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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
PHGE icon
176
BiomX
PHGE
$1.72M
– –
-763
Closed -$8.06K
PLUG icon
177
Plug Power
PLUG
$2.89B
– –
-23,091,715
Closed -$31.2M
PMN icon
178
ProMIS Neurosciences
PMN
$120M
– –
-731
Closed -$12.9K
REE
179
DELISTED
REE Automotive
REE
– –
-899,917
Closed -$2.39M
SCLX icon
180
Scilex Holding
SCLX
$48.8M
– –
-6,339
Closed -$55.1K
SINT icon
181
SiNtx Technologies
SINT
$10.4M
– –
-60,964
Closed -$162K
SRZN icon
182
Surrozen
SRZN
$251M
– –
-44,978
Closed -$524K
VRMEW
183
DELISTED
VerifyMe, Inc. Warrant
VRMEW
– –
-67,870
Closed -$3.04K
UCFI
184
CN Healthy Food Tech Group
UCFI
– –
-165,043
Closed -$1.73M
MACIW
185
Melar Acquisition Corp I Warrant
MACIW
– –
-28,832
Closed -$3.89K
CHEB
186
DELISTED
Chenghe Acquisition II Co.
CHEB
– –
-50,000
Closed -$513K
CUBWW
187
Lionheart Holdings Warrant
CUBWW
$5.75M
– –
-39,510
Closed -$4.75K
CEP
188
DELISTED
Cantor Equity Partners
CEP
– –
-300,000
Closed -$3.22M
VACHW
189
DELISTED
Voyager Acquisition Corp Warrants
VACHW
– –
-17,465
Closed -$2.76K
BSII
190
DELISTED
Black Spade Acquisition II Co Class A Ordinary Share
BSII
– –
-20,000
Closed -$203K
POLEW
191
Andretti Acquisition Corp II Warrant
POLEW
$1.96M
– –
-13,300
Closed -$2.39K
NTWOU
192
Newbury Street II Acquisition Corp Unit
NTWOU
– –
-45,000
Closed -$455K
GSRTU
193
DELISTED
GSR III Acquisition Corp Unit
GSRTU
– –
-70,000
Closed -$719K
ASPCU
194
A SPAC III Acquisition Corp Unit
ASPCU
– –
-60,000
Closed -$613K
WLACU
195
DELISTED
Willow Lane Acquisition Corp Unit
WLACU
– –
-35,000
Closed -$354K
HSPTU
196
DELISTED
Horizon Space Acquisition II Corp Units
HSPTU
– –
-20,000
Closed -$204K
NOEMU
197
CO2 Energy Transition Corp Unit
NOEMU
– –
-40,000
Closed -$408K
RMSGW
198
Real Messenger Corp Warrants
RMSGW
$229K
– –
-44,105
Closed -$1.34K
FACTU
199
FACT II Acquisition Corp Unit
FACTU
– –
-60,000
Closed -$604K
TAVIU
200
Tavia Acquisition Corp Unit
TAVIU
– –
-65,000
Closed -$668K
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.