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Hedge fund

Montanova Capital, LLC

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1569064

Reported value
$4.8bn
97% in companies we cover
Positions we cover
90
Largest MANE 10.8%
Copy, a year
+13.1%
S&P 500 +13.7%
Copy Sharpe ratio
0.60
S&P 500 0.75

How copying its 13F would have done

$10.0k$20.0k$40.0k 2014201620182020202220242026 $50.9k$47.9k
CopyS&P 500 $10,000 copying Montanova Capital, LLC's filed holdings in companies we cover from February 21, 2014, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −34.7% (S&P 500 −31.8%); beta 1.06; alpha −0.5% a year (t = −0.14); last 12 months +0.1% against +12.1%.

Reported value by quarter

Montanova Capital, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1T $2T $3T Reported value, 2013-12-31: $746.1M Reported value, 2014-03-31: $830.5M Reported value, 2014-06-30: $1.1B Reported value, 2014-09-30: $1.1B Reported value, 2014-12-31: $1.4B Reported value, 2015-03-31: $1.6B Reported value, 2015-06-30: $2.1B Reported value, 2015-09-30: $831M Reported value, 2015-12-31: $1.9B Reported value, 2016-03-31: $2.5B Reported value, 2016-06-30: $2.2B Reported value, 2016-09-30: $2.6B Reported value, 2016-12-31: $2.9B Reported value, 2017-03-31: $3.1B Reported value, 2017-06-30: $3.2B Reported value, 2017-09-30: $3.4B Reported value, 2017-12-31: $4.2B Reported value, 2018-03-31: $3.9B Reported value, 2018-06-30: $3.7B Reported value, 2018-09-30: $4.3B Reported value, 2018-12-31: $1.3B Reported value, 2019-03-31: $2.8B Reported value, 2019-06-30: $4B Reported value, 2019-09-30: $3.7B Reported value, 2019-12-31: $4.3B Reported value, 2020-03-31: $3.7B Reported value, 2020-06-30: $4.7B Reported value, 2020-09-30: $5.5B Reported value, 2020-12-31: $7B Reported value, 2021-03-31: $6.7B Reported value, 2021-06-30: $6.7B Reported value, 2021-09-30: $5.9B Reported value, 2021-12-31: $5.2B Reported value, 2022-03-31: $3.3B Reported value, 2022-06-30: $2.6B Reported value, 2022-09-30: $2.4B Reported value, 2022-12-31: $2.4T Reported value, 2023-03-31: $2.1B Reported value, 2023-06-30: $1.9B Reported value, 2023-09-30: $1.9B Reported value, 2023-12-31: $2.2B Reported value, 2024-03-31: $2.4B Reported value, 2024-06-30: $2.5B Reported value, 2024-09-30: $2.8B Reported value, 2024-12-31: $2.7B Reported value, 2025-03-31: $2.5B Reported value, 2025-06-30: $2.7B Reported value, 2025-09-30: $3.3B Reported value, 2025-12-31: $4B Reported value, 2026-03-31: $3.7B Reported value, 2026-06-30: $4.8B 2013-12-31 2016-06-30 2018-12-31 2021-06-30 2023-12-31 2026-06-30 $4.8B
View chart data
Period Reported value
2013-12-31 $746.1M
2014-03-31 $830.5M
2014-06-30 $1.1B
2014-09-30 $1.1B
2014-12-31 $1.4B
2015-03-31 $1.6B
2015-06-30 $2.1B
2015-09-30 $831M
2015-12-31 $1.9B
2016-03-31 $2.5B
2016-06-30 $2.2B
2016-09-30 $2.6B
2016-12-31 $2.9B
2017-03-31 $3.1B
2017-06-30 $3.2B
2017-09-30 $3.4B
2017-12-31 $4.2B
2018-03-31 $3.9B
2018-06-30 $3.7B
2018-09-30 $4.3B
2018-12-31 $1.3B
2019-03-31 $2.8B
2019-06-30 $4B
2019-09-30 $3.7B
2019-12-31 $4.3B
2020-03-31 $3.7B
2020-06-30 $4.7B
2020-09-30 $5.5B
2020-12-31 $7B
2021-03-31 $6.7B
2021-06-30 $6.7B
2021-09-30 $5.9B
2021-12-31 $5.2B
2022-03-31 $3.3B
2022-06-30 $2.6B
2022-09-30 $2.4B
2022-12-31 $2.4T
2023-03-31 $2.1B
2023-06-30 $1.9B
2023-09-30 $1.9B
