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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
+21.01%
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
$2.55B
AUM Growth
+$35.6M
Cap. Flow
-$175M
Cap. Flow %
-6.85%
Top 10 Hldgs %
52.06%
Holding
169
New
24
Increased
46
Reduced
13
Closed
11

Top Buys

Rank Stock Value
1
XTNT icon
Xtant Medical Holdings
XTNT
+$32.4M
2
JACK icon
Jack in the Box
JACK
+$13.5M
3
JCAP
Jefferson Capital
JCAP
+$11.2M
4
TLSI icon
TriSalus Life Sciences
TLSI
+$10.7M
5
FLWS icon
1-800-Flowers.com
FLWS
+$10.4M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$56.6M
2
GOGO icon
Gogo Inc
GOGO
+$25.6M
3
URGN icon
UroGen Pharma
URGN
+$13M
4
QURE icon
uniQure
QURE
+$9.47M
5
RH icon
RH
RH
+$9.32M

Sector Composition

Rank Sector Weight
1 Healthcare 35.18%
2 Consumer Discretionary 8.71%
3 Communication Services 3.19%
4 Financials 2.93%
5 Industrials 1.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SVRA icon
26
Savara
SVRA
$1.19B
$19M 0.74%
8,325,375
+250,000
+3% +$680K
FOXF icon
27
Fox Factory Holding Corp
FOXF
$886M
$18.9M 0.74%
728,648
+100,000
+16% +$2.34M
AMLX icon
28
Amylyx Pharmaceuticals
AMLX
$2.54B
$18.8M 0.74%
2,934,405
– –
RMR icon
29
The RMR Group
RMR
$332M
$18.8M 0.74%
1,147,902
+411,700
+56% +$6.31M
NKTR icon
30
Nektar Therapeutics
NKTR
$2.58B
$18.3M 0.72%
709,761
+190,491
+37% +$2.14M
GMED icon
31
CALL
Globus Medical
GMED
$11.2B
$17.7M 0.69%
+300,000
New +$19.4M
TNGX icon
32
Tango Therapeutics
TNGX
$4.41B
$17.6M 0.69%
3,439,594
+451,611
+15% +$1.12M
CWH icon
33
CALL
Camping World
CWH
$653M
$17.2M 0.67%
+1,000,000
New +$15.6M
EB
34
DELISTED
Eventbrite
EB
$16.8M 0.66%
6,381,395
– –
TEVA icon
35
CALL
Teva Pharmaceuticals
TEVA
$41.2B
$16.8M 0.66%
+1,000,000
New +$16.1M
ETON icon
36
Eton Pharmaceutcials
ETON
$1.22B
$16.8M 0.66%
1,175,951
– –
THRD
37
DELISTED
Third Harmonic Bio
THRD
$16M 0.63%
2,938,700
– –
GOGO icon
38
Gogo Inc
GOGO
$492M
$15.3M 0.6%
1,044,415
-2,520,382
-71% -$25.6M
IRON icon
39
Disc Medicine
IRON
$2.97B
$15.2M 0.6%
287,800
+139,409
+94% +$6.55M
ILPT
40
Industrial Logistics Properties Trust
ILPT
$586M
$14.6M 0.57%
3,206,219
+699,975
+28% +$2.32M
CZR icon
41
CALL
Caesars Entertainment
CZR
$6.14B
$14.2M 0.56%
500,000
– –
URGN icon
42
CALL
UroGen Pharma
URGN
$2.29B
$13.7M 0.54%
+1,000,000
New +$9.6M
AURA icon
43
Aura Biosciences
AURA
$826M
$13.3M 0.52%
2,117,697
+850,000
+67% +$4.97M
ZVRA icon
44
Zevra Therapeutics
ZVRA
$686M
$13M 0.51%
1,471,936
– –
VSTM icon
45
Verastem
VSTM
$610M
$12.3M 0.48%
2,954,735
+656,194
+29% +$4.11M
COGT icon
46
Cogent Biosciences
COGT
$7.24B
$11.9M 0.47%
1,655,689
+812,200
+96% +$4.5M
CMPS
47
Compass Pathways
CMPS
$1.83B
$11.7M 0.46%
4,179,930
+1,350,698
+48% +$5.08M
ABVX
48
Abivax
ABVX
$11.4B
$11.3M 0.44%
1,482,994
– –
JCAP
49
Jefferson Capital
JCAP
$1.31B
$11.1M 0.43%
+600,000
New +$11.2M
RSVR
50
Reservoir Media
RSVR
$667M
$11.1M 0.43%
1,442,136
– –
1
2
3 4 5

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Nantahala Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Nantahala Capital Management held 169 positions worth $2.55B, up 1.4% from $2.52B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Nantahala Capital Management withdrew a net $175M in Q2 2025, closing 11 positions and reducing 13 holdings. Its most notable exit was RH, an estimated $9.32M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 35% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Nantahala Capital Management opened a new position in Jack in the Box worth $10.5M.

  • Nantahala Capital Management's largest Q2 2025 buy was Jack in the Box: 600,000 shares worth $10.5M.
  • Nantahala Capital Management added most to Xtant Medical Holdings in Q2 2025, an estimated $32.4M increase.
  • Nantahala Capital Management's biggest Q2 2025 reduction was Soleno Therapeutics, cutting an estimated $56.6M.
  • Nantahala Capital Management fully exited RH in Q2 2025, selling an estimated $9.32M.
  • Nantahala Capital Management's ten largest holdings make up 52% of its $2.55B portfolio in Q2 2025.
  • Nantahala Capital Management opened 24 new positions and closed 11 in Q2 2025.
  • Nantahala Capital Management's portfolio value rose 1.4% quarter-over-quarter to $2.55B.

Based on Nantahala Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.