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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
CAPNR
151
Cayson Acquisition Corp Right
CAPNR
$27.4K 0.01%
120,092
-2,463
-2% -$475
VCICW
152
DELISTED
Vine Hill Capital Investment Corp Warrant
VCICW
$26.5K 0.01%
14,792
– –
BSAAR
153
BEST SPAC I Acquisition Corp Rights
BSAAR
$26.4K 0.01%
+175,000
New +$26.8K
ORIQW
154
Origin Investment Corp I Warrant
ORIQW
$23.4K
$24K 0.01%
+124,950
New +$26K
BIVIW
155
BioVie Inc Warrant
BIVIW
$64K
$23.1K 0.01%
90,000
– –
DRDBW
156
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.21M
$21.8K 0.01%
37,500
– –
OAKUR
157
DELISTED
Oak Woods Acquisition Corp Right
OAKUR
$21.1K 0.01%
84,300
-700
-0.8% -$167
TACHW
158
Titan Acquisition Corp Warrants
TACHW
$8.32M
$21K 0.01%
60,000
– –
PMTRW
159
Perimeter Acquisition Corp I Warrant
PMTRW
$10.9M
$20.9K 0.01%
29,462
– –
TACOW
160
Berto Acquisition Corp Warrant
TACOW
$16.5M
$18.5K 0.01%
50,000
– –
GTERR
161
Globa Terra Acquisition Corp Rights
GTERR
$16.1K 0.01%
+124,129
New +$19.8K
INACR
162
Indigo Acquisition Corp Right
INACR
$15.9K 0.01%
+100,000
New +$17.5K
FIGXW
163
FIGX Capital Acquisition Corp Warrant
FIGXW
$1.6M
$13.7K ﹤0.01%
+50,000
New +$13.8K
PACHW
164
Pioneer Acquisition I Corp Warrants
PACHW
$13K ﹤0.01%
+50,000
New +$13K
GTERW
165
Globa Terra Acquisition Corp Warrants
GTERW
$1.09M
$11.7K ﹤0.01%
+93,171
New +$16.2K
TVACW
166
Texas Ventures Acquisition III Corp Warrants
TVACW
$6.62M
$11.7K ﹤0.01%
12,950
– –
IBACR
167
IB Acquisition Corp Right
IBACR
$11.1K ﹤0.01%
161,165
-18,819
-10% -$1.31K
FACTW
168
FACT II Acquisition Corp Warrant
FACTW
$1.84M
$10.5K ﹤0.01%
30,000
– –
AXINR
169
Axiom Intelligence Acquisition Corp 1 Right
AXINR
$10.5K ﹤0.01%
+50,000
New +$11.1K
RMCOW icon
170
Royalty Management Holding Warrant
RMCOW
$1.83M
$9.96K ﹤0.01%
73,747
-247,231
-77% -$26.8K
BACCR
171
Blue Acquisition Corp Right
BACCR
$8.9K ﹤0.01%
+29,655
New +$7.91K
NOEMR
172
CO2 Energy Transition Corp Right
NOEMR
$7.6K ﹤0.01%
39,996
– –
SOCAW
173
Solarius Capital Acquisition Corp Warrant
SOCAW
$7K ﹤0.01%
+25,000
New +$6.76K
AIMDW icon
174
Ainos Warrants
AIMDW
$80.7K
$6.87K ﹤0.01%
55,837
-26,663
-32% -$4.07K
NOEMW
175
CO2 Energy Transition Corp Warrant
NOEMW
$1.22M
$6.76K ﹤0.01%
40,000
– –
5 6
7
8 9

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NI
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GM
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RIP
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KLWA
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NC
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RM
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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.