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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
NOEMW
151
CO2 Energy Transition Corp Warrant
NOEMW
$1.24M
$3.6K ﹤0.01%
+40,000
New +$3.9K
DTSTW
152
DELISTED
Data Storage Corp Warrant
DTSTW
$3.48K ﹤0.01%
29,000
– –
TVACW
153
Texas Ventures Acquisition III Corp Warrants
TVACW
$6.62M
$3.37K ﹤0.01%
+12,950
New +$2.96K
EURKR
154
Eureka Acquisition Corp Right
EURKR
$3.22K ﹤0.01%
14,616
-784
-5% -$177
HSPTR
155
DELISTED
Horizon Space Acquisition II Corp Right
HSPTR
$2.78K ﹤0.01%
+19,864
New +$3.16K
BNCWW
156
CEA Industries Inc Warrant
BNCWW
$44.7K
$2.24K ﹤0.01%
100,000
– –
SVREW
157
SaverOne 2014 Ltd Warrant
SVREW
$1.48K ﹤0.01%
40,000
– –
GOVXW
158
DELISTED
GeoVax Labs Warrants
GOVXW
$1.35K ﹤0.01%
53,960
– –
OAKUW
159
DELISTED
Oak Woods Acquisition Corp Warrant
OAKUW
$1.3K ﹤0.01%
43,275
-16,819
-28% -$557
CDTTW
160
CDT Equity Inc Warrant
CDTTW
$1.63M
$501 ﹤0.01%
45,923
-33,035
-42% -$327
HYMCL
161
DELISTED
Hycroft Mining Holding Corp Warrants
HYMCL
$266 ﹤0.01%
15,174
– –
AEHL icon
162
Antelope Enterprise Holdings
AEHL
$5.56M
– –
-104
Closed -$2.42K
ALGS icon
163
Aligos Therapeutics
ALGS
$34.1M
– –
-241,500
Closed -$1.99M
BENFW icon
164
Beneficient Warrant
BENFW
$158K
– –
-67,109
Closed -$503
BUJAR
165
DELISTED
Bukit Jalil Global Acquisition 1 Ltd. Rights
BUJAR
– –
-100,000
Closed -$26K
BUJAW
166
DELISTED
Bukit Jalil Global Acquisition 1 Ltd. Warrants
BUJAW
– –
-38,826
Closed -$1.36K
CKPT
167
PUT
DELISTED
Checkpoint Therapeutics
CKPT
– –
-37,500
Closed -$152K
DISTR
168
DELISTED
Distoken Acquisition Corporation Right
DISTR
– –
-80,000
Closed -$14.1K
DISTW
169
DELISTED
Distoken Acquisition Corporation Warrant
DISTW
– –
-46,027
Closed -$1.19K
EMCGW
170
DELISTED
Embrace Change Acquisition Corp Warrants
EMCGW
– –
-65,399
Closed -$2.52K
FORL
171
DELISTED
Four Leaf Acquisition Corp
FORL
– –
-49,122
Closed -$556K
FORLW
172
DELISTED
Four Leaf Acquisition Corp Warrants
FORLW
– –
-68,700
Closed -$3.44K
GFL icon
173
GFL Environmental
GFL
$15B
– –
-5,000
Closed -$242K
GNLX icon
174
Genelux
GNLX
$121M
– –
-238,366
Closed -$644K
HUMA icon
175
Humacyte
HUMA
$191M
– –
-4,025,000
Closed -$6.86M
5 6
7
8 9

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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.