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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
IBRX icon
201
ImmunityBio
IBRX
$8.1B
– –
-6,565,709
Closed -$16.2M
IMRX icon
202
Immuneering
IMRX
$292M
– –
-20,000
Closed -$140K
DFDV
203
DeFi Development Corp
DFDV
$87M
– –
-644,943
Closed -$8.98M
DFDV
204
PUT
DeFi Development Corp
DFDV
$87M
– –
-40,480
Closed -$563K
LEXXW
205
DELISTED
Lexaria Bioscience Warrant
LEXXW
– –
-41,251
Closed -$3.3K
MBOT icon
206
Microbot Medical
MBOT
$127M
– –
-883,104
Closed -$2.69M
NA
207
Nano Labs
NA
$43.2M
– –
-111,033
Closed -$600K
OTLY
208
Oatly Group
OTLY
$438M
– –
-91,239
Closed -$1.48M
PEPG icon
209
PepGen
PEPG
$197M
– –
-10,000
Closed -$46.2K
SVREW
210
SaverOne 2014 Ltd Warrant
SVREW
– –
-40,000
Closed -$700
TBMCR
211
DELISTED
Trailblazer Merger Corporation I Rights
TBMCR
– –
-11,714
Closed -$2.93K
UPXI icon
212
Upexi
UPXI
$62.5M
– –
-250,000
Closed -$1.44M
DYCQR
213
DELISTED
DT Cloud Acquisition Corp Right
DYCQR
– –
-72,300
Closed -$14.5K
DYCQ
214
DELISTED
DT Cloud Acquisition Corp
DYCQ
– –
-85,207
Closed -$942K
IBAC
215
IB Acquisition Corp
IBAC
– –
-207,787
Closed -$2.19M
NNE
216
Nano Nuclear Energy
NNE
$1.01B
– –
-365,867
Closed -$14M
GPATW
217
GP-Act III Acquisition Corp Warrants
GPATW
– –
-95,375
Closed -$24.8K
LTM
218
LATAM Airlines Group S.A.
LTM
$16.3B
– –
-50,000
Closed -$2.26M
EURKR
219
Eureka Acquisition Corp Right
EURKR
– –
-13,516
Closed -$3.24K
DTSQR
220
DT Cloud Star Acquisition Corp Right
DTSQR
– –
-16,293
Closed -$3.26K
DTSQ
221
DT Cloud Star Acquisition Corp
DTSQ
– –
-95,695
Closed -$1M
RDACR
222
Rising Dragon Acquisition Corp Rights
RDACR
– –
-16,385
Closed -$2.78K
RDAC
223
Rising Dragon Acquisition Corp
RDAC
$37.6M
– –
-38,196
Closed -$398K
GSRT
224
DELISTED
GSR III Acquisition Corp
GSRT
– –
-60,900
Closed -$631K
TAVIR
225
Tavia Acquisition Corp Right
TAVIR
– –
-13,802
Closed -$3.04K
7 8
9
10 11

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LSWP
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NI
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GM
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RIP
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KLWA
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NC
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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.