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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
KRE icon
1
CALL
State Street SPDR S&P Regional Banking ETF
KRE
$4.55B
$59.4M 8%
+1,000,000
New +$55.7M
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$80.4B
$32.4M 4.36%
+150,000
New +$30.2M
KKR icon
3
CALL
KKR & Co
KKR
$92.2B
$26.6M 3.58%
+200,000
New +$23.4M
SPY icon
4
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$783B
$24.7M 3.33%
40,000
-510,000
-93% -$292M
EWJ icon
5
PUT
iShares MSCI Japan ETF
EWJ
$21.3B
$22.5M 3.03%
+300,000
New +$21.3M
NVDA icon
6
NVIDIA
NVDA
$4.77T
$21.6M 2.9%
136,500
-13,500
-9% -$1.7M
SNDX icon
7
Syndax Pharmaceuticals
SNDX
$1.74B
$19.7M 2.65%
2,100,000
+100,000
+5% +$1.1M
CRH icon
8
CRH
CRH
$69.1B
$18.4M 2.47%
200,000
-20,000
-9% -$1.82M
SNDK
9
Sandisk
SNDK
$162B
$16.8M 2.26%
+370,000
New +$14.2M
SMH icon
10
PUT
VanEck Semiconductor ETF
SMH
$63.8B
$16.7M 2.25%
60,000
-3,000
-5% -$696K
WM icon
11
Waste Management
WM
$96.1B
$16M 2.16%
70,000
+20,000
+40% +$4.64M
HUM icon
12
Humana
HUM
$46.7B
$15.8M 2.13%
64,600
+22,808
+55% +$5.69M
TOL icon
13
Toll Brothers
TOL
$14.5B
$15.4M 2.08%
+135,000
New +$14M
MMM icon
14
3M
MMM
$94.1B
$15.2M 2.05%
100,000
-20,000
-17% -$2.86M
BLDR icon
15
Builders FirstSource
BLDR
$7.93B
$15M 2.02%
+128,500
New +$14.8M
CART icon
16
Maplebear
CART
$10.7B
$14.5M 1.95%
320,000
-10,000
-3% -$435K
AJG icon
17
Arthur J. Gallagher & Co
AJG
$68.2B
$14.4M 1.94%
+45,000
New +$14.8M
EWY icon
18
iShares MSCI South Korea ETF
EWY
$21.1B
$14.4M 1.93%
+200,000
New +$12M
NXE icon
19
NexGen Energy
NXE
$6.08B
$13.7M 1.85%
1,977,837
+100,000
+5% +$565K
PKG icon
20
Packaging Corp of America
PKG
$22.6B
$13.2M 1.78%
70,000
+20,000
+40% +$3.78M
HEI icon
21
HEICO Corp
HEI
$50.8B
$13.1M 1.77%
40,000
-5,000
-11% -$1.38M
UPST icon
22
PUT
Upstart Holdings
UPST
$2.66B
$12.9M 1.74%
+200,000
New +$9.81M
ECG
23
Everus Construction Group
ECG
$5.98B
$12.7M 1.71%
200,000
-50,000
-20% -$2.53M
LOAR icon
24
Loar Holdings
LOAR
$6.7B
$12.5M 1.68%
145,000
+45,000
+45% +$3.89M
FLEX icon
25
Flex
FLEX
$41.5B
$12M 1.61%
240,000
-30,000
-11% -$1.17M
1
2 3 4

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GC
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ICP
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NAM
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SAA
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GIG
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SI
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PAMI
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BDP
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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.