Montanova Capital, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Montanova Capital, LLC reported 90 stock positions worth $4.0 billion. Its top holding was Arcutis Biotherapeutics (ARQT) at 8.7% of the portfolio, followed by Benitec Biopharma (BNTC, 3.9%) and Legend Biotech Corp.-ADR (LEGN, 3.6%). Compared with Q3 2025, it opened 13 new positions, sold out of 13, added to 25 and reduced 14. The biggest buy was Arcutis Biotherapeutics (ARQT, shares +14%) and the biggest sale an exit from 89BIO (ETNB).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001569064
Portfolio Value
$4.0B (Q4 2025)
SEC Filing
0001172661-26-001088 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $4.0B $4.0B Q4 2025 Q1 2026: $3.7B Q1 2026 Q2 2026: $4.8B Q2 2026

Holdings 90 stocks · $4.0B
ARQT Arcutis Biotherapeutics Inc. 8.66% 11,964,000 $347.4M Add +14.2%
BNTC Benitec Biopharma Inc. 3.88% 11,548,351 $155.6M Add +16.9%
LEGN Legend Biotech Corp.-ADR 3.58% 6,608,629 $143.7M Add +73.1%
EYPT Eyepoint Inc. 3.57% 7,827,685 $143.0M Add +26.4%
RCUS Arcus Biosciences Inc. 3.08% 5,188,858 $123.7M Add +40.7%
IMTX Immatics NV 2.93% 11,190,129 $117.5M Reduce -7.0%
BHVN Biohaven Ltd. 2.90% 10,286,937 $116.1M Add +83.0%
META Meta Platforms Inc. Class A 2.78% 169,069 $111.6M Reduce -1.1%
APLS Apellis Pharmaceuticals Inc. 2.59% 4,139,426 $104.0M Add +43.8%
NVDA Nvidia Corp. 2.47% 530,900 $99.0M Add +9.8%
KO The Coca-Cola Co. 2.41% 1,382,750 $96.7M Reduce -5.0%
GE General Electric filed as GE AEROSPACE 2.38% 310,262 $95.6M No change
AMZN Amazon.com Inc. 2.34% 406,146 $93.7M Add +85.8%
PVLA Palvella Therapeutics Inc. 2.33% 892,400 $93.4M Add +8.5%
KURA Kura Oncology Inc. 2.22% 8,575,422 $89.1M Add +5.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.08% 1,517,630 $83.5M Add +30.8%
AMD Advanced Micro Devices 2.08% 389,576 $83.4M Reduce -2.3%
HD Home Depot Inc. 2.07% 240,861 $82.9M Add +22.1%
AVBP Arrivent Biopharma Inc. 2.06% 4,106,035 $82.6M Add +10.9%
TSM Taiwan Semiconductor-SP ADR 2.06% 271,401 $82.5M Reduce -2.1%
SYY Sysco Corp. 1.99% 1,083,790 $79.9M New
APO Apollo Global Management Inc. 1.96% 542,890 $78.6M Add +25.9%
MSFT Microsoft Corp. 1.93% 159,695 $77.2M Add +45.9%
KALV Kalvista Pharmaceuticals Inc. 1.92% 4,768,712 $77.0M No change
CMPX Compass Therapeutics Inc. 1.90% 14,182,379 $76.2M Add +0.6%
FULC Fulcrum Therapeutics Inc. 1.85% 6,561,111 $74.2M Add +21.9%
NOW ServiceNow Inc. 1.49% 389,445 $59.7M Add +254.0%
DHR Danaher Corp. 1.39% 244,300 $55.9M Reduce -4.5%
MLYS Mineralys Therapeutics Inc. 1.39% 1,538,662 $55.8M Reduce -27.8%
ERAS Erasca Inc. 1.34% 14,502,004 $53.9M No change
CRM Salesforce Inc. 1.32% 199,900 $53.0M Add +59.6%
GLUE Monte Rosa Therapeutics Inc. 1.31% 3,360,000 $52.7M No change
CAPR Capricor Therapeutics Inc. 1.28% 1,785,610 $51.5M New
RARE Ultragenyx Pharmaceutical Inc. 1.16% 2,019,000 $46.4M No change
ORCL Oracle Corp. 1.10% 226,318 $44.1M No change
MGM MGM Resorts International 1.09% 1,202,070 $43.9M New
COF Capital One Financial Corp. 1.04% 171,970 $41.7M Reduce -28.0%
