Kingdon Capital Management, L.L.C. In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Kingdon Capital Management, L.L.C. reported 57 stock positions worth $741.6 million . Its top holding was Syndax Pharmaceuticals (SNDX) at 7.4% of the portfolio, followed by Nvidia (NVDA, 6.5% ) and Warby Parker Class A (WRBY, 4.6% ). Compared with Q1 2026, it opened 19 new positions, sold out of 14, added to 11 and reduced 16. The biggest buy was a new position in Grail (GRAL) and the biggest sale an exit from Soleno Therapeutics (SLNO).
Location NEW YORK, NY
CIK 0001000097
Portfolio Value $741.6M (Q2 2026) Holdings 57 stocks · $741.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 SNDX Syndax Pharmaceuticals Inc. 2,500,000 $54.6M No change NVDA Nvidia Corp. 240,000 $48.0M Add +20.0% WRBY Warby Parker Inc. Class A 1,126,644 $34.2M Add +6.9% APG Api Group Corp. 600,000 $25.4M Add +33.3% KEYS Keysight Technologies Inc. 70,000 $24.5M Reduce -12.5% NXE Nexgen Energy Ltd. 2,500,000 $23.5M No change GRAL Grail Inc. 340,000 $23.2M New TSM Taiwan Semiconductor-SP ADR 45,000 $21.5M No change ECG Everus Construction Group 125,000 $20.7M No change HIMS Hims & Hers Health Inc. 542,500 $18.8M New CART Maplebear Inc. 380,000 $18.0M Reduce -19.1% FLNC Fluence Energy Inc. 900,000 $17.9M New ILMN Illumina Inc. 97,800 $17.2M New TDY Teledyne Technologies Inc. 25,000 $16.7M Add +42.9% HWM Howmet Aerospace Inc. 60,000 $16.1M Reduce -14.3% OLMA Olema Pharmaceuticals Inc. 1,200,000 $15.0M Add +40.4% ISRG Intuitive Surgical Inc. 37,100 $14.8M New FLEX Flex Ltd. 90,000 $14.6M Reduce -48.6% CGNX Cognex Corp. 200,000 $14.5M Add +8.1% BFLY Butterfly Network Inc. 1,700,000 $14.3M New GTX Garrett Motion Inc. 375,000 $13.6M Reduce -46.4% CYTK Cytokinetics Inc. 157,100 $13.4M New BKD Brookdale Senior Living Inc. 800,000 $12.9M Reduce -5.9% VSEC Vse Corp. 52,500 $12.0M Reduce -12.5% PWR Quanta Services Inc. 16,000 $11.5M New ZVRA Zevra Therapeutics Inc. 775,000 $11.1M No change RAL Ralliant Corp. 150,000 $11.0M Reduce -40.0% FDX FedEx Corp. 35,000 $11.0M New HEI Heico Corp. 30,000 $10.7M Reduce -25.0% TAN Invesco Solar ETF 175,000 $10.4M New AER Aercap Holdings NV 70,000 $10.2M Reduce -22.2% ITT Itt Inc. 50,000 $9.9M New BABA Alibaba Group Holding-SP ADR 100,000 $9.6M Add +11.1% REAL The Realreal Inc. filed as THE REALREAL INC 813,000 $9.6M Add +103.3% VICR Vicor Corp. 25,000 $9.5M Add +25.0% GE General Electric filed as GE AEROSPACE 25,000 $9.3M New AHR American Healthcare REIT Inc. 175,000 $9.1M Reduce -41.7% ENTG Entegris Inc. 50,000 $9.0M New CR Crane Co. 40,000 $8.9M Reduce -33.3% GCO Genesco Inc. 244,000 $8.2M No change WWW Wolverine World Wide Inc. 485,000 $8.0M Add +11.2% AIR Aar Corp. 52,500 $7.5M Reduce -47.5% DAR Darling Ingredients Inc. 135,000 $7.4M Reduce -28.9% DAL Delta Air Lines Inc. 77,000 $7.2M New CRDO Credo Technology Group Holdi 21,500 $5.8M Reduce -66.9% LION Lionsgate Studios Corp. 375,000 $5.7M New WELL Welltower Inc. 25,000 $5.7M Reduce -50.0% ALDX Aldeyra Therapeutics Inc. 2,652,315 $5.6M Add +23.2% FFIV F5 Inc. 12,000 $5.0M New IVA Inventiva SA - ADR 1,270,000 $4.8M New ELDN Eledon Pharmaceuticals Inc. 1,039,275 $4.1M No change COMP Compass Inc. Class A 250,000 $3.1M New CMPX Compass Therapeutics Inc. 1,400,000 $3.1M New NB Niocorp Developments Ltd. 450,000 $2.2M No change SCYX Scynexis Inc. 247,811 $1.0M No change JSPR Jasper Therapeutics Inc. 1,352,106 $569K No change NVNO Envveno Medical Corp. 36,166 $387K No change
Options reported separately and not counted above: SOXX puts ($83.3M), EWY puts ($23.2M), QQQ puts ($22.1M), KRE calls ($18.7M), IWM puts ($15.0M), DRAM puts ($10.3M), BABA puts ($9.6M), DHI puts ($8.1M), RUN calls ($6.7M), FLNC puts ($6.0M), TAN calls ($5.9M), NVTS puts ($5.4M), and 5 more.
