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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
+13.03%
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
$1.67B
AUM Growth
+$502M
(+43%)
Cap. Flow
+$375M
Cap. Flow
% of AUM
22.44%
Top 10 Holdings %
Top 10 Hldgs %
57.54%
Holding
148
New
14
Increased
40
Reduced
54
Closed
20
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLNO
Soleno Therapeutics
SLNO
|
+$70.1M |
| 2 |
Evolus
EOLS
|
+$22.3M |
| 3 |
RDNW
RideNow Group
RDNW
|
+$18M |
| 4 |
Establishment Labs
ESTA
|
+$17.1M |
| 5 |
iShares Russell 2000 ETF
IWM
|
+$13.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Pathward Financial
CASH
|
+$8.58M |
| 2 |
RH
RH
|
+$5.38M |
| 3 |
VTYX
Ventyx Biosciences
VTYX
|
+$5.13M |
| 4 |
Immatics
IMTX
|
+$4.66M |
| 5 |
MillerKnoll
MLKN
|
+$4.42M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 35.39% |
| 2 | Consumer Discretionary | 8.45% |
| 3 | Financials | 4.4% |
| 4 | Communication Services | 3.48% |
| 5 | Technology | 2.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
EAR
101
DELISTED
Eargo, Inc. Common Stock
EAR
| $1.28M | 0.08% |
+495,582
| New | +$1.17M |
|
|
ANEB
102
DELISTED
Anebulo Pharmaceuticals
ANEB
| $1.24M | 0.07% |
511,073
| – | – |
|
|
CDTX
103
DELISTED
Cidara Therapeutics
CDTX
| $1.23M | 0.07% |
77,337
-49,583
| -39% | -$796K |
|
104
Fortress Biotech
FBIO
$88M
| $1.12M | 0.07% |
372,562
-28,652
| -7% | -$75.8K |
|
105
Instil Bio
TIL
$50.7M
| $970K | 0.06% |
127,292
+77,292
| +155% | +$559K |
|
106
Talphera
TLPH
$74.7M
| $910K | 0.05% |
1,237,519
+64,504
| +5% | +$41K |
|
|
SGRP
107
DELISTED
SPAR Group
SGRP
| $888K | 0.05% |
879,189
| – | – |
|
108
Gossamer Bio
GOSS
$90M
| $614K | 0.04% |
672,856
-5,416,615
| -89% | -$4M |
|
109
Fossil Group
FOSL
$310M
| $592K | 0.04% |
405,278
-579,937
| -59% | -$852K |
|
|
110
CALL
Talphera
TLPH
$74.7M
| $555K | 0.03% |
755,000
| – | – |
|
111
CALL
Keros Therapeutics
KROS
$211M
| $453K | 0.03% |
11,400
-900
| -7% | -$28.2K |
|
|
SCTL
112
DELISTED
Societal CDMO, Inc. Common Stock
SCTL
| $426K | 0.03% |
1,214,706
-35,294
| -3% | -$12.9K |
|
113
Sensus Healthcare
SRTS
$50.5M
| $417K | 0.02% |
176,750
-8,298
| -4% | -$19.4K |
|
|
GMDA
114
DELISTED
Gamida Cell Ltd. Ordinary Shares
GMDA
| $330K | 0.02% |
800,000
-3,525,000
| -82% | -$1.99M |
|
|
APTO
115
DELISTED
Aptose Biosciences, Inc.
APTO
| $305K | 0.02% |
4,004
-545
| -12% | -$42.3K |
|
|
LADR
116
Ladder Capital
LADR
$1.25B
| $295K | 0.02% |
25,631
-1,442
| -5% | -$15.4K |
|
117
Lucid Diagnostics
LUCD
$184M
| $211K | 0.01% |
149,698
-8,437
| -5% | -$11.1K |
|
118
Transact Technologies
TACT
$58.1M
| $196K | 0.01% |
28,127
-2,981
| -10% | -$19.6K |
|
119
Exagen
XGN
$166M
| $193K | 0.01% |
97,124
-9,645
| -9% | -$16.7K |
|
|
BMTX
120
DELISTED
BM Technologies, Inc.
BMTX
| $156K | 0.01% |
76,034
-3,178
| -4% | -$8.23K |
|
121
Rafael Holdings
RFL
$98.8M
| $133K | 0.01% |
73,695
| – | – |
|
122
Cue Biopharma
CUE
$106M
| $70.5K | ﹤0.01% |
890
-2
| -0.2% | -$143 |
|
|
MBAI
123
Check-Cap
MBAI
$9.2M
| $69.5K | ﹤0.01% |
+33,400
| New | +$104K |
|
124
Guardforce AI Warrant
GFAIW
$60K
| $26.2K | ﹤0.01% |
154,205
| – | – |
|
|
TCBPW
125
DELISTED
TC BioPharm (Holdings) plc Warrants
TCBPW
| $7.65K | ﹤0.01% |
235,294
| – | – |
|
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Nantahala Capital Management's Q4 2023 Portfolio in Review
As of Q4 2023, Nantahala Capital Management held 148 positions worth $1.67B, up 43% from $1.17B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Nantahala Capital Management deployed $375M of net new capital in Q4 2023, opening 14 new positions and adding to 40 existing holdings. Its largest new stake was Abivax: 1,010,034 shares worth $10.8M.
By sector, the portfolio is most concentrated in Healthcare at 35% of assets, down from 36% a quarter earlier, followed by Consumer Discretionary and Financials.
On the sell side, the largest reduction was Pathward Financial, an estimated $8.58M trimmed.
- Nantahala Capital Management's largest Q4 2023 buy was Abivax: 1,010,034 shares worth $10.8M.
- Nantahala Capital Management added most to Soleno Therapeutics in Q4 2023, an estimated $70.1M increase.
- Nantahala Capital Management's biggest Q4 2023 reduction was Pathward Financial, cutting an estimated $8.58M.
- Nantahala Capital Management fully exited RH in Q4 2023, selling an estimated $5.38M.
- Nantahala Capital Management's ten largest holdings make up 58% of its $1.67B portfolio in Q4 2023.
- Nantahala Capital Management opened 14 new positions and closed 20 in Q4 2023.
- Nantahala Capital Management's portfolio value rose 43% quarter-over-quarter to $1.67B.
Based on Nantahala Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.