QVT Financial LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), QVT Financial LP reported 34 stock positions worth $688.4 million. Its top holding was Roivant Sciences (ROIV) at 48.1% of the portfolio, followed by Goldman Sachs (GS, 7.8%) and Allot (ALLT, 5.3%). Compared with Q1 2025, it opened 10 new positions, sold out of 6, added to 7 and reduced 2. The biggest buy was Goldman Sachs (GS, shares +1%) and the biggest sale Roivant Sciences (ROIV, shares −55%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001290162
Portfolio Value
$688.4M (Q2 2025)
SEC Filing
0000950123-25-008436 ↗ filed Aug 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.0B Q1 2024 Q2 2024: $1.0B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $973.7M Q1 2025 Q2 2025: $688.4M $688.4M Q2 2025 Q3 2025: $873.7M Q3 2025 Q4 2025: $1.0B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 34 stocks · $688.4M
ROIV Roivant Sciences Ltd. 48.10% 29,381,635 $331.1M Reduce -55.3%
GS Goldman Sachs Group Inc. 7.75% 75,426 $53.4M Add +0.7%
ALLT Allot Ltd. 5.32% 4,505,793 $36.6M Add +22.2%
TRML Tourmaline Bio Inc. 5.00% 2,154,653 $34.5M Add +46.2%
ECO Okeanis Eco Tankers Corp. 4.05% 1,423,997 $27.8M No change
NNI Nelnet Inc. Class A 4.04% 229,665 $27.8M No change
NVDA Nvidia Corp. 3.48% 151,549 $23.9M New
BRK.B Berkshire Hathaway Inc. Class B 3.38% 47,946 $23.3M No change
NYT New York Times Co. Class A 2.58% 316,947 $17.7M No change
ATEX Anterix Inc. 1.88% 503,941 $12.9M No change
AMZN Amazon.com Inc. 1.77% 55,643 $12.2M New
LILAK Liberty Latin Americ Class C 1.58% 1,749,467 $10.9M No change
IONQ Ionq Inc. 1.41% 225,931 $9.7M New
META Meta Platforms Inc. Class A 1.38% 12,902 $9.5M Add +848.0%
WHWK Whitehawk Therapeutics Inc. 1.19% 4,615,709 $8.2M Add +2.2%
SMMT Summit Therapeutics Inc. 1.11% 360,524 $7.7M No change
JAAA Janus Henderson Aaa Clo ETF 1.10% 148,582 $7.5M New
ARGX Argenx SE - ADR 1.04% 13,030 $7.2M No change
NE Noble Corp. PLC 0.80% 208,634 $5.5M No change
WBD Warner Bros Discovery Inc. 0.38% 228,925 $2.6M Reduce -50.0%
CMTL Comtech Telecommunications 0.35% 984,354 $2.4M Add +39.5%
BHVN Biohaven Ltd. 0.35% 170,006 $2.4M No change
SNPS Synopsys Inc. 0.34% 4,503 $2.3M No change
INFA Informatica Inc. Class A 0.32% 90,817 $2.2M No change
TTAN Servicetitan Inc. Class A 0.29% 18,773 $2.0M New
APP AppLovin Corp. Class A 0.24% 4,793 $1.7M Add +65.9%
GTN Gray Media Inc. 0.19% 291,452 $1.3M No change
IOVA Iovance Biotherapeutics Inc. 0.17% 678,564 $1.2M No change
GSBD Goldman Sachs BDC Inc. 0.16% 100,000 $1.1M New
MNDY Monday.com Ltd. 0.10% 2,087 $656K New
DASH DoorDash Inc. Class A 0.06% 1,631 $402K New
GTLB Gitlab Inc. Class A 0.04% 5,838 $263K New
SNOW Snowflake Inc. 0.03% 967 $216K New
MERSANA THERAPEUTICS INC 0.00% 62,657 $19K No change

Options reported separately and not counted above: HYG puts ($213.7M), IONQ puts ($36.8M), QQQ puts ($36.8M), CVNA puts ($33.7M), GS puts ($33.5M), NXST puts ($26.9M), ARCC puts ($13.7M), TRIN puts ($10.6M), JBBB puts ($805K).

Other holdings (3): bonds, preferreds, convertibles and warrants · $27.6M (not counted above)
SecurityClassShares / PrincipalValueChange
MAKEMYTRIP LIMITED (MMYT 0 02/15/28) NOTE 2/1 · principal 6,500,000$16.6MNo change
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal 10,000,000$10.0MAdd +17.6%
IQIYI INC (IQ 6.5 03/15/28) NOTE 6.500% 3/1 · principal 1,000,000$997KNew

Total filed on the 13F, all lines: $716.0M.

