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Nantahala Capital Management, LLC

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1472322
Institutional-grade research for retail investors

Sector Allocation

  • Healthcare62.5%$1.0B
  • Consumer Discretionary12.7%$208.1M
  • Financials7.8%$128.1M
  • Technology7.2%$118.8M
  • Communication Services3.6%$58.7M
  • Industrials2.3%$37.7M
  • Materials1.3%$21.5M
  • Consumer Staples1.3%$20.8M
  • Other0.8%$13.3M
  • Real Estate0.6%$9.9M

AUM History

13fpro.ai/research/fund/nantahala-capital-management-llc-1472322

Conviction and streaks

Diversifying · top 10 = 27.6%

From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.

TBBK$TBBKConviction hold4.7% weight · held 9 quartersBVS$BVSConviction hold3.4% weight · held 10 quartersHGV$HGVConviction hold3.3% weight · held 10 quartersSVRA$SVRAConviction hold2.6% weight · held 10 quartersETON$ETONConviction hold2.6% weight · held 9 quartersABEO$ABEOAccumulating+46% shares · 5 quarters runningJACK$JACKAccumulating+188% shares · 3 quarters runningFOSL$FOSLAccumulating+47% shares · 3 quarters runningBNTC$BNTCAccumulating+78% shares · 3 quarters runningMDXG$MDXGAccumulating+225% shares · 3 quarters runningHGV$HGVTrimming-48% shares · 4 quarters runningABVX$ABVXTrimming-91% shares · 4 quarters runningAMLX$AMLXTrimming-83% shares · 4 quarters runningESTA$ESTATrimming-83% shares · 3 quarters runningFOXF$FOXFTrimming-40% shares · 2 quarters running

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/nantahala-capital-management-llc-1472322

Nantahala Capital Management, LLC 13F holdings — Q2 2026

$3.0B portfolio (+10.6% QoQ) · 152 holdings · Q2 2026 13F · top 10 are 28% of the stock portfolio

Includes $1.4B of put/call options ($846.0M puts, $513.3M calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $1.6B. Weights use the stock portfolio.

All holdings — Nantahala Capital Management, LLC (Q2 2026)

152 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
— PUTISHARES TR - RUSSELL 2000 ETF$600.9M-2%
PTON$PTONCALLPELOTON INTERACTIVE, INC.$97.2M-8%
HLF$HLFCALLHERBALIFE LTD.$86.8M+18%
VTRS$VTRSCALLViatris Inc$79.4M—
EW$EWPUTEdwards Lifesciences Corp$72.4M—
— PUTSPDR SERIES TRUST - ST STR SP BIOT$63.3M+33%
HGV$HGVCALLHilton Grand Vacations Inc.$56.3M—
— PUTETF SER SOLUTIONS - DEFIA QUANT ETF$36.9MNew
QURE$QURECALLuniQure N.V.$36.8M-69%
NBIX$NBIXCALLNEUROCRINE BIOSCIENCES INC$33.7MNew
PRAX$PRAXPUTPraxis Precision Medicines, Inc.$33.5MNew
ABEO$ABEOABEONA THERAPEUTICS INC.$31.7M+2%
KRYS$KRYSPUTKrystal Biotech, Inc.$31.6MNew
PTON$PTONPELOTON INTERACTIVE, INC.$30.2M-57%
ESTA$ESTAESTABLISHMENT LABS HOLDINGS INC.$28.8M-60%

What changed in Q2 2026

Against the previous quarter's 13F: 26 new, 27 added to, 41 trimmed, 25 sold out. Share-count changes; largest moves by dollar size first.

