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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
TBMCR
176
DELISTED
Trailblazer Merger Corporation I Rights
TBMCR
$2.93K ﹤0.01%
11,714
-32,983
-74% -$11.1K
RDACR
177
Rising Dragon Acquisition Corp Rights
RDACR
$2.78K ﹤0.01%
16,385
-22,309
-58% -$3.89K
OAKUW
178
DELISTED
Oak Woods Acquisition Corp Warrant
OAKUW
$1.39K ﹤0.01%
39,772
-3,503
-8% -$139
SVREW
179
SaverOne 2014 Ltd Warrant
SVREW
$700 ﹤0.01%
40,000
– –
HYMCL
180
DELISTED
Hycroft Mining Holding Corp Warrants
HYMCL
$121 ﹤0.01%
15,174
– –
ACHR icon
181
Archer Aviation
ACHR
$4.26B
– –
-2,312,285
Closed -$25.1M
ACHV icon
182
Achieve Life Sciences
ACHV
$683M
– –
-989,509
Closed -$2.24M
ADSE icon
183
PUT
ADS-TEC Energy
ADSE
$889M
– –
-19,000
Closed -$262K
ALLT icon
184
Allot
ALLT
$383M
– –
-100,000
Closed -$855K
ALVO icon
185
Alvotech
ALVO
$1.29B
– –
-1,090,664
Closed -$9.95M
AMSC icon
186
American Superconductor
AMSC
$1.59B
– –
-340,102
Closed -$12.5M
AMSC icon
187
PUT
American Superconductor
AMSC
$1.59B
– –
-342,900
Closed -$12.6M
BAYAR
188
DELISTED
Bayview Acquisition Corp Right
BAYAR
– –
-104,874
Closed -$26.2K
CDTTW
189
CDT Equity Inc Warrant
CDTTW
$1.87M
– –
-45,923
Closed -$501
BNCWW
190
CEA Industries Inc Warrant
BNCWW
– –
-100,000
Closed -$2.24K
CTXR icon
191
Citius Pharmaceuticals
CTXR
$18.7M
– –
-159,898
Closed -$254K
EMCGR
192
DELISTED
Embrace Change Acquisition Corp Rights
EMCGR
– –
-98,600
Closed -$11.3K
FBRX icon
193
Forte Biosciences
FBRX
$1.57B
– –
-143,033
Closed -$1.85M
GOVXW
194
DELISTED
GeoVax Labs Warrants
GOVXW
– –
-53,960
Closed -$1.35K
KTOS icon
195
Kratos Defense & Security Solutions
KTOS
$11.4B
– –
-75,000
Closed -$3.48M
NETD
196
DELISTED
Nabors Energy Transition Corp II
NETD
– –
-49,195
Closed -$546K
ONDS icon
197
Ondas Inc
ONDS
$5.19B
– –
-3,845,070
Closed -$7.38M
RVPH
198
DELISTED
REVIVA PHARMA HLDGS INC
RVPH
– –
-91,495
Closed -$697K
SBEV.WS
199
DELISTED
Splash Beverage Group, Inc. Warrants to purchase 1/40th of a share of Common Stock at an exercise price of $184.00
SBEV.WS
– –
-288,884
Closed -$6.21K
SENS icon
200
Senseonics Holdings Inc
SENS
$366M
– –
-8,886
Closed -$84.7K
6 7
8
9 10

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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.