Montanova Capital, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Montanova Capital, LLC reported 88 stock positions worth $3.7 billion. Its top holding was Arcutis Biotherapeutics (ARQT) at 7.9% of the portfolio, followed by Veradermics (MANE, 7.1%) and Palvella Therapeutics (PVLA, 3.9%). Compared with Q4 2025, it opened 15 new positions, sold out of 17, added to 23 and reduced 15. The biggest buy was a new position in Veradermics (MANE) and the biggest sale an exit from Coca-Cola (KO).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001569064
Portfolio Value
$3.7B (Q1 2026)
SEC Filing
0001172661-26-002340 ↗ filed May 15, 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 Q4 2025 Q1 2026: $3.7B $3.7B Q1 2026 Q2 2026: $4.8B Q2 2026

Holdings 88 stocks · $3.7B
ARQT Arcutis Biotherapeutics Inc. 7.88% 12,327,000 $290.4M Add +3.0%
MANE Veradermics Inc. 7.14% 4,168,970 $263.3M New
PVLA Palvella Therapeutics Inc. 3.90% 1,153,496 $143.8M Add +29.3%
APLS Apellis Pharmaceuticals Inc. 3.84% 3,518,471 $141.5M Reduce -15.0%
LEGN Legend Biotech Corp.-ADR 3.72% 7,581,029 $137.1M Add +14.7%
BNTC Benitec Biopharma Inc. 3.34% 11,548,351 $123.0M No change
CAPR Capricor Therapeutics Inc. 3.15% 3,818,600 $116.1M Add +113.8%
IMTX Immatics NV 2.99% 11,190,129 $110.1M No change
RCUS Arcus Biosciences Inc. 2.95% 5,030,993 $108.7M Reduce -3.0%
EYPT Eyepoint Inc. 2.90% 8,296,375 $106.9M Add +6.0%
AVBP Arrivent Biopharma Inc. 2.75% 4,401,083 $101.5M Add +7.2%
TSM Taiwan Semiconductor-SP ADR 2.74% 298,707 $100.9M Add +10.1%
NVDA Nvidia Corp. 2.72% 574,656 $100.2M Add +8.2%
META Meta Platforms Inc. Class A 2.63% 169,707 $97.1M Add +0.4%
KALV Kalvista Pharmaceuticals Inc. 2.60% 4,768,712 $96.0M No change
GE General Electric filed as GE AEROSPACE 2.39% 310,262 $88.0M No change
BHVN Biohaven Ltd. 2.36% 10,286,937 $87.0M No change
SYY Sysco Corp. 2.24% 1,159,156 $82.7M Add +7.0%
MGM MGM Resorts International 2.17% 2,158,800 $79.9M Add +79.6%
CMPX Compass Therapeutics Inc. 2.05% 14,307,379 $75.7M Add +0.9%
HD Home Depot Inc. 1.98% 221,590 $72.9M Reduce -8.0%
KURA Kura Oncology Inc. 1.89% 8,575,422 $69.7M No change
GLUE Monte Rosa Therapeutics Inc. 1.89% 4,226,809 $69.5M Add +25.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.71% 1,295,245 $63.1M Reduce -14.7%
ERAS Erasca Inc. 1.51% 3,434,967 $55.6M Reduce -76.3%
COF Capital One Financial Corp. 1.50% 302,400 $55.2M Add +75.8%
ZURA Zura Bio Ltd. 1.46% 9,067,001 $53.9M Add +62.9%
AMZN Amazon.com Inc. 1.43% 254,009 $52.9M Reduce -37.5%
AMD Advanced Micro Devices 1.42% 257,240 $52.3M Reduce -34.0%
FULC Fulcrum Therapeutics Inc. 1.36% 6,561,111 $50.3M No change
VMC Vulcan Materials Co. 1.34% 181,594 $49.4M New
FERG Ferguson Enterprises Inc. 1.34% 211,900 $49.4M Add +33.1%
APO Apollo Global Management Inc. 1.17% 387,700 $43.2M Reduce -28.6%
MLYS Mineralys Therapeutics Inc. 1.13% 1,538,662 $41.7M No change
CRNX Crinetics Pharmaceuticals Inc. 1.03% 1,043,879 $37.9M New
