Nepsis Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), Nepsis Inc. reported 29 stock positions worth $405.0 million. Its top holding was Devon Energy (DVN) at 5.9% of the portfolio, followed by Visa Class A (V, 5.6%) and Chubb (CB, 5.6%). Compared with Q4 2024, it opened 6 new positions, sold out of 4, added to 9 and reduced 14. The biggest buy was Devon Energy (DVN, shares +3951%) and the biggest sale an exit from Qualcomm (QCOM).
- Most Recent 13F
- Q2 2026
- Location
- Minneapolis, MN
- CIK
- 0001587643
- Portfolio Value
- $405.0M (Q1 2025)
- SEC Filing
- 0001085146-25-002103 ↗ filed Apr 15, 2025
Holdings Value
Holdings 29 stocks · $405.0M
| DVN Devon Energy Corp. | 5.89% | 637,398 | $23.8M | Add +3950.6% |
| V Visa Inc. Class A | 5.61% | 64,884 | $22.7M | Reduce -4.2% |
| CB Chubb Ltd. | 5.61% | 75,192 | $22.7M | Add +28.5% |
| RLI Rli Corp. | 5.39% | 271,551 | $21.8M | Reduce -54.2% |
| AMGN Amgen Inc. | 5.29% | 68,752 | $21.4M | Add +4.2% |
| MA Mastercard Inc. Class A | 5.22% | 38,578 | $21.1M | Reduce -41.8% |
| UBER Uber Technologies Inc. | 5.00% | 277,932 | $20.3M | New |
| RNR Renaissancere Holdings Ltd. | 4.76% | 80,389 | $19.3M | Reduce -37.7% |
| UTHR United Therapeutics Corp. | 4.46% | 58,574 | $18.1M | Add +6.7% |
| CI The Cigna Group | 4.35% | 53,542 | $17.6M | Reduce -1.7% |
| AIG American International Group | 4.20% | 195,546 | $17.0M | Reduce -28.9% |
| SMCI Super Micro Computer Inc. | 4.20% | 496,344 | $17.0M | Add +11.0% |
| SHOP Shopify Inc. Class A | 4.14% | 175,706 | $16.8M | Add +96.4% |
| AMD Advanced Micro Devices | 4.13% | 162,888 | $16.7M | Reduce -0.3% |
| CYBR Cyberark Software Ltd./Israel | 3.74% | 44,817 | $15.1M | Reduce -92.0% |
| WBD Warner Bros Discovery Inc. | 3.70% | 1,394,789 | $15.0M | Reduce -22.9% |
| SNOW Snowflake Inc. | 3.41% | 94,397 | $13.8M | New |
| BMY Bristol-Myers Squibb Co. | 3.39% | 224,806 | $13.7M | New |
| CAVA Cava Group Inc. | 2.88% | 135,055 | $11.7M | Add +79.4% |
| ANET Arista Networks Inc. | 2.70% | 141,118 | $10.9M | New |
| RDDT Reddit Inc. Class A | 2.52% | 97,149 | $10.2M | New |
| HCAT Health Catalyst Inc. | 2.34% | 2,090,812 | $9.5M | Add +2072.1% |
| ARM Arm Holdings PLC-ADR | 2.27% | 85,987 | $9.2M | New |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 1.11% | 60,776 | $4.5M | Reduce -43.6% |
| SO The Southern Co. | 1.01% | 44,393 | $4.1M | Reduce -7.7% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.87% | 41,070 | $3.5M | Reduce -15.0% |
| GIS General Mills Inc. | 0.82% | 55,245 | $3.3M | Reduce -97.5% |
| JPST JPMorgan Ultra-Short Income | 0.58% | 46,476 | $2.4M | Add +17.3% |
| DUK Duke Energy Corp. | 0.44% | 14,751 | $1.8M | Reduce -73.6% |
Portfolio Sells Q4 2024 → Q1 2025
| QCOM Qualcomm Inc. | Sold out | 0.00% | −6.11 |
| XYZ Block Inc. | Sold out | 0.00% | −3.24 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −3.12 |
| NHI Natl Health Investors Inc. | Reduce -43.6% | 1.11% | −3.02 |
| GIS General Mills Inc. | Reduce -97.5% | 0.82% | −3.00 |
| RLI Rli Corp. | Reduce -54.2% | 5.39% | −2.48 |
| WBD Warner Bros Discovery Inc. | Reduce -22.9% | 3.70% | −1.08 |
| CYBR Cyberark Software Ltd./Israel | Reduce -92.0% | 3.74% | −0.85 |
| AIG American International Group | Reduce -28.9% | 4.20% | −0.80 |
| AMD Advanced Micro Devices | Reduce -0.3% | 4.13% | −0.80 |
| RNR Renaissancere Holdings Ltd. | Reduce -37.7% | 4.76% | −0.54 |
| DUK Duke Energy Corp. | Reduce -73.6% | 0.44% | −0.45 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.19 |
| SO The Southern Co. | Reduce -7.7% | 1.01% | +0.02 |
| IRM Iron Mountain Inc. | Reduce -15.0% | 0.87% | +0.27 |
| V Visa Inc. Class A | Reduce -4.2% | 5.61% | +0.27 |
| CI The Cigna Group | Reduce -1.7% | 4.35% | +0.60 |
| MA Mastercard Inc. Class A | Reduce -41.8% | 5.22% | +4.07 |
Portfolio Buys Q4 2024 → Q1 2025
| DVN Devon Energy Corp. | Add +3950.6% | 5.89% | +5.46 |
| UBER Uber Technologies Inc. | New | 5.00% | +5.00 |
| SNOW Snowflake Inc. | New | 3.41% | +3.41 |
| BMY Bristol-Myers Squibb Co. | New | 3.39% | +3.39 |
| ANET Arista Networks Inc. | New | 2.70% | +2.70 |
| RDDT Reddit Inc. Class A | New | 2.52% | +2.52 |
| ARM Arm Holdings PLC-ADR | New | 2.27% | +2.27 |
| AMGN Amgen Inc. | Add +4.2% | 5.29% | +1.00 |
| SMCI Super Micro Computer Inc. | Add +11.0% | 4.20% | +0.80 |
| CB Chubb Ltd. | Add +28.5% | 5.61% | +0.74 |
| SHOP Shopify Inc. Class A | Add +96.4% | 4.14% | +0.69 |
| HCAT Health Catalyst Inc. | Add +2072.1% | 2.34% | −0.19 |
| UTHR United Therapeutics Corp. | Add +6.7% | 4.46% | −0.38 |
| CAVA Cava Group Inc. | Add +79.4% | 2.88% | −2.31 |
| JPST JPMorgan Ultra-Short Income | Add +17.3% | 0.58% | −4.63 |
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 |