NC
Nantahala Capital Management, LLC SEC 13F Filing (Q2 2026) — Holdings & Portfolio
Nantahala Capital Management, LLCCIK: 0001472322
Diversified strategySector-focusedMomentum follower
Total reported value
$3.0B
Reporting period: 2026-06-30 · Number of holdings: 155
Nantahala Capital Management, LLC disclosed 155 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $3.0B and a quarterly turnover rate of 35.0%.
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Personality snowflake
- Concentration
- 20.57
- Portfolio Stability
- 34.96
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 74.91
Nantahala Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.051 — mathematically equivalent to about 19 equally-sized positions, well below its 155 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.51), with a handful of outsized bets alongside many smaller positions.
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 16% 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 SLNOEUR
Sold out TEVA
New buy QTUM
Add IWM
-2.4% $92.5M
New buy NBIX
New buy PRAX
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 141 holdings (of 155 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 19.93% | +1.21% | -2.44% | |
| 2 | PTON | Peloton Interactive Inc-a | Stock-Consumer Disc | 4.22% | -0.51% | -28.03% | |
| 3 | HGV | Hilton Grand Vacations Inc | Stock-Other | 3.66% | -0.07% | -18.56% | |
| 4 | HLF | Herbalife Ltd. | Stock-Other | 3.36% | -0.41% | +10.86% | |
| 5 | TBBK | Bancorp Inc/the | Stock-Other | 2.84% | -0.14% | -9.33% | |
| 6 | VTRS | Viatris Inc | Stock-Healthcare | 2.63% | +0.14% | — | |
| 7 | EW | Edwards Lifesciences CORP | Stock-Healthcare | 2.40% | +0.04% | — | |
| 8 | QURE | uniQure N.V. | Stock-Other | 2.17% | +0.45% | -50.05% | |
| 9 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 2.10% | +0.69% | +33.33% | |
| 10 | BVS | Bioventus Inc - A | Stock-Other | 1.88% | -0.18% | -1.99% | |
| 11 | SVRA | Savara Inc | Stock-Other | 1.43% | -0.05% | -5.01% | |
| 12 | ETON | Eton Pharmaceuticals Inc | Stock-Other | 1.41% | +0.34% | — | |
| 13 | AMRX | Amneal Pharmaceuticals Inc | Stock-Other | 1.30% | — | -20.23% | |
| 14 | EOLS | Evolus Inc | Stock-Other | 1.29% | +0.33% | -12.15% | |
| 15 | ABEO | Abeona Therapeutics Inc | Stock-Other | 1.26% | +0.26% | +2.05% | |
| 16 | QTUM | Defiance Quantum ETF | ETF-Other | 1.22% | +1.22% | NEW | |
| 17 | FOXF | Fox Factory Holding CORP | Stock-Other | 1.19% | -0.20% | -7.76% | |
| 18 | CWH | Camping World Holdings Inc-a | Stock-Other | 1.15% | -0.17% | -13.47% | |
| 19 | AVTX | Avalo Therapeutics Inc | Stock-Other | 1.14% | +0.46% | +50.79% | |
| 20 | LBRX | Lb Pharmaceuticals Inc | Stock-Other | 1.13% | +0.17% | — | |
| 21 | NBIX | Neurocrine Biosciences Inc | Stock-Healthcare | 1.12% | +1.12% | NEW | |
| 22 | PRAX | Praxis Precision Medicines I | Stock-Other | 1.11% | +1.11% | NEW | |
| 23 | AVR | Anteris Technologies Global | Stock-Other | 1.11% | -0.02% | -38.83% | |
| 24 | RDNW | Ridenow Group Inc | Stock-Other | 1.10% | -0.19% | — | |
| 25 | KRYS | Krystal Biotech Inc | Stock-Healthcare | 1.05% | +1.05% | NEW | |
| 26 | ✓ | Establishment Labs Holdings In | Stock-Other | 0.96% | -0.78% | -59.68% | |
| 27 | XTNT | Xtant Medical Holdings Inc | Stock-Other | 0.96% | -0.44% | — | |
