Nantahala Capital Management, LLC

CIK 1472322 · View on SEC EDGAR ↗

Portfolio value
$3.0B
#1,168 of 9,443 by 13F value · top 12.4%
Positions
155
As of
June 30, 2026

Portfolio value QoQ: +11.0% 13F does not disclose cash

Top 10 holdings weight
41.28%
Top 25 holdings weight
58.82%
Positions above 1%
24
Effective number of positions
20.3

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 14.41% Est. buys $412,935,334 · sells $599,484,267

Median holding: 4.0 quarters Tracked Q4 2024–Q2 2026 · 56.2% still held

New positions
28
Increased
27
Decreased
42
Closed
22

Put-notional exposure: 28.1% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets

On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+91.7%
S&P 500 total return (same window)
+28.1%
Excess return
+63.7%

Annualized: +54.5% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 93.4% · Options excluded: 44.1%

Sector breakdown

Healthcare
42.2%
Consumer Discretionary
11.6%
Consumer products
3.9%
Retail
3.3%
Financials
2.9%
Communication Services
2.4%
Industrials
1.6%
Real Estate
1.4%
Financial Services
1.1%
Telecommunication
0.9%
Materials
0.5%
Diversified Consumer Services
0.3%
Consumer Staples
0.2%
Technology
0.0%
Other/Unmapped
27.5%

