MONTANOVA CAPITAL, LLC

New York, NY · CIK 1569064 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2014 · limited liability company

Assets managed$7.9bn
Staff23 · 12 in investment roles
Main clients (by assets)Private funds 100%
Private funds3 (3 hedge) · $7.8bn gross assets
Websitemontanova.com
Form ADV · 2026-07-01SEC adviser record

Legal entityMontanova Capital, LLC (US)

$4.8bn reported value +29.0% vs Q1 2026

95positions

44.6%in top 10

21 new 25 added 17 reduced 14 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($709.4m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VERADERMICS INC COMMON STOCK MANE	MANE	4,168,970	$512.5m10.77%	10.77%	Unchanged
2	ARCUTIS BIOTHERAPEUTICS INC COM ARQT	ARQT	12,437,000	$326.1m6.85%	6.85%	Added +110.0k	+110,000 0.9%
3	LEGEND BIOTECH CORP SPONSORED ADS LEGN	LEGN	7,070,000	$204.2m4.29%	4.29%	Reduced -511.0k	-511,029 -6.7%
4	PALVELLA THERAPEUTICS INC NE COM PVLA	PVLA	1,135,406	$173.5m3.65%	3.65%	Reduced -18.1k	-18,090 -1.6%
5	ARRIVENT BIOPHARMA INC COM AVBP	AVBP	4,515,531	$156.9m3.30%	3.30%	Added +114.4k	+114,448 2.6%
6	BENITEC BIOPHARMA INC COM NEW BNTC	BNTC	11,548,351	$154.5m3.25%	3.25%	Unchanged
7	BIOHAVEN LTD COM BHVN	BHVN	10,286,937	$153.1m3.22%	3.22%	Unchanged
8	ADVANCED MICRO DEVICES INC COM AMD	AMD	257,240	$149.4m3.14%	3.14%	Unchanged
9	ARCUS BIOSCIENCES INC COM RCUS	RCUS	4,776,423	$147.3m3.09%	3.09%	Reduced -254.6k	-254,570 -5.1%
10	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	304,627	$145.5m3.06%	3.06%	Added +5.9k	+5,920 2.0%
11	NVIDIA CORPORATION COM NVDA	NVDA	720,609	$144.2m3.03%	3.03%	Added +146.0k	+145,953 25.4%
12	EYEPOINT PHARMACEUTICALS INC COM NEW EYPT	EYPT	8,296,375	$118.6m2.49%	2.49%	Unchanged
13	SYSCO CORP COM SYY	SYY	1,411,550	$118.0m2.48%	2.48%	Added +252.4k	+252,394 21.8%
14	GE AEROSPACE COM NEW GE	GE	310,262	$116.0m2.44%	2.44%	Unchanged
15	IMMATICS N.V SHS IMTX	IMTX	11,190,129	$113.4m2.38%	2.38%	Unchanged
16	MGM RESORTS INTERNATIONAL COM MGM	MGM	2,325,360	$111.2m2.34%	2.34%	Added +166.6k	+166,560 7.7%
17	META PLATFORMS INC CL A META	META	175,807	$99.0m2.08%	2.08%	Added +6.1k	+6,100 3.6%
18	CAPRICOR THERAPEUTICS INC COM NEW CAPR	CAPR	4,092,784	$98.6m2.07%	2.07%	Added +274.2k	+274,184 7.2%
19	KURA ONCOLOGY INC COM KURA	KURA	8,575,422	$94.1m1.98%	1.98%	Unchanged
20	MONTE ROSA THERAPEUTICS INC COM GLUE	GLUE	3,549,539	$85.9m1.81%	1.81%	Reduced -677.3k	-677,270 -16.0%
21	AVALYN PHARMACEUTICALS INC COM SHS AVLN	AVLN	2,503,109	$82.4m1.73%	1.73%	New
22	HOME DEPOT INC COM HD	HD	226,053	$79.7m1.68%	1.68%	Added +4.5k	+4,463 2.0%
23	HUT 8 CORP COM HUT	HUT	670,000	$77.3m1.63%	1.63%	New
24	CAPITAL ONE FINL CORP COM COF	COF	333,098	$66.8m1.40%	1.40%	Added +30.7k	+30,698 10.2%
25	VULCAN MATLS CO COM VMC	VMC	214,978	$63.4m1.33%	1.33%	Added +33.4k	+33,384 18.4%
26	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	246,758	$58.6m1.23%	1.23%	Added +34.9k	+34,858 16.4%
27	ZURA BIO LTD CLASS A ORD SHS ZURA	ZURA	9,443,001	$55.7m1.17%	1.17%	Added +376.0k	+376,000 4.2%
28	INFLARX NV COM IFRX	IFRX	22,933,910	$51.4m1.08%	1.08%	Added +15.0m	+15,000,000 189.1%
