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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
NMPAR
126
NMP Acquisition Corp Right
NMPAR
$90.4K 0.03%
+449,875
New +$105K
KCHVR
127
Kochav Defense Acquisition Corp Right
KCHVR
$86.6K 0.03%
360,909
-112,786
-24% -$30.6K
XRPNW
128
Armada Acquisition Corp II Warrant
XRPNW
$8.39M
$78.4K 0.03%
95,633
– –
ALUR
129
DELISTED
Allurion Technologies
ALUR
$73.7K 0.03%
+59,880
New +$101K
FERAR
130
Fifth Era Acquisition Corp I Rights
FERAR
$65.2K 0.02%
162,984
-80,223
-33% -$25.5K
FACWW
131
Factorial Energy Inc Warrant
FACWW
$10.1M
$60K 0.02%
75,000
– –
RDAGW
132
Republic Digital Acquisition Co Warrants
RDAGW
$53.4K 0.02%
89,000
– –
EMISR
133
Emmis Acquisition Corp Rights
EMISR
$53K 0.02%
+350,000
New +$55.7K
TVAIR
134
Thayer Ventures Acquisition Corporation II Rights
TVAIR
$52.5K 0.02%
250,000
– –
FSHPR
135
Flag Ship Acquisition Corp Right
FSHPR
$50.4K 0.02%
279,915
-1,208
-0.4% -$203
APADR
136
DELISTED
A Paradise Acquisition Corp Rights
APADR
$49.9K 0.02%
+199,500
New +$45.8K
SPEGR
137
Silver Pegasus Acquisition Corp Rights
SPEGR
$47.8K 0.02%
+199,100
New +$53.5K
UYSCR
138
UY Scuti Acquisition Corp Rights
UYSCR
$46K 0.02%
170,892
-500
-0.3% -$130
LCCCR
139
Lakeshore Acquisition III Corp Rights
LCCCR
$44.3K 0.02%
176,304
-23,696
-12% -$5.7K
RIBBR
140
Ribbon Acquisition Corp Rights
RIBBR
$41K 0.01%
186,258
-2,456
-1% -$554
COPL.WS
141
Copley Acquisition Corp Warrants
COPL.WS
$38.6K 0.01%
150,000
– –
CHPGR
142
ChampionsGate Acquisition Corp Rights
CHPGR
$38.4K 0.01%
207,810
-3,671
-2% -$608
FVNNR
143
Future Vision II Acquisition Corp Right
FVNNR
$37K 0.01%
284,050
-23,320
-8% -$3.69K
DMAAR
144
Drugs Made In America Acquisition Corp Rights
DMAAR
$37K 0.01%
234,109
-55,193
-19% -$10.7K
SOUL.RT
145
Soulpower Acquisition Corp Rights
SOUL.RT
$35K 0.01%
200,000
– –
PLMKW
146
Plum Acquisition Corp IV Warrants
PLMKW
$33.8K 0.01%
125,000
– –
QUMSR
147
Quantumsphere Acquisition Corp Rights
QUMSR
$31.5K 0.01%
+149,900
New +$39.1K
GWH.WS
148
DELISTED
ESS Tech Inc Warrant
GWH.WS
$30K 0.01%
586,218
– –
SSEAR
149
Starry Sea Acquisition Corp Rights
SSEAR
$28.6K 0.01%
+100,000
New +$25.9K
OBAWW
150
Oxley Bridge Acquisition Ltd Warrants
OBAWW
$2.92M
$27.5K 0.01%
+125,000
New +$30.9K
4 5
6
7 8

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RIP
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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.