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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
+12.22%
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
$2.04B
AUM Growth
+$779M
Cap. Flow
+$584M
Cap. Flow %
28.65%
Top 10 Hldgs %
68.36%
Holding
73
New
10
Increased
31
Reduced
12
Closed
7

Top Buys

Rank Stock Value
1
LNW
Light & Wonder
LNW
+$17.4M
2
OSPRU
Osprey Energy Acquisition Corp. Unit
OSPRU
+$10M
3
ASCMA
Ascent Capital Group, Inc. Series A
ASCMA
+$7.43M
4
AFI
Armstrong Flooring, Inc.
AFI
+$6.93M
5
ENT
Global Eagle Entertainment Inc.
ENT
+$6.35M

Top Sells

Rank Stock Value
1
AKBA icon
Akebia Therapeutics
AKBA
+$12M
2
FCFS icon
FirstCash
FCFS
+$10.7M
3
CCN
CardConnect Corp.
CCN
+$10.2M
4
TBBK icon
The Bancorp
TBBK
+$9.61M
5
DLB icon
Dolby
DLB
+$6.71M

Sector Composition

Rank Sector Weight
1 Financials 6.61%
2 Healthcare 5.56%
3 Consumer Discretionary 5.37%
4 Technology 4.86%
5 Industrials 4.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$80.9B
$545M 26.74%
3,680,000
+1,760,000
+92% +$248M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$176M 8.62%
700,000
+400,000
+133% +$98.6M
SPY icon
3
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$151M 7.39%
600,000
+400,000
+200% +$98.6M
LNW
4
CALL
DELISTED
Light & Wonder
LNW
$144M 7.06%
3,140,000
+200,000
+7% +$6.97M
EXAS
5
PUT
DELISTED
Exact Sciences
EXAS
$99M 4.85%
2,100,000
+700,000
+50% +$28.2M
RH icon
6
CALL
RH
RH
$3.3B
$84.4M 4.14%
1,200,000
+337,000
+39% +$21.1M
AABA
7
DELISTED
Altaba Inc
AABA
$67.7M 3.32%
1,021,691
-90,706
-8% -$5.56M
DLB icon
8
Dolby
DLB
$4.72B
$44.5M 2.18%
774,397
-128,110
-14% -$6.71M
CDXS icon
9
Codexis
CDXS
$135M
$43.2M 2.12%
6,500,679
+12,300
+0.2% +$68.1K
STLA icon
10
CALL
Stellantis
STLA
$16.5B
$39.4M 1.93%
2,200,000
+1,396,800
+174% +$19.3M
WRLD icon
11
World Acceptance Corp
WRLD
$950M
$37M 1.82%
446,861
+3,000
+0.7% +$231K
CASH icon
12
Pathward Financial
CASH
$1.81B
$35.1M 1.72%
1,343,856
+30,015
+2% +$775K
SODA
13
DELISTED
SodaStream International Ltd
SODA
$33.2M 1.63%
500,000
-97,795
-16% -$5.69M
LXFR icon
14
Luxfer Holdings
LXFR
$460M
$29.4M 1.44%
2,357,651
+227,107
+11% +$2.83M
WRLD icon
15
CALL
World Acceptance Corp
WRLD
$950M
$29M 1.42%
+350,000
New +$27M
FCFS icon
16
FirstCash
FCFS
$8.55B
$27.2M 1.33%
430,250
-180,506
-30% -$10.7M
AKBA icon
17
Akebia Therapeutics
AKBA
$327M
$26.9M 1.32%
1,367,947
-780,676
-36% -$12M
GDEN
18
DELISTED
Golden Entertainment
GDEN
$26.6M 1.3%
1,091,329
– –
QADA
19
DELISTED
QAD Inc.
QADA
$26.5M 1.3%
770,973
+54,952
+8% +$1.76M
ENT
20
DELISTED
Global Eagle Entertainment Inc.
ENT
$25.7M 1.26%
301,123
+81,135
+37% +$6.35M
LNW
21
DELISTED
Light & Wonder
LNW
$22.9M 1.12%
+500,000
New +$17.4M
HRB icon
22
PUT
H&R Block
HRB
$5.18B
$21.2M 1.04%
+800,000
New +$23.2M
TBBK icon
23
The Bancorp
TBBK
$2.79B
$20.7M 1.01%
2,500,000
-1,239,697
-33% -$9.61M
SODA
24
CALL
DELISTED
SodaStream International Ltd
SODA
$19.9M 0.98%
300,000
– –
AFI
25
DELISTED
Armstrong Flooring, Inc.
AFI
$19.5M 0.96%
1,240,677
+434,087
+54% +$6.93M
1
2 3

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CA
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Nantahala Capital Management's Q3 2017 Portfolio in Review

As of Q3 2017, Nantahala Capital Management held 73 positions worth $2.04B, up 62% from $1.26B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Nantahala Capital Management deployed $584M of net new capital in Q3 2017, opening 10 new positions and adding to 31 existing holdings. Its largest new stake was Light & Wonder: 500,000 shares worth $22.9M.

By sector, the portfolio is most concentrated in Financials at 6.6% of assets, down from 13% a quarter earlier, followed by Healthcare and Consumer Discretionary.

On the sell side, the largest reduction was Akebia Therapeutics, an estimated $12M trimmed.

  • Nantahala Capital Management's largest Q3 2017 buy was Light & Wonder: 500,000 shares worth $22.9M.
  • Nantahala Capital Management added most to Ascent Capital Group, Inc. Series A in Q3 2017, an estimated $7.43M increase.
  • Nantahala Capital Management's biggest Q3 2017 reduction was Akebia Therapeutics, cutting an estimated $12M.
  • Nantahala Capital Management fully exited CardConnect Corp. in Q3 2017, selling an estimated $10.2M.
  • Nantahala Capital Management's ten largest holdings make up 68% of its $2.04B portfolio in Q3 2017.
  • Nantahala Capital Management opened 10 new positions and closed 7 in Q3 2017.
  • Nantahala Capital Management's portfolio value rose 62% quarter-over-quarter to $2.04B.

Based on Nantahala Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.