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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
BCARU
251
D. Boral ARC Acquisition I Corp Units
BCARU
$76.9M
– –
-25,057
Closed -$251K
HCMAU
252
HCM III Acquisition Corp Units
HCMAU
– –
-36,855
Closed -$380K
QUMSU
253
Quantumsphere Acquisition Corp Units
QUMSU
– –
-150,000
Closed -$1.52M
SSEAU
254
Starry Sea Acquisition Corp Unit
SSEAU
– –
-100,000
Closed -$1.01M
EMISU
255
DELISTED
Emmis Acquisition Corp Units
EMISU
– –
-350,000
Closed -$3.49M
7 8 9 10
11

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LSWP
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NI
NFC Investments Memphis, Tennessee $359M AUM 11.31% 1-Year Est. Return
GM
Granger Management New York $358M AUM 18.36% 1-Year Est. Return
RIP
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KLWA
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NC
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RM
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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.