Nantahala Capital Management, LLC

Registered adviser

CIK

1472322

Location

New Canaan, CT

Portfolio Value

Mid $3,009,780,718

Diversification

Diversified

Filing Date

Global Rank

#1,247 / 8,818 ▼ 27

Top Industry

Biotechnology 33.0%

Period ended 4 months ago

Filed Aug 19, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 158081

Roster of Oct 1, 2026

Regulatory AUM

$3,114,082,769

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

3 funds · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$1,304,701,146 gross assets

LEI

549300G0AL5VAD4D2J54

Private funds on Schedule D 7.B.(1)

As filed May 29, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$2,008,383,012 gross assets in 6 funds Hedge funds $2,008,383,012 (6)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$3,114,082,769	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$2,345,132,702	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$2,283,111,910	Pooled investment vehicles (99%)
May 2023 to Mar 2024	$2,470,541,928	Pooled investment vehicles (100%)
Apr 2023	$2,470,541,928	Pooled investment vehicles (100%)
Apr 2022 to Mar 2023	$3,539,081,537	Pooled investment vehicles (100%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 27.7%, 63.7 effective positions, active share 97.8% against the Russell 2000 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

66.4% over the last four quarters (30% to under 100%)

Horizon

Horizon unknown

The value-weighted holding period is at least 9.6 quarters, but 5.0% of the book was already held when coverage starts

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 97.8%; sector active share 60.9% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

140 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

20.0%

+1.2 pts

Top 5

34.1%

+0.0 pts

Top 10

45.3%

−0.4 pts

HHI

516

Diversified+32

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Healthcare	44.8%	$1,348,552,461	84
Unclassified	23.3%	$701,079,740	3
Consumer Cyclical	15.3%	$459,220,215	16
Financial Services	4.7%	$140,569,295	8
Consumer Defensive	4.2%	$125,816,810	5
Communication Services	3.0%	$89,076,987	6
Industrials	1.6%	$49,121,266	6
Real Estate	1.5%	$44,102,190	5
Technology	1.3%	$38,897,628	6
Basic Materials	0.4%	$13,344,126	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
ADCT	ADC Therapeutics SA	+6,728,751	12,326,184	$13,189,016
FULC	Fulcrum Therapeutics, Inc.	+2,425,000	5,475,040	$20,038,646
ALEC	Alector, Inc.	+1,502,126	4,318,109	$8,679,399
IRD	Opus Genetics, Inc.	+1,380,029	3,061,359	$12,582,185
MDXG	Mimedx Group, Inc.	+1,370,253	4,767,552	$18,355,075
GERN	Geron Corp	+1,000,000	12,225,000	$15,648,000
AURA	Aura Biosciences, Inc.	+833,333	2,951,030	$20,952,313
TELA	TELA Bio, Inc.	+750,000	5,894,114	$4,420,585
AVTX	Avalo Therapeutics, Inc.	+627,250	1,862,250	$34,414,380
HLSQ	Tessera Defense & Homeland Security Inc.	+520,200	634,995	$215,232
UNCY	Unicycive Therapeutics, Inc.	+462,245	1,401,447	$6,572,786
AGMB	AgomAb Therapeutics NV	+368,188	1,568,188	$20,355,080
QURE	uniQure N.V.	+218,582	455,660	$20,987,699
JACK	Jack In The Box Inc	+185,944	1,728,659	$27,330,098
IMAX	Imax Corp	+142,455	658,009	$26,228,238
TRDA	Entrada Therapeutics, Inc.	+141,243	300,575	$2,212,232
ABEO	Abeona Therapeutics Inc.	+123,438	5,136,490	$31,743,508
FOSL	Fossil Group, Inc.	+101,104	5,505,128	$22,791,229
LXEO	Lexeo Therapeutics, Inc.	+100,000	1,300,000	$6,051,500
RYAM	Rayonier Advanced Materials Inc.	+97,726	1,697,726	$13,344,126
FORR	Forrester Research, Inc.	+69,024	763,446	$6,420,580
KROS	Keros Therapeutics, Inc.	+50,000	1,410,419	$15,091,483
BNTC	Benitec Biopharma Inc.	+50,000	1,488,371	$19,914,403
KIDS	Orthopediatrics Corp	+42,893	242,342	$4,636,002
DRIO	DarioHealth Corp.	+1	610,691	$4,030,560
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
PTON	Peloton Interactive, Inc.	−6,891,005	5,108,995	$30,194,160
IMUX	Immunic, Inc.	−2,255,845	250,646	$3,852,429
AVR	Anteris Technologies Global Corp.	−2,147,575	3,383,335	$33,325,849
GUTS	Fractyl Health, Inc.	−2,075,423	11,289,096	$8,963,542
SVC	Service Properties Trust	−1,735,246	5,322,641	$8,995,263
BRCC	BRC Inc.	−1,373,346	1,257,171	$1,395,459
TLSI	TriSalus Life Sciences, Inc.	−1,070,827	1,000,000	$4,550,000
SLN	Silence Therapeutics plc	−800,000	1,346,731	$14,787,106
EOLS	Evolus, Inc.	−774,836	5,602,021	$38,878,025
TNGX	Tango Therapeutics, Inc.	−749,793	500,659	$15,650,600
ZVRA	Zevra Therapeutics, Inc.	−724,460	1,797,476	$25,775,805
CWH	Camping World Holdings, Inc.	−708,219	2,551,055	$19,464,549
AMRX	Amneal Pharmaceuticals, Inc.	−575,357	2,268,751	$39,272,079
ILPT	Industrial Logistics Properties Trust	−567,820	1,111,153	$9,855,927
CDXS	Codexis, Inc.	−500,000	3,623,613	$8,189,365
VENU	Venu Holding Corp	−500,000	1,546,705	$3,511,020
ESTA	Establishment Labs Holdings Inc.	−497,126	335,830	$28,817,572
HGV	Hilton Grand Vacations Inc.	−480,486	1,033,170	$54,107,112
SVRA	Savara Inc	−367,973	6,976,810	$42,977,149
VMD	Viemed Healthcare, Inc.	−251,338	632,445	$7,209,873
HLF	Herbalife Ltd.	−244,499	1,109,154	$14,585,375
ALTG	Alta Equipment Group Inc.	−210,000	724,774	$4,689,287
GOGO	Gogo Inc.	−184,305	8,697,731	$26,962,966
FOXF	Fox Factory Holding Corp	−177,605	1,310,695	$22,209,726
APYX	Apyx Medical Corp	−170,056	3,270,248	$14,683,413
No positions match the current search.

