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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
+65.65%
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
$2.88B
AUM Growth
+$328M
Cap. Flow
-$135M
Cap. Flow %
-4.67%
Top 10 Hldgs %
44.82%
Holding
180
New
22
Increased
28
Reduced
33
Closed
27

Top Buys

Rank Stock Value
1
GMED icon
Globus Medical
GMED
+$17.3M
2
GUTS icon
Fractyl Health
GUTS
+$15.7M
3
GERN icon
Geron
GERN
+$12M
4
EOLS icon
Evolus
EOLS
+$11.9M
5
LBRX
LB Pharmaceuticals
LBRX
+$10.7M

Top Sells

Rank Stock Value
1
ABVX
Abivax
ABVX
+$56.7M
2
QURE icon
uniQure
QURE
+$19M
3
AMLX icon
Amylyx Pharmaceuticals
AMLX
+$18.8M
4
THRD
Third Harmonic Bio
THRD
+$16M
5
GOGO icon
Gogo Inc
GOGO
+$15.3M

Sector Composition

Rank Sector Weight
1 Healthcare 38.97%
2 Consumer Discretionary 7.24%
3 Financials 2.94%
4 Communication Services 2.29%
5 Industrials 1.56%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.8B
$641M 22.27%
2,650,000
-950,000
-26% -$218M
EW icon
2
PUT
Edwards Lifesciences
EW
$49.6B
$140M 4.86%
+1,800,000
New +$141M
ESTA icon
3
Establishment Labs
ESTA
$2.72B
$80.9M 2.81%
1,973,492
+197,962
+11% +$8.09M
XBI icon
4
PUT
State Street SPDR S&P Biotech ETF
XBI
$9.95B
$70.1M 2.44%
700,000
-100,000
-13% -$9.01M
HGV icon
5
Hilton Grand Vacations
HGV
$3.59B
$69.7M 2.42%
1,667,753
-321,105
-16% -$14.8M
TBBK icon
6
The Bancorp
TBBK
$2.79B
$63.8M 2.22%
852,334
-116,169
-12% -$8.1M
QURE icon
7
uniQure
QURE
$3.03B
$58.8M 2.04%
1,007,492
-1,044,360
-51% -$19M
SLNO
8
DELISTED
Soleno Therapeutics
SLNO
$58.4M 2.03%
863,763
-137,587
-14% -$10.2M
HLF icon
9
CALL
Herbalife
HLF
$1.29B
$57.4M 1.99%
6,800,000
+500,000
+8% +$4.72M
TEVA icon
10
CALL
Teva Pharmaceuticals
TEVA
$40.8B
$50.5M 1.75%
2,500,000
+1,500,000
+150% +$26.3M
VTRS icon
11
CALL
Viatris
VTRS
$20.4B
$49.5M 1.72%
5,000,000
– –
ABVX
12
Abivax
ABVX
$10.9B
$47.3M 1.64%
557,564
-925,430
-62% -$56.7M
XTNT icon
13
Xtant Medical Holdings
XTNT
$60.3M
$44.4M 1.54%
68,394,000
– –
FULC icon
14
Fulcrum Therapeutics
FULC
$273M
$43M 1.49%
4,670,784
+382,485
+9% +$2.77M
AMRX icon
15
Amneal Pharmaceuticals
AMRX
$5.85B
$42.3M 1.47%
4,224,564
-142,874
-3% -$1.28M
PTON icon
16
CALL
Peloton Interactive
PTON
$2.77B
$40.5M 1.41%
4,500,000
+1,500,000
+50% +$11.2M
BVS icon
17
Bioventus
BVS
$892M
$38.9M 1.35%
5,810,662
+529,820
+10% +$3.68M
KRYS icon
18
PUT
Krystal Biotech
KRYS
$10.1B
$35.3M 1.23%
200,000
– –
EOLS icon
19
Evolus
EOLS
$385M
$35.2M 1.22%
5,726,857
+1,528,931
+36% +$11.9M
PTON icon
20
Peloton Interactive
PTON
$2.77B
$33.3M 1.16%
3,697,700
+429,963
+13% +$3.2M
IMAX icon
21
IMAX
IMAX
$2.62B
$32.6M 1.13%
996,150
-137,843
-12% -$3.91M
CWH icon
22
CALL
Camping World
CWH
$639M
$31.6M 1.1%
2,000,000
+1,000,000
+100% +$17.1M
SVRA icon
23
Savara
SVRA
$1.12B
$31.3M 1.09%
8,775,375
+450,000
+5% +$1.33M
ETON icon
24
Eton Pharmaceutcials
ETON
$1.27B
$25.6M 0.89%
1,175,951
– –
ABEO icon
25
Abeona Therapeutics
ABEO
$366M
$24.1M 0.84%
4,564,665
+195,000
+4% +$1.24M
1
2 3 4 5

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Nantahala Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Nantahala Capital Management held 180 positions worth $2.88B, up 13% from $2.55B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Nantahala Capital Management withdrew a net $135M in Q3 2025, closing 27 positions and reducing 33 holdings. Its most notable exit was Third Harmonic Bio, an estimated $16M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 39% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Nantahala Capital Management opened a new position in Globus Medical worth $17.2M.

  • Nantahala Capital Management's largest Q3 2025 buy was Globus Medical: 300,000 shares worth $17.2M.
  • Nantahala Capital Management added most to Evolus in Q3 2025, an estimated $11.9M increase.
  • Nantahala Capital Management's biggest Q3 2025 reduction was Abivax, cutting an estimated $56.7M.
  • Nantahala Capital Management fully exited Third Harmonic Bio in Q3 2025, selling an estimated $16M.
  • Nantahala Capital Management's ten largest holdings make up 45% of its $2.88B portfolio in Q3 2025.
  • Nantahala Capital Management opened 22 new positions and closed 27 in Q3 2025.
  • Nantahala Capital Management's portfolio value rose 13% quarter-over-quarter to $2.88B.

Based on Nantahala Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.