KC
Kingdon Capital Management, L.l.c. 13F Disclosure (Q2 2026) — Portfolio & Holdings
Kingdon Capital Management, L.l.c.CIK: 0001000097
Diversified strategyHigh-turnover traderMomentum follower
Total reported value
$976.2M
Reporting period: 2026-06-30 · Number of holdings: 74
KINGDON CAPITAL MANAGEMENT, L.L.C. disclosed 74 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $976.2M and a quarterly turnover rate of 94.0%.
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Personality snowflake
- Concentration
- 10.55
- Portfolio Stability
- 94.02
- Momentum
- 100
- Sector conviction
- 80.34
- Diversification
- 100
- Sizing Uniformity
- 90.88
Kingdon Capital Management, L.l.c.'s disclosed holdings carry a Herfindahl concentration index of 0.026 — mathematically equivalent to about 38 equally-sized positions, well below its 74 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.91), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 54% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out SPY
New buy SOXX
New buy FLNC
New buy GRAL
New buy QQQ
Sold out SLNOEUR
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 69 holdings (of 74 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SOXX | Ishares Semiconductor ETF | ETF-Other | 8.53% | +8.53% | NEW | |
| 2 | SNDX | Syndax Pharmaceuticals Inc | Stock-Other | 5.60% | -0.81% | — | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 4.92% | +1.09% | +20.00% | |
| 4 | WRBY | Warby Parker Inc-class A | Stock-Other | 3.50% | +1.06% | +6.93% | |
| 5 | KEYS | Keysight Technologies In | Stock-Tech | 3.05% | +0.57% | +6.25% | |
| 6 | APG | Api Group CORP | Stock-Industrials | 2.60% | +0.60% | +33.33% | |
| 7 | FLNC | Fluence Energy Inc | Stock-Other | 2.44% | +2.44% | NEW | |
| 8 | NXE | Nexgen Energy LTD | Stock-Other | 2.40% | -0.78% | — | |
| 9 | EWY | Ishares Msci South Korea ETF | ETF-Other | 2.38% | -0.25% | -41.03% | |
| 10 | GRAL | Grail Inc | Stock-Healthcare | 2.38% | +2.38% | NEW | |
| 11 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 2.26% | +2.26% | NEW | |
| 12 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 2.20% | +0.53% | — | |
| 13 | ECG | Everus Construction Group | Stock-Industrials | 2.13% | +0.50% | — | |
| 14 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 1.97% | +0.73% | +122.22% | |
| 15 | HIMS | Hims & Hers Health Inc | Stock-Healthcare | 1.93% | +1.93% | NEW | |
| 16 | KRE | Ss Spdr S&p Regional Bank | ETF-Other | 1.92% | +1.92% | NEW | |
| 17 | CART | Maplebear Inc | Stock-Consumer Disc | 1.84% | -0.09% | -19.15% | |
| 18 | ILMN | Illumina Inc | Stock-Healthcare | 1.76% | +1.76% | NEW | |
| 19 | TDY | Teledyne Technologies Inc | Stock-Tech | 1.71% | +0.55% | +42.86% | |
| 20 | TAN | Invesco Solar ETF | ETF-Other | 1.67% | +1.67% | NEW | |
| 21 | HWM | Howmet Aerospace Inc | Stock-Industrials | 1.65% | -0.12% | -14.29% | |
| 22 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 1.54% | -1.18% | -50.00% | |
| 23 | OLMA | Olema Pharmaceuticals Inc | Stock-Other | 1.54% | +0.14% | +40.35% | |
| 24 | ISRG | Intuitive Surgical Inc | Stock-Healthcare | 1.51% | +1.51% | NEW | |
| 25 | FLEX | Flex Ltd. | Stock-Tech | 1.49% | +0.23% | -48.57% | |
| 26 | CGNX | Cognex CORP | Stock-Tech | 1.48% | +0.49% | +8.11% | |
