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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
SOCA
101
Solarius Capital Acquisition Corp
SOCA
$242M
$503K 0.18%
+50,000
New +$504K
ADACU
102
American Drive Acquisition Co Units
ADACU
$500K 0.18%
+50,000
New +$499K
GROY.WS icon
103
Gold Royalty Corp Warrants
GROY.WS
$179M
$494K 0.18%
249,397
– –
CHAR
104
Charlton Aria Acquisition Corp
CHAR
$116M
$419K 0.15%
40,000
– –
NOEM
105
CO2 Energy Transition Corp
NOEM
$102M
$412K 0.15%
40,000
– –
CHECU
106
Chenghe Acquisition III Co Units
CHECU
$401K 0.14%
40,000
– –
BEBE.U
107
TGE Value Creative Solutions Corp Units
BEBE.U
$398K 0.14%
+40,000
New +$398K
BACC
108
Blue Acquisition Corp
BACC
$293M
$342K 0.12%
+33,455
New +$340K
NTWO
109
Newbury Street II Acquisition Corp
NTWO
$259M
$319K 0.11%
30,510
-5,790
-16% -$60.2K
CCAQ
110
Collective Acquisition Corp
CCAQ
$212M
$306K 0.11%
30,000
– –
VNME
111
Vendome Acquisition Corp I
VNME
$306K 0.11%
+30,340
New +$304K
POLE
112
Andretti Acquisition Corp II
POLE
$319M
$280K 0.1%
26,600
– –
TVA
113
Texas Ventures Acquisition III Corp
TVA
$316M
$276K 0.1%
25,900
– –
APXTU
114
Apex Treasury Corp Units
APXTU
$251K 0.09%
+25,000
New +$252K
BCAR
115
D. Boral ARC Acquisition I Corp
BCAR
$190M
$248K 0.09%
+24,757
New +$248K
TLNCU
116
Talon Capital Corp Units
TLNCU
$247K 0.09%
24,104
-796
-3% -$8.17K
HSPT
117
DELISTED
Horizon Space Acquisition II Corp
HSPT
$211K 0.08%
20,000
– –
LPCVU
118
Launchpad Cadenza Acquisition Corp I Unit
LPCVU
$201M
$200K 0.07%
+20,000
New +$200K
JACS.RT
119
Jackson Acquisition Co II Rights
JACS.RT
$175K 0.06%
700,000
– –
EURK
120
Eureka Acquisition Corp
EURK
$26M
$169K 0.06%
15,400
– –
BCTXZ
121
BriaCell Therapeutics Corp Warrant
BCTXZ
$208K
$163K 0.06%
544,698
– –
LATAU
122
Galata Acquisition Corp. II Units
LATAU
$151K 0.05%
15,000
– –
HAVAU
123
Harvard Ave Acquisition Corporation Unit
HAVAU
$100K 0.04%
+10,000
New +$100K
DYNCW
124
Dynamix Corp Warrant
DYNCW
$96K 0.03%
60,000
– –
BRRWW
125
ProCap Financial Inc
BRRWW
$3.02M
$92.6K 0.03%
132,280
– –
3 4
5
6 7

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SPM
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LSWP
Liberty Square Wealth Partners Bethlehem, Pennsylvania $358M AUM 17% 1-Year Est. Return
NI
NFC Investments Memphis, Tennessee $359M AUM 11.31% 1-Year Est. Return
GM
Granger Management New York $358M AUM 18.36% 1-Year Est. Return
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.