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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
CNTA
51
DELISTED
Centessa Pharmaceuticals
CNTA
$7.98M 0.32%
554,803
+42,156
+8% +$690K
CDXS icon
52
Codexis
CDXS
$159M
$7.61M 0.3%
2,830,619
-11,041
-0.4% -$42.8K
AURA icon
53
Aura Biosciences
AURA
$832M
$7.43M 0.3%
1,267,697
-2,338
-0.2% -$17.7K
IRON icon
54
Disc Medicine
IRON
$3.12B
$7.37M 0.29%
148,391
-1,609
-1% -$89.5K
AVTX icon
55
Avalo Therapeutics
AVTX
$1.04B
$7.21M 0.29%
+900,000
New +$6.82M
PVLA
56
Palvella Therapeutics
PVLA
$2.22B
$7M 0.28%
250,062
– –
SNDX icon
57
Syndax Pharmaceuticals
SNDX
$1.81B
$6.81M 0.27%
554,503
-6,029
-1% -$85K
VMD icon
58
Viemed Healthcare
VMD
$353M
$6.79M 0.27%
932,445
-2,677
-0.3% -$21K
STKS icon
59
The ONE Group
STKS
$56.5M
$6.34M 0.25%
2,121,084
+33,690
+2% +$106K
NSPR icon
60
InspireMD
NSPR
$39.9M
$6.24M 0.25%
2,318,017
+643,452
+38% +$1.82M
RAPT
61
DELISTED
RAPT Therapeutics
RAPT
$6.12M 0.24%
626,616
+471,177
+303% +$4.63M
AVR
62
Anteris Technologies
AVR
$893M
$5.95M 0.24%
1,663,666
-3,000
-0.2% -$19.3K
IWM icon
63
iShares Russell 2000 ETF
IWM
$81.8B
$5.82M 0.23%
29,151
-68,486
-70% -$14.9M
ASRT
64
DELISTED
Assertio
ASRT
$5.69M 0.23%
562,651
+19,429
+4% +$232K
UNCY icon
65
Unicycive Therapeutics
UNCY
$137M
$5.4M 0.21%
939,199
-100,000
-10% -$610K
XTNT icon
66
Xtant Medical Holdings
XTNT
$44.9M
$5.36M 0.21%
11,394,000
– –
NKTR icon
67
Nektar Therapeutics
NKTR
$2.55B
$5.3M 0.21%
519,270
-1,397
-0.3% -$18.3K
COGT icon
68
Cogent Biosciences
COGT
$6.61B
$5.05M 0.2%
843,489
-9,366
-1% -$73.4K
VTGN icon
69
VistaGen Therapeutics
VTGN
$11.9M
$4.95M 0.2%
1,978,492
-3,488
-0.2% -$9.87K
NDLS icon
70
Noodles & Co
NDLS
$93M
$4.91M 0.2%
563,186
-355
-0.1% -$3.5K
ALTG icon
71
Alta Equipment Group
ALTG
$249M
$4.89M 0.19%
1,042,769
+197,654
+23% +$1.23M
XNCR icon
72
Xencor
XNCR
$1.64B
$4.86M 0.19%
+456,741
New +$7.55M
FOSL icon
73
Fossil Group
FOSL
$310M
$4.82M 0.19%
4,189,177
+862,500
+26% +$1.35M
IKT icon
74
Inhibikase Therapeutics
IKT
$385M
$4.8M 0.19%
2,190,000
– –
RDNW
75
CALL
RideNow Group
RDNW
$251M
$4.79M 0.19%
1,700,000
– –
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.