Montanova Capital, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Montanova Capital, LLC reported 90 stock positions worth $3.3 billion. Its top holding was Arcutis Biotherapeutics (ARQT) at 6.0% of the portfolio, followed by Benitec Biopharma (BNTC, 4.2%) and Meta Platforms Class A (META, 3.8%). Compared with Q2 2025, it opened 8 new positions, sold out of 13, added to 22 and reduced 13. The biggest buy was Mineralys Therapeutics (MLYS, shares +22%) and the biggest sale 89BIO (ETNB, shares −42%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001569064
Portfolio Value
$3.3B (Q3 2025)
SEC Filing
0001172661-25-004838 ↗ filed Nov 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 Q2 2025 Q3 2025: $3.3B $3.3B Q3 2025 Q4 2025: $4.0B Q4 2025 Q1 2026: $3.7B Q1 2026 Q2 2026: $4.8B Q2 2026

Holdings 90 stocks · $3.3B
ARQT Arcutis Biotherapeutics Inc. 5.99% 10,478,000 $197.5M Reduce -9.2%
BNTC Benitec Biopharma Inc. 4.20% 9,876,506 $138.6M No change
META Meta Platforms Inc. Class A 3.81% 170,973 $125.6M Add +0.7%
LEGN Legend Biotech Corp.-ADR 3.77% 3,818,009 $124.5M Add +1.2%
ETNB 89BIO Inc. 3.69% 8,280,000 $121.7M Reduce -41.7%
IMTX Immatics NV 3.11% 12,030,129 $102.5M No change
KO The Coca-Cola Co. 2.93% 1,455,080 $96.5M Add +18.0%
GE General Electric filed as GE AEROSPACE 2.83% 310,262 $93.3M No change
NVDA Nvidia Corp. 2.74% 483,535 $90.2M Reduce -3.2%
EYPT Eyepoint Inc. 2.67% 6,192,715 $88.2M Reduce -9.0%
BHVN Biohaven Ltd. 2.56% 5,620,271 $84.4M No change
MLYS Mineralys Therapeutics Inc. 2.45% 2,132,133 $80.9M Add +22.2%
HD Home Depot Inc. 2.42% 197,311 $79.9M Add +50.9%
TSM Taiwan Semiconductor-SP ADR 2.35% 277,201 $77.4M Reduce -7.7%
KURA Kura Oncology Inc. 2.18% 8,116,000 $71.8M No change
FERG Ferguson Enterprises Inc. 2.09% 306,260 $68.8M Add +61.5%
AVBP Arrivent Biopharma Inc. 2.07% 3,703,452 $68.3M Add +8.5%
APLS Apellis Pharmaceuticals Inc. 1.97% 2,878,000 $65.1M No change
AMD Advanced Micro Devices 1.96% 398,799 $64.5M No change
ORCL Oracle Corp. 1.93% 226,318 $63.6M Reduce -1.9%
RARE Ultragenyx Pharmaceutical Inc. 1.84% 2,019,000 $60.7M Reduce -11.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.81% 1,160,330 $59.9M Add +25.1%
KALV Kalvista Pharmaceuticals Inc. 1.76% 4,768,712 $58.1M Reduce -3.8%
APO Apollo Global Management Inc. 1.74% 431,260 $57.5M Add +0.7%
MSFT Microsoft Corp. 1.72% 109,455 $56.7M Add +10.8%
PVLA Palvella Therapeutics Inc. 1.56% 822,400 $51.6M Add +15.1%
COF Capital One Financial Corp. 1.54% 238,770 $50.8M Add +23.0%
DHR Danaher Corp. 1.54% 255,800 $50.7M Add +46.4%
RCUS Arcus Biosciences Inc. 1.52% 3,688,858 $50.2M No change
FULC Fulcrum Therapeutics Inc. 1.50% 5,381,000 $49.5M Add +5.9%
CMPX Compass Therapeutics Inc. 1.50% 14,101,159 $49.4M Add +97.2%
AMZN Amazon.com Inc. 1.45% 218,547 $48.0M Reduce -15.2%
TSLA Tesla Inc. 1.23% 91,252 $40.6M Reduce -1.2%
KDP Keurig Dr Pepper Inc. 1.21% 1,570,000 $40.1M New
BSX Boston Scientific Corp. 1.05% 353,561 $34.5M No change
MSOS Advisorshares Pure US Cann 1.04% 7,167,000 $34.3M New
UNH Unitedhealth Group Inc. 1.01% 96,220 $33.2M Add +41.5%