29	AURA BIOSCIENCES INC COM AURA	AURA	7,206,217	$51.2m1.08%	1.08%	Added +2.8m	+2,833,333 64.8%
30	FAETH THERAPEUTICS INC COM NEW FTH	FTH	2,020,103	$50.5m1.06%	1.06%	Added +2.0m	+1,985,554 5747.1%
31	ADVISORSHARES TR PURE US CANNABIS MSOS	MSOS	9,738,524	$49.5m1.04%	1.04%	Added +692.3k	+692,324 7.7%
32	AMAZON COM INC COM AMZN	AMZN	204,860	$48.8m1.03%	1.03%	Reduced -49.1k	-49,149 -19.4%
33	REPLIMUNE GROUP INC COM REPL	REPL	4,389,836	$48.6m1.02%	1.02%	Added +168.0k	+168,000 4.0%
34	AMPHENOL CORP CL A APH	APH	269,300	$47.5m1.00%	1.00%	New
35	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	101,800	$46.7m0.98%	0.98%	Added +100.7k	+100,700 9154.5%
36	CONTINEUM THERAPEUTICS INC CL A CTNM	CTNM	2,841,334	$46.6m0.98%	0.98%	Unchanged
37	APOLLO GLOBAL MGMT INC COM APO	APO	383,300	$45.3m0.95%	0.95%	Reduced -4.4k	-4,400 -1.1%
38	BANK AMERICA CORP COM BAC	BAC	789,720	$45.0m0.95%	0.95%	Reduced -505.5k	-505,525 -39.0%
39	ROUNDHILL ETF TRUST MEMORY ETF DRAM	DRAM	603,000	$44.5m0.94%	0.94%	New
40	CRINETICS PHARMACEUTICALS IN COM CRNX	CRNX	1,186,279	$44.4m0.93%	0.93%	Added +142.4k	+142,400 13.6%
41	CEREBRAS SYSTEMS INC COM CL A CBRS	CBRS	171,900	$38.0m0.80%	0.80%	New
42	DICKS SPORTING GOODS INC COM DKS	DKS	151,320	$34.3m0.72%	0.72%	New
43	BROADCOM INC COM AVGO	AVGO	83,600	$31.6m0.66%	0.66%	New
44	COMPASS THERAPEUTICS INC COM CMPX	CMPX	14,101,159	$30.9m0.65%	0.65%	Reduced -206.2k	-206,220 -1.4%
45	LEXEO THERAPEUTICS INC COM LXEO	LXEO	6,384,200	$29.7m0.62%	0.62%	Added +5.1m	+5,134,200 410.7%
46	UNITEDHEALTH GROUP INC COM UNH	UNH	64,130	$26.7m0.56%	0.56%	Reduced -36.5k	-36,500 -36.3%
47	PROKIDNEY CORP SHS CL A PROK	PROK	12,341,266	$25.2m0.53%	0.53%	Unchanged
48	AADI BIOSCIENCE INC COM WHWK	WHWK	4,300,000	$19.7m0.41%	0.41%	Added +600.0k	+600,000 16.2%
49	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	101,200	$17.3m0.36%	0.36%	New
50	MARTIN MARIETTA MATLS INC COM MLM	MLM	26,000	$15.0m0.32%	0.32%	New
51	FULCRUM THERAPEUTICS INC COM FULC	FULC	3,680,921	$13.5m0.28%	0.28%	Reduced -2.9m	-2,880,190 -43.9%
52	PLANET FITNESS INC CL A PLNT	PLNT	219,910	$11.5m0.24%	0.24%	New
53	BLOOM ENERGY CORP COM CL A BE	BE	33,800	$10.2m0.22%	0.22%	New
54	KARDIGAN INC COM KARD	KARD	400,000	$9.5m0.20%	0.20%	New
55	CVS HEALTH CORP COM CVS	CVS	84,500	$8.7m0.18%	0.18%	New
56	MOLECULAR PARTNERS AG ADS MOLN	MOLN	2,221,494	$8.6m0.18%	0.18%	Unchanged
57	ANTERIS TECHNOLOGIES GLOBAL COM AVR	AVR	850,000	$8.4m0.18%	0.18%	Unchanged
58	DEXCOM INC COM DXCM	DXCM	101,980	$6.9m0.14%	0.14%	Added +70.3k	+70,300 221.9%
59	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	13,400	$6.7m0.14%	0.14%	Unchanged
60	CENTENE CORP DEL COM CNC	CNC	99,100	$6.4m0.13%	0.13%	New
61	ABBOTT LABS COM ABT	ABT	66,920	$6.1m0.13%	0.13%	Unchanged
62	BOSTON SCIENTIFIC CORP COM BSX	BSX	140,083	$6.0m0.13%	0.13%	Added +16.1k	+16,142 13.0%
63	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	13,600	$5.4m0.11%	0.11%	Added +2.3k	+2,300 20.4%
64	DANAHER CORPORATION COM DHR	DHR	26,600	$5.1m0.11%	0.11%	Reduced -9.8k	-9,780 -26.9%
65	MINERALYS THERAPEUTICS INC COM MLYS	MLYS	173,886	$4.7m0.10%	0.10%	Reduced -1.4m	-1,364,776 -88.7%
