Kingdon Capital Management, L.L.C. Top Holdings and 13F Report (2025)

About Kingdon Capital Management, L.L.C.

Investment Activity

Kingdon Capital Management, L.L.C. has $944.92 million in total holdings as of March 31, 2025.
Kingdon Capital Management, L.L.C. owns shares of 67 different stocks, but just 30 companies or ETFs make up 80% of its holdings.
Approximately 65.46% of the portfolio was purchased this quarter.
About 35.42% of the portfolio was sold this quarter.
This quarter, Kingdon Capital Management, L.L.C. has purchased 68 new stocks and bought additional shares in 17 stocks.
Kingdon Capital Management, L.L.C. sold shares of 15 stocks and completely divested from 30 stocks this quarter.

Largest Holdings

SPDR S&P 500 ETF Trust: $307,664,500
Invesco QQQ: $65,601,908
Syndax Pharmaceuticals: $24,570,000
SPDR S&P Retail ETF: $23,836,050
International Paper: $19,739,500

Largest New Holdings this Quarter

46090E103 - Invesco QQQ: $65,601,908 Holding
78464A714 - SPDR S&P Retail ETF: $23,836,050 Holding
67066G104 - NVIDIA: $16,257,000 Holding
02043Q107 - Alnylam Pharmaceuticals: $13,501,000 Holding
92189F676 - VanEck Semiconductor ETF: $13,322,610 Holding

Largest Purchases this Quarter

SPDR S&P 500 ETF Trust: 525,000 shares (about $293.68M)
Invesco QQQ: 139,900 shares (about $65.60M)
SPDR S&P Retail ETF: 345,000 shares (about $23.84M)
NVIDIA: 150,000 shares (about $16.26M)
Alnylam Pharmaceuticals: 50,000 shares (about $13.50M)

Largest Sales this Quarter

Vistra: 80,000 shares (about $9.40M)
Okta: 75,000 shares (about $7.89M)
Tandem Diabetes Care: 295,318 shares (about $5.66M)
HEICO: 15,000 shares (about $4.01M)
Taiwan Semiconductor Manufacturing: 22,500 shares (about $3.74M)

