Nepsis Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Nepsis Inc. reported 30 stock positions worth $323.6 million. Its top holding was United Therapeutics (UTHR) at 6.6% of the portfolio, followed by Rli (RLI, 5.7%) and Devon Energy (DVN, 5.3%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 17 and reduced 11. The biggest buy was a new position in Medtronic (MDT) and the biggest sale an exit from Arm Holdings PLC-ADR (ARM).
- Most Recent 13F
- Q2 2026
- Location
- Minneapolis, MN
- CIK
- 0001587643
- Portfolio Value
- $323.6M (Q4 2025)
- SEC Filing
- 0001587643-26-000001 ↗ filed Jan 14, 2026
Holdings Value
Holdings 30 stocks · $323.6M
| UTHR United Therapeutics Corp. | 6.59% | 43,760 | $21.3M | Reduce -1.5% |
| RLI Rli Corp. | 5.72% | 289,191 | $18.5M | Add +45.2% |
| DVN Devon Energy Corp. | 5.29% | 467,342 | $17.1M | Reduce -0.7% |
| CB Chubb Ltd. | 5.20% | 53,914 | $16.8M | Reduce -0.5% |
| AMD Advanced Micro Devices | 5.14% | 77,717 | $16.6M | Reduce -31.9% |
| RNR Renaissancere Holdings Ltd. | 5.10% | 58,685 | $16.5M | Add +0.3% |
| AMGN Amgen Inc. | 5.10% | 50,397 | $16.5M | Add +2.2% |
| V Visa Inc. Class A | 5.02% | 46,311 | $16.2M | Add +0.6% |
| SHOP Shopify Inc. Class A | 4.93% | 99,075 | $15.9M | Reduce -18.8% |
| MA Mastercard Inc. Class A | 4.85% | 27,493 | $15.7M | Add +0.2% |
| BMY Bristol-Myers Squibb Co. | 4.57% | 274,149 | $14.8M | Add +49.6% |
| AIG American International Group | 4.21% | 159,415 | $13.6M | Add +10.4% |
| RDDT Reddit Inc. Class A | 3.88% | 54,661 | $12.6M | Add +13.8% |
| SNOW Snowflake Inc. | 3.72% | 54,951 | $12.1M | Reduce -16.9% |
| UBER Uber Technologies Inc. | 3.71% | 146,938 | $12.0M | Add +1.6% |
| CI The Cigna Group | 3.65% | 42,886 | $11.8M | Add +10.4% |
| ANET Arista Networks Inc. | 3.30% | 81,406 | $10.7M | Add +3.2% |
| SMCI Super Micro Computer Inc. | 3.28% | 362,288 | $10.6M | Add +6.8% |
| CAVA Cava Group Inc. | 3.20% | 176,694 | $10.4M | Add +42.6% |
| COIN Coinbase Global Inc. Class A | 2.98% | 42,634 | $9.6M | Add +23.8% |
| AAON Aaon Inc. | 2.77% | 117,707 | $9.0M | Add +26.7% |
| MDT Medtronic PLC | 2.63% | 88,696 | $8.5M | New |
| HCAT Health Catalyst Inc. | 1.41% | 1,915,794 | $4.6M | Add +26.6% |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 1.01% | 42,607 | $3.3M | Reduce -3.1% |
| PDM Piedmont Realty Trust Inc. | 0.85% | 329,284 | $2.7M | Add +47.5% |
| SO The Southern Co. | 0.69% | 25,772 | $2.2M | Reduce -2.9% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.59% | 23,088 | $1.9M | Reduce -3.6% |
| DUK Duke Energy Corp. | 0.32% | 8,819 | $1.0M | Reduce -3.8% |
| JPST JPMorgan Ultra-Short Income | 0.23% | 14,446 | $731K | Reduce -0.4% |
| DSU BlackRock Debt Strategies | 0.06% | 19,175 | $195K | New |
Portfolio Sells Q3 2025 → Q4 2025
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −3.12 |
| SNOW Snowflake Inc. | Reduce -16.9% | 3.72% | −1.00 |
| SHOP Shopify Inc. Class A | Reduce -18.8% | 4.93% | −0.82 |
| GIS General Mills Inc. | Sold out | 0.00% | −0.73 |
| AMD Advanced Micro Devices | Reduce -31.9% | 5.14% | −0.71 |
| IRM Iron Mountain Inc. | Reduce -3.6% | 0.59% | −0.18 |
| NHI Natl Health Investors Inc. | Reduce -3.1% | 1.01% | −0.10 |
| SO The Southern Co. | Reduce -2.9% | 0.69% | −0.10 |
| DUK Duke Energy Corp. | Reduce -3.8% | 0.32% | −0.04 |
| JPST JPMorgan Ultra-Short Income | Reduce -0.4% | 0.23% | −0.01 |
| DVN Devon Energy Corp. | Reduce -0.7% | 5.29% | +0.06 |
| CB Chubb Ltd. | Reduce -0.5% | 5.20% | +0.35 |
| UTHR United Therapeutics Corp. | Reduce -1.5% | 6.59% | +0.68 |
Portfolio Buys Q3 2025 → Q4 2025
| MDT Medtronic PLC | New | 2.63% | +2.63 |
| BMY Bristol-Myers Squibb Co. | Add +49.6% | 4.57% | +1.95 |
| RLI Rli Corp. | Add +45.2% | 5.72% | +1.60 |
| CAVA Cava Group Inc. | Add +42.6% | 3.20% | +0.83 |
| AMGN Amgen Inc. | Add +2.2% | 5.10% | +0.68 |
| AIG American International Group | Add +10.4% | 4.21% | +0.62 |
| RNR Renaissancere Holdings Ltd. | Add +0.3% | 5.10% | +0.39 |
| RDDT Reddit Inc. Class A | Add +13.8% | 3.88% | +0.38 |
| PDM Piedmont Realty Trust Inc. | Add +47.5% | 0.85% | +0.21 |
| CI The Cigna Group | Add +10.4% | 3.65% | +0.10 |
| DSU BlackRock Debt Strategies | New | 0.06% | +0.06 |
| HCAT Health Catalyst Inc. | Add +26.6% | 1.41% | +0.05 |
| V Visa Inc. Class A | Add +0.6% | 5.02% | +0.04 |
| AAON Aaon Inc. | Add +26.7% | 2.77% | +0.02 |
| MA Mastercard Inc. Class A | Add +0.2% | 4.85% | −0.10 |
| ANET Arista Networks Inc. | Add +3.2% | 3.30% | −0.35 |
| COIN Coinbase Global Inc. Class A | Add +23.8% | 2.98% | −0.71 |
| UBER Uber Technologies Inc. | Add +1.6% | 3.71% | −0.78 |
| SMCI Super Micro Computer Inc. | Add +6.8% | 3.28% | −1.88 |
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 |