13F
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Nantahala Capital Management, LLC

13F equity value
$1.6B
Positions
130
Top 10 concentration
30.9%
Quarters / total new picks
29 / 139
13F equity value over time
$0M$968M$2B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 29 quarters, returned -2.4% per quarter — versus +3.9% per quarter from simply owning every 13F stock. It beat that baseline in only 27.6% of quarters (excess t = 0.09, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.5%
t-stat
0.09
Quarterly win rate
28%
Annualized excess
-32.2%
$1 → follow vs universe
$0.26 vs $2.76
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720200331: universe 1.35820200630: universe 1.50120200930: universe 1.84020201231: universe 1.92420210331: universe 1.94220210630: universe 2.09720211231: universe 1.78420220331: universe 1.91620220630: universe 1.77520220930: universe 1.90720221231: universe 1.77120230331: universe 1.86620230630: universe 1.79920230930: universe 2.04220240331: universe 2.08820240630: universe 2.27720240930: universe 2.25820241231: universe 2.10720250331: universe 2.29720250630: universe 2.36920250930: universe 2.66420251231: universe 2.756 20180331: follow 0.74420180630: follow 0.41320180930: follow 0.43320181231: follow 0.39220190331: follow 0.38620190630: follow 0.29120190930: follow 0.36820200331: follow 0.46720200630: follow 0.45520200930: follow 0.55120201231: follow 0.55620210331: follow 0.54220210630: follow 0.59420211231: follow 0.36120220331: follow 0.46220220630: follow 0.40920220930: follow 0.43820221231: follow 0.40420230331: follow 0.52920230630: follow 0.43620230930: follow 0.58620240331: follow 0.45320240630: follow 0.48020240930: follow 0.43320241231: follow 0.37820250331: follow 0.38720250630: follow 0.31020250930: follow 0.31720251231: follow 0.255 0.23 1.61 2.98 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 130 · 2026 Q1

Ticker Value Weight QoQ
TBBK $74M
4.6%
ADD
HGV $59M
3.7%
TRIM
SLNO $58M
3.6%
ADD
BVS $56M
3.5%
HOLD
PTON $51M
3.2%
ADD
ESTA $47M
2.9%
TRIM
SVRA $40M
2.5%
HOLD
XTNT $38M
2.4%
HOLD
GOGO $36M
2.2%
ADD
AMRX $35M
2.2%
ADD
AVR $31M
1.9%
ADD
ETON $29M
1.8%
HOLD
EOLS $26M
1.6%
ADD
TNGX $26M
1.6%
TRIM
LBRX $26M
1.6%
ADD
FOXF $24M
1.5%
TRIM
MLYS $24M
1.5%
ADD
ZVRA $24M
1.5%
ADD
FULC $23M
1.5%
TRIM
FOSL $23M
1.5%
ADD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

ALECCHYMCZRDUOLFORRJANXPCVXRVMDTRDAVENU

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.