2023-12-31 $2.2B
2024-03-31 $2.4B
2024-06-30 $2.5B
2024-09-30 $2.8B
2024-12-31 $2.7B
2025-03-31 $2.5B
2025-06-30 $2.7B
2025-09-30 $3.3B
2025-12-31 $4B
2026-03-31 $3.7B
2026-06-30 $4.8B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
MANEVeradermics, Inc10.77%$512.5m4.17M0.0%
ARQTArcutis Biotherapeutics, Inc.6.85%$326.1m12.44M+0.9% Added
LEGNLegend Biotech Corp4.29%$204.2m7.07M−6.7% Reduced
PVLAPalvella Therapeutics, Inc.3.65%$173.5m1.14M−1.6% Reduced
AVBPArrivent Biopharma, Inc.3.30%$156.9m4.52M+2.6% Added
BNTCBenitec Biopharma Inc.3.25%$154.5m11.55M0.0%
BHVNBiohaven Ltd.3.22%$153.1m10.29M0.0%
AMDAdvanced Micro Devices3.14%$149.4m257.2K0.0%
RCUSArcus Biosciences, Inc.3.10%$147.3m4.78M−5.1% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD3.06%$145.5m304.6K+2.0% Added
NVDANVIDIA Corporation3.03%$144.2m720.6K+25.4% Added
EYPTEyepoint, Inc.2.49%$118.6m8.30M0.0%
SYYSysco2.48%$118.0m1.41M+21.8% Added
GEGE Aerospace2.44%$116.0m310.3K0.0%
IMTXImmatics N.V.2.38%$113.4m11.19M0.0%
MGMMGM Resorts2.34%$111.2m2.33M+7.7% Added
METAMeta Platforms2.08%$99.0m175.8K+3.6% Added
CAPRCapricor Therapeutics, Inc.2.07%$98.6m4.09M+7.2% Added
KURAKura Oncology, Inc.1.98%$94.1m8.58M0.0%
GLUEMonte Rosa Therapeutics, Inc.1.80%$85.9m3.55M−16.0% Reduced
AVLNAvalyn Pharma Inc.1.73%$82.4m2.50MNew
HDThe Home Depot1.68%$79.7m226.1K+2.0% Added
HUTHut 8 Corp.1.63%$77.3m670.0KNew
COFCapital One1.40%$66.8m333.1K+10.2% Added
VMCVulcan Materials Company1.33%$63.4m215.0K+18.4% Added
FERGFerguson Enterprises1.23%$58.6m246.8K+16.5% Added
ZURAZura Bio Ltd1.17%$55.7m9.44M+4.1% Added
IFRXInflarx N.V.1.08%$51.4m22.93M+189.1% Added
AURAAura Biosciences, Inc.1.07%$51.2m7.21M+64.8% Added
FTHFaeth Therapeutics, Inc.1.06%$50.5m2.02M+5747.1% Added
AMZNAmazon1.03%$48.8m204.9K−19.3% Reduced
REPLReplimune Group, Inc.1.02%$48.6m4.39M+4.0% Added
APHAmphenol1.00%$47.5m269.3KNew
SPOTSpotify Technology S.a.0.98%$46.7m101.8K+9154.5% Added
CTNMContineum Therapeutics, Inc.0.98%$46.6m2.84M0.0%
APOApollo Global Management0.95%$45.3m383.3K−1.1% Reduced
BACBank of America0.95%$45.0m789.7K−39.0% Reduced
CBRSCerebras Systems Inc.0.80%$38.0m171.9KNew
DKSDick's Sporting Goods, Inc.0.72%$34.3m151.3KNew
AVGOBroadcom0.66%$31.6m83.6KNew
CMPXCompass Therapeutics, Inc.0.65%$30.9m14.10M−1.4% Reduced
LXEOLexeo Therapeutics, Inc.0.63%$29.7m6.38M+410.7% Added
UNHUnitedHealth Group0.56%$26.7m64.1K−36.3% Reduced
PROKProkidney Corp.0.53%$25.2m12.34M0.0%
WHWKWhitehawk Therapeutics, Inc.0.41%$19.7m4.30M+16.2% Added
SPCXSpace Exploration Technologies Corp0.36%$17.3m101.2KNew
MLMMartin Marietta Materials0.32%$15.0m26.0KNew
FULCFulcrum Therapeutics, Inc.0.28%$13.5m3.68M−43.9% Reduced
PLNTPlanet Fitness, Inc.0.24%$11.5m219.9KNew
BEBloom Energy0.21%$10.2m33.8KNew
KARDKardigan, Inc.0.20%$9.5m400.0KNew
CVSCVS Health0.18%$8.7m84.5KNew
MOLNMolecular Partners AG0.18%$8.6m2.22M0.0%
AVRAnteris Technologies Global Corp.0.18%$8.4m850.0K0.0%
DXCMDexcom0.14%$6.9m102.0K+221.9% Added
TMOThermo Fisher Scientific0.14%$6.7m13.4K0.0%
CNCCentene Corporation0.13%$6.4m99.1KNew
ABTAbbott Laboratories0.13%$6.1m66.9K0.0%
BSXBoston Scientific0.13%$6.0m140.1K+13.0% Added
ISRGIntuitive Surgical0.11%$5.4m13.6K+20.4% Added
DHRDanaher Corporation0.11%$5.1m26.6K−26.9% Reduced
MLYSMineralys Therapeutics, Inc.0.10%$4.7m173.9K−88.7% Reduced
CLDXCelldex Therapeutics, Inc.0.10%$4.5m121.3KNew
