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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
-3.5%
1 Year Est. Return
+8.03%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$279M
AUM Growth
-$72.2M
Cap. Flow
-$34.4M
Cap. Flow %
-12.32%
Top 10 Hldgs %
44.62%
Holding
256
New
75
Increased
1
Reduced
37
Closed
64

Top Buys

Rank Stock Value
1
CCXIU
Churchill Capital Corp XI Units
CCXIU
+$5.1M
2
IRHOU
Iron Horse Acquisitions II Corp Units
IRHOU
+$4.68M
3
SLNH icon
Soluna Holdings
SLNH
+$4.66M
4
NMP
NMP Acquisition Corp
NMP
+$4.5M
5
NYXH
Nyxoah
NYXH
+$4M

Top Sells

Rank Stock Value
1
IBRX icon
ImmunityBio
IBRX
+$16.2M
2
NNE
Nano Nuclear Energy
NNE
+$14M
3
DFDV
DeFi Development Corp
DFDV
+$8.98M
4
CABA icon
Cabaletta Bio
CABA
+$4.88M
5
NMPAU
NMP Acquisition Corp Units
NMPAU
+$4.55M

Sector Composition

Rank Sector Weight
1 Financials 43.48%
2 Consumer Discretionary 24.32%
3 Healthcare 4.9%
4 Consumer Staples 0.72%
5 Technology 0.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ASPC
226
A SPAC III Acquisition Corp
ASPC
$24.8M
– –
-60,000
Closed -$621K
FGMCR
227
DELISTED
FG Merger II Corp Rights
FGMCR
– –
-440,191
Closed -$185K
MEDS
228
DataMeds AI, Inc. Common Stock
MEDS
$5.67M
– –
-58,342
Closed -$2.59M
IPEXR
229
Inflection Point Acquisition Corp V Rights
IPEXR
– –
-46,173
Closed -$27.7K
PGACR
230
Pantages Capital Acquisition Corp Right
PGACR
– –
-58,400
Closed -$11.7K
COLAR
231
Columbus Acquisition Corp Rights
COLAR
– –
-167,733
Closed -$30.2K
CHAC
232
DELISTED
Crane Harbor Acquisition Corp
CHAC
– –
-50,000
Closed -$507K
BRR
233
ProCap Financial Inc
BRR
$160M
– –
-264,561
Closed -$2.68M
BACCU
234
Blue Acquisition Corp Unit
BACCU
– –
-50,000
Closed -$507K
BSAAU
235
BEST SPAC I Acquisition Corp Unit
BSAAU
– –
-175,000
Closed -$1.78M
AXINU
236
Axiom Intelligence Acquisition Corp 1 Units
AXINU
– –
-50,000
Closed -$504K
PACHU
237
Pioneer Acquisition I Corp Units
PACHU
– –
-100,000
Closed -$1M
LWACU
238
LightWave Acquisition Corp Units
LWACU
– –
-50,000
Closed -$502K
OBAWU
239
Oxley Bridge Acquisition Ltd Unit
OBAWU
– –
-250,000
Closed -$2.51M
FIGXU
240
FIGX Capital Acquisition Corp Units
FIGXU
$140M
– –
-100,000
Closed -$1.01M
CCIIU
241
Cohen Circle Acquisition Corp II Unit
CCIIU
– –
-10,594
Closed -$109K
INACU
242
Indigo Acquisition Corp Unit
INACU
– –
-100,000
Closed -$1.01M
NMPAU
243
NMP Acquisition Corp Units
NMPAU
– –
-450,000
Closed -$4.55M
ORIQU
244
Origin Investment Corp I Units
ORIQU
– –
-250,000
Closed -$2.53M
VNMEU
245
Vendome Acquisition Corp I Unit
VNMEU
– –
-30,340
Closed -$303K
GTERU
246
Globa Terra Acquisition Corp Units
GTERU
– –
-125,000
Closed -$1.28M
OYSER
247
Oyster Enterprises II Acquisition Corp Rights
OYSER
– –
-27,483
Closed -$4.67K
SPEGU
248
Silver Pegasus Acquisition Corp Unit
SPEGU
– –
-200,000
Closed -$2.04M
SOCAU
249
Solarius Capital Acquisition Corp Units
SOCAU
– –
-50,000
Closed -$505K
APADU
250
DELISTED
A Paradise Acquisition Corp Unit
APADU
– –
-200,000
Closed -$2M
7 8 9
10
11

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NI
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GM
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RIP
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KLWA
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Heights Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Heights Capital Management held 256 positions worth $279M, down 21% from $351M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Heights Capital Management withdrew a net $34.4M in Q4 2025, closing 64 positions and reducing 37 holdings. Its most notable exit was ImmunityBio, an estimated $16.2M position sold in full.

By sector, the portfolio is most concentrated in Financials at 43% of assets, up from 30% a quarter earlier, followed by Consumer Discretionary and Healthcare.

Against the trend, Heights Capital Management opened a new position in Churchill Capital Corp XI Units worth $5.09M.

  • Heights Capital Management's largest Q4 2025 buy was Churchill Capital Corp XI Units: 499,000 shares worth $5.09M.
  • Heights Capital Management added most to StoneBridge Acquisition II Corp Units in Q4 2025, an estimated $5.02K increase.
  • Heights Capital Management's biggest Q4 2025 reduction was Absci, cutting an estimated $3.41M.
  • Heights Capital Management fully exited ImmunityBio in Q4 2025, selling an estimated $16.2M.
  • Heights Capital Management's ten largest holdings make up 45% of its $279M portfolio in Q4 2025.
  • Heights Capital Management opened 75 new positions and closed 64 in Q4 2025.
  • Heights Capital Management's portfolio value fell 21% quarter-over-quarter to $279M.

Based on Heights Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.