| 28 | JACK | Jack In THE Box Inc | Stock-Other | 0.91% | +0.36% | +12.05% | |
| 29 | GOGO | Gogo Inc | Stock-Other | 0.89% | -0.42% | -2.08% | |
| 30 | IMAX | Imax CORP | Stock-Other | 0.87% | +0.15% | +27.63% | |
| 31 | ZVRA | Zevra Therapeutics Inc | Stock-Other | 0.85% | -0.02% | -28.73% | |
| 32 | REGN | Regeneron Pharmaceuticals | Stock-Healthcare | 0.83% | -0.31% | — | |
| 33 | TITN | Titan Machinery Inc | Stock-Other | 0.79% | +0.02% | -9.68% | |
| 34 | RMR | Rmr Group Inc/the - A | Stock-Other | 0.78% | +0.13% | — | |
| 35 | FOSL | Fossil Group Inc | Stock-Other | 0.76% | -0.10% | +1.87% | |
| 36 | SNAP | Snap Inc - A | Stock-Comm Services | 0.74% | +0.74% | NEW | |
| 37 | MLYS | Mineralys Therapeutics Inc | Stock-Other | 0.73% | -0.16% | -8.38% | |
| 38 | AURA | Aura Biosciences Inc | Stock-Other | 0.69% | +0.17% | +39.35% | |
| 39 | AGMB | Agomab Therapeutics NV | Stock-Other | 0.68% | +0.21% | +30.68% | |
| 40 | FULC | Fulcrum Therapeutics Inc | Stock-Other | 0.66% | -0.20% | +79.51% | |
| 41 | BNTC | Benitec Biopharma Inc | Stock-Other | 0.66% | +0.10% | +3.48% | |
| 42 | ADMA | Adma Biologics Inc | Stock-Healthcare | 0.66% | +0.66% | NEW | |
| 43 | BCRX | Biocryst Pharmaceuticals Inc | Stock-Other | 0.63% | -0.07% | -4.34% | |
| 44 | MDXG | Mimedx Group Inc | Stock-Other | 0.61% | +0.12% | +40.33% | |
| 45 | ABVX | Abivax Sa-adr | Stock-Other | 0.59% | +0.03% | -2.53% | |
| 46 | USNA | Usana Health Sciences Inc | Stock-Other | 0.57% | +0.05% | — | |
| 47 | CHYM | Chime Financial Inc-cl A | Stock-Other | 0.52% | -0.03% | -3.49% | |
| 48 | GLUE | Monte Rosa Therapeutics Inc | Stock-Other | 0.52% | +0.13% | — | |
| 49 | TNGX | Tango Therapeutics Inc | Stock-Other | 0.52% | -0.44% | -59.96% | |
| 50 | GERN | Geron CORP | Stock-Other | 0.52% | -0.10% | +8.91% |
1–50 of 141
Portfolio Performance
Performance for Q3 2026
+5.5%
Performance Last 4 Quarters
-7.4%
- Stdev
- +35.1%
- Beta
- +1.1
- Alpha
- -7.8%
- Max Drawdown
- -44%
- Annualized Perf
- +7.8%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +0.56
- Stutzer
- +0.12
- Treynor
- +0.13
- Sterling
- +0.23
- Calmar
- +0.18
- Information Ratio
- -0.18
- Tracking Error
- +32.1%
- Stdev Down
- +25.3%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +48.5%
- Worst 12 Months
- -10.9%
- Efficiency Ratio
- +0.11
- Sharpe
- +0.41
- Stdev Sectors
- +23%
- Skewness
- -1.16
- Kurtosis
- +6.4
- Upside Potential
- +1.85
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 155 | $3.0B | 35 | ||
| 2026 Q1 | 152 | $2.7B | 40 | ||
| 2025 Q4 | 153 | $3.0B | 35 | ||
| 2025 Q3 | 153 | $2.9B | 68 | ||
| 2025 Q2 | 158 | $2.6B | 0 | ||
| 2025 Q1 | 145 | $2.5B | 100 | ||
| 2024 Q4 | 137 | $2.3B | 0 | ||
| 2024 Q3 | 140 | $2.0B | 0 | ||
| 2024 Q2 | 130 | $1.7B | 0 | ||
| 2024 Q1 | 124 | $1.8B | 0 | ||
| 2023 Q4 | 128 | $1.7B | 0 | ||
| 2023 Q3 | 133 | $1.2B | 0 | ||
| 2023 Q2 | 124 | $1.0B | 0 | ||
| 2023 Q1 | 124 | $1.3B | 0 | ||
| 2022 Q4 | 118 | $1.5B | 0 | ||
| 2022 Q3 | 120 | $1.5B | 0 | ||
| 2022 Q2 | 124 | $2.0B | 0 | ||
| 2022 Q1 | 122 | $2.3B | 0 | ||
| 2021 Q4 | 136 | $2.8B | 0 | ||
| 2021 Q3 | 130 | $3.2B | 0 | ||
| 2021 Q2 | 121 | $3.5B | 43 | ||
| 2021 Q1 | 116 | $3.4B | 53 | ||
| 2020 Q4 | 126 | $3.2B | 44 | ||
