NI
Nepsis Inc.: 13F Stock Holdings & Portfolio (Q3 2026)
Nepsis Inc.CIK: 0001587643
ContrarianQuality / disciplined sizingSector-focused
Total reported value
$317.5M
Reporting period: 2026-09-30 · Number of holdings: 28
Nepsis Inc. disclosed 28 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $317.5M and a quarterly turnover rate of 17.5%.
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Personality snowflake
- Concentration
- 17.93
- Portfolio Stability
- 17.48
- Momentum
- 0
- Sector conviction
- 75.71
- Diversification
- 56
- Sizing Uniformity
- 94.85
Nepsis Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.045 — mathematically equivalent to about 22 equally-sized positions, close to its 28 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.51), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy INCY
Add SMCI
+8.9% $6.0M
Trim SNOW
-41.7% -$3.7M
Trim AMD
-18.7% -$2.5M
Trim RDDT
-0.9% -$2.3M
Sold out IRM
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AMGN | Amgen Inc | Stock-Healthcare | 6.24% | +0.48% | +0.18% | |
| 2 | SMCI | Super Micro Computer Inc | Stock-Tech | 5.48% | +1.61% | +8.86% | |
| 3 | DVN | Devon Energy CORP | Stock-Energy | 5.29% | +0.12% | -1.25% | |
| 4 | NOW | Servicenow Inc | Stock-Tech | 5.19% | +0.46% | -12.44% | |
| 5 | UTHR | United Therapeutics CORP | Stock-Healthcare | 5.18% | +0.17% | +11.23% | |
| 6 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 5.10% | +0.05% | +0.32% | |
| 7 | SHOP | Shopify Inc - Class A | Stock-Tech | 4.96% | +0.82% | -0.88% | |
| 8 | RLI | Rli CORP | Stock-Financials | 4.95% | -0.71% | +0.54% | |
| 9 | RNR | RenaissanceRe Holdings Ltd. | Stock-Financials | 4.89% | -0.38% | -0.35% | |
| 10 | AMD | Advanced Micro Devices | Stock-Tech | 4.72% | -1.21% | -18.71% | |
| 11 | MDT | Medtronic plc | Stock-Healthcare | 4.69% | +0.87% | +19.79% | |
| 12 | CB | Chubb Limited | Stock-Financials | 4.65% | -0.57% | +0.39% | |
| 13 | V | Visa Inc-class A Shares | Stock-Financials | 4.48% | -0.03% | +2.06% | |
| 14 | MA | Mastercard Inc - A | Stock-Financials | 4.19% | +0.06% | +1.74% | |
| 15 | ANET | Arista Networks Inc | Stock-Tech | 4.15% | -0.50% | -19.96% | |
| 16 | SNOW | Snowflake Inc | Stock-Tech | 4.06% | -1.56% | -41.70% | |
| 17 | INCY | Incyte CORP | Stock-Healthcare | 3.86% | +3.86% | NEW | |
| 18 | UBER | Uber Technologies Inc | Stock-Industrials | 3.86% | -0.28% | +5.66% | |
| 19 | AIG | American International Group | Stock-Financials | 3.38% | -0.38% | -3.11% | |
| 20 | RDDT | Reddit Inc-cl A | Stock-Comm Services | 3.16% | -1.03% | -0.88% | |
| 21 | ✓ | Stock-Other | 2.05% | -0.26% | +23.77% | ||
| 22 | HCAT | Health Catalyst Inc | Stock-Other | 1.63% | -0.38% | +0.45% | |
| 23 | PDM | Piedmont Realty Trust Inc | Stock-Other | 1.37% | -0.13% | +1.20% | |
| 24 | NHI | Natl Health Investors Inc | Stock-Other | 1.02% | -0.03% | +21.02% | |
| 25 | SO | Southern Co/the | Stock-Utilities | 0.63% | -0.18% | -2.61% | |
| 26 | JPST | Jpmorgan Ultra-short Income | ETF-Other | 0.35% | +0.08% | +42.99% | |
| 27 | DUK | Duke Energy CORP | Stock-Utilities | 0.30% | -0.07% | -2.08% | |
| 28 | DSU | Blackrock Debt Strategies | Stock-Other | 0.19% | +0.09% | +127.06% |