New Positions

Positions the filer opened this quarter

20 positions

Ticker	Company	Shares	Value
ADMA	Adma Biologics, Inc.	2,359,993	$19,753,141
VOR	Vor Biopharma Inc.	845,000	$15,556,450
PLNT	Planet Fitness, Inc.	279,000	$14,555,430
AMAN	Amanat Acquisition Corp.	1,200,000	$12,192,000
INSP	Inspire Medical Systems, Inc.	269,474	$12,021,235
IVA	Inventiva S.A.	2,686,393	$10,154,565
CATX	Perspective Therapeutics, Inc.	2,325,450	$7,929,784
IACQ	Irenic Acquisition Corp.	750,000	$7,492,500
ELOX	Eloxx Pharmaceuticals, Inc.	400,000	$5,552,000
TRAX	First Tracks Biotherapeutics, Inc.	250,000	$5,030,000
ALT	Altimmune, Inc.	1,500,000	$4,560,000
ZLAB	Zai Lab Ltd	200,000	$3,800,000
KLRA	Kailera Therapeutics, Inc.	140,000	$3,084,200
ARTV	Artiva Biotherapeutics, Inc.	300,000	$2,910,000
EDIT	Editas Medicine, Inc.	852,700	$2,762,748
JATT	JATT II Acquisition Corp.	225,000	$2,556,000
ALXO	Alx Oncology Holdings Inc	750,000	$1,552,500
SNAP	Snap Inc	200,000	$888,000
CLRB	Cellectar Biosciences, Inc.	219,998	$611,594
AZTR	Azitra, Inc.	2,213,613	$371,444
No positions match the current search.

