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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
+12.15%
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
$2.25B
AUM Growth
+$211M
Cap. Flow
+$74.8M
Cap. Flow %
3.33%
Top 10 Hldgs %
59.29%
Holding
82
New
16
Increased
26
Reduced
11
Closed
6

Top Buys

Rank Stock Value
1
THC icon
Tenet Healthcare
THC
+$23.2M
2
DXPE icon
DXP Enterprises
DXPE
+$18M
3
SGYP
Synergy Pharmaceuticals, Inc Common Stock
SGYP
+$17.4M
4
PRTY
Party City Holdco Inc.
PRTY
+$16M
5
QURE icon
uniQure
QURE
+$11.6M

Top Sells

Rank Stock Value
1
FCFS icon
FirstCash
FCFS
+$27.2M
2
LNW
Light & Wonder
LNW
+$24.4M
3
DLB icon
Dolby
DLB
+$22.9M
4
SODA
SodaStream International Ltd
SODA
+$6.62M
5
ZVO
Zovio Inc. Common Stock
ZVO
+$4.28M

Sector Composition

Rank Sector Weight
1 Miscellaneous 65.39%
2 Healthcare 9.71%
3 Financials 6.21%
4 Consumer Discretionary 5.15%
5 Technology 5.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$78.9B
$463M 20.6%
3,040,000
-640,000
-17% -$96.1M
LNW
2
CALL
DELISTED
Light & Wonder
LNW
$172M 7.65%
3,354,000
+214,000
+7% +$10.4M
EXAS
3
PUT
DELISTED
Exact Sciences
EXAS
$110M 4.9%
2,100,000
– –
SPY icon
4
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$107M 4.74%
400,000
-200,000
-33% -$52M
SPY icon
5
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$107M 4.74%
400,000
-300,000
-43% -$78M
HYG icon
6
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.3B
$87.3M 3.88%
+1,000,000
New +$87.8M
AABA
7
DELISTED
Altaba Inc
AABA
$81.8M 3.64%
1,171,691
+150,000
+15% +$10.4M
RH icon
8
CALL
RH
RH
$2.58B
$76.5M 3.4%
887,600
-312,400
-26% -$28.3M
XBI icon
9
PUT
State Street SPDR S&P Biotech ETF
XBI
$11.1B
$72M 3.2%
+848,100
New +$71M
STLA icon
10
CALL
Stellantis
STLA
$15.8B
$57.1M 2.54%
3,200,000
+1,000,000
+45% +$17.6M
CDXS icon
11
Codexis
CDXS
$158M
$55.8M 2.48%
6,679,954
+179,275
+3% +$1.24M
WRLD icon
12
World Acceptance Corp
WRLD
$882M
$42M 1.86%
519,699
+72,838
+16% +$5.86M
CASH icon
13
Pathward Financial
CASH
$1.64B
$41.5M 1.84%
1,343,856
– –
LXFR icon
14
Luxfer Holdings
LXFR
$463M
$40.9M 1.82%
2,587,341
+229,690
+10% +$3.13M
QURE icon
15
uniQure
QURE
$3.12B
$36.8M 1.64%
1,880,890
+761,007
+68% +$11.6M
GDEN
16
DELISTED
Golden Entertainment
GDEN
$35.6M 1.58%
1,091,329
– –
SODA
17
CALL
DELISTED
SodaStream International Ltd
SODA
$31.7M 1.41%
450,000
+150,000
+50% +$9.93M
THC icon
18
CALL
Tenet Healthcare
THC
$21.4B
$30.3M 1.35%
+2,000,000
New +$28.1M
AKBA icon
19
Akebia Therapeutics
AKBA
$268M
$28.8M 1.28%
1,933,867
+565,920
+41% +$9.39M
WRLD icon
20
CALL
World Acceptance Corp
WRLD
$882M
$28.3M 1.26%
350,000
– –
SODA
21
DELISTED
SodaStream International Ltd
SODA
$28.1M 1.25%
400,000
-100,000
-20% -$6.62M
QADA
22
DELISTED
QAD Inc.
QADA
$26.8M 1.19%
689,531
-81,442
-11% -$3.06M
THC icon
23
Tenet Healthcare
THC
$21.4B
$25M 1.11%
+1,647,200
New +$23.2M
DLB icon
24
Dolby
DLB
$5.95B
$24.5M 1.09%
395,170
-379,227
-49% -$22.9M
AFI
25
DELISTED
Armstrong Flooring, Inc.
AFI
$23.7M 1.06%
1,403,321
+162,644
+13% +$2.64M
1
2 3 4

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Nantahala Capital Management's Q4 2017 Portfolio in Review

As of Q4 2017, Nantahala Capital Management held 82 positions worth $2.25B, up 10% from $2.04B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Nantahala Capital Management deployed $74.8M of net new capital in Q4 2017, opening 16 new positions and adding to 26 existing holdings. Its largest new stake was Tenet Healthcare: 1,647,200 shares worth $25M.

By sector, the portfolio is most concentrated in Miscellaneous at 65% of assets, down from 68% a quarter earlier, followed by Healthcare and Financials.

On the sell side, the largest reduction was Dolby, an estimated $22.9M trimmed.

  • Nantahala Capital Management's largest Q4 2017 buy was Tenet Healthcare: 1,647,200 shares worth $25M.
  • Nantahala Capital Management added most to uniQure in Q4 2017, an estimated $11.6M increase.
  • Nantahala Capital Management's biggest Q4 2017 reduction was Dolby, cutting an estimated $22.9M.
  • Nantahala Capital Management fully exited FirstCash in Q4 2017, selling an estimated $27.2M.
  • Nantahala Capital Management's ten largest holdings make up 59% of its $2.25B portfolio in Q4 2017.
  • Nantahala Capital Management opened 16 new positions and closed 6 in Q4 2017.
  • Nantahala Capital Management's portfolio value rose 10% quarter-over-quarter to $2.25B.

Based on Nantahala Capital Management's 13F filing for Q4 2017, filed 14 Feb 2018.