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QVT Financial LP

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13F filer, CIK 1290162, New York, NY

QVT Financial LP reported $1,166,145,525 across 56 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 82.83% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-26-051104

Period
2025-12-31
Reported value
$1.17B
Holdings
56
Top 10 weight
82.83%
New
17
Sold out
15

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NXSTnew+155,281$31.5M
QQQnew+42,810$26.3M
NVDAadded+119,405$22.3M
AAPLnew+76,337$20.8M
CVNAnew+30,000$12.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
Tourmaline Bio Incexited-2,154,653-$103M
ROIVreduced-2,994,614-$65M
IONQexited-239,228-$14.7M
GSreduced-5,753-$5.06M
ARGXreduced-3,462-$2.91M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001193125-26-051104, largest first. % of portfolio is the value over $1,053,019,350, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,793,779 shares; 2024Q4: 65,793,779 shares; 2025Q1: 65,793,779 shares; 2025Q2: 29,381,635 shares; 2025Q3: 29,381,635 shares; 2025Q4: 26,387,021 shares 26,387,021$573M54.38%-2,994,614Timeline
ALLTALLOT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,981,427 shares; 2024Q4: 3,205,793 shares; 2025Q1: 3,687,855 shares; 2025Q2: 4,505,793 shares; 2025Q3: 4,505,793 shares; 2025Q4: 5,062,523 shares 5,062,523$49.8M4.73%+556,730Timeline
GSGOLDMAN SACHS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 67,926 shares; 2024Q4: 67,926 shares; 2025Q1: 74,926 shares; 2025Q2: 75,426 shares; 2025Q3: 57,526 shares; 2025Q4: 51,773 shares 51,773$45.5M4.32%-5,753Timeline
ECOOKEANIS ECO TANKERS CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,423,997 shares; 2024Q4: 1,423,997 shares; 2025Q1: 1,423,997 shares; 2025Q2: 1,423,997 shares; 2025Q3: 1,423,997 shares; 2025Q4: 1,423,997 shares 1,423,997$43.4M4.12%0Timeline
NXSTNEXSTAR MEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,735 shares; 2024Q4: 121,587 shares; 2025Q1: 121,587 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 155,281 shares 155,281$31.5M2.99%newTimeline
NNINELNET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 229,665 shares; 2024Q4: 229,665 shares; 2025Q1: 229,665 shares; 2025Q2: 229,665 shares; 2025Q3: 229,665 shares; 2025Q4: 229,665 shares 229,665$30.5M2.9%0Timeline
QQQINVESCO QQQ TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 42,810 shares 42,810$26.3M2.5%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 151,549 shares; 2025Q3: 17,240 shares; 2025Q4: 136,645 shares 136,645$25.5M2.42%+119,405Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 47,946 shares; 2024Q4: 47,946 shares; 2025Q1: 47,946 shares; 2025Q2: 47,946 shares; 2025Q3: 47,946 shares; 2025Q4: 47,946 shares 47,946$24.1M2.29%0Timeline
INFQINFLEQTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,395,585 shares; 2025Q4: 1,472,968 shares 1,472,968$23M2.18%+77,383Timeline
NYTNEW YORK TIMES CO MTN BEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 316,947 shares; 2024Q4: 316,947 shares; 2025Q1: 316,947 shares; 2025Q2: 316,947 shares; 2025Q3: 316,947 shares; 2025Q4: 316,947 shares 316,947$22M2.09%0Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 76,337 shares 76,337$20.8M1.97%newTimeline
LILAKLIBERTY LATIN AMERICA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,749,467 shares; 2024Q4: 1,749,467 shares; 2025Q1: 1,749,467 shares; 2025Q2: 1,749,467 shares; 2025Q3: 1,749,467 shares; 2025Q4: 1,749,467 shares 1,749,467$13.1M1.24%0Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 30,000 shares 30,000$12.7M1.2%newTimeline
ATEXANTERIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 503,941 shares; 2024Q4: 503,941 shares; 2025Q1: 503,941 shares; 2025Q2: 503,941 shares; 2025Q3: 503,941 shares; 2025Q4: 503,941 shares 503,941$11M1.04%0Timeline
WHWKWHITEHAWK THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,313,702 shares; 2025Q1: 4,515,709 shares; 2025Q2: 4,615,709 shares; 2025Q3: 4,615,709 shares; 2025Q4: 4,615,709 shares 4,615,709$10.6M1.01%0Timeline
KMXCARMAX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 35,000 shares; 2025Q4: 230,000 shares 230,000$8.89M0.84%+195,000Timeline
JAAAJANUS DETROIT STR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 148,582 shares; 2025Q3: 148,582 shares; 2025Q4: 148,582 shares 148,582$7.52M0.71%0Timeline
CMTLCOMTECH TELECOMMUNICATIONS CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 605,773 shares; 2024Q4: 605,773 shares; 2025Q1: 705,773 shares; 2025Q2: 984,354 shares; 2025Q3: 984,354 shares; 2025Q4: 1,392,352 shares 1,392,352$7M0.66%+407,998Timeline
SMMTSUMMIT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 360,524 shares; 2024Q4: 360,524 shares; 2025Q1: 360,524 shares; 2025Q2: 360,524 shares; 2025Q3: 360,524 shares; 2025Q4: 360,524 shares 360,524$6.31M0.6%0Timeline
BXSLBLACKSTONE SECD LENDING FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 232,218 shares 232,218$6.11M0.58%newTimeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 17,583 shares 17,583$6.09M0.58%newTimeline