| 27 | BFLY | Butterfly Network Inc | Stock-Other | 1.47% | +1.47% | NEW | |
| 28 | GTX | Garrett Motion Inc | Stock-Consumer Disc | 1.39% | -0.01% | -46.43% | |
| 29 | CYTK | Cytokinetics Inc | Stock-Healthcare | 1.37% | +1.37% | NEW | |
| 30 | BKD | Brookdale Senior Living Inc | Stock-Other | 1.32% | +0.04% | -5.88% | |
| 31 | VSEC | Vse CORP | Stock-Industrials | 1.23% | +0.02% | -12.50% | |
| 32 | PWR | Quanta Services Inc | Stock-Industrials | 1.18% | +1.18% | NEW | |
| 33 | ZVRA | Zevra Therapeutics Inc | Stock-Other | 1.14% | +0.35% | — | |
| 34 | RAL | Ralliant CORP | Stock-Tech | 1.13% | -0.01% | -40.00% | |
| 35 | FDX | Fedex CORP | Stock-Industrials | 1.12% | +1.12% | NEW | |
| 36 | HEI | Heico CORP | Stock-Industrials | 1.09% | -0.11% | -25.00% | |
| 37 | ✓ | Stock-Other | 1.06% | +1.06% | NEW | ||
| 38 | AER | AerCap Holdings N.V. | Stock-Industrials | 1.05% | -0.31% | -22.22% | |
| 39 | ITT | Itt Inc | Stock-Industrials | 1.01% | +1.01% | NEW | |
| 40 | REAL | Realreal Inc/the | Stock-Other | 0.98% | +0.58% | +103.25% | |
| 41 | VICR | Vicor CORP | Stock-Tech | 0.97% | -0.09% | -58.33% | |
| 42 | GE | General Electric | Stock-Industrials | 0.96% | +0.03% | -16.67% | |
| 43 | AHR | American Healthcare Reit Inc | Stock-Real Estate | 0.93% | -0.62% | -41.67% | |
| 44 | ENTG | Entegris Inc | Stock-Tech | 0.92% | +0.92% | NEW | |
| 45 | CR | Crane Co | Stock-Industrials | 0.91% | -0.22% | -33.33% | |
| 46 | GCO | Genesco Inc | Stock-Other | 0.84% | +0.06% | — | |
| 47 | DHI | Dr Horton Inc | Stock-Consumer Disc | 0.83% | +0.83% | NEW | |
| 48 | WWW | Wolverine World Wide Inc | Stock-Other | 0.82% | +0.04% | +11.24% | |
| 49 | AIR | Aar CORP | Stock-Industrials | 0.77% | -0.43% | -47.50% | |
| 50 | DAR | Darling Ingredients Inc | Stock-Consumer Staples | 0.76% | -0.53% | -28.95% |
1–50 of 69
Portfolio Performance
Performance for Q3 2026
-1.5%
Performance Last 4 Quarters
+20.9%
- Stdev
- +19.3%
- Beta
- +1.18
- Alpha
- -3.2%
- Max Drawdown
- -17.7%
- Annualized Perf
- +20.4%
- Batting Avg vs S&P
- +61.1%
- Sortino
- +1.83
- Stutzer
- +0.31
- Treynor
- +0.17
- Sterling
- +0.93
- Calmar
- +1.15
- Information Ratio
- +0.04
- Tracking Error
- +12%
- Stdev Down
- +11.2%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +50.2%
- Worst 12 Months
- -9%
- Efficiency Ratio
- +0.43
- Sharpe
- +1.06
- Stdev Sectors
- +13%
- Skewness
- -0.3
- Kurtosis
- -0.56
- Upside Potential
- +3.49
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 74 | $976.2M | 94 | ||
| 2026 Q1 | 67 | $911.0M | 100 | ||
| 2025 Q4 | 68 | $841.2M | 94 | ||
| 2025 Q3 | 77 | $805.7M | 100 | ||
| 2025 Q2 | 67 | $742.5M | 0 | ||
| 2025 Q1 | 67 | $944.9M | 100 | ||
| 2024 Q4 | 70 | $702.0M | 0 | ||
| 2024 Q3 | 79 | $901.8M | 0 | ||
| 2024 Q2 | 82 | $933.0M | 0 | ||
| 2024 Q1 | 83 | $915.8M | 0 | ||
| 2023 Q4 | 74 | $799.0M | 0 | ||
| 2023 Q3 | 72 | $868.3M | 0 | ||
| 2023 Q2 | 79 | $1.1B | 0 | ||
| 2023 Q1 | 57 | $531.8M | 0 | ||
| 2022 Q4 | 50 | $502.2M | 0 | ||
| 2022 Q3 | 60 | $781.8M | 0 | ||
| 2022 Q2 | 69 | $589.5M | 0 | ||
| 2022 Q1 | 82 | $959.5M | 0 | ||
| 2021 Q4 | 77 | $869.6M | 0 | ||
| 2021 Q3 | 62 | $822.0M | 0 | ||
| 2021 Q2 | 68 | $863.0M | 100 | ||
| 2021 Q1 | 62 | $978.9M | 89 | ||
| 2020 Q4 | 56 | $924.5M | 73 | ||
