We are live on ! Find out more
NCM

Nantahala Capital Management Portfolio holdings

AUM $2.72B
1-Year Est. Return 121.58%
This Fund
S&P 500
This Quarter Est. Return
+21.01%
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
$2.55B
AUM Growth
+$35.6M
Cap. Flow
-$175M
Cap. Flow %
-6.85%
Top 10 Hldgs %
52.06%
Holding
169
New
24
Increased
46
Reduced
13
Closed
11

Top Buys

Rank Stock Value
1
XTNT icon
Xtant Medical Holdings
XTNT
+$32.4M
2
JACK icon
Jack in the Box
JACK
+$13.5M
3
JCAP
Jefferson Capital
JCAP
+$11.2M
4
TLSI icon
TriSalus Life Sciences
TLSI
+$10.7M
5
FLWS icon
1-800-Flowers.com
FLWS
+$10.4M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$56.6M
2
GOGO icon
Gogo Inc
GOGO
+$25.6M
3
URGN icon
UroGen Pharma
URGN
+$13M
4
QURE icon
uniQure
QURE
+$9.47M
5
RH icon
RH
RH
+$9.32M

Sector Composition

Rank Sector Weight
1 Healthcare 35.18%
2 Consumer Discretionary 8.71%
3 Communication Services 3.19%
4 Financials 2.93%
5 Industrials 1.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTGN icon
101
VistaGen Therapeutics
VTGN
$11.7M
$3.96M 0.16%
1,978,492
– –
RDNW
102
CALL
RideNow Group
RDNW
$248M
$3.93M 0.15%
1,700,000
– –
SCPH
103
DELISTED
scPharmaceuticals
SCPH
$3.79M 0.15%
995,438
– –
VERV
104
DELISTED
Verve Therapeutics
VERV
$3.72M 0.15%
+331,437
New +$1.89M
GRCE
105
Grace Therapeutics
GRCE
$34.3M
$3.5M 0.14%
1,178,203
– –
GPCR icon
106
Structure Therapeutics
GPCR
$3.82B
$3.5M 0.14%
168,553
– –
KROS icon
107
CALL
Keros Therapeutics
KROS
$212M
$3.34M 0.13%
250,000
– –
PAYO icon
108
Payoneer
PAYO
$2.4B
$3.31M 0.13%
483,836
+335,784
+227% +$2.28M
NPCE icon
109
Neuropace
NPCE
$507M
$3.29M 0.13%
295,089
-17,005
-5% -$213K
NDLS icon
110
Noodles & Co
NDLS
$96M
$3.21M 0.13%
563,186
– –
IRD
111
Opus Genetics
IRD
$302M
$3.15M 0.12%
3,345,923
+188,028
+6% +$174K
GPCR icon
112
CALL
Structure Therapeutics
GPCR
$3.82B
$3.11M 0.12%
150,000
– –
CMCO icon
113
Columbus McKinnon
CMCO
$557M
$3.11M 0.12%
203,628
+3,628
+2% +$55.4K
ELDN icon
114
Eledon Pharmaceuticals
ELDN
$284M
$3.09M 0.12%
1,141,237
– –
ABEO icon
115
CALL
Abeona Therapeutics
ABEO
$425M
$2.95M 0.12%
520,000
– –
KOS icon
116
Kosmos Energy
KOS
$1.49B
$2.95M 0.12%
1,716,593
– –
DXLG icon
117
Destination XL Group
DXLG
$31.2M
$2.86M 0.11%
+2,576,774
New +$2.82M
CZR icon
118
Caesars Entertainment
CZR
$6.13B
$2.81M 0.11%
98,879
– –
RDI icon
119
Reading International Class A
RDI
$35.2M
$2.57M 0.1%
1,921,088
– –
NVNO
120
enVVeno Medical
NVNO
$6.78M
$2.37M 0.09%
16,990
– –
AYTU icon
121
AYTU BioPharma
AYTU
$25.5M
$2.37M 0.09%
1,086,812
– –
KOD icon
122
Kodiak Sciences
KOD
$2.72B
$2.2M 0.09%
590,884
+60,171
+11% +$213K
SRL icon
123
Scully Royalty
SRL
$89.4M
$2.14M 0.08%
368,182
– –
SRZN icon
124
Surrozen
SRZN
$295M
$2.05M 0.08%
229,527
– –
ACHV icon
125
Achieve Life Sciences
ACHV
$685M
$2.03M 0.08%
898,885
– –
3 4
5
6 7

Similar funds

TAM
Timucuan Asset Management Jacksonville, Florida $2.72B AUM 4.95% 1-Year Est. Return
XL
XN LP New York $2.72B AUM 46.67% 1-Year Est. Return
NB
Nicolet Bankshares Green Bay, Wisconsin $2.71B AUM 17.55% 1-Year Est. Return
PA
Profund Advisors Bethesda, Maryland $2.72B AUM 47.27% 1-Year Est. Return
BCM
Bowie Capital Management Richardson, Texas $2.71B AUM 5.42% 1-Year Est. Return
SCM
Shaolin Capital Management Miami, Florida $2.71B AUM 64.57% 1-Year Est. Return
HCM
Hollencrest Capital Management Newport Beach, California $2.7B AUM 23.62% 1-Year Est. Return
GC
Giverny Capital Montreal, Quebec, Canada $2.73B AUM 14.09% 1-Year Est. Return

Nantahala Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Nantahala Capital Management held 169 positions worth $2.55B, up 1.4% from $2.52B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Nantahala Capital Management withdrew a net $175M in Q2 2025, closing 11 positions and reducing 13 holdings. Its most notable exit was RH, an estimated $9.32M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 35% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Nantahala Capital Management opened a new position in Jack in the Box worth $10.5M.

  • Nantahala Capital Management's largest Q2 2025 buy was Jack in the Box: 600,000 shares worth $10.5M.
  • Nantahala Capital Management added most to Xtant Medical Holdings in Q2 2025, an estimated $32.4M increase.
  • Nantahala Capital Management's biggest Q2 2025 reduction was Soleno Therapeutics, cutting an estimated $56.6M.
  • Nantahala Capital Management fully exited RH in Q2 2025, selling an estimated $9.32M.
  • Nantahala Capital Management's ten largest holdings make up 52% of its $2.55B portfolio in Q2 2025.
  • Nantahala Capital Management opened 24 new positions and closed 11 in Q2 2025.
  • Nantahala Capital Management's portfolio value rose 1.4% quarter-over-quarter to $2.55B.

Based on Nantahala Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.