HEIGHTS CAPITAL MANAGEMENT, INC

Key Holdings and Their Significance

• FLUTTER ENTMT PLC (21.29%, $74.72M): The single largest position and the primary driver of portfolio performance. With over one-fifth of assets in this single equity, portfolio returns and risk will be materially influenced by Flutter’s operating results, regulatory environment for online gambling, and FX exposure (U.K./international operations).
• NNE / NANO NUCLEAR ENERGY INC (14.23%, $49.95M): The second-largest holding and the largest position categorized in Utilities. At 14.2% of the portfolio, this position also materially affects portfolio volatility; it represents a large single-company exposure in a specialized energy/technology niche.
• IBRX / IMMUNITYBIO INC (4.60%, $16.15M) and OATLY GROUP AB (3.06%, $10.73M): Secondary meaningful exposures in healthcare/biotech and consumer food-tech respectively. These are smaller than the top two but still represent active high-idiosyncratic risk bets.
• Other material positions (positions #5–#10 totaling ~$60.4M, ~17.2%): These include a mix of microcap and special-purpose entities (see SPACs below). No single one outside the top two exceeds ~4.6% of the portfolio.

Concentration takeaway: roughly 36% of portfolio value sits in two names; 56% in the top 10. This is an active, concentrated portfolio where a small number of holdings dominate risk/return.