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KCM

Kingdon Capital Management Portfolio holdings

AUM $976M
1-Year Est. Return 66.76%
This Fund
S&P 500
This Quarter Est. Return
+8.9%
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
$841M
AUM Growth
+$35.5M
Cap. Flow
-$5.25M
Cap. Flow %
-0.62%
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 Miscellaneous 24.23%
2 Healthcare 21.74%
3 Technology 18.21%
4 Industrials 13.44%
5 Consumer Discretionary 5.25%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SLV icon
1
PUT
iShares Silver Trust
SLV
$32.3B
$54.8M 6.51%
+850,000
New +$42.6M
SNDX icon
2
Syndax Pharmaceuticals
SNDX
$1.74B
$49.4M 5.87%
2,350,000
-150,000
-6% -$2.62M
NVDA icon
3
NVIDIA
NVDA
$5.25T
$27M 3.21%
145,000
+27,500
+23% +$5.12M
KEYS icon
4
Keysight
KEYS
$54.5B
$26.4M 3.14%
+130,000
New +$24.1M
OLMA icon
5
Olema Pharmaceuticals
OLMA
$899M
$23.8M 2.83%
953,600
+99,600
+12% +$1.77M
NXE icon
6
NexGen Energy
NXE
$6.97B
$23M 2.73%
2,500,000
+322,163
+15% +$2.84M
WRBY icon
7
Warby Parker
WRBY
$3.09B
$23M 2.73%
1,053,644
+703,644
+201% +$15.3M
NVDA icon
8
PUT
NVIDIA
NVDA
$5.25T
$21.4M 2.55%
+115,000
New +$21.4M
CRH icon
9
CRH
CRH
$63.8B
$18.7M 2.23%
150,000
– –
SLNO
10
DELISTED
Soleno Therapeutics
SLNO
$18.5M 2.2%
399,900
+98,900
+33% +$5.42M
SMH icon
11
PUT
VanEck Semiconductor ETF
SMH
$65.6B
$18M 2.14%
50,000
-20,000
-29% -$7.02M
CART icon
12
Maplebear
CART
$11.7B
$17.5M 2.09%
390,000
-60,000
-13% -$2.46M
TAN icon
13
CALL
Invesco Solar ETF
TAN
$1.26B
$17.2M 2.04%
+350,000
New +$16.9M
ECG
14
Everus Construction Group
ECG
$5.91B
$17.1M 2.03%
200,000
– –
BAC icon
15
CALL
Bank of America
BAC
$436B
$16.5M 1.96%
+300,000
New +$15.9M
HWM icon
16
Howmet Aerospace
HWM
$106B
$16.4M 1.95%
80,000
+25,000
+45% +$4.98M
SRAD icon
17
Sportradar
SRAD
$3.83B
$16M 1.9%
674,000
+200,000
+42% +$4.81M
KKR icon
18
CALL
KKR & Co
KKR
$97.6B
$15.9M 1.89%
125,000
– –
TDY icon
19
Teledyne Technologies
TDY
$28.8B
$15.3M 1.82%
30,000
+15,000
+100% +$7.9M
AMD icon
20
Advanced Micro Devices
AMD
$760B
$15M 1.78%
+70,000
New +$15.7M
BABA icon
21
Alibaba
BABA
$296B
$14.7M 1.74%
+100,000
New +$16.3M
APG icon
22
APi Group
APG
$17.2B
$14.3M 1.71%
375,000
+50,000
+15% +$1.85M
FWONK icon
23
Liberty Media Series C
FWONK
$25.5B
$13.8M 1.64%
140,000
+60,000
+75% +$5.89M
WAY
24
Waystar Holding Corp
WAY
$5.03B
$13.6M 1.61%
+414,549
New +$14.8M
AMD icon
25
PUT
Advanced Micro Devices
AMD
$760B
$13.4M 1.59%
+62,500
New +$14M
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 Miscellaneous at 24% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.

  • 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.