KINGDON CAPITAL MANAGEMENT, L.L.C.

CIK

1000097

Location

NEW YORK, NY

Portfolio Value

Small $810,545,515

Diversification

Diversified

Filing Date

Global Rank

#1,965 / 8,621 ▲ 141 · as of Mar 2026

Top Industry

Biotechnology 17.8%

3Y Alpha vs SPY

-3.0%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+118.9%

SPY

+67.9%

Annualised alpha

+11.0%

Max drawdown

−28.0%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 77% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

59 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

22.9%

+15.7 pts

Top 5

40.7%

+13.7 pts

Top 10

52.3%

+9.5 pts

HHI

699

Diversified+404

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Unclassified	22.9%	$185,346,900	1
Healthcare	22.1%	$179,079,065	15
Technology	18.2%	$147,649,915	13
Industrials	16.6%	$134,726,255	13
Consumer Cyclical	8.0%	$64,458,630	7
Energy	3.6%	$29,000,000	1
Real Estate	3.3%	$26,957,500	3
Financial Services	2.7%	$22,084,500	3
Consumer Defensive	1.4%	$11,751,500	1
Basic Materials	1.2%	$9,491,250	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

15 positions

Ticker	Company	Δ Shares	Shares	Value
ALDX	Aldeyra Therapeutics, Inc.	+302,315	2,152,315	$3,637,412
ZVRA	Zevra Therapeutics, Inc.	+189,931	775,000	$7,223,000
SLNO	Soleno Therapeutics Inc	+175,100	575,000	$19,251,000
SNDX	Syndax Pharmaceuticals Inc	+150,000	2,500,000	$58,400,000
NB	Niocorp Developments Ltd	+135,535	450,000	$2,007,000
AHR	American Healthcare REIT, Inc.	+100,000	300,000	$14,148,000
CART	Maplebear Inc.	+80,000	470,000	$17,606,200
FLEX	Flex Ltd.	+80,000	175,000	$11,455,500
APG	APi Group Corp	+75,000	450,000	$18,234,000
AIR	Aar Corp	+60,000	100,000	$10,946,000
ICLR	Icon PLC	+54,700	105,300	$11,652,498
RAL	Ralliant Corp	+30,000	250,000	$10,397,500
WAY	Waystar Holding Corp.	+23,451	438,000	$10,560,180
TSM	Taiwan Semiconductor Manufacturing Co Ltd	+5,000	45,000	$15,207,750
AXON	Axon Enterprise, Inc.	+1,000	14,500	$6,158,005
No positions match the current search.

