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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
+65.65%
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
$2.88B
AUM Growth
+$328M
Cap. Flow
-$135M
Cap. Flow %
-4.67%
Top 10 Hldgs %
44.82%
Holding
180
New
22
Increased
28
Reduced
33
Closed
27

Top Buys

Rank Stock Value
1
GMED icon
Globus Medical
GMED
+$17.3M
2
GUTS icon
Fractyl Health
GUTS
+$15.7M
3
GERN icon
Geron
GERN
+$12M
4
EOLS icon
Evolus
EOLS
+$11.9M
5
LBRX
LB Pharmaceuticals
LBRX
+$10.7M

Top Sells

Rank Stock Value
1
ABVX
Abivax
ABVX
+$56.7M
2
QURE icon
uniQure
QURE
+$19M
3
AMLX icon
Amylyx Pharmaceuticals
AMLX
+$18.8M
4
THRD
Third Harmonic Bio
THRD
+$16M
5
GOGO icon
Gogo Inc
GOGO
+$15.3M

Sector Composition

Rank Sector Weight
1 Healthcare 38.97%
2 Consumer Discretionary 7.24%
3 Financials 2.94%
4 Communication Services 2.29%
5 Industrials 1.56%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HGV icon
26
CALL
Hilton Grand Vacations
HGV
$3.31B
$24M 0.83%
575,000
– –
NKTR icon
27
Nektar Therapeutics
NKTR
$2.53B
$23.8M 0.83%
418,522
-291,239
-41% -$9.64M
REGN icon
28
CALL
Regeneron Pharmaceuticals
REGN
$83.2B
$22.5M 0.78%
+40,000
New +$22.6M
COGT icon
29
Cogent Biosciences
COGT
$7.1B
$21.6M 0.75%
1,506,989
-148,700
-9% -$1.76M
LYV icon
30
PUT
Live Nation Entertainment
LYV
$43B
$21.3M 0.74%
130,300
– –
KROS icon
31
Keros Therapeutics
KROS
$212M
$19.5M 0.68%
1,233,189
-387,503
-24% -$5.72M
GUTS icon
32
Fractyl Health
GUTS
$107M
$19.3M 0.67%
+12,136,917
New +$15.7M
SVC
33
Service Properties Trust
SVC
$1.05B
$19.1M 0.66%
1,411,577
-200,000
-12% -$2.71M
IRON icon
34
Disc Medicine
IRON
$3.01B
$19M 0.66%
287,800
– –
CRMT icon
35
America's Car Mart
CRMT
$26.1M
$18.8M 0.65%
644,686
– –
ZVRA icon
36
Zevra Therapeutics
ZVRA
$682M
$18.8M 0.65%
1,971,936
+500,000
+34% +$5.01M
TITN icon
37
Titan Machinery
TITN
$426M
$18.4M 0.64%
1,096,232
-39,320
-3% -$771K
RMR icon
38
The RMR Group
RMR
$335M
$18.1M 0.63%
1,147,902
– –
FOXF icon
39
Fox Factory Holding Corp
FOXF
$884M
$17.7M 0.61%
728,648
– –
EB
40
DELISTED
Eventbrite
EB
$17.2M 0.6%
6,831,395
+450,000
+7% +$1.18M
GMED icon
41
Globus Medical
GMED
$11.6B
$17.2M 0.6%
+300,000
New +$17.3M
RAPT
42
DELISTED
RAPT Therapeutics
RAPT
$16.1M 0.56%
623,282
-328,331
-35% -$4.3M
AVTX icon
43
Avalo Therapeutics
AVTX
$1.06B
$15.7M 0.55%
1,235,000
+240,000
+24% +$2.06M
PVLA
44
Palvella Therapeutics
PVLA
$2.19B
$15.7M 0.54%
250,062
– –
FLWS icon
45
1-800-Flowers.com
FLWS
$255M
$15.5M 0.54%
3,368,065
+1,368,065
+68% +$7.55M
TNGX icon
46
Tango Therapeutics
TNGX
$4.51B
$15.2M 0.53%
1,809,948
-1,629,646
-47% -$11M
DNTH icon
47
Dianthus Therapeutics
DNTH
$6.25B
$14.8M 0.51%
+375,000
New +$9.58M
RDNW
48
RideNow Group
RDNW
$248M
$14.4M 0.5%
3,272,845
– –
HOOD icon
49
PUT
Robinhood
HOOD
$85B
$14.3M 0.5%
+100,000
New +$10.9M
CZR icon
50
CALL
Caesars Entertainment
CZR
$6.13B
$13.5M 0.47%
500,000
– –
1
2
3 4 5

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Nantahala Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Nantahala Capital Management held 180 positions worth $2.88B, up 13% from $2.55B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Nantahala Capital Management withdrew a net $135M in Q3 2025, closing 27 positions and reducing 33 holdings. Its most notable exit was Third Harmonic Bio, an estimated $16M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 39% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in Globus Medical worth $17.2M.

  • Nantahala Capital Management's largest Q3 2025 buy was Globus Medical: 300,000 shares worth $17.2M.
  • Nantahala Capital Management added most to Evolus in Q3 2025, an estimated $11.9M increase.
  • Nantahala Capital Management's biggest Q3 2025 reduction was Abivax, cutting an estimated $56.7M.
  • Nantahala Capital Management fully exited Third Harmonic Bio in Q3 2025, selling an estimated $16M.
  • Nantahala Capital Management's ten largest holdings make up 45% of its $2.88B portfolio in Q3 2025.
  • Nantahala Capital Management opened 22 new positions and closed 27 in Q3 2025.
  • Nantahala Capital Management's portfolio value rose 13% quarter-over-quarter to $2.88B.

Based on Nantahala Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.