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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
+26.64%
1 Year Est. Return
+8.03%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$375M
AUM Growth
+$162M
Cap. Flow
+$107M
Cap. Flow %
28.52%
Top 10 Hldgs %
61.02%
Holding
226
New
98
Increased
1
Reduced
32
Closed
64

Top Buys

Rank Stock Value
1
ACHR icon
Archer Aviation
ACHR
+$21.6M
2
NNE
Nano Nuclear Energy
NNE
+$10.3M
3
ALVO icon
Alvotech
ALVO
+$10.2M
4
NA
Nano Labs
NA
+$8.75M
5
AMSC icon
American Superconductor
AMSC
+$8.36M

Top Sells

Rank Stock Value
1
PLUG icon
Plug Power
PLUG
+$31.2M
2
FGMCU
FG Merger II Corp Unit
FGMCU
+$7.71M
3
JACS.U
Jackson Acquisition Co II Units
JACS.U
+$7.2M
4
HUMA icon
Humacyte
HUMA
+$6.86M
5
DMAAU
Drugs Made In America Acquisition Corp Units
DMAAU
+$6.58M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 22.43%
2 Financials 20.35%
3 Industrials 14.4%
4 Healthcare 9.48%
5 Technology 5.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PLMK
26
Plum Acquisition Corp IV
PLMK
$256M
$2.58M 0.69%
+250,000
New +$2.54M
TVAIU
27
Thayer Ventures Acquisition Corporation II Unit
TVAIU
$2.54M 0.68%
+250,000
New +$2.53M
OBAWU
28
Oxley Bridge Acquisition Ltd Unit
OBAWU
$230M
$2.5M 0.67%
+250,000
New +$2.5M
ACHV icon
29
Achieve Life Sciences
ACHV
$672M
$2.24M 0.6%
+989,509
New +$2.82M
HYAC
30
DELISTED
Haymaker Acquisition Corp 4
HYAC
$2.17M 0.58%
195,077
– –
CHPGU
31
ChampionsGate Acquisition Corp Unit
CHPGU
$2.16M 0.58%
+212,182
New +$2.14M
RIBB
32
Ribbon Acquisition Corp
RIBB
$2.04M 0.54%
+200,000
New +$2.01M
LCCCU
33
Lakeshore Acquisition III Corp Unit
LCCCU
$93.5M
$2.04M 0.54%
+200,000
New +$2.02M
XRPNU
34
Armada Acquisition Corp II Units
XRPNU
$2.04M 0.54%
+200,000
New +$2.02M
COLA
35
Columbus Acquisition Corp
COLA
$48M
$2.02M 0.54%
+200,000
New +$2.01M
SZZL
36
Sizzle Acquisition Corp II
SZZL
$325M
$2.01M 0.54%
+200,000
New +$2M
SOUL
37
Soulpower Acquisition Corp
SOUL
$353M
$2.01M 0.54%
+200,000
New +$1.99M
RDAGU
38
Republic Digital Acquisition Co Unit
RDAGU
$1.88M 0.5%
+178,000
New +$1.86M
FBRX icon
39
Forte Biosciences
FBRX
$1.57B
$1.85M 0.49%
+143,033
New +$1.23M
UYSC
40
UY Scuti Acquisition Corp
UYSC
$1.76M 0.47%
+175,000
New +$1.75M
BSAAU
41
BEST SPAC I Acquisition Corp Unit
BSAAU
$1.76M 0.47%
+175,000
New +$1.76M
CAPN
42
Cayson Acquisition Corp
CAPN
$1.55M 0.41%
150,000
– –
CGCTU
43
DELISTED
Cartesian Growth Corp III Unit
CGCTU
$1.52M 0.41%
+150,000
New +$1.51M
DYNC
44
Dynamix Corp
DYNC
$240M
$1.22M 0.33%
120,000
– –
TACH
45
Titan Acquisition Corp
TACH
$360M
$1.21M 0.32%
+120,000
New +$1.21M
TACOU
46
Berto Acquisition Corp Unit
TACOU
$272M
$1.08M 0.29%
+100,000
New +$1.05M
MACI
47
Melar Acquisition Corp I
MACI
$1.05M 0.28%
99,999
-1
-0% -$10
CUB
48
Lionheart Holdings
CUB
$284M
$1.05M 0.28%
99,242
-758
-0.8% -$7.88K
DTSQ
49
DT Cloud Star Acquisition Corp
DTSQ
$41.1M
$1.04M 0.28%
100,000
– –
IPEX
50
Inflection Point Acquisition Corp V
IPEX
$125M
$1.01M 0.27%
+100,000
New +$1M
1
2
3 4 5

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Heights Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Heights Capital Management held 226 positions worth $375M, up 76% from $213M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Heights Capital Management deployed $107M of net new capital in Q2 2025, opening 98 new positions and adding to 1 existing holding. Its largest new stake was Archer Aviation: 2,312,285 shares worth $25.1M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, down from 32% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was Senti Biosciences Holdings, an estimated $1.17M trimmed.

  • Heights Capital Management's largest Q2 2025 buy was Archer Aviation: 2,312,285 shares worth $25.1M.
  • Heights Capital Management's biggest Q2 2025 reduction was Senti Biosciences Holdings, cutting an estimated $1.17M.
  • Heights Capital Management fully exited Plug Power in Q2 2025, selling an estimated $31.2M.
  • Heights Capital Management's ten largest holdings make up 61% of its $375M portfolio in Q2 2025.
  • Heights Capital Management opened 98 new positions and closed 64 in Q2 2025.
  • Heights Capital Management's portfolio value rose 76% quarter-over-quarter to $375M.

Based on Heights Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.