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HCM

Heights Capital Management Portfolio holdings

AUM $359M
1-Year Est. Return 8.03%
This Fund
S&P 500
This Quarter Est. Return
-0.63%
1 Year Est. Return
+8.03%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$351M
AUM Growth
-$23.7M
Cap. Flow
-$24.8M
Cap. Flow %
-7.07%
Top 10 Hldgs %
54.1%
Holding
234
New
72
Increased
–
Reduced
46
Closed
52

Top Buys

Rank Stock Value
1
IBRX icon
ImmunityBio
IBRX
+$16.9M
2
DFDV
DeFi Development Corp
DFDV
+$10.7M
3
EMPD
Empery Digital
EMPD
+$9.04M
4
ABSI icon
Absci
ABSI
+$5.53M
5
AVX
Avax One Technology Ltd
AVX
+$5.35M

Top Sells

Rank Stock Value
1
ACHR icon
Archer Aviation
ACHR
+$25.1M
2
AMSC icon
American Superconductor
AMSC
+$12.5M
3
ALVO icon
Alvotech
ALVO
+$9.95M
4
NA
Nano Labs
NA
+$7.91M
5
ADCT icon
ADC Therapeutics
ADCT
+$7.9M

Sector Composition

Rank Sector Weight
1 Financials 30.19%
2 Consumer Discretionary 23.43%
3 Healthcare 10.5%
4 Industrials 5.85%
5 Technology 1.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OYSEU
226
Oyster Enterprises II Acquisition Corp Units
OYSEU
– –
-50,000
Closed -$506K
PELIU
227
DELISTED
Pelican Acquisition Corp Unit
PELIU
– –
-50,000
Closed -$508K
CHPGU
228
ChampionsGate Acquisition Corp Unit
CHPGU
– –
-212,182
Closed -$2.16M
KCHVU
229
Kochav Defense Acquisition Corp Units
KCHVU
– –
-500,000
Closed -$5.09M
WTGUU
230
Wintergreen Acquisition Corp Unit
WTGUU
– –
-100,000
Closed -$1.01M
NPACW
231
New Providence Acquisition Corp III Warrants
NPACW
– –
-16,666
Closed -$10.3K
CCAQU
232
Collective Acquisition Corp Units
CCAQU
– –
-30,000
Closed -$306K
6 7 8 9
10

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LSWP
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NI
NFC Investments Memphis, Tennessee $359M AUM 11.31% 1-Year Est. Return
GM
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RIP
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KLWA
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NC
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Heights Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Heights Capital Management held 234 positions worth $351M, down 6.3% from $375M the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Heights Capital Management withdrew a net $24.8M in Q3 2025, closing 52 positions and reducing 46 holdings. Its most notable exit was Archer Aviation, an estimated $25.1M position sold in full.

By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 20% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, Heights Capital Management opened a new position in ImmunityBio worth $16.2M.

  • Heights Capital Management's largest Q3 2025 buy was ImmunityBio: 6,565,709 shares worth $16.2M.
  • Heights Capital Management's biggest Q3 2025 reduction was Nano Labs, cutting an estimated $7.91M.
  • Heights Capital Management fully exited Archer Aviation in Q3 2025, selling an estimated $25.1M.
  • Heights Capital Management's ten largest holdings make up 54% of its $351M portfolio in Q3 2025.
  • Heights Capital Management opened 72 new positions and closed 52 in Q3 2025.
  • Heights Capital Management's portfolio value fell 6.3% quarter-over-quarter to $351M.

Based on Heights Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.