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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
TELA icon
76
TELA Bio
TELA
$35.4M
$4.73M 0.19%
3,877,965
+198,239
+5% +$487K
CRGX
77
DELISTED
CARGO Therapeutics
CRGX
$4.48M 0.18%
+1,100,000
New +$7.37M
APYX icon
78
Apyx Medical
APYX
$127M
$4.46M 0.18%
3,258,048
+88,248
+3% +$122K
RCKT icon
79
Rocket Pharmaceuticals
RCKT
$382M
$4.2M 0.17%
+629,749
New +$6.22M
TNGX icon
80
Tango Therapeutics
TNGX
$4.28B
$4.09M 0.16%
2,987,983
+183,573
+7% +$451K
ANEB
81
DELISTED
Anebulo Pharmaceuticals
ANEB
$3.95M 0.16%
3,036,325
– –
KOS icon
82
Kosmos Energy
KOS
$1.52B
$3.91M 0.16%
+1,716,593
New +$5.06M
ELDN icon
83
Eledon Pharmaceuticals
ELDN
$289M
$3.87M 0.15%
1,141,237
-6,709
-0.6% -$27.6K
AKBA icon
84
Akebia Therapeutics
AKBA
$240M
$3.84M 0.15%
+2,000,000
New +$4.08M
NPCE icon
85
Neuropace
NPCE
$512M
$3.84M 0.15%
312,094
-249,979
-44% -$3.13M
RZLT icon
86
Rezolute
RZLT
$445M
$3.75M 0.15%
1,291,395
-1,566,587
-55% -$6.82M
UPB
87
Upstream Bio Inc
UPB
$386M
$3.64M 0.14%
594,971
-5,029
-0.8% -$48K
DYN icon
88
Dyne Therapeutics
DYN
$4.99B
$3.61M 0.14%
+345,062
New +$4.94M
ATXS
89
DELISTED
Astria Therapeutics
ATXS
$3.58M 0.14%
669,530
-5,470
-0.8% -$38.3K
GAIA icon
90
Gaia
GAIA
$31.1M
$3.52M 0.14%
914,618
-411
-0% -$1.93K
THTX
91
DELISTED
Theratechnologies
THTX
$3.48M 0.14%
2,422,563
-259,665
-10% -$434K
CMCO icon
92
Columbus McKinnon
CMCO
$564M
$3.39M 0.13%
+200,000
New +$5.2M
DHX icon
93
DHI Group
DHX
$166M
$3.3M 0.13%
2,374,027
-2,579
-0.1% -$5.85K
NNBR icon
94
NN Inc
NNBR
$301M
$3.26M 0.13%
1,441,416
-17,000
-1% -$48.8K
EYPT icon
95
EyePoint Inc
EYPT
$1.12B
$3.21M 0.13%
593,091
-6,909
-1% -$48.3K
IRD
96
Opus Genetics
IRD
$323M
$3.1M 0.12%
+3,157,895
New +$3.53M
SRL icon
97
Scully Royalty
SRL
$89.7M
$2.98M 0.12%
368,182
-414
-0.1% -$3.29K
SNTI icon
98
Senti Biosciences Holdings
SNTI
$11.2M
$2.98M 0.12%
+888,000
New +$3.46M
SLN
99
Silence Therapeutics
SLN
$695M
$2.94M 0.12%
1,042,427
-7,249
-0.7% -$35.4K
GPCR icon
100
Structure Therapeutics
GPCR
$3.7B
$2.92M 0.12%
168,553
-52,447
-24% -$1.28M
2 3
4
5 6

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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.