| 2020 Q3 | 59 | $890.6M | 82 | ||
| 2020 Q2 | 54 | $1.1B | 100 | ||
| 2020 Q1 | 52 | $546.3M | 100 | ||
| 2019 Q4 | 55 | $663.9M | 97 | ||
| 2019 Q3 | 61 | $846.6M | 90 | ||
| 2019 Q2 | 68 | $1.0B | 100 | ||
| 2019 Q1 | 61 | $748.0M | 100 | ||
| 2018 Q4 | 59 | $663.1M | 100 | ||
| 2018 Q3 | 107 | $1.4B | 80 | ||
| 2018 Q2 | 104 | $1.4B | 94 | ||
| 2018 Q1 | 106 | $1.3B | 90 | ||
| 2017 Q4 | 111 | $1.6B | 94 | ||
| 2017 Q3 | 117 | $1.5B | 94 | ||
| 2017 Q2 | 99 | $1.5B | 100 | ||
| 2017 Q1 | 105 | $1.8B | 100 | ||
| 2016 Q4 | 123 | $2.1B | 94 | ||
| 2016 Q3 | 116 | $2.2B | 78 | ||
| 2016 Q2 | 100 | $1.8B | 100 | ||
| 2016 Q1 | 106 | $1.8B | 100 | ||
| 2015 Q4 | 114 | $2.1B | 95 | ||
| 2015 Q3 | 125 | $2.1B | 89 | ||
| 2015 Q2 | 127 | $2.6B | 72 | ||
| 2015 Q1 | 147 | $2.4B | 100 | ||
| 2014 Q4 | 140 | $2.3B | 0 | ||
| 2014 Q3 | 153 | $2.2B | 94 | ||
| 2014 Q2 | 176 | $2.6B | 88 | ||
| 2014 Q1 | 170 | $2.0B | 95 | ||
| 2013 Q4 | 168 | $2.2B | 89 | ||
| 2013 Q3 | 177 | $2.0B | 84 | ||
| 2013 Q2 | 195 | $1.7B | 0 |
Holding changes this quarter
Kingdon Capital Management, L.l.c.'s most significant position changes for 2026-06-30: Sold out: Ss Spdr S&p 500 ETF Trust-us (SPY); New buy: Ishares Semiconductor ETF (SOXX); New buy: Fluence Energy Inc (FLNC); New buy: Grail Inc (GRAL); New buy: Invesco Qqq Trust Series 1 (QQQ).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SOXX | Ishares Semiconductor ETF | +8.5% | NEW | New buy |
| 2 | FLNC | Fluence Energy Inc | +2.4% | NEW | New buy |
| 3 | GRAL | Grail Inc | +2.4% | NEW | New buy |
| 4 | QQQ | Invesco Qqq Trust Series 1 | +2.3% | NEW | New buy |
| 5 | HIMS | Hims & Hers Health Inc | +1.9% | NEW | New buy |
| 6 | KRE | Ss Spdr S&p Regional Bank | +1.9% | NEW | New buy |
| 7 | ILMN | Illumina Inc | +1.8% | NEW | New buy |
| 8 | TAN | Invesco Solar ETF | +1.7% | NEW | New buy |
| 9 | ISRG | Intuitive Surgical Inc | +1.5% | NEW | New buy |
| 10 | BFLY | Butterfly Network Inc | +1.5% | NEW | New buy |
| 11 | CYTK | Cytokinetics Inc | +1.4% | NEW | New buy |
| 12 | PWR | Quanta Services Inc | +1.2% | NEW | New buy |
| 13 | FDX | Fedex CORP | +1.1% | NEW | New buy |
| 14 | NVDA | Nvidia CORP | +1.1% | +20.00% | Add |
| 15 | WRBY | Warby Parker Inc-class A | +1.1% | +6.93% | Add |
| 16 | ✓ | +1.1% | NEW | New buy | |
| 17 | ITT | Itt Inc | +1% | NEW | New buy |
| 18 | ENTG | Entegris Inc | +0.9% | NEW | New buy |
| 19 | DHI | Dr Horton Inc | +0.8% | NEW | New buy |
| 20 | DAL | Delta Air Lines Inc | +0.7% | NEW | New buy |
| 21 | BABA | Alibaba Group Holding-sp Adr | +0.7% | +122.22% | Add |
| 22 | RUN | Sunrun Inc | +0.7% | NEW | New buy |
| 23 | APG | Api Group CORP | +0.6% | +33.33% | Add |
| 24 | LION | Lionsgate Studios CORP | +0.6% | NEW | New buy |
| 25 | REAL | Realreal Inc/the | +0.6% | +103.25% | Add |
| 26 | KEYS | Keysight Technologies In | +0.6% | +6.25% | Add |
| 27 | TDY | Teledyne Technologies Inc | +0.6% | +42.86% | Add |
| 28 | NVTS | Navitas Semiconductor CORP | +0.6% | NEW | New buy |
| 29 | TSM | Taiwan Semiconductor-sp Adr | +0.5% | — | Unchanged |
| 30 | FFIV | F5 Inc | +0.5% | NEW | New buy |
| 31 | ECG | Everus Construction Group | +0.5% | — | Unchanged |
| 32 | CGNX | Cognex CORP | +0.5% | +8.11% | Add |
| 33 | IVA | Inventiva SA - Adr | +0.5% | NEW | New buy |