Portfolio Performance
Performance for Q4 2026
+6.9%
Performance Last 4 Quarters
+16%
- Stdev
- +13.5%
- Beta
- +0.89
- Alpha
- -2.5%
- Max Drawdown
- -13.3%
- Annualized Perf
- +18.6%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +2.44
- Stutzer
- +0.38
- Treynor
- +0.2
- Sterling
- +1.03
- Calmar
- +1.39
- Information Ratio
- -0.61
- Tracking Error
- +8.1%
- Stdev Down
- +7.4%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +26.4%
- Worst 12 Months
- -5.2%
- Efficiency Ratio
- +0.53
- Sharpe
- +1.34
- Stdev Sectors
- +12.5%
- Skewness
- -0.41
- Kurtosis
- +0.02
- Upside Potential
- +4.04
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 28 | $317.5M | 17 | ||
| 2026 Q2 | 28 | $294.8M | 0 | ||
| 2026 Q1 | 29 | $298.6M | 32 | ||
| 2025 Q4 | 30 | $323.6M | 22 | ||
| 2025 Q3 | 30 | $315.3M | 44 | ||
| 2025 Q2 | 29 | $359.2M | 0 | ||
| 2025 Q1 | 29 | $405.0M | 100 | ||
| 2024 Q4 | 27 | $381.9M | 0 | ||
| 2024 Q3 | 29 | $422.0M | 0 | ||
| 2024 Q2 | 28 | $370.9M | 0 | ||
| 2024 Q1 | 28 | $369.6M | 0 | ||
| 2023 Q4 | 28 | $351.1M | 0 | ||
| 2023 Q3 | 28 | $326.4M | 0 | ||
| 2023 Q2 | 30 | $324.6M | 0 | ||
| 2023 Q1 | 29 | $300.6M | 0 | ||
| 2022 Q4 | 30 | $298.7M | 0 | ||
| 2022 Q3 | 30 | $276.7M | 0 | ||
| 2022 Q2 | 30 | $293.2M | 0 | ||
| 2022 Q1 | 31 | $335.1M | 0 | ||
| 2021 Q4 | 28 | $344.8M | 0 | ||
| 2021 Q3 | 29 | $317.4M | 0 | ||
| 2021 Q2 | 28 | $315.6M | 100 | ||
| 2021 Q1 | 30 | $315.8M | 27 | ||
| 2020 Q4 | 32 | $275.1M | 57 | ||
| 2020 Q3 | 37 | $208.3M | 25 | ||
| 2020 Q2 | 35 | $206.8M | 44 | ||
| 2020 Q1 | 33 | $149.6M | 88 | ||
| 2019 Q4 | 35 | $197.1M | 28 | ||
| 2019 Q3 | 34 | $173.5M | 31 | ||
| 2019 Q2 | 35 | $180.5M | 29 | ||
| 2019 Q1 | 35 | $191.4M | 43 | ||
| 2018 Q4 | 34 | $150.8M | 35 | ||
| 2018 Q3 | 37 | $181.2M | 25 | ||
| 2018 Q2 | 39 | $200.3M | 35 | ||
| 2018 Q1 | 38 | $189.0M | 32 | ||
| 2017 Q4 | 37 | $197.4M | 43 | ||
| 2017 Q3 | 40 | $193.7M | 36 | ||
| 2017 Q2 | 43 | $202.6M | 30 | ||
| 2017 Q1 | 40 | $195.2M | 40 | ||
| 2016 Q4 | 37 | $174.6M | 25 | ||
| 2016 Q3 | 39 | $183.6M | 51 | ||
| 2016 Q2 | 37 | $175.3M | 36 | ||
| 2016 Q1 | 36 | $186.2M | 36 | ||
| 2015 Q4 | 32 | $172.4M | 19 | ||
| 2015 Q3 | 31 | $167.9M | 47 | ||
| 2015 Q2 | 25 | $148.5M | 35 | ||
| 2015 Q1 | 31 | $165.5M | 69 | ||
| 2014 Q4 | 32 | $171.4M | 97 | ||
| 2014 Q3 | 28 | $174.9M | 95 | ||
| 2014 Q2 | 36 | $181.7M | 21 | ||
| 2014 Q1 | 35 | $164.5M | 37 | ||
| 2013 Q4 | 36 | $144.9M | 0 |
Holding changes this quarter
Nepsis Inc.'s most significant position changes for 2026-09-30: New buy: Incyte CORP (INCY); Sold out: Iron Mountain Inc (IRM); Add: Super Micro Computer Inc (SMCI) — shares +8.86%; Trim: Snowflake Inc (SNOW) — shares -41.70%; Trim: Advanced Micro Devices (AMD) — shares -18.71%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | INCY | Incyte CORP | +3.9% | NEW | New buy |
| 2 | SMCI | Super Micro Computer Inc | +1.6% | +8.86% | Add |
| 3 | MDT | Medtronic plc | +0.9% | +19.79% | Add |
| 4 | SHOP | Shopify Inc - Class A | +0.8% | -0.88% | Trim |
| 5 | AMGN | Amgen Inc | +0.5% | +0.18% | Add |
| 6 | NOW | Servicenow Inc | +0.5% | -12.44% | Trim |