66	CELLDEX THERAPEUTICS INC NEW COM NEW CLDX	CLDX	121,297	$4.5m0.09%	0.09%	New
67	SATELLOS BIOSCIENCE INC COM MSLE	MSLE	475,000	$3.7m0.08%	0.08%	Unchanged
68	CENCORA INC COM COR	COR	12,488	$3.5m0.07%	0.07%	Unchanged
69	TRULIEVE CANNABIS CORP SUB VTG SHS SUB VTG SHS		356,100	$3.5m0.07%	0.07%	New
70	ABEONA THERAPEUTICS INC COM NEW ABEO	ABEO	500,000	$3.1m0.06%	0.06%	Reduced -2.2m	-2,176,000 -81.3%
71	NATERA INC COM NTRA	NTRA	10,100	$2.7m0.06%	0.06%	Unchanged
72	JOHNSON & JOHNSON COM JNJ	JNJ	7,700	$2.0m0.04%	0.04%	Reduced -15.7k	-15,700 -67.1%
73	LAM RESEARCH CORP COM NEW LRCX	LRCX	4,302	$1.9m0.04%	0.04%	New
74	MICROSOFT CORP COM MSFT	MSFT	4,970	$1.9m0.04%	0.04%	Unchanged
75	STRYKER CORPORATION COM SYK	SYK	5,860	$1.8m0.04%	0.04%	Unchanged
76	EDWARDS LIFESCIENCES CORP COM EW	EW	18,700	$1.7m0.04%	0.04%	Unchanged
77	MEDLINE INC COM CL A MDLN	MDLN	42,500	$1.7m0.04%	0.04%	Unchanged
78	PERFORMANCE FOOD GROUP CO COM PFGC	PFGC	14,710	$1.6m0.03%	0.03%	Reduced -372.2k	-372,175 -96.2%
79	SNOWFLAKE INC CL A SNOW	SNOW	5,600	$1.4m0.03%	0.03%	New
80	IQVIA HLDGS INC COM IQV	IQV	7,175	$1.4m0.03%	0.03%	Unchanged
81	MCKESSON CORP COM MCK	MCK	1,830	$1.4m0.03%	0.03%	Unchanged
82	HCA HEALTHCARE INC COM HCA	HCA	3,190	$1.2m0.03%	0.03%	Unchanged
83	WATERS CORP COM WAT	WAT	3,225	$1.2m0.03%	0.03%	Unchanged
84	ALPHABET INC CAP STK CL C GOOG	GOOG	3,400	$1.2m0.03%	0.03%	New
85	GRAINGER W W INC COM GWW	GWW	770	$1.0m0.02%	0.02%	Reduced -230	-230 -23.0%
86	IONIS PHARMACEUTICALS INC COM IONS	IONS	10,800	$856.3k0.02%	0.02%	Unchanged
87	US FOODS HLDG CORP COM USFD	USFD	6,920	$707.6k0.01%	0.01%	Reduced -389.1k	-389,050 -98.2%
88	AGILENT TECHNOLOGIES INC COM A	A	4,990	$662.8k0.01%	0.01%	Unchanged
89	VERALTO CORP COM SHS VLTO	VLTO	5,475	$485.5k0.01%	0.01%	Unchanged
90	RESMED INC COM RMD	RMD	2,390	$465.8k0.01%	0.01%	Unchanged
91	STERIS PLC SHS USD STE	STE	1,530	$322.2k0.01%	0.01%	Unchanged
92	SAREPTA THERAPEUTICS INC COM SRPT	SRPT	17,888	$321.4k0.01%	0.01%	Unchanged
93	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	3,260	$280.7k0.01%	0.01%	Unchanged
94	CHARLES RIV LABS INTL INC COM CRL	CRL	1,010	$229.1k0.00%	0.00%	New
95	INMED PHARMACEUTICALS INC COM NEW INM	INM	100,000	$155.0k0.00%	0.00%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
APELLIS PHARMACEUTICALS INC APLS	APLS	3,518,471	$141.5m3.5m shares
KALVISTA PHARMACEUTICALS INC KALV	KALV	4,768,712	$96.0m4.8m shares
ERASCA INC ERAS	ERAS	3,434,967	$55.6m3.4m shares
LIFE TIME GROUP HOLDINGS INC LTH	LTH	510,349	$13.7m510.3k shares
WINGSTOP INC WING	WING	59,500	$9.2m59.5k shares
COHERENT CORP COHR	COHR	30,000	$7.1m30.0k shares
MEDTRONIC PLC MDT	MDT	72,260	$6.3m72.3k shares
KEZAR LIFE SCIENCES INC KZR	KZR	716,759	$5.3m716.8k shares
METTLER TOLEDO INTERNATIONAL MTD	MTD	1,964	$2.5m2.0k shares
TESLA INC TSLA	TSLA	5,177	$1.9m5.2k shares
TALEN ENERGY CORP TLN	TLN	5,970	$1.9m6.0k shares
VISTRA CORP VST	VST	6,000	$902.0k6.0k shares
ROBLOX CORP RBLX	RBLX	8,420	$476.2k8.4k shares
VIRIDIAN THERAPEUTICS INC VRDN	VRDN	16,700	$326.7k16.7k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	950,000	$709.4m950.0k shares	Added

