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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
+13.03%
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
$1.67B
AUM Growth
+$502M
Cap. Flow
+$375M
Cap. Flow %
22.44%
Top 10 Hldgs %
57.54%
Holding
148
New
14
Increased
40
Reduced
54
Closed
20

Top Buys

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$70.1M
2
EOLS icon
Evolus
EOLS
+$22.3M
3
RDNW
RideNow Group
RDNW
+$18M
4
ESTA icon
Establishment Labs
ESTA
+$17.1M
5
IWM icon
iShares Russell 2000 ETF
IWM
+$13.6M

Top Sells

Rank Stock Value
1
CASH icon
Pathward Financial
CASH
+$8.58M
2
RH icon
RH
RH
+$5.38M
3
VTYX
Ventyx Biosciences
VTYX
+$5.13M
4
IMTX icon
Immatics
IMTX
+$4.66M
5
MLKN icon
MillerKnoll
MLKN
+$4.42M

Sector Composition

Rank Sector Weight
1 Healthcare 35.39%
2 Consumer Discretionary 8.45%
3 Financials 4.4%
4 Communication Services 3.48%
5 Technology 2.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NPCE icon
26
Neuropace
NPCE
$507M
$12.1M 0.72%
1,173,677
-46,238
-4% -$369K
NDLS icon
27
Noodles & Co
NDLS
$96M
$11.8M 0.71%
468,071
+31,093
+7% +$680K
AURA icon
28
Aura Biosciences
AURA
$796M
$11.7M 0.7%
1,321,860
+577,968
+78% +$4.89M
RH icon
29
CALL
RH
RH
$3.47B
$11.7M 0.7%
40,000
– –
GDEN
30
DELISTED
Golden Entertainment
GDEN
$11.6M 0.7%
291,449
-40,607
-12% -$1.47M
RMR icon
31
The RMR Group
RMR
$335M
$11.4M 0.68%
404,063
-27,970
-6% -$683K
ABEO icon
32
Abeona Therapeutics
ABEO
$425M
$11.3M 0.67%
2,250,252
-47,542
-2% -$209K
RSVR
33
Reservoir Media
RSVR
$656M
$11.1M 0.66%
1,550,797
+564,469
+57% +$3.44M
ABVX
34
Abivax
ABVX
$11.1B
$10.8M 0.65%
+1,010,034
New +$10.3M
TRML
35
DELISTED
Tourmaline Bio
TRML
$10.8M 0.64%
410,907
+115,594
+39% +$2.31M
HGV icon
36
CALL
Hilton Grand Vacations
HGV
$3.31B
$10M 0.6%
250,000
– –
ILPT
37
Industrial Logistics Properties Trust
ILPT
$583M
$9.37M 0.56%
1,992,819
-364,465
-15% -$1.18M
VTGN icon
38
VistaGen Therapeutics
VTGN
$11.7M
$9.34M 0.56%
+1,816,730
New +$6.88M
CYTK icon
39
Cytokinetics
CYTK
$10.5B
$9.19M 0.55%
110,017
-69,240
-39% -$2.51M
HLF icon
40
CALL
Herbalife
HLF
$1.21B
$9.16M 0.55%
600,000
– –
AMLX icon
41
Amylyx Pharmaceuticals
AMLX
$2.53B
$9.13M 0.55%
620,110
+212,905
+52% +$3.26M
PAYO icon
42
Payoneer
PAYO
$2.4B
$9.1M 0.54%
1,747,404
+134,542
+8% +$741K
SPRY icon
43
ARS Pharmaceuticals
SPRY
$587M
$8.75M 0.52%
1,596,504
+497,429
+45% +$2.18M
EHTH icon
44
eHealth
EHTH
$40.4M
$8.65M 0.52%
991,821
+191,821
+24% +$1.57M
DYN icon
45
Dyne Therapeutics
DYN
$4.95B
$8.55M 0.51%
642,789
-40,375
-6% -$394K
ASRT
46
DELISTED
Assertio
ASRT
$8.15M 0.49%
507,963
+196,630
+63% +$4.86M
SNDX icon
47
Syndax Pharmaceuticals
SNDX
$1.82B
$7.89M 0.47%
365,259
+125,228
+52% +$1.92M
TARS icon
48
Tarsus Pharmaceuticals
TARS
$2.97B
$7.6M 0.45%
375,276
+239,776
+177% +$4M
TELA icon
49
TELA Bio
TELA
$41.6M
$7.27M 0.43%
1,097,866
+641,774
+141% +$3.71M
ZM icon
50
CALL
Zoom
ZM
$31.4B
$7.19M 0.43%
100,000
– –
1
2
3 4 5

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Nantahala Capital Management's Q4 2023 Portfolio in Review

As of Q4 2023, Nantahala Capital Management held 148 positions worth $1.67B, up 43% from $1.17B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Nantahala Capital Management deployed $375M of net new capital in Q4 2023, opening 14 new positions and adding to 40 existing holdings. Its largest new stake was Abivax: 1,010,034 shares worth $10.8M.

By sector, the portfolio is most concentrated in Healthcare at 35% of assets, down from 36% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was Pathward Financial, an estimated $8.58M trimmed.

  • Nantahala Capital Management's largest Q4 2023 buy was Abivax: 1,010,034 shares worth $10.8M.
  • Nantahala Capital Management added most to Soleno Therapeutics in Q4 2023, an estimated $70.1M increase.
  • Nantahala Capital Management's biggest Q4 2023 reduction was Pathward Financial, cutting an estimated $8.58M.
  • Nantahala Capital Management fully exited RH in Q4 2023, selling an estimated $5.38M.
  • Nantahala Capital Management's ten largest holdings make up 58% of its $1.67B portfolio in Q4 2023.
  • Nantahala Capital Management opened 14 new positions and closed 20 in Q4 2023.
  • Nantahala Capital Management's portfolio value rose 43% quarter-over-quarter to $1.67B.

Based on Nantahala Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.