Trimmed

Positions the filer reduced

10 positions

Ticker	Company	Δ Shares	Shares	Value
WWW	Wolverine World Wide Inc /De/	−221,500	436,000	$7,115,520
OLMA	Olema Pharmaceuticals, Inc.	−98,600	855,000	$12,748,050
BABA	Alibaba Group Holding Ltd	−85,000	90,000	$11,291,400
ECG	Everus Construction Group, Inc.	−75,000	125,000	$14,757,500
NVDA	Nvidia Corp	−60,000	200,000	$34,880,000
KEYS	Keysight Technologies, Inc.	−50,000	80,000	$22,589,600
TTEK	Tetra Tech Inc	−50,000	100,000	$3,012,000
ITRI	Itron, Inc.	−25,000	25,000	$2,240,750
TDY	Teledyne Technologies Inc	−12,500	17,500	$10,587,675
HWM	Howmet Aerospace Inc.	−10,000	70,000	$16,132,200
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
SPY	Spdr S&P 500 ETF Trust	285,000	$185,346,900
GTX	Garrett Motion Inc.	700,000	$12,719,000
AER	AerCap Holdings N.V.	90,000	$12,346,200
DAR	Darling Ingredients Inc.	190,000	$11,751,500
BKD	Brookdale Senior Living Inc.	850,000	$11,628,000
VSEC	Vse Corp	60,000	$11,064,000
HOOD	Robinhood Markets, Inc.	150,000	$10,395,000
CR	Crane Co	60,000	$10,260,000
VICR	Vicor Corp	60,000	$9,660,000
ACHC	Acadia Healthcare Company, Inc.	396,192	$9,266,930
CGNX	Cognex Corp	185,000	$9,063,150
GE	General Electric Co	30,000	$8,513,100
CNL	Collective Mining Ltd.	425,000	$7,484,250
NU	Nu Holdings Ltd.	500,000	$7,185,000
GCO	Genesco Inc	244,000	$7,073,560
GXO	GXO Logistics, Inc.	125,000	$6,481,250
CRDO	Credo Technology Group Holding Ltd	65,000	$6,101,550
TVTX	Travere Therapeutics, Inc.	200,000	$5,942,000
FPS	Forgent Power Solutions, Inc.	200,000	$5,854,000
LOW	Lowes Companies Inc	21,250	$5,020,950
ETOR	eToro Group Ltd.	150,000	$4,504,500
NOW	ServiceNow, Inc.	35,000	$3,659,250
REAL	TheRealReal, Inc.	400,000	$3,632,000
COMP	Compass, Inc.	400,000	$2,924,000
SCYX	Scynexis Inc	1,982,491	$1,817,944
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
SLV	iShares Silver Trust	850,000	$54,757,000
AMD	Advanced Micro Devices Inc	132,500	$28,376,200
BAC	Bank Of America Corp /De/	465,000	$25,575,000
CRH	Crh Public Ltd Co	150,000	$18,720,000
KKR	KKR & Co. Inc.	125,000	$15,935,000
GOOGL	Alphabet Inc.	37,500	$11,737,500
TAP-A	Molson Coors Beverage Co	240,200	$11,212,536
WMT	Walmart Inc.	100,000	$11,141,000
UPST	Upstart Holdings, Inc.	250,000	$10,932,500
CARR	CARRIER GLOBAL Corp	200,000	$10,568,000
LOAR	Loar Holdings Inc.	150,000	$10,200,000
ULS	UL Solutions Inc.	125,000	$9,857,500
NXPI	NXP Semiconductors N.V.	45,000	$9,767,700
HCI	HCI Group, Inc.	45,000	$8,626,050
ILMN	Illumina, Inc.	62,700	$8,223,732
RDNT	RadNet, Inc.	110,000	$7,848,500
ALC	Alcon Inc	88,480	$6,973,108
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
WDC	Western Digital Corp	30,000	$5,168,100
OKTA	Okta, Inc.	55,000	$4,755,850
CCB	Coastal Financial Corp	40,000	$4,583,600
CW	Curtiss Wright Corp	7,000	$3,858,890
PCT	PureCycle Technologies, Inc.	200,000	$1,718,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

