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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
+11.54%
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
$3.02B
AUM Growth
+$145M
Cap. Flow
-$41.1M
Cap. Flow %
-1.36%
Top 10 Hldgs %
45.87%
Holding
173
New
19
Increased
36
Reduced
34
Closed
20

Top Buys

Rank Stock Value
1
GOGO icon
Gogo Inc
GOGO
+$49.8M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$28.8M
3
FOXF icon
Fox Factory Holding Corp
FOXF
+$27.8M
4
SLNO
Soleno Therapeutics
SLNO
+$24.7M
5
PTON icon
Peloton Interactive
PTON
+$15.7M

Top Sells

Rank Stock Value
1
ESTA icon
Establishment Labs
ESTA
+$59.5M
2
ABVX
Abivax
ABVX
+$44.1M
3
COGT icon
Cogent Biosciences
COGT
+$35.3M
4
AMRX icon
Amneal Pharmaceuticals
AMRX
+$20.3M
5
IMAX icon
IMAX
IMAX
+$18.1M

Sector Composition

Rank Sector Weight
1 Healthcare 34.48%
2 Consumer Discretionary 8.75%
3 Financials 3.52%
4 Communication Services 3.05%
5 Industrials 1.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TLSI icon
51
TriSalus Life Sciences
TLSI
$360M
$14.5M 0.48%
2,070,827
+30,582
+1% +$171K
ATXS
52
DELISTED
Astria Therapeutics
ATXS
$14M 0.46%
1,069,530
– –
BNTC icon
53
Benitec Biopharma
BNTC
$468M
$14M 0.46%
1,038,371
+200,276
+24% +$2.77M
APYX icon
54
Apyx Medical
APYX
$138M
$13.9M 0.46%
3,974,091
+636,043
+19% +$2.22M
UPB
55
Upstream Bio Inc
UPB
$413M
$13.4M 0.44%
494,971
-100,000
-17% -$2.49M
JCAP
56
Jefferson Capital
JCAP
$1.3B
$13.4M 0.44%
600,000
– –
FLWS icon
57
1-800-Flowers.com
FLWS
$258M
$13.3M 0.44%
3,375,065
+7,000
+0.2% +$27.5K
SVC
58
Service Properties Trust
SVC
$1.05B
$13M 0.43%
1,411,577
– –
AVR
59
Anteris Technologies
AVR
$897M
$12.6M 0.42%
2,530,910
+612,244
+32% +$2.81M
GERN icon
60
Geron
GERN
$1.01B
$11.9M 0.39%
9,025,000
– –
AURA icon
61
Aura Biosciences
AURA
$813M
$11.5M 0.38%
2,117,697
– –
USNA icon
62
Usana Health Sciences
USNA
$258M
$11.5M 0.38%
+585,074
New +$12.1M
HLF icon
63
Herbalife
HLF
$1.21B
$11.4M 0.38%
881,857
-60,574
-6% -$641K
RYAM icon
64
Rayonier Advanced Materials
RYAM
$585M
$10.6M 0.35%
1,800,000
+1,289,490
+253% +$8.38M
BCRX icon
65
BioCryst Pharmaceuticals
BCRX
$2.67B
$10.6M 0.35%
+1,356,377
New +$9.81M
IRON icon
66
Disc Medicine
IRON
$3.12B
$10.5M 0.35%
132,800
-155,000
-54% -$13.1M
CWH icon
67
Camping World
CWH
$659M
$10.3M 0.34%
+1,058,542
New +$13.1M
AMLX icon
68
Amylyx Pharmaceuticals
AMLX
$2.61B
$10.1M 0.33%
835,684
-100,000
-11% -$1.36M
PEPG icon
69
PepGen
PEPG
$206M
$10.1M 0.33%
+1,547,229
New +$8.03M
GDEN
70
DELISTED
Golden Entertainment
GDEN
$10M 0.33%
+368,245
New +$9.53M
LXEO icon
71
Lexeo Therapeutics
LXEO
$372M
$9.93M 0.33%
+1,000,000
New +$9.13M
XFOR icon
72
X4 Pharmaceuticals
XFOR
$432M
$9.8M 0.32%
2,449,468
+221,118
+10% +$803K
IRD
73
Opus Genetics
IRD
$301M
$9.61M 0.32%
4,781,330
+1,435,407
+43% +$2.91M
RDNW
74
CALL
RideNow Group
RDNW
$244M
$9.38M 0.31%
1,700,000
– –
SLN
75
Silence Therapeutics
SLN
$736M
$9.38M 0.31%
1,542,427
+500,000
+48% +$3.2M
1 2
3
4 5

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Nantahala Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Nantahala Capital Management held 173 positions worth $3.02B, up 5% from $2.88B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Nantahala Capital Management's Q4 2025 filing shows 19 new, 36 increased, 34 reduced and 20 closed positions. Its largest new stake was Gogo Inc: 6,792,649 shares worth $31.7M. The largest sale was Establishment Labs, an estimated $59.5M.

By sector, the portfolio is most concentrated in Healthcare at 34% of assets, down from 39% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Nantahala Capital Management's largest Q4 2025 buy was Gogo Inc: 6,792,649 shares worth $31.7M.
  • Nantahala Capital Management added most to Fox Factory Holding Corp in Q4 2025, an estimated $27.8M increase.
  • Nantahala Capital Management's biggest Q4 2025 reduction was Establishment Labs, cutting an estimated $59.5M.
  • Nantahala Capital Management fully exited Palvella Therapeutics in Q4 2025, selling an estimated $15.7M.
  • Nantahala Capital Management's ten largest holdings make up 46% of its $3.02B portfolio in Q4 2025.
  • Nantahala Capital Management opened 19 new positions and closed 20 in Q4 2025.
  • Nantahala Capital Management's portfolio value rose 5% quarter-over-quarter to $3.02B.

Based on Nantahala Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.