Nantahala Capital Management, LLC

CIK

1472322

Location

New Canaan, CT

Portfolio Value

Mid $2,226,913,463

Diversification

Diversified

Filing Date

Global Rank

#1,120 / 8,603 ▼ 328 · as of Mar 2026

Top Industry

Biotechnology 31.8%

3Y Alpha vs SPY

+1.7%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

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

Cloned portfolio

-7.6%

SPY

+76.5%

Annualised alpha

-23.4%

Max drawdown

−72.8%

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

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

Top Position

5.8%

−38.4 pts

Top 5

22.3%

−33.3 pts

Top 10

35.0%

−29.6 pts

HHI

199

Diversified−1,819

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	58.6%	$1,304,494,611	82
Consumer Cyclical	19.5%	$434,479,699	16
Consumer Defensive	5.6%	$125,438,573	5
Financial Services	5.1%	$113,205,075	5
Real Estate	3.4%	$75,111,793	3
Communication Services	3.1%	$69,218,309	5
Industrials	2.1%	$47,290,769	7
Technology	1.6%	$34,835,775	5
Basic Materials	0.8%	$17,712,000	1
Energy	0.2%	$5,126,859	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
PTON	Peloton Interactive, Inc.	+17,506,224	29,938,900	$128,437,881
VSTM	Verastem, Inc.	+3,122,680	3,584,820	$18,999,546
AVR	Anteris Technologies Global Corp.	+3,000,000	5,530,910	$30,696,550
GUTS	Fractyl Health, Inc.	+2,518,079	13,364,519	$6,120,949
CWH	Camping World Holdings, Inc.	+2,200,732	5,259,274	$35,920,841
GERN	Geron Corp	+2,200,000	11,225,000	$16,725,250
QURE	uniQure N.V.	+2,137,780	2,837,078	$46,386,225
GOGO	Gogo Inc.	+2,089,387	8,882,036	$35,705,784
HAIN	Hain Celestial Group Inc	+2,000,000	8,528,789	$5,970,152
VYNE	VYNE Therapeutics Inc.	+1,000,000	2,000,000	$1,196,000
MDXG	Mimedx Group, Inc.	+980,910	3,397,299	$13,419,331
MLYS	Mineralys Therapeutics, Inc.	+782,196	895,481	$24,258,580
ZVRA	Zevra Therapeutics, Inc.	+750,000	2,521,936	$23,504,443
KROS	Keros Therapeutics, Inc.	+750,000	1,360,419	$15,019,025
SLNO	Soleno Therapeutics Inc	+678,122	2,494,124	$83,503,271
JACK	Jack In The Box Inc	+676,725	1,542,715	$14,918,054
BCRX	Biocryst Pharmaceuticals Inc	+631,020	1,987,397	$18,920,019
SLN	Silence Therapeutics plc	+604,304	2,146,731	$11,313,272
GLUE	Monte Rosa Therapeutics, Inc.	+594,002	651,993	$10,725,284
EOLS	Evolus, Inc.	+556,208	6,376,857	$26,208,882
ABEO	Abeona Therapeutics Inc.	+550,000	6,033,052	$27,028,072
TBBK	Bancorp, Inc.	+434,571	1,506,256	$80,931,134
BNTC	Benitec Biopharma Inc.	+400,000	1,438,371	$15,318,651
AMRX	Amneal Pharmaceuticals, Inc.	+396,592	2,844,108	$35,352,262
LBRX	Lb Pharmaceuticals Inc	+377,894	1,052,894	$25,964,366
No positions match the current search.