NENOBLE CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 208,634 shares; 2024Q4: 208,634 shares; 2025Q1: 208,634 shares; 2025Q2: 208,634 shares; 2025Q3: 208,634 shares; 2025Q4: 208,634 shares 208,634$5.89M0.56%0Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,498 shares; 2024Q4: 16,498 shares; 2025Q1: 13,030 shares; 2025Q2: 13,030 shares; 2025Q3: 8,680 shares; 2025Q4: 5,218 shares 5,218$4.39M0.42%-3,462Timeline
SNPSSYNOPSYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,886 shares; 2025Q1: 4,503 shares; 2025Q2: 4,503 shares; 2025Q3: 5,420 shares; 2025Q4: 5,879 shares 5,879$2.76M0.26%+459Timeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,631 shares; 2025Q3: 3,744 shares; 2025Q4: 9,786 shares 9,786$2.22M0.21%+6,042Timeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 170,006 shares; 2024Q4: 170,006 shares; 2025Q1: 170,006 shares; 2025Q2: 170,006 shares; 2025Q3: 170,006 shares; 2025Q4: 170,006 shares 170,006$1.92M0.18%0Timeline
IOVAIOVANCE BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 678,564 shares; 2024Q4: 678,564 shares; 2025Q1: 678,564 shares; 2025Q2: 678,564 shares; 2025Q3: 678,564 shares; 2025Q4: 678,564 shares 678,564$1.85M0.18%0Timeline
GTNGRAY MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 291,452 shares; 2024Q4: 291,452 shares; 2025Q1: 291,452 shares; 2025Q2: 291,452 shares; 2025Q3: 291,452 shares; 2025Q4: 291,452 shares 291,452$1.41M0.13%0Timeline
MDBMONGODB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,581 shares; 2025Q2: not reported; 2025Q3: 3,205 shares; 2025Q4: 3,205 shares 3,205$1.35M0.13%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,239 shares; 2025Q4: 3,903 shares 3,903$1.22M0.12%-1,336Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,189 shares 2,189$1.06M0.1%newTimeline
AMDADVANCED MICRO DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,822 shares 4,822$1.03M0.1%newTimeline
MGNIMAGNITE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 61,293 shares 61,293$995K0.09%newTimeline
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,977 shares; 2025Q4: 1,977 shares 1,977$882K0.08%0
ABNBAIRBNB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,159 shares 5,159$700K0.07%newTimeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,728 shares; 2025Q4: 6,042 shares 6,042$685K0.07%+1,314Timeline
SHOPSHOPIFY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,165 shares 4,165$670K0.06%newTimeline
APPAPPLOVIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,889 shares; 2025Q2: 4,793 shares; 2025Q3: 3,253 shares; 2025Q4: 979 shares 979$660K0.06%-2,274Timeline
DDOGDATADOG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,418 shares; 2025Q4: 4,570 shares 4,570$621K0.06%+1,152Timeline
MTSIMACOM TECH SOLUTIONS HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,477 shares; 2025Q4: 3,534 shares 3,534$605K0.06%-943Timeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 418 shares; 2025Q4: 5,920 shares 5,920$555K0.05%+5,502Timeline
COHRCOHERENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,161 shares 2,161$399K0.04%newTimeline
CHURCHILL CAP CORP XCHURCHILL CAP CORP XQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 50,000 shares; 2025Q4: 50,000 shares 50,000$385K0.04%0
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,811 shares 2,811$360K0.03%newTimeline
NTNXNUTANIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,730 shares 5,730$296K0.03%newTimeline
PANWPALO ALTO NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,542 shares 1,542$284K0.03%newTimeline
NOWSERVICENOW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 873 shares; 2025Q4: 1,655 shares 1,655$254K0.02%+782Timeline
TCOMTRIP COM GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,867 shares; 2025Q4: 2,867 shares 2,867$206K0.02%0Timeline
UUNITY SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,630 shares 4,630$205K0.02%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
CVNACARVANA CO Stockput180,000$76M+22,500
IONQIONQ INC Stockput405,000$18.2M-1,117,500
QBTSD-WAVE QUANTUM INC COMput641,500$16.8M+616,500
RGTIRIGETTI COMPUTING INC Stockput100,000$2.21Mnew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
MAKEMYTRIP LIMITED MAURITIUSMAKEMYTRIP LIMITED MAURITIUS NOTE 2/1principal6,500,000$14M0
IQIYI INCIQIYI INC NOTE 6.500% 3/1principal1,000,000$1.01M0

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
HYGISHARES TR3,000,000$244Mput
Tourmaline Bio IncTourmaline Bio Inc2,154,653$103Mshares
QQQINVESCO QQQ TR78,871$47.4Mput
GSGOLDMAN SACHS GROUP INC49,500$39.4Mput
NXSTNEXSTAR MEDIA GROUP INC155,281$30.7Mput
IONQIONQ INC239,228$14.7Mshares
SOUTHERN COSOUTHERN CO8,859,000$10.1Mprincipal
METAMETA PLATFORMS INC1,976$1.45Mshares
ORCLORACLE CORP5,000$1.41Mcall
WBDWARNER BROS DISCOVERY INC58,555$1.14Mshares
GSBDGOLDMAN SACHS BDC INC100,000$1.02Mshares
CFLTCONFLUENT INC-CLASS A17,248$342Kshares
ORCLORACLE CORP1,075$302Kshares
MNDYMONDAY COM LTD1,401$271Kshares
SNOWSNOWFLAKE INC1,195$270Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001193125-26-051104 base2026-02-13acceptance time not in the bulk data set