KINGDON CAPITAL MANAGEMENT, L.L.C.

CIK

1000097

Location

NEW YORK, NY

Portfolio Value

Small $768,404,226

Diversification

Diversified

Filing Date

Global Rank

#1,917 / 8,420 ▲ 207

Top Industry

Biotechnology 15.2%

3Y Alpha vs SPY

+10.3%

Period ended 5 months ago

Filed Feb 17, 2026 · 4mo

24 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+125.6%

SPY

+76.5%

Annualised alpha

+10.3%

Max drawdown

−27.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

57 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

7.1%

+0.1 pts

Top 5

27.0%

+5.8 pts

Top 10

42.7%

+8.3 pts

HHI

295

Diversified+60

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Technology	24.6%	$189,328,260	13
Healthcare	23.7%	$182,444,346	13
Industrials	14.7%	$113,016,745	12
Financial Services	8.5%	$65,652,150	5
Consumer Cyclical	7.2%	$55,127,325	3
Unclassified	7.1%	$54,757,000	1
Consumer Defensive	3.7%	$28,755,736	3
Basic Materials	3.4%	$25,892,664	3
Energy	3.0%	$23,000,000	1
Real Estate	2.4%	$18,692,500	2
Communication Services	1.5%	$11,737,500	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

14 positions

Ticker	Company	Δ Shares	Shares	Value
WRBY	Warby Parker Inc.	+703,644	1,053,644	$22,958,902
WWW	Wolverine World Wide Inc /De/	+528,000	657,500	$11,933,625
ALDX	Aldeyra Therapeutics, Inc.	+518,209	1,850,000	$9,583,000
NXE	NexGen Energy Ltd.	+322,163	2,500,000	$23,000,000
SRAD	Sportradar Group AG	+200,000	674,000	$16,020,980
NVDA	Nvidia Corp	+142,500	260,000	$48,490,000
OLMA	Olema Pharmaceuticals, Inc.	+99,600	953,600	$23,840,000
SLNO	Soleno Therapeutics Inc	+98,900	399,900	$18,515,370
APG	APi Group Corp	+50,000	375,000	$14,347,500
ALC	Alcon Inc	+30,980	88,480	$6,973,108
HWM	Howmet Aerospace Inc.	+25,000	80,000	$16,401,600
TDY	Teledyne Technologies Inc	+15,000	30,000	$15,321,900
GOOGL	Alphabet Inc.	+7,500	37,500	$11,737,500
AXON	Axon Enterprise, Inc.	+3,500	13,500	$7,667,055
No positions match the current search.

Trimmed

Positions the filer reduced

13 positions

Ticker	Company	Δ Shares	Shares	Value
PCT	PureCycle Technologies, Inc.	−353,000	200,000	$1,718,000
SNDX	Syndax Pharmaceuticals Inc	−150,000	2,350,000	$49,373,500
FLEX	Flex Ltd.	−80,000	95,000	$5,739,900
ZVRA	Zevra Therapeutics, Inc.	−64,931	585,069	$5,242,218
CART	Maplebear Inc.	−60,000	390,000	$17,542,200
HCI	HCI Group, Inc.	−47,500	45,000	$8,626,050
KKR	KKR & Co. Inc.	−40,000	125,000	$15,935,000
WDC	Western Digital Corp	−30,000	30,000	$5,168,100
TTEK	Tetra Tech Inc	−25,000	150,000	$5,031,000
CW	Curtiss Wright Corp	−10,500	7,000	$3,858,890
WELL	Welltower Inc.	−10,000	50,000	$9,280,500
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−2,500	40,000	$12,155,600
NXPI	NXP Semiconductors N.V.	−2,500	45,000	$9,767,700
No positions match the current search.

