Nantahala Capital Management, LLC
Long book
$1.60B
Q1 2026
Positions
129
Top-10 weight
31%
concentration
Last quarter
+18.2%
SPY +14.8%
Turnover
27%
of book per quarter
Strategy in plain words
auto-generated from filingsNantahala Capital Management, LLC is a diversified fundamental manager, running a $1.60B US long book across 129 positions.
The portfolio is moderately concentrated (top 10 ≈ 31% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: BANCORP INC/THE, HILTON GRAND VACATIONS INC, SOLENO THERAPEUTICS INC, BIOVENTUS INC - A, PELOTON INTERACTIVE INC-A.
Over the last 9 quarters its long book ran on average 3pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-10.4%
Q2 2024
+13.4%
Q3 2024
+8.5%
Q4 2024
-14.2%
Q1 2025
+11.1%
Q2 2025
+33.9%
Q3 2025
+12.2%
Q4 2025
-5.2%
Q1 2026
+18.2%
Sector allocation
Healthcare 55%
Other 12%
Consumer discretionary 9%
Services media 8%
Financials 7%
Communications 2%
Technology 2%
Industrials 2%
Long book by quarter
What does Nantahala Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TBBK BANCORP INC/THE | Financials | 1.4M | $74.2M | 4.6% | +28.8% |
| HGV HILTON GRAND VACATIONS INC | Services media | 1.5M | $59.2M | 3.7% | -3.1% |
| SLNOEUR SOLENO THERAPEUTICS INC | — | 1.7M | $58.4M | 3.7% | +32.7% |
| BVS BIOVENTUS INC - A | Healthcare | 6.1M | $55.9M | 3.5% | +1.2% |
| PTON PELOTON INTERACTIVE INC-A | Other | 12.0M | $51.5M | 3.2% | +102.3% |
| ESTA ESTABLISHMENT LABS HOLDINGS | Healthcare | 833.0K | $47.3M | 3.0% | -15.7% |
| SVRA SAVARA INC | Healthcare | 7.3M | $40.1M | 2.5% | Held |
| XTNT XTANT MEDICAL HOLDINGS INC | Healthcare | 68.4M | $38.2M | 2.4% | Held |
| GOGO GOGO INC | Communications | 8.9M | $35.7M | 2.2% | +30.8% |
| AMRX AMNEAL PHARMACEUTICALS INC | Healthcare | 2.8M | $35.4M | 2.2% | +16.2% |
| AVR ANTERIS TECHNOLOGIES GLOBAL | Healthcare | 5.5M | $30.7M | 1.9% | +118.5% |
| ETON ETON PHARMACEUTICALS INC | Healthcare | 1.2M | $29.0M | 1.8% | Held |
| EOLS EVOLUS INC | Healthcare | 6.4M | $26.2M | 1.6% | +9.6% |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 1.3M | $26.2M | 1.6% | -65.0% |
| LBRX LB PHARMACEUTICALS INC | Healthcare | 1.1M | $26.0M | 1.6% | +56.0% |
| FOXF FOX FACTORY HOLDING CORP | Industrials | 1.5M | $24.5M | 1.5% | -32.0% |
| MLYS MINERALYS THERAPEUTICS INC | Healthcare | 895.5K | $24.3M | 1.5% | +690.5% |
| ZVRA ZEVRA THERAPEUTICS INC | Healthcare | 2.5M | $23.5M | 1.5% | +42.3% |
| FULC FULCRUM THERAPEUTICS INC | Healthcare | 3.1M | $23.4M | 1.5% | -29.0% |
| FOSL FOSSIL GROUP INC | Other | 5.4M | $23.3M | 1.5% | +6.7% |
| RDNW RIDENOW GROUP INC | Technology | 3.3M | $23.1M | 1.4% | Held |
| ABEO ABEONA THERAPEUTICS INC | Healthcare | 5.0M | $22.5M | 1.4% | +1.0% |
| CWH CAMPING WORLD HOLDINGS INC-A | Consumer discretionary | 3.3M | $22.3M | 1.4% | +207.9% |
