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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
SNTI icon
201
Senti Biosciences Holdings
SNTI
$11M
– –
-381,384
Closed -$805K
IROHR
202
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
– –
-48,957
Closed -$24.3K
UCFIW
203
CN Healthy Food Tech Group Warrant
UCFIW
– –
-87,043
Closed -$5.22K
CCIX
204
DELISTED
Churchill Capital Corp IX
CCIX
– –
-33,475
Closed -$352K
YHNA
205
YHN Acquisition I Ltd
YHNA
– –
-26,000
Closed -$269K
YHNAR
206
YHN Acquisition I Ltd Right
YHNAR
– –
-28,371
Closed -$4.62K
DYNC
207
Dynamix Corp
DYNC
$241M
– –
-120,000
Closed -$1.22M
WLAC
208
DELISTED
Willow Lane Acquisition Corp
WLAC
– –
-35,000
Closed -$358K
WLACW
209
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
– –
-17,500
Closed -$6.3K
DRDB
210
Roman DBDR Acquisition Corp II
DRDB
$327M
– –
-71,175
Closed -$734K
HSPTR
211
DELISTED
Horizon Space Acquisition II Corp Right
HSPTR
– –
-19,864
Closed -$2.78K
CYCUW
212
Cycurion Inc Warrant
CYCUW
$311K
– –
-309,520
Closed -$18.6K
USAR
213
PUT
USA Rare Earth Inc
USAR
$4.73B
– –
-15,300
Closed -$168K
CHACU
214
DELISTED
Crane Harbor Acquistion Corp Units
CHACU
– –
-50,000
Closed -$524K
IPCXU
215
Inflection Point Acquisition Corp III Units
IPCXU
– –
-50,000
Closed -$526K
COPL.U
216
Copley Acquisition Corp Units
COPL.U
– –
-300,000
Closed -$3.03M
LCCCU
217
Lakeshore Acquisition III Corp Unit
LCCCU
– –
-200,000
Closed -$2.04M
TACOU
218
Berto Acquisition Corp Unit
TACOU
– –
-100,000
Closed -$1.08M
RDAGU
219
Republic Digital Acquisition Co Unit
RDAGU
– –
-178,000
Closed -$1.88M
CGCTU
220
DELISTED
Cartesian Growth Corp III Unit
CGCTU
– –
-150,000
Closed -$1.52M
ISOU
221
IsoEnergy Ltd
ISOU
$680M
– –
-57,500
Closed -$411K
PMTRU
222
Perimeter Acquisition Corp I Unit
PMTRU
$195M
– –
-71,307
Closed -$747K
TVAIU
223
Thayer Ventures Acquisition Corporation II Unit
TVAIU
– –
-250,000
Closed -$2.54M
BRRWU
224
DELISTED
Columbus Circle Capital Corp I Units
BRRWU
– –
-271,004
Closed -$3.12M
XRPNU
225
Armada Acquisition Corp II Units
XRPNU
– –
-200,000
Closed -$2.04M
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.