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KCM

Kingdon Capital Management Portfolio holdings

AUM $911M
1-Year Est. Return 51.11%
This Fund
S&P 500
This Quarter Est. Return
+8.9%
1 Year Est. Return
+51.11%
3 Year Est. Return
+185.44%
5 Year Est. Return
+284.29%
10 Year Est. Return
+2,022.7%
AUM
$841M
AUM Growth
+$35.5M
Cap. Flow
-$292K
Cap. Flow %
-0.03%
Top 10 Hldgs %
34.01%
Holding
103
New
26
Increased
16
Reduced
15
Closed
35

Top Buys

Rank Stock Value
1
KEYS icon
Keysight
KEYS
+$24.1M
2
BABA icon
Alibaba
BABA
+$16.3M
3
AMD icon
Advanced Micro Devices
AMD
+$15.7M
4
WRBY icon
Warby Parker
WRBY
+$15.3M
5
WAY
Waystar Holding Corp
WAY
+$14.8M

Top Sells

Rank Stock Value
1
MOH icon
Molina Healthcare
MOH
+$21.1M
2
EW icon
Edwards Lifesciences
EW
+$19.6M
3
HUM icon
Humana
HUM
+$18.4M
4
BLDR icon
Builders FirstSource
BLDR
+$18.2M
5
GMED icon
Globus Medical
GMED
+$14.8M

Sector Composition

Rank Sector Weight
1 Healthcare 21.74%
2 Technology 18.21%
3 Industrials 13.44%
4 Consumer Discretionary 5.25%
5 Consumer Staples 3.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HEI icon
26
HEICO Corp
HEI
$51.4B
$12.9M 1.54%
40,000
– –
TSM icon
27
TSMC
TSM
$2.18T
$12.2M 1.45%
40,000
-2,500
-6% -$734K
WWW icon
28
Wolverine World Wide
WWW
$1.55B
$11.9M 1.42%
657,500
+528,000
+408% +$10.7M
GOOGL icon
29
Alphabet (Google) Class A
GOOGL
$4.33T
$11.7M 1.4%
37,500
+7,500
+25% +$2.14M
TAP icon
30
Molson Coors Class B
TAP
$8.09B
$11.2M 1.33%
240,200
– –
RAL
31
Ralliant Corp
RAL
$7.46B
$11.2M 1.33%
220,000
– –
EWY icon
32
iShares MSCI South Korea ETF
EWY
$24.1B
$11.2M 1.33%
115,000
-20,000
-15% -$1.83M
WMT icon
33
Walmart Inc
WMT
$890B
$11.1M 1.32%
100,000
– –
BABA icon
34
PUT
Alibaba
BABA
$308B
$11M 1.31%
+75,000
New +$12.2M
UPST icon
35
CALL
Upstart Holdings
UPST
$3.03B
$10.9M 1.3%
+250,000
New +$11.5M
CARR icon
36
Carrier Global
CARR
$52.8B
$10.6M 1.26%
+200,000
New +$11.1M
LOAR icon
37
Loar Holdings
LOAR
$6.64B
$10.2M 1.21%
150,000
– –
ULS icon
38
UL Solutions
ULS
$15.8B
$9.86M 1.17%
125,000
– –
NXPI icon
39
NXP Semiconductors
NXPI
$60.4B
$9.77M 1.16%
45,000
-2,500
-5% -$536K
ALDX icon
40
Aldeyra Therapeutics
ALDX
$93.5M
$9.58M 1.14%
1,850,000
+518,209
+39% +$2.66M
AHR icon
41
American Healthcare REIT
AHR
$10.9B
$9.41M 1.12%
+200,000
New +$9.27M
WELL icon
42
Welltower
WELL
$171B
$9.28M 1.1%
50,000
-10,000
-17% -$1.87M
ICLR icon
43
Icon
ICLR
$12.7B
$9.22M 1.1%
+50,600
New +$9.01M
BAC icon
44
Bank of America
BAC
$442B
$9.07M 1.08%
+165,000
New +$8.72M
HCI icon
45
HCI Group
HCI
$2.41B
$8.63M 1.03%
45,000
+2,500
+6% +$471K
ILMN icon
46
Illumina
ILMN
$28.4B
$8.22M 0.98%
+62,700
New +$7.36M
RDNT icon
47
RadNet
RDNT
$5.69B
$7.85M 0.93%
+110,000
New +$8.49M
AXON
48
Axon Enterprise
AXON
$46.4B
$7.67M 0.91%
13,500
+3,500
+35% +$2.17M
EWY icon
49
PUT
iShares MSCI South Korea ETF
EWY
$24.1B
$7.29M 0.87%
75,000
-115,000
-61% -$10.5M
ALC icon
50
Alcon
ALC
$35B
$6.97M 0.83%
88,480
+30,980
+54% +$2.39M
1
2
3 4 5

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Kingdon Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Kingdon Capital Management held 103 positions worth $841M, up 4.4% from $806M the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Kingdon Capital Management's Q4 2025 filing shows 26 new, 16 increased, 15 reduced and 35 closed positions. Its largest new stake was Keysight: 130,000 shares worth $26.4M. The largest sale was Molina Healthcare, an estimated $21.1M.

By sector, the portfolio is most concentrated in Healthcare at 22% of assets, down from 22% a quarter earlier, followed by Technology and Industrials.

  • Kingdon Capital Management's largest Q4 2025 buy was Keysight: 130,000 shares worth $26.4M.
  • Kingdon Capital Management added most to Warby Parker in Q4 2025, an estimated $15.3M increase.
  • Kingdon Capital Management's biggest Q4 2025 reduction was Curtiss-Wright, cutting an estimated $5.86M.
  • Kingdon Capital Management fully exited Molina Healthcare in Q4 2025, selling an estimated $21.1M.
  • Kingdon Capital Management's ten largest holdings make up 34% of its $841M portfolio in Q4 2025.
  • Kingdon Capital Management opened 26 new positions and closed 35 in Q4 2025.
  • Kingdon Capital Management's portfolio value rose 4.4% quarter-over-quarter to $841M.

Based on Kingdon Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.