Sector Allocation Over Time

Selling

Neutral

Buying

Latest 13F Holdings and Changes Since Previous Quarterly Filing

Issuer Name	Holdings Value	Approximate Purchase/Sale	Change in Shares	Shares Held	% of Portfolio	Sector
SPY SPDR S&P 500 ETF Trust	$307,664,500	$293,679,750 ▲	2,100.0%	550,000	32.6%	Finance
QQQ Invesco QQQ	$65,601,908	$65,601,908 ▲	New Holding	139,900	6.9%	Finance
SNDX Syndax Pharmaceuticals	$24,570,000		0.0%	2,000,000	2.6%	Medical
XRT SPDR S&P Retail ETF	$23,836,050	$23,836,050 ▲	New Holding	345,000	2.5%	ETF
IP International Paper	$19,739,500	$5,068,250 ▲	34.5%	370,000	2.1%	Basic Materials
CRH PLC	$19,353,400	$3,078,950 ▲	18.9%	220,000	2.0%	ORD
THC Tenet Healthcare	$19,166,250	$1,237,400 ▼	-6.1%	142,500	2.0%	Medical
MMM 3M	$17,623,200	$734,300 ▲	4.3%	120,000	1.9%	Multi-Sector Conglomerates
INSM Insmed	$16,402,350	$762,900 ▼	-4.4%	215,000	1.7%	Medical
NVDA NVIDIA	$16,257,000	$16,257,000 ▲	New Holding	150,000	1.7%	Computer and Technology
TAP Molson Coors Beverage	$14,620,974	$2,921,760 ▼	-16.7%	240,200	1.5%	Consumer Staples
ALNY Alnylam Pharmaceuticals	$13,501,000	$13,501,000 ▲	New Holding	50,000	1.4%	Medical
SMH VanEck Semiconductor ETF	$13,322,610	$13,322,610 ▲	New Holding	63,000	1.4%	Manufacturing
MAPLEBEAR INC	$13,163,700	$398,900 ▲	3.1%	330,000	1.4%	COM
ACHC Acadia Healthcare	$12,819,296	$12,819,296 ▲	New Holding	422,800	1.4%	Medical
PPL PPL	$12,638,500	$3,069,350 ▲	32.1%	350,000	1.3%	Utilities
HOOD Robinhood Markets	$12,486,000	$12,486,000 ▲	New Holding	300,000	1.3%	Finance
HEI HEICO	$12,023,550	$4,007,850 ▼	-25.0%	45,000	1.3%	Aerospace
IMAX IMAX	$11,844,325	$1,330,675 ▼	-10.1%	449,500	1.3%	Consumer Discretionary
WM Waste Management	$11,575,500	$1,157,550 ▲	11.1%	50,000	1.2%	Business Services
HAS Hasbro	$11,129,690	$2,398,110 ▼	-17.7%	181,000	1.2%	Consumer Discretionary
GMED Globus Medical	$11,075,160	$11,075,160 ▲	New Holding	151,300	1.2%	Medical
HUM Humana	$11,058,163	$11,058,163 ▲	New Holding	41,792	1.2%	Medical
MTCH Match Group	$10,920,000	$2,184,000 ▲	25.0%	350,000	1.2%	Retail/Wholesale
UNH UnitedHealth Group	$10,612,223	$10,612,223 ▲	New Holding	20,262	1.1%	Medical
META Meta Platforms	$10,374,480	$2,593,620 ▼	-20.0%	18,000	1.1%	Computer and Technology
SYK Stryker	$9,901,850	$9,901,850 ▲	New Holding	26,600	1.0%	Medical
PKG Packaging Co. of America	$9,901,000	$9,901,000 ▲	New Holding	50,000	1.0%	Industrials
APG APi Group	$9,834,000	$9,834,000 ▲	New Holding	275,000	1.0%	Business Services
CW Curtiss-Wright	$9,518,100	$1,586,350 ▼	-14.3%	30,000	1.0%	Aerospace
TNDM Tandem Diabetes Care	$9,488,588	$5,658,293 ▼	-37.4%	495,229	1.0%	Medical
EVERUS CONSTR GROUP	$9,272,500	$370,900 ▼	-3.8%	250,000	1.0%	COM
FLEX Flex	$8,931,600	$1,654,000 ▲	22.7%	270,000	0.9%	Computer and Technology
WMT Walmart	$8,779,000	$8,779,000 ▲	New Holding	100,000	0.9%	Retail/Wholesale
TSM Taiwan Semiconductor Manufacturing	$8,715,000	$3,735,000 ▼	-30.0%	52,500	0.9%	Computer and Technology
WWW Wolverine World Wide	$8,689,577	$3,922,620 ▲	82.3%	624,700	0.9%	Consumer Discretionary
NXE NexGen Energy	$8,431,488	$449,000 ▲	5.6%	1,877,837	0.9%	Basic Materials
BABA Alibaba Group	$8,198,260	$8,198,260 ▲	New Holding	62,000	0.9%	Retail/Wholesale
GEHC GE HealthCare Technologies	$7,869,225	$7,869,225 ▲	New Holding	97,500	0.8%	Medical
GKOS Glaukos	$7,322,448	$7,322,448 ▲	New Holding	74,400	0.8%	Medical
LOAR HOLDINGS INC	$7,065,000	$1,766,250 ▲	33.3%	100,000	0.7%	COM SHS
MIR Mirion Technologies	$6,525,000	$725,000 ▲	12.5%	450,000	0.7%	Business Services
CVNA Carvana	$6,272,400	$6,272,400 ▲	New Holding	30,000	0.7%	Retail/Wholesale
WDC Western Digital	$6,064,500	$2,425,800 ▼	-28.6%	150,000	0.6%	Computer and Technology
OKTA Okta	$5,787,100	$7,891,500 ▼	-57.7%	55,000	0.6%	Computer and Technology
KRE SPDR S&P Regional Banking ETF	$5,685,000	$5,685,000 ▲	New Holding	100,000	0.6%	ETF
ENPH Enphase Energy	$4,653,750	$4,653,750 ▲	New Holding	75,000	0.5%	Energy
RH RH	$4,575,449	$4,575,449 ▲	New Holding	19,519	0.5%	Consumer Staples
ALDX Aldeyra Therapeutics	$4,479,250	$4,479,250 ▲	New Holding	779,000	0.5%	Medical
WNS HLDGS LTD	$3,996,850	$3,996,850 ▲	New Holding	65,000	0.4%	COM SHS
HCI HCI Group	$3,880,129	$3,880,129 ▲	New Holding	26,001	0.4%	Finance
