Nepsis Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 21, 2025), Nepsis Inc. reported 27 stock positions worth $400.6 million. Its top holding was Rli (RLI) at 7.9% of the portfolio, followed by Qualcomm (QCOM, 6.1%) and Visa Class A (V, 5.3%). Compared with Q3 2024, it opened 2 new positions, sold out of 4, added to 17 and reduced 8. The biggest buy was JPMorgan Ultra-Short Income (JPST, shares +2%) and the biggest sale Devon Energy (DVN, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- Minneapolis, MN
- CIK
- 0001587643
- Portfolio Value
- $400.6M (Q4 2024)
- SEC Filing
- 0001085146-25-000367 ↗ filed Jan 21, 2025
Holdings Value
Holdings 27 stocks · $400.6M
| RLI Rli Corp. | 7.87% | 296,526 | $31.5M | Add +138.8% |
| QCOM Qualcomm Inc. | 6.11% | 98,431 | $24.5M | Add +0.0% |
| V Visa Inc. Class A | 5.34% | 67,752 | $21.4M | Add +5.2% |
| RNR Renaissancere Holdings Ltd. | 5.31% | 128,983 | $21.3M | Add +32.9% |
| JPST JPMorgan Ultra-Short Income | 5.21% | 39,630 | $20.9M | Add +1.5% |
| CAVA Cava Group Inc. | 5.19% | 75,290 | $20.8M | Reduce -49.0% |
| AIG American International Group | 4.99% | 274,842 | $20.0M | Add +2.4% |
| AMD Advanced Micro Devices | 4.93% | 163,417 | $19.7M | Add +2.3% |
| CB Chubb Ltd. | 4.87% | 58,523 | $19.5M | Reduce -21.1% |
| UTHR United Therapeutics Corp. | 4.84% | 54,921 | $19.4M | Add +6.0% |
| WBD Warner Bros Discovery Inc. | 4.77% | 1,808,758 | $19.1M | Add +6.3% |
| CYBR Cyberark Software Ltd./Israel | 4.59% | 562,327 | $18.4M | Add +882.4% |
| AMGN Amgen Inc. | 4.29% | 65,972 | $17.2M | Add +10.5% |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 4.13% | 107,721 | $16.5M | Add +58.9% |
| GIS General Mills Inc. | 3.82% | 2,164,395 | $15.3M | Add +3504.8% |
| CI The Cigna Group | 3.75% | 54,456 | $15.0M | Add +10.2% |
| SHOP Shopify Inc. Class A | 3.45% | 89,444 | $13.8M | Reduce -72.3% |
| SMCI Super Micro Computer Inc. | 3.40% | 447,030 | $13.6M | New |
| XYZ Block Inc. | 3.24% | 114,941 | $13.0M | New |
| AMAT Applied Materials Inc. | 3.12% | 146,994 | $12.5M | Add +79.5% |
| HCAT Health Catalyst Inc. | 2.53% | 96,257 | $10.1M | Reduce -95.4% |
| MA Mastercard Inc. Class A | 1.15% | 66,302 | $4.6M | Add +72.3% |
| SO The Southern Co. | 0.99% | 48,089 | $4.0M | Reduce -2.2% |
| DUK Duke Energy Corp. | 0.89% | 55,947 | $3.6M | Add +246.9% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.61% | 48,314 | $2.4M | Reduce -50.0% |
| DVN Devon Energy Corp. | 0.42% | 15,736 | $1.7M | Reduce -96.8% |
| VKTX Viking Therapeutics Inc. | 0.19% | 19,376 | $780K | Reduce -89.1% |
Portfolio Sells Q3 2024 → Q4 2024
| DVN Devon Energy Corp. | Reduce -96.8% | 0.42% | −4.09 |
| FANG Diamondback Energy Inc. | Sold out | 0.00% | −3.43 |
| ORCL Oracle Corp. | Sold out | 0.00% | −3.13 |
| SHOP Shopify Inc. Class A | Reduce -72.3% | 3.45% | −2.69 |
| VKTX Viking Therapeutics Inc. | Reduce -89.1% | 0.19% | −2.47 |
| IRM Iron Mountain Inc. | Reduce -50.0% | 0.61% | −2.11 |
| HCAT Health Catalyst Inc. | Reduce -95.4% | 2.53% | −1.53 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.87 |
| CB Chubb Ltd. | Reduce -21.1% | 4.87% | −0.20 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.13 |
| SO The Southern Co. | Reduce -2.2% | 0.99% | −0.06 |
| CAVA Cava Group Inc. | Reduce -49.0% | 5.19% | +0.86 |
Portfolio Buys Q3 2024 → Q4 2024
| JPST JPMorgan Ultra-Short Income | Add +1.5% | 5.21% | +4.74 |
| SMCI Super Micro Computer Inc. | New | 3.40% | +3.40 |
| RLI Rli Corp. | Add +138.8% | 7.87% | +3.31 |
| XYZ Block Inc. | New | 3.24% | +3.24 |
| NHI Natl Health Investors Inc. | Add +58.9% | 4.13% | +2.78 |
| GIS General Mills Inc. | Add +3504.8% | 3.82% | +2.77 |
| QCOM Qualcomm Inc. | Add +0.0% | 6.11% | +2.15 |
| WBD Warner Bros Discovery Inc. | Add +6.3% | 4.77% | +1.44 |
| V Visa Inc. Class A | Add +5.2% | 5.34% | +1.15 |
| CYBR Cyberark Software Ltd./Israel | Add +882.4% | 4.59% | +0.64 |
| DUK Duke Energy Corp. | Add +246.9% | 0.89% | +0.45 |
| UTHR United Therapeutics Corp. | Add +6.0% | 4.84% | +0.44 |
| AIG American International Group | Add +2.4% | 4.99% | +0.34 |
| AMGN Amgen Inc. | Add +10.5% | 4.29% | −0.27 |
| CI The Cigna Group | Add +10.2% | 3.75% | −0.31 |
| AMAT Applied Materials Inc. | Add +79.5% | 3.12% | −0.80 |
| RNR Renaissancere Holdings Ltd. | Add +32.9% | 5.31% | −0.96 |
| AMD Advanced Micro Devices | Add +2.3% | 4.93% | −1.28 |
| MA Mastercard Inc. Class A | Add +72.3% | 1.15% | −3.36 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 28 | $294.8M | AMD, AMGN, RLI, SNOW, RNR |
| Q1 2026 | 29 | $298.6M | UTHR, DVN, CB, RNR, AMGN |
| Q4 2025 | 30 | $323.6M | UTHR, RLI, DVN, CB, AMD |
| Q3 2025 | 30 | $315.3M | UTHR, AMD, SHOP, DVN, SMCI |
| Q2 2025 | 29 | $359.2M | UBER, SMCI, AMD, V, CB |
| Q1 2025 | 29 | $405.0M | DVN, V, CB, RLI, AMGN |
| Q4 2024 | 27 | $400.6M | RLI, QCOM, V, RNR, JPST |
| Q3 2024 | 29 | $422.0M | RNR, AMD, SHOP, CB, AIG |
| Q2 2024 | 28 | $370.9M | AMD, QCOM, GOOG, DVN, SHOP |
| Q1 2024 | 28 | $369.6M | AMD, SHOP, RNR, DVN, QCOM |