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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
-3.81%
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
$2.52B
AUM Growth
+$188M
Cap. Flow
+$419M
Cap. Flow %
16.67%
Top 10 Hldgs %
60.9%
Holding
161
New
24
Increased
41
Reduced
59
Closed
16

Top Buys

Rank Stock Value
1
RH icon
RH
RH
+$17.4M
2
THRD
Third Harmonic Bio
THRD
+$11.8M
3
HGV icon
Hilton Grand Vacations
HGV
+$10.2M
4
GOGO icon
Gogo Inc
GOGO
+$7.74M
5
XNCR icon
Xencor
XNCR
+$7.55M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$106M
2
PTON icon
Peloton Interactive
PTON
+$22.5M
3
BKSY icon
BlackSky Technology
BKSY
+$14.9M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$14.9M
5
CASH icon
Pathward Financial
CASH
+$14.1M

Sector Composition

Rank Sector Weight
1 Healthcare 30.52%
2 Consumer Discretionary 7.42%
3 Communication Services 3.39%
4 Financials 2.21%
5 Industrials 1.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PERF icon
126
Perfect Corp
PERF
$190M
$894K 0.04%
495,041
-4,959
-1% -$10.8K
SGRP
127
DELISTED
SPAR Group
SGRP
$872K 0.03%
660,688
-1,340
-0.2% -$2.29K
HLF icon
128
Herbalife
HLF
$1.23B
$863K 0.03%
+100,000
New +$711K
OLPX
129
DELISTED
Olaplex Holdings
OLPX
$826K 0.03%
+650,000
New +$962K
ACU icon
130
Acme United Corp
ACU
$220M
$809K 0.03%
+20,427
New +$768K
KPRX icon
131
Kiora Pharmaceuticals
KPRX
$11.6M
$635K 0.03%
211,110
– –
FBIO icon
132
Fortress Biotech
FBIO
$86.7M
$508K 0.02%
325,520
+200,000
+159% +$353K
PLCE icon
133
Children's Place
PLCE
$56.3M
$498K 0.02%
57,030
+27,716
+95% +$258K
APRE icon
134
Aprea Therapeutics
APRE
$8.17M
$420K 0.02%
205,760
– –
EVOK
135
DELISTED
Evoke Pharma
EVOK
$407K 0.02%
148,153
-41
-0% -$174
LADR
136
Ladder Capital
LADR
$1.26B
$290K 0.01%
25,401
-230
-0.9% -$2.63K
OKUR
137
OnKure Therapeutics
OKUR
$166M
$233K 0.01%
54,208
-569
-1% -$3.2K
XGN icon
138
Exagen
XGN
$164M
$220K 0.01%
61,186
-930
-1% -$3.51K
LXRX icon
139
Lexicon Pharmaceuticals
LXRX
$1.08B
$212K 0.01%
460,850
-6,143,300
-93% -$3.88M
LUCD icon
140
Lucid Diagnostics
LUCD
$183M
$141K 0.01%
94,541
– –
GORV
141
DELISTED
Lazydays
GORV
$60.2K ﹤0.01%
6,182
-12,189
-66% -$263K
TACT icon
142
Transact Technologies
TACT
$59.4M
$55.4K ﹤0.01%
15,046
– –
IMTXW
143
DELISTED
Immatics N.V. Warrants
IMTXW
$28K ﹤0.01%
248,506
– –
PERF.WS
144
DELISTED
Perfect Corp Warrants
PERF.WS
$2.13K ﹤0.01%
16,075
– –
GFAIW icon
145
Guardforce AI Warrant
GFAIW
$60K
$182 ﹤0.01%
154,205
– –
JBIO
146
Jade Biosciences
JBIO
$1.36B
– –
-13,798
Closed -$1.28M
BKSY icon
147
BlackSky Technology
BKSY
$1.22B
– –
-1,377,060
Closed -$14.9M
CASH icon
148
Pathward Financial
CASH
$1.82B
– –
-191,343
Closed -$14.1M
EWTX icon
149
Edgewise Therapeutics
EWTX
$4.81B
– –
-13,371
Closed -$357K
IMAX icon
150
CALL
IMAX
IMAX
$2.77B
– –
-250,000
Closed -$6.4M
3 4 5
6
7

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Nantahala Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Nantahala Capital Management held 161 positions worth $2.52B, up 8.1% from $2.33B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Nantahala Capital Management deployed $419M of net new capital in Q1 2025, opening 24 new positions and adding to 41 existing holdings. Its largest new stake was RH: 50,158 shares worth $11.8M.

By sector, the portfolio is most concentrated in Healthcare at 31% of assets, down from 38% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was Soleno Therapeutics, an estimated $106M trimmed.

  • Nantahala Capital Management's largest Q1 2025 buy was RH: 50,158 shares worth $11.8M.
  • Nantahala Capital Management added most to Third Harmonic Bio in Q1 2025, an estimated $11.8M increase.
  • Nantahala Capital Management's biggest Q1 2025 reduction was Soleno Therapeutics, cutting an estimated $106M.
  • Nantahala Capital Management fully exited BlackSky Technology in Q1 2025, selling an estimated $14.9M.
  • Nantahala Capital Management's ten largest holdings make up 61% of its $2.52B portfolio in Q1 2025.
  • Nantahala Capital Management opened 24 new positions and closed 16 in Q1 2025.
  • Nantahala Capital Management's portfolio value rose 8.1% quarter-over-quarter to $2.52B.

Based on Nantahala Capital Management's 13F filing for Q1 2025, filed 15 May 2025.