MSLESatellos Bioscience Inc.0.08%$3.7m475.0K0.0%
CORCencora0.07%$3.5m12.5K0.0%
ABEOAbeona Therapeutics Inc.0.07%$3.1m500.0K−81.3% Reduced
NTRANatera, Inc.0.06%$2.7m10.1K0.0%
JNJJohnson & Johnson0.04%$2.0m7.7K−67.1% Reduced
LRCXLam Research0.04%$1.9m4.3KNew
MSFTMicrosoft Corporation0.04%$1.9m5.0K0.0%
SYKStryker Corporation0.04%$1.8m5.9K0.0%
EWEdwards Lifesciences0.04%$1.7m18.7K0.0%
MDLNMedline Inc.0.04%$1.7m42.5K0.0%
PFGCPerformance Food Group Co0.04%$1.6m14.7K−96.2% Reduced
SNOWSnowflake Inc.0.03%$1.4m5.6KNew
IQVIQVIA0.03%$1.4m7.2K0.0%
MCKMcKesson0.03%$1.4m1.8K0.0%
HCAHCA Healthcare0.03%$1.2m3.2K0.0%
WATWaters Corporation0.03%$1.2m3.2K0.0%
GWWW. W. Grainger0.02%$1.0m770−23.0% Reduced
IONSIonis Pharmaceuticals Inc0.02%$856,33210.8K0.0%
USFDUS Foods Holding Corp.0.01%$707,5706.9K−98.3% Reduced
AAgilent Technologies0.01%$662,8225.0K0.0%
VLTOVeralto0.01%$485,5235.5K0.0%
RMDResMed|0.01%$465,7632.4K0.0%
STESteris0.01%$322,1721.5K0.0%
SRPTSarepta Therapeutics, Inc.0.01%$321,44717.9K0.0%
ZBHZimmer Biomet0.01%$280,6533.3K0.0%
CRLCharles River Laboratories0.01%$229,0581.0KNew
INMInmed Pharmaceuticals Inc.0.00%$155,000100.0KNew
CompanyBought (value)Shares
AVLNAvalyn Pharma Inc.$82.4m2.50M
HUTHut 8 Corp.$77.3m670.0K
FTHFaeth Therapeutics, Inc.$49.6m1.99M
APHAmphenol$47.5m269.3K
SPOTSpotify Technology S.a.$46.2m100.7K
CBRSCerebras Systems Inc.$38.0m171.9K
DKSDick's Sporting Goods, Inc.$34.3m151.3K
IFRXInflarx N.V.$33.6m15.00M
AVGOBroadcom$31.6m83.6K
NVDANVIDIA Corporation$29.2m146.0K
LXEOLexeo Therapeutics, Inc.$23.9m5.13M
SYYSysco$21.1m252.4K
AURAAura Biosciences, Inc.$20.1m2.83M
SPCXSpace Exploration Technologies Corp$17.3m101.2K
MLMMartin Marietta Materials$15.0m26.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
ERASErasca, Inc.−$55.6m−3.43M
PFGCPerformance Food Group Co−$41.6m−372.2K
USFDUS Foods Holding Corp.−$39.8m−389.1K
MLYSMineralys Therapeutics, Inc.−$36.8m−1.36M
BACBank of America−$28.8m−505.5K
GLUEMonte Rosa Therapeutics, Inc.−$16.4m−677.3K
UNHUnitedHealth Group−$15.2m−36.5K
LEGNLegend Biotech Corp−$14.8m−511.0K
LTHLife Time Group Holdings, Inc.−$13.7m−510.3K
ABEOAbeona Therapeutics Inc.−$13.4m−2.18M
AMZNAmazon−$11.7m−49.1K
FULCFulcrum Therapeutics, Inc.−$10.5m−2.88M
WINGWingstop Inc.−$9.2m−59.5K
RCUSArcus Biosciences, Inc.−$7.8m−254.6K
COHRCoherent Corp.−$7.1m−30.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
ERASErasca, Inc.$55.6m3.43M
LTHLife Time Group Holdings, Inc.$13.7m510.3K
WINGWingstop Inc.$9.2m59.5K
COHRCoherent Corp.$7.1m30.0K
MDTMedtronic$6.3m72.3K
MTDMettler Toledo$2.5m2.0K
TSLATesla, Inc.$1.9m5.2K
TLNTalen Energy Corp$1.9m6.0K
VSTVistra Corp.$901,9806.0K
RBLXRoblox Corp$476,2358.4K
VRDNViridian Therapeutics, Inc.\de$326,65216.7K
  • Health Care64.7%
  • Technology13.8%
  • Consumer Discretionary6.2%
  • Industrials4.4%
  • Financials3.4%
  • Communication Services3.2%
  • Consumer Staples2.6%
  • Materials1.7%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 21, 2014 to November 2, 2026+13.1%+13.7%0.600.75−34.7%1.06
2018 onwardsJanuary 5, 2018 to November 2, 2026+11.0%+13.9%0.450.66−34.7%1.08
Last three yearsNovember 3, 2023 to November 2, 2026+22.8%+21.8%0.791.16−28.3%1.16
Last yearNovember 7, 2025 to November 2, 2026+7.0%+14.2%0.240.84−19.9%1.21

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.