Full portfolio 155 positions

Type Streak 8Q trend
IWM $600,900,000 19.93% 2,000,000 Put option $92,500,000 Down ×2
PTON Peloton Interactive, Inc. - Common Stock $97,153,899 3.22% 16,438,900 Call option $20,196,018 Down ×1
HLF Herbalife Ltd. Common Shares $86,790,000 2.88% 6,600,000 Call option $4,358,000 Up ×1
VTRS Viatris Inc. - Common Stock $79,400,000 2.63% 5,000,000 Call option $11,850,000
TBBK The Bancorp, Inc. - Common Stock $77,666,522 2.58% 1,239,887 $3,494,621 Down ×1
EW Edwards Lifesciences Corporation Common Stock $72,368,000 2.40% 800,000 Put option $8,304,000
XBI XBI $63,300,000 2.10% 400,000 Put option $24,981,000 Up ×1
BVS Bioventus Inc. - Class A Common Stock $56,642,634 1.88% 6,000,279 $745,095 Down ×1
HGV Hilton Grand Vacations Inc. Common Stock $56,297,750 1.87% 1,075,000 Call option $14,243,750
HGV Hilton Grand Vacations Inc. Common Stock $54,107,113 1.79% 1,033,170 $-5,107,110 Down ×4
SVRA Savara, Inc. - Common Stock $42,977,150 1.43% 6,976,810 $2,874,635 Down ×1
ETON Eton Pharmaceuticals, Inc. - Common Stock $42,569,426 1.41% 1,175,951 $13,546,955
AMRX Amneal Pharmaceuticals, Inc. - Class A Common Stock $39,272,080 1.30% 2,268,751 $3,919,818 Down ×1
EOLS Evolus, Inc. - Common Stock $38,878,026 1.29% 5,602,021 $12,669,144 Down ×1
QTUM Defiance Quantum ETF $36,879,740 1.22% 223,000 Put option Up ×1
QURE uniQure N.V. - Ordinary Shares $36,848,000 1.22% 800,000 Call option $-5,662,000 Down ×1
AVTX Avalo Therapeutics, Inc. - Common Stock $34,414,380 1.14% 1,862,250 $15,975,830 Up ×1
LBRX LB Pharmaceuticals Inc - Common Stock $34,171,675 1.13% 1,052,894 $8,207,309
NBIX Neurocrine Biosciences, Inc. - Common Stock $33,707,000 1.12% 200,000 Call option Up ×1
PRAX Praxis Precision Medicines, Inc. - Common Stock $33,479,000 1.11% 100,000 Put option Up ×1
AVR Anteris Technologies Global Corp. - Common Stock $33,325,850 1.11% 3,383,335 $2,629,300 Down ×1
ABEO Abeona Therapeutics Inc. - Common Stock $31,743,508 1.05% 5,136,490 $9,285,035 Up ×5
KRYS Krystal Biotech, Inc. - Common Stock $31,591,950 1.05% 85,000 Put option
PTON Peloton Interactive, Inc. - Common Stock $30,194,160 1.00% 5,108,995 $-21,285,840 Down ×1
ESTA Establishment Labs Holdings Inc. - Common Shares $28,817,572 0.96% 335,830 $-18,477,670 Down ×3
XTNT $28,793,874 0.96% 68,394,000 $-9,369,978
JACK Jack In The Box Inc. - Common Stock $27,330,099 0.91% 1,728,659 $12,412,045 Up ×3
GOGO Gogo Inc. - Common Stock $26,962,966 0.89% 8,697,731 $-8,742,819 Down ×1
IMAX Imax Corporation Common Stock $26,228,239 0.87% 658,009 $6,632,031 Up ×2
ZVRA Zevra Therapeutics, Inc. - Common Stock $25,775,806 0.85% 1,797,476 $2,271,362 Down ×1
REGN Regeneron Pharmaceuticals, Inc. - Common Stock $24,941,600 0.83% 40,000 Call option $-5,964,000
TITN Titan Machinery Inc. - Common Stock $23,930,819 0.79% 1,133,088 $2,955,245 Down ×1
RMR The RMR Group Inc. - Class A Common Stock $23,566,428 0.78% 1,147,902 $5,808,384
