Montanova Capital, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Montanova Capital, LLC reported 99 stock positions worth $2.5 billion. Its top holding was Arcutis Biotherapeutics (ARQT) at 7.2% of the portfolio, followed by Biohaven (BHVN, 5.5%) and Benitec Biopharma (BNTC, 5.2%). Compared with Q4 2024, it opened 16 new positions, sold out of 11, added to 28 and reduced 14. The biggest buy was a new position in Home Depot (HD) and the biggest sale an exit from Starbucks (SBUX).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001569064
Portfolio Value
$2.5B (Q1 2025)
SEC Filing
0001172661-25-002306 ↗ filed May 15, 2025

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 $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 99 stocks · $2.5B
ARQT Arcutis Biotherapeutics Inc. 7.23% 11,422,978 $178.7M Add +0.2%
BHVN Biohaven Ltd. 5.47% 5,620,271 $135.1M No change
BNTC Benitec Biopharma Inc. 5.20% 9,876,506 $128.5M Add +10.2%
LEGN Legend Biotech Corp.-ADR 5.15% 3,749,965 $127.2M Add +7.3%
INSM Insmed Inc. 4.61% 1,492,383 $113.9M Reduce -7.4%
ETNB 89BIO Inc. 4.22% 14,335,244 $104.2M Add +40.5%
META Meta Platforms Inc. Class A 4.19% 179,664 $103.6M Add +5.5%
ITCI Intra-Cellular Therapies Inc. 3.74% 700,904 $92.5M Reduce -51.3%
RARE Ultragenyx Pharmaceutical Inc. 2.97% 2,024,500 $73.3M Add +75.8%
MSFT Microsoft Corp. 2.74% 180,125 $67.6M Add +52.1%
AMZN Amazon.com Inc. 2.73% 354,356 $67.4M Add +0.9%
TSM Taiwan Semiconductor-SP ADR 2.35% 350,514 $58.2M Add +1.3%
KALV Kalvista Pharmaceuticals Inc. 2.29% 4,913,012 $56.7M No change
APO Apollo Global Management Inc. 2.20% 396,540 $54.3M Reduce -14.6%
KURA Kura Oncology Inc. 1.99% 7,439,259 $49.1M Add +46.5%
COF Capital One Financial Corp. 1.78% 245,222 $44.0M Reduce -2.5%
AVBP Arrivent Biopharma Inc. 1.75% 2,337,496 $43.2M Add +4.1%
AMD Advanced Micro Devices 1.68% 404,008 $41.5M Add +19.7%
IMTX Immatics NV 1.67% 9,135,029 $41.2M Add +80.3%
GE General Electric filed as GE AEROSPACE 1.63% 200,662 $40.2M No change
NVDA Nvidia Corp. 1.55% 352,765 $38.2M Add +95.2%
EYPT Eyepoint Inc. 1.49% 6,804,091 $36.9M Add +0.3%
APLS Apellis Pharmaceuticals Inc. 1.46% 1,646,615 $36.0M Add +107.6%
HD Home Depot Inc. 1.45% 97,571 $35.8M New
ORCL Oracle Corp. 1.28% 226,318 $31.6M No change
TSLA Tesla Inc. 1.28% 122,016 $31.6M Reduce -25.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.27% 753,913 $31.5M New
KO The Coca-Cola Co. 1.20% 415,720 $29.8M Reduce -63.5%
CMG Chipotle Mexican Grill Inc. 1.10% 539,540 $27.1M New
MLYS Mineralys Therapeutics Inc. 1.07% 1,667,759 $26.5M New
BSX Boston Scientific Corp. 1.07% 262,099 $26.4M Reduce -34.1%
UAL United Airlines Holdings Inc. 1.02% 366,375 $25.3M Add +82.6%
RCKT Rocket Pharmaceuticals Inc. 0.95% 3,502,000 $23.4M Add +36.4%
FERG Ferguson Enterprises Inc. 0.84% 129,924 $20.8M Reduce -47.1%
SNOW Snowflake Inc. 0.82% 137,886 $20.2M New
RCUS Arcus Biosciences Inc. 0.81% 2,560,904 $20.1M Add +344.5%
PVLA Palvella Therapeutics Inc. 0.81% 714,463 $20.0M No change
DDOG Datadog Inc. Class A 0.74% 183,231 $18.2M Add +3.8%
JNJ Johnson & Johnson 0.73% 109,386 $18.1M Reduce -21.9%
ABEO Abeona Therapeutics Inc. 0.71% 3,685,503 $17.5M No change
ERAS Erasca Inc. 0.68% 12,315,004 $16.9M No change