| 34 | EWTX | Edgewise Therapeutics Inc | +0.4% | NEW | New buy |
| 35 | SHLS | Shoals Technologies Group -a | +0.4% | NEW | New buy |
| 36 | COMP | Compass Inc - Class A | +0.4% | +37.50% | Add |
| 37 | ZVRA | Zevra Therapeutics Inc | +0.4% | — | Unchanged |
| 38 | WDC | Western Digital CORP | +0.3% | NEW | New buy |
| 39 | CMPX | Compass Therapeutics Inc | +0.3% | NEW | New buy |
| 40 | FLEX | Flex Ltd. | +0.2% | -48.57% | Trim |
| 41 | ALDX | Aldeyra Therapeutics Inc | +0.2% | +23.23% | Add |
| 42 | OLMA | Olema Pharmaceuticals Inc | +0.1% | +40.35% | Add |
| 43 | ✓ | +0.1% | NEW | New buy | |
| 44 | ELDN | Eledon Pharmaceuticals Inc | +0.1% | — | Unchanged |
| 45 | GCO | Genesco Inc | +0.1% | — | Unchanged |
| 46 | BKD | Brookdale Senior Living Inc | 0% | -5.88% | Trim |
| 47 | WWW | Wolverine World Wide Inc | 0% | +11.24% | Add |
| 48 | GE | General Electric | 0% | -16.67% | Trim |
| 49 | VSEC | Vse CORP | 0% | -12.50% | Trim |
| 50 | NB | Niocorp Developments LTD | — | — | Unchanged |
1–50 of 93
Filing History
FAQ
What is Kingdon Capital Management, L.l.c. and what type of investor is it?
Kingdon Capital Management, L.l.c. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $976.2M, spread across 74 disclosed positions.
What are Kingdon Capital Management, L.l.c.'s largest equity positions?
Based on the latest 13F filing, Kingdon Capital Management, L.l.c.'s top holdings by market value are:
1. Ishares Semiconductor ETF (SOXX) — $83.3M (8.5%)
2. Syndax Pharmaceuticals Inc (SNDX) — $54.7M (5.6%)
3. Nvidia CORP (NVDA) — $48.0M (4.9%)
4. Warby Parker Inc-class A (WRBY) — $34.2M (3.5%)
5. Keysight Technologies In (KEYS) — $29.8M (3.0%)
What changes did Kingdon Capital Management, L.l.c. make in its most recent portfolio filing?
In the latest reported quarter, Kingdon Capital Management, L.l.c. made 83 notable position adjustments: 28 new positions were initiated, 12 existing holdings were added to, 19 positions were partially reduced, and 24 were completely exited. The largest of these moves: Sold out: Ss Spdr S&p 500 ETF Trust-us (SPY); New buy: Ishares Semiconductor ETF (SOXX); New buy: Fluence Energy Inc (FLNC); New buy: Grail Inc (GRAL); New buy: Invesco Qqq Trust Series 1 (QQQ)
What sectors does Kingdon Capital Management, L.l.c. focus on?
Kingdon Capital Management, L.l.c. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 36.8%
• Industrials: 30.2%
• Health Care: 16.4%
• Consumer Discretionary: 11.1%
• Real Estate: 4.1%
• Consumer Staples: 1.4%
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Investment Profile
Kingdon Capital Management, L.l.c. returned an annualized 20.4% over the trailing 36 months — underperforming the S&P 500 by 3.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.18 (more volatile than the market) and a 61% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 36.8% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 94 over the past 4 quarters — a shift toward more active trading.
It has added to its APG position over the past two quarters (+$11.1M, now $25.4M), while trimming HEI over the same stretch (-$2.3M, still holding $10.7M).
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Developer Access
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