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NCM

Nantahala Capital Management Portfolio holdings

AUM $2.72B
1-Year Est. Return 121.58%
This Fund
S&P 500
This Quarter Est. Return
-0.9%
1 Year Est. Return
+121.58%
3 Year Est. Return
+308.64%
5 Year Est. Return
+308.9%
10 Year Est. Return
+2,888.73%
AUM
$2.72B
AUM Growth
-$309M
Cap. Flow
-$128M
Cap. Flow %
-4.71%
Top 10 Hldgs %
40.44%
Holding
175
New
22
Increased
46
Reduced
28
Closed
23

Top Buys

Rank Stock Value
1
PTON icon
Peloton Interactive
PTON
+$29.6M
2
MLYS icon
Mineralys Therapeutics
MLYS
+$22.9M
3
CWH icon
Camping World
CWH
+$22.7M
4
VSTM icon
Verastem
VSTM
+$19.3M
5
TBBK icon
The Bancorp
TBBK
+$18.5M

Top Sells

Rank Stock Value
1
TNGX icon
Tango Therapeutics
TNGX
+$32.3M
2
EB
Eventbrite
EB
+$30.5M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$30.2M
4
RAPT
RAPT Therapeutics
RAPT
+$25.5M
5
GMED icon
Globus Medical
GMED
+$19.6M

Sector Composition

Rank Sector Weight
1 Healthcare 36%
2 Consumer Discretionary 9.68%
3 Financials 3.92%
4 Communication Services 2.8%
5 Industrials 1.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$80.3B
$508M 18.72%
2,050,000
-650,000
-24% -$168M
HLF icon
2
CALL
Herbalife
HLF
$1.26B
$82.4M 3.03%
5,600,000
-2,200,000
-28% -$35.9M
PTON icon
3
CALL
Peloton Interactive
PTON
$2.71B
$77M 2.83%
17,938,900
+11,438,900
+176% +$55.8M
TBBK icon
4
The Bancorp
TBBK
$2.81B
$74.2M 2.73%
1,380,456
+308,771
+29% +$18.5M
VTRS icon
5
CALL
Viatris
VTRS
$20.5B
$67.5M 2.49%
5,000,000
– –
EW icon
6
PUT
Edwards Lifesciences
EW
$47.8B
$64.1M 2.36%
800,000
-1,000,000
-56% -$82.4M
HGV icon
7
Hilton Grand Vacations
HGV
$3.98B
$59.2M 2.18%
1,513,656
-47,966
-3% -$2.15M
SLNO
8
DELISTED
Soleno Therapeutics
SLNO
$58.4M 2.15%
1,744,124
+430,122
+33% +$16.9M
BVS icon
9
Bioventus
BVS
$843M
$55.9M 2.06%
6,122,403
+75,000
+1% +$629K
PTON icon
10
Peloton Interactive
PTON
$2.71B
$51.5M 1.9%
12,000,000
+6,067,324
+102% +$29.6M
ESTA icon
11
Establishment Labs
ESTA
$2.71B
$47.3M 1.74%
832,956
-154,733
-16% -$10.6M
TEVA icon
12
CALL
Teva Pharmaceuticals
TEVA
$36.2B
$45.2M 1.66%
1,500,000
-1,000,000
-40% -$32.2M
QURE icon
13
CALL
uniQure
QURE
$2.63B
$42.5M 1.57%
+2,600,000
New +$52.6M
HGV icon
14
CALL
Hilton Grand Vacations
HGV
$3.98B
$42.1M 1.55%
1,075,000
– –
SVRA icon
15
Savara
SVRA
$1.11B
$40.1M 1.48%
7,344,783
– –
XBI icon
16
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.2B
$38.3M 1.41%
300,000
-100,000
-25% -$12.5M
XTNT icon
17
Xtant Medical Holdings
XTNT
$61.7M
$38.2M 1.41%
68,394,000
– –
GOGO icon
18
Gogo Inc
GOGO
$540M
$35.7M 1.31%
8,882,036
+2,089,387
+31% +$9.52M
AMRX icon
19
Amneal Pharmaceuticals
AMRX
$5.78B
$35.4M 1.3%
2,844,108
+396,592
+16% +$5.32M
REGN icon
20
CALL
Regeneron Pharmaceuticals
REGN
$69.9B
$30.9M 1.14%
40,000
– –
AVR
21
Anteris Technologies
AVR
$795M
$30.7M 1.13%
5,530,910
+3,000,000
+119% +$17.2M
ETON icon
22
Eton Pharmaceutcials
ETON
$1.16B
$29M 1.07%
1,175,951
– –
EOLS icon
23
Evolus
EOLS
$407M
$26.2M 0.96%
6,376,857
+556,208
+10% +$2.7M
TNGX icon
24
Tango Therapeutics
TNGX
$4.35B
$26.2M 0.96%
1,250,452
-2,322,181
-65% -$32.3M
LBRX
25
LB Pharmaceuticals
LBRX
$997M
$26M 0.96%
1,052,894
+377,894
+56% +$8.72M
1
2 3 4 5

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Nantahala Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Nantahala Capital Management held 175 positions worth $2.72B, down 10% from $3.02B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Nantahala Capital Management withdrew a net $128M in Q1 2026, closing 23 positions and reducing 28 holdings. Its most notable exit was Eventbrite, an estimated $30.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 36% of assets, up from 34% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in AgomAb Therapeutics NV worth $12.9M.

  • Nantahala Capital Management's largest Q1 2026 buy was AgomAb Therapeutics NV: 1,200,000 shares worth $12.9M.
  • Nantahala Capital Management added most to Peloton Interactive in Q1 2026, an estimated $29.6M increase.
  • Nantahala Capital Management's biggest Q1 2026 reduction was Tango Therapeutics, cutting an estimated $32.3M.
  • Nantahala Capital Management fully exited Eventbrite in Q1 2026, selling an estimated $30.5M.
  • Nantahala Capital Management's ten largest holdings make up 40% of its $2.72B portfolio in Q1 2026.
  • Nantahala Capital Management opened 22 new positions and closed 23 in Q1 2026.
  • Nantahala Capital Management's portfolio value fell 10% quarter-over-quarter to $2.72B.

Based on Nantahala Capital Management's 13F filing for Q1 2026, filed 15 May 2026.