Montanova Capital portfolio
Investment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Montanova Capital reported a $4.8 bn portfolio of 95 positions to the SEC as of the end of Q2 2026. Its largest positions are MANE, ARQT, LEGN. During the quarter it opened Hut 8 and Amphenol and exited Erasca.
Sections with a free account
What it reported after the quarter end (Q2 2026)
The 13F shows the portfolio as of Jun 30, 2026. Since then Montanova Capital has filed these own trades with the SEC (Form 4, when it owns more than 10% of a company or holds a role in it) and stakes above 5% (13D and 13G). It is not everything it did: only what it must report before the next 13F.
Form 4 · 750,000 shares · trade of Aug 19 · filed Aug 21, 2026 · filing ↗
Stake reported in the company · event of Aug 19, 2026 · filed Aug 21, 2026 · filing ↗
Stake reported in the company · event of Jul 30, 2026 · filed Aug 6, 2026 · filing ↗
Stake reported in the company · event of Jun 30, 2026 · filed Aug 14, 2026 · filing ↗
Stake reported in the company · event of Jun 30, 2026 · filed Aug 14, 2026 · filing ↗
Stake reported in the company · event of Jun 30, 2026 · filed Aug 14, 2026 · filing ↗
Stake reported in the company · event of Jun 30, 2026 · filed Aug 14, 2026 · filing ↗
Stake reported in the company · event of Jun 30, 2026 · filed Aug 14, 2026 · filing ↗
What changed this quarter
68 positions with a change (16 new, 24 added to, 17 trimmed, 11 sold); also, 5 entered through an IPO, 3 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Newly listedAvalyn PharmaAVLN1.7% of the portfolio
- Newly listedRoundhill ETF TrustDRAM0.9% of the portfolio
- Newly listedCerebras SystemsCBRS0.8% of the portfolio
It started trading this quarter: it appears in a 13F for the first time. The filing does not say whether the manager already held it before the listing, so it is not counted as a purchase.
- Hut 8+1.6 ppof portfolioNew— → 1.6%
- Erasca−1.2 ppof portfolioSold out1.5% → —
- Faeth Therapeutics+5,747%more sharesIncreasedunder 0.1% → 1.1%
- Amphenol+1.0 ppof portfolioNew— → 1.0%
- Spotify Technology+9,155%more sharesIncreasedunder 0.1% → 1.0%
- Mineralys Therapeutics−89%fewer sharesReduced1.1% → 0.1%
- US Foods Holding−98%fewer sharesReduced1.0% → under 0.1%
- DICK'S Sporting Goods+0.7 ppof portfolioNew— → 0.7%
- InflaRx+189%more sharesIncreased0.2% → 1.1%
- Performance Food Group−96%fewer sharesReduced0.9% → under 0.1%
- Broadcom+0.7 ppof portfolioNew— → 0.7%
- NVIDIA+25%more sharesIncreased2.7% → 3.0%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- VeradermicsMANE10.8%
- Arcutis BiotherapeuticsARQT6.9%
- Legend BiotechLEGN4.3%
- Palvella TherapeuticsPVLA3.6%
- Arrivent BiopharmaAVBP3.3%
- Benitec BiopharmaBNTC3.2%
- BiohavenBHVN3.2%
- Advanced Micro DevicesAMD3.1%
- Arcus BiosciencesRCUS3.1%
- Taiwan Semiconductor ManufacturingTSM3.1%
- NVIDIANVDA3.0%
- EyePointEYPT2.5%
- SyscoSYY2.5%
- GE AerospaceGE2.4%
- ImmaticsIMTX2.4%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Health Care 64%
- ● Information Technology 13%
- ● Consumer Discretionary 6%
- ● Industrials 4%
- ● Financials 3%
- ● Communication Services 3%
- ● Consumer Staples 3%
- ● No sector 2%
- ● Materials 2%
How its portfolio changed (8 quarters)
Q2 2026: 95
Q2 2026: 45%
Q2 2026: 11.3%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Declared options (1)
Besides stocks, Montanova Capital declared 1 put (they gain if the stock falls) with a notional of $709M. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
- PUTState Str Spdr S&P 500 ETF TSPY$709M
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Jul 1, 2026 (high confidence).
The data, as reported: MONTANOVA CAPITAL, LLC (CRD 165153): 7.B private funds: 3 hedge (gross assets $7.8 bn); 5.D assets by client type: pooled vehicles 100% (of $7.9 bn) · 13F: 36% of the portfolio was already held when the stock started trading
The type comes from a rule applied to that data. If it looks wrong, tell us.
Not counted as a concentrated manager: its top 10 positions are under 45%. Its portfolio is shown all the same, but it is left out of manager counts, the consensus and the ranking. How this is decided
Similar managers by type and size
Same type of filer and a 13F portfolio value between a third and three times this one. It is not a comparison of what they hold.
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