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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
SVACU
76
DELISTED
Spring Valley Acquisition Corp III Unit
SVACU
$893K 0.32%
86,481
-11,469
-12% -$121K
ALISU
77
Calisa Acquisition Corp Units
ALISU
$784K 0.28%
+75,000
New +$758K
CRANU
78
Crane Harbor Acquisition Corp II Units
CRANU
$755K 0.27%
+75,000
New +$754K
LFACU
79
Leapfrog Acquisition Corp Units
LFACU
$750K 0.27%
+75,000
New +$751K
TAVI
80
Tavia Acquisition Corp
TAVI
$170M
$679K 0.24%
65,000
– –
PGAC
81
Pantages Capital Acquisition Corp
PGAC
$673K 0.24%
65,000
– –
FACT
82
FACT II Acquisition Corp
FACT
$625K 0.22%
60,000
– –
CTXR icon
83
Citius Pharmaceuticals
CTXR
$18.7M
$622K 0.22%
+799,934
New +$1M
HVII
84
Hennessy Capital Investment Corp VII
HVII
$274M
$621K 0.22%
60,000
– –
PMTR
85
Perimeter Acquisition Corp I
PMTR
$321M
$606K 0.22%
58,925
– –
VCIC
86
DELISTED
Vine Hill Capital Investment Corp
VCIC
$601K 0.22%
55,790
– –
MACI
87
Melar Acquisition Corp I
MACI
$236M
$554K 0.2%
52,161
-12,205
-19% -$129K
CUB
88
Lionheart Holdings
CUB
$284M
$543K 0.19%
50,798
-17,154
-25% -$182K
RANG
89
Range Capital Acquisition Corp
RANG
$23.2M
$528K 0.19%
50,000
– –
NPAC
90
New Providence Acquisition Corp III
NPAC
$400M
$513K 0.18%
50,000
– –
APACU
91
StoneBridge Acquisition II Corp Units
APACU
$509K 0.18%
50,500
+500
+1% +$5.02K
PELI
92
DELISTED
Pelican Acquisition Corp
PELI
$509K 0.18%
50,000
– –
IPCX
93
Inflection Point Acquisition Corp III
IPCX
$153M
$507K 0.18%
50,000
– –
HVMCU
94
Highview Merger Corp Units
HVMCU
$507K 0.18%
50,000
– –
OYSE
95
Oyster Enterprises II Acquisition Corp
OYSE
$506K 0.18%
50,000
– –
KOYNU
96
CSLM Digital Asset Acquisition Corp III Units
KOYNU
$214M
$505K 0.18%
49,900
-100
-0.2% -$1.02K
AXIN
97
Axiom Intelligence Acquisition Corp 1
AXIN
$280M
$504K 0.18%
+50,000
New +$502K
DYORU
98
Insight Digital Partners II Units
DYORU
$504K 0.18%
+50,000
New +$505K
VACI.U
99
Viking Acquisition Corp I Units
VACI.U
$504K 0.18%
+50,000
New +$504K
LWAC
100
LightWave Acquisition Corp
LWAC
$503K 0.18%
+50,000
New +$502K
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 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.