Portfolio Sells Q1 2025 → Q2 2025
ROIV Roivant Sciences Ltd. Reduce -55.3% 48.10% −20.08
MP MP Materials Corp. Sold out 0.00% −3.27
NXST Nexstar Media Group Inc. Sold out 0.00% −2.24
WBD Warner Bros Discovery Inc. Reduce -50.0% 0.38% −0.12
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.06
ACAD Acadia Pharmaceuticals Inc. Sold out 0.00% −0.03
BMRN Biomarin Pharmaceutical Inc. Sold out 0.00% −0.03
MDB Mongodb Inc. Sold out 0.00% −0.03

Portfolio Buys Q1 2025 → Q2 2025
GS Goldman Sachs Group Inc. Add +0.7% 7.75% +3.55
NVDA Nvidia Corp. New 3.48% +3.48
ALLT Allot Ltd. Add +22.2% 5.32% +3.15
TRML Tourmaline Bio Inc. Add +46.2% 5.00% +2.70
AMZN Amazon.com Inc. New 1.77% +1.77
IONQ Ionq Inc. New 1.41% +1.41
META Meta Platforms Inc. Class A Add +848.0% 1.38% +1.30
JAAA Janus Henderson Aaa Clo ETF New 1.10% +1.10
WHWK Whitehawk Therapeutics Inc. Add +2.2% 1.19% +0.41
TTAN Servicetitan Inc. Class A New 0.29% +0.29
CMTL Comtech Telecommunications Add +39.5% 0.35% +0.23
APP AppLovin Corp. Class A Add +65.9% 0.24% +0.17
GSBD Goldman Sachs BDC Inc. New 0.16% +0.16
MNDY Monday.com Ltd. New 0.10% +0.10
DASH DoorDash Inc. Class A New 0.06% +0.06
GTLB Gitlab Inc. Class A New 0.04% +0.04
SNOW Snowflake Inc. New 0.03% +0.03

Options Activity Q1 2025 → Q2 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 2,650,000 $213.7M
IONQ Ionq Inc. put Add +435.9% 857,500 $36.8M
QQQ Invesco QQQ Trust Series 1 put New 66,760 $36.8M
CVNA Carvana Co. put New 100,000 $33.7M
GS Goldman Sachs Group Inc. put Add +43.6% 47,400 $33.5M
NXST Nexstar Media Group Inc. put New 155,281 $26.9M
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 27,000 $15.1Mbefore exit
ARCC Ares Capital Corp. put New 625,900 $13.7M
TRIN Trinity Capital Inc. put New 750,000 $10.6M
JBBB Janus Henderson B-BBB Clo Et put New 16,700 $805K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2025 → Q2 2025
SEA LTD (SEALTD 0.25 09/15/26) NOTE 0.250% 9/1 · principal Sold out 17,500,000 $16.4Mbefore exit
ZILLOW GROUP INC (Z 2.75 05/15/25) NOTE 2.750% 5/1 · principal Sold out 15,000,000 $15.8Mbefore exit
DATADOG INC (DDOG 0.125 06/15/25) NOTE 0.125% 6/1 · principal Sold out 10,000,000 $11.2Mbefore exit
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal Add +17.6% 10,000,000 $10.0M
INFINERA CORP (INFN 2.5 03/01/27) NOTE 2.500% 3/0 · principal Sold out 5,000,000 $6.0Mbefore exit
IQIYI INC (IQ 6.5 03/15/28) NOTE 6.500% 3/1 · principal New 1,000,000 $997K
INFINERA CORP (INFN 3.75 08/01/28) NOTE 3.750% 8/0 · principal Sold out 718,000 $893Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 68$1.5BROIV, SPY, ECO, ALLT, GS
Q1 2026 64$1.3BROIV, ECO, GS, ALLT, QQQ
Q4 2025 49$1.0BROIV, ALLT, GS, ECO, NXST
Q3 2025 42$873.7MROIV, TRML, ALLT, GS, ECO
Q2 2025 34$688.4MROIV, GS, ALLT, TRML, ECO
Q1 2025 30$973.7MROIV, GS, MP, ECO, BRK.B
Q4 2024 29$1.1BROIV, GS, ECO, NNI, MP
Q3 2024 28$1.1BROIV, MP, ECO, GS, NXST
Q2 2024 27$1.0BROIV, MP, ECO, GS, NXST
Q1 2024 27$1.0BROIV, MP, ECO, GS, NXST