FOSL Fossil Group, Inc. - Common Stock $22,791,230 0.76% 5,505,128 $-500,113 Up ×3
FOXF Fox Factory Holding Corp. - Common Stock $22,209,727 0.74% 1,310,695 $-2,287,691 Down ×2
MLYS Mineralys Therapeutics, Inc. - Common Stock $22,136,577 0.73% 820,481 $-2,122,003 Down ×1
RDNW RideNow Group, Inc. - Class B Common Stock $21,797,148 0.72% 3,272,845 $-1,309,138
SNAP Snap Inc. Class A Common Stock $21,312,000 0.71% 4,800,000 Call option Up ×1
QURE uniQure N.V. - Ordinary Shares $20,987,700 0.70% 455,660 $17,111,475 Up ×1
AURA Aura Biosciences, Inc. - Common Stock $20,952,313 0.69% 2,951,030 $6,784,920 Up ×1
AGMB AgomAb Therapeutics NV - ADRs representing one common share. $20,355,080 0.68% 1,568,188 $7,503,080 Up ×1
FULC Fulcrum Therapeutics, Inc. - Common Stock $20,038,646 0.66% 5,475,040 $-3,355,161 Up ×1
BNTC Benitec Biopharma Inc. - Common Stock $19,914,404 0.66% 1,488,371 $4,595,753 Up ×3
ADMA ADMA Biologics Inc - Common Stock $19,753,141 0.66% 2,359,993 Up ×1
CWH Camping World Holdings, Inc. Class A Common Stock $19,464,550 0.65% 2,551,055 $-2,796,291 Down ×1
BCRX BioCryst Pharmaceuticals, Inc. - Common Stock $19,011,600 0.63% 1,901,160 $91,581 Down ×1
MDXG MiMedx Group, Inc - Common Stock $18,355,075 0.61% 4,767,552 $4,935,744 Up ×3
ABVX Abivax SA - American Depositary Shares $17,824,724 0.59% 133,759 $2,543,384 Down ×4
USNA USANA Health Sciences, Inc. Common Stock $17,295,080 0.57% 810,074 $3,143,087
GLUE Monte Rosa Therapeutics, Inc. - Common Stock $15,778,231 0.52% 651,993 $5,052,946
TNGX Tango Therapeutics, Inc. - Common Stock $15,650,600 0.52% 500,659 $-10,508,856 Down ×2
GERN Geron Corporation - Common Stock $15,648,000 0.52% 12,225,000 $-1,077,250 Up ×2
VOR Vor Biopharma Inc. - Common Stock $15,556,450 0.52% 845,000 Up ×1
CWH Camping World Holdings, Inc. Class A Common Stock $15,260,000 0.51% 2,000,000 Call option $1,600,000
KROS Keros Therapeutics, Inc. - common stock $15,091,483 0.50% 1,410,419 $72,457 Up ×2
SLN Silence Therapeutics Plc - American Depository Share $14,787,106 0.49% 1,346,731 $3,473,834 Down ×1
APYX Apyx Medical Corporation - Common Stock $14,683,414 0.49% 3,270,248 $1,988,692 Down ×2
JCAP Jefferson Capital, Inc. - Common Stock $14,602,500 0.48% 750,000 $180,000
HLF Herbalife Ltd. Common Shares $14,585,375 0.48% 1,109,154 $-5,340,397 Down ×1
PLNT Planet Fitness, Inc. Common Stock $14,555,430 0.48% 279,000 Up ×1
VSTM Verastem, Inc. - Common Stock $13,694,012 0.45% 3,584,820 $-5,305,534
FOXF Fox Factory Holding Corp. - Common Stock $13,556,000 0.45% 800,000 Call option $388,000
DSGR Distribution Solutions Group, Inc. - Common Stock $13,526,790 0.45% 494,581 $548,985
RYAM Rayonier Advanced Materials Inc. Common Stock $13,344,126 0.44% 1,697,726 $-4,367,874 Up ×1
HLXC Helix Acquisition Corp. III - Class A Ordinary Shares $13,300,000 0.44% 1,250,000 $600,000
