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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
+11.54%
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
$3.02B
AUM Growth
+$145M
Cap. Flow
-$41.1M
Cap. Flow %
-1.36%
Top 10 Hldgs %
45.87%
Holding
173
New
19
Increased
36
Reduced
34
Closed
20

Top Buys

Rank Stock Value
1
GOGO icon
Gogo Inc
GOGO
+$49.8M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$28.8M
3
FOXF icon
Fox Factory Holding Corp
FOXF
+$27.8M
4
SLNO
Soleno Therapeutics
SLNO
+$24.7M
5
PTON icon
Peloton Interactive
PTON
+$15.7M

Top Sells

Rank Stock Value
1
ESTA icon
Establishment Labs
ESTA
+$59.5M
2
ABVX
Abivax
ABVX
+$44.1M
3
COGT icon
Cogent Biosciences
COGT
+$35.3M
4
AMRX icon
Amneal Pharmaceuticals
AMRX
+$20.3M
5
IMAX icon
IMAX
IMAX
+$18.1M

Sector Composition

Rank Sector Weight
1 Healthcare 34.48%
2 Consumer Discretionary 8.75%
3 Financials 3.52%
4 Communication Services 3.05%
5 Industrials 1.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GFAIW icon
151
Guardforce AI Warrant
GFAIW
$90K
$23.1K ﹤0.01%
154,205
– –
PERF.WS
152
DELISTED
Perfect Corp Warrants
PERF.WS
$323 ﹤0.01%
16,075
– –
AGIO icon
153
Agios Pharmaceuticals
AGIO
$1.95B
– –
-100,000
Closed -$4.01M
ANIK icon
154
Anika Therapeutics
ANIK
$277M
– –
-20,961
Closed -$197K
AQST icon
155
Aquestive Therapeutics
AQST
$538M
– –
-600,000
Closed -$3.35M
CYTK icon
156
Cytokinetics
CYTK
$10.8B
– –
-150,000
Closed -$8.24M
CZR icon
157
CALL
Caesars Entertainment
CZR
$6.13B
– –
-500,000
Closed -$13.5M
CZR icon
158
Caesars Entertainment
CZR
$6.13B
– –
-98,879
Closed -$2.67M
DCTH icon
159
Delcath Systems
DCTH
$578M
– –
-666,435
Closed -$7.16M
DYN icon
160
Dyne Therapeutics
DYN
$4.95B
– –
-702,884
Closed -$8.89M
ELDN icon
161
Eledon Pharmaceuticals
ELDN
$284M
– –
-1,141,237
Closed -$2.96M
EVOK
162
DELISTED
Evoke Pharma
EVOK
– –
-148,153
Closed -$736K
GPCR icon
163
CALL
Structure Therapeutics
GPCR
$3.82B
– –
-150,000
Closed -$4.2M
GPCR icon
164
Structure Therapeutics
GPCR
$3.82B
– –
-368,553
Closed -$10.3M
HOOD icon
165
PUT
Robinhood
HOOD
$85B
– –
-100,000
Closed -$14.3M
KOD icon
166
Kodiak Sciences
KOD
$2.72B
– –
-290,884
Closed -$4.76M
KRYS icon
167
PUT
Krystal Biotech
KRYS
$9.81B
– –
-200,000
Closed -$35.3M
RDVT icon
168
Red Violet
RDVT
$1.05B
– –
-164,339
Closed -$8.59M
SCPH
169
DELISTED
scPharmaceuticals
SCPH
– –
-861,277
Closed -$4.88M
VTGN icon
170
VistaGen Therapeutics
VTGN
$11.7M
– –
-1,978,492
Closed -$7.02M
PVLA
171
Palvella Therapeutics
PVLA
$2.19B
– –
-250,062
Closed -$15.7M
MAZE
172
Maze Therapeutics
MAZE
$1.51B
– –
-93,351
Closed -$2.42M
3 4 5 6
7

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Nantahala Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Nantahala Capital Management held 173 positions worth $3.02B, up 5% from $2.88B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Nantahala Capital Management's Q4 2025 filing shows 19 new, 36 increased, 34 reduced and 20 closed positions. Its largest new stake was Gogo Inc: 6,792,649 shares worth $31.7M. The largest sale was Establishment Labs, an estimated $59.5M.

By sector, the portfolio is most concentrated in Healthcare at 34% of assets, down from 39% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Nantahala Capital Management's largest Q4 2025 buy was Gogo Inc: 6,792,649 shares worth $31.7M.
  • Nantahala Capital Management added most to Fox Factory Holding Corp in Q4 2025, an estimated $27.8M increase.
  • Nantahala Capital Management's biggest Q4 2025 reduction was Establishment Labs, cutting an estimated $59.5M.
  • Nantahala Capital Management fully exited Palvella Therapeutics in Q4 2025, selling an estimated $15.7M.
  • Nantahala Capital Management's ten largest holdings make up 46% of its $3.02B portfolio in Q4 2025.
  • Nantahala Capital Management opened 19 new positions and closed 20 in Q4 2025.
  • Nantahala Capital Management's portfolio value rose 5% quarter-over-quarter to $3.02B.

Based on Nantahala Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.