MONTANOVA CAPITAL, LLC

CIK 0001569064 · Q2 2026

13F Equity AUM

$5.5B

+39.7% QoQ

Positions

+7 QoQ

AUM Rank

#1,448

Top 12%

Skill Alpha (FF)

+0.7%/yr^ns

No Clear Edge

Rank #2,082 · Top 25%

vs S&P +0.5%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 35.2%Top 10: 49.1%Top 20: 70.3%

SPY13.0%

VERADERMICS INC9.4%

ARQT6.0%

LEGN3.7%

PVLA3.2%

AVBP2.9%

BNTC2.8%

BHVN2.8%

AMD2.7%

RCUS2.7%

Others (86)50.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare44.2%

Financial Services18.2%

Unclassified13.1%

Technology9.6%

Consumer Cyclical5.2%

Industrials3.4%

Communication Services2.7%

Consumer Defensive2.2%

Other1.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 96Median: 0.41%Avg: 1.04%

0–0.5%

50(4.9%)

0.5–1%

18(14.3%)

1–3%

23(45.5%)

3–5%

2(6.9%)

5%+

3(28.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 96vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New21Increased26Decreased17Exited14

New Positions

AVALYN PHARMACEUTICA…1.5%

+2.5M

HUT1.4%

+670K

APH0.9%

+269K

ROUNDHILL ETF TRUST0.8%

+603K

CEREBRAS SYSTEMS INC0.7%

+172K

DKS0.6%

+151K

AVGO0.6%

+84K

SPACE EXPLORATION TE…0.3%

+101K

MLM0.3%

+26K

PLNT0.2%

+220K

Increased

IFRX0.9%

+15.0M(+189%)

LXEO0.5%

+5.1M(+411%)

AURA0.9%

+2.8M(+65%)

SNSE0.9%

+2.0M(+5747%)

MSOS0.9%

+692K(+8%)

WHWK0.4%

+600K(+16%)

SPY13.0%

+600K(+171%)

ZURA1.0%

+376K(+4%)

CAPR1.8%

+274K(+7%)

SYY2.2%

+252K(+22%)

Decreased

FULC0.3%

-2,880,190(-44%)

ABEO0.1%

-2,176,000(-81%)

MLYS0.1%

-1,364,776(-89%)

GLUE1.6%

-677,270(-16%)

LEGN3.7%

-511,029(-7%)

BAC0.8%

-505,525(-39%)

USFD0.0%

-389,050(-98%)

PFGC0.0%

-372,175(-96%)

RCUS2.7%

-254,570(-5%)

CMPX0.6%

-206,220(-1%)

Exited

-3,518,471

-4,768,712

-3,434,967

-510,349

-59,500

-30,000

-72,260

-716,759

-1,964

-5,177

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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