59 positions · $810,545,515 total · as of Mar 31, 2026

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

Showing 1–50 of 59 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SPY	Spdr S&P 500 ETF Trust PUT	NEW	285,000	NEW	$185,346,900	NEW	22.87%
SNDX	Syndax Pharmaceuticals Inc Healthcare	Added	2,500,000	+150,000	$58,400,000	+18.3%	7.21%
NVDA	Nvidia Corp Technology	Reduced	200,000	-60,000	$34,880,000	−28.1%	4.30%
NXE	NexGen Energy Ltd. Energy	Held	2,500,000	0	$29,000,000	+26.1%	3.58%
KEYS	Keysight Technologies, Inc. Technology	Reduced	80,000	-50,000	$22,589,600	−14.5%	2.79%
WRBY	Warby Parker Inc. Healthcare	Held	1,053,644	0	$22,200,279	−3.3%	2.74%
SLNO	Soleno Therapeutics Inc Healthcare	Added	575,000	+175,100	$19,251,000	+4.0%	2.38%
APG	APi Group Corp Industrials	Added	450,000	+75,000	$18,234,000	+27.1%	2.25%
CART	Maplebear Inc. Consumer Cyclical	Added	470,000	+80,000	$17,606,200	+0.4%	2.17%
HWM	Howmet Aerospace Inc. Industrials	Reduced	70,000	-10,000	$16,132,200	−1.6%	1.99%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	45,000	+5,000	$15,207,750	+25.1%	1.88%
ECG	Everus Construction Group, Inc. Industrials	Reduced	125,000	-75,000	$14,757,500	−13.8%	1.82%
AHR	American Healthcare REIT, Inc. Real Estate	Added	300,000	+100,000	$14,148,000	+50.3%	1.75%
OLMA	Olema Pharmaceuticals, Inc. Healthcare	Reduced	855,000	-98,600	$12,748,050	−46.5%	1.57%
GTX	Garrett Motion Inc. Consumer Cyclical	NEW	700,000	NEW	$12,719,000	NEW	1.57%
AER	AerCap Holdings N.V. Industrials	NEW	90,000	NEW	$12,346,200	NEW	1.52%
DAR	Darling Ingredients Inc. Consumer Defensive	NEW	190,000	NEW	$11,751,500	NEW	1.45%
ICLR	Icon PLC Healthcare	Added	105,300	+54,700	$11,652,498	+26.4%	1.44%
BKD	Brookdale Senior Living Inc. Healthcare	NEW	850,000	NEW	$11,628,000	NEW	1.43%
FLEX	Flex Ltd. Technology	Added	175,000	+80,000	$11,455,500	+99.6%	1.41%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Reduced	90,000	-85,000	$11,291,400	−56.0%	1.39%
SRAD	Sportradar Group AG Technology	Held	674,000	0	$11,282,760	−29.6%	1.39%
VSEC	Vse Corp Industrials	NEW	60,000	NEW	$11,064,000	NEW	1.37%
HEI	Heico Corp Industrials	Held	40,000	0	$10,968,000	−15.3%	1.35%
AIR	Aar Corp Industrials	Added	100,000	+60,000	$10,946,000	+230.5%	1.35%
TDY	Teledyne Technologies Inc Technology	Reduced	17,500	-12,500	$10,587,675	−30.9%	1.31%
WAY	Waystar Holding Corp. Healthcare	Added	438,000	+23,451	$10,560,180	−22.2%	1.30%
RAL	Ralliant Corp Technology	Added	250,000	+30,000	$10,397,500	−7.2%	1.28%
HOOD	Robinhood Markets, Inc. CALL Financial Services	NEW	150,000	NEW	$10,395,000	NEW	1.28%
CR	Crane Co Industrials	NEW	60,000	NEW	$10,260,000	NEW	1.27%
WELL	Welltower Inc. Real Estate	Held	50,000	0	$9,885,500	+6.5%	1.22%
VICR	Vicor Corp CALL + SHARES Technology	NEW	60,000	NEW	$9,660,000	NEW	1.19%
ACHC	Acadia Healthcare Company, Inc. Healthcare	NEW	396,192	NEW	$9,266,930	NEW	1.14%
CGNX	Cognex Corp Technology	NEW	185,000	NEW	$9,063,150	NEW	1.12%
GE	General Electric Co CALL Industrials	NEW	30,000	NEW	$8,513,100	NEW	1.05%
CNL	Collective Mining Ltd. Basic Materials	NEW	425,000	NEW	$7,484,250	NEW	0.92%
ZVRA	Zevra Therapeutics, Inc. Healthcare	Added	775,000	+189,931	$7,223,000	+37.8%	0.89%
NU	Nu Holdings Ltd. CALL Financial Services	NEW	500,000	NEW	$7,185,000	NEW	0.89%
WWW	Wolverine World Wide Inc /De/ Consumer Cyclical	Reduced	436,000	-221,500	$7,115,520	−40.4%	0.88%
GCO	Genesco Inc Consumer Cyclical	NEW	244,000	NEW	$7,073,560	NEW	0.87%
GXO	GXO Logistics, Inc. Industrials	NEW	125,000	NEW	$6,481,250	NEW	0.80%
AXON	Axon Enterprise, Inc. Industrials	Added	14,500	+1,000	$6,158,005	−19.7%	0.76%
CRDO	Credo Technology Group Holding Ltd Technology	NEW	65,000	NEW	$6,101,550	NEW	0.75%
TVTX	Travere Therapeutics, Inc. PUT Healthcare	NEW	200,000	NEW	$5,942,000	NEW	0.73%
FPS	Forgent Power Solutions, Inc. Industrials	NEW	200,000	NEW	$5,854,000	NEW	0.72%
LOW	Lowes Companies Inc Consumer Cyclical	NEW	21,250	NEW	$5,020,950	NEW	0.62%
ETOR	eToro Group Ltd. CALL Financial Services	NEW	150,000	NEW	$4,504,500	NEW	0.56%
NOW	ServiceNow, Inc. CALL Technology	NEW	35,000	NEW	$3,659,250	NEW	0.45%
ALDX	Aldeyra Therapeutics, Inc. Healthcare	Added	2,152,315	+302,315	$3,637,412	−62.0%	0.45%
REAL	TheRealReal, Inc. Consumer Cyclical	NEW	400,000	NEW	$3,632,000	NEW	0.45%