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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
-1.12%
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
$2.84B
AUM Growth
-$331M
Cap. Flow
-$98.6M
Cap. Flow %
-3.47%
Top 10 Hldgs %
46.08%
Holding
156
New
25
Increased
37
Reduced
37
Closed
20

Top Buys

Rank Stock Value
1
PAYA
Paya Holdings Inc. Class A Common Stock
PAYA
+$18.8M
2
QURE icon
uniQure
QURE
+$17.3M
3
SC
SANTANDER CONSUMER USA HOLDINGS INC
SC
+$16.6M
4
SMLR
Semler Scientific
SMLR
+$15M
5
RMR icon
The RMR Group
RMR
+$11.7M

Top Sells

Rank Stock Value
1
QADA
QAD Inc.
QADA
+$81M
2
VG
Vonage Holdings Corporation
VG
+$47.8M
3
CDXS icon
Codexis
CDXS
+$17.6M
4
CASH icon
Pathward Financial
CASH
+$15.3M
5
IWM icon
iShares Russell 2000 ETF
IWM
+$12.9M

Sector Composition

Rank Sector Weight
1 Healthcare 27.36%
2 Consumer Discretionary 9.53%
3 Financials 4.77%
4 Industrials 4.39%
5 Technology 3.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.9B
$478M 16.83%
2,150,000
-50,000
-2% -$11.3M
W icon
2
CALL
Wayfair
W
$11.4B
$153M 5.4%
807,700
– –
ESTA icon
3
Establishment Labs
ESTA
$2.75B
$144M 5.05%
2,123,236
+66,197
+3% +$4.63M
LNW
4
CALL
DELISTED
Light & Wonder
LNW
$104M 3.67%
1,559,300
– –
CDXS icon
5
Codexis
CDXS
$151M
$101M 3.54%
3,214,097
-535,144
-14% -$17.6M
XBI icon
6
PUT
State Street SPDR S&P Biotech ETF
XBI
$9.96B
$72.8M 2.56%
650,000
+150,000
+30% +$18.1M
THC icon
7
CALL
Tenet Healthcare
THC
$20.4B
$71.6M 2.52%
875,900
– –
TA
8
DELISTED
TravelCenters of America LLC
TA
$65.7M 2.31%
1,272,570
– –
SNDX icon
9
Syndax Pharmaceuticals
SNDX
$1.67B
$62.4M 2.2%
2,850,559
+193,400
+7% +$3.57M
MLKN icon
10
MillerKnoll
MLKN
$1.53B
$57.4M 2.02%
1,464,507
-4,259
-0.3% -$166K
TNL icon
11
CALL
Travel + Leisure Co
TNL
$4.62B
$55.3M 1.94%
1,000,000
– –
GDEN
12
DELISTED
Golden Entertainment
GDEN
$54.1M 1.9%
1,071,315
+170,078
+19% +$8.43M
CASH icon
13
Pathward Financial
CASH
$1.86B
$53.4M 1.88%
895,792
-255,513
-22% -$15.3M
TNL icon
14
Travel + Leisure Co
TNL
$4.62B
$52M 1.83%
941,252
+8,958
+1% +$479K
IMAX icon
15
IMAX
IMAX
$2.61B
$49.9M 1.76%
2,797,490
-19,002
-0.7% -$364K
QURE icon
16
uniQure
QURE
$3.01B
$49M 1.72%
2,363,313
+604,095
+34% +$17.3M
CVNA icon
17
CALL
Carvana
CVNA
$68.3B
$47.2M 1.66%
1,018,500
– –
KROS icon
18
Keros Therapeutics
KROS
$196M
$46.6M 1.64%
796,698
+36,315
+5% +$1.81M
XBI icon
19
CALL
State Street SPDR S&P Biotech ETF
XBI
$9.96B
$44.8M 1.58%
+400,000
New +$48.2M
QURE icon
20
CALL
uniQure
QURE
$3.01B
$43.7M 1.54%
2,105,900
– –
IMAX icon
21
CALL
IMAX
IMAX
$2.61B
$42.8M 1.51%
2,400,000
+600,000
+33% +$11.5M
LXFR icon
22
Luxfer Holdings
LXFR
$456M
$40.9M 1.44%
2,118,233
+5,505
+0.3% +$112K
RDVT icon
23
Red Violet
RDVT
$975M
$40.6M 1.43%
1,023,459
+23,459
+2% +$820K
IMTX icon
24
Immatics
IMTX
$1.18B
$39.2M 1.38%
2,918,662
+271,213
+10% +$3.39M
RMR icon
25
The RMR Group
RMR
$327M
$33.4M 1.18%
963,726
+336,975
+54% +$11.7M
1
2 3 4 5

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CA
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NB
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MASUI
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Nantahala Capital Management's Q4 2021 Portfolio in Review

As of Q4 2021, Nantahala Capital Management held 156 positions worth $2.84B, down 10% from $3.17B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Nantahala Capital Management withdrew a net $98.6M in Q4 2021, closing 20 positions and reducing 37 holdings. Its most notable exit was QAD Inc., an estimated $81M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 27% of assets, up from 24% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in SANTANDER CONSUMER USA HOLDINGS INC worth $16.6M.

  • Nantahala Capital Management's largest Q4 2021 buy was SANTANDER CONSUMER USA HOLDINGS INC: 395,176 shares worth $16.6M.
  • Nantahala Capital Management added most to Paya Holdings Inc. Class A Common Stock in Q4 2021, an estimated $18.8M increase.
  • Nantahala Capital Management's biggest Q4 2021 reduction was Codexis, cutting an estimated $17.6M.
  • Nantahala Capital Management fully exited QAD Inc. in Q4 2021, selling an estimated $81M.
  • Nantahala Capital Management's ten largest holdings make up 46% of its $2.84B portfolio in Q4 2021.
  • Nantahala Capital Management opened 25 new positions and closed 20 in Q4 2021.
  • Nantahala Capital Management's portfolio value fell 10% quarter-over-quarter to $2.84B.

Based on Nantahala Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.