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NCM
Nantahala Capital Management Portfolio holdings
AUM
$3.01B
1-Year Est. Return
119.46%
This Fund
S&P 500
This Quarter
Est. Return
+19.85%
1 Year Est. Return
+119.46%
3 Year Est. Return
+340.9%
5 Year Est. Return
+347.01%
10 Year Est. Return
+3,143.27%
AUM
$3.01B
AUM Growth
+$299M
(+11%)
Cap. Flow
-$137M
Cap. Flow
% of AUM
-4.54%
Top 10 Holdings %
Top 10 Hldgs %
41.28%
Holding
178
New
26
Increased
27
Reduced
43
Closed
23
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ADMA Biologics
ADMA
|
+$21.5M |
| 2 |
ADC Therapeutics
ADCT
|
+$19.6M |
| 3 |
Planet Fitness
PLNT
|
+$16.4M |
| 4 |
Fulcrum Therapeutics
FULC
|
+$14.8M |
| 5 |
IVA
Inventiva
IVA
|
+$12.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SLNO
Soleno Therapeutics
SLNO
|
+$58.4M |
| 2 |
Peloton Interactive
PTON
|
+$37.2M |
| 3 |
Establishment Labs
ESTA
|
+$35.7M |
| 4 |
Hilton Grand Vacations
HGV
|
+$23.2M |
| 5 |
Tango Therapeutics
TNGX
|
+$18.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 45.89% |
| 2 | Healthcare | 33.86% |
| 3 | Consumer Discretionary | 8.42% |
| 4 | Financials | 4.15% |
| 5 | Communication Services | 2.36% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Azitra
AZTR
$11.1M
| $371K | 0.01% |
+2,213,613
| New | +$477K |
|
152
BiomX
PHGE
$5M
| $215K | 0.01% |
63,500
+52,020
| +453% | +$597K |
|
153
Aprea Therapeutics
APRE
$9.95M
| $165K | 0.01% |
205,760
| – | – |
|
154
Guardforce AI Warrant
GFAIW
$45K
| $5.42K | ﹤0.01% |
154,205
| – | – |
|
155
Achieve Life Sciences
ACHV
$748M
| – | – |
-648,885
| Closed | -$1.91M |
|
156
CALL
Align Technology
ALGN
$10.7B
| – | – |
-100,000
| Closed | -$17.1M |
|
|
ASRT
157
DELISTED
Assertio
ASRT
| – | – |
-692,335
| Closed | -$13.2M |
|
158
CG Oncology
CGON
$6.5B
| – | – |
-49,449
| Closed | -$3.35M |
|
|
CNTA
159
DELISTED
Centessa Pharmaceuticals
CNTA
| – | – |
-254,803
| Closed | -$10.1M |
|
160
Cogent Biosciences
COGT
$5.9B
| – | – |
-250,000
| Closed | -$9.62M |
|
161
Caesars Entertainment
CZR
$6.05B
| – | – |
-150,000
| Closed | -$3.96M |
|
162
Dianthus Therapeutics
DNTH
$5.99B
| – | – |
-67,282
| Closed | -$5.65M |
|
163
Disc Medicine
IRON
$2.82B
| – | – |
-25,653
| Closed | -$1.64M |
|
|
164
PUT
Disc Medicine
IRON
$2.82B
| – | – |
-41,000
| Closed | -$2.62M |
|
165
Kosmos Energy
KOS
$1.8B
| – | – |
-1,844,194
| Closed | -$5.13M |
|
166
NN Inc
NNBR
$306M
| – | – |
-2,441,416
| Closed | -$3.54M |
|
167
PepGen
PEPG
$209M
| – | – |
-681,158
| Closed | -$1.21M |
|
|
PERF.WS
168
DELISTED
Perfect Corp Warrants
PERF.WS
| – | – |
-16,075
| Closed | -$238 |
|
169
Revolution Medicines
RVMD
$43.4B
| – | – |
-50,000
| Closed | -$4.86M |
|
170
Solid Biosciences
SLDB
$978M
| – | – |
-1,165,078
| Closed | -$8.39M |
|
|
SLNO
171
CALL
DELISTED
Soleno Therapeutics
SLNO
| – | – |
-750,000
| Closed | -$25.1M |
|
|
SLNO
172
DELISTED
Soleno Therapeutics
SLNO
| – | – |
-1,744,124
| Closed | -$58.4M |
|
173
CALL
TELA Bio
TELA
$40M
| – | – |
-750,000
| Closed | -$465K |
|
174
CALL
Teva Pharmaceuticals
TEVA
$42.3B
| – | – |
-1,500,000
| Closed | -$45.2M |
|
175
Xencor
XNCR
$1.8B
| – | – |
-264,639
| Closed | -$3.19M |
|
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Nantahala Capital Management's Q2 2026 Portfolio in Review
As of Q2 2026, Nantahala Capital Management held 178 positions worth $3.01B, up 11% from $2.72B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
Nantahala Capital Management withdrew a net $137M in Q2 2026, closing 23 positions and reducing 43 holdings. Its most notable exit was Soleno Therapeutics, an estimated $58.4M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 46% of assets, up from 42% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Nantahala Capital Management opened a new position in ADMA Biologics worth $19.8M.
- Nantahala Capital Management's largest Q2 2026 buy was ADMA Biologics: 2,359,993 shares worth $19.8M.
- Nantahala Capital Management added most to ADC Therapeutics in Q2 2026, an estimated $19.6M increase.
- Nantahala Capital Management's biggest Q2 2026 reduction was Peloton Interactive, cutting an estimated $37.2M.
- Nantahala Capital Management fully exited Soleno Therapeutics in Q2 2026, selling an estimated $58.4M.
- Nantahala Capital Management's ten largest holdings make up 41% of its $3.01B portfolio in Q2 2026.
- Nantahala Capital Management opened 26 new positions and closed 23 in Q2 2026.
- Nantahala Capital Management's portfolio value rose 11% quarter-over-quarter to $3.01B.
Based on Nantahala Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.