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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
HVII
76
Hennessy Capital Investment Corp VII
HVII
$274M
$615K 0.18%
60,000
– –
PMTR
77
Perimeter Acquisition Corp I
PMTR
$321M
$604K 0.17%
+58,925
New +$602K
NA
78
Nano Labs
NA
$43.2M
$600K 0.17%
111,033
-1,328,985
-92% -$7.91M
VCIC
79
DELISTED
Vine Hill Capital Investment Corp
VCIC
$598K 0.17%
55,790
– –
DFDV
80
PUT
DeFi Development Corp
DFDV
$87M
$563K 0.16%
+40,480
New +$673K
RANG
81
Range Capital Acquisition Corp
RANG
$23.2M
$524K 0.15%
50,000
– –
NPAC
82
New Providence Acquisition Corp III
NPAC
$400M
$509K 0.14%
50,000
– –
BACCU
83
Blue Acquisition Corp Unit
BACCU
$507K 0.14%
50,000
– –
CHAC
84
DELISTED
Crane Harbor Acquisition Corp
CHAC
$507K 0.14%
+50,000
New +$502K
HVMCU
85
Highview Merger Corp Units
HVMCU
$506K 0.14%
+50,000
New +$503K
KOYNU
86
CSLM Digital Asset Acquisition Corp III Units
KOYNU
$214M
$505K 0.14%
+50,000
New +$504K
SOCAU
87
Solarius Capital Acquisition Corp Units
SOCAU
$505K 0.14%
+50,000
New +$503K
AXINU
88
Axiom Intelligence Acquisition Corp 1 Units
AXINU
$504K 0.14%
50,000
– –
IPCX
89
Inflection Point Acquisition Corp III
IPCX
$153M
$504K 0.14%
+50,000
New +$507K
PELI
90
DELISTED
Pelican Acquisition Corp
PELI
$503K 0.14%
+50,000
New +$501K
LWACU
91
LightWave Acquisition Corp Units
LWACU
$502K 0.14%
50,000
– –
OYSE
92
Oyster Enterprises II Acquisition Corp
OYSE
$501K 0.14%
+50,000
New +$501K
APACU
93
StoneBridge Acquisition II Corp Units
APACU
$499K 0.14%
+50,000
New +$499K
GROY.WS icon
94
Gold Royalty Corp Warrants
GROY.WS
$179M
$446K 0.13%
249,397
– –
CHAR
95
Charlton Aria Acquisition Corp
CHAR
$415K 0.12%
40,000
– –
NOEM
96
CO2 Energy Transition Corp
NOEM
$102M
$408K 0.12%
40,000
– –
CHECU
97
Chenghe Acquisition III Co Units
CHECU
$399K 0.11%
+40,000
New +$400K
RDAC
98
Rising Dragon Acquisition Corp
RDAC
$37.6M
$398K 0.11%
38,196
-804
-2% -$8.33K
HCMAU
99
HCM III Acquisition Corp Units
HCMAU
$380K 0.11%
+36,855
New +$375K
NTWO
100
Newbury Street II Acquisition Corp
NTWO
$376K 0.11%
36,300
-8,100
-18% -$83.7K
2 3
4
5 6

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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 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.