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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
PGACR
126
Pantages Capital Acquisition Corp Right
PGACR
$13.5K ﹤0.01%
+61,400
New +$13.6K
DTSQR
127
DT Cloud Star Acquisition Corp Right
DTSQR
$11.7K ﹤0.01%
95,800
-4,200
-4% -$532
AIMDW icon
128
Ainos Warrants
AIMDW
$11.6K ﹤0.01%
82,500
– –
EMCGR
129
DELISTED
Embrace Change Acquisition Corp Rights
EMCGR
$11.3K ﹤0.01%
98,600
-19,900
-17% -$2.62K
ASPCR
130
A SPAC III Acquisition Corp Right
ASPCR
$10.7K ﹤0.01%
+59,271
New +$9.58K
TAVIR
131
Tavia Acquisition Corp Right
TAVIR
$10.6K ﹤0.01%
+64,100
New +$9.95K
NPACW
132
New Providence Acquisition Corp III Warrants
NPACW
$2.1M
$10.3K ﹤0.01%
+16,666
New +$12.3K
IBACR
133
IB Acquisition Corp Right
IBACR
$10.1K ﹤0.01%
245,191
-4,809
-2% -$266
ECXWW
134
ECARX Holdings Warrants
ECXWW
$1.08M
$8.84K ﹤0.01%
149,100
– –
RANGR
135
Range Capital Acquisition Corp Rights
RANGR
$8.8K ﹤0.01%
+35,184
New +$7.38K
RMCOW icon
136
Royalty Management Holding Warrant
RMCOW
$1.16M
$7.76K ﹤0.01%
352,819
-4,434
-1% -$102
LMND.WS
137
DELISTED
Lemonade Inc Warrants
LMND.WS
$7.45K ﹤0.01%
88,946
– –
IVDAW icon
138
Iveda Solutions Warrant
IVDAW
$53.9K
$7.02K ﹤0.01%
54,000
– –
NOEMR
139
CO2 Energy Transition Corp Right
NOEMR
$7K ﹤0.01%
+39,996
New +$8.19K
FACTW
140
FACT II Acquisition Corp Warrant
FACTW
$1.18M
$6.9K ﹤0.01%
+30,000
New +$6.69K
VCICW
141
DELISTED
Vine Hill Capital Investment Corp Warrant
VCICW
$6.76K ﹤0.01%
23,025
-4,870
-17% -$1.14K
RDACR
142
Rising Dragon Acquisition Corp Rights
RDACR
$6.64K ﹤0.01%
38,694
-1,306
-3% -$221
WLACW
143
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
$6.3K ﹤0.01%
+17,500
New +$4.71K
SBEV.WS
144
DELISTED
Splash Beverage Group, Inc. Warrants to purchase 1/40th of a share of Common Stock at an exercise price of $184.00
SBEV.WS
$6.21K ﹤0.01%
288,884
– –
CHARR
145
Charlton Aria Acquisition Corp Rights
CHARR
$6K ﹤0.01%
+40,000
New +$6.65K
NTWOW
146
Newbury Street II Acquisition Corp Warrant
NTWOW
$3.02M
$5.63K ﹤0.01%
+22,500
New +$4.28K
UCFIW
147
CN Healthy Food Tech Group Warrant
UCFIW
$5.22K ﹤0.01%
87,043
-112,957
-56% -$4.73K
YHNAR
148
YHN Acquisition I Ltd Right
YHNAR
$4.62K ﹤0.01%
28,371
-629
-2% -$86
LEXXW
149
DELISTED
Lexaria Bioscience Warrant
LEXXW
$4.13K ﹤0.01%
41,251
– –
VSSYW
150
DELISTED
Versus Systems Inc Class A Warrants
VSSYW
$4K ﹤0.01%
100,000
– –
4 5
6
7 8

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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.