ADCT ADC Therapeutics SA Common Shares $13,189,017 0.44% 12,326,184 $-7,801,357 Up ×3
PCVX Vaxcyte, Inc. - Common Stock $12,913,347 0.43% 222,146 $-960,183 Down ×1
IRD Opus Genetics, Inc. - Common Stock $12,582,185 0.42% 3,061,359 $4,932,133 Up ×1
JANX Janux Therapeutics, Inc. - Common Stock $12,440,279 0.41% 809,914 $1,182,474
CHYM Chime Financial, Inc. - Class A Common Stock $12,288,000 0.41% 600,000 Call option $1,050,000
Unknown issuer (CUSIP: G0375M101) $12,192,000 0.40% 1,200,000 Up ×1
INSP Inspire Medical Systems, Inc. Common Stock $12,021,235 0.40% 269,474 Up ×1
FLWS 1-800-FLOWERS.COM, Inc. - Class A Common Stock $11,745,226 0.39% 3,375,065 $1,485,028
XFOR X4 Pharmaceuticals, Inc. - Common Stock $11,439,016 0.38% 2,449,468 $1,322,713
RDNW RideNow Group, Inc. - Class B Common Stock $11,322,000 0.38% 1,700,000 Call option $-680,000
ITGR Integer Holdings Corporation Common Stock $10,401,172 0.34% 111,302 $-4,734,828 Down ×1
IVA Inventiva S.A. - American Depository Shares $10,154,566 0.34% 2,686,393 Up ×1
ILPT Industrial Logistics Properties Trust - Common Shares of Beneficial Interest $9,855,927 0.33% 1,111,153 $319,360 Down ×1
DUOL Duolingo, Inc. - Class A Common Stock $9,647,533 0.32% 83,877 $-209,467 Down ×1
RSVR Reservoir Media, Inc.. - Common Stock $9,306,094 0.31% 940,960 $94,096
SVC Service Properties Trust - Shares of Beneficial Interest $8,995,263 0.30% 5,322,641 $-568,174 Down ×1
GUTS Fractyl Health, Inc. - Common Stock $8,968,058 0.30% 11,289,096 $2,849,781 Down ×1
DHX DHI Group, Inc. Common Stock $8,807,640 0.29% 2,374,027 $2,136,624
AMLX Amylyx Pharmaceuticals, Inc. - Common Stock $8,740,845 0.29% 486,684 $1,294,837 Down ×4
KRRO Korro Bio, Inc. - Common Stock $8,699,274 0.29% 660,036 $1,227,666
ALEC Alector, Inc. - Common Stock $8,679,399 0.29% 4,318,109 $2,625,036 Up ×1
NDLS Noodles & Company - Class A Common Stock $8,278,503 0.27% 553,746 $3,543,975
RH RH Common Stock $8,236,500 0.27% 50,000 Call option $1,245,500
CDXS Codexis, Inc. - Common Stock $8,189,365 0.27% 3,623,613 $1,467,876 Down ×1
CATX $7,929,785 0.26% 2,325,450 Up ×1
TBBK The Bancorp, Inc. - Common Stock $7,880,112 0.26% 125,800 Call option $1,120,878
Unknown issuer (CUSIP: G4939F115) $7,620,075 0.25% 750,000 Up ×1
QURE uniQure N.V. - Ordinary Shares $7,438,690 0.25% 161,500 Put option Up ×1
GLTO Galecto, Inc. - Common Stock $7,230,780 0.24% 278,000 $30,580
VMD Viemed Healthcare, Inc. - Common Shares $7,209,873 0.24% 632,445 $-929,768 Down ×2
UNCY Unicycive Therapeutics, Inc. - Common Stock $6,572,786 0.22% 1,401,447 $392,837 Up ×1
Unknown issuer (CUSIP: 89269P202) $6,529,568 0.22% 82,831 $3,559,736 Down ×1
FORR Forrester Research, Inc. - Common Stock $6,420,581 0.21% 763,446 $2,490,152 Up ×1
ABEO Abeona Therapeutics Inc. - Common Stock $6,303,600 0.21% 1,020,000 Call option $1,734,000
LXEO Lexeo Therapeutics, Inc. - Common Stock $6,051,500 0.20% 1,300,000 $-836,500 Up ×2