Sold Out

Positions the filer fully exited

17 positions

Ticker	Company	Shares	Value
—		1,744,124	$58,393,272
—		692,335	$13,195,905
CNTA	Centessa Pharmaceuticals plc	254,803	$10,120,775
COGT	Cogent Biosciences, Inc.	250,000	$9,622,500
SLDB	Solid Biosciences Inc.	1,165,078	$8,388,561
DNTH	Dianthus Therapeutics, Inc.	67,282	$5,646,305
KOS	Kosmos Energy Ltd.	1,844,194	$5,126,859
RVMD	Revolution Medicines, Inc.	50,000	$4,862,500
CZR	Caesars Entertainment, Inc.	150,000	$3,964,500
UPB	Upstream Bio, Inc.	400,000	$3,600,000
NNBR	Nn Inc	2,441,416	$3,540,053
GRCE	Grace Therapeutics, Inc.	728,203	$3,371,579
CGON	CG Oncology, Inc.	49,449	$3,346,708
XNCR	Xencor Inc	264,639	$3,191,546
ACHV	Achieve Life Sciences, Inc.	648,885	$1,907,721
IRON	Disc Medicine, Inc.	25,653	$1,640,252
PEPG	PepGen Inc.	681,158	$1,205,649
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

140 tracked positions · $3,009,780,718 total · filing declares 155 positions · $3,014,941,589 · as of Jun 30, 2026

