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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
ORIQ
26
Origin Investment Corp I
ORIQ
$89.3M
$2.53M 0.91%
+249,900
New +$2.53M
TVAI
27
Thayer Ventures Acquisition Corporation II
TVAI
$282M
$2.53M 0.91%
250,000
– –
OBA
28
Oxley Bridge Acquisition Ltd
OBA
$325M
$2.52M 0.9%
+250,000
New +$2.51M
MESHU
29
Meshflow Acquisition Corp Units
MESHU
$2.5M 0.9%
+250,000
New +$2.5M
SLNH icon
30
Soluna Holdings
SLNH
$183M
$2.39M 0.86%
+2,043,964
New +$4.66M
CHPG
31
ChampionsGate Acquisition Corp
CHPG
$104M
$2.16M 0.77%
212,182
– –
LKSP
32
Lake Superior Acquisition Corp
LKSP
$160M
$2.09M 0.75%
+210,000
New +$2.08M
RIBB
33
Ribbon Acquisition Corp
RIBB
$2.08M 0.75%
200,000
– –
COLA
34
Columbus Acquisition Corp
COLA
$48M
$2.07M 0.74%
200,000
– –
LCCC
35
Lakeshore Acquisition III Corp
LCCC
$93.3M
$2.04M 0.73%
200,000
– –
SZZL
36
Sizzle Acquisition Corp II
SZZL
$325M
$2.03M 0.73%
200,000
– –
SOUL
37
Soulpower Acquisition Corp
SOUL
$353M
$2.03M 0.73%
200,000
– –
YCY.U
38
AA Mission Acquisition Corp II Units
YCY.U
$2.02M 0.72%
+200,000
New +$2.01M
DNMXU
39
Dynamix Corporation III Unit
DNMXU
$178M
$2.01M 0.72%
+200,000
New +$2.02M
SPEG
40
Silver Pegasus Acquisition Corp
SPEG
$159M
$2.01M 0.72%
+199,100
New +$2M
ENHA
41
Enhanced Group Inc
ENHA
$340M
$2.01M 0.72%
+199,600
New +$2M
CRAC
42
Crown Reserve Acquisition Corp I
CRAC
$227M
$1.99M 0.71%
+200,000
New +$1.98M
AVX
43
Avax One Technology Ltd
AVX
$23.7M
$1.96M 0.7%
108,333
– –
XRPN
44
Armada Acquisition Corp II
XRPN
$330M
$1.96M 0.7%
191,267
– –
RDAG
45
Republic Digital Acquisition Co
RDAG
$389M
$1.8M 0.65%
178,000
– –
UYSC
46
UY Scuti Acquisition Corp
UYSC
$1.8M 0.64%
175,000
– –
BSAA
47
BEST SPAC I Acquisition Corp
BSAA
$82.6M
$1.77M 0.64%
+175,000
New +$1.77M
CAPN
48
Cayson Acquisition Corp
CAPN
$58.7M
$1.6M 0.57%
150,000
– –
NVA
49
Nova Minerals Corp
NVA
$208M
$1.56M 0.56%
+255,906
New +$2M
FAC
50
Factorial Energy Inc
FAC
$637M
$1.54M 0.55%
150,000
– –
1
2
3 4 5

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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.