13-F holdings, Q2 2026
Montanova Capital, LLC
A 13-F is the report large US investment managers file with the SEC each quarter, listing the stocks they held at quarter end.
- Reported value
- $5.5B
- Positions
- 95
- Filed
- Data as of
These holdings are as of , 137 days ago.
13-Fs for Q3 2026 are due by .
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Top holdings
- MANE$512.5M4,168,970 shares9.4% of the book
- ARQT$326.1M12,437,000 shares6% of the book
- LEGN$204.2M7,070,000 shares3.7% of the book
- PVLA$173.5M1,135,406 shares3.2% of the book
- AVBP$156.9M4,515,531 shares2.9% of the book
- BNTC$154.5M11,548,351 shares2.8% of the book
- BHVN$153.1M10,286,937 shares2.8% of the book
- AMD$149.4M257,240 shares2.7% of the book
- RCUS$147.3M4,776,423 shares2.7% of the book
- TSM$145.5M304,627 shares2.7% of the book
What changed this quarter
15 new positions and 14 sold out, against Q1 2026. Added and trimmed positions use the change in split-adjusted shares at the Q2 2026 implied price; full exits use their Q1 2026 reported value, not sale proceeds.
Largest buys
- HUT
HUT 8 CORP
+$77.3M
New
Your stake and evidence for HUT
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
A position newly appears in the Q2 2026 book.
Displayed change: +$77.3M. The current book reports 670,000 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A new position uses its current quarter's reported dollar value; this is not the amount spent buying it.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 77348150 USD. Current reported shares: 670000. Prior shares on current basis: not recorded.
- FTH
SENSEI BIOTHERAPEUTICS INC
+$49.6M
+5,747.1% shares
Your stake and evidence for FTH
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
Reported shares increased between Q1 2026 and Q2 2026.
Displayed change: +$49.6M. The current book reports 2,020,103 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
For an added or trimmed position, subtract split-adjusted prior shares from current shares, then multiply by the current book's reported value per share; this is not the execution price.
2,020,103 current shares − 34,549 prior shares on the same basis = +1,985,554 shares.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 49638850 USD. Current reported shares: 2020103. Prior shares on current basis: 34549.
- APH
AMPHENOL CORP
+$47.5M
New
Your stake and evidence for APH
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
A position newly appears in the Q2 2026 book.
Displayed change: +$47.5M. The current book reports 269,300 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A new position uses its current quarter's reported dollar value; this is not the amount spent buying it.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 47482976 USD. Current reported shares: 269300. Prior shares on current basis: not recorded.
- SPOT
SPOTIFY TECHNOLOGY S A
+$46.2M
+9,154.5% shares
Your stake and evidence for SPOT
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
Reported shares increased between Q1 2026 and Q2 2026.
Displayed change: +$46.2M. The current book reports 101,800 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
For an added or trimmed position, subtract split-adjusted prior shares from current shares, then multiply by the current book's reported value per share; this is not the execution price.
101,800 current shares − 1,100 prior shares on the same basis = +100,700 shares.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 46234391 USD. Current reported shares: 101800. Prior shares on current basis: 1100.
- DKS
DICKS SPORTING GOODS INC
+$34.3M
New
Your stake and evidence for DKS
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
A position newly appears in the Q2 2026 book.
Displayed change: +$34.3M. The current book reports 151,320 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A new position uses its current quarter's reported dollar value; this is not the amount spent buying it.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: 34320889 USD. Current reported shares: 151320. Prior shares on current basis: not recorded.
Largest sells
- APLS
APELLIS PHARMACEUTICALS INC
−$141.5M
Sold out, was 3.8% of the book
Your stake and evidence for APLS
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
The position reported in Q1 2026 is absent from the comparable Q2 2026 book.
Displayed change: −$141.5M. This was 3.8% of the prior book.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A full exit is shown as the negative of its prior reported value, not sale proceeds or a value at today's price.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -141548000 USD. Current reported shares: not recorded. Prior shares on current basis: 3518471.
- KALV
KALVISTA PHARMACEUTICALS INC
−$96M
Sold out, was 2.6% of the book
Your stake and evidence for KALV
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
The position reported in Q1 2026 is absent from the comparable Q2 2026 book.
Displayed change: −$96M. This was 2.6% of the prior book.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A full exit is shown as the negative of its prior reported value, not sale proceeds or a value at today's price.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -95994000 USD. Current reported shares: not recorded. Prior shares on current basis: 4768712.
- ERAS
ERASCA INC
−$55.6M
Sold out, was 1.5% of the book
Your stake and evidence for ERAS
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
The position reported in Q1 2026 is absent from the comparable Q2 2026 book.
Displayed change: −$55.6M. This was 1.5% of the prior book.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
A full exit is shown as the negative of its prior reported value, not sale proceeds or a value at today's price.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -55578000 USD. Current reported shares: not recorded. Prior shares on current basis: 3434967.
- PFGC
PERFORMANCE FOOD GROUP CO
−$41.6M
-96.2% shares
Your stake and evidence for PFGC
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
Reported shares decreased between Q1 2026 and Q2 2026.
Displayed change: −$41.6M. The current book reports 14,710 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
For an added or trimmed position, subtract split-adjusted prior shares from current shares, then multiply by the current book's reported value per share; this is not the execution price.
14,710 current shares − 386,885 prior shares on the same basis = -372,175 shares.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -41605445.78008158 USD. Current reported shares: 14710. Prior shares on current basis: 386885.
- USFD
US FOODS HLDG CORP
−$39.8M
-98.3% shares
Your stake and evidence for USFD
What it means for you
This public view does not read your holdings or watchlist; open the member view to check your stake.
Use this to decide what to research, rather than as an instruction to copy a trade.
What happened
Reported shares decreased between Q1 2026 and Q2 2026.
Displayed change: −$39.8M. The current book reports 6,920 shares.
Why it can matter
A change between quarter-end disclosures can prompt a question about the manager's exposure. It does not reveal the trade date, the execution price or why the position changed; a full exit is not proof of a bearish decision.
How we got this
For an added or trimmed position, subtract split-adjusted prior shares from current shares, then multiply by the current book's reported value per share; this is not the execution price.
6,920 current shares − 395,970 prior shares on the same basis = -389,050 shares.
Comparable books exclude identified CUSIP, share-basis and new-security events from trades. Exit-size bands describe prior book weight, not the manager's intent.
Where the data comes from
SEC 13F quarter-end holdings for Q1 2026 and Q2 2026; these delayed disclosures omit shorts and many other assets.
Current source filed .
Technical details
Reported dollar change: -39780362.5 USD. Current reported shares: 6920. Prior shares on current basis: 395970.
What was sold out, by size
- 5 real positions, 0.25% of the book or more
- 7 small, between 0.015% and 0.25%
- 2 slivers under 0.015%, often rounding or client flows
Not counted as trades: AVLN (newly listed or spun off), DRAM (newly listed or spun off), CBRS (newly listed or spun off), SPCX (newly listed or spun off), KARD (newly listed or spun off).
All of this comes from the filer's public SEC filings. A 13-F shows long positions in US-listed securities at quarter end and can leave out short positions, cash and non-US holdings, so it is not the whole portfolio. This is filing data, not investment advice.