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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
-0.9%
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
$2.72B
AUM Growth
-$309M
Cap. Flow
-$128M
Cap. Flow %
-4.71%
Top 10 Hldgs %
40.44%
Holding
175
New
22
Increased
46
Reduced
28
Closed
23

Top Buys

Rank Stock Value
1
PTON icon
Peloton Interactive
PTON
+$29.6M
2
MLYS icon
Mineralys Therapeutics
MLYS
+$22.9M
3
CWH icon
Camping World
CWH
+$22.7M
4
VSTM icon
Verastem
VSTM
+$19.3M
5
TBBK icon
The Bancorp
TBBK
+$18.5M

Top Sells

Rank Stock Value
1
TNGX icon
Tango Therapeutics
TNGX
+$32.3M
2
EB
Eventbrite
EB
+$30.5M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$30.2M
4
RAPT
RAPT Therapeutics
RAPT
+$25.5M
5
GMED icon
Globus Medical
GMED
+$19.6M

Sector Composition

Rank Sector Weight
1 Healthcare 36%
2 Consumer Discretionary 9.68%
3 Financials 3.92%
4 Communication Services 2.8%
5 Industrials 1.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TLPH icon
126
Talphera
TLPH
$63.8M
$2.61M 0.1%
3,492,519
– –
GAIA icon
127
Gaia
GAIA
$48.9M
$2.53M 0.09%
914,618
– –
PAYO icon
128
Payoneer
PAYO
$2.41B
$2.34M 0.09%
483,836
– –
EHTH icon
129
eHealth
EHTH
$42.9M
$2.27M 0.08%
1,761,441
– –
RDI icon
130
Reading International Class A
RDI
$33.6M
$2.17M 0.08%
1,921,088
– –
DXLG icon
131
Destination XL Group
DXLG
$34.3M
$2.11M 0.08%
4,141,740
-363,260
-8% -$233K
PCVX icon
132
CALL
Vaxcyte
PCVX
$7.96B
$2.05M 0.08%
35,200
– –
BRCC icon
133
BRC Inc
BRCC
$117M
$2.04M 0.08%
2,630,517
– –
TRDA icon
134
Entrada Therapeutics
TRDA
$225M
$2.01M 0.07%
+159,332
New +$1.83M
ACHV icon
135
Achieve Life Sciences
ACHV
$609M
$1.91M 0.07%
648,885
– –
IRON icon
136
Disc Medicine
IRON
$2.78B
$1.64M 0.06%
25,653
-107,147
-81% -$7.44M
POCI icon
137
Precision Optics
POCI
$47M
$1.23M 0.05%
+280,000
New +$1.28M
PEPG icon
138
PepGen
PEPG
$124M
$1.21M 0.04%
681,158
-866,071
-56% -$4.87M
VYNE icon
139
VYNE Therapeutics
VYNE
$19.1M
$1.2M 0.04%
40,000
+20,000
+100% +$583K
CRIS icon
140
Curis
CRIS
$9.22M
$1.09M 0.04%
+100,000
New +$1.86M
PERF icon
141
Perfect Corp
PERF
$196M
$987K 0.04%
583,925
– –
ASPSW
142
Altisource Portfolio Solutions SA Net Settle Stakeholder Warrants
ASPSW
$12.7M
$941K 0.03%
2,477,312
– –
ACU icon
143
Acme United Corp
ACU
$223M
$917K 0.03%
20,427
– –
SNTI icon
144
Senti Biosciences Holdings
SNTI
$11.2M
$721K 0.03%
888,000
– –
ASPSZ
145
Altisource Portfolio Solutions SA Cash Exercise Stakeholder Warrants
ASPSZ
$9.87M
$495K 0.02%
2,477,312
– –
TELA icon
146
CALL
TELA Bio
TELA
$30.1M
$465K 0.02%
750,000
– –
PHGE icon
147
BiomX
PHGE
$1.96M
$431K 0.02%
114,795
– –
SGRP
148
DELISTED
SPAR Group
SGRP
$413K 0.02%
660,688
– –
APRE icon
149
Aprea Therapeutics
APRE
$8.31M
$157K 0.01%
205,760
– –
GFAIW icon
150
Guardforce AI Warrant
GFAIW
$9.25K ﹤0.01%
154,205
– –
3 4 5
6
7

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Nantahala Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Nantahala Capital Management held 175 positions worth $2.72B, down 10% from $3.02B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Nantahala Capital Management withdrew a net $128M in Q1 2026, closing 23 positions and reducing 28 holdings. Its most notable exit was Eventbrite, an estimated $30.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 36% of assets, up from 34% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in AgomAb Therapeutics NV worth $12.9M.

  • Nantahala Capital Management's largest Q1 2026 buy was AgomAb Therapeutics NV: 1,200,000 shares worth $12.9M.
  • Nantahala Capital Management added most to Peloton Interactive in Q1 2026, an estimated $29.6M increase.
  • Nantahala Capital Management's biggest Q1 2026 reduction was Tango Therapeutics, cutting an estimated $32.3M.
  • Nantahala Capital Management fully exited Eventbrite in Q1 2026, selling an estimated $30.5M.
  • Nantahala Capital Management's ten largest holdings make up 40% of its $2.72B portfolio in Q1 2026.
  • Nantahala Capital Management opened 22 new positions and closed 23 in Q1 2026.
  • Nantahala Capital Management's portfolio value fell 10% quarter-over-quarter to $2.72B.

Based on Nantahala Capital Management's 13F filing for Q1 2026, filed 15 May 2026.