New Positions

Positions the filer opened this quarter

20 positions

Ticker	Company	Shares	Value
SLV	iShares Silver Trust	850,000	$54,757,000
AMD	Advanced Micro Devices Inc	132,500	$28,376,200
KEYS	Keysight Technologies, Inc.	130,000	$26,414,700
BABA	Alibaba Group Holding Ltd	175,000	$25,651,500
BAC	Bank Of America Corp /De/	465,000	$25,575,000
WAY	Waystar Holding Corp.	414,549	$13,576,479
UPST	Upstart Holdings, Inc.	250,000	$10,932,500
CARR	CARRIER GLOBAL Corp	200,000	$10,568,000
AHR	American Healthcare REIT, Inc.	200,000	$9,412,000
ICLR	Icon PLC	50,600	$9,220,332
ILMN	Illumina, Inc.	62,700	$8,223,732
RDNT	RadNet, Inc.	110,000	$7,848,500
USFD	US Foods Holding Corp.	85,000	$6,402,200
HIMS	Hims & Hers Health, Inc.	170,000	$5,519,900
PRM	Perimeter Solutions, Inc.	200,000	$5,506,000
OKTA	Okta, Inc.	55,000	$4,755,850
CCB	Coastal Financial Corp	40,000	$4,583,600
AIR	Aar Corp	40,000	$3,311,600
ELDN	Eledon Pharmaceuticals, Inc.	1,039,275	$1,569,305
INFY	Infosys Ltd	71,500	$1,274,130
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
QQQ	Invesco Qqq Trust, Series 1	85,000	$51,031,450
MOH	Molina Healthcare, Inc.	110,200	$21,087,872
EW	Edwards Lifesciences Corp	251,400	$19,551,378
HUM	Humana Inc	70,600	$18,368,002
BLDR	Builders FirstSource, Inc.	150,000	$18,187,500
GMED	Globus Medical Inc	257,650	$14,755,615
MSFT	Microsoft Corp	27,500	$14,243,625
META	Meta Platforms, Inc.	16,000	$11,750,080
SKY	Champion Homes, Inc.	150,000	$11,455,500
ETR	Entergy Corp /De/	115,000	$10,716,850
BX	Blackstone Inc.	60,000	$10,251,000
PANW	Palo Alto Networks Inc	45,000	$9,162,900
MIR	Mirion Technologies, Inc.	375,000	$8,722,500
ICE	Intercontinental Exchange, Inc.	50,000	$8,424,000
CNM	Core & Main, Inc.	150,000	$8,074,500
GLW	Corning Inc /Ny	80,000	$6,562,400
GEV	GE Vernova Inc.	10,000	$6,149,000
HD	Home Depot, Inc.	14,300	$5,794,217
ORCL	Oracle Corp	20,000	$5,624,800
LOW	Lowes Companies Inc	22,250	$5,591,647
SYF	Synchrony Financial	75,000	$5,328,750
IOT	Samsara Inc.	100,000	$3,725,000
XFOR	X4 Pharmaceuticals, Inc	933,332	$3,191,995
JSPR	Jasper Therapeutics, Inc.	1,324,845	$3,153,131
GEG	Great Elm Group, Inc.	1,168,907	$2,863,822
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

