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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
+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
Avg Time Held Equity + Options
0.6 years
Top 10 Avg Time Held Equity + Options
0.3 years
Top 20 Avg Time Held Equity + Options
0.4 years
Avg Time Held Equity only
0.7 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
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 icon
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 Held Since
SLV icon
1
PUT
iShares Silver Trust
SLV
$27.9B
$54.8M 6.51%
+850,000
New +$42.6M
2025 Q4
0 quarters
SNDX icon
2
Syndax Pharmaceuticals
SNDX
$1.22B
$49.4M 5.87%
2,350,000
-150,000
-6% -$2.62M
2023 Q4
8 quarters
NVDA icon
3
NVIDIA
NVDA
$5.25T
$27M 3.21%
145,000
+27,500
+23% +$5.12M
2025 Q1
3 quarters
KEYS icon
4
Keysight
KEYS
$58.2B
$26.4M 3.14%
+130,000
New +$24.1M
2025 Q4
0 quarters
OLMA icon
5
Olema Pharmaceuticals
OLMA
$601M
$23.8M 2.83%
953,600
+99,600
+12% +$1.77M
2025 Q3
1 quarter
NXE icon
6
NexGen Energy
NXE
$5.74B
$23M 2.73%
2,500,000
+322,163
+15% +$2.84M
2023 Q4
8 quarters
WRBY icon
7
Warby Parker
WRBY
$3.04B
$23M 2.73%
1,053,644
+703,644
+201% +$15.3M
2025 Q3
1 quarter
NVDA icon
8
PUT
NVIDIA
NVDA
$5.25T
$21.4M 2.55%
+115,000
New +$21.4M
2025 Q4
0 quarters
CRH icon
9
CRH
CRH
$54.8B
$18.7M 2.23%
150,000
– –
2024 Q1
7 quarters
SLNO icon
10
DELISTED
Soleno Therapeutics
SLNO
$18.5M 2.2%
399,900
+98,900
+33% +$5.42M
2025 Q3
1 quarter
SMH icon
11
PUT
VanEck Semiconductor ETF
SMH
$68.1B
$18M 2.14%
50,000
-20,000
-29% -$7.02M
2025 Q1
3 quarters
CART icon
12
Maplebear
CART
$12.1B
$17.5M 2.09%
390,000
-60,000
-13% -$2.46M
2024 Q4
4 quarters
TAN icon
13
CALL
Invesco Solar ETF
TAN
$876M
$17.2M 2.04%
+350,000
New +$16.9M
2025 Q4
0 quarters
ECG icon
14
Everus Construction Group
ECG
$5.7B
$17.1M 2.03%
200,000
– –
2024 Q4
4 quarters
BAC icon
15
CALL
Bank of America
BAC
$362B
$16.5M 1.96%
+300,000
New +$15.9M
2025 Q4
0 quarters
HWM icon
16
Howmet Aerospace
HWM
$87.6B
$16.4M 1.95%
80,000
+25,000
+45% +$4.98M
2025 Q3
1 quarter
SRAD icon
17
Sportradar
SRAD
$3.59B
$16M 1.9%
674,000
+200,000
+42% +$4.81M
2025 Q2
2 quarters
KKR icon
18
CALL
KKR & Co
KKR
$78.7B
$15.9M 1.89%
125,000
– –
2025 Q2
2 quarters
TDY icon
19
Teledyne Technologies
TDY
$28.7B
$15.3M 1.82%
30,000
+15,000
+100% +$7.9M
2025 Q3
1 quarter
AMD icon
20
Advanced Micro Devices
AMD
$918B
$15M 1.78%
+70,000
New +$15.7M
2025 Q4
0 quarters
BABA icon
21
Alibaba
BABA
$276B
$14.7M 1.74%
+100,000
New +$16.3M
2025 Q4
0 quarters
APG icon
22
APi Group
APG
$17.4B
$14.3M 1.71%
375,000
+50,000
+15% +$1.85M
2025 Q1
3 quarters
FWONK icon
23
Liberty Media Corporation Series C Common Stock
FWONK
$22.8B
$13.8M 1.64%
140,000
+60,000
+75% +$5.89M
2025 Q3
1 quarter
WAY icon
24
Waystar Holding Corp
WAY
$5.41B
$13.6M 1.61%
+414,549
New +$14.8M
2025 Q4
0 quarters
AMD icon
25
PUT
Advanced Micro Devices
AMD
$918B
$13.4M 1.59%
+62,500
New +$14M
2025 Q4
0 quarters
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.