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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
RANGR
176
Range Capital Acquisition Corp Rights
RANGR
$6.02K ﹤0.01%
13,385
-18,298
-58% -$8.37K
CCAQW
177
Collective Acquisition Corp Warrants
CCAQW
$5.77K ﹤0.01%
22,500
– –
DTSTW
178
DELISTED
Data Storage Corp Warrant
DTSTW
$5.74K ﹤0.01%
29,000
– –
NTWOW
179
Newbury Street II Acquisition Corp Warrant
NTWOW
$5.65K ﹤0.01%
22,500
– –
LWACW
180
LightWave Acquisition Corp Warrants
LWACW
$4.76K ﹤0.01%
+25,000
New +$6.74K
SZZLR
181
Sizzle Acquisition Corp II Right
SZZLR
$4.62K ﹤0.01%
28,903
-169,097
-85% -$35.6K
BCARW
182
D. Boral ARC Acquisition I Corp Warrant
BCARW
$7.44M
$4.5K ﹤0.01%
+12,378
New +$4.28K
WTGUR
183
Wintergreen Acquisition Corp Rights
WTGUR
$4.45K ﹤0.01%
27,836
-58,551
-68% -$10.8K
IVDAW icon
184
Iveda Solutions Warrant
IVDAW
$47.8K
$4.29K ﹤0.01%
35,193
-18,807
-35% -$2.93K
VNMEW
185
Vendome Acquisition Corp I Warrant
VNMEW
$2.46M
$3.79K ﹤0.01%
+15,170
New +$3.98K
CHARR
186
Charlton Aria Acquisition Corp Rights
CHARR
$3.35K ﹤0.01%
17,643
-14,506
-45% -$2.99K
LMND.WS
187
DELISTED
Lemonade Inc Warrants
LMND.WS
$2.33K ﹤0.01%
88,946
– –
ASPCR
188
A SPAC III Acquisition Corp Right
ASPCR
$1.94K ﹤0.01%
10,219
-38,972
-79% -$7.43K
ECXWW
189
ECARX Holdings Warrants
ECXWW
$1.49K ﹤0.01%
27,181
-121,919
-82% -$8.58K
TNONW icon
190
Tenon Medical Inc Warrant
TNONW
$1.49K ﹤0.01%
140,236
-706,487
-83% -$11.3K
VSSYW
191
DELISTED
Versus Systems Inc Class A Warrants
VSSYW
$889 ﹤0.01%
39,356
-60,644
-61% -$2.08K
OAKUW
192
DELISTED
Oak Woods Acquisition Corp Warrant
OAKUW
$780 ﹤0.01%
37,490
-2,282
-6% -$85
ADCT icon
193
ADC Therapeutics
ADCT
$144M
– –
-326,766
Closed -$1.31M
AMPGW
194
DELISTED
Amplitech Group Warrants
AMPGW
– –
-45,462
Closed -$18.5K
ANSC
195
Agriculture & Natural Solutions Acquisition Corp
ANSC
$476M
– –
-14,231
Closed -$155K
BMEA icon
196
Biomea Fusion
BMEA
$91.3M
– –
-1,437,646
Closed -$2.9M
CABA icon
197
Cabaletta Bio
CABA
$455M
– –
-2,084,202
Closed -$4.88M
CLGN icon
198
CollPlant Biotechnologies
CLGN
$6.41M
– –
-19,258
Closed -$51.8K
EVEX icon
199
Eve Holding
EVEX
$962M
– –
-696,055
Closed -$2.65M
HYMCL
200
DELISTED
Hycroft Mining Holding Corp Warrants
HYMCL
– –
-15,174
Closed -$121
6 7
8
9 10

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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.