CTNM Contineum Therapeutics Inc. Class A 1.01% 2,841,334 $37.1M No change
USFD US Foods Holding Corp. 0.99% 395,970 $36.5M New
PFGC Performance Food Group Co. 0.90% 386,885 $33.1M New
REPL Replimune Group Inc. 0.88% 4,221,836 $32.3M Add +11615.0%
MSOS Advisorshares Pure US Cann 0.87% 9,046,200 $32.1M Add +4.3%
AURA Aura Biosciences Inc. 0.79% 4,372,884 $29.3M No change
UNH Unitedhealth Group Inc. 0.74% 100,630 $27.2M Reduce -9.6%
PROK Prokidney Corp. 0.60% 12,341,266 $22.1M No change
LTH Life Time Group Holdings Inc. 0.37% 510,349 $13.7M New
WHWK Whitehawk Therapeutics Inc. 0.35% 3,700,000 $12.8M No change
ABEO Abeona Therapeutics Inc. 0.33% 2,676,000 $12.0M No change
WING Wingstop Inc. 0.25% 59,500 $9.2M New
MOLN Molecular Partners AG -ADR 0.24% 2,221,494 $8.8M No change
BSX Boston Scientific Corp. 0.21% 123,941 $7.8M Reduce -64.9%
LXEO Lexeo Therapeutics Inc. 0.19% 1,250,000 $7.2M No change
COHR Coherent Corp. 0.19% 30,000 $7.1M Reduce -78.3%
IFRX Inflarx NV 0.19% 7,933,910 $7.1M No change
DHR Danaher Corp. 0.19% 36,380 $6.9M Reduce -85.1%
ABT Abbott Laboratories 0.19% 66,920 $6.9M Add +31.2%
TMO Thermo Fisher Scientific Inc. 0.18% 13,400 $6.6M No change
MDT Medtronic PLC 0.17% 72,260 $6.3M Add +188.3%
JNJ Johnson & Johnson 0.16% 23,400 $5.7M Reduce -76.3%
KZR Kezar Life Sciences Inc. 0.14% 716,759 $5.3M No change
ISRG Intuitive Surgical Inc. 0.14% 11,300 $5.2M Add +117.3%
AVR Anteris Technologies Global 0.13% 850,000 $4.7M New
COR Cencora Inc. 0.11% 12,488 $3.9M No change
MSLE Satellos Bioscience Inc. 0.07% 475,000 $2.7M New
MTD Mettler-Toledo International 0.07% 1,964 $2.5M No change
NTRA Natera Inc. 0.05% 10,100 $2.0M No change
DXCM Dexcom Inc. 0.05% 31,680 $2.0M No change
SYK Stryker Corp. 0.05% 5,860 $1.9M No change
TSLA Tesla Inc. 0.05% 5,177 $1.9M Reduce -94.3%
TLN Talen Energy Corp. 0.05% 5,970 $1.9M New
MDLN Medline Inc. Class A 0.05% 42,500 $1.9M No change
MSFT Microsoft Corp. 0.05% 4,970 $1.8M Reduce -96.9%
MCK McKesson Corp. 0.04% 1,830 $1.6M No change
HCA HCA Healthcare Inc. 0.04% 3,190 $1.5M No change
EW Edwards Lifesciences Corp. 0.04% 18,700 $1.5M Add +68.5%
IQV Iqvia Holdings Inc. 0.03% 7,175 $1.2M No change
GWW WW Grainger Inc. 0.03% 1,000 $1.1M New
FTH Faeth Therapeutics Inc. filed as SENSEI BIOTHERAPEUTICS INC 0.03% 34,549 $1.1M New
WAT Waters Corp. 0.03% 3,225 $960K Add +2.4%
VST Vistra Corp. 0.02% 6,000 $902K New
IONS Ionis Pharmaceuticals Inc. 0.02% 10,800 $811K No change
A Agilent Technologies Inc. 0.02% 4,990 $569K No change
RMD Resmed Inc. 0.01% 2,390 $537K No change
SPOT Spotify Technology SA 0.01% 1,100 $533K New
VLTO Veralto Corp. 0.01% 5,475 $484K No change
RBLX Roblox Corp. Class A 0.01% 8,420 $476K New
SRPT Sarepta Therapeutics Inc. 0.01% 17,888 $389K No change
STE Steris PLC 0.01% 1,530 $338K No change
VRDN Viridian Therapeutics Inc. 0.01% 16,700 $327K No change
ZBH Zimmer Biomet Holdings Inc. 0.01% 3,260 $295K No change