Trimmed

Positions the filer reduced

24 positions

Ticker	Company	Δ Shares	Shares	Value
IRD	Opus Genetics, Inc.	−3,100,000	1,681,330	$7,650,051
TNGX	Tango Therapeutics, Inc.	−2,322,181	1,250,452	$26,159,455
IMUX	Immunic, Inc.	−1,871,915	2,506,491	$27,822,050
HLF	Herbalife Ltd.	−1,728,204	6,953,653	$102,357,772
FULC	Fulcrum Therapeutics, Inc.	−1,243,306	3,050,040	$23,393,806
IKT	Inhibikase Therapeutics, Inc.	−1,227,429	2,701,863	$4,539,129
EW	Edwards Lifesciences Corp	−1,000,000	800,000	$64,064,000
TEVA	Teva Pharmaceutical Industries Ltd	−1,000,000	1,500,000	$45,180,000
PEPG	PepGen Inc.	−866,071	681,158	$1,205,649
APYX	Apyx Medical Corp	−533,787	3,440,304	$12,694,721
KOS	Kosmos Energy Ltd.	−500,000	1,844,194	$5,126,859
GRCE	Grace Therapeutics, Inc.	−450,000	728,203	$3,371,579
SLDB	Solid Biosciences Inc.	−438,258	1,165,078	$8,388,561
DXLG	Destination XL Group, Inc.	−363,260	4,141,740	$2,112,287
DNTH	Dianthus Therapeutics, Inc. /DE/	−307,718	67,282	$5,646,305
AMLX	Amylyx Pharmaceuticals, Inc.	−300,000	535,684	$7,446,007
RYAM	Rayonier Advanced Materials Inc.	−200,000	1,600,000	$17,712,000
ESTA	Establishment Labs Holdings Inc.	−154,733	832,956	$47,295,241
UPB	Upstream Bio, Inc.	−94,971	400,000	$3,600,000
IRON	Disc Medicine, Inc.	−66,147	66,653	$4,261,792
CGON	CG Oncology, Inc.	−60,000	49,449	$3,346,708
VMD	Viemed Healthcare, Inc.	−48,662	883,783	$8,139,641
HGV	Hilton Grand Vacations Inc.	−47,966	2,588,656	$101,268,222
ABVX	Abivax S.A.	−15,998	137,237	$15,281,339
No positions match the current search.

New Positions

Positions the filer opened this quarter

17 positions

Ticker	Company	Shares	Value
HLXC	Helix Acquisition Corp. III	1,250,000	$12,700,000
AGMB	Agomab Therapeutics NV	1,200,000	$12,588,000
JANX	Janux Therapeutics, Inc.	809,914	$11,257,804
DUOL	Duolingo, Inc.	100,000	$9,857,000
DMRA	Damora Therapeutics, Inc.	278,000	$7,200,200
VENU	Venu Holding Corp	2,046,705	$6,774,593
ALEC	Alector, Inc.	2,815,983	$6,054,363
COCH	Envoy Medical, Inc.	7,650,000	$5,087,250
RVMD	Revolution Medicines, Inc.	50,000	$4,862,500
NDLS	NOODLES & Co	553,746	$4,734,528
CZR	Caesars Entertainment, Inc.	150,000	$3,964,500
FORR	Forrester Research, Inc.	694,422	$3,930,428
COOK	Traeger, Inc.	102,408	$2,969,832
RLYB	Rallybio Corp	300,635	$2,696,695
TRDA	Entrada Therapeutics, Inc.	159,332	$2,010,769
POCI	Precision Optics Corporation, Inc.	280,000	$1,229,200
CRIS	Curis Inc	2,000,000	$1,100,000
No positions match the current search.

