Q2 2026 13F · SEC CIK 1569064

Montanova Capital, LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $4.8B
Reported positions: 95
Top holdings a year, 3 yrs: +22.0%
Assets under management: $7.9B

Montanova Capital, LLC is a hedge fund that reported 95 positions worth $4.8B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Veradermics Inc (MANE, 10.8%), Arcutis Biotherapeutics Inc (ARQT, 6.9%), Legend Biotech Corp (LEGN, 4.3%). A portfolio copying its top holdings returned 22.0% a year over the last 3 years, against 20.4% for the S&P 500.

Montanova Capital, LLC holdings largest 50 of 95 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Montanova Capital, LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
MANEVeradermics Inc	10.8%	7.1%	4,168,970	+0.0%	$512.5M
ARQTArcutis Biotherapeutics Inc	6.9%	7.9%	12,437,000	+0.9%	$326.1M
LEGNLegend Biotech Corp	4.3%	3.7%	7,070,000	-6.7%	$204.2M
PVLAPalvella Therapeutics Inc Ne	3.6%	3.9%	1,135,406	-1.6%	$173.5M
AVBPArrivent Biopharma Inc	3.3%	2.8%	4,515,531	+2.6%	$156.9M
BNTCBenitec Biopharma Inc	3.2%	3.3%	11,548,351	+0.0%	$154.5M
BHVNBiohaven Ltd	3.2%	2.4%	10,286,937	+0.0%	$153.1M
AMDAdvanced Micro Devices Inc	3.1%	1.4%	257,240	+0.0%	$149.4M
RCUSArcus Biosciences Inc.	3.1%	2.9%	4,776,423	-5.1%	$147.3M
TSMTaiwan Semiconductor Manufac	3.1%	2.7%	304,627	+2.0%	$145.5M
NVDANvidia Corporation	3.0%	2.7%	720,609	+25.4%	$144.2M
EYPTEyepoint Pharmaceuticals Inc	2.5%	2.9%	8,296,375	+0.0%	$118.6M
SYYSysco Corp	2.5%	2.2%	1,411,550	+21.8%	$118.0M
GEGe Aerospace	2.4%	2.4%	310,262	+0.0%	$116.0M
IMTXImmatics NV	2.4%	3.0%	11,190,129	+0.0%	$113.4M
MGMMgm Resorts International	2.3%	2.2%	2,325,360	+7.7%	$111.2M
METAMeta Platforms Inc	2.1%	2.6%	175,807	+3.6%	$99.0M
CAPRCapricor Therapeutics Inc	2.1%	3.1%	4,092,784	+7.2%	$98.6M
KURAKura Oncology Inc	2.0%	1.9%	8,575,422	+0.0%	$94.1M
GLUEMonte Rosa Therapeutics Inc	1.8%	1.9%	3,549,539	-16.0%	$85.9M
AVLNAvalyn Pharmaceuticals Inc	1.7%	—	2,503,109	—	$82.4M
HDHome Depot Inc	1.7%	2.0%	226,053	+2.0%	$79.7M
HUTHut 8 Corp	1.6%	—	670,000	—	$77.3M
COFCapital One Finl Corp	1.4%	1.5%	333,098	+10.2%	$66.8M
VMCVulcan Matls Co	1.3%	1.3%	214,978	+18.4%	$63.4M
FERGFerguson Enterprises Inc Common Stock Ne	1.2%	1.3%	246,758	+16.5%	$58.6M
ZURAZura Bio Ltd	1.2%	1.5%	9,443,001	+4.1%	$55.7M
N44821101Inflarx NV	1.1%	—	22,933,910	—	$51.4M
AURAAura Biosciences Inc	1.1%	0.8%	7,206,217	+64.8%	$51.2M
FTHFaeth Therapeutics Inc	1.1%	—	2,020,103	—	$50.5M
MSOSAdvisorshares Tr	1.0%	0.9%	9,738,524	+7.7%	$49.5M
AMZNAmazon Com Inc	1.0%	1.4%	204,860	-19.3%	$48.8M
REPLReplimune Group Inc	1.0%	0.9%	4,389,836	+4.0%	$48.6M
APHAmphenol Corp	1.0%	—	269,300	—	$47.5M
SPOTSpotify Technology SA	1.0%	—	101,800	—	$46.7M
CTNMContineum Therapeutics Inc	1.0%	1.0%	2,841,334	+0.0%	$46.6M
APOApollo Global Management Inc	1.0%	1.2%	383,300	-1.1%	$45.3M
BACBank of Amer Corp	0.9%	1.7%	789,720	-39.0%	$45.0M
DRAMRoundhill ETF Trust	0.9%	—	603,000	—	$44.5M
CRNXCrinetics Pharmaceuticals in	0.9%	1.0%	1,186,279	+13.6%	$44.4M
CBRSCerebras Systems Inc	0.8%	—	171,900	—	$38.0M
DKSDicks Sporting Goods Inc	0.7%	—	151,320	—	$34.3M
AVGOBroadcom Inc	0.7%	—	83,600	—	$31.6M
CMPXCompass Therapeutics Inc	0.6%	2.1%	14,101,159	-1.4%	$30.9M
LXEOLexeo Therapeutics Inc	0.6%	0.2%	6,384,200	+410.7%	$29.7M
UNHUnitedhealth Group Inc	0.6%	0.7%	64,130	-36.3%	$26.7M
PROKProkidney Corp	0.5%	0.6%	12,341,266	+0.0%	$25.2M
AADIWhitehawk Therapeutics Inc	0.4%	0.3%	4,300,000	+16.2%	$19.7M
SPCXSpace Exploration Techn Corp	0.4%	—	101,200	—	$17.3M
MLMMartin Marietta Matls Inc	0.3%	—	26,000	—	$15.0M

