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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
SCIIU
51
SC II Acquisition Corp Units
SCIIU
$1.51M 0.54%
+150,000
New +$1.51M
EVOXU
52
Evolution Global Acquisition Corp Units
EVOXU
$1.51M 0.54%
+150,000
New +$1.51M
IGACU
53
Invest Green Acquisition Corp Units
IGACU
$1.5M 0.54%
+150,000
New +$1.5M
HCACU
54
Hall Chadwick Acquisition Corp Unit
HCACU
$1.5M 0.54%
+150,000
New +$1.5M
QUMS
55
Quantumsphere Acquisition Corp
QUMS
$113M
$1.5M 0.54%
+150,000
New +$1.5M
GIWWU
56
GigCapital8 Corp Units
GIWWU
$1.44M 0.52%
+141,683
New +$1.45M
HYAC
57
DELISTED
Haymaker Acquisition Corp 4
HYAC
$1.39M 0.5%
121,772
-29,947
-20% -$339K
GTERA
58
Globa Terra Acquisition Corp
GTERA
$247M
$1.25M 0.45%
+124,229
New +$1.25M
TACH
59
Titan Acquisition Corp
TACH
$361M
$1.23M 0.44%
120,000
– –
BLZRU
60
Trailblazer Acquisition Corp Unit
BLZRU
$205M
$1.16M 0.42%
113,373
-86,327
-43% -$887K
ITHAU
61
ITHAX Acquisition Corp III Units
ITHAU
$1.1M 0.39%
+110,000
New +$1.1M
GSRFU
62
GSR IV Acquisition Corp Units
GSRFU
$1.06M 0.38%
103,119
-21,881
-18% -$226K
IPEX
63
Inflection Point Acquisition Corp V
IPEX
$126M
$1.03M 0.37%
100,000
– –
WTG
64
Wintergreen Acquisition Corp
WTG
$76.5M
$1.02M 0.37%
100,000
– –
TACO
65
Berto Acquisition Corp
TACO
$392M
$1.01M 0.36%
100,000
– –
MKLYU
66
McKinley Acquisition Corp Units
MKLYU
$1.01M 0.36%
100,000
– –
BPACU
67
Blueport Acquisition Ltd Units
BPACU
$1.01M 0.36%
+100,000
New +$1.01M
INAC
68
Indigo Acquisition Corp
INAC
$152M
$1.01M 0.36%
+100,000
New +$1M
PACH
69
Pioneer Acquisition I Corp
PACH
$292M
$1.01M 0.36%
+100,000
New +$1.01M
FIGX
70
FIGX Capital Acquisition Corp
FIGX
$199M
$1.01M 0.36%
+100,000
New +$1.01M
SSEA
71
Starry Sea Acquisition Corp
SSEA
$78.5M
$1M 0.36%
+100,000
New +$998K
LAFAU
72
LaFayette Acquisition Corp Unit
LAFAU
$1M 0.36%
+100,000
New +$1M
BLRKU
73
Bluerock Acquisition Corp Unit
BLRKU
$153M
$1M 0.36%
+100,000
New +$1M
TDWD
74
Tailwind 2.0 Acquisition Corp
TDWD
$237M
$986K 0.35%
+100,000
New +$986K
FTW
75
Presidio Production Co
FTW
$338M
$982K 0.35%
93,574
– –
1 2
3
4 5

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LSWP
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NI
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GM
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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.