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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
+26.64%
1 Year Est. Return
+8.03%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$375M
AUM Growth
+$162M
Cap. Flow
+$107M
Cap. Flow %
28.52%
Top 10 Hldgs %
61.02%
Holding
226
New
98
Increased
1
Reduced
32
Closed
64

Top Buys

Rank Stock Value
1
ACHR icon
Archer Aviation
ACHR
+$21.6M
2
NNE
Nano Nuclear Energy
NNE
+$10.3M
3
ALVO icon
Alvotech
ALVO
+$10.2M
4
NA
Nano Labs
NA
+$8.75M
5
AMSC icon
American Superconductor
AMSC
+$8.36M

Top Sells

Rank Stock Value
1
PLUG icon
Plug Power
PLUG
+$31.2M
2
FGMCU
FG Merger II Corp Unit
FGMCU
+$7.71M
3
JACS.U
Jackson Acquisition Co II Units
JACS.U
+$7.2M
4
HUMA icon
Humacyte
HUMA
+$6.86M
5
DMAAU
Drugs Made In America Acquisition Corp Units
DMAAU
+$6.58M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 22.43%
2 Financials 20.35%
3 Industrials 14.4%
4 Healthcare 9.48%
5 Technology 5.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SENS icon
101
Senseonics Holdings Inc
SENS
$269M
$84.7K 0.02%
+8,886
New +$104K
DMAAR
102
Drugs Made In America Acquisition Corp Rights
DMAAR
$79.2K 0.02%
+633,816
New +$81.5K
FVNNR
103
Future Vision II Acquisition Corp Right
FVNNR
$59.9K 0.02%
315,156
-9,844
-3% -$1.57K
COLAR
104
Columbus Acquisition Corp Rights
COLAR
$49.1K 0.01%
+194,245
New +$41.3K
RIBBR
105
Ribbon Acquisition Corp Rights
RIBBR
$44K 0.01%
+200,000
New +$39.9K
FSHPR
106
Flag Ship Acquisition Corp Right
FSHPR
$40.7K 0.01%
313,695
-305
-0.1% -$41
SOUL.RT
107
Soulpower Acquisition Corp Rights
SOUL.RT
$40K 0.01%
+200,000
New +$38.2K
SZZLR
108
Sizzle Acquisition Corp II Right
SZZLR
$40K 0.01%
+200,000
New +$38.7K
GPATW
109
GP-Act III Acquisition Corp Warrants
GPATW
$38.1K 0.01%
122,896
-51,076
-29% -$13.6K
UYSCR
110
UY Scuti Acquisition Corp Rights
UYSCR
$35K 0.01%
+175,000
New +$35.4K
PLMKW
111
Plum Acquisition Corp IV Warrants
PLMKW
$4.14M
$30K 0.01%
+125,000
New +$23.9K
IPEXR
112
Inflection Point Acquisition Corp V Rights
IPEXR
$27.1K 0.01%
+99,799
New +$26.3K
BAYAR
113
DELISTED
Bayview Acquisition Corp Right
BAYAR
$26.2K 0.01%
104,874
-43,026
-29% -$9.47K
IROHR
114
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
$24.3K 0.01%
48,957
-151,043
-76% -$57.1K
GWH.WS
115
DELISTED
ESS Tech Inc Warrant
GWH.WS
$23.3K 0.01%
586,218
– –
TACHW
116
Titan Acquisition Corp Warrants
TACHW
$8.32M
$22.2K 0.01%
+60,000
New +$17.3K
DYNCW
117
Dynamix Corp Warrant
DYNCW
$21.6K 0.01%
60,000
– –
AMPGW
118
DELISTED
Amplitech Group Warrants
AMPGW
$21K 0.01%
46,662
– –
CAPNR
119
Cayson Acquisition Corp Right
CAPNR
$20.8K 0.01%
148,900
-1,100
-0.7% -$167
DRDBW
120
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.28M
$18.8K 0.01%
+37,500
New +$15.1K
CYCUW
121
Cycurion Inc Warrant
CYCUW
$299K
$18.6K 0.01%
309,520
-38,495
-11% -$2K
OAKUR
122
DELISTED
Oak Woods Acquisition Corp Right
OAKUR
$18.5K ﹤0.01%
85,000
-5,000
-6% -$1.2K
TBMCR
123
DELISTED
Trailblazer Merger Corporation I Rights
TBMCR
$16.7K ﹤0.01%
44,697
-85,303
-66% -$27.2K
TNONW icon
124
Tenon Medical Inc Warrant
TNONW
$1.49K
$15.6K ﹤0.01%
846,723
-4,871
-0.6% -$100
DYCQR
125
DELISTED
DT Cloud Acquisition Corp Right
DYCQR
$15.6K ﹤0.01%
91,500
-8,500
-9% -$1.51K
3 4
5
6 7

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Heights Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Heights Capital Management held 226 positions worth $375M, up 76% from $213M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Heights Capital Management deployed $107M of net new capital in Q2 2025, opening 98 new positions and adding to 1 existing holding. Its largest new stake was Archer Aviation: 2,312,285 shares worth $25.1M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, down from 32% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was Senti Biosciences Holdings, an estimated $1.17M trimmed.

  • Heights Capital Management's largest Q2 2025 buy was Archer Aviation: 2,312,285 shares worth $25.1M.
  • Heights Capital Management's biggest Q2 2025 reduction was Senti Biosciences Holdings, cutting an estimated $1.17M.
  • Heights Capital Management fully exited Plug Power in Q2 2025, selling an estimated $31.2M.
  • Heights Capital Management's ten largest holdings make up 61% of its $375M portfolio in Q2 2025.
  • Heights Capital Management opened 98 new positions and closed 64 in Q2 2025.
  • Heights Capital Management's portfolio value rose 76% quarter-over-quarter to $375M.

Based on Heights Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.