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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
RDVT icon
76
Red Violet
RDVT
$1.12B
$8.59M 0.3%
164,339
-30,000
-15% -$1.42M
CYTK icon
77
Cytokinetics
CYTK
$10.8B
$8.24M 0.29%
+150,000
New +$6.18M
NSPR icon
78
InspireMD
NSPR
$38.9M
$8.14M 0.28%
3,376,484
+1,058,467
+46% +$2.57M
HLF icon
79
Herbalife
HLF
$1.21B
$7.95M 0.28%
942,431
+120,133
+15% +$1.13M
ATXS
80
DELISTED
Astria Therapeutics
ATXS
$7.79M 0.27%
1,069,530
– –
ASRT
81
DELISTED
Assertio
ASRT
$7.76M 0.27%
587,338
– –
RSVR
82
Reservoir Media
RSVR
$651M
$7.74M 0.27%
950,960
-491,176
-34% -$3.84M
XFOR icon
83
X4 Pharmaceuticals
XFOR
$432M
$7.62M 0.26%
+2,228,350
New +$5.75M
TELA icon
84
TELA Bio
TELA
$36.3M
$7.62M 0.26%
5,111,588
– –
EHTH icon
85
eHealth
EHTH
$39.7M
$7.59M 0.26%
1,761,441
+450,000
+34% +$1.73M
ANEB
86
DELISTED
Anebulo Pharmaceuticals
ANEB
$7.59M 0.26%
3,036,325
– –
RDNW
87
CALL
RideNow Group
RDNW
$244M
$7.48M 0.26%
1,700,000
– –
DCTH icon
88
Delcath Systems
DCTH
$597M
$7.16M 0.25%
+666,435
New +$7.44M
APYX icon
89
Apyx Medical
APYX
$138M
$7.14M 0.25%
3,338,048
– –
VTGN icon
90
VistaGen Therapeutics
VTGN
$11.2M
$7.02M 0.24%
1,978,492
– –
DSGR icon
91
Distribution Solutions Group
DSGR
$1.62B
$6.93M 0.24%
230,339
+19,539
+9% +$596K
ALTG icon
92
Alta Equipment Group
ALTG
$248M
$6.77M 0.24%
934,774
-107,995
-10% -$839K
SLNO
93
CALL
DELISTED
Soleno Therapeutics
SLNO
$6.76M 0.23%
+100,000
New +$7.41M
DHX icon
94
DHI Group
DHX
$165M
$6.6M 0.23%
2,374,027
– –
CMCO icon
95
Columbus McKinnon
CMCO
$565M
$6.45M 0.22%
450,000
+246,372
+121% +$3.71M
VMD icon
96
Viemed Healthcare
VMD
$356M
$6.33M 0.22%
932,445
– –
STKS icon
97
The ONE Group
STKS
$57.1M
$6.28M 0.22%
2,121,084
– –
MLYS icon
98
Mineralys Therapeutics
MLYS
$2.39B
$6.02M 0.21%
158,713
-195,269
-55% -$4.22M
DXLG icon
99
Destination XL Group
DXLG
$31.4M
$5.9M 0.2%
4,505,000
+1,928,226
+75% +$2.53M
IRD
100
Opus Genetics
IRD
$300M
$5.52M 0.19%
3,345,923
– –
2 3
4
5 6

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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.