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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
+11.54%
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
$3.02B
AUM Growth
+$145M
Cap. Flow
-$41.1M
Cap. Flow %
-1.36%
Top 10 Hldgs %
45.87%
Holding
173
New
19
Increased
36
Reduced
34
Closed
20

Top Buys

Rank Stock Value
1
GOGO icon
Gogo Inc
GOGO
+$49.8M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$28.8M
3
FOXF icon
Fox Factory Holding Corp
FOXF
+$27.8M
4
SLNO
Soleno Therapeutics
SLNO
+$24.7M
5
PTON icon
Peloton Interactive
PTON
+$15.7M

Top Sells

Rank Stock Value
1
ESTA icon
Establishment Labs
ESTA
+$59.5M
2
ABVX
Abivax
ABVX
+$44.1M
3
COGT icon
Cogent Biosciences
COGT
+$35.3M
4
AMRX icon
Amneal Pharmaceuticals
AMRX
+$20.3M
5
IMAX icon
IMAX
IMAX
+$18.1M

Sector Composition

Rank Sector Weight
1 Healthcare 34.48%
2 Consumer Discretionary 8.75%
3 Financials 3.52%
4 Communication Services 3.05%
5 Industrials 1.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$79.8B
$665M 21.97%
2,700,000
+50,000
+2% +$12.3M
EW icon
2
PUT
Edwards Lifesciences
EW
$49.6B
$153M 5.07%
1,800,000
– –
HLF icon
3
CALL
Herbalife
HLF
$1.29B
$101M 3.32%
7,800,000
+1,000,000
+15% +$10.6M
TEVA icon
4
CALL
Teva Pharmaceuticals
TEVA
$40.8B
$78M 2.58%
2,500,000
– –
TBBK icon
5
The Bancorp
TBBK
$2.79B
$72.4M 2.39%
1,071,685
+219,351
+26% +$15.1M
ESTA icon
6
Establishment Labs
ESTA
$2.72B
$72M 2.38%
987,689
-985,803
-50% -$59.5M
HGV icon
7
Hilton Grand Vacations
HGV
$3.59B
$69.9M 2.31%
1,561,622
-106,131
-6% -$4.51M
VTRS icon
8
CALL
Viatris
VTRS
$20.4B
$62.3M 2.06%
5,000,000
– –
SLNO
9
DELISTED
Soleno Therapeutics
SLNO
$60.8M 2.01%
1,314,002
+450,239
+52% +$24.7M
XTNT icon
10
Xtant Medical Holdings
XTNT
$60.3M
$53.6M 1.77%
68,394,000
– –
XBI icon
11
PUT
State Street SPDR S&P Biotech ETF
XBI
$9.95B
$48.8M 1.61%
400,000
-300,000
-43% -$34.4M
FULC icon
12
Fulcrum Therapeutics
FULC
$273M
$48.6M 1.61%
4,293,346
-377,438
-8% -$3.84M
HGV icon
13
CALL
Hilton Grand Vacations
HGV
$3.59B
$48.1M 1.59%
1,075,000
+500,000
+87% +$21.2M
BVS icon
14
Bioventus
BVS
$892M
$45M 1.49%
6,047,403
+236,741
+4% +$1.7M
SVRA icon
15
Savara
SVRA
$1.12B
$44.3M 1.46%
7,344,783
-1,430,592
-16% -$7.01M
PTON icon
16
CALL
Peloton Interactive
PTON
$2.77B
$40M 1.32%
6,500,000
+2,000,000
+44% +$14.1M
EOLS icon
17
Evolus
EOLS
$385M
$38.7M 1.28%
5,820,649
+93,792
+2% +$635K
FOXF icon
18
Fox Factory Holding Corp
FOXF
$755M
$37.4M 1.24%
2,188,300
+1,459,652
+200% +$27.8M
PTON icon
19
Peloton Interactive
PTON
$2.77B
$36.5M 1.21%
5,932,676
+2,234,976
+60% +$15.7M
GOGO icon
20
Gogo Inc
GOGO
$565M
$31.7M 1.05%
+6,792,649
New +$49.8M
TNGX icon
21
Tango Therapeutics
TNGX
$4.43B
$31.7M 1.05%
3,572,633
+1,762,685
+97% +$15.2M
REGN icon
22
CALL
Regeneron Pharmaceuticals
REGN
$78.5B
$30.9M 1.02%
40,000
– –
AMRX icon
23
Amneal Pharmaceuticals
AMRX
$5.85B
$30.8M 1.02%
2,447,516
-1,777,048
-42% -$20.3M
EB
24
DELISTED
Eventbrite
EB
$30.5M 1.01%
6,854,718
+23,323
+0.3% +$72.2K
IWM icon
25
iShares Russell 2000 ETF
IWM
$79.8B
$28.8M 0.95%
+117,159
New +$28.8M
1
2 3 4 5

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Nantahala Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Nantahala Capital Management held 173 positions worth $3.02B, up 5% from $2.88B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Nantahala Capital Management's Q4 2025 filing shows 19 new, 36 increased, 34 reduced and 20 closed positions. Its largest new stake was Gogo Inc: 6,792,649 shares worth $31.7M. The largest sale was Establishment Labs, an estimated $59.5M.

By sector, the portfolio is most concentrated in Healthcare at 34% of assets, down from 39% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Nantahala Capital Management's largest Q4 2025 buy was Gogo Inc: 6,792,649 shares worth $31.7M.
  • Nantahala Capital Management added most to Fox Factory Holding Corp in Q4 2025, an estimated $27.8M increase.
  • Nantahala Capital Management's biggest Q4 2025 reduction was Establishment Labs, cutting an estimated $59.5M.
  • Nantahala Capital Management fully exited Palvella Therapeutics in Q4 2025, selling an estimated $15.7M.
  • Nantahala Capital Management's ten largest holdings make up 46% of its $3.02B portfolio in Q4 2025.
  • Nantahala Capital Management opened 19 new positions and closed 20 in Q4 2025.
  • Nantahala Capital Management's portfolio value rose 5% quarter-over-quarter to $3.02B.

Based on Nantahala Capital Management's 13F filing for Q4 2025, filed 13 Feb 2026.