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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
JACS.U
201
Jackson Acquisition Co II Units
JACS.U
– –
-700,000
Closed -$7.2M
DRDBU
202
Roman DBDR Acquisition Corp II Unit
DRDBU
– –
-75,000
Closed -$788K
RANGU
203
Range Capital Acquisition Corp Units
RANGU
– –
-50,000
Closed -$514K
DMAAU
204
Drugs Made In America Acquisition Corp Units
DMAAU
– –
-650,000
Closed -$6.58M
PLMKU
205
Plum Acquisition Corp IV Unit
PLMKU
– –
-250,000
Closed -$2.52M
RIBBU
206
Ribbon Acquisition Corp Unit
RIBBU
– –
-200,000
Closed -$2.06M
HVIIU
207
Hennessy Capital Investment Corp VII Unit
HVIIU
– –
-60,000
Closed -$604K
COLAU
208
Columbus Acquisition Corp Unit
COLAU
– –
-200,000
Closed -$2.03M
FGMCU
209
DELISTED
FG Merger II Corp Unit
FGMCU
– –
-790,000
Closed -$7.71M
IPEXU
210
Inflection Point Acquisition Corp V Units
IPEXU
– –
-100,000
Closed -$1.02M
OSRHW
211
OSR Health Warrant
OSRHW
– –
-28,279
Closed -$1.13K
FERAU
212
Fifth Era Acquisition Corp I Units
FERAU
– –
-350,000
Closed -$3.52M
UYSCU
213
UY Scuti Acquisition Corp Units
UYSCU
– –
-175,000
Closed -$1.76M
YOTAR
214
DELISTED
Yotta Acquisition Corporation Right
YOTAR
– –
-50,000
Closed -$8.05K
GBBKR
215
DELISTED
Global Blockchain Acquisition Corp. Right
GBBKR
– –
-625,000
Closed -$61.9K
GBBKW
216
DELISTED
Global Blockchain Acquisition Corp. Warrant
GBBKW
– –
-427,592
Closed -$12.8K
CLRCR
217
DELISTED
ClimateRock Right
CLRCR
– –
-50,000
Closed -$9K
MSSAR
218
DELISTED
Metal Sky Star Acquisition Corporation Right
MSSAR
– –
-55,000
Closed -$4.36K
GLAC
219
DELISTED
Global Lights Acquisition Corp Ordinary Shares
GLAC
– –
-53,354
Closed -$579K
GLACR
220
DELISTED
Global Lights Acquisition Corp Rights
GLACR
– –
-99,800
Closed -$22K
EFSH
221
DELISTED
1847 Holdings LLC
EFSH
– –
-236,790
Closed -$28.3K
CHARU
222
Charlton Aria Acquisition Corp Units
CHARU
– –
-40,000
Closed -$406K
PGACU
223
Pantages Capital Acquisition Corp Unit
PGACU
– –
-65,000
Closed -$664K
5 6 7 8
9

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RIP
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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.