QVT Financial LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), QVT Financial LP reported 42 stock positions worth $873.7 million. Its top holding was Roivant Sciences (ROIV) at 50.9% of the portfolio, followed by Tourmaline Bio (TRML, 11.8%) and Allot (ALLT, 5.5%). Compared with Q2 2025, it opened 13 new positions, sold out of 5, added to 4 and reduced 7. The biggest buy was a new position in Infleqtion (INFQ) and the biggest sale Nvidia (NVDA, shares −89%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001290162
Portfolio Value
$873.7M (Q3 2025)
SEC Filing
0001193125-25-283302 ↗ filed Nov 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 Q2 2025 Q3 2025: $873.7M $873.7M Q3 2025 Q4 2025: $1.0B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 42 stocks · $873.7M
ROIV Roivant Sciences Ltd. 50.88% 29,381,635 $444.5M No change
TRML Tourmaline Bio Inc. 11.80% 2,154,653 $103.1M No change
ALLT Allot Ltd. 5.46% 4,505,793 $47.7M No change
GS Goldman Sachs Group Inc. 5.24% 57,526 $45.8M Reduce -23.7%
ECO Okeanis Eco Tankers Corp. 4.29% 1,423,997 $37.5M No change
NNI Nelnet Inc. Class A 3.30% 229,665 $28.8M No change
BRK.B Berkshire Hathaway Inc. Class B 2.76% 47,946 $24.1M No change
NYT New York Times Co. Class A 2.08% 316,947 $18.2M No change
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 2.05% 1,395,585 $17.9M New
LILAK Liberty Latin Americ Class C 1.69% 1,749,467 $14.8M No change
IONQ Ionq Inc. 1.68% 239,228 $14.7M Add +5.9%
ATEX Anterix Inc. 1.24% 503,941 $10.8M No change
WHWK Whitehawk Therapeutics Inc. 0.95% 4,615,709 $8.3M No change
JAAA Janus Henderson Aaa Clo ETF 0.86% 148,582 $7.5M No change
SMMT Summit Therapeutics Inc. 0.85% 360,524 $7.4M No change
ARGX Argenx SE - ADR 0.73% 8,680 $6.4M Reduce -33.4%
NE Noble Corp. PLC 0.68% 208,634 $5.9M No change
NVDA Nvidia Corp. 0.37% 17,240 $3.2M Reduce -88.6%
SNPS Synopsys Inc. 0.31% 5,420 $2.7M Add +20.4%
BHVN Biohaven Ltd. 0.29% 170,006 $2.6M No change
CMTL Comtech Telecommunications 0.28% 984,354 $2.4M No change
APP AppLovin Corp. Class A 0.27% 3,253 $2.3M Reduce -32.1%
GTN Gray Media Inc. 0.19% 291,452 $1.7M No change
KMX Carmax Inc. 0.18% 35,000 $1.6M New
IOVA Iovance Biotherapeutics Inc. 0.17% 678,564 $1.5M No change
META Meta Platforms Inc. Class A 0.17% 1,976 $1.5M Reduce -84.7%
GOOGL Alphabet Inc. Class A 0.15% 5,239 $1.3M New
WBD Warner Bros Discovery Inc. 0.13% 58,555 $1.1M Reduce -74.4%
DASH DoorDash Inc. Class A 0.12% 3,744 $1.0M Add +129.6%
GSBD Goldman Sachs BDC Inc. 0.12% 100,000 $1.0M No change
MDB Mongodb Inc. 0.11% 3,205 $995K New
CYBR Cyberark Software Ltd./Israel 0.11% 1,977 $955K New
NOW ServiceNow Inc. 0.09% 873 $803K New
PDD PDD Holdings Inc. 0.07% 4,728 $625K New
MTSI Macom Technology Solutions H 0.06% 4,477 $557K New
NFLX Netflix Inc. 0.06% 418 $501K New
DDOG Datadog Inc. Class A 0.06% 3,418 $487K New
CFLT Confluent Inc. Class A 0.04% 17,248 $342K New
ORCL Oracle Corp. 0.03% 1,075 $302K New
MNDY Monday.com Ltd. 0.03% 1,401 $271K Reduce -32.9%
SNOW Snowflake Inc. 0.03% 1,195 $270K Add +23.6%
TCOM Trip.com Group Ltd.-ADR 0.02% 2,867 $216K New

Options reported separately and not counted above: HYG puts ($243.6M), IONQ puts ($93.6M), CVNA puts ($59.4M), QQQ puts ($47.4M), GS puts ($39.4M), NXST puts ($30.7M), ORCL calls ($1.4M), QBTS puts ($618K).

