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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
-1.12%
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
$2.84B
AUM Growth
-$331M
Cap. Flow
-$98.6M
Cap. Flow %
-3.47%
Top 10 Hldgs %
46.08%
Holding
156
New
25
Increased
37
Reduced
37
Closed
20

Top Buys

Rank Stock Value
1
PAYA
Paya Holdings Inc. Class A Common Stock
PAYA
+$18.8M
2
QURE icon
uniQure
QURE
+$17.3M
3
SC
SANTANDER CONSUMER USA HOLDINGS INC
SC
+$16.6M
4
SMLR
Semler Scientific
SMLR
+$15M
5
RMR icon
The RMR Group
RMR
+$11.7M

Top Sells

Rank Stock Value
1
QADA
QAD Inc.
QADA
+$81M
2
VG
Vonage Holdings Corporation
VG
+$47.8M
3
CDXS icon
Codexis
CDXS
+$17.6M
4
CASH icon
Pathward Financial
CASH
+$15.3M
5
IWM icon
iShares Russell 2000 ETF
IWM
+$12.9M

Sector Composition

Rank Sector Weight
1 Healthcare 27.36%
2 Consumer Discretionary 9.53%
3 Financials 4.77%
4 Industrials 4.39%
5 Technology 3.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AKBA icon
51
Akebia Therapeutics
AKBA
$234M
$11.1M 0.39%
4,918,565
-59,630
-1% -$163K
AKU
52
DELISTED
Akumin Inc
AKU
$11.1M 0.39%
6,320,740
– –
APTO
53
DELISTED
Aptose Biosciences, Inc.
APTO
$10.3M 0.36%
16,899
+553
+3% +$520K
FTVIU
54
DELISTED
FinTech Acquisition Corp. VI Units
FTVIU
$10M 0.35%
1,000,000
– –
FTCV
55
DELISTED
FinTech Acquisition Corp. V Class A Common Stock
FTCV
$9.84M 0.35%
991,432
– –
IIII
56
DELISTED
INSU Acquisition Corp. III Class A Common Stock
IIII
$9.8M 0.34%
999,996
– –
ARYE
57
DELISTED
ARYA Sciences Acquisition Corp V Class A Ordinary Shares
ARYE
$9.7M 0.34%
999,811
-189
-0% -$1.85K
IWM icon
58
iShares Russell 2000 ETF
IWM
$81.5B
$9.48M 0.33%
42,630
-56,963
-57% -$12.9M
TDOC icon
59
PUT
Teladoc Health
TDOC
$1.29B
$9.18M 0.32%
100,000
– –
HCA icon
60
HCA Healthcare
HCA
$89.6B
$9.15M 0.32%
35,600
– –
HERA
61
DELISTED
FTAC Hera Acquisition Corp. Class A Ordinary Shares
HERA
$9.1M 0.32%
931,191
-68,800
-7% -$672K
RILY icon
62
BRC Group Holdings
RILY
$292M
$8.3M 0.29%
93,377
-380
-0.4% -$27.8K
ZGNX
63
DELISTED
Zogenix, Inc.
ZGNX
$7.83M 0.28%
481,782
– –
LINC icon
64
Lincoln Educational Services
LINC
$976M
$7.49M 0.26%
1,003,024
-431,650
-30% -$3.12M
VMD icon
65
Viemed Healthcare
VMD
$355M
$7.43M 0.26%
1,423,538
-9,663
-0.7% -$53.9K
SRL icon
66
Scully Royalty
SRL
$89.4M
$7.15M 0.25%
807,089
+54,655
+7% +$560K
ACAD icon
67
CALL
Acadia Pharmaceuticals
ACAD
$5.06B
$7M 0.25%
300,000
– –
CBAY
68
DELISTED
Cymabay Therapeutics
CBAY
$6.76M 0.24%
+2,000,142
New +$7.59M
SSKN
69
DELISTED
Strata Skin Sciences
SSKN
$6.7M 0.24%
457,581
– –
SPRY icon
70
ARS Pharmaceuticals
SPRY
$587M
$6.7M 0.24%
1,006,462
-220,169
-18% -$1.79M
CDTX
71
DELISTED
Cidara Therapeutics
CDTX
$6.69M 0.24%
+263,523
New +$8.2M
LNW
72
DELISTED
Light & Wonder
LNW
$6.25M 0.22%
93,533
+72,706
+349% +$5.29M
MAX icon
73
MediaAlpha
MAX
$830M
$5.72M 0.2%
+370,404
New +$6.18M
PRTY
74
CALL
DELISTED
Party City Holdco Inc.
PRTY
$5.57M 0.2%
1,000,000
– –
SPCE icon
75
CALL
Virgin Galactic
SPCE
$415M
$5.35M 0.19%
20,000
– –
1 2
3
4 5

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Nantahala Capital Management's Q4 2021 Portfolio in Review

As of Q4 2021, Nantahala Capital Management held 156 positions worth $2.84B, down 10% from $3.17B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Nantahala Capital Management withdrew a net $98.6M in Q4 2021, closing 20 positions and reducing 37 holdings. Its most notable exit was QAD Inc., an estimated $81M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 27% of assets, up from 24% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in SANTANDER CONSUMER USA HOLDINGS INC worth $16.6M.

  • Nantahala Capital Management's largest Q4 2021 buy was SANTANDER CONSUMER USA HOLDINGS INC: 395,176 shares worth $16.6M.
  • Nantahala Capital Management added most to Paya Holdings Inc. Class A Common Stock in Q4 2021, an estimated $18.8M increase.
  • Nantahala Capital Management's biggest Q4 2021 reduction was Codexis, cutting an estimated $17.6M.
  • Nantahala Capital Management fully exited QAD Inc. in Q4 2021, selling an estimated $81M.
  • Nantahala Capital Management's ten largest holdings make up 46% of its $2.84B portfolio in Q4 2021.
  • Nantahala Capital Management opened 25 new positions and closed 20 in Q4 2021.
  • Nantahala Capital Management's portfolio value fell 10% quarter-over-quarter to $2.84B.

Based on Nantahala Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.