Options reported separately and not counted above: SPY puts ($227.6M).

Portfolio Sells Q4 2025 → Q1 2026
KO The Coca-Cola Co. Sold out 0.00% −2.41
MSFT Microsoft Corp. Reduce -96.9% 0.05% −1.88
NOW ServiceNow Inc. Sold out 0.00% −1.49
CRM Salesforce Inc. Sold out 0.00% −1.32
DHR Danaher Corp. Reduce -85.1% 0.19% −1.21
RARE Ultragenyx Pharmaceutical Inc. Sold out 0.00% −1.16
ORCL Oracle Corp. Sold out 0.00% −1.10
TSLA Tesla Inc. Reduce -94.3% 0.05% −0.97
AMZN Amazon.com Inc. Reduce -37.5% 1.43% −0.90
APO Apollo Global Management Inc. Reduce -28.6% 1.17% −0.79
QURE Uniqure NV Sold out 0.00% −0.73
AMD Advanced Micro Devices Reduce -34.0% 1.42% −0.66
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.63
BSX Boston Scientific Corp. Reduce -64.9% 0.21% −0.63
TNGX Tango Therapeutics Inc. Sold out 0.00% −0.59
BIIB Biogen Inc. Sold out 0.00% −0.58
DKS Dick's Sporting Goods Inc. Sold out 0.00% −0.56
GS Goldman Sachs Group Inc. Sold out 0.00% −0.53
INSM Insmed Inc. Sold out 0.00% −0.47
COHR Coherent Corp. Reduce -78.3% 0.19% −0.44
BAC Bank of America Corp. Reduce -14.7% 1.71% −0.37
JNJ Johnson & Johnson Reduce -76.3% 0.16% −0.35
RCKT Rocket Pharmaceuticals Inc. Sold out 0.00% −0.26
EXAS Exact Sciences Corp. Sold out 0.00% −0.24
UNH Unitedhealth Group Inc. Reduce -9.6% 0.74% −0.18
MRNA Moderna Inc. Sold out 0.00% −0.15
RCUS Arcus Biosciences Inc. Reduce -3.0% 2.95% −0.14
UTHR United Therapeutics Corp. Sold out 0.00% −0.09
HD Home Depot Inc. Reduce -8.0% 1.98% −0.09
CRL Charles River Laboratories Sold out 0.00% −0.01
ERAS Erasca Inc. Reduce -76.3% 1.51% +0.16
APLS Apellis Pharmaceuticals Inc. Reduce -15.0% 3.84% +1.25

Portfolio Buys Q4 2025 → Q1 2026
MANE Veradermics Inc. New 7.14% +7.14
CAPR Capricor Therapeutics Inc. Add +113.8% 3.15% +1.86
PVLA Palvella Therapeutics Inc. Add +29.3% 3.90% +1.57
VMC Vulcan Materials Co. New 1.34% +1.34
MGM MGM Resorts International Add +79.6% 2.17% +1.07
CRNX Crinetics Pharmaceuticals Inc. New 1.03% +1.03
USFD US Foods Holding Corp. New 0.99% +0.99
PFGC Performance Food Group Co. New 0.90% +0.90
REPL Replimune Group Inc. Add +11615.0% 0.88% +0.87
ZURA Zura Bio Ltd. Add +62.9% 1.46% +0.74
AVBP Arrivent Biopharma Inc. Add +7.2% 2.75% +0.69
TSM Taiwan Semiconductor-SP ADR Add +10.1% 2.74% +0.68
GLUE Monte Rosa Therapeutics Inc. Add +25.8% 1.89% +0.57
COF Capital One Financial Corp. Add +75.8% 1.50% +0.46
FERG Ferguson Enterprises Inc. Add +33.1% 1.34% +0.46
LTH Life Time Group Holdings Inc. New 0.37% +0.37
SYY Sysco Corp. Add +7.0% 2.24% +0.25
WING Wingstop Inc. New 0.25% +0.25
NVDA Nvidia Corp. Add +8.2% 2.72% +0.25
CMPX Compass Therapeutics Inc. Add +0.9% 2.05% +0.15
LEGN Legend Biotech Corp.-ADR Add +14.7% 3.72% +0.14
AVR Anteris Technologies Global New 0.13% +0.13
MDT Medtronic PLC Add +188.3% 0.17% +0.11
MSLE Satellos Bioscience Inc. New 0.07% +0.07
ISRG Intuitive Surgical Inc. Add +117.3% 0.14% +0.07
TLN Talen Energy Corp. New 0.05% +0.05
GWW WW Grainger Inc. New 0.03% +0.03
FTH Faeth Therapeutics Inc. New 0.03% +0.03
ABT Abbott Laboratories Add +31.2% 0.19% +0.03
VST Vistra Corp. New 0.02% +0.02
EW Edwards Lifesciences Corp. Add +68.5% 0.04% +0.02
SPOT Spotify Technology SA New 0.01% +0.01
RBLX Roblox Corp. Class A New 0.01% +0.01
WAT Waters Corp. Add +2.4% 0.03% −0.00
META Meta Platforms Inc. Class A Add +0.4% 2.63% −0.15
MSOS Advisorshares Pure US Cann Add +4.3% 0.87% −0.15
EYPT Eyepoint Inc. Add +6.0% 2.90% −0.67
ARQT Arcutis Biotherapeutics Inc. Add +3.0% 7.88% −0.79

Options Activity Q4 2025 → Q1 2026
ARKG ARK Genomic Revolution ETF put Sold out 8,342,300 $241.7Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -56.3% 350,000 $227.6M
HIMS Hims & Hers Health Inc. put Sold out 2,559,400 $83.1Mbefore 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