Other holdings (4): bonds, preferreds, convertibles and warrants · $27.1M (not counted above)
SecurityClassShares / PrincipalValueChange
MAKEMYTRIP LIMITED (MMYT 0 02/15/28) NOTE 2/1 · principal 6,500,000$15.8MNo change
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal 8,859,000$10.1MNew
IQIYI INC (IQ 6.5 03/15/28) NOTE 6.500% 3/1 · principal 1,000,000$1.0MNo change
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 50,000$178KNew

Total filed on the 13F, all lines: $900.8M.

Portfolio Sells Q2 2025 → Q3 2025
NVDA Nvidia Corp. Reduce -88.6% 0.37% −3.11
GS Goldman Sachs Group Inc. Reduce -23.7% 5.24% −2.51
AMZN Amazon.com Inc. Sold out 0.00% −1.77
META Meta Platforms Inc. Class A Reduce -84.7% 0.17% −1.22
INFA Informatica Inc. Class A Sold out 0.00% −0.32
ARGX Argenx SE - ADR Reduce -33.4% 0.73% −0.31
TTAN Servicetitan Inc. Class A Sold out 0.00% −0.29
WBD Warner Bros Discovery Inc. Reduce -74.4% 0.13% −0.25
MNDY Monday.com Ltd. Reduce -32.9% 0.03% −0.06
GTLB Gitlab Inc. Class A Sold out 0.00% −0.04
MERSANA THERAPEUTICS INC Sold out 0.00% −0.00
APP AppLovin Corp. Class A Reduce -32.1% 0.27% +0.02

Portfolio Buys Q2 2025 → Q3 2025
INFQ Infleqtion Inc. New 2.05% +2.05
IONQ Ionq Inc. Add +5.9% 1.68% +0.27
KMX Carmax Inc. New 0.18% +0.18
GOOGL Alphabet Inc. Class A New 0.15% +0.15
MDB Mongodb Inc. New 0.11% +0.11
CYBR Cyberark Software Ltd./Israel New 0.11% +0.11
NOW ServiceNow Inc. New 0.09% +0.09
PDD PDD Holdings Inc. New 0.07% +0.07
MTSI Macom Technology Solutions H New 0.06% +0.06
DASH DoorDash Inc. Class A Add +129.6% 0.12% +0.06
NFLX Netflix Inc. New 0.06% +0.06
DDOG Datadog Inc. Class A New 0.06% +0.06
CFLT Confluent Inc. Class A New 0.04% +0.04
ORCL Oracle Corp. New 0.03% +0.03
TCOM Trip.com Group Ltd.-ADR New 0.02% +0.02
SNOW Snowflake Inc. Add +23.6% 0.03% −0.00
SNPS Synopsys Inc. Add +20.4% 0.31% −0.03

Options Activity Q2 2025 → Q3 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +13.2% 3,000,000 $243.6M
IONQ Ionq Inc. put Add +77.5% 1,522,500 $93.6M
CVNA Carvana Co. put Add +57.5% 157,500 $59.4M
QQQ Invesco QQQ Trust Series 1 put Add +18.1% 78,871 $47.4M
GS Goldman Sachs Group Inc. put Add +4.4% 49,500 $39.4M
ARCC Ares Capital Corp. put Sold out 625,900 $13.7Mbefore exit
TRIN Trinity Capital Inc. put Sold out 750,000 $10.6Mbefore exit
ORCL Oracle Corp. call New 5,000 $1.4M
JBBB Janus Henderson B-BBB Clo Et put Sold out 16,700 $805Kbefore exit
QBTS D-Wave Quantum Inc. put New 25,000 $618K

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

Notes & Other Activity Q2 2025 → Q3 2025
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal New 8,859,000 $10.1M
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal Sold out 10,000,000 $10.0Mbefore exit
INFQ.WS Churchill Capital Corp. X *W EXP 05/14/203 New 50,000 $178K

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