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
ABEO $31,743,508 1.05% up ×5
JACK $27,330,099 0.91% up ×3
FOSL $22,791,230 0.76% up ×3
BNTC $19,914,404 0.66% up ×3
MDXG $18,355,075 0.61% up ×3
ADCT $13,189,017 0.44% up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
QTUM $36,879,740 223,000 1.22%
NBIX $33,707,000 200,000 1.12%
PRAX $33,479,000 100,000 1.11%
KRYS $31,591,950 85,000 1.05%
SNAP $21,312,000 4,800,000 0.71%
ADMA $19,753,141 2,359,993 0.66%
VOR $15,556,450 845,000 0.52%
PLNT $14,555,430 279,000 0.48%
Unknown issuer (CUSIP: G0375M101) $12,192,000 1,200,000 0.40%
INSP $12,021,235 269,474 0.40%
IVA $10,154,566 2,686,393 0.34%
CATX $7,929,785 2,325,450 0.26%
Unknown issuer (CUSIP: G4939F115) $7,620,075 750,000 0.25%
QURE $7,438,690 161,500 0.25%
Unknown issuer (CUSIP: 29014R301) $5,552,000 400,000 0.18%

Top movers (QoQ)

Security Action Shares Δ Value Δ
IWM Trimmed -50K +$92.5M
XBI Bought more +100K +$25.0M
PTON Trimmed -6.9M -$21.3M
PTON Trimmed -1.5M +$20.2M
ESTA Trimmed -497K -$18.5M
AVTX Bought more +627K +$16.0M
HGV Price move only +0 +$14.2M
ETON Price move only +0 +$13.5M
EOLS Trimmed -775K +$12.7M
JACK Bought more +186K +$12.4M

1 position hidden (data completeness check)

