Kingdon Capital Management’s VanEck Semiconductor ETF SMH Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$13.4M	Sell	35,000 -15,000	-30%	-$5.96M	1.47%	17
2025 Q4	$18M	Sell	50,000 -20,000	-29%	-$7.02M	2.14%	11
2025 Q3	$22.8M	Buy	70,000 +10,000	+17%	+$2.96M	2.84%	3
2025 Q2	$16.7M	Sell	60,000 -3,000	-5%	-$696K	2.25%	10
2025 Q1	$13.3M	Buy	+63,000	New	+$15.1M	1.41%	13
2024 Q3	–	Sell	-65,000	Closed	-$16.9M	–	105
2024 Q2	$16.9M	Sell	65,000 -20,500	-24%	-$4.81M	1.82%	16
2024 Q1	$19.2M	Buy	+85,500	New	+$17.2M	2.1%	11
2018 Q2	–	Sell	-450,000	Closed	-$23.5M	–	136
2018 Q1	$23.5M	Sell	450,000 -185,000	-29%	-$9.74M	1.85%	10
2017 Q4	$31M	Buy	+635,000	New	+$31.7M	2%	11