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Kingdon Capital Management, L.L.C.
Kingdon Capital Management, L.L.C. is a New York-based hedge fund manager founded by Mark Kingdon in 1983. The firm specializes in managing capital for institutional investors and high-net-worth individuals. Kingdon Capital has developed a reputation as one of the older and more established multi-strategy hedge funds in the United States. Operating out of its headquarters in New York City, the firm’s team focuses on global long/short equity and other strategies related to public securities. As a leading independent investment management firm, Kingdon Capital combines fundamental research with a disciplined risk management approach. The company employs approximately 30 to 50 professionals.
Investment Strategy
Kingdon Capital Management, L.L.C. employs a multi-strategy investment approach with a primary focus on global long/short equity investing. The firm utilizes in-depth fundamental research, seeking to identify undervalued and overvalued securities across multiple sectors and markets. Portfolio managers implement both top-down and bottom-up analysis to construct diversified portfolios, adjusting exposures based on market opportunities and rigorous risk controls. Kingdon is known for its flexible and opportunistic allocation of capital, targeting both U.S. and international markets. The firm emphasizes capital preservation, liquidity, and risk-adjusted returns, striving to deliver consistent performance through varying market cycles for its institutional and high-net-worth clientele.
Latest 13F Filing Activity
Kingdon Capital Management, L.L.C. filed their most recent 13F report on Jun 30, 2025 disclosing 54 equity positions and 13 options positions with a total 13F market value of $743M. The fund increased holdings in Sandisk Corp., Toll Brothers Inc., Builders Firstsource Inc. among other positions. Kingdon Capital Management, L.L.C. reduced exposure to International Paper Co., Insmed Inc., Acadia Healthcare Company in among others.
Top Holdings
Equity Positions (54)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NVDA | NVIDIA CORPORATION | 2.90% | $21.6M | 136,500 | $108.38 | $157.99 | +$5.3M |
S SNDX | SYNDAX PHARMACEUTICALS INC | 2.65% | $19.7M | 2,100,000 | $17.07 | $9.37 | -$4.9M |
C CRH | CRH PLC | 2.47% | $18.4M | 200,000 | $83.10 | $91.80 | -$993.4K |
S SNDK | SANDISK CORP | 2.26% | $16.8M | 370,000 | $45.35 | $45.35 | +$16.8M |
W WM | WASTE MGMT INC DEL | 2.16% | $16.0M | 70,000 | $216.41 | $228.82 | +$4.4M |
Options Positions (13)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
K KRE | SPDR SERIES TRUST | New | Call | $59.4M | 10,000 | $59.39 | $59.39 | +10,000 | +$59.4M |
I IWM | ISHARES TR | Bought | Put | $32.4M | 1,500 | $215.79 | $215.79 | +1,500 | +$32.4M |
K KKR | KKR & CO INC | New | Call | $26.6M | 2,000 | $133.03 | $133.03 | +2,000 | +$26.6M |
S SPY | SPDR S&P 500 ETF TR | Sold | Put | $24.7M | 400 | $617.85 | $560.04 | -5,100 | -$283.0M |
E EWJ | ISHARES INC | New | Put | $22.5M | 3,000 | $74.97 | $74.97 | +3,000 | +$22.5M |
Industry Allocation
Investment Team (6)
| Name | Role | Location | |
|---|---|---|---|
B Brian Klein | Analyst | New York, NY , United States | |
 | Head of Trading and Risk | New York, NY , United States | |
K Kathleen Kelley | Portfolio Manager | New York, NY , United States | |
 | Trader | United States | |
R Richard Rieger | cio | New York, NY , United States | |
D David Piken | Research Analyst | New York, NY , United States |
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