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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
KRRO icon
101
Korro Bio
KRRO
$202M
$4.81M 0.16%
+600,000
New +$14M
NKTR icon
102
Nektar Therapeutics
NKTR
$2.53B
$4.78M 0.16%
112,946
-305,576
-73% -$17.1M
NPCE icon
103
Neuropace
NPCE
$512M
$4.56M 0.15%
295,089
– –
CGON icon
104
CG Oncology
CGON
$6.74B
$4.54M 0.15%
109,449
– –
ALTG icon
105
Alta Equipment Group
ALTG
$237M
$4.3M 0.14%
934,774
– –
DXLG icon
106
Destination XL Group
DXLG
$31.2M
$4.14M 0.14%
4,505,000
– –
MLYS icon
107
Mineralys Therapeutics
MLYS
$2.4B
$4.11M 0.14%
113,285
-45,428
-29% -$1.82M
GRCE
108
Grace Therapeutics
GRCE
$44.4M
$4.08M 0.13%
1,178,203
– –
TLPH icon
109
Talphera
TLPH
$71.6M
$3.98M 0.13%
3,492,519
– –
STKS icon
110
The ONE Group
STKS
$55.9M
$3.71M 0.12%
2,121,084
– –
DHX icon
111
DHI Group
DHX
$167M
$3.68M 0.12%
2,374,027
– –
VSTM icon
112
Verastem
VSTM
$635M
$3.57M 0.12%
462,140
-830,763
-64% -$7.4M
ARVN icon
113
Arvinas
ARVN
$587M
$3.56M 0.12%
+300,000
New +$3.28M
KIDS icon
114
OrthoPediatrics
KIDS
$609M
$3.54M 0.12%
199,449
+150,000
+303% +$2.63M
GAIA icon
115
Gaia
GAIA
$37.2M
$3.32M 0.11%
914,618
– –
ACHV icon
116
Achieve Life Sciences
ACHV
$684M
$3.22M 0.11%
648,885
– –
AKBA icon
117
Akebia Therapeutics
AKBA
$238M
$3.22M 0.11%
2,000,000
– –
SRL icon
118
Scully Royalty
SRL
$93.8M
$3.15M 0.1%
368,182
– –
NNBR icon
119
NN Inc
NNBR
$311M
$3.13M 0.1%
2,441,416
– –
ANEB
120
DELISTED
Anebulo Pharmaceuticals
ANEB
$3.07M 0.1%
3,036,325
– –
CMPS
121
Compass Pathways
CMPS
$1.84B
$3.06M 0.1%
443,293
-1,286,637
-74% -$7.85M
BRCC icon
122
BRC Inc
BRCC
$217M
$2.92M 0.1%
2,630,517
– –
NDLS icon
123
Noodles & Co
NDLS
$95.8M
$2.91M 0.1%
515,589
-47,597
-8% -$270K
AYTU icon
124
AYTU BioPharma
AYTU
$25.5M
$2.83M 0.09%
1,086,812
– –
ABEO icon
125
CALL
Abeona Therapeutics
ABEO
$428M
$2.74M 0.09%
520,000
– –
3 4
5
6 7

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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.