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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
+41.13%
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
+$548M
Cap. Flow
-$56.8M
Cap. Flow %
-1.75%
Top 10 Hldgs %
55.94%
Holding
98
New
6
Increased
21
Reduced
21
Closed
11

Top Buys

Rank Stock Value
1
FRG
Franchise Group, Inc.
FRG
+$32.6M
2
SLNO
Soleno Therapeutics
SLNO
+$7.3M
3
SCPL
SciPlay Corporation Class A Common Stock
SCPL
+$7.29M
4
PRTY
Party City Holdco Inc.
PRTY
+$6.17M
5
W icon
Wayfair
W
+$5.6M

Top Sells

Rank Stock Value
1
RH icon
RH
RH
+$69.8M
2
ARQL
Arqule Inc
ARQL
+$40.8M
3
QURE icon
uniQure
QURE
+$35M
4
THC icon
Tenet Healthcare
THC
+$27M
5
AABA
Altaba Inc
AABA
+$17.2M

Sector Composition

Rank Sector Weight
1 Healthcare 18.43%
2 Consumer Discretionary 7.38%
3 Industrials 6.33%
4 Financials 5.02%
5 Technology 4.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$80B
$721M 22.2%
4,350,000
+1,650,000
+61% +$261M
XBI icon
2
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.1B
$214M 6.59%
2,250,000
+1,350,000
+150% +$117M
LNW
3
CALL
DELISTED
Light & Wonder
LNW
$160M 4.94%
5,990,400
– –
CVNA icon
4
CALL
Carvana
CVNA
$48.2B
$143M 4.4%
7,753,500
-9,000
-0.1% -$151K
ARQL
5
DELISTED
Arqule Inc
ARQL
$131M 4.02%
6,544,347
-3,515,758
-35% -$40.8M
THC icon
6
CALL
Tenet Healthcare
THC
$22.2B
$98.8M 3.04%
2,599,000
-530,000
-17% -$15.9M
QURE icon
7
uniQure
QURE
$2.63B
$95.4M 2.94%
1,331,838
-637,000
-32% -$35M
CDXS icon
8
Codexis
CDXS
$161M
$85.8M 2.64%
5,363,484
– –
VAC icon
9
Marriott Vacations Worldwide
VAC
$3.52B
$84.8M 2.61%
658,262
– –
QURE icon
10
CALL
uniQure
QURE
$2.63B
$82.8M 2.55%
1,155,000
-810,000
-41% -$44.5M
CASH icon
11
Pathward Financial
CASH
$1.85B
$65.7M 2.02%
1,799,727
– –
DXPE icon
12
DXP Enterprises
DXPE
$2.41B
$63.8M 1.97%
1,602,433
– –
QADA
13
DELISTED
QAD Inc.
QADA
$63.7M 1.96%
1,250,722
– –
STLA icon
14
CALL
Stellantis
STLA
$17.4B
$61.3M 1.89%
4,170,000
-1,650,000
-28% -$23.9M
RH icon
15
CALL
RH
RH
$3.32B
$57.5M 1.77%
269,500
-45,500
-14% -$8.88M
HCA icon
16
PUT
HCA Healthcare
HCA
$91B
$47.3M 1.46%
320,000
– –
GDEN
17
DELISTED
Golden Entertainment
GDEN
$47.1M 1.45%
2,449,713
– –
CZR
18
CALL
DELISTED
Caesars Entertainment Corporation
CZR
$45.3M 1.4%
3,331,000
– –
LXFR icon
19
Luxfer Holdings
LXFR
$457M
$45M 1.39%
2,432,531
-169,218
-7% -$2.91M
FRG
20
DELISTED
Franchise Group, Inc.
FRG
$43.7M 1.35%
+1,910,247
New +$32.6M
AKBA icon
21
Akebia Therapeutics
AKBA
$335M
$42.6M 1.31%
6,737,120
+947,559
+16% +$4.5M
THC icon
22
Tenet Healthcare
THC
$22.2B
$41.9M 1.29%
1,101,914
-900,000
-45% -$27M
LNW
23
DELISTED
Light & Wonder
LNW
$38.2M 1.18%
1,427,465
-9,702
-0.7% -$250K
EXAS
24
PUT
DELISTED
Exact Sciences
EXAS
$37.7M 1.16%
408,000
-966,200
-70% -$84.9M
DLB icon
25
Dolby
DLB
$4.98B
$35.9M 1.11%
521,693
– –
1
2 3 4

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CA
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XL
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NB
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MASUI
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Nantahala Capital Management's Q4 2019 Portfolio in Review

As of Q4 2019, Nantahala Capital Management held 98 positions worth $3.25B, up 20% from $2.7B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Nantahala Capital Management's Q4 2019 filing shows 6 new, 21 increased, 21 reduced and 11 closed positions. Its largest new stake was Franchise Group, Inc.: 1,910,247 shares worth $43.7M. The largest sale was RH, an estimated $69.8M.

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

  • Nantahala Capital Management's largest Q4 2019 buy was Franchise Group, Inc.: 1,910,247 shares worth $43.7M.
  • Nantahala Capital Management added most to SciPlay Corporation Class A Common Stock in Q4 2019, an estimated $7.29M increase.
  • Nantahala Capital Management's biggest Q4 2019 reduction was RH, cutting an estimated $69.8M.
  • Nantahala Capital Management fully exited Altaba Inc in Q4 2019, selling an estimated $17.2M.
  • Nantahala Capital Management's ten largest holdings make up 56% of its $3.25B portfolio in Q4 2019.
  • Nantahala Capital Management opened 6 new positions and closed 11 in Q4 2019.
  • Nantahala Capital Management's portfolio value rose 20% quarter-over-quarter to $3.25B.

Based on Nantahala Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.