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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
-3.81%
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
$2.52B
AUM Growth
+$188M
Cap. Flow
+$419M
Cap. Flow %
16.67%
Top 10 Hldgs %
60.9%
Holding
161
New
24
Increased
41
Reduced
59
Closed
16

Top Buys

Rank Stock Value
1
RH icon
RH
RH
+$17.4M
2
THRD
Third Harmonic Bio
THRD
+$11.8M
3
HGV icon
Hilton Grand Vacations
HGV
+$10.2M
4
GOGO icon
Gogo Inc
GOGO
+$7.74M
5
XNCR icon
Xencor
XNCR
+$7.55M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$106M
2
PTON icon
Peloton Interactive
PTON
+$22.5M
3
BKSY icon
BlackSky Technology
BKSY
+$14.9M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$14.9M
5
CASH icon
Pathward Financial
CASH
+$14.1M

Sector Composition

Rank Sector Weight
1 Healthcare 30.52%
2 Consumer Discretionary 7.42%
3 Communication Services 3.39%
4 Financials 2.21%
5 Industrials 1.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KROS icon
26
Keros Therapeutics
KROS
$212M
$15.4M 0.61%
1,506,790
+591,742
+65% +$6.87M
ETON icon
27
Eton Pharmaceutcials
ETON
$1.2B
$15.3M 0.61%
1,175,951
+57,468
+5% +$868K
URGN icon
28
UroGen Pharma
URGN
$2.26B
$15.1M 0.6%
1,363,399
-8,239
-0.6% -$87.8K
FOXF icon
29
Fox Factory Holding Corp
FOXF
$884M
$14.7M 0.58%
628,648
-7,346
-1% -$197K
FULC icon
30
Fulcrum Therapeutics
FULC
$286M
$13.9M 0.55%
4,822,693
+42,985
+0.9% +$158K
VSTM icon
31
Verastem
VSTM
$615M
$13.9M 0.55%
2,298,541
-1,454,042
-39% -$8.88M
EB
32
DELISTED
Eventbrite
EB
$13.5M 0.54%
6,381,395
+450,448
+8% +$1.35M
RDVT icon
33
Red Violet
RDVT
$1.05B
$12.8M 0.51%
341,378
-81,088
-19% -$3.05M
MLYS icon
34
Mineralys Therapeutics
MLYS
$2.41B
$12.5M 0.5%
787,740
+155,234
+25% +$1.79M
CZR icon
35
CALL
Caesars Entertainment
CZR
$6.13B
$12.5M 0.5%
500,000
+300,000
+150% +$9.76M
RMR icon
36
The RMR Group
RMR
$335M
$12.3M 0.49%
736,202
+285,410
+63% +$5.25M
RH icon
37
RH
RH
$3.47B
$11.8M 0.47%
+50,158
New +$17.4M
ZVRA icon
38
Zevra Therapeutics
ZVRA
$682M
$11M 0.44%
1,471,936
-868,397
-37% -$6.9M
RSVR
39
Reservoir Media
RSVR
$656M
$11M 0.44%
1,442,136
-118,661
-8% -$930K
BNTC icon
40
Benitec Biopharma
BNTC
$473M
$10.9M 0.43%
838,095
– –
AMLX icon
41
Amylyx Pharmaceuticals
AMLX
$2.53B
$10.4M 0.41%
2,934,405
+1,482,252
+102% +$5.27M
THRD
42
DELISTED
Third Harmonic Bio
THRD
$10.2M 0.41%
2,938,700
+2,437,700
+487% +$11.8M
ABVX
43
Abivax
ABVX
$11.1B
$9.27M 0.37%
1,482,994
+46,947
+3% +$318K
RDNW
44
RideNow Group
RDNW
$248M
$9.23M 0.37%
3,272,845
-1,293
-0% -$5.32K
OPTN
45
DELISTED
OptiNose
OPTN
$9.04M 0.36%
985,333
-698
-0.1% -$4.38K
EHTH icon
46
eHealth
EHTH
$40.4M
$8.76M 0.35%
1,311,441
-698,059
-35% -$6.35M
ILPT
47
Industrial Logistics Properties Trust
ILPT
$583M
$8.62M 0.34%
2,506,244
+398,351
+19% +$1.49M
TRML
48
DELISTED
Tourmaline Bio
TRML
$8.1M 0.32%
532,824
-4,120
-0.8% -$66K
CMPS
49
Compass Pathways
CMPS
$1.78B
$8.09M 0.32%
2,829,232
+1,829,232
+183% +$7.03M
ELUT icon
50
Elutia
ELUT
$36M
$8.06M 0.32%
3,184,947
+320,000
+11% +$967K
1
2
3 4 5

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Nantahala Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Nantahala Capital Management held 161 positions worth $2.52B, up 8.1% from $2.33B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Nantahala Capital Management deployed $419M of net new capital in Q1 2025, opening 24 new positions and adding to 41 existing holdings. Its largest new stake was RH: 50,158 shares worth $11.8M.

By sector, the portfolio is most concentrated in Healthcare at 31% of assets, down from 38% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was Soleno Therapeutics, an estimated $106M trimmed.

  • Nantahala Capital Management's largest Q1 2025 buy was RH: 50,158 shares worth $11.8M.
  • Nantahala Capital Management added most to Third Harmonic Bio in Q1 2025, an estimated $11.8M increase.
  • Nantahala Capital Management's biggest Q1 2025 reduction was Soleno Therapeutics, cutting an estimated $106M.
  • Nantahala Capital Management fully exited BlackSky Technology in Q1 2025, selling an estimated $14.9M.
  • Nantahala Capital Management's ten largest holdings make up 61% of its $2.52B portfolio in Q1 2025.
  • Nantahala Capital Management opened 24 new positions and closed 16 in Q1 2025.
  • Nantahala Capital Management's portfolio value rose 8.1% quarter-over-quarter to $2.52B.

Based on Nantahala Capital Management's 13F filing for Q1 2025, filed 15 May 2025.