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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
-8.78%
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
$2.7B
AUM Growth
-$549M
Cap. Flow
-$199M
Cap. Flow %
-7.38%
Top 10 Hldgs %
45.84%
Holding
103
New
10
Increased
23
Reduced
17
Closed
11

Top Buys

Rank Stock Value
1
QURE icon
uniQure
QURE
+$30.4M
2
W icon
Wayfair
W
+$15.6M
3
MED icon
Medifast
MED
+$13M
4
AGS
PlayAGS
AGS
+$12.8M
5
VMD icon
Viemed Healthcare
VMD
+$9.98M

Top Sells

Rank Stock Value
1
WRLD icon
World Acceptance Corp
WRLD
+$48.9M
2
CVNA icon
Carvana
CVNA
+$47M
3
RH icon
RH
RH
+$35.5M
4
SPB icon
Spectrum Brands
SPB
+$22.5M
5
THC icon
Tenet Healthcare
THC
+$10M

Sector Composition

Rank Sector Weight
1 Healthcare 17.42%
2 Consumer Discretionary 10.23%
3 Financials 6.46%
4 Industrials 5.76%
5 Technology 5.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.1B
$409M 15.14%
2,700,000
-187,000
-6% -$28.6M
EXAS
2
PUT
DELISTED
Exact Sciences
EXAS
$124M 4.6%
1,374,200
+78,000
+6% +$8.89M
LNW
3
CALL
DELISTED
Light & Wonder
LNW
$122M 4.52%
5,990,400
– –
QQQ icon
4
PUT
Invesco QQQ Trust
QQQ
$437B
$104M 3.85%
+550,000
New +$104M
CVNA icon
5
CALL
Carvana
CVNA
$47.9B
$102M 3.8%
7,762,500
– –
QURE icon
6
uniQure
QURE
$2.73B
$77.5M 2.87%
1,968,838
+526,378
+36% +$30.4M
QURE icon
7
CALL
uniQure
QURE
$2.73B
$77.3M 2.87%
1,965,000
+388,500
+25% +$22.4M
STLA icon
8
CALL
Stellantis
STLA
$17.5B
$75.4M 2.79%
5,820,000
– –
CDXS icon
9
Codexis
CDXS
$159M
$73.6M 2.73%
5,363,484
– –
ARQL
10
DELISTED
Arqule Inc
ARQL
$72.1M 2.67%
10,060,105
-335,300
-3% -$3.15M
THC icon
11
CALL
Tenet Healthcare
THC
$22.3B
$69.2M 2.56%
3,129,000
+600,000
+24% +$12.8M
XBI icon
12
PUT
State Street SPDR S&P Biotech ETF
XBI
$9.94B
$68.6M 2.54%
900,000
-216,500
-19% -$18M
VAC icon
13
Marriott Vacations Worldwide
VAC
$3.48B
$68.2M 2.53%
658,262
-14,100
-2% -$1.39M
RH icon
14
RH
RH
$3.29B
$64.2M 2.38%
375,707
-249,460
-40% -$35.5M
CASH icon
15
Pathward Financial
CASH
$1.87B
$58.7M 2.17%
1,799,727
– –
QADA
16
DELISTED
QAD Inc.
QADA
$57.8M 2.14%
1,250,722
+34,144
+3% +$1.42M
DXPE icon
17
DXP Enterprises
DXPE
$2.28B
$55.6M 2.06%
1,602,433
+172,888
+12% +$5.81M
RH icon
18
CALL
RH
RH
$3.29B
$53.8M 1.99%
315,000
-44,500
-12% -$6.34M
THC icon
19
Tenet Healthcare
THC
$22.3B
$44.3M 1.64%
2,001,914
-470,000
-19% -$10M
LXFR icon
20
Luxfer Holdings
LXFR
$457M
$40.5M 1.5%
2,601,749
– –
CZR
21
CALL
DELISTED
Caesars Entertainment Corporation
CZR
$38.8M 1.44%
3,331,000
– –
HCA icon
22
PUT
HCA Healthcare
HCA
$92.1B
$38.5M 1.43%
320,000
– –
WRLD icon
23
World Acceptance Corp
WRLD
$880M
$34.7M 1.28%
271,753
-345,693
-56% -$48.9M
PRTY
24
DELISTED
Party City Holdco Inc.
PRTY
$34.4M 1.28%
6,025,989
+1,699,590
+39% +$9.7M
W icon
25
Wayfair
W
$11.7B
$34M 1.26%
302,870
+121,900
+67% +$15.6M
1
2 3 4 5

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Nantahala Capital Management's Q3 2019 Portfolio in Review

As of Q3 2019, Nantahala Capital Management held 103 positions worth $2.7B, down 17% from $3.25B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Nantahala Capital Management withdrew a net $199M in Q3 2019, closing 11 positions and reducing 17 holdings. Its most notable exit was Spectrum Brands, an estimated $22.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 17% of assets, down from 18% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in Medifast worth $12.6M.

  • Nantahala Capital Management's largest Q3 2019 buy was Medifast: 121,407 shares worth $12.6M.
  • Nantahala Capital Management added most to uniQure in Q3 2019, an estimated $30.4M increase.
  • Nantahala Capital Management's biggest Q3 2019 reduction was World Acceptance Corp, cutting an estimated $48.9M.
  • Nantahala Capital Management fully exited Spectrum Brands in Q3 2019, selling an estimated $22.5M.
  • Nantahala Capital Management's ten largest holdings make up 46% of its $2.7B portfolio in Q3 2019.
  • Nantahala Capital Management opened 10 new positions and closed 11 in Q3 2019.
  • Nantahala Capital Management's portfolio value fell 17% quarter-over-quarter to $2.7B.

Based on Nantahala Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.