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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
TNGX icon
51
Tango Therapeutics
TNGX
$4B
$15.7M 0.52%
500,659
-749,793
-60% -$18.5M
GERN icon
52
Geron
GERN
$893M
$15.6M 0.52%
12,225,000
+1,000,000
+9% +$1.41M
VOR icon
53
Vor Biopharma
VOR
$1.38B
$15.6M 0.52%
+845,000
New +$12.8M
CWH icon
54
CALL
Camping World
CWH
$386M
$15.3M 0.51%
2,000,000
– –
KROS icon
55
Keros Therapeutics
KROS
$221M
$15.1M 0.5%
1,410,419
+50,000
+4% +$557K
SLN
56
Silence Therapeutics
SLN
$814M
$14.8M 0.49%
1,346,731
-800,000
-37% -$5.63M
APYX icon
57
Apyx Medical
APYX
$127M
$14.7M 0.49%
3,270,248
-170,056
-5% -$674K
JCAP
58
Jefferson Capital
JCAP
$1.22B
$14.6M 0.48%
750,000
– –
HLF icon
59
Herbalife
HLF
$1.3B
$14.6M 0.48%
1,109,154
-244,499
-18% -$3.37M
PLNT icon
60
Planet Fitness
PLNT
$3.87B
$14.6M 0.48%
+279,000
New +$16.4M
VSTM icon
61
Verastem
VSTM
$686M
$13.7M 0.45%
3,584,820
– –
FOXF icon
62
CALL
Fox Factory Holding Corp
FOXF
$830M
$13.6M 0.45%
800,000
– –
DSGR icon
63
Distribution Solutions Group
DSGR
$1.61B
$13.5M 0.45%
494,581
– –
RYAM icon
64
Rayonier Advanced Materials
RYAM
$576M
$13.3M 0.44%
1,697,726
+97,726
+6% +$886K
HLXC
65
Helix Acquisition Corp III
HLXC
$238M
$13.3M 0.44%
1,250,000
– –
ADCT icon
66
ADC Therapeutics
ADCT
$140M
$13.2M 0.44%
12,326,184
+6,728,751
+120% +$19.6M
PCVX icon
67
Vaxcyte
PCVX
$8.8B
$12.9M 0.43%
222,146
-16,600
-7% -$902K
IRD
68
Opus Genetics
IRD
$517M
$12.6M 0.42%
3,061,359
+1,380,029
+82% +$6.44M
JANX icon
69
Janux Therapeutics
JANX
$1.07B
$12.4M 0.41%
809,914
– –
CHYM
70
CALL
Chime Financial
CHYM
$12.4B
$12.3M 0.41%
600,000
– –
AMAN
71
Amanat Acquisition Corp
AMAN
$101M
$12.2M 0.4%
+1,200,000
New +$12.1M
INSP icon
72
Inspire Medical Systems
INSP
$2.12B
$12M 0.4%
+269,474
New +$12.8M
FLWS icon
73
1-800-Flowers.com
FLWS
$202M
$11.7M 0.39%
3,375,065
– –
XFOR icon
74
X4 Pharmaceuticals
XFOR
$341M
$11.4M 0.38%
2,449,468
– –
RDNW
75
CALL
RideNow Group
RDNW
$220M
$11.3M 0.38%
1,700,000
– –
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.