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
BENITEC BIOPHARMA INC BNTC · 13D · filed 2025-11-10	BNTC	44.1%≈ $223.0m	-5.8 pts	13D	2025-11-10
INFLARX NV IFRX · 13G · filed 2026-08-14	IFRX	15.6%≈ $27.8m	+3.9 pts	13G	2026-08-14
MOLECULAR PARTNERS AG MOLN · 13G · filed 2025-05-02	MOLN	10.6%	new	13G	2025-05-02
AADI BIOSCIENCE INC WHWK · 13G · filed 2025-03-11	WHWK	10.0%≈ $21.7m	new	13G	2025-03-11
ZURA BIO LTD ZURA · 13G · filed 2026-05-12	ZURA	9.9%≈ $56.2m	+1.3 pts	13G	2026-05-12
ARRIVENT BIOPHARMA INC AVBP · 13G · filed 2025-08-13	AVBP	9.9%≈ $118.6m		13G	2025-08-13
DBV TECHNOLOGIES S A DBVT · 13G · filed 2025-04-11	DBVT	9.9%	new	13G	2025-04-11
KURA ONCOLOGY INC KURA · 13G · filed 2026-08-14	KURA	9.7%≈ $94.1m	+0.3 pts	13G	2026-08-14
VERADERMICS INC MANE · 13D · filed 2026-08-21	MANE	8.8%≈ $457.2m	-1.1 pts	13D	2026-08-21
IMMATICS N.V IMTX · 13G · filed 2026-02-13	IMTX	8.3%≈ $113.4m	-1.6 pts	13G	2026-02-13
COMPASS THERAPEUTICS INC CMPX · 13G · filed 2025-08-21	CMPX	8.2%≈ $30.9m	+3.0 pts	13G	2025-08-21
REPLIMUNE GROUP INC REPL · 13G · filed 2026-08-06	REPL	7.9%≈ $73.2m	+2.8 pts	13G	2026-08-06
FAETH THERAPEUTICS INC FTH · 13G · filed 2026-06-23	FTH	7.8%≈ $50.5m	new	13G	2026-06-23
BIOHAVEN LTD BHVN · 13G · filed 2026-02-13	BHVN	7.8%≈ $153.1m		13G	2026-02-13
LEXEO THERAPEUTICS INC LXEO · 13G · filed 2026-04-13	LXEO	7.7%≈ $26.4m	new	13G	2026-04-13
AURA BIOSCIENCES INC AURA · 13G · filed 2025-08-13	AURA	7.6%≈ $33.4m	+1.5 pts	13G	2025-08-13
PALVELLA THERAPEUTICS INC NE PVLA · 13G · filed 2025-11-13	PVLA	7.4%≈ $125.7m	-1.2 pts	13G	2025-11-13
CAPRICOR THERAPEUTICS INC CAPR · 13G · filed 2026-02-26	CAPR	6.6%≈ $82.3m	new	13G	2026-02-26
AVALYN PHARMACEUTICALS INC AVLN · 13D · filed 2026-05-08	AVLN	5.6%≈ $82.4m	new	13D	2026-05-08
89BIO INC ETNB · 13G · filed 2025-11-13	ETNB	5.6%	-4.3 pts	13G	2025-11-13
FULCRUM THERAPEUTICS INC FULC · 13G · filed 2026-08-14	FULC	5.5%≈ $13.5m	-3.9 pts	13G	2026-08-14
MARINUS PHARMACEUTICALS INC MRNS · 13G · filed 2025-02-11	MRNS	5.5%	+1.7 pts	13G	2025-02-11

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-08-19	VERADERMICS INC Director · See footnotes	MANE	Sold	750,000	$80.4m750.0k shares	-62%