Sold Out

Positions the filer fully exited

17 positions

Ticker	Company	Shares	Value
QNCX	Quince Therapeutics, Inc.	2,672,429	$1,790,527,430
GMED	Globus Medical Inc	224,962	$19,641,432
LYV	Live Nation Entertainment, Inc.	130,300	$18,567,750
GDEN	NEW ROYAL HOLDCO I INC.	368,245	$10,012,581
CASH	Pathward Financial, Inc.	131,608	$9,344,168
CMCO	Columbus Mckinnon Corp	450,000	$7,762,500
SRZN	Surrozen, Inc./DE	229,527	$5,187,310
NKTR	Nektar Therapeutics	112,946	$4,775,356
NPCE	NeuroPace Inc	295,089	$4,556,174
ANEB	Anebulo Pharmaceuticals, Inc.	3,036,325	$3,066,688
CMPS	COMPASS Pathways plc	443,293	$3,058,721
KZR	Kezar Life Sciences, Inc.	276,754	$1,740,782
EDSA	Edesa Biotech, Inc.	625,000	$887,500
SSKN	STRATA Skin Sciences, Inc.	403,917	$508,935
KPRX	Kiora Pharmaceuticals Inc	106,156	$209,127
LUCD	Lucid Diagnostics Inc.	94,541	$103,049
CNTX	Context Therapeutics Inc.	37,837	$55,620
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