| 7 | UTHR | United Therapeutics CORP | +0.2% | +11.23% | Add |
| 8 | DVN | Devon Energy CORP | +0.1% | -1.25% | Trim |
| 9 | DSU | Blackrock Debt Strategies | +0.1% | +127.06% | Add |
| 10 | JPST | Jpmorgan Ultra-short Income | +0.1% | +42.99% | Add |
| 11 | MA | Mastercard Inc - A | +0.1% | +1.74% | Add |
| 12 | BMY | Bristol-myers Squibb Co | +0.1% | +0.32% | Add |
| 13 | V | Visa Inc-class A Shares | 0% | +2.06% | Add |
| 14 | NHI | Natl Health Investors Inc | 0% | +21.02% | Add |
| 15 | DUK | Duke Energy CORP | -0.1% | -2.08% | Trim |
| 16 | PDM | Piedmont Realty Trust Inc | -0.1% | +1.20% | Add |
| 17 | SO | Southern Co/the | -0.2% | -2.61% | Trim |
| 18 | ✓ | -0.3% | +23.77% | Add | |
| 19 | UBER | Uber Technologies Inc | -0.3% | +5.66% | Add |
| 20 | HCAT | Health Catalyst Inc | -0.4% | +0.45% | Add |
| 21 | AIG | American International Group | -0.4% | -3.11% | Trim |
| 22 | RNR | RenaissanceRe Holdings Ltd. | -0.4% | -0.35% | Trim |
| 23 | ANET | Arista Networks Inc | -0.5% | -19.96% | Trim |
| 24 | CB | Chubb Limited | -0.6% | +0.39% | Add |
| 25 | RLI | Rli CORP | -0.7% | +0.54% | Add |
| 26 | IRM | Iron Mountain Inc | -0.9% | EXIT | Sold out |
| 27 | RDDT | Reddit Inc-cl A | -1% | -0.88% | Trim |
| 28 | AMD | Advanced Micro Devices | -1.2% | -18.71% | Trim |
| 29 | SNOW | Snowflake Inc | -1.6% | -41.70% | Trim |
Filing History
FAQ
What is Nepsis Inc. and what type of investor is it?
Nepsis Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $317.5M, spread across 28 disclosed positions.
What are Nepsis Inc.'s largest equity positions?
Based on the latest 13F filing, Nepsis Inc.'s top holdings by market value are:
1. Amgen Inc (AMGN) — $19.8M (6.2%)
2. Super Micro Computer Inc (SMCI) — $17.4M (5.5%)
3. Devon Energy CORP (DVN) — $16.8M (5.3%)
4. Servicenow Inc (NOW) — $16.5M (5.2%)
5. United Therapeutics CORP (UTHR) — $16.4M (5.2%)
What changes did Nepsis Inc. make in its most recent portfolio filing?
In the latest reported quarter, Nepsis Inc. made 29 notable position adjustments: 1 new positions were initiated, 16 existing holdings were added to, 11 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Incyte CORP (INCY); Sold out: Iron Mountain Inc (IRM); Add: Super Micro Computer Inc (SMCI) — shares +8.86%; Trim: Snowflake Inc (SNOW) — shares -41.70%; Trim: Advanced Micro Devices (AMD) — shares -18.71%
What sectors does Nepsis Inc. focus on?
Nepsis Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 30.6%
• Financials: 28.4%
• Health Care: 26.8%
• Energy: 5.7%
• Industrials: 4.1%
• Communication Services: 3.4%
Investment Profile
Nepsis Inc. returned an annualized 18.6% over the trailing 36 months — underperforming the S&P 500 by 2.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.89 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 30.6% of the portfolio concentrated in Information Technology.
Its turnover score has fallen from 44 to 17 over the past 4 quarters — a shift toward longer holding periods.
It has added to its SMCI position over the past two quarters (+$9.2M, now $17.4M), while trimming CB over the same stretch (-$2.4M, still holding $14.8M).
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