| ADCT ADC THERAPEUTICS SA | Healthcare | 5.6M | $21.0M | 1.3% | +2.2% |
| TITN TITAN MACHINERY INC | Consumer discretionary | 1.3M | $21.0M | 1.3% | +2.8% |
| HLF HERBALIFE LTD | Consumer discretionary | 1.4M | $19.9M | 1.2% | +53.5% |
| IMAX IMAX CORP | Other | 515.6K | $19.6M | 1.2% | +8.1% |
| VSTM VERASTEM INC | Healthcare | 3.6M | $19.0M | 1.2% | +675.7% |
| BCRX BIOCRYST PHARMACEUTICALS INC | Healthcare | 2.0M | $18.9M | 1.2% | +46.5% |
| AVTX AVALO THERAPEUTICS INC | Healthcare | 1.2M | $18.4M | 1.2% | Held |
| RMR RMR GROUP INC/THE - A | Services media | 1.1M | $17.8M | 1.1% | Held |
| RYAM RAYONIER ADVANCED MATERIALS | Other | 1.6M | $17.7M | 1.1% | -11.1% |
| GERN GERON CORP | Healthcare | 11.2M | $16.7M | 1.0% | +24.4% |
| BNTC BENITEC BIOPHARMA INC | Healthcare | 1.4M | $15.3M | 1.0% | +38.5% |
| ITGR INTEGER HOLDINGS CORP | Healthcare | 172.0K | $15.1M | 0.9% | +68.6% |
| KROS KEROS THERAPEUTICS INC | Healthcare | 1.4M | $15.0M | 0.9% | +277.5% |
| JACK JACK IN THE BOX INC | Consumer discretionary | 1.5M | $14.9M | 0.9% | +78.1% |
| JCAP JEFFERSON CAPITAL INC | Financials | 750.0K | $14.4M | 0.9% | +25.0% |
| AURA AURA BIOSCIENCES INC | Healthcare | 2.1M | $14.2M | 0.9% | Held |
| USNA USANA HEALTH SCIENCES INC | Materials | 810.1K | $14.2M | 0.9% | +38.5% |
| PCVX VAXCYTE INC | Healthcare | 238.7K | $13.9M | 0.9% | New |
| MDXG MIMEDX GROUP INC | Healthcare | 3.4M | $13.4M | 0.8% | +40.6% |
| AH30 ASSERTIO HOLDINGS INC | — | 692.3K | $13.2M | 0.8% | +17.9% |
| DSGR DISTRIBUTION SOLUTIONS GROUP | Consumer discretionary | 494.6K | $13.0M | 0.8% | +49.9% |
| HLXC HELIX ACQUISITION CORP-CL A | Financials | 1.3M | $12.7M | 0.8% | New |
| APYX APYX MEDICAL CORP | Healthcare | 3.4M | $12.7M | 0.8% | -13.4% |
| JANX JANUX THERAPEUTICS INC | Healthcare | 809.9K | $11.3M | 0.7% | New |
| GLUE MONTE ROSA THERAPEUTICS INC | Healthcare | 652.0K | $10.7M | 0.7% | +1024.3% |
| FLWS 1-800-FLOWERS.COM INC-CL A | Consumer discretionary | 3.4M | $10.3M | 0.6% | Held |
| XFOR X4 PHARMACEUTICALS INC | Healthcare | 2.4M | $10.1M | 0.6% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 152 | $2.72B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 153 | $3.02B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 153 | $2.88B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 158 | $2.55B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 145 | $2.52B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 137 | $2.33B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 140 | $1.98B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ANEW HOLDINGS | Aug 20, 2024 | 130 | $1.71B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 128 | $1.70B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 124 | $1.75B | canonical | SEC ↗ |
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