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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
+16.98%
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
$743M
AUM Growth
-$202M
Cap. Flow
-$285M
Cap. Flow %
-38.37%
Top 10 Hldgs %
34.84%
Holding
92
New
25
Increased
15
Reduced
20
Closed
25

Top Buys

Rank Stock Value
1
AJG icon
Arthur J. Gallagher & Co
AJG
+$14.8M
2
BLDR icon
Builders FirstSource
BLDR
+$14.8M
3
SNDK
Sandisk
SNDK
+$14.2M
4
TOL icon
Toll Brothers
TOL
+$14M
5
EWY icon
iShares MSCI South Korea ETF
EWY
+$12M

Top Sells

Rank Stock Value
1
IP icon
International Paper
IP
+$19.7M
2
INSM icon
Insmed
INSM
+$16.4M
3
THC icon
Tenet Healthcare
THC
+$15.8M
4
ACHC icon
Acadia Healthcare
ACHC
+$12.8M
5
PPL
PPL Corp
PPL
+$12.6M

Sector Composition

Rank Sector Weight
1 Industrials 19.29%
2 Technology 13.7%
3 Healthcare 12.13%
4 Consumer Discretionary 7.08%
5 Financials 4.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FSLR icon
51
CALL
First Solar
FSLR
$26.2B
$5.79M 0.78%
+35,000
New +$5.17M
MTCH icon
52
Match Group
MTCH
$8.4B
$5.56M 0.75%
180,000
-170,000
-49% -$5.08M
HCI icon
53
HCI Group
HCI
$2.31B
$5.33M 0.72%
35,000
+8,999
+35% +$1.38M
ALDX icon
54
Aldeyra Therapeutics
ALDX
$95.9M
$5.1M 0.69%
1,331,791
+552,791
+71% +$1.43M
ALIT icon
55
CALL
Alight
ALIT
$420M
$4.25M 0.57%
+37,500
New +$4.02M
ZVRA icon
56
Zevra Therapeutics
ZVRA
$705M
$3.96M 0.53%
+450,000
New +$3.65M
JSPR icon
57
Jasper Therapeutics
JSPR
$21.5M
$3.8M 0.51%
684,707
+194,707
+40% +$959K
NVNO
58
enVVeno Medical
NVNO
$6.78M
$3.43M 0.46%
24,550
– –
AI icon
59
CALL
C3.ai
AI
$1.53B
$3.19M 0.43%
+130,000
New +$2.97M
AMRC icon
60
Ameresco
AMRC
$1.36B
$3.04M 0.41%
+200,000
New +$2.62M
EBAY icon
61
PUT
eBay
EBAY
$48.9B
$2.98M 0.4%
+40,000
New +$2.83M
GEG icon
62
Great Elm Group
GEG
$69.9M
$2.63M 0.35%
1,268,907
– –
SCPH
63
DELISTED
scPharmaceuticals
SCPH
$2.51M 0.34%
659,711
-340,289
-34% -$1.06M
SCYX icon
64
SCYNEXIS
SCYX
$51.6M
$1.51M 0.2%
279,631
– –
NB
65
NioCorp Developments
NB
$737M
$733K 0.1%
314,465
– –
XFOR icon
66
X4 Pharmaceuticals
XFOR
$393M
$443K 0.06%
233,332
-1
-0% -$4
XAIR icon
67
Beyond Air
XAIR
$4.01M
$161K 0.02%
2,342
– –
ACHC icon
68
Acadia Healthcare
ACHC
$2.86B
– –
-422,800
Closed -$12.8M
AL
69
DELISTED
Air Lease Corp
AL
– –
-70,000
Closed -$3.38M
ALNY icon
70
PUT
Alnylam Pharmaceuticals
ALNY
$28.9B
– –
-50,000
Closed -$13.5M
BABA icon
71
Alibaba
BABA
$304B
– –
-62,000
Closed -$8.2M
CFLT
72
CALL
DELISTED
Confluent
CFLT
– –
-77,000
Closed -$1.8M
CVNA icon
73
CALL
Carvana
CVNA
$75.1B
– –
-150,000
Closed -$6.27M
GEHC icon
74
GE HealthCare
GEHC
$31.8B
– –
-97,500
Closed -$7.87M
GKOS icon
75
Glaukos
GKOS
$10.1B
– –
-74,400
Closed -$7.32M
1 2
3
4

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Kingdon Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Kingdon Capital Management held 92 positions worth $743M, down 21% from $945M the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Kingdon Capital Management withdrew a net $285M in Q2 2025, closing 25 positions and reducing 20 holdings. Its most notable exit was International Paper, an estimated $19.7M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 19% of assets, up from 9.2% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Kingdon Capital Management opened a new position in Arthur J. Gallagher & Co worth $14.4M.

  • Kingdon Capital Management's largest Q2 2025 buy was Arthur J. Gallagher & Co: 45,000 shares worth $14.4M.
  • Kingdon Capital Management added most to Humana in Q2 2025, an estimated $5.69M increase.
  • Kingdon Capital Management's biggest Q2 2025 reduction was Tenet Healthcare, cutting an estimated $15.8M.
  • Kingdon Capital Management fully exited International Paper in Q2 2025, selling an estimated $19.7M.
  • Kingdon Capital Management's ten largest holdings make up 35% of its $743M portfolio in Q2 2025.
  • Kingdon Capital Management opened 25 new positions and closed 25 in Q2 2025.
  • Kingdon Capital Management's portfolio value fell 21% quarter-over-quarter to $743M.

Based on Kingdon Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.