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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
TLSI icon
51
TriSalus Life Sciences
TLSI
$344M
$10.9M 0.43%
+2,000,000
New +$10.7M
JACK icon
52
Jack in the Box
JACK
$340M
$10.5M 0.41%
+600,000
New +$13.5M
RZLT icon
53
Rezolute
RZLT
$451M
$10.2M 0.4%
2,291,395
+1,000,000
+77% +$3.71M
TELA icon
54
TELA Bio
TELA
$41.6M
$9.92M 0.39%
5,111,588
+1,233,623
+32% +$1.61M
FLWS icon
55
1-800-Flowers.com
FLWS
$255M
$9.84M 0.39%
+2,000,000
New +$10.4M
CDXS icon
56
Codexis
CDXS
$161M
$9.83M 0.39%
4,030,619
+1,200,000
+42% +$2.81M
BNTC icon
57
Benitec Biopharma
BNTC
$473M
$9.81M 0.38%
838,095
– –
RDVT icon
58
Red Violet
RDVT
$921M
$9.56M 0.37%
194,339
-147,039
-43% -$6.42M
RH icon
59
CALL
RH
RH
$3.47B
$9.45M 0.37%
+50,000
New +$9.29M
TRML
60
DELISTED
Tourmaline Bio
TRML
$8.93M 0.35%
558,187
+25,363
+5% +$411K
STKS icon
61
The ONE Group
STKS
$56.5M
$8.59M 0.34%
2,121,084
– –
SLDB icon
62
Solid Biosciences
SLDB
$918M
$8.3M 0.33%
1,703,336
+1,421,968
+505% +$5.03M
DKS icon
63
Dick's Sporting Goods
DKS
$19.2B
$7.91M 0.31%
+40,000
New +$7.41M
RAPT
64
DELISTED
RAPT Therapeutics
RAPT
$7.61M 0.3%
951,613
+324,997
+52% +$2.48M
RDNW
65
RideNow Group
RDNW
$248M
$7.56M 0.3%
3,272,845
– –
FOSL icon
66
Fossil Group
FOSL
$317M
$7.53M 0.3%
5,087,803
+898,626
+21% +$1.13M
APYX icon
67
Apyx Medical
APYX
$146M
$7.51M 0.29%
3,338,048
+80,000
+2% +$113K
CNTA
68
DELISTED
Centessa Pharmaceuticals
CNTA
$7.29M 0.29%
554,803
– –
AKBA icon
69
Akebia Therapeutics
AKBA
$234M
$7.28M 0.29%
2,000,000
– –
DYN icon
70
Dyne Therapeutics
DYN
$4.95B
$7.09M 0.28%
745,062
+400,000
+116% +$4.4M
HLF icon
71
Herbalife
HLF
$1.21B
$7.09M 0.28%
822,298
+722,298
+722% +$5.36M
SNDX icon
72
Syndax Pharmaceuticals
SNDX
$1.82B
$7.07M 0.28%
754,503
+200,000
+36% +$2.2M
DHX icon
73
DHI Group
DHX
$158M
$7.05M 0.28%
2,374,027
– –
ALTG icon
74
Alta Equipment Group
ALTG
$237M
$6.59M 0.26%
1,042,769
– –
UPB
75
Upstream Bio Inc
UPB
$405M
$6.53M 0.26%
594,971
– –
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.