% 94,100 $4.0M New
ELAN Elanco Animal Health Inc. 0.15% 253,600 $3.7M Reduce -50.0%
ABT Abbott Laboratories 0.14% 33,520 $3.5M No change
GILD Gilead Sciences Inc. 0.14% 50,700 $3.5M No change
KVUE Kenvue Inc. 0.13% 171,596 $3.1M No change
MOLN Molecular Partners AG -ADR 0.12% 400,000 $2.9M No change
COR Cencora Inc. 0.11% 12,488 $2.8M No change
MTD Mettler-Toledo International 0.11% 1,964 $2.7M No change
SYRE Spyre Therapeutics Inc. 0.10% 107,310 $2.5M Reduce -33.9%
ISRG Intuitive Surgical Inc. 0.09% 5,200 $2.3M No change
TRML Tourmaline Bio Inc. 0.07% 125,000 $1.6M No change
CI The Cigna Group 0.06% 4,800 $1.6M Reduce -96.5%
AVTR Avantor Inc. 0.06% 71,850 $1.5M No change
IQV Iqvia Holdings Inc. 0.06% 7,175 $1.5M No change
SYK Stryker Corp. 0.06% 4,360 $1.5M No change
MDT Medtronic PLC 0.06% 17,460 $1.4M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 0.05% 47,200 $1.2M No change
NTRA Natera Inc. 0.04% 10,100 $1.1M Reduce -58.9%
MCK McKesson Corp. 0.04% 1,830 $1.1M Reduce -96.8%
PTGX Protagonist Therapeutics Inc. 0.04% 30,500 $1.1M No change
EW Edwards Lifesciences Corp. 0.04% 11,100 $1.0M No change
HCA HCA Healthcare Inc. 0.04% 3,190 $1.0M No change
CVS CVS Health Corp. 0.04% 17,170 $1.0M No change
WAT Waters Corp. 0.04% 3,150 $914K No change
ILMN Illumina Inc. 0.04% 8,730 $911K No change
FIVE Five Below 0.03% 7,645 $833K New
HUM Humana Inc. 0.03% 1,950 $729K No change
DXCM Dexcom Inc. 0.03% 5,880 $667K No change
A Agilent Technologies Inc. 0.03% 4,990 $647K No change
VLTO Veralto Corp. 0.02% 5,475 $523K No change
IONS Ionis Pharmaceuticals Inc. 0.02% 10,800 $515K No change
RMD Resmed Inc. 0.02% 2,390 $457K No change
MS Morgan Stanley 0.02% 4,611 $448K Reduce -39.6%
ZBH Zimmer Biomet Holdings Inc. 0.01% 3,260 $354K No change
STE Steris PLC 0.01% 1,530 $336K No change
MREO Mereo Biopharma Group PL-ADR 0.01% 75,000 $270K Reduce -98.0%
BAX Baxter International Inc. 0.01% 7,970 $267K No change
ALGN Align Technology Inc. 0.01% 1,100 $266K No change
CRL Charles River Laboratories 0.01% 1,010 $209K No change
RVNC Revance Therapeutics Inc. 0.01% 58,425 $150K Reduce -96.3%

Options reported separately and not counted above: SPY puts ($272.1M).