57 positions · $768,404,226 total · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 57 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SLV	iShares Silver Trust	NEW	850,000	NEW	$54,757,000	NEW	7.13%
SNDX	Syndax Pharmaceuticals Inc Healthcare	Reduced	2,350,000	-150,000	$49,373,500	+28.4%	6.43%
NVDA	Nvidia Corp Technology	Added	260,000	+142,500	$48,490,000	+121.2%	6.31%
AMD	Advanced Micro Devices Inc Technology	NEW	132,500	NEW	$28,376,200	NEW	3.69%
KEYS	Keysight Technologies, Inc. Technology	NEW	130,000	NEW	$26,414,700	NEW	3.44%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	NEW	175,000	NEW	$25,651,500	NEW	3.34%
BAC	Bank Of America Corp /De/ Financial Services	NEW	465,000	NEW	$25,575,000	NEW	3.33%
OLMA	Olema Pharmaceuticals, Inc. Healthcare	Added	953,600	+99,600	$23,840,000	+185.1%	3.10%
NXE	NexGen Energy Ltd. Energy	Added	2,500,000	+322,163	$23,000,000	+18.0%	2.99%
WRBY	Warby Parker Inc. Healthcare	Added	1,053,644	+703,644	$22,958,902	+137.8%	2.99%
CRH	Crh Public Ltd Co Basic Materials	Held	150,000	0	$18,720,000	+4.1%	2.44%
SLNO	Soleno Therapeutics Inc Healthcare	Added	399,900	+98,900	$18,515,370	−9.0%	2.41%
CART	Maplebear Inc. Consumer Cyclical	Reduced	390,000	-60,000	$17,542,200	+6.0%	2.28%
ECG	Everus Construction Group, Inc. Industrials	Held	200,000	0	$17,112,000	−0.2%	2.23%
HWM	Howmet Aerospace Inc. Industrials	Added	80,000	+25,000	$16,401,600	+52.0%	2.13%
SRAD	Sportradar Group AG Technology	Added	674,000	+200,000	$16,020,980	+25.6%	2.08%
KKR	KKR & Co. Inc. Financial Services	Reduced	125,000	-40,000	$15,935,000	−25.7%	2.07%
TDY	Teledyne Technologies Inc Technology	Added	30,000	+15,000	$15,321,900	+74.3%	1.99%
APG	APi Group Corp Industrials	Added	375,000	+50,000	$14,347,500	+28.4%	1.87%
WAY	Waystar Holding Corp. Healthcare	NEW	414,549	NEW	$13,576,479	NEW	1.77%
HEI	Heico Corp Industrials	Held	40,000	0	$12,943,600	+0.2%	1.68%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	40,000	-2,500	$12,155,600	+2.4%	1.58%
WWW	Wolverine World Wide Inc /De/ Consumer Cyclical	Added	657,500	+528,000	$11,933,625	+235.8%	1.55%
GOOGL	Alphabet Inc. Communication Services	Added	37,500	+7,500	$11,737,500	+60.9%	1.53%
TAP	Molson Coors Beverage Co Consumer Defensive	Held	240,200	0	$11,212,536	+3.2%	1.46%
RAL	Ralliant Corp Technology	Held	220,000	0	$11,200,200	+16.4%	1.46%
WMT	Walmart Inc. Consumer Defensive	Held	100,000	0	$11,141,000	+8.1%	1.45%
UPST	Upstart Holdings, Inc. Financial Services	NEW	250,000	NEW	$10,932,500	NEW	1.42%
CARR	CARRIER GLOBAL Corp Industrials	NEW	200,000	NEW	$10,568,000	NEW	1.38%
LOAR	Loar Holdings Inc. Industrials	Held	150,000	0	$10,200,000	−15.0%	1.33%
ULS	UL Solutions Inc. Industrials	Held	125,000	0	$9,857,500	+11.3%	1.28%
NXPI	NXP Semiconductors N.V. Technology	Reduced	45,000	-2,500	$9,767,700	−9.7%	1.27%
ALDX	Aldeyra Therapeutics, Inc. Healthcare	Added	1,850,000	+518,209	$9,583,000	+37.8%	1.25%
AHR	American Healthcare REIT, Inc. Real Estate	NEW	200,000	NEW	$9,412,000	NEW	1.22%
WELL	Welltower Inc. Real Estate	Reduced	50,000	-10,000	$9,280,500	−13.2%	1.21%
ICLR	Icon PLC Healthcare	NEW	50,600	NEW	$9,220,332	NEW	1.20%
HCI	HCI Group, Inc. Financial Services	Reduced	45,000	-47,500	$8,626,050	−51.4%	1.12%
ILMN	Illumina, Inc. Healthcare	NEW	62,700	NEW	$8,223,732	NEW	1.07%
RDNT	RadNet, Inc. Healthcare	NEW	110,000	NEW	$7,848,500	NEW	1.02%
AXON	Axon Enterprise, Inc. Industrials	Added	13,500	+3,500	$7,667,055	+6.8%	1.00%
ALC	Alcon Inc Healthcare	Added	88,480	+30,980	$6,973,108	+62.8%	0.91%
USFD	US Foods Holding Corp. Consumer Defensive	NEW	85,000	NEW	$6,402,200	NEW	0.83%
FLEX	Flex Ltd. Technology	Reduced	95,000	-80,000	$5,739,900	−43.4%	0.75%
HIMS	Hims & Hers Health, Inc. Healthcare	NEW	170,000	NEW	$5,519,900	NEW	0.72%
PRM	Perimeter Solutions, Inc. Basic Materials	NEW	200,000	NEW	$5,506,000	NEW	0.72%
ZVRA	Zevra Therapeutics, Inc. Healthcare	Reduced	585,069	-64,931	$5,242,218	−15.2%	0.68%
WDC	Western Digital Corp Technology	Reduced	30,000	-30,000	$5,168,100	−28.3%	0.67%
TTEK	Tetra Tech Inc Industrials	Reduced	150,000	-25,000	$5,031,000	−13.9%	0.65%
OKTA	Okta, Inc. Technology	NEW	55,000	NEW	$4,755,850	NEW	0.62%
ITRI	Itron, Inc. Technology	Held	50,000	0	$4,643,000	−25.4%	0.60%