In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), QVT Financial LP reported 30 stock positions worth $973.7 million . Its top holding was Roivant Sciences (ROIV) at 68.2% of the portfolio, followed by Goldman Sachs (GS, 4.2% ) and MP Materials (MP, 3.3% ). Compared with Q4 2024, it opened 3 new positions, sold out of 2, added to 6 and reduced 3. The biggest buy was Tourmaline Bio (TRML, shares +107% ) and the biggest sale Argenx SE - ADR (ARGX, shares −21% ).
Location New York, NY
CIK 0001290162
Portfolio Value $973.7M (Q1 2025) Holdings 30 stocks · $973.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 ROIV Roivant Sciences Ltd. 65,793,779 $663.9M No change GS Goldman Sachs Group Inc. 74,926 $40.9M Add +10.3% MP MP Materials Corp. 1,304,171 $31.8M Reduce -14.8% ECO Okeanis Eco Tankers Corp. 1,423,997 $28.3M No change BRK.B Berkshire Hathaway Inc. Class B 47,946 $25.5M No change NNI Nelnet Inc. Class A 229,665 $25.5M No change TRML Tourmaline Bio Inc. 1,473,369 $22.4M Add +107.1% NXST Nexstar Media Group Inc. 121,587 $21.8M No change ALLT Allot Ltd. 3,687,855 $21.1M Add +15.0% ATEX Anterix Inc. 503,941 $18.4M No change NYT New York Times Co. Class A 316,947 $15.7M No change LILAK Liberty Latin Americ Class C 1,749,467 $10.9M No change ARGX Argenx SE - ADR 13,030 $7.7M Reduce -21.0% WHWK Whitehawk Therapeutics Inc. 4,515,709 $7.6M Add +95.2% SMMT Summit Therapeutics Inc. 360,524 $7.0M No change NE Noble Corp. PLC 208,634 $4.9M No change WBD Warner Bros Discovery Inc. 457,850 $4.9M No change BHVN Biohaven Ltd. 170,006 $4.1M No change IOVA Iovance Biotherapeutics Inc. 678,564 $2.3M No change SNPS Synopsys Inc. 4,503 $1.9M Add +15.9% INFA Informatica Inc. Class A 90,817 $1.6M No change GTN Gray Media Inc. 291,452 $1.3M No change CMTL Comtech Telecommunications 705,773 $1.1M Add +16.5% META Meta Platforms Inc. Class A 1,361 $784K New APP AppLovin Corp. Class A 2,889 $765K New BABA Alibaba Group Holding-SP ADR 4,442 $587K Reduce -7.7% ACAD Acadia Pharmaceuticals Inc. 19,613 $326K No change BMRN Biomarin Pharmaceutical Inc. 4,429 $313K No change MDB Mongodb Inc. 1,581 $277K New MERSANA THERAPEUTICS INC 62,657 $22K No change
Options reported separately and not counted above: GS puts ($18.0M), SPY puts ($15.1M), IONQ puts ($3.5M).
Other holdings (7): bonds, preferreds, convertibles and warrants · $75.7M (not counted above) Security Class Shares / Principal Value Change MAKEMYTRIP LIMITED (MMYT 0 02/15/28) NOTE 2/1 · principal 6,500,000 $16.7M No change SEA LTD (SEALTD 0.25 09/15/26) NOTE 0.250% 9/1 · principal 17,500,000 $16.4M Add +16.7% ZILLOW GROUP INC (Z 2.75 05/15/25) NOTE 2.750% 5/1 · principal 15,000,000 $15.8M New DATADOG INC (DDOG 0.125 06/15/25) NOTE 0.125% 6/1 · principal 10,000,000 $11.2M New AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal 8,500,000 $8.7M New INFINERA CORP (INFN 2.5 03/01/27) NOTE 2.500% 3/0 · principal 5,000,000 $6.0M No change INFINERA CORP (INFN 3.75 08/01/28) NOTE 3.750% 8/0 · principal 718,000 $893K No change
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ ARGX Argenx SE - ADR Reduce -21.0% 0.79% −0.16 JD Jd.com Inc.-ADR Sold out 0.00% −0.10 SRPT Sarepta Therapeutics Inc. Sold out 0.00% −0.04 BABA Alibaba Group Holding-SP ADR Reduce -7.7% 0.06% +0.02 MP MP Materials Corp. Reduce -14.8% 3.27% +1.03
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ TRML Tourmaline Bio Inc. Add +107.1% 2.30% +0.95 GS Goldman Sachs Group Inc. Add +10.3% 4.20% +0.56 ALLT Allot Ltd. Add +15.0% 2.16% +0.38 WHWK Whitehawk Therapeutics Inc. Add +95.2% 0.78% +0.10 META Meta Platforms Inc. Class A New 0.08% +0.08 APP AppLovin Corp. Class A New 0.08% +0.08 MDB Mongodb Inc. New 0.03% +0.03 SNPS Synopsys Inc. Add +15.9% 0.20% +0.02 CMTL Comtech Telecommunications Add +16.5% 0.12% −0.11
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ GS Goldman Sachs Group Inc. put New 33,000 $18.0M SPY SS SPDR S&P 500 ETF Trust-US put New 27,000 $15.1M ZIM Zim Integrated Shipping Serv put Sold out 346,500 $7.4Mbefore exit IONQ Ionq Inc. put New 160,000 $3.5M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ SEA LTD (SEALTD 0.25 09/15/26) NOTE 0.250% 9/1 · principal Add +16.7% 17,500,000 $16.4M ZILLOW GROUP INC (Z 2.75 05/15/25) NOTE 2.750% 5/1 · principal New 15,000,000 $15.8M DATADOG INC (DDOG 0.125 06/15/25) NOTE 0.125% 6/1 · principal New 10,000,000 $11.2M AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal New 8,500,000 $8.7M NIO INC (NIO 0.5 02/01/27) NOTE 0.500% 2/0 · principal Sold out 8,500,000 $8.4Mbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 68 $1.5B ROIV, SPY, ECO, ALLT, GS Q1 2026 64 $1.3B ROIV, ECO, GS, ALLT, QQQ Q4 2025 49 $1.0B ROIV, ALLT, GS, ECO, NXST Q3 2025 42 $873.7M ROIV, TRML, ALLT, GS, ECO Q2 2025 34 $688.4M ROIV, GS, ALLT, TRML, ECO Q1 2025 30 $973.7M ROIV, GS, MP, ECO, BRK.B Q4 2024 29 $1.1B ROIV, GS, ECO, NNI, MP Q3 2024 28 $1.1B ROIV, MP, ECO, GS, NXST Q2 2024 27 $1.0B ROIV, MP, ECO, GS, NXST Q1 2024 27 $1.0B ROIV, MP, ECO, GS, NXST