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NCM

Nantahala Capital Management Portfolio holdings

AUM $3.01B
1-Year Est. Return 119.46%
This Fund
S&P 500
This Quarter Est. Return
+19.85%
1 Year Est. Return
+119.46%
3 Year Est. Return
+340.9%
5 Year Est. Return
+347.01%
10 Year Est. Return
+3,143.27%
AUM
$3.01B
AUM Growth
+$299M
Cap. Flow
-$137M
Cap. Flow %
-4.54%
Top 10 Hldgs %
41.28%
Holding
178
New
26
Increased
27
Reduced
43
Closed
23

Top Buys

Rank Stock Value
1
ADMA icon
ADMA Biologics
ADMA
+$21.5M
2
ADCT icon
ADC Therapeutics
ADCT
+$19.6M
3
PLNT icon
Planet Fitness
PLNT
+$16.4M
4
FULC icon
Fulcrum Therapeutics
FULC
+$14.8M
5
IVA
Inventiva
IVA
+$12.9M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$58.4M
2
PTON icon
Peloton Interactive
PTON
+$37.2M
3
ESTA icon
Establishment Labs
ESTA
+$35.7M
4
HGV icon
Hilton Grand Vacations
HGV
+$23.2M
5
TNGX icon
Tango Therapeutics
TNGX
+$18.5M

Sector Composition

Rank Sector Weight
1 Miscellaneous 45.89%
2 Healthcare 33.86%
3 Consumer Discretionary 8.42%
4 Financials 4.15%
5 Communication Services 2.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.1B
$601M 19.93%
2,000,000
-50,000
-2% -$14.1M
PTON icon
2
CALL
Peloton Interactive
PTON
$2.17B
$97.2M 3.22%
16,438,900
-1,500,000
-8% -$8.09M
HLF icon
3
CALL
Herbalife
HLF
$1.29B
$86.8M 2.88%
6,600,000
+1,000,000
+18% +$13.8M
VTRS icon
4
CALL
Viatris
VTRS
$19.1B
$79.4M 2.63%
5,000,000
– –
TBBK icon
5
The Bancorp
TBBK
$2.08B
$77.7M 2.58%
1,239,887
-140,569
-10% -$8.05M
EW icon
6
PUT
Edwards Lifesciences
EW
$50.3B
$72.4M 2.4%
800,000
– –
XBI icon
7
PUT
State Street SPDR S&P Biotech ETF
XBI
$11.1B
$63.3M 2.1%
400,000
+100,000
+33% +$13.5M
BVS icon
8
Bioventus
BVS
$912M
$56.6M 1.88%
6,000,279
-122,124
-2% -$1.17M
HGV icon
9
CALL
Hilton Grand Vacations
HGV
$3.04B
$56.3M 1.87%
1,075,000
– –
HGV icon
10
Hilton Grand Vacations
HGV
$3.04B
$54.1M 1.79%
1,033,170
-480,486
-32% -$23.2M
SVRA icon
11
Savara
SVRA
$1.1B
$43M 1.43%
6,976,810
-367,973
-5% -$1.97M
ETON icon
12
Eton Pharmaceutcials
ETON
$1.7B
$42.6M 1.41%
1,175,951
– –
AMRX icon
13
Amneal Pharmaceuticals
AMRX
$5.95B
$39.3M 1.3%
2,268,751
-575,357
-20% -$7.88M
EOLS icon
14
Evolus
EOLS
$535M
$38.9M 1.29%
5,602,021
-774,836
-12% -$4.57M
QTUM icon
15
PUT
Defiance Quantum ETF
QTUM
$5.52B
$36.9M 1.22%
+223,000
New +$32.1M
QURE icon
16
CALL
uniQure
QURE
$3.09B
$36.8M 1.22%
800,000
-1,800,000
-69% -$47.1M
AVTX icon
17
Avalo Therapeutics
AVTX
$957M
$34.4M 1.14%
1,862,250
+627,250
+51% +$9.92M
LBRX
18
LB Pharmaceuticals
LBRX
$1.54B
$34.2M 1.13%
1,052,894
– –
NBIX icon
19
CALL
Neurocrine Biosciences
NBIX
$16.2B
$33.7M 1.12%
+200,000
New +$29.7M
PRAX icon
20
PUT
Praxis Precision Medicines
PRAX
$9.62B
$33.5M 1.11%
+100,000
New +$31.7M
AVR
21
Anteris Technologies
AVR
$821M
$33.3M 1.11%
3,383,335
-2,147,575
-39% -$16.3M
ABEO icon
22
Abeona Therapeutics
ABEO
$320M
$31.7M 1.05%
5,136,490
+123,438
+2% +$678K
KRYS icon
23
PUT
Krystal Biotech
KRYS
$10.4B
$31.6M 1.05%
+85,000
New +$25.4M
PTON icon
24
Peloton Interactive
PTON
$2.17B
$30.2M 1%
5,108,995
-6,891,005
-57% -$37.2M
ESTA icon
25
Establishment Labs
ESTA
$2.17B
$28.8M 0.96%
335,830
-497,126
-60% -$35.7M
1
2 3 4 5

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Nantahala Capital Management's Q2 2026 Portfolio in Review

As of Q2 2026, Nantahala Capital Management held 178 positions worth $3.01B, up 11% from $2.72B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Nantahala Capital Management withdrew a net $137M in Q2 2026, closing 23 positions and reducing 43 holdings. Its most notable exit was Soleno Therapeutics, an estimated $58.4M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 46% of assets, up from 42% a quarter earlier, followed by Healthcare and Consumer Discretionary.

Against the trend, Nantahala Capital Management opened a new position in ADMA Biologics worth $19.8M.

  • Nantahala Capital Management's largest Q2 2026 buy was ADMA Biologics: 2,359,993 shares worth $19.8M.
  • Nantahala Capital Management added most to ADC Therapeutics in Q2 2026, an estimated $19.6M increase.
  • Nantahala Capital Management's biggest Q2 2026 reduction was Peloton Interactive, cutting an estimated $37.2M.
  • Nantahala Capital Management fully exited Soleno Therapeutics in Q2 2026, selling an estimated $58.4M.
  • Nantahala Capital Management's ten largest holdings make up 41% of its $3.01B portfolio in Q2 2026.
  • Nantahala Capital Management opened 26 new positions and closed 23 in Q2 2026.
  • Nantahala Capital Management's portfolio value rose 11% quarter-over-quarter to $3.01B.

Based on Nantahala Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.