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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
-24.08%
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
$3.25B
AUM Growth
-$466M
Cap. Flow
+$401M
Cap. Flow %
12.32%
Top 10 Hldgs %
53.3%
Holding
113
New
16
Increased
47
Reduced
20
Closed
15

Top Buys

Rank Stock Value
1
VAC icon
Marriott Vacations Worldwide
VAC
+$66.2M
2
CURO
CURO Group Holdings Corp.
CURO
+$24.3M
3
GTT
GTT Communications, Inc.
GTT
+$22.7M
4
PRTY
Party City Holdco Inc.
PRTY
+$21.8M
5
LNW
Light & Wonder
LNW
+$16.9M

Top Sells

Rank Stock Value
1
SODA
SodaStream International Ltd
SODA
+$29.3M
2
AABA
Altaba Inc
AABA
+$19.1M
3
SGYP
Synergy Pharmaceuticals, Inc Common Stock
SGYP
+$14M
4
PCG icon
PG&E
PCG
+$9.43M
5
CDXS icon
Codexis
CDXS
+$2.25M

Sector Composition

Rank Sector Weight
1 Healthcare 13.52%
2 Financials 6.32%
3 Consumer Discretionary 6.24%
4 Industrials 4.5%
5 Technology 4.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$80.4B
$620M 19.07%
4,629,700
+229,700
+5% +$34.3M
IYR icon
2
PUT
iShares US Real Estate ETF
IYR
$4.76B
$225M 6.92%
3,000,000
– –
IWM icon
3
CALL
iShares Russell 2000 ETF
IWM
$80.4B
$208M 6.4%
+1,552,600
New +$232M
STLA icon
4
CALL
Stellantis
STLA
$16.7B
$130M 3.99%
8,970,000
+1,000,000
+13% +$16.1M
LNW
5
CALL
DELISTED
Light & Wonder
LNW
$125M 3.83%
6,968,300
+491,800
+8% +$9.93M
CDXS icon
6
Codexis
CDXS
$161M
$109M 3.37%
6,549,800
-130,154
-2% -$2.25M
HCA icon
7
PUT
HCA Healthcare
HCA
$92.8B
$87.1M 2.68%
700,000
– –
RH icon
8
CALL
RH
RH
$3.36B
$81.3M 2.5%
678,100
+82,000
+14% +$9.86M
WRLD icon
9
World Acceptance Corp
WRLD
$880M
$75.9M 2.33%
741,945
+14,533
+2% +$1.5M
XBI icon
10
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.1B
$71.8M 2.21%
1,000,000
– –
QURE icon
11
uniQure
QURE
$2.52B
$71.4M 2.2%
2,478,667
+596,196
+32% +$16.6M
EXAS
12
PUT
DELISTED
Exact Sciences
EXAS
$70M 2.16%
1,110,000
-1,868,800
-63% -$128M
SPY icon
13
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$783B
$62.5M 1.92%
+250,000
New +$67.4M
VAC icon
14
Marriott Vacations Worldwide
VAC
$3.52B
$56M 1.72%
+794,096
New +$66.2M
THC icon
15
CALL
Tenet Healthcare
THC
$22.6B
$51M 1.57%
2,975,000
+1,700,000
+133% +$41.1M
AABA
16
DELISTED
Altaba Inc
AABA
$50M 1.54%
862,841
-308,850
-26% -$19.1M
CVNA icon
17
CALL
Carvana
CVNA
$47.3B
$47.4M 1.46%
+7,250,000
New +$61M
LXFR icon
18
Luxfer Holdings
LXFR
$456M
$46.5M 1.43%
2,635,749
-10,000
-0.4% -$227K
PRTY
19
DELISTED
Party City Holdco Inc.
PRTY
$43.7M 1.34%
4,379,789
+2,010,906
+85% +$21.8M
THC icon
20
Tenet Healthcare
THC
$22.6B
$42.4M 1.3%
2,473,112
+364,709
+17% +$8.83M
GDEN
21
DELISTED
Golden Entertainment
GDEN
$40.5M 1.25%
2,527,713
+121,415
+5% +$2.21M
QADA
22
DELISTED
QAD Inc.
QADA
$39.7M 1.22%
1,008,709
+175,782
+21% +$7.68M
CASH icon
23
Pathward Financial
CASH
$1.87B
$34.6M 1.06%
1,784,227
+165,679
+10% +$3.87M
ARQL
24
DELISTED
Arqule Inc
ARQL
$33.5M 1.03%
12,101,879
– –
XELA
25
DELISTED
Exela Technologies, Inc. Common Stock
XELA
$32.7M 1.01%
700
+145
+26% +$9.09M
1
2 3 4 5

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Nantahala Capital Management's Q4 2018 Portfolio in Review

As of Q4 2018, Nantahala Capital Management held 113 positions worth $3.25B, down 13% from $3.72B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Nantahala Capital Management deployed $401M of net new capital in Q4 2018, opening 16 new positions and adding to 47 existing holdings. Its largest new stake was Marriott Vacations Worldwide: 794,096 shares worth $56M.

By sector, the portfolio is most concentrated in Healthcare at 14% of assets, down from 14% a quarter earlier, followed by Financials and Consumer Discretionary.

On the sell side, the largest reduction was Altaba Inc, an estimated $19.1M trimmed.

  • Nantahala Capital Management's largest Q4 2018 buy was Marriott Vacations Worldwide: 794,096 shares worth $56M.
  • Nantahala Capital Management added most to CURO Group Holdings Corp. in Q4 2018, an estimated $24.3M increase.
  • Nantahala Capital Management's biggest Q4 2018 reduction was Altaba Inc, cutting an estimated $19.1M.
  • Nantahala Capital Management fully exited SodaStream International Ltd in Q4 2018, selling an estimated $29.3M.
  • Nantahala Capital Management's ten largest holdings make up 53% of its $3.25B portfolio in Q4 2018.
  • Nantahala Capital Management opened 16 new positions and closed 15 in Q4 2018.
  • Nantahala Capital Management's portfolio value fell 13% quarter-over-quarter to $3.25B.

Based on Nantahala Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.