130 positions · $2,226,913,463 total · as of Mar 31, 2026

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

Showing 1–50 of 130 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
PTON	Peloton Interactive, Inc. Consumer Cyclical	Added	29,938,900	+17,506,224	$128,437,881	+67.7%	5.77%
HLF	Herbalife Ltd. Consumer Defensive	Reduced	6,953,653	-1,728,204	$102,357,772	−8.5%	4.60%
HGV	Hilton Grand Vacations Inc. Consumer Cyclical	Reduced	2,588,656	-47,966	$101,268,222	−14.2%	4.55%
SLNO	Soleno Therapeutics Inc Healthcare	Added	2,494,124	+678,122	$83,503,271	−0.7%	3.75%
TBBK	Bancorp, Inc. Financial Services	Added	1,506,256	+434,571	$80,931,134	+11.8%	3.63%
VTRS	Viatris Inc Healthcare	Held	5,000,000	0	$67,550,000	+8.5%	3.03%
EW	Edwards Lifesciences Corp Healthcare	Reduced	800,000	-1,000,000	$64,064,000	−58.3%	2.88%
BVS	Bioventus Inc. Healthcare	Added	6,122,403	+75,000	$55,897,539	+24.2%	2.51%
SVC	Service Properties Trust Real Estate	Held	7,057,887	0	$47,817,184	−26.4%	2.15%
ESTA	Establishment Labs Holdings Inc. Healthcare	Reduced	832,956	-154,733	$47,295,241	−34.3%	2.12%
QURE	uniQure N.V. Healthcare	Added	2,837,078	+2,137,780	$46,386,225	+177.2%	2.08%
TEVA	Teva Pharmaceutical Industries Ltd Healthcare	Reduced	1,500,000	-1,000,000	$45,180,000	−42.1%	2.03%
SVRA	Savara Inc Healthcare	Held	7,344,783	0	$40,102,515	−9.5%	1.80%
XTNT	Xtant Medical Holdings, Inc. Healthcare	Held	68,394,000	0	$38,300,640	−28.2%	1.72%
FOXF	Fox Factory Holding Corp Consumer Cyclical	Added	2,288,300	+100,000	$37,665,418	+0.6%	1.69%
CWH	Camping World Holdings, Inc. Consumer Cyclical	Added	5,259,274	+2,200,732	$35,920,841	+20.7%	1.61%
GOGO	Gogo Inc. Communication Services	Added	8,882,036	+2,089,387	$35,705,784	+12.8%	1.60%
AMRX	Amneal Pharmaceuticals, Inc. Healthcare	Added	2,844,108	+396,592	$35,352,262	+14.6%	1.59%
RDNW	RideNow Group, Inc. Consumer Cyclical	Held	4,972,845	0	$35,108,285	+27.9%	1.58%
REGN	Regeneron Pharmaceuticals, Inc. Healthcare	Held	40,000	0	$30,905,600	+0.1%	1.39%
AVR	Anteris Technologies Global Corp. Healthcare	Added	5,530,910	+3,000,000	$30,696,550	+143.1%	1.38%
ETON	Eton Pharmaceuticals, Inc. Healthcare	Held	1,175,951	0	$29,022,470	+45.9%	1.30%
IMUX	Immunic, Inc. Healthcare	Reduced	2,506,491	-1,871,915	$27,822,050	+19.0%	1.25%
ABEO	Abeona Therapeutics Inc. Healthcare	Added	6,033,052	+550,000	$27,028,072	−6.5%	1.21%
EOLS	Evolus, Inc. Healthcare	Added	6,376,857	+556,208	$26,208,882	−32.3%	1.18%
TNGX	Tango Therapeutics, Inc. Healthcare	Reduced	1,250,452	-2,322,181	$26,159,455	−17.4%	1.17%
LBRX	Lb Pharmaceuticals Inc Healthcare	Added	1,052,894	+377,894	$25,964,366	+72.8%	1.17%
MLYS	Mineralys Therapeutics, Inc. Healthcare	Added	895,481	+782,196	$24,258,580	+490.1%	1.09%
ZVRA	Zevra Therapeutics, Inc. Healthcare	Added	2,521,936	+750,000	$23,504,443	+48.0%	1.06%
FULC	Fulcrum Therapeutics, Inc. Healthcare	Reduced	3,050,040	-1,243,306	$23,393,806	−51.8%	1.05%
FOSL	Fossil Group, Inc. Consumer Cyclical	Added	5,404,024	+339,665	$23,291,343	+22.3%	1.05%
ADCT	ADC Therapeutics SA Healthcare	Added	5,597,433	+122,000	$20,990,373	+8.6%	0.94%
TITN	Titan Machinery Inc. Industrials	Added	1,254,520	+34,000	$20,975,574	+14.3%	0.94%
IMAX	Imax Corp Communication Services	Added	515,554	+38,462	$19,596,207	+11.1%	0.88%
VSTM	Verastem, Inc. Healthcare	Reduced	3,584,820	-672,793	$18,999,546	−42.2%	0.85%
BCRX	Biocryst Pharmaceuticals Inc Healthcare	Added	1,987,397	+631,020	$18,920,019	+78.8%	0.85%
AVTX	Avalo Therapeutics, Inc. Healthcare	Held	1,235,000	0	$18,438,550	−17.8%	0.83%
RMR	Rmr Group Inc. Real Estate	Held	1,147,902	0	$17,758,043	+3.8%	0.80%
RYAM	Rayonier Advanced Materials Inc. Basic Materials	Reduced	1,600,000	-200,000	$17,712,000	+67.1%	0.80%
ALGN	Align Technology Inc Healthcare	Held	100,000	0	$17,143,000	+9.8%	0.77%
GERN	Geron Corp Healthcare	Added	11,225,000	+2,200,000	$16,725,250	+40.4%	0.75%
PCVX	Vaxcyte, Inc. Healthcare	Added	273,946	+238,746	$15,919,002	+880.2%	0.71%
BNTC	Benitec Biopharma Inc. Healthcare	Added	1,438,371	+400,000	$15,318,651	+9.5%	0.69%
ABVX	Abivax S.A. Healthcare	Reduced	137,237	-15,998	$15,281,339	−26.1%	0.69%
ITGR	Integer Holdings Corp Healthcare	Added	172,000	+70,000	$15,136,000	+89.2%	0.68%
RH	Rh Consumer Cyclical	Added	107,791	+20,000	$15,071,337	−4.2%	0.68%
KROS	Keros Therapeutics, Inc. Healthcare	Added	1,360,419	+750,000	$15,019,025	+20.8%	0.67%
CHYM	Chime Financial, Inc. Technology	Added	800,000	+200,000	$14,984,000	−0.8%	0.67%
JACK	Jack In The Box Inc Consumer Cyclical	Added	1,542,715	+676,725	$14,918,054	−9.1%	0.67%
JCAP	Jefferson Capital, Inc. / DE Financial Services	Added	750,000	+150,000	$14,422,500	+7.6%	0.65%