RNAM Avidity Biosciences Inc. 0.99% 750,000 $32.7M New
ERAS Erasca Inc. 0.96% 14,502,004 $31.6M No change
INSM Insmed Inc. 0.95% 217,783 $31.4M Reduce -8.8%
PROK Prokidney Corp. 0.91% 12,341,266 $29.9M No change
CRM Salesforce Inc. 0.90% 125,250 $29.7M New
DKS Dick's Sporting Goods Inc. 0.86% 128,290 $28.5M Reduce -50.8%
AURA Aura Biosciences Inc. 0.82% 4,372,884 $27.0M No change
GLUE Monte Rosa Therapeutics Inc. 0.75% 3,360,000 $24.9M No change
JNJ Johnson & Johnson 0.75% 132,786 $24.6M No change
ZURA Zura Bio Ltd. 0.72% 5,472,891 $23.7M Add +12.6%
BIIB Biogen Inc. 0.71% 168,190 $23.6M Add +10.7%
MRVL Marvell Technology Inc. 0.69% 272,300 $22.9M New
NOW ServiceNow Inc. 0.61% 22,000 $20.2M New
CTNM Contineum Therapeutics Inc. Class A 0.61% 1,720,000 $20.2M No change
SNOW Snowflake Inc. 0.61% 89,200 $20.1M New
GS Goldman Sachs Group Inc. 0.58% 24,108 $19.2M No change
MRK Merck & Co. Inc. 0.56% 219,178 $18.4M No change
PINS Pinterest Inc. Class A 0.48% 497,185 $16.0M Add +15.6%
ABEO Abeona Therapeutics Inc. 0.43% 2,676,000 $14.1M No change
RCKT Rocket Pharmaceuticals Inc. 0.38% 3,843,333 $12.5M Reduce -7.2%
REGN Regeneron Pharmaceuticals 0.30% 17,730 $10.0M Add +105.5%
IFRX Inflarx NV 0.26% 6,483,910 $8.7M No change
MOLN Molecular Partners AG -ADR 0.25% 2,221,494 $8.2M No change
WHWK Whitehawk Therapeutics Inc. 0.21% 3,700,000 $7.0M No change
ABT Abbott Laboratories 0.21% 51,020 $6.8M Add +25.9%
TMO Thermo Fisher Scientific Inc. 0.20% 13,400 $6.5M Add +69.6%
STRO Sutro Biopharma Inc. Com SHS 0.17% 6,488,324 $5.6M No change
EXAS Exact Sciences Corp. 0.16% 94,100 $5.1M No change
ELAN Elanco Animal Health Inc. 0.15% 253,600 $5.1M No change
COR Cencora Inc. 0.12% 12,488 $3.9M No change
UTHR United Therapeutics Corp. 0.10% 7,500 $3.1M New
KZR Kezar Life Sciences Inc. 0.08% 716,759 $2.8M No change
MTD Mettler-Toledo International 0.07% 1,964 $2.4M No change
MDT Medtronic PLC 0.07% 25,060 $2.4M No change
ISRG Intuitive Surgical Inc. 0.07% 5,200 $2.3M No change
SYK Stryker Corp. 0.07% 5,860 $2.2M No change
DXCM Dexcom Inc. 0.06% 31,680 $2.1M No change
NTRA Natera Inc. 0.05% 10,100 $1.6M No change
MCK McKesson Corp. 0.04% 1,830 $1.4M No change
IQV Iqvia Holdings Inc. 0.04% 7,175 $1.4M No change
HCA HCA Healthcare Inc. 0.04% 3,190 $1.4M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 0.04% 37,111 $1.3M No change
WAT Waters Corp. 0.03% 3,150 $944K No change
AVTR Avantor Inc. 0.03% 71,850 $897K No change
EW Edwards Lifesciences Corp. 0.03% 11,100 $863K No change
IONS Ionis Pharmaceuticals Inc. 0.02% 10,800 $707K No change
RMD Resmed Inc. 0.02% 2,390 $654K No change
A Agilent Technologies Inc. 0.02% 4,990 $640K No change
VLTO Veralto Corp. 0.02% 5,475 $584K No change
STE Steris PLC 0.01% 1,530 $379K No change
SRPT Sarepta Therapeutics Inc. 0.01% 17,888 $345K No change
ZBH Zimmer Biomet Holdings Inc. 0.01% 3,260 $321K No change
PACS Pacs Group Inc. 0.01% 20,000 $275K No change

Options reported separately and not counted above: SPY puts ($532.9M), XBI puts ($50.1M), KDP calls ($25.5M).