BIIB Biogen Inc. 0.67% 120,736 $16.5M Add +4.6%
CZR Caesars Entertainment Inc. 0.66% 652,493 $16.3M Reduce -15.5%
AURA Aura Biosciences Inc. 0.65% 2,731,886 $16.0M New
UNH Unitedhealth Group Inc. 0.63% 29,900 $15.7M Reduce -60.2%
TTWO Take-Two Interactive Softwre 0.61% 72,400 $15.0M New
MRNA Moderna Inc. 0.59% 517,163 $14.7M New
FULC Fulcrum Therapeutics Inc. 0.59% 5,067,394 $14.6M Add +51.8%
GS Goldman Sachs Group Inc. 0.56% 25,538 $14.0M Reduce -65.6%
RBLX Roblox Corp. Class A 0.54% 227,710 $13.3M New
MRK Merck & Co. Inc. 0.52% 144,100 $12.9M Add +171.9%
CTNM Contineum Therapeutics Inc. Class A 0.49% 1,720,000 $12.0M No change
PROKIDNEY CORP 0.44% 12,341,266 $10.8M No change
MOLN Molecular Partners AG -ADR 0.35% 2,221,494 $8.6M No change
ABT Abbott Laboratories 0.32% 58,820 $7.8M Add +75.5%
GLUE Monte Rosa Therapeutics Inc. 0.29% 1,563,798 $7.3M No change
U Unity Software Inc. 0.27% 339,560 $6.7M New
IFRX Inflarx NV 0.27% 6,483,910 $6.6M Add +13.1%
WHWK Whitehawk Therapeutics Inc. 0.27% 3,700,000 $6.6M New
ZURA Zura Bio Ltd. 0.25% 4,860,939 $6.3M No change
BIOA Bioage Labs Inc. 0.22% 1,452,336 $5.5M No change
STRO Sutro Biopharma Inc. Com SHS 0.20% 7,462,495 $4.9M No change
SNY Sanofi-ADR 0.19% 83,701 $4.6M Reduce -36.4%
EXAS Exact Sciences Corp. 0.16% 94,100 $4.1M No change
IRON Disc Medicine Inc. 0.16% 80,000 $4.0M New
TMO Thermo Fisher Scientific Inc. 0.16% 7,900 $3.9M No change
KZR Kezar Life Sciences Inc. 0.14% 716,759 $3.5M No change
COR Cencora Inc. 0.14% 12,488 $3.5M No change
DHR Danaher Corp. 0.11% 13,600 $2.8M No change
ELAN Elanco Animal Health Inc. 0.11% 253,600 $2.7M No change
ISRG Intuitive Surgical Inc. 0.10% 5,200 $2.6M No change
ALNY Alnylam Pharmaceuticals Inc. 0.10% 9,370 $2.5M New
AARD Aardvark Therapeutics Inc. 0.10% 312,500 $2.3M New
PEPG Pepgen Inc. 0.09% 1,660,932 $2.3M Add +41.4%
MTD Mettler-Toledo International 0.09% 1,964 $2.3M No change
MDT Medtronic PLC 0.09% 25,060 $2.3M Add +43.5%
SYK Stryker Corp. 0.09% 5,860 $2.2M Add +34.4%
DXCM Dexcom Inc. 0.09% 31,680 $2.2M No change
TRVI Trevi Therapeutics Inc. 0.09% 340,164 $2.1M New
NTRA Natera Inc. 0.06% 10,100 $1.4M No change
ORIC Oric Pharmaceuticals Inc. 0.06% 255,000 $1.4M New
IQV Iqvia Holdings Inc. 0.05% 7,175 $1.3M No change
CRH CRH PLC 0.05% 14,050 $1.2M Reduce -96.8%
MCK McKesson Corp. 0.05% 1,830 $1.2M No change
ELV Elevance Health Inc. 0.05% 2,740 $1.2M No change
AVTR Avantor Inc. 0.05% 71,850 $1.2M No change
WAT Waters Corp. 0.05% 3,150 $1.2M No change
SRPT Sarepta Therapeutics Inc. 0.05% 17,888 $1.1M No change
HCA HCA Healthcare Inc. 0.04% 3,190 $1.1M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 0.04% 37,111 $932K No change
EW Edwards Lifesciences Corp. 0.03% 11,100 $805K No change
A Agilent Technologies Inc. 0.02% 4,990 $584K No change
RMD Resmed Inc. 0.02% 2,390 $535K No change
VLTO Veralto Corp. 0.02% 5,475 $534K No change
ZBH Zimmer Biomet Holdings Inc. 0.01% 3,260 $369K No change
STE Steris PLC 0.01% 1,530 $347K No change
IONS Ionis Pharmaceuticals Inc. 0.01% 10,800 $326K No change
BAX Baxter International Inc. 0.01% 7,970 $273K No change
PACS Pacs Group Inc. 0.01% 20,000 $225K No change

Options reported separately and not counted above: SPY puts ($223.8M).

