Montanova Capital, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Montanova Capital, LLC reported 95 stock positions worth $2.7 billion. Its top holding was Arcutis Biotherapeutics (ARQT) at 6.1% of the portfolio, followed by 89BIO (ETNB, 5.3%) and Legend Biotech Corp.-ADR (LEGN, 5.0%). Compared with Q1 2025, it opened 10 new positions, sold out of 14, added to 29 and reduced 18. The biggest buy was Coca-Cola (KO, shares +197%) and the biggest sale an exit from Intra-Cellular Therapies (ITCI).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001569064
Portfolio Value
$2.7B (Q2 2025)
SEC Filing
0001172661-25-003289 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $2.7B $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 95 stocks · $2.7B
ARQT Arcutis Biotherapeutics Inc. 6.09% 11,535,582 $161.7M Add +1.0%
ETNB 89BIO Inc. 5.26% 14,210,000 $139.5M Reduce -0.9%
LEGN Legend Biotech Corp.-ADR 5.05% 3,774,009 $133.9M Add +0.6%
META Meta Platforms Inc. Class A 4.72% 169,845 $125.4M Reduce -5.5%
BNTC Benitec Biopharma Inc. 4.35% 9,876,506 $115.6M No change
KO The Coca-Cola Co. 3.29% 1,233,230 $87.3M Add +196.7%
RARE Ultragenyx Pharmaceutical Inc. 3.12% 2,278,000 $82.8M Add +12.5%
GE General Electric filed as GE AEROSPACE 3.01% 310,262 $79.9M Add +54.6%
BHVN Biohaven Ltd. 2.99% 5,620,271 $79.3M No change
NVDA Nvidia Corp. 2.97% 499,562 $78.9M Add +41.6%
AVBP Arrivent Biopharma Inc. 2.80% 3,412,788 $74.3M Add +46.0%
TSM Taiwan Semiconductor-SP ADR 2.56% 300,401 $68.0M Reduce -14.3%
IMTX Immatics NV 2.44% 12,030,129 $64.7M Add +31.7%
EYPT Eyepoint Inc. 2.41% 6,804,091 $64.0M No change
APO Apollo Global Management Inc. 2.29% 428,460 $60.8M Add +8.1%
AMD Advanced Micro Devices 2.13% 398,799 $56.6M Reduce -1.3%
AMZN Amazon.com Inc. 2.13% 257,625 $56.5M Reduce -27.3%
KALV Kalvista Pharmaceuticals Inc. 2.11% 4,955,000 $56.0M Add +0.8%
DKS Dick's Sporting Goods Inc. 1.94% 260,465 $51.5M New
ORCL Oracle Corp. 1.90% 230,728 $50.4M Add +1.9%
APLS Apellis Pharmaceuticals Inc. 1.88% 2,878,000 $49.8M Add +74.8%
MSFT Microsoft Corp. 1.85% 98,828 $49.2M Reduce -45.1%
HD Home Depot Inc. 1.81% 130,721 $47.9M Add +34.0%
KURA Kura Oncology Inc. 1.76% 8,116,000 $46.8M Add +9.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.65% 927,190 $43.9M Add +23.0%
COF Capital One Financial Corp. 1.56% 194,160 $41.3M Reduce -20.8%
FERG Ferguson Enterprises Inc. 1.56% 189,660 $41.3M Add +46.0%
GEHC GE Healthcare Technology 1.49% 532,280 $39.4M New
BSX Boston Scientific Corp. 1.43% 353,561 $38.0M Add +34.9%
FULC Fulcrum Therapeutics Inc. 1.32% 5,082,900 $35.0M Add +0.3%
DHR Danaher Corp. 1.30% 174,700 $34.5M Add +1184.6%
RCUS Arcus Biosciences Inc. 1.13% 3,688,858 $30.0M Add +44.0%
TSLA Tesla Inc. 1.11% 92,357 $29.3M Reduce -24.3%
AURA Aura Biosciences Inc. 1.03% 4,372,884 $27.4M Add +60.1%
INSM Insmed Inc. 0.91% 238,783 $24.0M Reduce -84.0%
DDOG Datadog Inc. Class A 0.91% 178,832 $24.0M Reduce -2.4%
MLYS Mineralys Therapeutics Inc. 0.89% 1,744,492 $23.6M Add +4.6%
UNH Unitedhealth Group Inc. 0.80% 68,000 $21.2M Add +127.4%
JNJ Johnson & Johnson 0.76% 132,786 $20.3M Add +21.4%
