Nantahala Capital Management, LLC
Nantahala Capital Management, LLC is a hedge fund and investment adviser headquartered in New Canaan, Connecticut. The firm was founded in 2004 by Wilmot Harkey and Daniel Mack. Nantahala primarily manages assets for institutional investors and high-net-worth individuals, employing a fundamentally driven, research-intensive investment process. The firm manages over $2.3 billion in assets and maintains a staff of around 15 professionals.
Investment Strategy
Nantahala Capital Management, LLC's investment strategy is fundamentally driven and research-focused, emphasizing long and short positions in small-cap and micro-cap equities. The firm targets undervalued or misunderstood companies, often taking activist or event-driven positions, with the goal of generating superior risk-adjusted returns. Nantahala employs rigorous due diligence and portfolio risk management to identify securities with asymmetric upside potential while limiting exposure to idiosyncratic risks.
Top Holdings
Equity Positions (127)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S SLNO | SOLENO THERAPEUTICS INC | 3.29% | $83.9M | 1,001,350 | $40.39 | $83.78 | -$41.6M |
H HGV | HILTON GRAND VACATIONS INC | 3.24% | $82.6M | 1,988,858 | $38.83 | $41.53 | +$8.3M |
E ESTA | ESTABLISHMENT LABS HLDGS INC | 2.97% | $75.8M | 1,775,530 | $31.32 | $42.71 | +$3.4M |
T TBBK | BANCORP INC DEL | 2.16% | $55.2M | 968,503 | $49.08 | $56.97 | +$11.4M |
X XTNT | XTANT MED HLDGS INC | 1.98% | $50.5M | 68,394,000 | $0.75 | $0.74 | +$45.2M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
I IWM | ISHARES TR | Bought | Put | $776.8M | 36,000 | $215.79 | $200.62 | +5,500 | +$168.4M |
X XBI | SPDR SERIES TRUST | Sold | Put | $66.3M | 8,000 | $82.93 | $86.58 | -4,000 | -$31.0M |
H HLF | HERBALIFE LTD | Bought | Call | $54.3M | 63,000 | $8.62 | $10.44 | +5,000 | +$4.3M |
V VTRS | VIATRIS INC | New | Call | $44.6M | 50,000 | $8.93 | $8.93 | +50,000 | +$44.6M |
K KRYS | KRYSTAL BIOTECH INC | Bought | Put | $27.5M | 2,000 | $137.46 | $137.46 | +2,000 | +$27.5M |
Industry Allocation
Investment Team (4)
| Name | Role | Location | |
|---|---|---|---|
A Abhinav Jain | Analyst | United States | |
J Jonathan Buba | Partner | New York, NY , United States | |
W Wil Harkey | Partner | New Haven, CT , United States | |
A Andrew G | Analyst | United States |