Nepsis Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 24, 2025), Nepsis Inc. reported 30 stock positions worth $315.3 million. Its top holding was United Therapeutics (UTHR) at 5.9% of the portfolio, followed by Advanced Micro Devices (AMD, 5.9%) and Shopify Class A (SHOP, 5.7%). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 2 and reduced 25. The biggest buy was a new position in Coinbase Global Class A (COIN) and the biggest sale an exit from Cyberark Software Ltd./Israel (CYBR).
- Most Recent 13F
- Q2 2026
- Location
- Minneapolis, MN
- CIK
- 0001587643
- Portfolio Value
- $315.3M (Q3 2025)
- SEC Filing
- 0001587643-25-000007 ↗ filed Oct 24, 2025
Holdings Value
Holdings 30 stocks · $315.3M
| UTHR United Therapeutics Corp. | 5.90% | 44,416 | $18.6M | Reduce -7.0% |
| AMD Advanced Micro Devices | 5.85% | 114,115 | $18.5M | Reduce -15.2% |
| SHOP Shopify Inc. Class A | 5.75% | 121,994 | $18.1M | Reduce -13.2% |
| DVN Devon Energy Corp. | 5.23% | 470,612 | $16.5M | Reduce -9.6% |
| SMCI Super Micro Computer Inc. | 5.15% | 339,056 | $16.3M | Reduce -15.5% |
| V Visa Inc. Class A | 4.98% | 46,017 | $15.7M | Reduce -13.6% |
| MA Mastercard Inc. Class A | 4.95% | 27,450 | $15.6M | Reduce -13.2% |
| CB Chubb Ltd. | 4.85% | 54,199 | $15.3M | Reduce -12.1% |
| SNOW Snowflake Inc. | 4.73% | 66,094 | $14.9M | Reduce -14.4% |
| RNR Renaissancere Holdings Ltd. | 4.71% | 58,526 | $14.9M | Reduce -12.0% |
| UBER Uber Technologies Inc. | 4.49% | 144,661 | $14.2M | Reduce -35.1% |
| AMGN Amgen Inc. | 4.41% | 49,314 | $13.9M | Reduce -11.9% |
| RLI Rli Corp. | 4.12% | 199,222 | $13.0M | Reduce -10.1% |
| COIN Coinbase Global Inc. Class A | 3.68% | 34,426 | $11.6M | New |
| ANET Arista Networks Inc. | 3.64% | 78,853 | $11.5M | Reduce -36.9% |
| AIG American International Group | 3.60% | 144,351 | $11.3M | Reduce -12.0% |
| CI The Cigna Group | 3.55% | 38,840 | $11.2M | Reduce -4.5% |
| RDDT Reddit Inc. Class A | 3.50% | 48,033 | $11.0M | Reduce -46.2% |
| ARM Arm Holdings PLC-ADR | 3.12% | 69,646 | $9.9M | Reduce -16.8% |
| AAON Aaon Inc. | 2.75% | 92,916 | $8.7M | New |
| BMY Bristol-Myers Squibb Co. | 2.62% | 183,297 | $8.3M | Reduce -14.2% |
| CAVA Cava Group Inc. | 2.37% | 123,918 | $7.5M | Add +1.2% |
| HCAT Health Catalyst Inc. | 1.37% | 1,513,032 | $4.3M | Reduce -12.3% |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 1.11% | 43,994 | $3.5M | Reduce -17.7% |
| SO The Southern Co. | 0.80% | 26,539 | $2.5M | Reduce -20.0% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.77% | 23,942 | $2.4M | Reduce -25.2% |
| GIS General Mills Inc. | 0.73% | 45,366 | $2.3M | Add +11.1% |
| PDM Piedmont Realty Trust Inc. | 0.64% | 223,179 | $2.0M | New |
| DUK Duke Energy Corp. | 0.36% | 9,164 | $1.1M | Reduce -17.1% |
| JPST JPMorgan Ultra-Short Income | 0.23% | 14,508 | $736K | Reduce -31.1% |
Portfolio Sells Q2 2025 → Q3 2025
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −3.88 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −3.09 |
| UBER Uber Technologies Inc. | Reduce -35.1% | 4.49% | −1.30 |
| ARM Arm Holdings PLC-ADR | Reduce -16.8% | 3.12% | −0.64 |
| HCAT Health Catalyst Inc. | Reduce -12.3% | 1.37% | −0.44 |
| RLI Rli Corp. | Reduce -10.1% | 4.12% | −0.33 |
| SMCI Super Micro Computer Inc. | Reduce -15.5% | 5.15% | −0.32 |
| AIG American International Group | Reduce -12.0% | 3.60% | −0.31 |
| V Visa Inc. Class A | Reduce -13.6% | 4.98% | −0.28 |
| RDDT Reddit Inc. Class A | Reduce -46.2% | 3.50% | −0.24 |
| CI The Cigna Group | Reduce -4.5% | 3.55% | −0.19 |
| IRM Iron Mountain Inc. | Reduce -25.2% | 0.77% | −0.14 |
| BMY Bristol-Myers Squibb Co. | Reduce -14.2% | 2.62% | −0.13 |
| CB Chubb Ltd. | Reduce -12.1% | 4.85% | −0.12 |
| SNOW Snowflake Inc. | Reduce -14.4% | 4.73% | −0.08 |
| JPST JPMorgan Ultra-Short Income | Reduce -31.1% | 0.23% | −0.06 |
| SO The Southern Co. | Reduce -20.0% | 0.80% | −0.05 |
| DUK Duke Energy Corp. | Reduce -17.1% | 0.36% | −0.00 |
| MA Mastercard Inc. Class A | Reduce -13.2% | 4.95% | +0.00 |
| AMGN Amgen Inc. | Reduce -11.9% | 4.41% | +0.06 |
| NHI Natl Health Investors Inc. | Reduce -17.7% | 1.11% | +0.07 |
| ANET Arista Networks Inc. | Reduce -36.9% | 3.64% | +0.09 |
| RNR Renaissancere Holdings Ltd. | Reduce -12.0% | 4.71% | +0.22 |
| AMD Advanced Micro Devices | Reduce -15.2% | 5.85% | +0.54 |
| DVN Devon Energy Corp. | Reduce -9.6% | 5.23% | +0.62 |
| SHOP Shopify Inc. Class A | Reduce -13.2% | 5.75% | +1.24 |
| UTHR United Therapeutics Corp. | Reduce -7.0% | 5.90% | +2.08 |
Portfolio Buys Q2 2025 → Q3 2025
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 |