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
HYG June 30, 2025 3,500,000 $276,115,000 No longer tracked
QQQ June 30, 2025 300,000 $140,676,000
LLY March 31, 2025 160,000 $123,520,000 51.3%
SLNO June 30, 2026 2,494,124 $83,503,272 No longer tracked
TEVA June 30, 2026 1,500,000 $45,180,000 9.7%
SYK March 31, 2025 100,000 $36,005,000 -11.2%
KRYS Dec. 31, 2025 200,000 $35,306,000 38.3%
EB March 31, 2026 6,854,718 $30,503,495 No longer tracked
RAPT March 31, 2026 754,153 $25,543,162 No longer tracked
GMED March 31, 2026 224,962 $19,641,432 -1.0%
LYV March 31, 2026 130,300 $18,567,750 19.5%
ALGN June 30, 2026 100,000 $17,143,000 -5.8%
CZR Dec. 31, 2025 598,879 $16,184,705 26.9%
THRD Sept. 30, 2025 2,938,700 $15,957,141 No longer tracked
PVLA Dec. 31, 2025 250,062 $15,676,387 38.4%
GOGO Sept. 30, 2025 1,044,415 $15,332,012 -69.0%
BKSY March 31, 2025 1,377,060 $14,858,477 255.6%
GPCR Dec. 31, 2025 518,553 $14,519,484 -26.9%
HOOD Dec. 31, 2025 100,000 $14,318,000 -6.0%
CASH March 31, 2025 191,343 $14,079,018 15.3%
ATXS March 31, 2026 1,069,530 $14,000,148 No longer tracked
URGN Sept. 30, 2025 1,006,703 $13,791,831 131.9%
ASRT June 30, 2026 692,335 $13,195,905 No longer tracked
RZLT Sept. 30, 2025 2,291,395 $10,219,622 -47.8%
CNTA June 30, 2026 254,803 $10,120,775 No longer tracked
GDEN March 31, 2026 368,245 $10,012,582 No longer tracked
COGT June 30, 2026 250,000 $9,622,500 -6.6%
CASH March 31, 2026 131,608 $9,344,168 -5.8%
OPTN June 30, 2025 985,333 $9,035,504 No longer tracked
QNCX March 31, 2026 2,672,429 $8,952,637 31692.1%
TRML Sept. 30, 2025 558,187 $8,925,410 No longer tracked
DYN Dec. 31, 2025 702,884 $8,891,483 34.9%
RDVT Dec. 31, 2025 164,339 $8,586,713 23.8%
SLDB June 30, 2026 1,165,078 $8,388,561 -5.7%
CYTK Dec. 31, 2025 150,000 $8,244,000 21.9%
DKS Sept. 30, 2025 40,000 $7,912,400 -19.6%
KRYS March 31, 2025 50,000 $7,833,000 89.2%
CMCO March 31, 2026 450,000 $7,762,500 21.2%
DCTH Dec. 31, 2025 666,435 $7,164,176 65.2%
SNDX Sept. 30, 2025 754,503 $7,065,921 28.7%
VTGN Dec. 31, 2025 1,978,492 $7,023,647 -62.7%
ITOS Sept. 30, 2025 596,666 $5,948,760 No longer tracked
THTX Sept. 30, 2025 2,422,563 $5,717,249 No longer tracked
DNTH June 30, 2026 67,282 $5,646,305 14.7%
EYPT Sept. 30, 2025 593,091 $5,580,986 -61.8%
SRZN March 31, 2026 229,527 $5,187,310 -18.3%
KOS June 30, 2026 1,844,194 $5,126,859 42.9%
SCPH Dec. 31, 2025 861,277 $4,883,441 No longer tracked
RVMD June 30, 2026 50,000 $4,862,500 13.4%
NKTR March 31, 2026 112,946 $4,775,357 4.4%
KOD Dec. 31, 2025 290,884 $4,761,771 43.5%
NPCE March 31, 2026 295,089 $4,556,174 5.6%
CRGX Sept. 30, 2025 1,100,000 $4,532,000 No longer tracked
IRON June 30, 2026 66,653 $4,261,793 7.0%
RCKT June 30, 2025 629,749 $4,200,426 44.1%
IMTX March 31, 2025 578,856 $4,115,666 95.3%
AGIO Dec. 31, 2025 100,000 $4,014,000 24.1%
CZR June 30, 2026 150,000 $3,964,500 -1.7%
OCUL March 31, 2025 437,728 $3,738,197 53.8%
VERV Sept. 30, 2025 331,437 $3,722,038 No longer tracked
UPB June 30, 2026 400,000 $3,600,000 0.6%
NNBR June 30, 2026 2,441,416 $3,540,053 5.8%
MIST March 31, 2025 1,445,264 $3,410,823 30.1%
GRCE June 30, 2026 728,203 $3,371,580 -3.3%
AQST Dec. 31, 2025 600,000 $3,354,000 -28.6%
CGON June 30, 2026 49,449 $3,346,708 10.1%
XNCR June 30, 2026 264,639 $3,191,546 72.9%
ANEB March 31, 2026 3,036,325 $3,066,688 No longer tracked
CMPS March 31, 2026 443,293 $3,058,722 149.6%
ELDN Dec. 31, 2025 1,141,237 $2,955,804 136.4%
IMUX June 30, 2026 2,506,491 $2,782,205 7.4%
MAZE Dec. 31, 2025 93,351 $2,420,591 -29.8%
NVNO Sept. 30, 2025 594,661 $2,372,697 1049.0%
ACHV June 30, 2026 648,885 $1,907,722 22.5%
ACH June 30, 2025 200,000 $1,806,000 -86.0%
KZR March 31, 2026 276,754 $1,740,783 No longer tracked
YMAB Sept. 30, 2025 351,878 $1,586,970 No longer tracked
BCOV March 31, 2025 358,052 $1,557,526 No longer tracked
MAX March 31, 2025 123,564 $1,395,038 40.5%
TYRA March 31, 2025 100,000 $1,390,000 183.6%
AVTE March 31, 2025 482,928 $1,279,759 No longer tracked
PEPG June 30, 2026 681,158 $1,205,650 74.4%
ASPS Sept. 30, 2025 135,601 $1,156,677 -52.3%
ZYXIQ June 30, 2025 487,778 $1,073,112 No longer tracked
OLPX Sept. 30, 2025 650,000 $910,000 No longer tracked
EDSA March 31, 2026 625,000 $887,500 -10.0%
EVOK Dec. 31, 2025 148,153 $736,320 No longer tracked
SNTI June 30, 2026 888,000 $721,056 -61.6%
FBIO Sept. 30, 2025 325,520 $605,467 -23.5%
SSKN March 31, 2026 403,917 $508,935 No longer tracked
XGN Sept. 30, 2025 61,186 $427,078 -29.5%
EWTX March 31, 2025 13,371 $357,006 99.5%
LADR Sept. 30, 2025 25,401 $273,061 -8.8%
PLCE Sept. 30, 2025 57,030 $252,643 -60.4%
LXRX June 30, 2025 460,850 $212,360 139.5%
KPRX March 31, 2026 106,156 $209,127 35.8%
NUVBWS March 31, 2026 626,191 $206,643 No longer tracked
ANIK Dec. 31, 2025 20,961 $197,033 122.1%
OKUR Sept. 30, 2025 54,208 $129,557 44.4%
LUCD March 31, 2026 94,541 $103,050 -17.7%
GORV June 30, 2025 185,452 $60,161 No longer tracked
CNTX March 31, 2026 37,837 $55,620 -79.5%
TACT Sept. 30, 2025 15,046 $55,068 -10.1%
BDSXXXXX Sept. 30, 2025 84,903 $23,960 No longer tracked
TCBPW March 31, 2025 235,294 $2,329 No longer tracked
PERFWS June 30, 2026 16,075 $238 No longer tracked
IMTXW Sept. 30, 2025 248,506 $149 No longer tracked