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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
-3.5%
1 Year Est. Return
+7.93%
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
MBAV
M3-Brigade Acquisition V Corp
MBAV
+$5.28M
5
CABA icon
Cabaletta Bio
CABA
+$4.88M

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
FLUT icon
1
Flutter Entertainment
FLUT
$18.9B
$63.3M 22.69%
294,180
– –
NNE
2
PUT
Nano Nuclear Energy
NNE
$837M
$14.6M 5.24%
608,500
-321,100
-35% -$12.3M
FGMC
3
DELISTED
FG Merger II Corp
FGMC
$7.93M 2.84%
790,000
– –
JACS
4
Jackson Acquisition Co II
JACS
$317M
$7.29M 2.62%
700,000
– –
DMAA
5
Drugs Made In America Acquisition Corp
DMAA
$260M
$6.74M 2.42%
650,000
– –
DMIIU
6
Drugs Made In America Acquisition II Corp Unit
DMIIU
$5.19M 1.86%
519,400
– –
CCXIU
7
Churchill Capital Corp XI Units
CCXIU
$461M
$5.09M 1.83%
+499,000
New +$5.1M
KCHV
8
Kochav Defense Acquisition Corp
KCHV
$355M
$5.07M 1.82%
500,000
– –
IRHOU
9
Iron Horse Acquisitions II Corp Units
IRHOU
$4.67M 1.68%
+470,000
New +$4.68M
EMPD
10
Empery Digital
EMPD
$84.9M
$4.57M 1.64%
1,000,000
– –
NMP
11
NMP Acquisition Corp
NMP
$164M
$4.51M 1.62%
+450,000
New +$4.5M
GPAT
12
GP-Act III Acquisition Corp
GPAT
$392M
$4.45M 1.6%
416,096
-5,079
-1% -$54.1K
ABSI icon
13
Absci
ABSI
$1.21B
$3.72M 1.33%
1,065,640
-934,800
-47% -$3.41M
FERA
14
Fifth Era Acquisition Corp I
FERA
$326M
$3.59M 1.29%
350,000
– –
NYXH
15
Nyxoah
NYXH
$143M
$3.58M 1.28%
+777,188
New +$4M
EMIS
16
Emmis Acquisition Corp
EMIS
$161M
$3.48M 1.25%
+350,000
New +$3.49M
TWLVU
17
Twelve Seas Investment Company III Units
TWLVU
$3.48M 1.25%
+350,000
New +$3.49M
FVN
18
Future Vision II Acquisition Corp
FVN
$67.1M
$3.44M 1.23%
325,000
– –
FSHP
19
Flag Ship Acquisition Corp
FSHP
$3.3M 1.18%
306,569
-1,878
-0.6% -$20.1K
CBIO
20
Crescent Biopharma
CBIO
$608M
$3.13M 1.12%
+264,000
New +$3.36M
COPL
21
Copley Acquisition Corp
COPL
$248M
$3.08M 1.1%
300,000
– –
AIIA.U
22
AI Infrastructure Acquisition Corp Units
AIIA.U
$3.05M 1.1%
+300,000
New +$3.04M
VACH
23
DELISTED
Voyager Acquisition Corp
VACH
$2.67M 0.96%
250,000
– –
PLMK
24
Plum Acquisition Corp IV
PLMK
$257M
$2.61M 0.94%
250,000
– –
KYTX icon
25
Kyverna Therapeutics
KYTX
$455M
$2.56M 0.92%
+271,822
New +$2.02M
1
2 3 4 5

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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 32% 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.