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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
+65.65%
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
$2.88B
AUM Growth
+$328M
Cap. Flow
-$135M
Cap. Flow %
-4.67%
Top 10 Hldgs %
44.82%
Holding
180
New
22
Increased
28
Reduced
33
Closed
27

Top Buys

Rank Stock Value
1
GMED icon
Globus Medical
GMED
+$17.3M
2
GUTS icon
Fractyl Health
GUTS
+$15.7M
3
GERN icon
Geron
GERN
+$12M
4
EOLS icon
Evolus
EOLS
+$11.9M
5
LBRX
LB Pharmaceuticals
LBRX
+$10.7M

Top Sells

Rank Stock Value
1
ABVX
Abivax
ABVX
+$56.7M
2
QURE icon
uniQure
QURE
+$19M
3
AMLX icon
Amylyx Pharmaceuticals
AMLX
+$18.8M
4
THRD
Third Harmonic Bio
THRD
+$16M
5
GOGO icon
Gogo Inc
GOGO
+$15.3M

Sector Composition

Rank Sector Weight
1 Healthcare 38.97%
2 Consumer Discretionary 7.24%
3 Financials 2.94%
4 Communication Services 2.29%
5 Industrials 1.56%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LUCD icon
151
Lucid Diagnostics
LUCD
$184M
$95.5K ﹤0.01%
94,541
– –
GFAIW icon
152
Guardforce AI Warrant
GFAIW
$60K
$29.3K ﹤0.01%
154,205
– –
PERF.WS
153
DELISTED
Perfect Corp Warrants
PERF.WS
$348 ﹤0.01%
16,075
– –
ASPS icon
154
Altisource Portfolio Solutions
ASPS
$65.1M
– –
-135,601
Closed -$1.16M
BDSX icon
155
Biodesix
BDSX
$253M
– –
-4,245
Closed -$24K
CRGX
156
DELISTED
CARGO Therapeutics
CRGX
– –
-1,100,000
Closed -$4.53M
DKS icon
157
Dick's Sporting Goods
DKS
$18.3B
– –
-40,000
Closed -$7.91M
EOLS icon
158
CALL
Evolus
EOLS
$528M
– –
-100,000
Closed -$921K
EYPT icon
159
EyePoint Inc
EYPT
$1.09B
– –
-593,091
Closed -$5.58M
FBIO icon
160
Fortress Biotech
FBIO
$87.4M
– –
-325,520
Closed -$605K
GMED icon
161
CALL
Globus Medical
GMED
$11.5B
– –
-300,000
Closed -$17.7M
GOGO icon
162
Gogo Inc
GOGO
$396M
– –
-1,044,415
Closed -$15.3M
IMTXW
163
DELISTED
Immatics N.V. Warrants
IMTXW
– –
-248,506
Closed -$149
ITOS
164
DELISTED
iTeos Therapeutics
ITOS
– –
-596,666
Closed -$5.95M
LADR
165
Ladder Capital
LADR
$1.26B
– –
-25,401
Closed -$273K
NVNO
166
enVVeno Medical
NVNO
$7.7M
– –
-16,990
Closed -$2.37M
OLPX
167
DELISTED
Olaplex Holdings
OLPX
– –
-650,000
Closed -$910K
PLCE icon
168
Children's Place
PLCE
$56.5M
– –
-57,030
Closed -$253K
RZLT icon
169
Rezolute
RZLT
$447M
– –
-2,291,395
Closed -$10.2M
SNDX icon
170
Syndax Pharmaceuticals
SNDX
$1.8B
– –
-754,503
Closed -$7.07M
TACT icon
171
Transact Technologies
TACT
$58M
– –
-15,046
Closed -$55.1K
THRD
172
DELISTED
Third Harmonic Bio
THRD
– –
-2,938,700
Closed -$16M
THTX
173
DELISTED
Theratechnologies
THTX
– –
-2,422,563
Closed -$5.72M
TRML
174
DELISTED
Tourmaline Bio
TRML
– –
-558,187
Closed -$8.93M
URGN icon
175
CALL
UroGen Pharma
URGN
$2.29B
– –
-1,000,000
Closed -$13.7M
4 5 6
7
8

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Nantahala Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Nantahala Capital Management held 180 positions worth $2.88B, up 13% from $2.55B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Nantahala Capital Management withdrew a net $135M in Q3 2025, closing 27 positions and reducing 33 holdings. Its most notable exit was Third Harmonic Bio, an estimated $16M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 39% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in Globus Medical worth $17.2M.

  • Nantahala Capital Management's largest Q3 2025 buy was Globus Medical: 300,000 shares worth $17.2M.
  • Nantahala Capital Management added most to Evolus in Q3 2025, an estimated $11.9M increase.
  • Nantahala Capital Management's biggest Q3 2025 reduction was Abivax, cutting an estimated $56.7M.
  • Nantahala Capital Management fully exited Third Harmonic Bio in Q3 2025, selling an estimated $16M.
  • Nantahala Capital Management's ten largest holdings make up 45% of its $2.88B portfolio in Q3 2025.
  • Nantahala Capital Management opened 22 new positions and closed 27 in Q3 2025.
  • Nantahala Capital Management's portfolio value rose 13% quarter-over-quarter to $2.88B.

Based on Nantahala Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.