Portfolio Sells Q2 2025 → Q3 2025
ETNB 89BIO Inc. Reduce -41.7% 3.69% −1.57
GEHC GE Healthcare Technology Sold out 0.00% −1.49
RARE Ultragenyx Pharmaceutical Inc. Reduce -11.4% 1.84% −1.28
DKS Dick's Sporting Goods Inc. Reduce -50.8% 0.86% −1.08
DDOG Datadog Inc. Class A Sold out 0.00% −0.91
AMZN Amazon.com Inc. Reduce -15.2% 1.45% −0.67
MRNA Moderna Inc. Sold out 0.00% −0.54
KYMR Kymera Therapeutics Inc. Sold out 0.00% −0.45
KALV Kalvista Pharmaceuticals Inc. Reduce -3.8% 1.76% −0.35
TSHA Taysha Gene Therapies Inc. Sold out 0.00% −0.28
NVDA Nvidia Corp. Reduce -3.2% 2.74% −0.24
TSM Taiwan Semiconductor-SP ADR Reduce -7.7% 2.35% −0.22
ARQT Arcutis Biotherapeutics Inc. Reduce -9.2% 5.99% −0.11
WING Wingstop Inc. Sold out 0.00% −0.05
OS Onestream Inc. Sold out 0.00% −0.04
UAL United Airlines Holdings Inc. Sold out 0.00% −0.03
CRH CRH PLC Sold out 0.00% −0.03
CZR Caesars Entertainment Inc. Sold out 0.00% −0.02
PEPG Pepgen Inc. Sold out 0.00% −0.01
BAX Baxter International Inc. Sold out 0.00% −0.01
ALGN Align Technology Inc. Sold out 0.00% −0.01
RCKT Rocket Pharmaceuticals Inc. Reduce -7.2% 0.38% −0.00
ORCL Oracle Corp. Reduce -1.9% 1.93% +0.03
INSM Insmed Inc. Reduce -8.8% 0.95% +0.05
TSLA Tesla Inc. Reduce -1.2% 1.23% +0.13
EYPT Eyepoint Inc. Reduce -9.0% 2.67% +0.26

Portfolio Buys Q2 2025 → Q3 2025
MLYS Mineralys Therapeutics Inc. Add +22.2% 2.45% +1.56
KDP Keurig Dr Pepper Inc. New 1.21% +1.21
MSOS Advisorshares Pure US Cann New 1.04% +1.04
RNAM Avidity Biosciences Inc. New 0.99% +0.99
PVLA Palvella Therapeutics Inc. Add +15.1% 1.56% +0.96
CRM Salesforce Inc. New 0.90% +0.90
CMPX Compass Therapeutics Inc. Add +97.2% 1.50% +0.80
MRVL Marvell Technology Inc. New 0.69% +0.69
HD Home Depot Inc. Add +50.9% 2.42% +0.62
NOW ServiceNow Inc. New 0.61% +0.61
SNOW Snowflake Inc. New 0.61% +0.61
FERG Ferguson Enterprises Inc. Add +61.5% 2.09% +0.53
ZURA Zura Bio Ltd. Add +12.6% 0.72% +0.53
DHR Danaher Corp. Add +46.4% 1.54% +0.24
UNH Unitedhealth Group Inc. Add +41.5% 1.01% +0.21
FULC Fulcrum Therapeutics Inc. Add +5.9% 1.50% +0.18
BAC Bank of America Corp. Add +25.1% 1.81% +0.16
REGN Regeneron Pharmaceuticals Add +105.5% 0.30% +0.13
UTHR United Therapeutics Corp. New 0.10% +0.10
TMO Thermo Fisher Scientific Inc. Add +69.6% 0.20% +0.08
ABT Abbott Laboratories Add +25.9% 0.21% −0.00
BIIB Biogen Inc. Add +10.7% 0.71% −0.00
COF Capital One Financial Corp. Add +23.0% 1.54% −0.02
PINS Pinterest Inc. Class A Add +15.6% 0.48% −0.10
MSFT Microsoft Corp. Add +10.8% 1.72% −0.13
KO The Coca-Cola Co. Add +18.0% 2.93% −0.36
APO Apollo Global Management Inc. Add +0.7% 1.74% −0.55
AVBP Arrivent Biopharma Inc. Add +8.5% 2.07% −0.73
META Meta Platforms Inc. Class A Add +0.7% 3.81% −0.92
LEGN Legend Biotech Corp.-ADR Add +1.2% 3.77% −1.27

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +14.3% 800,000 $532.9M
IWM iShares Russell 2000 ETF put Sold out 702,500 $151.6Mbefore exit
NVDA Nvidia Corp. call Sold out 500,000 $79.0Mbefore exit
XBI SS SPDR S&P Biotech ETF put New 500,000 $50.1M
KDP Keurig Dr Pepper Inc. call New 1,000,000 $25.5M

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