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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
UYSCR
126
UY Scuti Acquisition Corp Rights
UYSCR
$46.3K 0.01%
171,392
-3,608
-2% -$839
PEPG icon
127
PepGen
PEPG
$197M
$46.2K 0.01%
+10,000
New +$16.1K
TVAIR
128
Thayer Ventures Acquisition Corporation II Rights
TVAIR
$45K 0.01%
+250,000
New +$42.2K
RIBBR
129
Ribbon Acquisition Corp Rights
RIBBR
$41.5K 0.01%
188,714
-11,286
-6% -$2.59K
BIVIW
130
BioVie Inc Warrant
BIVIW
$64K
$41.4K 0.01%
+90,000
New +$36.6K
LCCCR
131
Lakeshore Acquisition III Corp Rights
LCCCR
$40.8K 0.01%
+200,000
New +$42.5K
SOUL.RT
132
Soulpower Acquisition Corp Rights
SOUL.RT
$38K 0.01%
200,000
– –
TACOW
133
Berto Acquisition Corp Warrant
TACOW
$16.5M
$35K 0.01%
+50,000
New +$34.8K
PLMKW
134
Plum Acquisition Corp IV Warrants
PLMKW
$33.8K 0.01%
125,000
– –
SZZLR
135
Sizzle Acquisition Corp II Right
SZZLR
$33.7K 0.01%
198,000
-2,000
-1% -$372
COLAR
136
Columbus Acquisition Corp Rights
COLAR
$30.2K 0.01%
167,733
-26,512
-14% -$4.91K
COPL.WS
137
Copley Acquisition Corp Warrants
COPL.WS
$30.1K 0.01%
+150,000
New +$27.5K
CHPGR
138
ChampionsGate Acquisition Corp Rights
CHPGR
$29.6K 0.01%
+211,481
New +$31.7K
IPEXR
139
Inflection Point Acquisition Corp V Rights
IPEXR
$27.7K 0.01%
46,173
-53,626
-54% -$19.6K
GPATW
140
GP-Act III Acquisition Corp Warrants
GPATW
$24.8K 0.01%
95,375
-27,521
-22% -$7.35K
GWH.WS
141
DELISTED
ESS Tech Inc Warrant
GWH.WS
$24.6K 0.01%
586,218
– –
VCICW
142
DELISTED
Vine Hill Capital Investment Corp Warrant
VCICW
$23.7K 0.01%
14,792
-8,233
-36% -$7.45K
CAPNR
143
Cayson Acquisition Corp Right
CAPNR
$21.9K 0.01%
122,555
-26,345
-18% -$4.66K
OAKUR
144
DELISTED
Oak Woods Acquisition Corp Right
OAKUR
$21.3K 0.01%
85,000
– –
DRDBW
145
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.21M
$19.3K 0.01%
37,500
– –
FACWW
146
Factorial Energy Inc Warrant
FACWW
$10.1M
$18.8K 0.01%
+75,000
New +$20.6K
AMPGW
147
DELISTED
Amplitech Group Warrants
AMPGW
$18.5K 0.01%
45,462
-1,200
-3% -$599
TACHW
148
Titan Acquisition Corp Warrants
TACHW
$18.1K 0.01%
60,000
– –
PMTRW
149
Perimeter Acquisition Corp I Warrant
PMTRW
$10.9M
$17.7K 0.01%
+29,462
New +$18.5K
RMCOW icon
150
Royalty Management Holding Warrant
RMCOW
$1.83M
$16.2K ﹤0.01%
320,978
-31,841
-9% -$1.51K
4 5
6
7 8

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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.