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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
-3.81%
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
$2.52B
AUM Growth
+$188M
Cap. Flow
+$419M
Cap. Flow %
16.67%
Top 10 Hldgs %
60.9%
Holding
161
New
24
Increased
41
Reduced
59
Closed
16

Top Buys

Rank Stock Value
1
RH icon
RH
RH
+$17.4M
2
THRD
Third Harmonic Bio
THRD
+$11.8M
3
HGV icon
Hilton Grand Vacations
HGV
+$10.2M
4
GOGO icon
Gogo Inc
GOGO
+$7.74M
5
XNCR icon
Xencor
XNCR
+$7.55M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$106M
2
PTON icon
Peloton Interactive
PTON
+$22.5M
3
BKSY icon
BlackSky Technology
BKSY
+$14.9M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$14.9M
5
CASH icon
Pathward Financial
CASH
+$14.1M

Sector Composition

Rank Sector Weight
1 Healthcare 30.52%
2 Consumer Discretionary 7.42%
3 Communication Services 3.39%
4 Financials 2.21%
5 Industrials 1.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.8B
$608M 24.18%
3,050,000
+650,000
+27% +$141M
HYG icon
2
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
$276M 10.97%
+3,500,000
New +$278M
QQQ icon
3
PUT
Invesco QQQ Trust
QQQ
$453B
$141M 5.59%
+300,000
New +$152M
SLNO
4
DELISTED
Soleno Therapeutics
SLNO
$126M 4.99%
1,757,023
-2,171,943
-55% -$106M
XBI icon
5
PUT
State Street SPDR S&P Biotech ETF
XBI
$9.95B
$97.3M 3.87%
1,200,000
-50,000
-4% -$4.47M
HGV icon
6
Hilton Grand Vacations
HGV
$3.59B
$74.3M 2.95%
1,986,737
+255,742
+15% +$10.2M
ESTA icon
7
Establishment Labs
ESTA
$2.72B
$72.4M 2.88%
1,774,044
+119,574
+7% +$4.46M
HLF icon
8
CALL
Herbalife
HLF
$1.29B
$50.1M 1.99%
5,800,000
+5,000,000
+625% +$35.6M
EOLS icon
9
Evolus
EOLS
$385M
$43.9M 1.75%
3,651,343
+521,194
+17% +$6.82M
TBBK icon
10
The Bancorp
TBBK
$2.79B
$43.8M 1.74%
828,503
-145,952
-15% -$8.1M
SLNO
11
PUT
DELISTED
Soleno Therapeutics
SLNO
$42.9M 1.7%
+600,000
New +$29.2M
BVS icon
12
Bioventus
BVS
$892M
$37.7M 1.5%
4,125,650
+98,841
+2% +$987K
AMRX icon
13
Amneal Pharmaceuticals
AMRX
$5.85B
$31.9M 1.27%
3,808,561
+143,032
+4% +$1.19M
GOGO icon
14
Gogo Inc
GOGO
$565M
$30.7M 1.22%
3,564,797
+990,155
+38% +$7.74M
CRMT icon
15
America's Car Mart
CRMT
$26.6M
$29.3M 1.16%
644,686
+100,000
+18% +$4.68M
QURE icon
16
uniQure
QURE
$3.03B
$29.2M 1.16%
2,755,962
+302,598
+12% +$4.24M
TITN icon
17
Titan Machinery
TITN
$396M
$27.6M 1.1%
1,621,738
-3,538
-0.2% -$58.4K
PTON icon
18
Peloton Interactive
PTON
$2.77B
$27.6M 1.1%
4,361,792
-2,863,111
-40% -$22.5M
PTON icon
19
CALL
Peloton Interactive
PTON
$2.77B
$26.5M 1.05%
4,200,000
-889,700
-17% -$6.99M
IMAX icon
20
IMAX
IMAX
$2.62B
$23.9M 0.95%
908,251
-242,100
-21% -$6.04M
SVRA icon
21
Savara
SVRA
$1.12B
$22.4M 0.89%
8,075,375
+550,116
+7% +$1.52M
HGV icon
22
CALL
Hilton Grand Vacations
HGV
$3.59B
$21.5M 0.85%
+575,000
New +$22.9M
SVC
23
Service Properties Trust
SVC
$1.04B
$21M 0.84%
1,611,577
-6,803
-0.4% -$92.1K
LYV icon
24
PUT
Live Nation Entertainment
LYV
$40.6B
$17M 0.68%
+130,300
New +$17.8M
ABEO icon
25
Abeona Therapeutics
ABEO
$366M
$16.7M 0.66%
3,509,850
-19,364
-0.5% -$105K
1
2 3 4 5

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XL
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NB
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MASUI
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BCM
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Nantahala Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Nantahala Capital Management held 161 positions worth $2.52B, up 8.1% from $2.33B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Nantahala Capital Management deployed $419M of net new capital in Q1 2025, opening 24 new positions and adding to 41 existing holdings. Its largest new stake was RH: 50,158 shares worth $11.8M.

By sector, the portfolio is most concentrated in Healthcare at 31% of assets, down from 38% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was Soleno Therapeutics, an estimated $106M trimmed.

  • Nantahala Capital Management's largest Q1 2025 buy was RH: 50,158 shares worth $11.8M.
  • Nantahala Capital Management added most to Third Harmonic Bio in Q1 2025, an estimated $11.8M increase.
  • Nantahala Capital Management's biggest Q1 2025 reduction was Soleno Therapeutics, cutting an estimated $106M.
  • Nantahala Capital Management fully exited BlackSky Technology in Q1 2025, selling an estimated $14.9M.
  • Nantahala Capital Management's ten largest holdings make up 61% of its $2.52B portfolio in Q1 2025.
  • Nantahala Capital Management opened 24 new positions and closed 16 in Q1 2025.
  • Nantahala Capital Management's portfolio value rose 8.1% quarter-over-quarter to $2.52B.

Based on Nantahala Capital Management's 13F filing for Q1 2025, filed 15 May 2025.