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

Showing 1–50 of 140 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
IWM	iShares Russell 2000 ETF PUT	Reduced	2,000,000	-50,000	$600,900,000	+18.2%	—	—	19.96%
PTON	Peloton Interactive, Inc. CALL + SHARES Consumer Cyclical	Reduced	21,547,895	-8,391,005	$127,348,059	−0.8%	19	$5.92	4.23%
HGV	Hilton Grand Vacations Inc. CALL + SHARES Consumer Cyclical	Reduced	2,108,170	-480,486	$110,404,862	+9.0%	15	$39.53	3.67%
HLF	Herbalife Ltd. CALL + SHARES Consumer Defensive	Added	7,709,154	+755,501	$101,375,375	−1.0%	6	$10.68	3.37%
TBBK	Bancorp, Inc. CALL + SHARES Financial Services	Reduced	1,365,687	-140,569	$85,546,633	+5.7%	9	$52.92	2.84%
VTRS	Viatris Inc CALL Healthcare	Held	5,000,000	0	$79,400,000	+17.5%	—	—	2.64%
EW	Edwards Lifesciences Corp PUT Healthcare	Held	800,000	0	$72,368,000	+13.0%	—	—	2.40%
QURE	uniQure N.V. PUT CALL + SHARES Healthcare	Reduced	1,417,160	-1,419,918	$65,274,389	+40.7%	26+	before history	2.17%
XBI	State Street(R) SPDR(R) S&P(R) Biotech ETF PUT	Added	400,000	+100,000	$63,300,000	+65.2%	—	—	2.10%
BVS	Bioventus Inc. Healthcare	Reduced	6,000,279	-122,124	$56,642,633	+1.3%	16	$4.80	1.88%
SVRA	Savara Inc Healthcare	Reduced	6,976,810	-367,973	$42,977,149	+7.2%	12	$3.89	1.43%
ETON	Eton Pharmaceuticals, Inc. Healthcare	Held	1,175,951	0	$42,569,426	+46.7%	9	$4.78	1.41%
AMRX	Amneal Pharmaceuticals, Inc. Healthcare	Reduced	2,268,751	-575,357	$39,272,079	+11.1%	14	$6.01	1.30%
EOLS	Evolus, Inc. Healthcare	Reduced	5,602,021	-774,836	$38,878,025	+48.3%	12	$8.97	1.29%
ABEO	Abeona Therapeutics Inc. CALL + SHARES Healthcare	Added	6,156,490	+123,438	$38,047,108	+40.8%	15	$4.47	1.26%
	PUT	NEW	223,000	NEW	$36,879,740	NEW	—	—	1.23%
FOXF	Fox Factory Holding Corp CALL + SHARES Consumer Cyclical	Reduced	2,110,695	-177,605	$35,765,726	−5.0%	7	$23.69	1.19%
CWH	Camping World Holdings, Inc. CALL + SHARES Consumer Cyclical	Reduced	4,551,055	-708,219	$34,724,549	−3.3%	3	$10.98	1.15%
AVTX	Avalo Therapeutics, Inc. Healthcare	Added	1,862,250	+627,250	$34,414,380	+86.6%	6	$10.33	1.14%
LBRX	Lb Pharmaceuticals Inc Healthcare	Held	1,052,894	0	$34,171,674	+31.6%	4	unpriced	1.14%
NBIX	Neurocrine Biosciences Inc CALL Healthcare	NEW	200,000	NEW	$33,708,000	NEW	—	—	1.12%
PRAX	Praxis Precision Medicines, Inc. PUT Healthcare	NEW	100,000	NEW	$33,479,000	NEW	—	—	1.11%
AVR	Anteris Technologies Global Corp. Healthcare	Reduced	3,383,335	-2,147,575	$33,325,849	+8.6%	7	unpriced	1.11%
RDNW	RideNow Group, Inc. CALL + SHARES Consumer Cyclical	Held	4,972,845	0	$33,119,147	−5.7%	17	$7.99	1.10%
KRYS	Krystal Biotech, Inc. PUT Healthcare	NEW	85,000	NEW	$31,591,950	NEW	—	—	1.05%
ESTA	Establishment Labs Holdings Inc. Healthcare	Reduced	335,830	-497,126	$28,817,572	−39.1%	26+	before history	0.96%
XTNT	Xtant Medical Holdings, Inc. Healthcare	Held	68,394,000	0	$28,725,480	−25.0%	12	$0.61	0.95%
JACK	Jack In The Box Inc Consumer Cyclical	Added	1,728,659	+185,944	$27,330,098	+83.2%	5	$18.84	0.91%
GOGO	Gogo Inc. Communication Services	Reduced	8,697,731	-184,305	$26,962,966	−24.5%	3	$6.68	0.90%
IMAX	Imax Corp Communication Services	Added	658,009	+142,455	$26,228,238	+33.8%	23	$23.77	0.87%
ZVRA	Zevra Therapeutics, Inc. Healthcare	Reduced	1,797,476	-724,460	$25,775,805	+9.7%	12	$7.24	0.86%
REGN	Regeneron Pharmaceuticals, Inc. CALL Healthcare	Held	40,000	0	$24,941,600	−19.3%	—	—	0.83%
TITN	Titan Machinery Inc. Industrials	Reduced	1,133,088	-121,432	$23,930,818	+14.1%	8	$15.17	0.80%
RMR	Rmr Group Inc. Real Estate	Held	1,147,902	0	$23,566,428	+32.7%	23	$22.61	0.78%
FOSL	Fossil Group, Inc. Consumer Cyclical	Added	5,505,128	+101,104	$22,791,229	−2.1%	13	$1.99	0.76%
SNAP	Snap Inc CALL + SHARES Communication Services	NEW	5,000,000	NEW	$22,200,000	NEW	1	$5.47	0.74%
MLYS	Mineralys Therapeutics, Inc. Healthcare	Reduced	820,481	-75,000	$22,136,577	−8.7%	10	$27.16	0.74%
AURA	Aura Biosciences, Inc. Healthcare	Added	2,951,030	+833,333	$20,952,313	+47.9%	19	$8.93	0.70%
AGMB	AgomAb Therapeutics NV Healthcare	Added	1,568,188	+368,188	$20,355,080	+61.7%	2	$13.48	0.68%
FULC	Fulcrum Therapeutics, Inc. Healthcare	Added	5,475,040	+2,425,000	$20,038,646	−14.3%	8	$6.80	0.67%
BNTC	Benitec Biopharma Inc. Healthcare	Added	1,488,371	+50,000	$19,914,403	+30.0%	9	$9.52	0.66%
ADMA	Adma Biologics, Inc. Healthcare	NEW	2,359,993	NEW	$19,753,141	NEW	1	$9.12	0.66%
BCRX	Biocryst Pharmaceuticals Inc Healthcare	Reduced	1,901,160	-86,237	$19,011,600	+0.5%	3	$7.40	0.63%
MDXG	Mimedx Group, Inc. Healthcare	Added	4,767,552	+1,370,253	$18,355,075	+36.8%	4	$5.62	0.61%
ABVX	Abivax S.A. Healthcare	Reduced	133,759	-3,478	$17,824,724	+16.6%	11	$9.78	0.59%
USNA	Usana Health Sciences Inc Consumer Defensive	Held	810,074	0	$17,295,079	+22.2%	3	$20.50	0.57%
CHYM	Chime Financial, Inc. CALL + SHARES Technology	Reduced	772,119	-27,881	$15,812,997	+5.5%	2	$22.67	0.53%
GLUE	Monte Rosa Therapeutics, Inc. Healthcare	Held	651,993	0	$15,778,230	+47.1%	3	$18.62	0.52%
TNGX	Tango Therapeutics, Inc. Healthcare	Reduced	500,659	-749,793	$15,650,600	−40.2%	7	$6.40	0.52%
GERN	Geron Corp Healthcare	Added	12,225,000	+1,000,000	$15,648,000	−6.4%	4	$1.37	0.52%

Showing the top 50 of 140 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.