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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
+12.66%
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
$806M
AUM Growth
+$63.2M
(+8.5%)
Cap. Flow
+$6.72M
Cap. Flow
% of AUM
0.83%
Top 10 Holdings %
Top 10 Hldgs %
31.19%
Holding
105
New
38
Increased
18
Reduced
11
Closed
28
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLNO
Soleno Therapeutics
SLNO
|
+$22.3M |
| 2 |
Molina Healthcare
MOH
|
+$20.3M |
| 3 |
Microsoft
MSFT
|
+$14M |
| 4 |
Edwards Lifesciences
EW
|
+$12.5M |
| 5 |
Meta Platforms (Facebook)
META
|
+$11.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SNDK
Sandisk
SNDK
|
+$16.8M |
| 2 |
Waste Management
WM
|
+$16M |
| 3 |
Toll Brothers
TOL
|
+$15.4M |
| 4 |
3M
MMM
|
+$15.2M |
| 5 |
Arthur J. Gallagher & Co
AJG
|
+$14.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 22.02% |
| 2 | Industrials | 17.09% |
| 3 | Technology | 16.15% |
| 4 | Consumer Discretionary | 5.45% |
| 5 | Financials | 3.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
CALL
MoonLake Immunotherapeutics
MLTX
$1.55B
| $359K | 0.04% |
+50,000
| New | +$2.61M |
|
77
Beyond Air
XAIR
$3.86M
| $108K | 0.01% |
2,342
| – | – |
|
78
CALL
C3.ai
AI
$1.59B
| – | – |
-130,000
| Closed | -$3.19M |
|
|
79
Arthur J. Gallagher & Co
AJG
$63.6B
| – | – |
-45,000
| Closed | -$14.4M |
|
80
CALL
Alight
ALIT
$407M
| – | – |
-37,500
| Closed | -$4.25M |
|
|
81
Alight
ALIT
$407M
| – | – |
-55,000
| Closed | -$6.23M |
|
82
Ameresco
AMRC
$1.36B
| – | – |
-200,000
| Closed | -$3.04M |
|
83
PUT
eBay
EBAY
$49.8B
| – | – |
-40,000
| Closed | -$2.98M |
|
84
PUT
Enphase Energy
ENPH
$5.53B
| – | – |
-150,000
| Closed | -$5.95M |
|
85
PUT
iShares MSCI Japan ETF
EWJ
$23B
| – | – |
-300,000
| Closed | -$22.5M |
|
86
CALL
First Solar
FSLR
$26.9B
| – | – |
-35,000
| Closed | -$5.79M |
|
87
IMAX
IMAX
$2.66B
| – | – |
-338,654
| Closed | -$9.47M |
|
88
PUT
iShares Russell 2000 ETF
IWM
$83B
| – | – |
-150,000
| Closed | -$32.4M |
|
89
JPMorgan Chase
JPM
$950B
| – | – |
-35,000
| Closed | -$10.1M |
|
90
CALL
State Street SPDR S&P Regional Banking ETF
KRE
$4.64B
| – | – |
-1,000,000
| Closed | -$59.4M |
|
|
91
3M
MMM
$94.3B
| – | – |
-100,000
| Closed | -$15.2M |
|
92
Match Group
MTCH
$8.55B
| – | – |
-180,000
| Closed | -$5.56M |
|
93
Okta
OKTA
$25.8B
| – | – |
-100,000
| Closed | -$10M |
|
94
Packaging Corp of America
PKG
$22.8B
| – | – |
-70,000
| Closed | -$13.2M |
|
95
RadNet
RDNT
$5.69B
| – | – |
-173,000
| Closed | -$9.85M |
|
|
SCPH
96
DELISTED
scPharmaceuticals
SCPH
| – | – |
-659,711
| Closed | -$2.51M |
|
97
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| – | – |
-40,000
| Closed | -$24.7M |
|
98
Tenet Healthcare
THC
$21.1B
| – | – |
-37,800
| Closed | -$6.65M |
|
|
99
Toll Brothers
TOL
$14.5B
| – | – |
-135,000
| Closed | -$15.4M |
|
100
PUT
Upstart Holdings
UPST
$3.03B
| – | – |
-200,000
| Closed | -$12.9M |
|
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Kingdon Capital Management's Q3 2025 Portfolio in Review
As of Q3 2025, Kingdon Capital Management held 105 positions worth $806M, up 8.5% from $743M the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Kingdon Capital Management's Q3 2025 filing shows 38 new, 18 increased, 11 reduced and 28 closed positions. Its largest new stake was Soleno Therapeutics: 301,000 shares worth $20.3M. The largest sale was Sandisk, an estimated $16.8M.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 12% a quarter earlier, followed by Industrials and Technology.
- Kingdon Capital Management's largest Q3 2025 buy was Soleno Therapeutics: 301,000 shares worth $20.3M.
- Kingdon Capital Management added most to Edwards Lifesciences in Q3 2025, an estimated $12.5M increase.
- Kingdon Capital Management's biggest Q3 2025 reduction was Wolverine World Wide, cutting an estimated $10.4M.
- Kingdon Capital Management fully exited Sandisk in Q3 2025, selling an estimated $16.8M.
- Kingdon Capital Management's ten largest holdings make up 31% of its $806M portfolio in Q3 2025.
- Kingdon Capital Management opened 38 new positions and closed 28 in Q3 2025.
- Kingdon Capital Management's portfolio value rose 8.5% quarter-over-quarter to $806M.
Based on Kingdon Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.