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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
-0.74%
1 Year Est. Return
+7.93%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$351M
AUM Growth
-$23.7M
Cap. Flow
-$24.7M
Cap. Flow %
-7.05%
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 31.7%
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
FLUT icon
1
Flutter Entertainment
FLUT
$18.9B
$74.7M 21.29%
294,180
– –
NNE
2
PUT
Nano Nuclear Energy
NNE
$837M
$35.8M 10.21%
929,600
-290,800
-24% -$10.3M
IBRX icon
3
ImmunityBio
IBRX
$7.3B
$16.2M 4.6%
+6,565,709
New +$16.9M
NNE
4
Nano Nuclear Energy
NNE
$837M
$14.1M 4.02%
365,867
-8,700
-2% -$309K
DFDV
5
DeFi Development Corp
DFDV
$81.9M
$8.98M 2.56%
+644,943
New +$10.7M
FGMC
6
DELISTED
FG Merger II Corp
FGMC
$7.89M 2.25%
790,000
– –
EMPD
7
Empery Digital
EMPD
$84.9M
$7.52M 2.14%
+1,000,000
New +$9.04M
JACS
8
Jackson Acquisition Co II
JACS
$317M
$7.27M 2.07%
700,000
– –
DMAA
9
Drugs Made In America Acquisition Corp
DMAA
$260M
$6.68M 1.9%
650,000
– –
ABSI icon
10
Absci
ABSI
$1.21B
$6.08M 1.73%
+2,000,440
New +$5.53M
MBAV
11
DELISTED
M3-Brigade Acquisition V Corp
MBAV
$5.28M 1.5%
+500,000
New +$5.34M
DMIIU
12
Drugs Made In America Acquisition II Corp Unit
DMIIU
$5.17M 1.47%
+519,400
New +$5.18M
KCHV
13
Kochav Defense Acquisition Corp
KCHV
$355M
$5.01M 1.43%
+500,000
New +$5.01M
CABA icon
14
Cabaletta Bio
CABA
$445M
$4.88M 1.39%
2,084,202
-1,059,904
-34% -$1.82M
NMPAU
15
NMP Acquisition Corp Units
NMPAU
$4.55M 1.3%
+450,000
New +$4.53M
GPAT
16
GP-Act III Acquisition Corp
GPAT
$392M
$4.46M 1.27%
421,175
-38,326
-8% -$405K
AVX
17
Avax One Technology Ltd
AVX
$22.8M
$4.22M 1.2%
+108,333
New +$5.35M
FERA
18
Fifth Era Acquisition Corp I
FERA
$326M
$3.56M 1.01%
350,000
– –
EMISU
19
DELISTED
Emmis Acquisition Corp Units
EMISU
$3.49M 1%
+350,000
New +$3.5M
FVN
20
Future Vision II Acquisition Corp
FVN
$67.1M
$3.4M 0.97%
325,000
– –
FSHP
21
Flag Ship Acquisition Corp
FSHP
$3.27M 0.93%
308,447
-5,553
-2% -$58.4K
COPL
22
Copley Acquisition Corp
COPL
$248M
$3.03M 0.86%
+300,000
New +$3.02M
BMEA icon
23
Biomea Fusion
BMEA
$90.4M
$2.9M 0.83%
1,437,646
-2,401,703
-63% -$4.4M
MBOT icon
24
Microbot Medical
MBOT
$113M
$2.69M 0.77%
+883,104
New +$2.75M
BRR
25
ProCap Financial Inc
BRR
$156M
$2.68M 0.76%
+264,561
New +$2.72M
1
2 3 4 5

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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 $24.7M 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 32% 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.