QVT Financial LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), QVT Financial LP reported 49 stock positions worth $1.0 billion. Its top holding was Roivant Sciences (ROIV) at 55.2% of the portfolio, followed by Allot (ALLT, 4.8%) and Goldman Sachs (GS, 4.4%). Compared with Q3 2025, it opened 16 new positions, sold out of 9, added to 10 and reduced 7. The biggest buy was a new position in Nexstar Media (NXST) and the biggest sale an exit from Tourmaline Bio (TRML).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001290162
Portfolio Value
$1.0B (Q4 2025)
SEC Filing
0001193125-26-051104 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $1.0B $1.0B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 49 stocks · $1.0B
ROIV Roivant Sciences Ltd. 55.18% 26,387,021 $572.6M Reduce -10.2%
ALLT Allot Ltd. 4.80% 5,062,523 $49.8M Add +12.4%
GS Goldman Sachs Group Inc. 4.39% 51,773 $45.5M Reduce -10.0%
ECO Okeanis Eco Tankers Corp. 4.18% 1,423,997 $43.4M No change
NXST Nexstar Media Group Inc. 3.04% 155,281 $31.5M New
NNI Nelnet Inc. Class A 2.94% 229,665 $30.5M No change
QQQ Invesco QQQ Trust Series 1 2.53% 42,810 $26.3M New
NVDA Nvidia Corp. 2.46% 136,645 $25.5M Add +692.6%
BRK.B Berkshire Hathaway Inc. Class B 2.32% 47,946 $24.1M No change
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 2.21% 1,472,968 $23.0M Add +5.5%
NYT New York Times Co. Class A 2.12% 316,947 $22.0M No change
AAPL Apple Inc. 2.00% 76,337 $20.8M New
LILAK Liberty Latin Americ Class C 1.26% 1,749,467 $13.1M No change
CVNA Carvana Co. 1.22% 30,000 $12.7M New
ATEX Anterix Inc. 1.06% 503,941 $11.0M No change
WHWK Whitehawk Therapeutics Inc. 1.02% 4,615,709 $10.6M No change
KMX Carmax Inc. 0.86% 230,000 $8.9M Add +557.1%
JAAA Janus Henderson Aaa Clo ETF 0.72% 148,582 $7.5M No change
CMTL Comtech Telecommunications 0.67% 1,392,352 $7.0M Add +41.5%
SMMT Summit Therapeutics Inc. 0.61% 360,524 $6.3M No change
BXSL Blackstone Secured Lending F 0.59% 232,218 $6.1M New
AVGO Broadcom Inc. 0.59% 17,583 $6.1M New
NE Noble Corp. PLC 0.57% 208,634 $5.9M No change
ARGX Argenx SE - ADR 0.42% 5,218 $4.4M Reduce -39.9%
SNPS Synopsys Inc. 0.27% 5,879 $2.8M Add +8.5%
DASH DoorDash Inc. Class A 0.21% 9,786 $2.2M Add +161.4%
BHVN Biohaven Ltd. 0.18% 170,006 $1.9M No change
IOVA Iovance Biotherapeutics Inc. 0.18% 678,564 $1.9M No change
GTN Gray Media Inc. 0.14% 291,452 $1.4M No change
MDB Mongodb Inc. 0.13% 3,205 $1.3M No change
GOOGL Alphabet Inc. Class A 0.12% 3,903 $1.2M Reduce -25.5%
MSFT Microsoft Corp. 0.10% 2,189 $1.1M New
AMD Advanced Micro Devices 0.10% 4,822 $1.0M New
MGNI Magnite Inc. 0.10% 61,293 $995K New
CYBR Cyberark Software Ltd./Israel 0.09% 1,977 $882K No change
ABNB Airbnb Inc. Class A 0.07% 5,159 $700K New
PDD PDD Holdings Inc. 0.07% 6,042 $685K Add +27.8%
SHOP Shopify Inc. Class A 0.06% 4,165 $670K New
APP AppLovin Corp. Class A 0.06% 979 $660K Reduce -69.9%
DDOG Datadog Inc. Class A 0.06% 4,570 $621K Add +33.7%
MTSI Macom Technology Solutions H 0.06% 3,534 $605K Reduce -21.1%
NFLX Netflix Inc. 0.05% 5,920 $555K Add +41.6%
COHR Coherent Corp. 0.04% 2,161 $399K New
SE Sea Ltd.-ADR 0.03% 2,811 $360K New
NTNX Nutanix Inc. Class A 0.03% 5,730 $296K New
PANW Palo Alto Networks Inc. 0.03% 1,542 $284K New
NOW ServiceNow Inc. 0.02% 1,655 $254K Reduce -62.1%
TCOM Trip.com Group Ltd.-ADR 0.02% 2,867 $206K No change
U Unity Software Inc. 0.02% 4,630 $205K New

Options reported separately and not counted above: CVNA puts ($76.0M), IONQ puts ($18.2M), QBTS puts ($16.8M), RGTI puts ($2.2M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $15.4M (not counted above)
SecurityClassShares / PrincipalValueChange
MAKEMYTRIP LIMITED (MMYT 0 02/15/28) NOTE 2/1 · principal 6,500,000$14.0MNo change
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$385KNo change

Total filed on the 13F, all lines: $1.1B.

