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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
+15.22%
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
$3.42B
AUM Growth
+$194M
Cap. Flow
-$161M
Cap. Flow %
-4.71%
Top 10 Hldgs %
50.57%
Holding
147
New
33
Increased
23
Reduced
47
Closed
31

Top Buys

Rank Stock Value
1
IWM icon
iShares Russell 2000 ETF
IWM
+$59.8M
2
LNW
Light & Wonder
LNW
+$49.6M
3
CAR icon
Avis
CAR
+$32.2M
4
FTOC
FTAC Olympus Acquisition Corp. Class A Ordinary Shares
FTOC
+$17.7M
5
RMR icon
The RMR Group
RMR
+$15.9M

Top Sells

Rank Stock Value
1
DLB icon
Dolby
DLB
+$74.9M
2
VAC icon
Marriott Vacations Worldwide
VAC
+$52.8M
3
TBBK icon
The Bancorp
TBBK
+$50.9M
4
THC icon
Tenet Healthcare
THC
+$27.7M
5
FCFS icon
FirstCash
FCFS
+$27.1M

Sector Composition

Rank Sector Weight
1 Healthcare 22.96%
2 Consumer Discretionary 5.95%
3 Industrials 5.05%
4 Financials 3.72%
5 Technology 3.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.8B
$530M 15.5%
2,400,000
-650,000
-21% -$142M
W icon
2
CALL
Wayfair
W
$11.2B
$410M 12%
1,304,000
– –
QQQ icon
3
PUT
Invesco QQQ Trust
QQQ
$453B
$191M 5.6%
+600,000
New +$192M
ESTA icon
4
Establishment Labs
ESTA
$2.72B
$129M 3.76%
2,059,654
+17,555
+0.9% +$1.01M
CDXS icon
5
Codexis
CDXS
$151M
$96M 2.8%
4,191,834
-808,786
-16% -$18.9M
IWM icon
6
CALL
iShares Russell 2000 ETF
IWM
$79.8B
$88.4M 2.58%
+400,000
New +$87.3M
TLT icon
7
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
$81.3M 2.38%
+600,000
New +$87M
LNW
8
CALL
DELISTED
Light & Wonder
LNW
$79.3M 2.32%
2,059,300
-2,269,300
-52% -$102M
QADA
9
DELISTED
QAD Inc.
QADA
$63.9M 1.87%
959,666
-276,480
-22% -$18.5M
IWM icon
10
iShares Russell 2000 ETF
IWM
$79.8B
$60.5M 1.77%
+273,745
New +$59.8M
QURE icon
11
uniQure
QURE
$3.03B
$56.4M 1.65%
1,672,891
+36,352
+2% +$1.3M
VG
12
DELISTED
Vonage Holdings Corporation
VG
$54.8M 1.6%
4,637,611
-743,254
-14% -$9.68M
CVNA icon
13
CALL
Carvana
CVNA
$68.6B
$53.5M 1.56%
1,018,500
– –
LNW
14
DELISTED
Light & Wonder
LNW
$51.8M 1.51%
1,345,087
+1,107,827
+467% +$49.6M
TNL icon
15
Travel + Leisure Co
TNL
$4.66B
$51.2M 1.5%
836,626
-280,768
-25% -$15.2M
QURE icon
16
CALL
uniQure
QURE
$3.03B
$50.5M 1.48%
1,500,000
+387,500
+35% +$13.9M
LXFR icon
17
Luxfer Holdings
LXFR
$456M
$46.8M 1.37%
2,200,347
-143,898
-6% -$2.71M
APTO
18
DELISTED
Aptose Biosciences, Inc.
APTO
$46.2M 1.35%
17,198
+1,037
+6% +$2.06M
THC icon
19
CALL
Tenet Healthcare
THC
$20.5B
$45.5M 1.33%
875,900
-319,200
-27% -$16.1M
CAR icon
20
Avis
CAR
$4.86B
$45.2M 1.32%
+623,600
New +$32.2M
SNDX icon
21
Syndax Pharmaceuticals
SNDX
$1.69B
$44.8M 1.31%
2,002,410
+203,957
+11% +$4.61M
CASH icon
22
Pathward Financial
CASH
$1.86B
$44.8M 1.31%
987,784
-552,862
-36% -$23.6M
ARKG icon
23
CALL
ARK Genomic Revolution ETF
ARKG
$1.57B
$44.4M 1.3%
+500,000
New +$49.6M
SPRY icon
24
ARS Pharmaceuticals
SPRY
$509M
$42.7M 1.25%
992,242
-214,229
-18% -$10.1M
SFT
25
DELISTED
Shift Technologies, Inc. Class A Common Stock
SFT
$41.4M 1.21%
500,684
+121,844
+32% +$10.7M
1
2 3 4 5

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Nantahala Capital Management's Q1 2021 Portfolio in Review

As of Q1 2021, Nantahala Capital Management held 147 positions worth $3.42B, up 6% from $3.23B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Nantahala Capital Management withdrew a net $161M in Q1 2021, closing 31 positions and reducing 47 holdings. Its most notable exit was Dolby, an estimated $74.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 23% of assets, down from 25% 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 $60.5M.

  • Nantahala Capital Management's largest Q1 2021 buy was iShares Russell 2000 ETF: 273,745 shares worth $60.5M.
  • Nantahala Capital Management added most to Light & Wonder in Q1 2021, an estimated $49.6M increase.
  • Nantahala Capital Management's biggest Q1 2021 reduction was The Bancorp, cutting an estimated $50.9M.
  • Nantahala Capital Management fully exited Dolby in Q1 2021, selling an estimated $74.9M.
  • Nantahala Capital Management's ten largest holdings make up 51% of its $3.42B portfolio in Q1 2021.
  • Nantahala Capital Management opened 33 new positions and closed 31 in Q1 2021.
  • Nantahala Capital Management's portfolio value rose 6% quarter-over-quarter to $3.42B.

Based on Nantahala Capital Management's 13F filing for Q1 2021, filed 14 May 2021.