| 2020 Q3 | 130 | $3.3B | 39 | ||
| 2020 Q2 | 130 | $3.3B | 39 | ||
| 2020 Q1 | 124 | $2.7B | 64 | ||
| 2019 Q4 | 106 | $3.2B | 46 | ||
| 2019 Q3 | 108 | $2.7B | 35 | ||
| 2019 Q2 | 111 | $3.2B | 41 | ||
| 2019 Q1 | 115 | $3.2B | 36 | ||
| 2018 Q4 | 124 | $3.3B | 33 | ||
| 2018 Q3 | 119 | $3.7B | 52 | ||
| 2018 Q2 | 102 | $2.5B | 36 | ||
| 2018 Q1 | 97 | $2.2B | 31 | ||
| 2017 Q4 | 91 | $2.2B | 40 | ||
| 2017 Q3 | 82 | $2.0B | 56 | ||
| 2017 Q2 | 72 | $1.3B | 61 | ||
| 2017 Q1 | 60 | $897.7M | 57 | ||
| 2016 Q4 | 71 | $963.3M | 36 | ||
| 2016 Q3 | 67 | $829.4M | 54 | ||
| 2016 Q2 | 73 | $922.5M | 34 | ||
| 2016 Q1 | 78 | $972.1M | 46 | ||
| 2015 Q4 | 74 | $766.5M | 33 | ||
| 2015 Q3 | 78 | $736.7M | 40 | ||
| 2015 Q2 | 82 | $681.6M | 44 | ||
| 2015 Q1 | 91 | $601.0M | 54 | ||
| 2014 Q4 | 107 | $712.5M | 48 | ||
| 2014 Q3 | 136 | $814.6M | 48 | ||
| 2014 Q2 | 117 | $679.8M | 47 | ||
| 2014 Q1 | 107 | $622.7M | 67 | ||
| 2013 Q4 | 124 | $616.7M | 75 | ||
| 2013 Q3 | 91 | $446.7M | 60 | ||
| 2013 Q2 | 101 | $431.8M | 0 |
* 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.
Holding changes this quarter
Nantahala Capital Management, LLC's most significant position changes for 2026-06-30: Sold out: Soleno Therapeutics Inc (SLNOEUR); Sold out: Teva Pharmaceutical-sp Adr (TEVA); New buy: Defiance Quantum ETF (QTUM); New buy: Neurocrine Biosciences Inc (NBIX); New buy: Praxis Precision Medicines I (PRAX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | QTUM | Defiance Quantum ETF | +1.2% | NEW | New buy |
| 2 | IWM | Ishares Russell 2000 ETF | +1.2% | -2.44% | Trim |
| 3 | NBIX | Neurocrine Biosciences Inc | +1.1% | NEW | New buy |
| 4 | PRAX | Praxis Precision Medicines I | +1.1% | NEW | New buy |
| 5 | KRYS | Krystal Biotech Inc | +1.1% | NEW | New buy |
| 6 | SNAP | Snap Inc - A | +0.7% | NEW | New buy |
| 7 | XBI | Ss Spdr S&p Biotech ETF | +0.7% | +33.33% | Add |
| 8 | ADMA | Adma Biologics Inc | +0.7% | NEW | New buy |
| 9 | VOR | Vor Biopharma Inc | +0.5% | NEW | New buy |
| 10 | PLNT | Planet Fitness Inc - Cl A | +0.5% | NEW | New buy |
| 11 | AVTX | Avalo Therapeutics Inc | +0.5% | +50.79% | Add |
| 12 | QURE | uniQure N.V. | +0.5% | -50.05% | Trim |
| 13 | ✓ | +0.4% | NEW | New buy | |
| 14 | INSP | Inspire Medical Systems Inc | +0.4% | NEW | New buy |
| 15 | JACK | Jack In THE Box Inc | +0.4% | +12.05% | Add |
| 16 | ETON | Eton Pharmaceuticals Inc | +0.3% | — | Unchanged |
| 17 | IVA | Inventiva SA - Adr | +0.3% | NEW | New buy |
| 18 | EOLS | Evolus Inc | +0.3% | -12.15% | Trim |
| 19 | ABEO | Abeona Therapeutics Inc | +0.3% | +2.05% | Add |
| 20 | CATX | Perspective Therapeutics Inc | +0.3% | NEW | New buy |
| 21 | ✓ | +0.3% | NEW | New buy | |
| 22 | AGMB | Agomab Therapeutics NV | +0.2% | +30.68% | Add |
| 23 | ✓ | +0.2% | NEW | New buy | |
| 24 | LBRX | Lb Pharmaceuticals Inc | +0.2% | — | Unchanged |
| 25 | AURA | Aura Biosciences Inc | +0.2% | +39.35% | Add |
| 26 | ✓ | +0.2% | NEW | New buy | |
| 27 | IMAX | Imax CORP | +0.2% | +27.63% | Add |
| 28 | ALT | Altimmune Inc | +0.2% | NEW | New buy |
| 29 | VTRS | Viatris Inc | +0.1% | — | Unchanged |
| 30 | IRD | Opus Genetics Inc | +0.1% | +82.08% | Add |
| 31 | RMR | Rmr Group Inc/the - A | +0.1% | — | Unchanged |
