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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
XTNT icon
26
Xtant Medical Holdings
XTNT
$46.5M
$28.8M 0.96%
68,394,000
– –
JACK icon
27
Jack in the Box
JACK
$276M
$27.3M 0.91%
1,728,659
+185,944
+12% +$2.29M
GOGO icon
28
Gogo Inc
GOGO
$354M
$27M 0.89%
8,697,731
-184,305
-2% -$751K
IMAX icon
29
IMAX
IMAX
$2.82B
$26.2M 0.87%
658,009
+142,455
+28% +$5.46M
ZVRA icon
30
Zevra Therapeutics
ZVRA
$723M
$25.8M 0.85%
1,797,476
-724,460
-29% -$8.05M
REGN icon
31
CALL
Regeneron Pharmaceuticals
REGN
$81.5B
$24.9M 0.83%
40,000
– –
TITN icon
32
Titan Machinery
TITN
$560M
$23.9M 0.79%
1,133,088
-121,432
-10% -$2.49M
RMR icon
33
The RMR Group
RMR
$328M
$23.6M 0.78%
1,147,902
– –
FOSL icon
34
Fossil Group
FOSL
$275M
$22.8M 0.76%
5,505,128
+101,104
+2% +$453K
FOXF icon
35
Fox Factory Holding Corp
FOXF
$830M
$22.2M 0.74%
1,310,695
-177,605
-12% -$3.09M
MLYS icon
36
Mineralys Therapeutics
MLYS
$2.61B
$22.1M 0.73%
820,481
-75,000
-8% -$2.06M
RDNW
37
RideNow Group
RDNW
$220M
$21.8M 0.72%
3,272,845
– –
SNAP icon
38
CALL
Snap
SNAP
$9.52B
$21.3M 0.71%
+4,800,000
New +$26.3M
QURE icon
39
uniQure
QURE
$3.11B
$21M 0.7%
455,660
+218,582
+92% +$5.72M
AURA icon
40
Aura Biosciences
AURA
$721M
$21M 0.69%
2,951,030
+833,333
+39% +$5.96M
AGMB
41
AgomAb Therapeutics NV
AGMB
$688M
$20.4M 0.68%
1,568,188
+368,188
+31% +$4.14M
FULC icon
42
Fulcrum Therapeutics
FULC
$292M
$20M 0.66%
5,475,040
+2,425,000
+80% +$14.8M
BNTC icon
43
Benitec Biopharma
BNTC
$420M
$19.9M 0.66%
1,488,371
+50,000
+3% +$593K
ADMA icon
44
ADMA Biologics
ADMA
$2.1B
$19.8M 0.66%
+2,359,993
New +$21.5M
CWH icon
45
Camping World
CWH
$386M
$19.5M 0.65%
2,551,055
-708,219
-22% -$5.13M
BCRX icon
46
BioCryst Pharmaceuticals
BCRX
$2.1B
$19M 0.63%
1,901,160
-86,237
-4% -$780K
MDXG icon
47
MiMedx Group
MDXG
$679M
$18.4M 0.61%
4,767,552
+1,370,253
+40% +$5M
ABVX
48
Abivax
ABVX
$10.2B
$17.8M 0.59%
133,759
-3,478
-3% -$394K
USNA icon
49
Usana Health Sciences
USNA
$276M
$17.3M 0.57%
810,074
– –
GLUE icon
50
Monte Rosa Therapeutics
GLUE
$1.23B
$15.8M 0.52%
651,993
– –
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.