What Montanova Capital, LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +23.7% /yr; S&P 500 +20.1%
3 years: +22.0% /yr; S&P 500 +20.4%
5 years: +8.2% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$4.8B	95
Q1 2026	$3.7B	88
Q4 2025	$4.0B	90
Q3 2025	$3.3B	90
Q2 2025	$2.7B	95
Q1 2025	$2.5B	99
Q4 2024	$2.7B	94
Q3 2024	$2.8B	96
Q2 2024	$2.5B	97
Q1 2024	$2.4B	99
Q4 2023	$2.2B	87
Q3 2023	$1.9B	87

Questions about Montanova Capital, LLC's portfolio

What stocks does Montanova Capital, LLC own?

Montanova Capital, LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 95 positions worth $4.8B. The largest are Veradermics Inc (MANE) at 10.8%, Arcutis Biotherapeutics Inc (ARQT) at 6.9%, Legend Biotech Corp (LEGN) at 4.3%, Palvella Therapeutics Inc Ne (PVLA) at 3.6% and Arrivent Biopharma Inc (AVBP) at 3.3%.

What did Montanova Capital, LLC buy last quarter?

In Q2 2026, Montanova Capital, LLC added Lexeo Therapeutics Inc (LXEO) (+410.7% shares), Aura Biosciences Inc (AURA) (+64.8% shares) and Nvidia Corporation (NVDA) (+25.4% shares), compared with its Q1 2026 filing.

What did Montanova Capital, LLC sell last quarter?

In Q2 2026, Montanova Capital, LLC cut from its top 50 Apellis Pharmaceuticals Inc (APLS), cut from its top 50 Kalvista Pharmaceuticals Inc (KALV), cut from its top 50 Erasca, Inc. (ERAS), cut from its top 50 Fulcrum Therapeutics Inc (FULC), cut from its top 50 Mineralys Therapeutics Inc (MLYS), Bank of Amer Corp (BAC) (-39.0% shares), Unitedhealth Group Inc (UNH) (-36.3% shares) and Amazon Com Inc (AMZN) (-19.3% shares), compared with its Q1 2026 filing.

How has Montanova Capital, LLC's portfolio performed?

A portfolio copying Montanova Capital, LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +22.0% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +23.7% against +20.1%. Over 5 years: +8.2% a year against +11.6%.

When is Montanova Capital, LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Montanova Capital, LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Montanova Capital, LLC manage?

Montanova Capital, LLC reported $7.9B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $4.8B.