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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
TNONW icon
151
Tenon Medical Inc Warrant
TNONW
$15.7K ﹤0.01%
846,723
– –
AIMDW icon
152
Ainos Warrants
AIMDW
$80.7K
$15.3K ﹤0.01%
82,500
– –
DYCQR
153
DELISTED
DT Cloud Acquisition Corp Right
DYCQR
$14.5K ﹤0.01%
72,300
-19,200
-21% -$4.2K
IBACR
154
IB Acquisition Corp Right
IBACR
$14.4K ﹤0.01%
179,984
-65,207
-27% -$4.2K
TVACW
155
Texas Ventures Acquisition III Corp Warrants
TVACW
$14.2K ﹤0.01%
12,950
– –
WTGUR
156
Wintergreen Acquisition Corp Rights
WTGUR
$13.8K ﹤0.01%
+86,387
New +$12.3K
RANGR
157
Range Capital Acquisition Corp Rights
RANGR
$12.6K ﹤0.01%
31,683
-3,501
-10% -$838
PGACR
158
Pantages Capital Acquisition Corp Right
PGACR
$11.7K ﹤0.01%
58,400
-3,000
-5% -$565
NOEMR
159
CO2 Energy Transition Corp Right
NOEMR
$9.6K ﹤0.01%
39,996
– –
ASPCR
160
A SPAC III Acquisition Corp Right
ASPCR
$9.35K ﹤0.01%
49,191
-10,080
-17% -$1.89K
FACTW
161
FACT II Acquisition Corp Warrant
FACTW
$1.84M
$8.4K ﹤0.01%
30,000
– –
ECXWW
162
ECARX Holdings Warrants
ECXWW
$7.77K ﹤0.01%
149,100
– –
CHARR
163
Charlton Aria Acquisition Corp Rights
CHARR
$7.07K ﹤0.01%
32,149
-7,851
-20% -$1.5K
NOEMW
164
CO2 Energy Transition Corp Warrant
NOEMW
$1.22M
$6.76K ﹤0.01%
40,000
– –
IVDAW icon
165
Iveda Solutions Warrant
IVDAW
$47.8K
$6.48K ﹤0.01%
54,000
– –
LMND.WS
166
DELISTED
Lemonade Inc Warrants
LMND.WS
$6.04K ﹤0.01%
88,946
– –
NTWOW
167
Newbury Street II Acquisition Corp Warrant
NTWOW
$5.73K ﹤0.01%
22,500
– –
VSSYW
168
DELISTED
Versus Systems Inc Class A Warrants
VSSYW
$5.02K ﹤0.01%
100,000
– –
CCAQW
169
Collective Acquisition Corp Warrants
CCAQW
$4.95K ﹤0.01%
+22,500
New +$4.21K
OYSER
170
Oyster Enterprises II Acquisition Corp Rights
OYSER
$4.67K ﹤0.01%
+27,483
New +$4.68K
DTSTW
171
DELISTED
Data Storage Corp Warrant
DTSTW
$4.23K ﹤0.01%
29,000
– –
LEXXW
172
DELISTED
Lexaria Bioscience Warrant
LEXXW
$3.3K ﹤0.01%
41,251
– –
DTSQR
173
DT Cloud Star Acquisition Corp Right
DTSQR
$3.26K ﹤0.01%
16,293
-79,507
-83% -$11.4K
EURKR
174
Eureka Acquisition Corp Right
EURKR
$3.24K ﹤0.01%
13,516
-1,100
-8% -$263
TAVIR
175
Tavia Acquisition Corp Right
TAVIR
$3.04K ﹤0.01%
13,802
-50,298
-78% -$9.87K
5 6
7
8 9

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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.