BIIB Biogen Inc. 0.72% 151,890 $19.1M Add +25.8%
CMPX Compass Therapeutics Inc. 0.70% 7,149,493 $18.6M New
ERAS Erasca Inc. 0.69% 14,502,004 $18.4M Add +17.8%
MRK Merck & Co. Inc. 0.65% 219,178 $17.4M Add +52.1%
GS Goldman Sachs Group Inc. 0.64% 24,108 $17.1M Reduce -5.6%
PVLA Palvella Therapeutics Inc. 0.61% 714,463 $16.1M No change
PINS Pinterest Inc. Class A 0.58% 430,025 $15.4M New
ABEO Abeona Therapeutics Inc. 0.57% 2,676,000 $15.2M Reduce -27.4%
GLUE Monte Rosa Therapeutics Inc. 0.57% 3,360,000 $15.2M Add +114.9%
MRNA Moderna Inc. 0.54% 517,163 $14.3M No change
KYMR Kymera Therapeutics Inc. 0.45% 275,000 $12.0M New
RCKT Rocket Pharmaceuticals Inc. 0.38% 4,143,333 $10.2M Add +18.3%
MOLN Molecular Partners AG -ADR 0.32% 2,221,494 $8.5M No change
TSHA Taysha Gene Therapies Inc. 0.28% 3,217,449 $7.4M New
PROKIDNEY CORP 0.28% 12,341,266 $7.3M No change
WHWK Whitehawk Therapeutics Inc. 0.26% 3,700,000 $6.9M No change
CTNM Contineum Therapeutics Inc. Class A 0.26% 1,720,000 $6.8M No change
ABT Abbott Laboratories 0.21% 40,520 $5.5M Reduce -31.1%
IFRX Inflarx NV 0.19% 6,483,910 $5.1M No change
ZURA Zura Bio Ltd. 0.19% 4,860,939 $5.1M No change
EXAS Exact Sciences Corp. 0.19% 94,100 $5.0M No change
STRO Sutro Biopharma Inc. Com SHS 0.17% 6,488,324 $4.6M Reduce -13.1%
REGN Regeneron Pharmaceuticals 0.17% 8,630 $4.5M New
COR Cencora Inc. 0.14% 12,488 $3.7M No change
ELAN Elanco Animal Health Inc. 0.14% 253,600 $3.6M No change
KZR Kezar Life Sciences Inc. 0.12% 716,759 $3.3M No change
TMO Thermo Fisher Scientific Inc. 0.12% 7,900 $3.2M No change
ISRG Intuitive Surgical Inc. 0.11% 5,200 $2.8M No change
DXCM Dexcom Inc. 0.10% 31,680 $2.8M No change
SYK Stryker Corp. 0.09% 5,860 $2.3M No change
MTD Mettler-Toledo International 0.09% 1,964 $2.3M No change
MDT Medtronic PLC 0.08% 25,060 $2.2M No change
NTRA Natera Inc. 0.06% 10,100 $1.7M No change
MCK McKesson Corp. 0.05% 1,830 $1.3M No change
WING Wingstop Inc. 0.05% 3,961 $1.3M New
HCA HCA Healthcare Inc. 0.05% 3,190 $1.2M No change
IQV Iqvia Holdings Inc. 0.04% 7,175 $1.1M No change
WAT Waters Corp. 0.04% 3,150 $1.1M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 0.04% 37,111 $1.0M No change
AVTR Avantor Inc. 0.04% 71,850 $967K No change
OS Onestream Inc. 0.04% 33,080 $936K New
EW Edwards Lifesciences Corp. 0.03% 11,100 $868K No change
UAL United Airlines Holdings Inc. 0.03% 10,401 $828K Reduce -97.2%
CRH CRH PLC 0.03% 8,460 $777K Reduce -39.8%
RMD Resmed Inc. 0.02% 2,390 $617K No change
A Agilent Technologies Inc. 0.02% 4,990 $589K No change
VLTO Veralto Corp. 0.02% 5,475 $553K No change
CZR Caesars Entertainment Inc. 0.02% 18,875 $536K Reduce -97.1%
IONS Ionis Pharmaceuticals Inc. 0.02% 10,800 $427K No change
STE Steris PLC 0.01% 1,530 $368K No change
PEPG Pepgen Inc. 0.01% 300,000 $333K Reduce -81.9%
SRPT Sarepta Therapeutics Inc. 0.01% 17,888 $306K No change
ZBH Zimmer Biomet Holdings Inc. 0.01% 3,260 $297K No change
PACS Pacs Group Inc. 0.01% 20,000 $258K No change
BAX Baxter International Inc. 0.01% 7,970 $241K No change
ALGN Align Technology Inc. 0.01% 1,100 $208K New