TSLA Tesla Inc. 1.02% 91,252 $41.0M No change
MSOS Advisorshares Pure US Cann 1.02% 8,669,600 $40.9M Add +21.0%
UNH Unitedhealth Group Inc. 0.92% 111,320 $36.7M Add +15.7%
FERG Ferguson Enterprises Inc. 0.88% 159,190 $35.4M Reduce -48.0%
BSX Boston Scientific Corp. 0.84% 353,561 $33.7M No change
CTNM Contineum Therapeutics Inc. Class A 0.81% 2,841,334 $32.5M Add +65.2%
ZURA Zura Bio Ltd. 0.73% 5,567,001 $29.2M Add +1.7%
QURE Uniqure NV 0.73% 1,216,734 $29.1M New
PROK Prokidney Corp. 0.69% 12,341,266 $27.6M No change
COHR Coherent Corp. 0.63% 137,930 $25.5M New
CMG Chipotle Mexican Grill Inc. 0.63% 686,300 $25.4M New
AURA Aura Biosciences Inc. 0.59% 4,372,884 $23.8M No change
TNGX Tango Therapeutics Inc. 0.59% 2,662,227 $23.6M New
BIIB Biogen Inc. 0.58% 132,290 $23.3M Reduce -21.3%
DKS Dick's Sporting Goods Inc. 0.56% 114,300 $22.6M Reduce -10.9%
GS Goldman Sachs Group Inc. 0.53% 24,108 $21.2M No change
JNJ Johnson & Johnson 0.51% 98,786 $20.4M Reduce -25.6%
INSM Insmed Inc. 0.47% 109,313 $19.0M Reduce -49.8%
ABEO Abeona Therapeutics Inc. 0.35% 2,676,000 $14.1M No change
LXEO Lexeo Therapeutics Inc. 0.31% 1,250,000 $12.4M New
RCKT Rocket Pharmaceuticals Inc. 0.26% 2,992,735 $10.5M Reduce -22.1%
MOLN Molecular Partners AG -ADR 0.24% 2,221,494 $9.7M No change
EXAS Exact Sciences Corp. 0.24% 94,100 $9.6M No change
WHWK Whitehawk Therapeutics Inc. 0.22% 3,700,000 $9.0M No change
IFRX Inflarx NV 0.20% 7,933,910 $8.0M Add +22.4%
TMO Thermo Fisher Scientific Inc. 0.19% 13,400 $7.8M No change
ABT Abbott Laboratories 0.16% 51,020 $6.4M No change
MRNA Moderna Inc. 0.15% 205,593 $6.1M New
KZR Kezar Life Sciences Inc. 0.11% 716,759 $4.5M No change
COR Cencora Inc. 0.11% 12,488 $4.2M No change
UTHR United Therapeutics Corp. 0.09% 7,500 $3.7M No change
ISRG Intuitive Surgical Inc. 0.07% 5,200 $2.9M No change
MTD Mettler-Toledo International 0.07% 1,964 $2.7M No change
MDT Medtronic PLC 0.06% 25,060 $2.4M No change
NTRA Natera Inc. 0.06% 10,100 $2.3M No change
DXCM Dexcom Inc. 0.05% 31,680 $2.1M No change
SYK Stryker Corp. 0.05% 5,860 $2.1M No change
MDLN Medline Inc. Class A 0.04% 42,500 $1.8M New
IQV Iqvia Holdings Inc. 0.04% 7,175 $1.6M No change
MCK McKesson Corp. 0.04% 1,830 $1.5M No change
HCA HCA Healthcare Inc. 0.04% 3,190 $1.5M No change
WAT Waters Corp. 0.03% 3,150 $1.2M No change
EW Edwards Lifesciences Corp. 0.02% 11,100 $946K No change
IONS Ionis Pharmaceuticals Inc. 0.02% 10,800 $854K No change
A Agilent Technologies Inc. 0.02% 4,990 $679K No change
RMD Resmed Inc. 0.01% 2,390 $576K No change
VLTO Veralto Corp. 0.01% 5,475 $546K No change
VRDN Viridian Therapeutics Inc. 0.01% 16,700 $520K New
STE Steris PLC 0.01% 1,530 $388K No change
SRPT Sarepta Therapeutics Inc. 0.01% 17,888 $385K No change
REPL Replimune Group Inc. 0.01% 36,038 $350K New
ZBH Zimmer Biomet Holdings Inc. 0.01% 3,260 $293K No change
CRL Charles River Laboratories 0.01% 1,010 $201K New

Options reported separately and not counted above: SPY puts ($545.5M), ARKG puts ($241.7M), HIMS puts ($83.1M).

