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KCM

Kingdon Capital Management Portfolio holdings

AUM $976M Turnover 59%
1-Year Est. Return 66.76%
This Fund
S&P 500
This Quarter Est. Return
-3.83%
1 Year Est. Return
+66.76%
3 Year Est. Return
+217.15%
5 Year Est. Return
+352.97%
10 Year Est. Return
+2,412.55%
AUM
$945M
AUM Growth
+$243M
Cap. Flow
-$55.3M
Cap. Flow %
-5.85%
Top 10 Hldgs %
56.11%
Holding
100
New
30
Increased
17
Reduced
14
Closed
33
Avg Time Held Equity + Options
0.9 years
Top 10 Avg Time Held Equity + Options
0.2 years
Top 20 Avg Time Held Equity + Options
0.4 years
Avg Time Held Equity only
1.1 years
Top 10 Avg Time Held Equity only
0.5 years
Top 20 Avg Time Held Equity only
0.5 years

Top Buys

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$19M
2
ACHC icon
Acadia Healthcare
ACHC
+$16.1M
3
GMED icon
Globus Medical
GMED
+$12.5M
4
HUM icon
Humana
HUM
+$11.3M
5
PKG icon
Packaging Corp of America
PKG
+$10.7M

Top Sells

Rank Stock Value
1
PRAX icon
Praxis Precision Medicines
PRAX
+$23.3M
2
ONON icon
On Holding
ONON
+$16.4M
3
CRL icon
Charles River Laboratories
CRL
+$14M
4
SAIA icon
Saia
SAIA
+$13.7M
5
BOOT icon
Boot Barn
BOOT
+$12.7M

Sector Composition

Rank Sector Weight
1 Miscellaneous 48.91%
2 Healthcare 17.26%
3 Industrials 9.19%
4 Consumer Discretionary 7.98%
5 Technology 5.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$815B
$308M 32.56%
550,000
+525,000
+2,100% +$309M
2024 Q3
2 quarters
QQQ icon
2
PUT
Invesco QQQ Trust
QQQ
$487B
$65.6M 6.94%
+139,900
New +$71.1M
2025 Q1
0 quarters
SNDX icon
3
Syndax Pharmaceuticals
SNDX
$1.22B
$24.6M 2.6%
2,000,000
– –
2023 Q4
5 quarters
XRT icon
4
PUT
State Street SPDR S&P Retail ETF
XRT
$404M
$23.8M 2.52%
+345,000
New +$26.1M
2025 Q1
0 quarters
IP icon
5
International Paper
IP
$18.1B
$19.7M 2.09%
370,000
+95,000
+35% +$5.2M
2024 Q2
3 quarters
CRH icon
6
CRH
CRH
$54.8B
$19.4M 2.05%
220,000
+35,000
+19% +$3.44M
2024 Q1
4 quarters
THC icon
7
Tenet Healthcare
THC
$22.2B
$19.2M 2.03%
142,500
-9,200
-6% -$1.21M
2023 Q4
5 quarters
MMM icon
8
3M
MMM
$85.3B
$17.6M 1.87%
120,000
+5,000
+4% +$735K
2024 Q1
4 quarters
INSM icon
9
Insmed
INSM
$21.7B
$16.4M 1.74%
215,000
-10,000
-4% -$765K
2023 Q4
5 quarters
NVDA icon
10
NVIDIA
NVDA
$5.25T
$16.3M 1.72%
+150,000
New +$19M
2025 Q1
0 quarters
TAP icon
11
Molson Coors Class B
TAP
$7.28B
$14.6M 1.55%
240,200
-48,000
-17% -$2.76M
2023 Q1
8 quarters
ALNY icon
12
PUT
Alnylam Pharmaceuticals
ALNY
$31.3B
$13.5M 1.43%
+50,000
New +$12.8M
2025 Q1
0 quarters
SMH icon
13
PUT
VanEck Semiconductor ETF
SMH
$68.1B
$13.3M 1.41%
+63,000
New +$15.1M
2025 Q1
0 quarters
CART icon
14
Maplebear
CART
$12.1B
$13.2M 1.39%
330,000
+10,000
+3% +$444K
2024 Q4
1 quarter
ACHC icon
15
Acadia Healthcare
ACHC
$2.89B
$12.8M 1.36%
+422,800
New +$16.1M
2025 Q1
0 quarters
PPL icon
16
PPL Corp
PPL
$25.9B
$12.6M 1.34%
350,000
+85,000
+32% +$2.88M
2024 Q4
1 quarter
HOOD icon
17
CALL
Robinhood
HOOD
$93.5B
$12.5M 1.32%
+300,000
New +$14.3M
2025 Q1
0 quarters
HEI icon
18
HEICO Corp
HEI
$43.1B
$12M 1.27%
45,000
-15,000
-25% -$3.65M
2023 Q1
8 quarters
IMAX icon
19
IMAX
IMAX
$2.83B
$11.8M 1.25%
449,500
-50,500
-10% -$1.26M
2024 Q3
2 quarters
WM icon
20
Waste Management
WM
$89.6B
$11.6M 1.23%
50,000
+5,000
+11% +$1.11M
2024 Q2
3 quarters
HAS icon
21
Hasbro
HAS
$13.9B
$11.1M 1.18%
181,000
-39,000
-18% -$2.36M
2023 Q1
8 quarters
GMED icon
22
Globus Medical
GMED
$10.6B
$11.1M 1.17%
+151,300
New +$12.5M
2025 Q1
0 quarters
HUM icon
23
Humana
HUM
$51.9B
$11.1M 1.17%
+41,792
New +$11.3M
2025 Q1
0 quarters
MTCH icon
24
Match Group
MTCH
$10.1B
$10.9M 1.16%
350,000
+70,000
+25% +$2.29M
2024 Q4
1 quarter
UNH icon
25
UnitedHealth
UNH
$365B
$10.6M 1.12%
+20,262
New +$10.4M
2025 Q1
0 quarters
1
2 3 4

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Kingdon Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Kingdon Capital Management held 100 positions worth $945M, up 35% from $702M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Kingdon Capital Management withdrew a net $55.3M in Q1 2025, closing 33 positions and reducing 14 holdings. Its most notable exit was Praxis Precision Medicines, an estimated $23.3M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 49% of assets, up from 17% a quarter earlier, followed by Healthcare and Industrials.

Against the trend, Kingdon Capital Management opened a new position in NVIDIA worth $16.3M.

  • Kingdon Capital Management's largest Q1 2025 buy was NVIDIA: 150,000 shares worth $16.3M.
  • Kingdon Capital Management added most to International Paper in Q1 2025, an estimated $5.2M increase.
  • Kingdon Capital Management's biggest Q1 2025 reduction was Tandem Diabetes Care, cutting an estimated $8.64M.
  • Kingdon Capital Management fully exited Praxis Precision Medicines in Q1 2025, selling an estimated $23.3M.
  • Kingdon Capital Management's ten largest holdings make up 56% of its $945M portfolio in Q1 2025.
  • Kingdon Capital Management opened 30 new positions and closed 33 in Q1 2025.
  • Kingdon Capital Management's portfolio value rose 35% quarter-over-quarter to $945M.

Based on Kingdon Capital Management's 13F filing for Q1 2025, filed 15 May 2025.