Nantahala Capital Management, LLC

CIK 0001472322 · Q2 2026

13F Equity AUM

$3.0B

+11.0% QoQ

Positions

141

+5 QoQ

AUM Rank

#1,196

Top 14%

Skill Alpha (FF)

+0.2%/yr^ns

No Clear Edge

Rank #2,517 · Top 30%

vs S&P +1.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 34.0%Top 10: 45.2%Top 20: 57.7%

IWM19.9%

PTON4.2%

HGV3.7%

HLF3.4%

TBBK2.8%

VTRS2.6%

EW2.4%

QURE2.2%

XBI2.1%

BVS1.9%

Others (131)54.8%

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

Sector Allocation

Healthcare43.5%

Financial Services27.4%

Consumer Cyclical14.7%

Consumer Defensive4.2%

Unclassified3.0%

Communication Services3.0%

Other4.2%

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

Position Sizing

Positions: 141Median: 0.34%Avg: 0.71%

0–0.5%

89(17.9%)

0.5–1%

27(18.9%)

1–3%

21(32.0%)

3–5%

3(11.3%)

5%+

1(19.9%)

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

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Portfolio Overlap

Shared: 0Unique: 141vs 20 funds

0%Low

141

Fund positions

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.

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Position Changes This Quarter

New26Increased25Decreased40Exited22

New Positions

QTUM1.2%

+223K

NBIX1.1%

+200K

PRAX1.1%

+100K

KRYS1.1%

+85K

SNAP0.7%

+5.0M

ADMA0.7%

+2.4M

VOR0.5%

+845K

PLNT0.5%

+279K

INSP0.4%

+269K

AMANAT ACQUISITION C…0.4%

+1.2M

Increased

ADCT0.4%

+6.7M(+120%)

FULC0.7%

+2.4M(+80%)

ALEC0.3%

+1.5M(+53%)

IRD0.4%

+1.4M(+82%)

MDXG0.6%

+1.4M(+40%)

GON0.5%

+1.0M(+9%)

AURA0.7%

+833K(+39%)

HLF3.4%

+756K(+11%)

AVTX1.1%

+627K(+51%)

PHGE0.0%

+520K(+453%)

Decreased

PTON4.2%

-8,391,005(-28%)

AVR1.1%

-2,147,575(-39%)

GUTS0.3%

-2,075,423(-16%)

HPO0.3%

-1,735,246(-25%)

QURE2.2%

-1,419,918(-50%)

BRCC0.1%

-1,373,346(-52%)

TLSI0.1%

-1,070,827(-52%)

SLN0.5%

-800,000(-37%)

EOLS1.3%

-774,836(-12%)

TNGX0.5%

-749,793(-60%)

Exited

-2,494,124

-1,500,000

-100,000

-692,335

-254,803

-250,000

-1,165,078

-67,282

-1,844,194

-50,000

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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