Portfolio Sells Q3 2025 → Q4 2025
TRML Tourmaline Bio Inc. Sold out 0.00% −11.80
IONQ Ionq Inc. Sold out 0.00% −1.68
GS Goldman Sachs Group Inc. Reduce -10.0% 4.39% −0.86
ARGX Argenx SE - ADR Reduce -39.9% 0.42% −0.31
APP AppLovin Corp. Class A Reduce -69.9% 0.06% −0.20
META Meta Platforms Inc. Class A Sold out 0.00% −0.17
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.13
GSBD Goldman Sachs BDC Inc. Sold out 0.00% −0.12
NOW ServiceNow Inc. Reduce -62.1% 0.02% −0.07
CFLT Confluent Inc. Class A Sold out 0.00% −0.04
ORCL Oracle Corp. Sold out 0.00% −0.03
MNDY Monday.com Ltd. Sold out 0.00% −0.03
SNOW Snowflake Inc. Sold out 0.00% −0.03
GOOGL Alphabet Inc. Class A Reduce -25.5% 0.12% −0.03
MTSI Macom Technology Solutions H Reduce -21.1% 0.06% −0.01
ROIV Roivant Sciences Ltd. Reduce -10.2% 55.18% +4.30

Portfolio Buys Q3 2025 → Q4 2025
NXST Nexstar Media Group Inc. New 3.04% +3.04
QQQ Invesco QQQ Trust Series 1 New 2.53% +2.53
NVDA Nvidia Corp. Add +692.6% 2.46% +2.09
AAPL Apple Inc. New 2.00% +2.00
CVNA Carvana Co. New 1.22% +1.22
KMX Carmax Inc. Add +557.1% 0.86% +0.68
BXSL Blackstone Secured Lending F New 0.59% +0.59
AVGO Broadcom Inc. New 0.59% +0.59
CMTL Comtech Telecommunications Add +41.5% 0.67% +0.40
INFQ Infleqtion Inc. Add +5.5% 2.21% +0.16
MSFT Microsoft Corp. New 0.10% +0.10
AMD Advanced Micro Devices New 0.10% +0.10
DASH DoorDash Inc. Class A Add +161.4% 0.21% +0.10
MGNI Magnite Inc. New 0.10% +0.10
ABNB Airbnb Inc. Class A New 0.07% +0.07
SHOP Shopify Inc. Class A New 0.06% +0.06
COHR Coherent Corp. New 0.04% +0.04
SE Sea Ltd.-ADR New 0.03% +0.03
NTNX Nutanix Inc. Class A New 0.03% +0.03
PANW Palo Alto Networks Inc. New 0.03% +0.03
U Unity Software Inc. New 0.02% +0.02
DDOG Datadog Inc. Class A Add +33.7% 0.06% +0.00
NFLX Netflix Inc. Add +41.6% 0.05% −0.00
PDD PDD Holdings Inc. Add +27.8% 0.07% −0.01
SNPS Synopsys Inc. Add +8.5% 0.27% −0.04
ALLT Allot Ltd. Add +12.4% 4.80% −0.66

Options Activity Q3 2025 → Q4 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 3,000,000 $243.6Mbefore exit
CVNA Carvana Co. put Add +14.3% 180,000 $76.0M
QQQ Invesco QQQ Trust Series 1 put Sold out 78,871 $47.4Mbefore exit
GS Goldman Sachs Group Inc. put Sold out 49,500 $39.4Mbefore exit
NXST Nexstar Media Group Inc. put Sold out 155,281 $30.7Mbefore exit
IONQ Ionq Inc. put Reduce -73.4% 405,000 $18.2M
QBTS D-Wave Quantum Inc. put Add +2466.0% 641,500 $16.8M
RGTI Rigetti Computing Inc. put New 100,000 $2.2M
ORCL Oracle Corp. call Sold out 5,000 $1.4Mbefore exit

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

Notes & Other Activity Q3 2025 → Q4 2025
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal Sold out 8,859,000 $10.1Mbefore 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