Nantahala Capital Management Portfolio holdings
Nantahala Capital Management is an alternative investment firm that mainly buys micro-cap stocks and pairs them with short positions to keep little exposure to the stock market. Wil Harkey, a former Sagamore Hill Capital Management analyst, started the firm in 2004, and Dan Mack, a former Sagamore Hill portfolio manager, joined him in 2007; both are co-founders and manage its portfolios. It tries to act as a partner to the companies it owns, taking a long-term view in the style of a private equity investor. Its funds are privately placed, and its separate accounts can serve funds that invest in other funds, endowments and pension plans.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ultragenyx Pharmaceutical
RARE
|
+$56.2M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$23.5M |
| 3 |
Obsidian Therapeutics
OBX
|
+$23.4M |
| 4 |
Peloton Interactive
PTON
|
+$22M |
| 5 |
Research Alliance Corp III
RACC
|
+$18.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
IMAX
IMAX
|
+$24.6M |
| 2 |
uniQure
QURE
|
+$21M |
| 3 |
Eton Pharmaceutcials
ETON
|
+$15.2M |
| 4 |
Verastem
VSTM
|
+$12.1M |
| 5 |
Integer Holdings
ITGR
|
+$10.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 44.67% |
| 2 | Healthcare | 35.73% |
| 3 | Consumer Discretionary | 8.12% |
| 4 | Financials | 4.36% |
| 5 | Industrials | 1.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$77.1B
| $500M | 15.82% |
1,800,000
-200,000
| -10% | -$58.7M |
2013 Q2
53 quarters
|
|
2
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.2B
| $110M | 3.49% |
700,000
+300,000
| +75% | +$47.4M |
2023 Q3
12 quarters
|
|
3
CALL
Viatris
VTRS
$23.9B
| $88.6M | 2.8% |
5,000,000
| – | – |
2025 Q2
5 quarters
|
|
4
Bioventus
BVS
$730M
| $87.5M | 2.77% |
6,420,884
+420,605
| +7% | +$5.54M |
2022 Q3
16 quarters
|
|
|
5
CALL
Peloton Interactive
PTON
$2.54B
| $85.2M | 2.69% |
17,073,800
+634,900
| +4% | +$3.55M |
2021 Q2
21 quarters
|
|
6
The Bancorp
TBBK
$1.94B
| $70.6M | 2.23% |
1,465,277
+225,390
| +18% | +$14.2M |
2024 Q2
9 quarters
|
|
7
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.72B
| $69.4M | 2.2% |
+1,000,000
| New | +$74.8M |
2026 Q3
0 quarters
|
|
8
PUT
Edwards Lifesciences
EW
$61.6B
| $69.1M | 2.18% |
800,000
| – | – |
2025 Q3
4 quarters
|
|
9
CALL
Herbalife
HLF
$1.67B
| $52.2M | 1.65% |
4,304,800
-2,295,200
| -35% | -$28.2M |
2021 Q2
21 quarters
|
|
10
Evolus
EOLS
$461M
| $50M | 1.58% |
6,244,690
+642,669
| +11% | +$4.81M |
2023 Q3
12 quarters
|
|
|
11
Peloton Interactive
PTON
$2.54B
| $45.1M | 1.43% |
9,044,435
+3,935,440
| +77% | +$22M |
2021 Q4
19 quarters
|
|
|
12
Eton Pharmaceutcials
ETON
$1.84B
| $45.1M | 1.43% |
875,507
-300,444
| -26% | -$15.2M |
2024 Q2
9 quarters
|
|
13
Hilton Grand Vacations
HGV
$3.33B
| $44.2M | 1.4% |
1,276,542
+243,372
| +24% | +$10.8M |
2022 Q4
15 quarters
|
|
14
Amneal Pharmaceuticals
AMRX
$7.45B
| $42.6M | 1.35% |
2,115,749
-153,002
| -7% | -$2.76M |
2023 Q1
14 quarters
|
|
15
LB Pharmaceuticals
LBRX
$1.39B
| $41.2M | 1.3% |
1,074,374
+21,480
| +2% | +$888K |
2025 Q3
4 quarters
|
|
16
PUT
Praxis Precision Medicines
PRAX
$9.17B
| $40.9M | 1.29% |
140,300
+40,300
| +40% | +$13.3M |
2026 Q2
1 quarter
|
|
|
17
CALL
Hilton Grand Vacations
HGV
$3.33B
| $40.7M | 1.29% |
1,174,500
+99,500
| +9% | +$4.41M |
2025 Q1
6 quarters
|
|
|
18
CALL
Ultragenyx Pharmaceutical
RARE
$1.64B
| $37.6M | 1.19% |
+2,500,000
| New | +$60M |
2026 Q3
0 quarters
|
|
19
Savara
SVRA
$1.02B
| $36.8M | 1.16% |
7,137,159
+160,349
| +2% | +$886K |
2023 Q3
12 quarters
|
|
20
Fossil Group
FOSL
$499M
| $36.2M | 1.14% |
5,505,128
| – | – |
2023 Q2
13 quarters
|
|
|
21
Ultragenyx Pharmaceutical
RARE
$1.64B
| $35.2M | 1.11% |
+2,339,293
| New | +$56.2M |
2026 Q3
0 quarters
|
|
22
PUT
Defiance Quantum ETF
QTUM
$4.84B
| $33.8M | 1.07% |
223,000
| – | – |
2026 Q2
1 quarter
|
|
23
Avalo Therapeutics
AVTX
$449M
| $32.8M | 1.04% |
2,142,308
+280,058
| +15% | +$5.15M |
2025 Q1
6 quarters
|
|
24
MiMedx Group
MDXG
$468M
| $32.2M | 1.02% |
6,910,564
+2,143,012
| +45% | +$9.41M |
2025 Q3
4 quarters
|
|
25
CALL
Neurocrine Biosciences
NBIX
$16.9B
| $31.3M | 0.99% |
220,400
+20,400
| +10% | +$3.28M |
2026 Q2
1 quarter
|
|
Similar funds
Nantahala Capital Management's Q3 2026 Portfolio in Review
As of Q3 2026, Nantahala Capital Management held 186 positions worth $3.16B, up 4.9% from $3.01B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Nantahala Capital Management deployed $243M of net new capital in Q3 2026, opening 31 new positions and adding to 72 existing holdings. Its largest new stake was Ultragenyx Pharmaceutical: 2,339,293 shares worth $35.2M.
By sector, the portfolio is most concentrated in Miscellaneous at 45% of assets, down from 46% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was IMAX, an estimated $24.6M trimmed.
- Nantahala Capital Management's largest Q3 2026 buy was Ultragenyx Pharmaceutical: 2,339,293 shares worth $35.2M.
- Nantahala Capital Management added most to Peloton Interactive in Q3 2026, an estimated $22M increase.
- Nantahala Capital Management's biggest Q3 2026 reduction was IMAX, cutting an estimated $24.6M.
- Nantahala Capital Management fully exited uniQure in Q3 2026, selling an estimated $21M.
- Nantahala Capital Management's ten largest holdings make up 37% of its $3.16B portfolio in Q3 2026.
- Nantahala Capital Management opened 31 new positions and closed 17 in Q3 2026.
- Nantahala Capital Management's portfolio value rose 4.9% quarter-over-quarter to $3.16B.
Based on Nantahala Capital Management's 13F filing for Q3 2026, filed 13 Nov 2026.