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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
+44.97%
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
$3.32B
AUM Growth
+$646M
Cap. Flow
-$472M
Cap. Flow %
-14.24%
Top 10 Hldgs %
52.36%
Holding
124
New
19
Increased
24
Reduced
31
Closed
9

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$30.8M
2
AVTX icon
Avalo Therapeutics
AVTX
+$14.3M
3
ARYBU
ARYA Sciences Acquisition Corp II Unit
ARYBU
+$9.34M
4
SLNO
Soleno Therapeutics
SLNO
+$9.1M
5
KROS icon
Keros Therapeutics
KROS
+$8.47M

Top Sells

Rank Stock Value
1
W icon
Wayfair
W
+$196M
2
RH icon
RH
RH
+$58M
3
VAC icon
Marriott Vacations Worldwide
VAC
+$34.5M
4
CVNA icon
Carvana
CVNA
+$19.9M
5
FRG
Franchise Group, Inc.
FRG
+$12M

Sector Composition

Rank Sector Weight
1 Healthcare 19.42%
2 Consumer Discretionary 6.53%
3 Industrials 5.43%
4 Technology 4.76%
5 Financials 2.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$80.2B
$587M 17.7%
4,100,000
-400,000
-9% -$52.5M
W icon
2
CALL
Wayfair
W
$11.9B
$258M 7.77%
1,304,000
+190,700
+17% +$28.5M
CVNA icon
3
CALL
Carvana
CVNA
$44B
$217M 6.53%
9,012,000
-117,500
-1% -$2.2M
IWM icon
4
CALL
iShares Russell 2000 ETF
IWM
$80.2B
$172M 5.18%
1,200,000
-1,600,000
-57% -$210M
SPY icon
5
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$784B
$123M 3.72%
+400,000
New +$117M
HYG icon
6
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
$97.9M 2.95%
1,200,000
-1,300,000
-52% -$105M
AKBA icon
7
Akebia Therapeutics
AKBA
$362M
$82.9M 2.5%
6,101,111
-458,367
-7% -$4.74M
QURE icon
8
uniQure
QURE
$2.93B
$70.7M 2.13%
1,568,149
-141,123
-8% -$8.33M
LNW
9
CALL
DELISTED
Light & Wonder
LNW
$66.9M 2.02%
4,328,600
-350,000
-7% -$4.57M
DLB icon
10
Dolby
DLB
$4.9B
$61.3M 1.85%
930,193
+93,500
+11% +$5.6M
CDXS icon
11
Codexis
CDXS
$159M
$61.1M 1.84%
5,363,484
– –
CUE icon
12
Cue Biopharma
CUE
$128M
$57M 1.72%
77,513
-5,948
-7% -$4.31M
VG
13
DELISTED
Vonage Holdings Corporation
VG
$51.6M 1.56%
5,133,300
+812,500
+19% +$7.29M
QADA
14
DELISTED
QAD Inc.
QADA
$48.5M 1.46%
1,173,868
– –
QURE icon
15
CALL
uniQure
QURE
$2.93B
$47.9M 1.44%
1,062,500
+150,000
+16% +$8.86M
VAC icon
16
Marriott Vacations Worldwide
VAC
$3.35B
$44.5M 1.34%
541,633
-423,446
-44% -$34.5M
THC icon
17
CALL
Tenet Healthcare
THC
$21.8B
$43.5M 1.31%
2,402,500
– –
THC icon
18
Tenet Healthcare
THC
$21.8B
$40.7M 1.23%
2,245,124
+113,953
+5% +$2.25M
RH icon
19
RH
RH
$3.15B
$39.3M 1.19%
157,920
-320,260
-67% -$58M
KRE icon
20
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.49B
$38.4M 1.16%
1,000,000
– –
MED icon
21
Medifast
MED
$110M
$37.9M 1.14%
272,957
– –
APTO
22
DELISTED
Aptose Biosciences, Inc.
APTO
$37.7M 1.14%
13,282
-716
-5% -$2.31M
IMXI icon
23
International Money Express
IMXI
$394M
$36.3M 1.09%
2,912,690
+6,312
+0.2% +$64.2K
ESTA icon
24
Establishment Labs
ESTA
$2.75B
$35.6M 1.07%
1,907,713
-17,856
-0.9% -$304K
CAR icon
25
PUT
Avis
CAR
$5.37B
$34.3M 1.04%
+1,500,000
New +$27.5M
1
2 3 4 5

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Nantahala Capital Management's Q2 2020 Portfolio in Review

As of Q2 2020, Nantahala Capital Management held 124 positions worth $3.32B, up 24% from $2.67B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Nantahala Capital Management withdrew a net $472M in Q2 2020, closing 9 positions and reducing 31 holdings. Its most notable exit was Caesars Entertainment Corporation, an estimated $8.08M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 19% of assets, up from 17% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Nantahala Capital Management opened a new position in iShares Russell 2000 ETF worth $33.6M.

  • Nantahala Capital Management's largest Q2 2020 buy was iShares Russell 2000 ETF: 234,569 shares worth $33.6M.
  • Nantahala Capital Management added most to Soleno Therapeutics in Q2 2020, an estimated $9.1M increase.
  • Nantahala Capital Management's biggest Q2 2020 reduction was Wayfair, cutting an estimated $196M.
  • Nantahala Capital Management fully exited Caesars Entertainment Corporation in Q2 2020, selling an estimated $8.08M.
  • Nantahala Capital Management's ten largest holdings make up 52% of its $3.32B portfolio in Q2 2020.
  • Nantahala Capital Management opened 19 new positions and closed 9 in Q2 2020.
  • Nantahala Capital Management's portfolio value rose 24% quarter-over-quarter to $3.32B.

Based on Nantahala Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.