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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
AURA icon
51
Aura Biosciences
AURA
$789M
$13.1M 0.45%
2,117,697
– –
XNCR icon
52
Xencor
XNCR
$1.61B
$12.9M 0.45%
1,100,000
+279,897
+34% +$2.43M
AMLX icon
53
Amylyx Pharmaceuticals
AMLX
$2.51B
$12.7M 0.44%
935,684
-1,998,721
-68% -$18.8M
ALGN icon
54
CALL
Align Technology
ALGN
$12.5B
$12.5M 0.43%
+100,000
New +$15.7M
GERN icon
55
Geron
GERN
$962M
$12.4M 0.43%
+9,025,000
New +$12M
JACK icon
56
Jack in the Box
JACK
$346M
$11.9M 0.41%
600,000
– –
BNTC icon
57
Benitec Biopharma
BNTC
$472M
$11.8M 0.41%
838,095
– –
VSTM icon
58
Verastem
VSTM
$623M
$11.4M 0.4%
1,292,903
-1,661,832
-56% -$12.4M
UPB
59
Upstream Bio Inc
UPB
$401M
$11.2M 0.39%
594,971
– –
LBRX
60
LB Pharmaceuticals
LBRX
$1.31B
$10.7M 0.37%
+675,000
New +$10.7M
SLDB icon
61
Solid Biosciences
SLDB
$933M
$10.5M 0.36%
1,699,258
-4,078
-0.2% -$23.8K
JCAP
62
Jefferson Capital
JCAP
$1.3B
$10.4M 0.36%
600,000
– –
GPCR icon
63
Structure Therapeutics
GPCR
$3.7B
$10.3M 0.36%
368,553
+200,000
+119% +$3.98M
MDXG icon
64
MiMedx Group
MDXG
$630M
$10.2M 0.36%
+1,466,566
New +$10.2M
RH icon
65
CALL
RH
RH
$3.5B
$10.2M 0.35%
50,000
– –
CMPS
66
Compass Pathways
CMPS
$1.83B
$9.91M 0.34%
1,729,930
-2,450,000
-59% -$11M
CDXS icon
67
Codexis
CDXS
$161M
$9.83M 0.34%
4,030,619
– –
CNTA
68
DELISTED
Centessa Pharmaceuticals
CNTA
$9.82M 0.34%
404,803
-150,000
-27% -$2.67M
DRIO icon
69
DarioHealth
DRIO
$69.6M
$9.77M 0.34%
563,233
+478,618
+566% +$5.27M
ILPT
70
Industrial Logistics Properties Trust
ILPT
$592M
$9.77M 0.34%
1,675,273
-1,530,946
-48% -$8.81M
FOSL icon
71
Fossil Group
FOSL
$308M
$9.61M 0.33%
3,741,157
-1,346,646
-26% -$3.18M
TLSI icon
72
TriSalus Life Sciences
TLSI
$345M
$9.49M 0.33%
2,040,245
+40,245
+2% +$188K
ADCT icon
73
ADC Therapeutics
ADCT
$145M
$9.07M 0.31%
2,266,289
– –
DYN icon
74
Dyne Therapeutics
DYN
$4.96B
$8.89M 0.31%
702,884
-42,178
-6% -$481K
AVR
75
Anteris Technologies
AVR
$890M
$8.63M 0.3%
1,918,666
+225,000
+13% +$882K
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.