ALIT Alight	$3,854,500	$1,334,250 ▼	-25.7%	650,000	0.4%	Computer and Technology
RDNT RadNet	$3,828,440	$3,828,440 ▲	New Holding	77,000	0.4%	Medical
OPTINOSE INC	$3,422,987		0.0%	373,281	0.4%	COM NEW
AL Air Lease	$3,381,700	$3,381,700 ▲	New Holding	70,000	0.4%	Transportation
GE VERNOVA INC	$3,052,800	$3,052,800 ▲	New Holding	10,000	0.3%	COM
VST Vistra	$2,936,000	$9,395,200 ▼	-76.2%	25,000	0.3%	Utilities
SCPH scPharmaceuticals	$2,630,000	$526,000 ▲	25.0%	1,000,000	0.3%	Medical
GEG Great Elm Group	$2,398,234		0.0%	1,268,907	0.3%	Multi-Sector Conglomerates
NVNO enVVeno Medical	$2,259,856		0.0%	859,261	0.2%	Medical
SCYX SCYNEXIS	$2,129,893		0.0%	2,237,048	0.2%	Medical
JASPER THERAPEUTICS INC	$2,107,000	$184,900 ▲	9.6%	490,000	0.2%	COM NEW
CFLT Confluent	$1,804,880	$1,804,880 ▲	New Holding	77,000	0.2%	Computer and Technology
XFOR X4 Pharmaceuticals	$1,654,800	$487,693 ▲	41.8%	7,000,000	0.2%	Medical
SUPER MICRO COMPUTER INC	$1,369,600	$1,369,600 ▲	New Holding	40,000	0.1%	COM NEW
NB NioCorp Developments	$619,496		0.0%	314,465	0.1%	Basic Materials
XAIR Beyond Air	$255,246	$100,595 ▲	65.0%	936,683	0.0%	Medical
PRAXIS PRECISION MEDICINES I	$0	$23,318,880 ▼	-100.0%	0	0.0%	COM NEW
IWM iShares Russell 2000 ETF	$0	$22,096,000 ▼	-100.0%	0	0.0%	Finance
PCG PG&E	$0	$20,684,500 ▼	-100.0%	0	0.0%	Utilities
ONON ON	$0	$16,431,000 ▼	-100.0%	0	0.0%	Retail/Wholesale
CRL Charles River Laboratories International	$0	$13,974,220 ▼	-100.0%	0	0.0%	Medical
SAIA Saia	$0	$13,671,900 ▼	-100.0%	0	0.0%	Transportation
BX Blackstone	$0	$12,931,500 ▼	-100.0%	0	0.0%	Finance
BOOT Boot Barn	$0	$12,661,788 ▼	-100.0%	0	0.0%	Retail/Wholesale
PWR Quanta Services	$0	$12,642,000 ▼	-100.0%	0	0.0%	Construction
XLF Financial Select Sector SPDR Fund	$0	$12,082,500 ▼	-100.0%	0	0.0%	ETF
ELV Elevance Health	$0	$11,454,345 ▼	-100.0%	0	0.0%	Medical
XLU Utilities Select Sector SPDR Fund	$0	$11,353,500 ▼	-100.0%	0	0.0%	ETF
MTUM iShares MSCI USA Momentum Factor ETF	$0	$10,346,000 ▼	-100.0%	0	0.0%	ETF
ALC Alcon	$0	$9,983,064 ▼	-100.0%	0	0.0%	Medical
AES AES	$0	$9,652,500 ▼	-100.0%	0	0.0%	Utilities
PSN Parsons	$0	$8,763,750 ▼	-100.0%	0	0.0%	Business Services
AJG Arthur J. Gallagher & Co.	$0	$8,515,500 ▼	-100.0%	0	0.0%	Finance
OWL Blue Owl Capital	$0	$8,141,000 ▼	-100.0%	0	0.0%	Finance
MSFT Microsoft	$0	$7,587,000 ▼	-100.0%	0	0.0%	Computer and Technology
BJ BJ's Wholesale Club	$0	$6,495,745 ▼	-100.0%	0	0.0%	Consumer Discretionary
CDNS Cadence Design Systems	$0	$6,009,200 ▼	-100.0%	0	0.0%	Computer and Technology
CEG Constellation Energy	$0	$5,592,750 ▼	-100.0%	0	0.0%	Energy
PLAY Dave & Buster's Entertainment	$0	$4,524,450 ▼	-100.0%	0	0.0%	Retail/Wholesale
TXN Texas Instruments	$0	$4,406,485 ▼	-100.0%	0	0.0%	Computer and Technology
RKT Rocket Companies	$0	$3,941,000 ▼	-100.0%	0	0.0%	Finance
CIEN Ciena	$0	$3,816,450 ▼	-100.0%	0	0.0%	Computer and Technology
QTRX Quanterix	$0	$2,126,000 ▼	-100.0%	0	0.0%	Medical
TTEK Tetra Tech	$0	$1,593,600 ▼	-100.0%	0	0.0%	Industrials
NOVA Sunnova Energy International	$0	$1,372,000 ▼	-100.0%	0	0.0%	Energy
RAPT RAPT Therapeutics	$0	$908,500 ▼	-100.0%	0	0.0%	Medical

Showing largest 100 holdings. View all holdings.

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Kingdon Capital Management, L.L.C. Top Holdings and 13F Report (2025)

About Kingdon Capital Management, L.L.C.

Investment Activity

Largest Holdings

Largest New Holdings this Quarter

Largest Purchases this Quarter

Largest Sales this Quarter

Sector Allocation Over Time

Latest 13F Holdings and Changes Since Previous Quarterly Filing

More Institutional Buying and Selling Information

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

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Kingdon Capital Management, L.L.C. Top Holdings and 13F Report (2025)

About Kingdon Capital Management, L.L.C.

Investment Activity

Largest Holdings

Largest New Holdings this Quarter

Largest Purchases this Quarter

Largest Sales this Quarter

Sector Allocation Over Time

Map of 500 Largest Holdings ofKingdon Capital Management, L.L.C.

Latest 13F Holdings and Changes Since Previous Quarterly Filing

More Institutional Buying and Selling Information

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools