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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
+42.28%
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
$3.23B
AUM Growth
-$42M
Cap. Flow
-$623M
Cap. Flow %
-19.3%
Top 10 Hldgs %
49.44%
Holding
136
New
22
Increased
36
Reduced
40
Closed
23

Top Buys

Rank Stock Value
1
SPRY icon
ARS Pharmaceuticals
SPRY
+$40.3M
2
SFT
Shift Technologies, Inc. Class A Common Stock
SFT
+$23.7M
3
MILE
Metromile, Inc. Common Stock
MILE
+$22.8M
4
IMAX icon
IMAX
IMAX
+$22.3M
5
KROS icon
Keros Therapeutics
KROS
+$16.2M

Top Sells

Rank Stock Value
1
WRLD icon
World Acceptance Corp
WRLD
+$22.4M
2
VAC icon
Marriott Vacations Worldwide
VAC
+$16.8M
3
INAQU
INSU Acquisition Corp. II Unit
INAQU
+$16.3M
4
FRG
Franchise Group, Inc.
FRG
+$15.2M
5
IWM icon
iShares Russell 2000 ETF
IWM
+$15.1M

Sector Composition

Rank Sector Weight
1 Healthcare 24.66%
2 Consumer Discretionary 8.76%
3 Industrials 6.02%
4 Financials 5.59%
5 Technology 5.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.8B
$598M 18.53%
3,050,000
-1,450,000
-32% -$254M
W icon
2
CALL
Wayfair
W
$11.2B
$294M 9.12%
1,304,000
– –
LNW
3
CALL
DELISTED
Light & Wonder
LNW
$180M 5.56%
4,328,600
– –
CDXS icon
4
Codexis
CDXS
$151M
$109M 3.38%
5,000,620
-362,864
-7% -$5.97M
QADA
5
DELISTED
QAD Inc.
QADA
$78.1M 2.42%
1,236,146
+51,781
+4% +$2.66M
ESTA icon
6
Establishment Labs
ESTA
$2.72B
$76.9M 2.38%
2,042,099
+122,909
+6% +$3.24M
DLB icon
7
Dolby
DLB
$5.51B
$74.9M 2.32%
770,845
-167,811
-18% -$13.9M
VG
8
DELISTED
Vonage Holdings Corporation
VG
$69.3M 2.15%
5,380,865
+197,153
+4% +$2.4M
QURE icon
9
uniQure
QURE
$3.03B
$59.1M 1.83%
1,636,539
+53,181
+3% +$2.24M
CASH icon
10
Pathward Financial
CASH
$1.86B
$56.3M 1.75%
1,540,646
-259,081
-14% -$7.89M
SPRY icon
11
ARS Pharmaceuticals
SPRY
$509M
$54.4M 1.69%
+1,206,471
New +$40.3M
VAC icon
12
Marriott Vacations Worldwide
VAC
$3.35B
$52.8M 1.64%
384,987
-142,696
-27% -$16.8M
TNL icon
13
Travel + Leisure Co
TNL
$4.66B
$50.1M 1.55%
1,117,394
-187,041
-14% -$7.34M
CVNA icon
14
CALL
Carvana
CVNA
$68.6B
$48.8M 1.51%
1,018,500
-4,155,500
-80% -$190M
THC icon
15
CALL
Tenet Healthcare
THC
$20.5B
$47.7M 1.48%
1,195,100
-1,207,400
-50% -$39M
TA
16
DELISTED
TravelCenters of America LLC
TA
$42.1M 1.3%
1,291,003
-7,737
-0.6% -$228K
GDEN
17
DELISTED
Golden Entertainment
GDEN
$40.4M 1.25%
2,031,172
-96,616
-5% -$1.55M
QURE icon
18
CALL
uniQure
QURE
$3.03B
$40.2M 1.25%
1,112,500
+50,000
+5% +$2.11M
SNDX icon
19
Syndax Pharmaceuticals
SNDX
$1.69B
$40M 1.24%
1,798,453
+459,762
+34% +$9.53M
LXFR icon
20
Luxfer Holdings
LXFR
$456M
$38.5M 1.19%
2,344,245
+66,580
+3% +$973K
KROS icon
21
Keros Therapeutics
KROS
$199M
$37.7M 1.17%
534,514
+257,687
+93% +$16.2M
TBBK icon
22
The Bancorp
TBBK
$2.79B
$37.6M 1.17%
2,755,982
+132,043
+5% +$1.49M
DXPE icon
23
DXP Enterprises
DXPE
$2.43B
$34.1M 1.06%
1,533,170
+32,611
+2% +$659K
IMXI icon
24
International Money Express
IMXI
$357M
$33.1M 1.03%
2,134,092
-184,576
-8% -$2.86M
APTO
25
DELISTED
Aptose Biosciences, Inc.
APTO
$31.9M 0.99%
16,161
+852
+6% +$2M
1
2 3 4 5

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Nantahala Capital Management's Q4 2020 Portfolio in Review

As of Q4 2020, Nantahala Capital Management held 136 positions worth $3.23B, down 1.3% from $3.27B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Nantahala Capital Management withdrew a net $623M in Q4 2020, closing 23 positions and reducing 40 holdings. Its most notable exit was World Acceptance Corp, an estimated $22.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 25% of assets, up from 18% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Nantahala Capital Management opened a new position in ARS Pharmaceuticals worth $54.4M.

  • Nantahala Capital Management's largest Q4 2020 buy was ARS Pharmaceuticals: 1,206,471 shares worth $54.4M.
  • Nantahala Capital Management added most to Shift Technologies, Inc. Class A Common Stock in Q4 2020, an estimated $23.7M increase.
  • Nantahala Capital Management's biggest Q4 2020 reduction was Marriott Vacations Worldwide, cutting an estimated $16.8M.
  • Nantahala Capital Management fully exited World Acceptance Corp in Q4 2020, selling an estimated $22.4M.
  • Nantahala Capital Management's ten largest holdings make up 49% of its $3.23B portfolio in Q4 2020.
  • Nantahala Capital Management opened 22 new positions and closed 23 in Q4 2020.
  • Nantahala Capital Management's portfolio value fell 1.3% quarter-over-quarter to $3.23B.

Based on Nantahala Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.