Montanova Capital, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Montanova Capital, LLC reported 96 stock positions worth $2.8 billion. Its top holding was Biohaven (BHVN) at 9.3% of the portfolio, followed by Kura Oncology (KURA, 5.4%) and Insmed (INSM, 4.3%). Compared with Q2 2024, it opened 14 new positions, sold out of 15, added to 21 and reduced 19. The biggest buy was Benitec Biopharma (BNTC, shares +422%) and the biggest sale Insmed (INSM, shares −35%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001569064
Portfolio Value
$2.8B (Q3 2024)
SEC Filing
0001172661-24-004788 ↗ filed Nov 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 Q2 2024 Q3 2024: $2.8B $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 96 stocks · $2.8B
BHVN Biohaven Ltd. 9.32% 5,199,219 $259.8M No change
KURA Kura Oncology Inc. 5.37% 7,652,782 $149.5M Add +8.3%
INSM Insmed Inc. 4.29% 1,635,709 $119.4M Reduce -35.1%
ITCI Intra-Cellular Therapies Inc. 3.78% 1,439,026 $105.3M Reduce -8.1%
ARQT Arcutis Biotherapeutics Inc. 3.58% 10,721,511 $99.7M Add +7.2%
META Meta Platforms Inc. Class A 3.46% 168,488 $96.4M Add +0.8%
UNH Unitedhealth Group Inc. 3.08% 146,845 $85.9M Reduce -9.1%
BNTC Benitec Biopharma Inc. 2.91% 8,829,053 $81.1M Add +422.0%
AAPL Apple Inc. 2.81% 336,147 $78.3M Reduce -7.5%
AMZN Amazon.com Inc. 2.35% 352,069 $65.6M Reduce -1.2%
RARE Ultragenyx Pharmaceutical Inc. 2.30% 1,151,314 $64.0M Reduce -44.1%
TSM Taiwan Semiconductor-SP ADR 2.17% 348,742 $60.6M Reduce -0.6%
ETNB 89BIO Inc. 2.12% 7,991,644 $59.1M Reduce -0.5%
APO Apollo Global Management Inc. 2.08% 465,050 $58.1M Add +31.2%
ACLX Arcellx Inc. 2.07% 689,950 $57.6M Reduce -54.5%
AMD Advanced Micro Devices 2.04% 346,575 $56.9M Add +0.2%
SBUX Starbucks Corp. 1.93% 550,309 $53.6M New
GS Goldman Sachs Group Inc. 1.92% 108,308 $53.6M Add +39.0%
RPRX Royalty Pharma PLC Class A 1.89% 1,866,361 $52.8M No change
TSLA Tesla Inc. 1.82% 193,842 $50.7M Add +43.7%
T AT&T Inc. 1.80% 2,285,336 $50.3M Add +4.5%
CRH CRH PLC 1.79% 538,894 $50.0M Add +24.8%
KALV Kalvista Pharmaceuticals Inc. 1.75% 4,212,005 $48.8M Add +0.5%
FERG Ferguson Enterprises Inc. 1.60% 225,210 $44.7M Add +55.3%
AVBP Arrivent Biopharma Inc. 1.56% 1,845,162 $43.4M Add +7.7%
KO The Coca-Cola Co. 1.52% 588,912 $42.3M Add +5.0%
MSFT Microsoft Corp. 1.49% 96,526 $41.5M Reduce -7.2%
EYPT Eyepoint Inc. 1.48% 5,175,823 $41.4M No change
ORCL Oracle Corp. 1.45% 237,094 $40.4M Reduce -3.3%
GE General Electric filed as GE AEROSPACE 1.36% 200,662 $37.8M Reduce -2.1%
ERAS Erasca Inc. 1.35% 13,768,039 $37.6M No change
COF Capital One Financial Corp. 1.27% 235,600 $35.3M New
CRWD CrowdStrike Holdings Inc. Class A 1.23% 122,155 $34.3M New
VZ Verizon Communications Inc. 1.22% 758,674 $34.1M Add +24.4%
CTNM Contineum Therapeutics Inc. Class A 1.18% 1,720,000 $32.9M Reduce -16.2%
MCD McDonald's Corp. 1.13% 103,638 $31.6M Reduce -6.2%
BIOA Bioage Labs Inc. 1.09% 1,455,000 $30.3M New
KDP Keurig Dr Pepper Inc. 0.95% 703,095 $26.4M New
STRO Sutro Biopharma Inc. Com SHS 0.89% 7,187,495 $24.9M Reduce -6.8%