Options reported separately and not counted above: SPY puts ($432.5M), IWM puts ($151.6M), NVDA calls ($79.0M).

Portfolio Sells Q1 2025 → Q2 2025
ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −3.74
INSM Insmed Inc. Reduce -84.0% 0.91% −3.70
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −1.10
UAL United Airlines Holdings Inc. Reduce -97.2% 0.03% −0.99
MSFT Microsoft Corp. Reduce -45.1% 1.85% −0.88
SNOW Snowflake Inc. Sold out 0.00% −0.82
CZR Caesars Entertainment Inc. Reduce -97.1% 0.02% −0.64
TTWO Take-Two Interactive Softwre Sold out 0.00% −0.61
AMZN Amazon.com Inc. Reduce -27.3% 2.13% −0.60
RBLX Roblox Corp. Class A Sold out 0.00% −0.54
U Unity Software Inc. Sold out 0.00% −0.27
COF Capital One Financial Corp. Reduce -20.8% 1.56% −0.22
BIOA Bioage Labs Inc. Sold out 0.00% −0.22
SNY Sanofi-ADR Sold out 0.00% −0.19
TSLA Tesla Inc. Reduce -24.3% 1.11% −0.17
IRON Disc Medicine Inc. Sold out 0.00% −0.16
ABEO Abeona Therapeutics Inc. Reduce -27.4% 0.57% −0.14
ABT Abbott Laboratories Reduce -31.1% 0.21% −0.11
ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −0.10
AARD Aardvark Therapeutics Inc. Sold out 0.00% −0.10
TRVI Trevi Therapeutics Inc. Sold out 0.00% −0.09
PEPG Pepgen Inc. Reduce -81.9% 0.01% −0.08
ORIC Oric Pharmaceuticals Inc. Sold out 0.00% −0.06
ELV Elevance Health Inc. Sold out 0.00% −0.05
STRO Sutro Biopharma Inc. Com SHS Reduce -13.1% 0.17% −0.02
CRH CRH PLC Reduce -39.8% 0.03% −0.02
GS Goldman Sachs Group Inc. Reduce -5.6% 0.64% +0.08
DDOG Datadog Inc. Class A Reduce -2.4% 0.91% +0.17
TSM Taiwan Semiconductor-SP ADR Reduce -14.3% 2.56% +0.21
AMD Advanced Micro Devices Reduce -1.3% 2.13% +0.45
META Meta Platforms Inc. Class A Reduce -5.5% 4.72% +0.53
ETNB 89BIO Inc. Reduce -0.9% 5.26% +1.04

Portfolio Buys Q1 2025 → Q2 2025
KO The Coca-Cola Co. Add +196.7% 3.29% +2.08
DKS Dick's Sporting Goods Inc. New 1.94% +1.94
GEHC GE Healthcare Technology New 1.49% +1.49
NVDA Nvidia Corp. Add +41.6% 2.97% +1.43
GE General Electric Add +54.6% 3.01% +1.38
DHR Danaher Corp. Add +1184.6% 1.30% +1.19
AVBP Arrivent Biopharma Inc. Add +46.0% 2.80% +1.05
IMTX Immatics NV Add +31.7% 2.44% +0.77
FULC Fulcrum Therapeutics Inc. Add +0.3% 1.32% +0.73
FERG Ferguson Enterprises Inc. Add +46.0% 1.56% +0.71
CMPX Compass Therapeutics Inc. New 0.70% +0.70
ORCL Oracle Corp. Add +1.9% 1.90% +0.62
PINS Pinterest Inc. Class A New 0.58% +0.58
KYMR Kymera Therapeutics Inc. New 0.45% +0.45
APLS Apellis Pharmaceuticals Inc. Add +74.8% 1.88% +0.42
AURA Aura Biosciences Inc. Add +60.1% 1.03% +0.38
BAC Bank of America Corp. Add +23.0% 1.65% +0.38
BSX Boston Scientific Corp. Add +34.9% 1.43% +0.36
HD Home Depot Inc. Add +34.0% 1.81% +0.36
RCUS Arcus Biosciences Inc. Add +44.0% 1.13% +0.32
TSHA Taysha Gene Therapies Inc. New 0.28% +0.28
GLUE Monte Rosa Therapeutics Inc. Add +114.9% 0.57% +0.28
REGN Regeneron Pharmaceuticals New 0.17% +0.17
UNH Unitedhealth Group Inc. Add +127.4% 0.80% +0.17
RARE Ultragenyx Pharmaceutical Inc. Add +12.5% 3.12% +0.15
MRK Merck & Co. Inc. Add +52.1% 0.65% +0.13
APO Apollo Global Management Inc. Add +8.1% 2.29% +0.09
WING Wingstop Inc. New 0.05% +0.05
BIIB Biogen Inc. Add +25.8% 0.72% +0.05
OS Onestream Inc. New 0.04% +0.04
JNJ Johnson & Johnson Add +21.4% 0.76% +0.03
ERAS Erasca Inc. Add +17.8% 0.69% +0.01
ALGN Align Technology Inc. New 0.01% +0.01
LEGN Legend Biotech Corp.-ADR Add +0.6% 5.05% −0.10
MLYS Mineralys Therapeutics Inc. Add +4.6% 0.89% −0.18
KALV Kalvista Pharmaceuticals Inc. Add +0.8% 2.11% −0.18
KURA Kura Oncology Inc. Add +9.1% 1.76% −0.22
RCKT Rocket Pharmaceuticals Inc. Add +18.3% 0.38% −0.56
ARQT Arcutis Biotherapeutics Inc. Add +1.0% 6.09% −1.14

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +75.0% 700,000 $432.5M
IWM iShares Russell 2000 ETF put New 702,500 $151.6M
NVDA Nvidia Corp. call New 500,000 $79.0M

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