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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
+21.01%
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
$2.55B
AUM Growth
+$35.6M
Cap. Flow
-$175M
Cap. Flow %
-6.85%
Top 10 Hldgs %
52.06%
Holding
169
New
24
Increased
46
Reduced
13
Closed
11

Top Buys

Rank Stock Value
1
XTNT icon
Xtant Medical Holdings
XTNT
+$32.4M
2
JACK icon
Jack in the Box
JACK
+$13.5M
3
JCAP
Jefferson Capital
JCAP
+$11.2M
4
TLSI icon
TriSalus Life Sciences
TLSI
+$10.7M
5
FLWS icon
1-800-Flowers.com
FLWS
+$10.4M

Top Sells

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$56.6M
2
GOGO icon
Gogo Inc
GOGO
+$25.6M
3
URGN icon
UroGen Pharma
URGN
+$13M
4
QURE icon
uniQure
QURE
+$9.47M
5
RH icon
RH
RH
+$9.32M

Sector Composition

Rank Sector Weight
1 Healthcare 35.18%
2 Consumer Discretionary 8.71%
3 Communication Services 3.19%
4 Financials 2.93%
5 Industrials 1.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.1B
$777M 30.44%
3,600,000
+550,000
+18% +$111M
SLNO
2
DELISTED
Soleno Therapeutics
SLNO
$83.9M 3.29%
1,001,350
-755,673
-43% -$56.6M
HGV icon
3
Hilton Grand Vacations
HGV
$4.04B
$82.6M 3.24%
1,988,858
+2,121
+0.1% +$80K
ESTA icon
4
Establishment Labs
ESTA
$2.71B
$75.8M 2.97%
1,775,530
+1,486
+0.1% +$51.8K
XBI icon
5
PUT
State Street SPDR S&P Biotech ETF
XBI
$10B
$66.3M 2.6%
800,000
-400,000
-33% -$31.9M
TBBK icon
6
The Bancorp
TBBK
$2.81B
$55.2M 2.16%
968,503
+140,000
+17% +$7.08M
HLF icon
7
CALL
Herbalife
HLF
$1.3B
$54.3M 2.13%
6,300,000
+500,000
+9% +$3.71M
XTNT icon
8
Xtant Medical Holdings
XTNT
$59.8M
$50.5M 1.98%
68,394,000
+57,000,000
+500% +$32.4M
VTRS icon
9
CALL
Viatris
VTRS
$20.8B
$44.6M 1.75%
+5,000,000
New +$42.3M
EOLS icon
10
Evolus
EOLS
$397M
$38.7M 1.51%
4,197,926
+546,583
+15% +$5.59M
CRMT icon
11
America's Car Mart
CRMT
$25.9M
$36.1M 1.42%
644,686
– –
AMRX icon
12
Amneal Pharmaceuticals
AMRX
$6.1B
$35.3M 1.38%
4,367,438
+558,877
+15% +$4.21M
BVS icon
13
Bioventus
BVS
$889M
$35M 1.37%
5,280,842
+1,155,192
+28% +$8.19M
IMAX icon
14
IMAX
IMAX
$2.67B
$31.7M 1.24%
1,133,993
+225,742
+25% +$5.86M
FULC icon
15
Fulcrum Therapeutics
FULC
$241M
$29.5M 1.16%
4,288,299
-534,394
-11% -$2.86M
QURE icon
16
uniQure
QURE
$2.78B
$28.6M 1.12%
2,051,852
-704,110
-26% -$9.47M
KRYS icon
17
PUT
Krystal Biotech
KRYS
$10.7B
$27.5M 1.08%
+200,000
New +$29.4M
ABEO icon
18
Abeona Therapeutics
ABEO
$355M
$24.8M 0.97%
4,369,665
+859,815
+24% +$4.89M
HGV icon
19
CALL
Hilton Grand Vacations
HGV
$4.04B
$23.9M 0.94%
575,000
– –
PTON icon
20
Peloton Interactive
PTON
$2.85B
$22.7M 0.89%
3,267,737
-1,094,055
-25% -$7.11M
TITN icon
21
Titan Machinery
TITN
$420M
$22.5M 0.88%
1,135,552
-486,186
-30% -$8.9M
KROS icon
22
Keros Therapeutics
KROS
$197M
$21.6M 0.85%
1,620,692
+113,902
+8% +$1.54M
PTON icon
23
CALL
Peloton Interactive
PTON
$2.85B
$20.8M 0.82%
3,000,000
-1,200,000
-29% -$7.79M
LYV icon
24
PUT
Live Nation Entertainment
LYV
$42.9B
$19.7M 0.77%
130,300
– –
SVC
25
Service Properties Trust
SVC
$1.05B
$19.3M 0.75%
1,611,577
– –
1
2 3 4 5

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Nantahala Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Nantahala Capital Management held 169 positions worth $2.55B, up 1.4% from $2.52B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Nantahala Capital Management withdrew a net $175M in Q2 2025, closing 11 positions and reducing 13 holdings. Its most notable exit was RH, an estimated $9.32M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 35% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Nantahala Capital Management opened a new position in Jack in the Box worth $10.5M.

  • Nantahala Capital Management's largest Q2 2025 buy was Jack in the Box: 600,000 shares worth $10.5M.
  • Nantahala Capital Management added most to Xtant Medical Holdings in Q2 2025, an estimated $32.4M increase.
  • Nantahala Capital Management's biggest Q2 2025 reduction was Soleno Therapeutics, cutting an estimated $56.6M.
  • Nantahala Capital Management fully exited RH in Q2 2025, selling an estimated $9.32M.
  • Nantahala Capital Management's ten largest holdings make up 52% of its $2.55B portfolio in Q2 2025.
  • Nantahala Capital Management opened 24 new positions and closed 11 in Q2 2025.
  • Nantahala Capital Management's portfolio value rose 1.4% quarter-over-quarter to $2.55B.

Based on Nantahala Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.