LVS Las Vegas Sands Corp. 0.87% 484,110 $24.4M New
PROKIDNEY CORP 0.85% 12,341,266 $23.7M Add +32.1%
ABEO Abeona Therapeutics Inc. 0.84% 3,685,503 $23.3M No change
JNJ Johnson & Johnson 0.81% 138,447 $22.4M Add +53.7%
BSX Boston Scientific Corp. 0.76% 251,689 $21.1M No change
PINS Pinterest Inc. Class A 0.72% 615,911 $19.9M Add +50.2%
ZURA Zura Bio Ltd. 0.71% 4,860,939 $19.7M No change
PEPG Pepgen Inc. 0.51% 1,660,932 $14.2M Add +9.2%
GLUE Monte Rosa Therapeutics Inc. 0.51% 2,659,000 $14.1M No change
WYNN WYNN Resorts Ltd. 0.46% 133,000 $12.8M New
RCUS Arcus Biosciences Inc. 0.36% 663,603 $10.1M Reduce -30.7%
SNY Sanofi-ADR 0.36% 174,901 $10.1M Reduce -17.0%
SCPH Scpharmaceuticals Inc. 0.34% 2,049,009 $9.3M New
MRNS Marinus Pharmaceuticals Inc. 0.32% 5,073,913 $8.9M Add +32.8%
IFRX Inflarx NV 0.31% 5,733,910 $8.8M No change
KWEB Kranesh Csi China Internet 0.28% 230,000 $7.8M New
FXI iShares China Large-Cap ETF 0.28% 242,500 $7.7M New
GEHC GE Healthcare Technology 0.25% 75,000 $7.0M No change
EXAS Exact Sciences Corp. 0.23% 94,100 $6.4M No change
BIIB Biogen Inc. 0.21% 29,946 $5.8M New
KEZAR LIFE SCIENCES INC 0.20% 7,167,591 $5.5M No change
TEVA Teva Pharmaceutical-SP ADR 0.17% 268,100 $4.8M No change
DHR Danaher Corp. 0.16% 16,427 $4.6M No change
TMO Thermo Fisher Scientific Inc. 0.16% 7,260 $4.5M No change
FULC Fulcrum Therapeutics Inc. 0.15% 1,182,791 $4.2M Reduce -53.5%
KVUE Kenvue Inc. 0.14% 171,596 $4.0M No change
ABT Abbott Laboratories 0.14% 33,520 $3.8M No change
ALNY Alnylam Pharmaceuticals Inc. 0.14% 13,824 $3.8M Reduce -63.3%
ELAN Elanco Animal Health Inc. 0.13% 253,600 $3.7M No change
MTD Mettler-Toledo International 0.11% 1,964 $2.9M No change
COR Cencora Inc. 0.10% 12,488 $2.8M No change
ISRG Intuitive Surgical Inc. 0.09% 5,200 $2.6M No change
DXCM Dexcom Inc. 0.08% 31,680 $2.1M Add +438.8%
MOLN Molecular Partners AG -ADR 0.07% 400,000 $2.0M No change
AVTR Avantor Inc. 0.07% 71,850 $1.9M No change
IQV Iqvia Holdings Inc. 0.06% 7,175 $1.7M No change
SYK Stryker Corp. 0.06% 4,360 $1.6M No change
MDT Medtronic PLC 0.06% 17,460 $1.6M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 0.05% 47,200 $1.4M No change
HCA HCA Healthcare Inc. 0.05% 3,190 $1.3M No change
NTRA Natera Inc. 0.05% 10,100 $1.3M No change
ILMN Illumina Inc. 0.04% 8,730 $1.1M No change
WAT Waters Corp. 0.04% 3,150 $1.1M No change
CNTA Centessa Pharmaceuticals Ltd. 0.04% 70,000 $1.1M New
CVS CVS Health Corp. 0.04% 17,170 $1.1M No change
MCK McKesson Corp. 0.03% 1,830 $905K No change
PACS Pacs Group Inc. 0.03% 20,000 $799K New
A Agilent Technologies Inc. 0.03% 4,990 $741K No change
EW Edwards Lifesciences Corp. 0.03% 11,100 $732K No change
VLTO Veralto Corp. 0.02% 5,475 $612K No change
RMD Resmed Inc. 0.02% 2,390 $583K No change
IONS Ionis Pharmaceuticals Inc. 0.02% 10,800 $433K No change
STE Steris PLC 0.01% 1,530 $371K No change
ZBH Zimmer Biomet Holdings Inc. 0.01% 3,260 $352K No change
BAX Baxter International Inc. 0.01% 7,970 $303K No change
ALGN Align Technology Inc. 0.01% 1,100 $280K No change
TECH Bio-Techne Corp. 0.01% 2,600 $208K New

