13F Insight
DOSSIER · 13F-HR · Q1 2026

Nantahala Capital Management, LLC

$2.7B in tracked AUM across 152 positions as of Q1 2026.

NC
CIK 0001472322 · last filed Mar 31, 2026
Total AUM
$2.7B
as of Q1 2026
Holdings
152
—
positions
Whale Score
65
65
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of Nantahala Capital Management 13F Filing (Q3 2025)
1. Portfolio Overview

For the quarter ending September 30, 2025, Nantahala Capital Management reported a significant contraction in assets under management (AUM), with the total portfolio value decreasing by 43.5% from $2.55 billion to $1.44 billion. This reduction is attributed to a combination of active capital reallocation and a major strategic pivot away from broad market exposure. The firm maintains a focused...

The management strategy appears highly active, characterized by a high turnover rate. During the quarter, the firm executed 20 new positions and exited 20 positions, completely replacing a significant portion of the portfolio's capital deployment. The most notable driver of the AUM reduction was the liquidation of a massive position in the iShares Russell 2000 ETF (IWM), which alone accounted for over $776 million in the previous quarter. This move signals a decisive shift away from passive beta toward a selection of specific, high-conviction idiosyncratic plays.

2. Key Holdings
Analysis generated by 13F Insight from SEC Form 13F filing data · Q1 2026. Methodology

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
IWM
ISHARES TR
$508M2.0M18.7%02
PTON
PELOTON INTERACTIVE INC
$128M29.9M4.7%03
G4412G101
HERBALIFE LTD
$102M7.0M3.8%04
HGV
HILTON GRAND VACATIONS INC
$101M2.6M3.7%05
SLNO
SOLENO THERAPEUTICS INC
$84M2.5M3.1%06
TBBK
BANCORP INC DEL
$81M1.5M3.0%07
VTRS
VIATRIS INC
$68M5.0M2.5%08
EW
EDWARDS LIFESCIENCES CORP
$64M800K2.4%09
BVS
BIOVENTUS INC
$56M6.1M2.1%10
G31249108
ESTABLISHMENT LABS HLDGS INC
$47M833K1.7%

Filing history

2026Q1Mar 31
$2.7B▼ 10.2%
152 positionsView →2025Q4Dec 31
$3.0B▲ 109.9%
153 positionsView →2025Q3Sep 30
$1.4B▼ 43.5%
100 positionsView →2025Q2Jun 30
$2.6B▲ 137.2%
158 positionsLocked2025Q1Mar 31
$1.1B▼ 53.8%
99 positionsLocked2024Q4Dec 31
$2.3B▲ 17.8%
137 positionsLocked2024Q3Sep 30
$2.0B▲ 15.5%
140 positionsLocked2024Q2Jun 30
$1.7B▼ 2.3%
130 positionsLocked2024Q1Mar 31
$1.8B▲ 4.7%
124 positionsLocked2023Q4Dec 31
$1.7B▲ 42.9%
128 positionsLocked2023Q3Sep 30
$1.2B▲ 13.2%
133 positionsLocked2023Q2Jun 30
$1.0B▼ 20.8%
124 positionsLocked
Showing 12 of 55