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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
CCAQ
101
Collective Acquisition Corp
CCAQ
$212M
$304K 0.09%
+30,000
New +$302K
VNMEU
102
Vendome Acquisition Corp I Unit
VNMEU
$303K 0.09%
+30,340
New +$303K
POLE
103
Andretti Acquisition Corp II
POLE
$319M
$279K 0.08%
26,600
– –
TVA
104
Texas Ventures Acquisition III Corp
TVA
$277K 0.08%
25,900
– –
BCARU
105
D. Boral ARC Acquisition I Corp Units
BCARU
$76.9M
$251K 0.07%
+25,057
New +$250K
TLNCU
106
Talon Capital Corp Units
TLNCU
$250K 0.07%
+24,900
New +$250K
HSPT
107
DELISTED
Horizon Space Acquisition II Corp
HSPT
$207K 0.06%
20,000
– –
JACS.RT
108
Jackson Acquisition Co II Rights
JACS.RT
$189K 0.05%
700,000
– –
BCTXZ
109
BriaCell Therapeutics Corp Warrant
BCTXZ
$208K
$186K 0.05%
544,698
-7,383
-1% -$2.45K
FGMCR
110
DELISTED
FG Merger II Corp Rights
FGMCR
$185K 0.05%
440,191
-276,593
-39% -$71.7K
EURK
111
Eureka Acquisition Corp
EURK
$165K 0.05%
15,400
– –
ANSC
112
Agriculture & Natural Solutions Acquisition Corp
ANSC
$476M
$155K 0.04%
14,231
-21,251
-60% -$232K
LATAU
113
Galata Acquisition Corp. II Units
LATAU
$150K 0.04%
+15,000
New +$150K
BRRWW
114
ProCap Financial Inc
BRRWW
$3.02M
$147K 0.04%
+132,280
New +$202K
IMRX icon
115
Immuneering
IMRX
$292M
$140K 0.04%
+20,000
New +$104K
DYNCW
116
Dynamix Corp Warrant
DYNCW
$126K 0.04%
60,000
– –
CCIIU
117
Cohen Circle Acquisition Corp II Unit
CCIIU
$109K 0.03%
+10,594
New +$109K
KCHVR
118
Kochav Defense Acquisition Corp Right
KCHVR
$104K 0.03%
+473,695
New +$98K
XRPNW
119
Armada Acquisition Corp II Warrant
XRPNW
$8.39M
$90.8K 0.03%
+95,633
New +$49.4K
FERAR
120
Fifth Era Acquisition Corp I Rights
FERAR
$64.5K 0.02%
243,207
-67,480
-22% -$17.2K
DMAAR
121
Drugs Made In America Acquisition Corp Rights
DMAAR
$62.9K 0.02%
289,302
-344,514
-54% -$64K
RDAGW
122
Republic Digital Acquisition Co Warrants
RDAGW
$57.9K 0.02%
+89,000
New +$63.3K
FVNNR
123
Future Vision II Acquisition Corp Right
FVNNR
$55.3K 0.02%
307,370
-7,786
-2% -$1.4K
FSHPR
124
Flag Ship Acquisition Corp Right
FSHPR
$53.4K 0.02%
281,123
-32,572
-10% -$4.71K
CLGN icon
125
CollPlant Biotechnologies
CLGN
$6.41M
$51.8K 0.01%
19,258
-255,824
-93% -$610K
3 4
5
6 7

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SPM
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LSWP
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NI
NFC Investments Memphis, Tennessee $359M AUM 11.31% 1-Year Est. Return
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.