| 32 | GLUE | Monte Rosa Therapeutics Inc | +0.1% | — | Unchanged |
| 33 | IMUX | Immunic Inc | +0.1% | NEW | New buy |
| 34 | ZLAB | Zai Lab Ltd-adr | +0.1% | NEW | New buy |
| 35 | MDXG | Mimedx Group Inc | +0.1% | +40.33% | Add |
| 36 | COOK | Traeger Inc | +0.1% | -19.12% | Trim |
| 37 | BNTC | Benitec Biopharma Inc | +0.1% | +3.48% | Add |
| 38 | NDLS | Noodles & Co | +0.1% | — | Unchanged |
| 39 | ✓ | +0.1% | NEW | New buy | |
| 40 | ARTV | Artiva Biotherapeutics Inc | +0.1% | NEW | New buy |
| 41 | EDIT | Editas Medicine Inc | +0.1% | NEW | New buy |
| 42 | ✓ | +0.1% | NEW | New buy | |
| 43 | SLN | Silence Therapeutics Plc-adr | +0.1% | -37.27% | Trim |
| 44 | GUTS | Fractyl Health Inc | +0.1% | -15.53% | Trim |
| 45 | ALEC | Alector Inc | +0.1% | +53.34% | Add |
| 46 | FORR | Forrester Research Inc | +0.1% | +9.94% | Add |
| 47 | USNA | Usana Health Sciences Inc | +0.1% | — | Unchanged |
| 48 | ALXO | Alx Oncology Holdings Inc | +0.1% | NEW | New buy |
| 49 | EW | Edwards Lifesciences CORP | 0% | — | Unchanged |
| 50 | DHX | Dhi Group Inc | 0% | — | Unchanged |
1–50 of 163
Filing History
FAQ
What is Nantahala Capital Management, LLC and what type of investor is it?
Nantahala Capital Management, LLC 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 $3.0B, spread across 155 disclosed positions.
What are Nantahala Capital Management, LLC's largest equity positions?
Based on the latest 13F filing, Nantahala Capital Management, LLC's top holdings by market value are:
1. Ishares Russell 2000 ETF (IWM) — $600.9M (19.9%)
2. Peloton Interactive Inc-a (PTON) — $127.3M (4.2%)
3. Hilton Grand Vacations Inc (HGV) — $110.4M (3.7%)
4. Herbalife Ltd. (HLF) — $101.4M (3.4%)
5. Bancorp Inc/the (TBBK) — $85.5M (2.8%)
What changes did Nantahala Capital Management, LLC make in its most recent portfolio filing?
In the latest reported quarter, Nantahala Capital Management, LLC made 113 notable position adjustments: 26 new positions were initiated, 25 existing holdings were added to, 40 positions were partially reduced, and 22 were completely exited. The largest of these moves: Sold out: Soleno Therapeutics Inc (SLNOEUR); Sold out: Teva Pharmaceutical-sp Adr (TEVA); New buy: Defiance Quantum ETF (QTUM); New buy: Neurocrine Biosciences Inc (NBIX); New buy: Praxis Precision Medicines I (PRAX)
What sectors does Nantahala Capital Management, LLC focus on?
Nantahala Capital Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 59.5%
• Consumer Discretionary: 32.7%
• Communication Services: 4.7%
• Information Technology: 2.0%
• Financials: 1.1%
Investment Profile
Nantahala Capital Management, LLC returned an annualized 7.8% over the trailing 36 months — underperforming the S&P 500 by 7.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.10 (more volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 59.5% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 35 over the past 4 quarters — a shift toward more active trading.
It has added to its QURE position over the past two quarters (+$48.5M, now $65.3M), while trimming ESTABLISHMENT LABS HOLDINGS IN over the same stretch (-$43.2M, still holding $28.8M).
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Developer Access
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