Portfolio Sells Q1 2024 → Q2 2024
CI The Cigna Group Reduce -96.5% 0.06% −2.04
ARGX Argenx SE - ADR Sold out 0.00% −2.02
MRNS Marinus Pharmaceuticals Inc. Reduce -25.2% 0.18% −1.77
MCK McKesson Corp. Reduce -96.8% 0.04% −1.24
ACLX Arcellx Inc. Reduce -3.0% 3.42% −1.17
VZ Verizon Communications Inc. Reduce -48.3% 1.03% −1.06
BCYC Bicycle Therapeutics PLC-ADR Sold out 0.00% −0.96
RPRX Royalty Pharma PLC Class A Reduce -17.1% 2.01% −0.87
FATE Fate Therapeutics Inc. Sold out 0.00% −0.79
HLT Hilton Worldwide Holdings Inc. Sold out 0.00% −0.71
CRM Salesforce Inc. Sold out 0.00% −0.70
SBUX Starbucks Corp. Sold out 0.00% −0.67
GPN Global Payments Inc. Sold out 0.00% −0.60
MREO Mereo Biopharma Group PL-ADR Reduce -98.0% 0.01% −0.50
GS Goldman Sachs Group Inc. Reduce -29.1% 1.44% −0.50
FULC Fulcrum Therapeutics Inc. Reduce -10.8% 0.64% −0.49
FERG Ferguson Jersey Ltd. Reduce -14.3% 1.15% −0.41
TERN Terns Pharmaceuticals Inc. Sold out 0.00% −0.38
RVNC Revance Therapeutics Inc. Reduce -96.3% 0.01% −0.33
KRRO Korro Bio Inc. Sold out 0.00% −0.28
GE General Electric Reduce -1.2% 1.33% −0.21
ELAN Elanco Animal Health Inc. Reduce -50.0% 0.15% −0.20
SYRE Spyre Therapeutics Inc. Reduce -33.9% 0.10% −0.16
META Meta Platforms Inc. Class A Reduce -3.7% 3.44% −0.12
COGT Cogent Biosciences Inc. Sold out 0.00% −0.09
BSX Boston Scientific Corp. Reduce -16.9% 0.79% −0.08
T AT&T Inc. Reduce -8.8% 1.71% −0.08
NTRA Natera Inc. Reduce -58.9% 0.04% −0.05
APO Apollo Global Management Inc. Reduce -4.4% 1.71% −0.05
AKLI Akili Inc. Sold out 0.00% −0.05
MS Morgan Stanley Reduce -39.6% 0.02% −0.01
AMZN Amazon.com Inc. Reduce -0.2% 2.81% +0.09

Portfolio Buys Q1 2024 → Q2 2024
INSM Insmed Inc. Add +24.7% 6.90% +4.58
UNH Unitedhealth Group Inc. Add +967.7% 3.36% +3.04
AAPL Apple Inc. Add +105.7% 3.12% +1.85
ITCI Intra-Cellular Therapies Inc. Add +63.3% 4.38% +1.58
SYY Sysco Corp. New 1.52% +1.52
CTNM Contineum Therapeutics Inc. Class A New 1.48% +1.48
ERAS Erasca Inc. New 1.33% +1.33
MCD McDonald's Corp. New 1.15% +1.15
TSLA Tesla Inc. New 1.09% +1.09
ELV Elevance Health Inc. Add +79.6% 2.02% +0.91
PROKIDNEY CORP Add +141.5% 0.94% +0.67
ABEO Abeona Therapeutics Inc. New 0.64% +0.64
TSM Taiwan Semiconductor-SP ADR Add +6.5% 2.49% +0.60
ARQT Arcutis Biotherapeutics Inc. Add +27.0% 3.80% +0.50
MSFT Microsoft Corp. Add +31.2% 1.90% +0.49
BNTC Benitec Biopharma Inc. Add +728.2% 0.48% +0.44
GLUE Monte Rosa Therapeutics Inc. New 0.41% +0.41
ZURA Zura Bio Ltd. Add +70.6% 0.69% +0.39
ORCL Oracle Corp. Add +24.6% 1.41% +0.37
ALNY Alnylam Pharmaceuticals Inc. Add +15.2% 0.37% +0.17
EXAS Exact Sciences Corp. New 0.16% +0.16
PINS Pinterest Inc. Class A Add +3.6% 0.74% +0.16
RARE Ultragenyx Pharmaceutical Inc. Add +22.9% 3.46% +0.16
AVBP Arrivent Biopharma Inc. Add +9.5% 1.30% +0.12
CRH CRH PLC Add +28.7% 1.32% +0.10
KO The Coca-Cola Co. Add +2.6% 1.46% +0.05
FIVE Five Below New 0.03% +0.03
AMD Advanced Micro Devices Add +1.3% 2.29% −0.31
STRO Sutro Biopharma Inc. Com SHS Add +33.4% 0.92% −0.46
ETNB 89BIO Inc. Add +27.5% 2.63% −0.47
EYPT Eyepoint Inc. Add +37.5% 1.84% −1.44
BHVN Biohaven Ltd. Add +29.9% 7.37% −1.87

Options Activity Q1 2024 → Q2 2024
SPY SS SPDR S&P 500 ETF Trust-US put Add +11.1% 500,000 $272.1M
QQQ Invesco QQQ Trust Series 1 put Sold out 195,000 $86.6Mbefore exit

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