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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
+21.01%
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
$2.55B
AUM Growth
+$35.6M
Cap. Flow
-$175M
Cap. Flow %
-6.85%
Top 10 Hldgs %
52.06%
Holding
169
New
24
Increased
46
Reduced
13
Closed
11

Top Buys

Rank Stock Value
1
XTNT icon
Xtant Medical Holdings
XTNT
+$32.4M
2
JACK icon
Jack in the Box
JACK
+$13.5M
3
JCAP
Jefferson Capital
JCAP
+$11.2M
4
TLSI icon
TriSalus Life Sciences
TLSI
+$10.7M
5
FLWS icon
1-800-Flowers.com
FLWS
+$10.4M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$56.6M
2
GOGO icon
Gogo Inc
GOGO
+$25.6M
3
URGN icon
UroGen Pharma
URGN
+$13M
4
QURE icon
uniQure
QURE
+$9.47M
5
RH icon
RH
RH
+$9.32M

Sector Composition

Rank Sector Weight
1 Healthcare 35.18%
2 Consumer Discretionary 8.71%
3 Communication Services 3.19%
4 Financials 2.93%
5 Industrials 1.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OKUR
151
OnKure Therapeutics
OKUR
$164M
$130K 0.01%
54,208
– –
LUCD icon
152
Lucid Diagnostics
LUCD
$183M
$109K ﹤0.01%
94,541
– –
URGN icon
153
UroGen Pharma
URGN
$2.26B
$91.8K ﹤0.01%
6,703
-1,356,696
-100% -$13M
TACT icon
154
Transact Technologies
TACT
$57.6M
$55.1K ﹤0.01%
15,046
– –
GFAIW icon
155
Guardforce AI Warrant
GFAIW
$90K
$37.7K ﹤0.01%
154,205
– –
BDSX icon
156
Biodesix
BDSX
$262M
$24K ﹤0.01%
+4,245
New +$34.3K
PERF.WS
157
DELISTED
Perfect Corp Warrants
PERF.WS
$660 ﹤0.01%
16,075
– –
IMTXW
158
DELISTED
Immatics N.V. Warrants
IMTXW
$149 ﹤0.01%
248,506
– –
GORV
159
DELISTED
Lazydays
GORV
– –
-6,182
Closed -$60.2K
HYG icon
160
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.9B
– –
-3,500,000
Closed -$276M
IWM icon
161
iShares Russell 2000 ETF
IWM
$81.5B
– –
-29,151
Closed -$5.87M
LXRX icon
162
Lexicon Pharmaceuticals
LXRX
$1.07B
– –
-460,850
Closed -$212K
ACH
163
Accendra Health
ACH
$107M
– –
-200,000
Closed -$1.81M
OPTN
164
DELISTED
OptiNose
OPTN
– –
-985,333
Closed -$9.04M
QQQ icon
165
PUT
Invesco QQQ Trust
QQQ
$479B
– –
-300,000
Closed -$141M
RCKT icon
166
Rocket Pharmaceuticals
RCKT
$397M
– –
-629,749
Closed -$4.2M
RH icon
167
RH
RH
$3.47B
– –
-50,158
Closed -$9.32M
SLNO
168
PUT
DELISTED
Soleno Therapeutics
SLNO
– –
-600,000
Closed -$42.9M
ZYXI
169
DELISTED
Zynex
ZYXI
– –
-487,778
Closed -$1.07M
3 4 5 6
7

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Nantahala Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Nantahala Capital Management held 169 positions worth $2.55B, up 1.4% from $2.52B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Nantahala Capital Management withdrew a net $175M in Q2 2025, closing 11 positions and reducing 13 holdings. Its most notable exit was RH, an estimated $9.32M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 35% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Nantahala Capital Management opened a new position in Jack in the Box worth $10.5M.

  • Nantahala Capital Management's largest Q2 2025 buy was Jack in the Box: 600,000 shares worth $10.5M.
  • Nantahala Capital Management added most to Xtant Medical Holdings in Q2 2025, an estimated $32.4M increase.
  • Nantahala Capital Management's biggest Q2 2025 reduction was Soleno Therapeutics, cutting an estimated $56.6M.
  • Nantahala Capital Management fully exited RH in Q2 2025, selling an estimated $9.32M.
  • Nantahala Capital Management's ten largest holdings make up 52% of its $2.55B portfolio in Q2 2025.
  • Nantahala Capital Management opened 24 new positions and closed 11 in Q2 2025.
  • Nantahala Capital Management's portfolio value rose 1.4% quarter-over-quarter to $2.55B.

Based on Nantahala Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.