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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
-1.12%
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
$2.84B
AUM Growth
-$331M
Cap. Flow
-$98.6M
Cap. Flow %
-3.47%
Top 10 Hldgs %
46.08%
Holding
156
New
25
Increased
37
Reduced
37
Closed
20

Top Buys

Rank Stock Value
1
PAYA
Paya Holdings Inc. Class A Common Stock
PAYA
+$18.8M
2
QURE icon
uniQure
QURE
+$17.3M
3
SC
SANTANDER CONSUMER USA HOLDINGS INC
SC
+$16.6M
4
SMLR
Semler Scientific
SMLR
+$15M
5
RMR icon
The RMR Group
RMR
+$11.7M

Top Sells

Rank Stock Value
1
QADA
QAD Inc.
QADA
+$81M
2
VG
Vonage Holdings Corporation
VG
+$47.8M
3
CDXS icon
Codexis
CDXS
+$17.6M
4
CASH icon
Pathward Financial
CASH
+$15.3M
5
IWM icon
iShares Russell 2000 ETF
IWM
+$12.9M

Sector Composition

Rank Sector Weight
1 Healthcare 27.36%
2 Consumer Discretionary 9.53%
3 Financials 4.77%
4 Industrials 4.39%
5 Technology 3.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HERAW
126
DELISTED
FTAC Hera Acquisition Corp. Warrant
HERAW
$237K 0.01%
249,997
– –
IIIIW
127
DELISTED
INSU Acquisition Corp. III Warrant
IIIIW
$185K 0.01%
333,332
– –
FAZEW
128
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
$181K 0.01%
+124,997
New +$219K
STRDW
129
DELISTED
Sitio Royalties Corp. Warrant
STRDW
$122K ﹤0.01%
878,022
– –
QTEKW
130
DELISTED
QualTek Services Inc. Warrant
QTEKW
$109K ﹤0.01%
99,749
– –
MILEW
131
DELISTED
Metromile, Inc. Warrant
MILEW
$78K ﹤0.01%
558,296
– –
ACET icon
132
Adicet Bio
ACET
$75.9M
– –
-19,409
Closed -$2.44M
CAR icon
133
PUT
Avis
CAR
$4.9B
– –
-550,000
Closed -$64.1M
CRBU icon
134
Caribou Biosciences
CRBU
$165M
– –
-56,418
Closed -$1.35M
EXAS
135
PUT
DELISTED
Exact Sciences
EXAS
– –
-150,000
Closed -$14.3M
GFAI icon
136
Guardforce AI
GFAI
$10.9M
– –
-13,328
Closed -$2.11M
TBHC
137
PUT
DELISTED
The Brand House Collective
TBHC
– –
-132,500
Closed -$2.54M
MRK icon
138
CALL
Merck
MRK
$323B
– –
-600,000
Closed -$45.1M
RGS icon
139
Regis Corp
RGS
$70.8M
– –
-763
Closed -$53K
RGS icon
140
PUT
Regis Corp
RGS
$70.8M
– –
-25,000
Closed -$1.74M
RHP icon
141
PUT
Ryman Hospitality Properties
RHP
$7.57B
– –
-300,000
Closed -$25.1M
TLT icon
142
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$40.5B
– –
-600,000
Closed -$86.6M
TMC icon
143
TMC The Metals Company
TMC
$1.92B
– –
-700,000
Closed -$3.2M
TFFP
144
DELISTED
TFF Pharmaceuticals, Inc. Common Stock
TFFP
– –
-10,843
Closed -$2.09M
HERAU
145
DELISTED
FTAC Hera Acquisition Corp. Units
HERAU
$0 ﹤0.01%
+9
New +$90
CYRN
146
DELISTED
CYREN Ltd.
CYRN
– –
-7,620
Closed -$95K
IIIIU
147
DELISTED
INSU Acquisition Corp. III Unit
IIIIU
$0 ﹤0.01%
+4
New +$40
BRPMU
148
DELISTED
B. Riley Principal 150 Merger Corp. Unit
BRPMU
$0 ﹤0.01%
9
-374,991
-100% -$4.09M
DVD
149
DELISTED
Dover Motorsports
DVD
– –
-2,586,043
Closed -$6.26M
HCAQ
150
DELISTED
HealthCor Catalio Acquisition Corp. Class A Ordinary Shares
HCAQ
– –
-354,296
Closed -$3.51M
3 4 5
6
7

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Nantahala Capital Management's Q4 2021 Portfolio in Review

As of Q4 2021, Nantahala Capital Management held 156 positions worth $2.84B, down 10% from $3.17B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Nantahala Capital Management withdrew a net $98.6M in Q4 2021, closing 20 positions and reducing 37 holdings. Its most notable exit was QAD Inc., an estimated $81M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 27% of assets, up from 24% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in SANTANDER CONSUMER USA HOLDINGS INC worth $16.6M.

  • Nantahala Capital Management's largest Q4 2021 buy was SANTANDER CONSUMER USA HOLDINGS INC: 395,176 shares worth $16.6M.
  • Nantahala Capital Management added most to Paya Holdings Inc. Class A Common Stock in Q4 2021, an estimated $18.8M increase.
  • Nantahala Capital Management's biggest Q4 2021 reduction was Codexis, cutting an estimated $17.6M.
  • Nantahala Capital Management fully exited QAD Inc. in Q4 2021, selling an estimated $81M.
  • Nantahala Capital Management's ten largest holdings make up 46% of its $2.84B portfolio in Q4 2021.
  • Nantahala Capital Management opened 25 new positions and closed 20 in Q4 2021.
  • Nantahala Capital Management's portfolio value fell 10% quarter-over-quarter to $2.84B.

Based on Nantahala Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.