KINGDON CAPITAL MANAGEMENT, L.L.C.

CIK 0001000097 · Q1 2026

13F Equity AUM

$911.0M

+8.3% QoQ

Positions

+3 QoQ

AUM Rank

#2,966

Top 24%

Skill Alpha (FF)

-1.7%/yr^ns

No Clear Edge

Rank #4,715 · Top 57%

vs S&P -3.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 36.5%Top 10: 48.1%Top 20: 64.1%

SPY20.3%

SNDX6.4%

NVDA3.8%

NXE3.2%

IWM2.7%

EWY2.6%

KEYS2.5%

WRBY2.4%

SLNO2.1%

APG2.0%

Others (55)51.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services33.8%

Healthcare18.5%

Technology16.6%

Industrials15.3%

Consumer Cyclical7.1%

Energy3.2%

Real Estate2.6%

Other3.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 65Median: 1.14%Avg: 1.54%

0–0.5%

13(3.6%)

0.5–1%

13(9.8%)

1–3%

35(52.9%)

3–5%

2(7.0%)

5%+

2(26.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 63Unique: 2vs 20 funds

0.9%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.2%

BANK OF AMERICA CORP /DE/

1.2%

1.5%

1.2%

1.6%

1.8%

GEODE CAPITAL MANAGEMENT, LLC

1.5%

VANGUARD CAPITAL MANAGEMENT LLC

1.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.8%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New32Increased16Decreased11Exited29

New Positions

SPY20.3%

+285K

IWM2.7%

+100K

MTUM1.7%

+65K

ICLN1.4%

+700K

GTX1.4%

+700K

AER1.4%

+90K

DAR1.3%

+190K

B7S1.3%

+850K

VSEC1.2%

+60K

HOOD1.1%

+150K

Increased

ALDX0.4%

+302K(+16%)

ZVRA0.8%

+190K(+32%)

SLNO2.1%

+175K(+44%)

SNDX6.4%

+150K(+6%)

NB0.2%

+136K(+43%)

AHR1.6%

+100K(+50%)

FLEX1.3%

+80K(+84%)

CART1.9%

+80K(+21%)

APG2.0%

+75K(+20%)

AIR1.2%

+60K(+150%)

Decreased

WWW0.8%

-221,500(-34%)

OLMA1.4%

-98,600(-10%)

BABA1.2%

-85,000(-49%)

ECG1.6%

-75,000(-38%)

NVDA3.8%

-60,000(-23%)

KEYS2.5%

-50,000(-38%)

TTEK0.3%

-50,000(-33%)

ITRI0.3%

-25,000(-50%)

SMH1.5%

-15,000(-30%)

TDY1.2%

-12,500(-42%)

Exited

-850,000

-132,500

-465,000

-450,000

-150,000

-125,000

-140,000

-37,500

-240,200

-100,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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