Options reported separately and not counted above: SPY puts ($315.6M), INTC calls ($23.5M).

Portfolio Sells Q2 2024 → Q3 2024
INSM Insmed Inc. Reduce -35.1% 4.29% −2.61
ELV Elevance Health Inc. Sold out 0.00% −2.02
SYY Sysco Corp. Sold out 0.00% −1.52
ACLX Arcellx Inc. Reduce -54.5% 2.07% −1.35
RARE Ultragenyx Pharmaceutical Inc. Reduce -44.1% 2.30% −1.16
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −1.02
ITCI Intra-Cellular Therapies Inc. Reduce -8.1% 3.78% −0.60
ETNB 89BIO Inc. Reduce -0.5% 2.12% −0.50
FULC Fulcrum Therapeutics Inc. Reduce -53.5% 0.15% −0.49
AMZN Amazon.com Inc. Reduce -1.2% 2.35% −0.46
IMTX Immatics NV Sold out 0.00% −0.45
MSFT Microsoft Corp. Reduce -7.2% 1.49% −0.41
TSM Taiwan Semiconductor-SP ADR Reduce -0.6% 2.17% −0.31
AAPL Apple Inc. Reduce -7.5% 2.81% −0.31
CTNM Contineum Therapeutics Inc. Class A Reduce -16.2% 1.18% −0.29
UNH Unitedhealth Group Inc. Reduce -9.1% 3.08% −0.27
ALNY Alnylam Pharmaceuticals Inc. Reduce -63.3% 0.14% −0.24
RCUS Arcus Biosciences Inc. Reduce -30.7% 0.36% −0.23
GILD Gilead Sciences Inc. Sold out 0.00% −0.14
SYRE Spyre Therapeutics Inc. Sold out 0.00% −0.10
TRML Tourmaline Bio Inc. Sold out 0.00% −0.07
CI The Cigna Group Sold out 0.00% −0.06
SNY Sanofi-ADR Reduce -17.0% 0.36% −0.06
PTGX Protagonist Therapeutics Inc. Sold out 0.00% −0.04
FIVE Five Below Sold out 0.00% −0.03
HUM Humana Inc. Sold out 0.00% −0.03
STRO Sutro Biopharma Inc. Com SHS Reduce -6.8% 0.89% −0.03
MS Morgan Stanley Sold out 0.00% −0.02
MCD McDonald's Corp. Reduce -6.2% 1.13% −0.02
MREO Mereo Biopharma Group PL-ADR Sold out 0.00% −0.01
CRL Charles River Laboratories Sold out 0.00% −0.01
RVNC Revance Therapeutics Inc. Sold out 0.00% −0.01
GE General Electric Reduce -2.1% 1.36% +0.03
ORCL Oracle Corp. Reduce -3.3% 1.45% +0.04

Portfolio Buys Q2 2024 → Q3 2024
BNTC Benitec Biopharma Inc. Add +422.0% 2.91% +2.43
SBUX Starbucks Corp. New 1.93% +1.93
COF Capital One Financial Corp. New 1.27% +1.27
CRWD CrowdStrike Holdings Inc. Class A New 1.23% +1.23
BIOA Bioage Labs Inc. New 1.09% +1.09
KDP Keurig Dr Pepper Inc. New 0.95% +0.95
LVS Las Vegas Sands Corp. New 0.87% +0.87
TSLA Tesla Inc. Add +43.7% 1.82% +0.73
GS Goldman Sachs Group Inc. Add +39.0% 1.92% +0.49
CRH CRH PLC Add +24.8% 1.79% +0.47
FERG Ferguson Enterprises Inc. Add +55.3% 1.60% +0.46
WYNN WYNN Resorts Ltd. New 0.46% +0.46
APO Apollo Global Management Inc. Add +31.2% 2.08% +0.38
SCPH Scpharmaceuticals Inc. New 0.34% +0.34
KWEB Kranesh Csi China Internet New 0.28% +0.28
FXI iShares China Large-Cap ETF New 0.28% +0.28
JNJ Johnson & Johnson Add +53.7% 0.81% +0.27
AVBP Arrivent Biopharma Inc. Add +7.7% 1.56% +0.26
BIIB Biogen Inc. New 0.21% +0.21
VZ Verizon Communications Inc. Add +24.4% 1.22% +0.20
MRNS Marinus Pharmaceuticals Inc. Add +32.8% 0.32% +0.14
T AT&T Inc. Add +4.5% 1.80% +0.10
KO The Coca-Cola Co. Add +5.0% 1.52% +0.06
DXCM Dexcom Inc. Add +438.8% 0.08% +0.05
CNTA Centessa Pharmaceuticals Ltd. New 0.04% +0.04
PACS Pacs Group Inc. New 0.03% +0.03
META Meta Platforms Inc. Class A Add +0.8% 3.46% +0.02
TECH Bio-Techne Corp. New 0.01% +0.01
PINS Pinterest Inc. Class A Add +50.2% 0.72% −0.02
PROKIDNEY CORP Add +32.1% 0.85% −0.09
ARQT Arcutis Biotherapeutics Inc. Add +7.2% 3.58% −0.22
AMD Advanced Micro Devices Add +0.2% 2.04% −0.25
KALV Kalvista Pharmaceuticals Inc. Add +0.5% 1.75% −0.27
PEPG Pepgen Inc. Add +9.2% 0.51% −0.48
KURA Kura Oncology Inc. Add +8.3% 5.37% −0.57

Options Activity Q2 2024 → Q3 2024
SPY SS SPDR S&P 500 ETF Trust-US put Add +10.0% 550,000 $315.6M
INTC Intel Corp. call New 1,000,000 $23.5M

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