Portfolio Sells Q4 2024 → Q1 2025
SBUX Starbucks Corp. Sold out 0.00% −1.74
CRH CRH PLC Reduce -96.8% 0.05% −1.45
KO The Coca-Cola Co. Reduce -63.5% 1.20% −1.42
TSLA Tesla Inc. Reduce -25.4% 1.28% −1.17
MCD McDonald's Corp. Sold out 0.00% −1.11
VZ Verizon Communications Inc. Sold out 0.00% −1.09
BA The Boeing Co. Sold out 0.00% −1.02
GS Goldman Sachs Group Inc. Reduce -65.6% 0.56% −1.01
UNH Unitedhealth Group Inc. Reduce -60.2% 0.63% −0.78
FERG Ferguson Enterprises Inc. Reduce -47.1% 0.84% −0.74
ITCI Intra-Cellular Therapies Inc. Reduce -51.3% 3.74% −0.71
APO Apollo Global Management Inc. Reduce -14.6% 2.20% −0.64
DPZ Domino's Pizza Inc. Sold out 0.00% −0.60
CRWD CrowdStrike Holdings Inc. Class A Sold out 0.00% −0.46
DIS The Walt Disney Co. Sold out 0.00% −0.39
CZR Caesars Entertainment Inc. Reduce -15.5% 0.66% −0.30
BSX Boston Scientific Corp. Reduce -34.1% 1.07% −0.25
SCPH Scpharmaceuticals Inc. Sold out 0.00% −0.24
GEHC GE Healthcare Technology Sold out 0.00% −0.22
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.07
SNY Sanofi-ADR Reduce -36.4% 0.19% −0.05
JNJ Johnson & Johnson Reduce -21.9% 0.73% −0.02
ALGN Align Technology Inc. Sold out 0.00% −0.01
COF Capital One Financial Corp. Reduce -2.5% 1.78% +0.12
INSM Insmed Inc. Reduce -7.4% 4.61% +0.49

Portfolio Buys Q4 2024 → Q1 2025
HD Home Depot Inc. New 1.45% +1.45
ARQT Arcutis Biotherapeutics Inc. Add +0.2% 7.23% +1.35
BAC Bank of America Corp. New 1.27% +1.27
ETNB 89BIO Inc. Add +40.5% 4.22% +1.26
RARE Ultragenyx Pharmaceutical Inc. Add +75.8% 2.97% +1.17
CMG Chipotle Mexican Grill Inc. New 1.10% +1.10
MLYS Mineralys Therapeutics Inc. New 1.07% +1.07
BNTC Benitec Biopharma Inc. Add +10.2% 5.20% +1.01
LEGN Legend Biotech Corp.-ADR Add +7.3% 5.15% +0.93
MSFT Microsoft Corp. Add +52.1% 2.74% +0.89
SNOW Snowflake Inc. New 0.82% +0.82
NVDA Nvidia Corp. Add +95.2% 1.55% +0.65
AURA Aura Biosciences Inc. New 0.65% +0.65
TTWO Take-Two Interactive Softwre New 0.61% +0.61
MRNA Moderna Inc. New 0.59% +0.59
RBLX Roblox Corp. Class A New 0.54% +0.54
APLS Apellis Pharmaceuticals Inc. Add +107.6% 1.46% +0.52
META Meta Platforms Inc. Class A Add +5.5% 4.19% +0.50
RCUS Arcus Biosciences Inc. Add +344.5% 0.81% +0.50
KURA Kura Oncology Inc. Add +46.5% 1.99% +0.35
IMTX Immatics NV Add +80.3% 1.67% +0.33
MRK Merck & Co. Inc. Add +171.9% 0.52% +0.33
UAL United Airlines Holdings Inc. Add +82.6% 1.02% +0.30
U Unity Software Inc. New 0.27% +0.27
WHWK Whitehawk Therapeutics Inc. New 0.27% +0.27
ABT Abbott Laboratories Add +75.5% 0.32% +0.18
AMD Advanced Micro Devices Add +19.7% 1.68% +0.17
IRON Disc Medicine Inc. New 0.16% +0.16
ALNY Alnylam Pharmaceuticals Inc. New 0.10% +0.10
AARD Aardvark Therapeutics Inc. New 0.10% +0.10
TRVI Trevi Therapeutics Inc. New 0.09% +0.09
ORIC Oric Pharmaceuticals Inc. New 0.06% +0.06
MDT Medtronic PLC Add +43.5% 0.09% +0.04
SYK Stryker Corp. Add +34.4% 0.09% +0.03
BIIB Biogen Inc. Add +4.6% 0.67% +0.01
FULC Fulcrum Therapeutics Inc. Add +51.8% 0.59% +0.01
PEPG Pepgen Inc. Add +41.4% 0.09% −0.07
AMZN Amazon.com Inc. Add +0.9% 2.73% −0.13
TSM Taiwan Semiconductor-SP ADR Add +1.3% 2.35% −0.18
DDOG Datadog Inc. Class A Add +3.8% 0.74% −0.20
RCKT Rocket Pharmaceuticals Inc. Add +36.4% 0.95% −0.25
IFRX Inflarx NV Add +13.1% 0.27% −0.26
EYPT Eyepoint Inc. Add +0.3% 1.49% −0.38
AVBP Arrivent Biopharma Inc. Add +4.1% 1.75% −0.47

Options Activity Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +14.3% 400,000 $223.8M
TGTX TG Therapeutics Inc. call Sold out 980,000 $29.5Mbefore 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