Septerna, Inc.: which funds bought and sold

Institutions that bought and sold Septerna shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 95 institutions that filed 13F reports for both quarters added to or opened positions in Septerna, and 48 cut or closed them. Together they added a net 1.1M shares, +2.5% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 1.7M shares (+10.2%); index fund managers were net buyers of 279K shares (+5.6%). 46 opened a new position and 16 sold out entirely.

Bought, Q2 2026 95 institutions, 46 of them new holders Sold, Q2 2026 48 institutions, 16 of them sold out

Net change, all compared +1.1M shares (+2.5%)

Net change, active managers +1.7M shares (+10.2%), 26 bought, 13 sold

Buyers versus sellers

institutions compared, 168

95 bought 25 48 sold

Active managers and hedge funds 26 bought · 13 sold · +1.7M

Index fund managers 9 bought · 0 sold · +279K

Other institutions 60 bought · 35 sold · −874K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Loomis Sayles & Co L P Active manager	+625K New position	625K	$20.9M
Algert Global LLC Hedge fund	+376K +1789.6%	397K	$13.3M
Catalio Capital Management, LP	+242K +82.1%	536K	$18M
First Light Asset Management, LLC	+230K +31.4%	963K	$32.3M
Longaeva Partners L.P.	+224K +299.9%	298K	$10M
Woodline Partners LP Hedge fund	+186K New position	186K	$6.2M
Goldman Sachs Group Inc	+156K +5.4%	3.1M	$103M
Two Sigma Investments, LP Hedge fund	+146K +193.1%	221K	$7.4M
Primecap Management Co Active manager	+119K +11.3%	1.2M	$39.1M
Balyasny Asset Management L.P. Hedge fund	+114K +48.1%	350K	$11.7M
Blackrock, Inc. Index funds	+110K +6.0%	1.9M	$64.7M
Lazard Asset Management LLC Active manager	+75K New position	75K	$2.5M
Dimensional Fund Advisors LP	+75K New position	75K	$2.5M
Arrowstreet Capital, Limited Partnership Hedge fund	+75K New position	75K	$2.5M
Elmind Capital, LP	+49K New position	49K	$1.7M
D. E. Shaw & Co., Inc. Hedge fund	+46K New position	46K	$1.6M
Jane Street Group, LLC	+46K New position	46K	$1.5M
Voleon Capital Management LP Hedge fund	+44K New position	44K	$1.5M
HRT Financial LP	+42K New position	42K	$1.4M
Jacobs Levy Equity Management, Inc Active manager	+40K +139.8%	68K	$2.3M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Loomis Sayles & Co L P Active manager	+625K New position	625K	$20.9M
Algert Global LLC Hedge fund	+376K +1789.6%	397K	$13.3M
Woodline Partners LP Hedge fund	+186K New position	186K	$6.2M
Two Sigma Investments, LP Hedge fund	+146K +193.1%	221K	$7.4M
Primecap Management Co Active manager	+119K +11.3%	1.2M	$39.1M
Balyasny Asset Management L.P. Hedge fund	+114K +48.1%	350K	$11.7M
Lazard Asset Management LLC Active manager	+75K New position	75K	$2.5M
Arrowstreet Capital, Limited Partnership Hedge fund	+75K New position	75K	$2.5M
D. E. Shaw & Co., Inc. Hedge fund	+46K New position	46K	$1.6M
Voleon Capital Management LP Hedge fund	+44K New position	44K	$1.5M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Bvf Inc	−1.4M Sold out	0	—
Venrock Adviser, LLC	−506K Sold out	0	—
ADAR1 Capital Management, LLC Hedge fund	−149K −13.7%	941K	$31.5M
Checkpoint Capital L.P.	−100K Sold out	0	—
Siren, L.L.C.	−100K −5.0%	1.9M	$63.6M
Millennium Management LLC Hedge fund	−74K −59.3%	51K	$1.7M
Invesco Ltd.	−59K −70.9%	24K	$806,908
Hussman Strategic Advisors, Inc.	−42K −40.0%	63K	$2.1M
Marshall Wace, LLP Hedge fund	−40K Sold out	0	—
Jump Financial, LLC	−33K −61.9%	20K	$676,498
Rangeley Capital, LLC	−33K −81.9%	7,200	$241,128
UBS Group AG	−27K −23.2%	90K	$3M
Y-Intercept (Hong Kong) Ltd	−26K Sold out	0	—
Adage Capital Partners Gp, L.L.C. Hedge fund	−24K Sold out	0	—
Varcov Co.	−17K Sold out	0	—
Numerai Gp LLC	−15K Sold out	0	—
Entrypoint Capital, LLC	−13K Sold out	0	—
Verition Fund Management LLC Hedge fund	−12K Sold out	0	—
Seven Fleet Capital Management LP	−11K Sold out	0	—
Acadian Asset Management LLC Active manager	−9,982 −32.2%	21K	$701,000

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
ADAR1 Capital Management, LLC Hedge fund	−149K −13.7%	941K	$31.5M
Millennium Management LLC Hedge fund	−74K −59.3%	51K	$1.7M
Marshall Wace, LLP Hedge fund	−40K Sold out	0	—
Adage Capital Partners Gp, L.L.C. Hedge fund	−24K Sold out	0	—
Verition Fund Management LLC Hedge fund	−12K Sold out	0	—
Acadian Asset Management LLC Active manager	−9,982 −32.2%	21K	$701,000
Trexquant Investment LP Hedge fund	−9,656 −27.4%	26K	$858,851
Federated Hermes, Inc. Active manager	−2,548 −2.9%	87K	$2.9M
Winton Group Ltd Hedge fund	−1,660 −18.8%	7,182	$240,525
Massachusetts Financial Services Co Active manager	−400 −3.9%	9,982	$334,297

New positions

largest by value

Institution	Shares	Value June 30, 2026
Loomis Sayles & Co L PActive manager	625K	$20.9M
Woodline Partners LPHedge fund	186K	$6.2M
Lazard Asset Management LLCActive manager	75K	$2.5M
Dimensional Fund Advisors LP	75K	$2.5M
Arrowstreet Capital, Limited PartnershipHedge fund	75K	$2.5M
Elmind Capital, LP	49K	$1.7M
D. E. Shaw & Co., Inc.Hedge fund	46K	$1.6M
Jane Street Group, LLC	46K	$1.5M
Voleon Capital Management LPHedge fund	44K	$1.5M
HRT Financial LP	42K	$1.4M

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Bvf Inc	1.4M	$32.5M
Venrock Adviser, LLC	506K	$12.2M
Checkpoint Capital L.P.	100K	$2.4M
Marshall Wace, LLPHedge fund	40K	$957,354
Y-Intercept (Hong Kong) Ltd	26K	$619,253
Adage Capital Partners Gp, L.L.C.Hedge fund	24K	$576,720
Varcov Co.	17K	$402,551
Numerai Gp LLC	15K	$362,420
Entrypoint Capital, LLC	13K	$307,007
Verition Fund Management LLCHedge fund	12K	$296,602

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 154
Ten largest holders: 72.8%
Index fund managers: 11.2%
Active managers and hedge funds: 38.9%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	26	13	13	3	+1.7M	+10.2%
Index fund managers	9	0	0	0	+279K	+5.6%
Other institutions	60	35	33	13	−874K	−3.8%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Septerna.

Only managers that filed a holdings report for both quarters are compared (168 here). 4 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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