Portfolio Sells Q3 2025 → Q4 2025
ETNB 89BIO Inc. Sold out 0.00% −3.69
KDP Keurig Dr Pepper Inc. Sold out 0.00% −1.21
FERG Ferguson Enterprises Inc. Reduce -48.0% 0.88% −1.20
MLYS Mineralys Therapeutics Inc. Reduce -27.8% 1.39% −1.06
META Meta Platforms Inc. Class A Reduce -1.1% 2.78% −1.02
RNAM Avidity Biosciences Inc. Sold out 0.00% −0.99
MRVL Marvell Technology Inc. Sold out 0.00% −0.69
SNOW Snowflake Inc. Sold out 0.00% −0.61
MRK Merck & Co. Inc. Sold out 0.00% −0.56
KO The Coca-Cola Co. Reduce -5.0% 2.41% −0.52
COF Capital One Financial Corp. Reduce -28.0% 1.04% −0.50
PINS Pinterest Inc. Class A Sold out 0.00% −0.48
INSM Insmed Inc. Reduce -49.8% 0.47% −0.48
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.30
DKS Dick's Sporting Goods Inc. Reduce -10.9% 0.56% −0.30
TSM Taiwan Semiconductor-SP ADR Reduce -2.1% 2.06% −0.29
JNJ Johnson & Johnson Reduce -25.6% 0.51% −0.24
IMTX Immatics NV Reduce -7.0% 2.93% −0.18
STRO Sutro Biopharma Inc. Com SHS Sold out 0.00% −0.17
ELAN Elanco Animal Health Inc. Sold out 0.00% −0.15
DHR Danaher Corp. Reduce -4.5% 1.39% −0.14
BIIB Biogen Inc. Reduce -21.3% 0.58% −0.13
RCKT Rocket Pharmaceuticals Inc. Reduce -22.1% 0.26% −0.12
LKFT Lakefront Biotherapeutic-ADR Sold out 0.00% −0.04
AVTR Avantor Inc. Sold out 0.00% −0.03
PACS Pacs Group Inc. Sold out 0.00% −0.01
AMD Advanced Micro Devices Reduce -2.3% 2.08% +0.12

Portfolio Buys Q3 2025 → Q4 2025
ARQT Arcutis Biotherapeutics Inc. Add +14.2% 8.66% +2.67
SYY Sysco Corp. New 1.99% +1.99
RCUS Arcus Biosciences Inc. Add +40.7% 3.08% +1.56
CAPR Capricor Therapeutics Inc. New 1.28% +1.28
MGM MGM Resorts International New 1.09% +1.09
EYPT Eyepoint Inc. Add +26.4% 3.57% +0.89
AMZN Amazon.com Inc. Add +85.8% 2.34% +0.88
NOW ServiceNow Inc. Add +254.0% 1.49% +0.87
PVLA Palvella Therapeutics Inc. Add +8.5% 2.33% +0.77
QURE Uniqure NV New 0.73% +0.73
COHR Coherent Corp. New 0.63% +0.63
CMG Chipotle Mexican Grill Inc. New 0.63% +0.63
APLS Apellis Pharmaceuticals Inc. Add +43.8% 2.59% +0.62
TNGX Tango Therapeutics Inc. New 0.59% +0.59
CRM Salesforce Inc. Add +59.6% 1.32% +0.42
CMPX Compass Therapeutics Inc. Add +0.6% 1.90% +0.40
FULC Fulcrum Therapeutics Inc. Add +21.9% 1.85% +0.35
BHVN Biohaven Ltd. Add +83.0% 2.90% +0.34
LXEO Lexeo Therapeutics Inc. New 0.31% +0.31
BAC Bank of America Corp. Add +30.8% 2.08% +0.27
APO Apollo Global Management Inc. Add +25.9% 1.96% +0.22
MSFT Microsoft Corp. Add +45.9% 1.93% +0.21
CTNM Contineum Therapeutics Inc. Class A Add +65.2% 0.81% +0.20
MRNA Moderna Inc. New 0.15% +0.15
MDLN Medline Inc. Class A New 0.04% +0.04
KURA Kura Oncology Inc. Add +5.7% 2.22% +0.04
VRDN Viridian Therapeutics Inc. New 0.01% +0.01
REPL Replimune Group Inc. New 0.01% +0.01
ZURA Zura Bio Ltd. Add +1.7% 0.73% +0.01
CRL Charles River Laboratories New 0.01% +0.01
AVBP Arrivent Biopharma Inc. Add +10.9% 2.06% −0.01
MSOS Advisorshares Pure US Cann Add +21.0% 1.02% −0.02
IFRX Inflarx NV Add +22.4% 0.20% −0.06
UNH Unitedhealth Group Inc. Add +15.7% 0.92% −0.09
LEGN Legend Biotech Corp.-ADR Add +73.1% 3.58% −0.19
NVDA Nvidia Corp. Add +9.8% 2.47% −0.27
BNTC Benitec Biopharma Inc. Add +16.9% 3.88% −0.32
HD Home Depot Inc. Add +22.1% 2.07% −0.36

Options Activity Q3 2025 → Q4 2025
ARKG ARK Genomic Revolution ETF put New 8,342,300 $241.7M
HIMS Hims & Hers Health Inc. put New 2,559,400 $83.1M
XBI SS SPDR S&P Biotech ETF put Sold out 500,000 $50.1Mbefore exit
KDP Keurig Dr Pepper Inc. call Sold out 1,000,000 $25.5Mbefore 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