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HCM

Heights Capital Management Portfolio holdings

AUM $359M
1-Year Est. Return 7.93%
This Fund
S&P 500
This Quarter Est. Return
+26.64%
1 Year Est. Return
+7.93%
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
FLUT icon
1
Flutter Entertainment
FLUT
$17.7B
$84.1M 22.43%
294,180
– –
NNE
2
PUT
Nano Nuclear Energy
NNE
$896M
$42.1M 11.23%
1,220,400
+1,070,700
+715% +$29.5M
ACHR icon
3
Archer Aviation
ACHR
$3.62B
$25.1M 6.7%
+2,312,285
New +$21.6M
NA
4
Nano Labs
NA
$42.5M
$13.4M 3.57%
+1,440,018
New +$8.75M
NNE
5
Nano Nuclear Energy
NNE
$896M
$12.9M 3.45%
+374,567
New +$10.3M
AMSC icon
6
PUT
American Superconductor
AMSC
$1.43B
$12.6M 3.36%
+342,900
New +$8.43M
AMSC icon
7
American Superconductor
AMSC
$1.43B
$12.5M 3.33%
+340,102
New +$8.36M
ALVO icon
8
Alvotech
ALVO
$1.21B
$9.95M 2.65%
+1,090,664
New +$10.2M
FGMC
9
DELISTED
FG Merger II Corp
FGMC
$7.8M 2.08%
+790,000
New +$7.68M
ADCT icon
10
ADC Therapeutics
ADCT
$141M
$7.59M 2.03%
+2,832,861
New +$5.96M
ONDS icon
11
Ondas Inc
ONDS
$4.32B
$7.38M 1.97%
3,845,070
-649,431
-14% -$725K
JACS
12
Jackson Acquisition Co II
JACS
$317M
$7.21M 1.92%
+700,000
New +$7.13M
BMEA icon
13
Biomea Fusion
BMEA
$88.2M
$6.91M 1.84%
+3,839,349
New +$7.4M
DMAA
14
Drugs Made In America Acquisition Corp
DMAA
$260M
$6.63M 1.77%
+650,000
New +$6.57M
KCHVU
15
Kochav Defense Acquisition Corp Units
KCHVU
$5.09M 1.36%
+500,000
New +$5.05M
GPAT
16
GP-Act III Acquisition Corp
GPAT
$392M
$4.85M 1.29%
459,501
-499
-0.1% -$5.22K
CABA icon
17
Cabaletta Bio
CABA
$444M
$4.78M 1.28%
+3,144,106
New +$4.9M
FERA
18
Fifth Era Acquisition Corp I
FERA
$326M
$3.55M 0.95%
+350,000
New +$3.52M
KTOS icon
19
Kratos Defense & Security Solutions
KTOS
$8.66B
$3.48M 0.93%
+75,000
New +$2.72M
FVN
20
Future Vision II Acquisition Corp
FVN
$70.4M
$3.38M 0.9%
325,000
– –
FSHP
21
Flag Ship Acquisition Corp
FSHP
$3.31M 0.88%
314,000
– –
BRRWU
22
DELISTED
Columbus Circle Capital Corp I Units
BRRWU
$3.12M 0.83%
+271,004
New +$3.1M
COPL.U
23
Copley Acquisition Corp Units
COPL.U
$3.03M 0.81%
+300,000
New +$3.02M
IBAC
24
IB Acquisition Corp
IBAC
$54.1M
$2.61M 0.7%
249,100
-900
-0.4% -$9.36K
VACH
25
DELISTED
Voyager Acquisition Corp
VACH
$2.59M 0.69%
250,000
– –
1
2 3 4 5

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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.