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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
VACH
26
DELISTED
Voyager Acquisition Corp
VACH
$2.62M 0.75%
250,000
– –
MEDS
27
DataMeds AI, Inc. Common Stock
MEDS
$7.52M
$2.59M 0.74%
+58,342
New +$3.08M
PLMK
28
Plum Acquisition Corp IV
PLMK
$256M
$2.58M 0.74%
250,000
– –
ORIQU
29
Origin Investment Corp I Units
ORIQU
$2.53M 0.72%
+250,000
New +$2.51M
OBAWU
30
Oxley Bridge Acquisition Ltd Unit
OBAWU
$230M
$2.51M 0.72%
250,000
– –
TVAI
31
Thayer Ventures Acquisition Corporation II
TVAI
$2.51M 0.72%
+250,000
New +$2.5M
LTM
32
LATAM Airlines Group S.A.
LTM
$16.5B
$2.26M 0.64%
+50,000
New +$2.25M
IBAC
33
IB Acquisition Corp
IBAC
$54.2M
$2.19M 0.62%
207,787
-41,313
-17% -$434K
CHPG
34
ChampionsGate Acquisition Corp
CHPG
$104M
$2.14M 0.61%
+212,182
New +$2.13M
RIBB
35
Ribbon Acquisition Corp
RIBB
$2.05M 0.58%
200,000
– –
BLZRU
36
Trailblazer Acquisition Corp Unit
BLZRU
$205M
$2.05M 0.58%
+199,700
New +$2.02M
COLA
37
Columbus Acquisition Corp
COLA
$48M
$2.04M 0.58%
200,000
– –
SPEGU
38
Silver Pegasus Acquisition Corp Unit
SPEGU
$2.04M 0.58%
+200,000
New +$2.02M
SZZL
39
Sizzle Acquisition Corp II
SZZL
$325M
$2.02M 0.58%
200,000
– –
SOUL
40
Soulpower Acquisition Corp
SOUL
$353M
$2.02M 0.58%
200,000
– –
LCCC
41
Lakeshore Acquisition III Corp
LCCC
$93.3M
$2.02M 0.57%
+200,000
New +$2.01M
XRPN
42
Armada Acquisition Corp II
XRPN
$330M
$2M 0.57%
+191,267
New +$1.95M
APADU
43
DELISTED
A Paradise Acquisition Corp Unit
APADU
$2M 0.57%
+200,000
New +$2.01M
RDAG
44
Republic Digital Acquisition Co
RDAG
$389M
$1.82M 0.52%
+178,000
New +$1.83M
UYSC
45
UY Scuti Acquisition Corp
UYSC
$1.79M 0.51%
175,000
– –
BSAAU
46
BEST SPAC I Acquisition Corp Unit
BSAAU
$1.78M 0.51%
175,000
– –
HYAC
47
DELISTED
Haymaker Acquisition Corp 4
HYAC
$1.72M 0.49%
151,719
-43,358
-22% -$484K
CAPN
48
Cayson Acquisition Corp
CAPN
$58.7M
$1.57M 0.45%
150,000
– –
QUMSU
49
Quantumsphere Acquisition Corp Units
QUMSU
$1.52M 0.43%
+150,000
New +$1.51M
FAC
50
Factorial Energy Inc
FAC
$637M
$1.51M 0.43%
+150,000
New +$1.5M
1
2
3 4 5

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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.