New positions (26)

  • PUTETF SER SOLUTIONS - DEFIA QUANT ETF$36.9M

    first bought this quarter

  • NBIX$NBIXCALLNEUROCRINE BIOSCIENCES INC$33.7M

    first bought this quarter

  • PRAX$PRAXPUTPraxis Precision Medicines, Inc.$33.5M

    first bought this quarter

  • KRYS$KRYSPUTKrystal Biotech, Inc.$31.6M

    first bought this quarter

  • SNAP$SNAPCALLSnap Inc$21.3M

    first bought this quarter

  • ADMA$ADMAADMA BIOLOGICS, INC.$19.8M

    first bought this quarter

+20 more in the Excel export

Added to (27)

  • PUTSPDR SERIES TRUST - ST STR SP BIOT+33%

    now $63.3M

  • HLF$HLFCALLHERBALIFE LTD.+18%

    now $86.8M

  • AVTX$AVTXAvalo Therapeutics, Inc.+51%

    now $34.4M · held 6 qtrs

  • QURE$QUREuniQure N.V.+92%

    now $21.0M · held 8+ qtrs

  • FULC$FULCFulcrum Therapeutics, Inc.+80%

    now $20.0M · held 8+ qtrs

  • ADCT$ADCTADC Therapeutics SA+120%

    now $13.2M · held 5 qtrs, 3 adds in a row

+21 more in the Excel export

Trimmed (41)

  • QURE$QURECALLuniQure N.V.-69%

    now $36.8M

  • ESTA$ESTAESTABLISHMENT LABS HOLDINGS INC.-60%

    now $28.8M · held 8+ qtrs, 3 trims in a row

  • PTON$PTONPELOTON INTERACTIVE, INC.-57%

    now $30.2M · held 8+ qtrs

  • IMUX$IMUXIMMUNIC, INC.-90%

    now $3.9M · held 3 qtrs

  • HGV$HGVHilton Grand Vacations Inc.-32%

    now $54.1M · held 8+ qtrs, 4 trims in a row

  • TNGX$TNGXTango Therapeutics, Inc.-60%

    now $15.7M · held 7 qtrs, 2 trims in a row

+35 more in the Excel export

Sold out (25)

  • SLNO$SLNOSOLENO THERAPEUTICS INCwas $58.4M

    held 9+ qtrs

  • TEVA$TEVACALLTEVA PHARMACEUTICAL INDUSTRIES LTDwas $45.2M
  • SLNO$SLNOCALLSOLENO THERAPEUTICS INCwas $25.1M
  • ALGN$ALGNCALLALIGN TECHNOLOGY INCwas $17.1M
  • ASRT$ASRTAssertio Holdings, Inc.was $13.2M

    held 2 qtrs

  • CNTA$CNTACentessa Pharmaceuticals plcwas $10.1M

    held 8+ qtrs

+19 more in the Excel export

Firm AUM (Form ADV): $3.1B as of 2025-12-31 · SEC IAPD

Share

Holdings by quarter

Every 13F Nantahala Capital Management, LLC has filed, 39 earlier quarters. Pick one to see what it held then.

Email me the moment this fund files its next 13FPro

Is it too late to follow Nantahala Capital Management?

Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of Nantahala Capital Management's top 20 holdings: 49/100 (our AI quality score, weighted by position size; 17 of the 20 are scored)

Top 10 since filing

-18.6%

Value-weighted move of the 10 largest stock positions

Turnover

13%

Last quarter; 68% over the last 4

Top 10 weight

28%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

77%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q3 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

Portfolio Overview

Nantahala Capital Management, LLC disclosed 152 positions worth $3.0B in its Form 13F-HR for Q2 2026 — $1.6B in common stock plus $1.4B of put/call option positions (reported at underlying notional value, not premium at risk), led by $TBBK (Bancorp, Inc.) at 4.7% of the equity portfolio, followed by $BVS and $HGV. During the quarter the fund opened 26 new positions and exited 25 and a full exit from $SLNO. The portfolio is most concentrated in Healthcare (62.5% of disclosed assets). All figures are sourced directly from Nantahala Capital Management, LLC’s Form 13F-HR filing with the SEC under CIK 1472322.

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AI-Powered Hedge Fund Analysis: Nantahala Capital Management, LLC

13F Pro is an AI hedge fund tracker and stock research platform. For Nantahala Capital Management, LLC (SEC CIK: 1472322), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.

Every holding in Nantahala Capital Management, LLC's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.