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ SLNO Soleno Therapeutics Inc. Sold out 0.00% −3.22 ICLN iShares Global Clean Energy Sold out 0.00% −2.14 ICLR Icon PLC Sold out 0.00% −1.95 SRAD Sportradar Group AG-A Sold out 0.00% −1.89 WAY Waystar Holding Corp. Sold out 0.00% −1.77 ACHC Acadia Healthcare Co. Inc. Sold out 0.00% −1.55 EWY iShares MSCI South Korea ETF Sold out 0.00% −1.54 CNL Collective Mining Ltd. Sold out 0.00% −1.25 AHR American Healthcare REIT Inc. Reduce -41.7% 1.23% −1.14 GXO Gxo Logistics Inc. Sold out 0.00% −1.09 AXON Axon Enterprise Inc. Sold out 0.00% −1.03 FPS Forgent Power Solutions Class A Sold out 0.00% −0.98 DAR Darling Ingredients Inc. Reduce -28.9% 0.99% −0.97 WELL Welltower Inc. Reduce -50.0% 0.77% −0.89 LOW Lowe's Cos Inc. Sold out 0.00% −0.84 AIR Aar Corp. Reduce -47.5% 1.01% −0.82 AER Aercap Holdings NV Reduce -22.2% 1.38% −0.69 HWM Howmet Aerospace Inc. Reduce -14.3% 2.18% −0.53 CART Maplebear Inc. Reduce -19.1% 2.43% −0.52 CR Crane Co. Reduce -33.3% 1.20% −0.52 TTEK Tetra Tech Inc. Sold out 0.00% −0.50 KEYS Keysight Technologies Inc. Reduce -12.5% 3.30% −0.48 HEI Heico Corp. Reduce -25.0% 1.44% −0.40 ITRI Itron Inc. Sold out 0.00% −0.38 GTX Garrett Motion Inc. Reduce -46.4% 1.83% −0.30 RAL Ralliant Corp. Reduce -40.0% 1.49% −0.25 VSEC Vse Corp. Reduce -12.5% 1.62% −0.24 CRDO Credo Technology Group Holdi Reduce -66.9% 0.79% −0.23 BKD Brookdale Senior Living Inc. Reduce -5.9% 1.74% −0.21 FLEX Flex Ltd. Reduce -48.6% 1.97% +0.05
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ GRAL Grail Inc. New 3.13% +3.13 HIMS Hims & Hers Health Inc. New 2.54% +2.54 FLNC Fluence Energy Inc. New 2.41% +2.41 ILMN Illumina Inc. New 2.32% +2.32 ISRG Intuitive Surgical Inc. New 1.99% +1.99 BFLY Butterfly Network Inc. New 1.93% +1.93 CYTK Cytokinetics Inc. New 1.80% +1.80 PWR Quanta Services Inc. New 1.55% +1.55 FDX FedEx Corp. New 1.48% +1.48 TAN Invesco Solar ETF New 1.40% +1.40 ITT Itt Inc. New 1.33% +1.33 GE General Electric New 1.26% +1.26 ENTG Entegris Inc. New 1.21% +1.21 DAL Delta Air Lines Inc. New 0.97% +0.97 WRBY Warby Parker Inc. Class A Add +6.9% 4.61% +0.89 LION Lionsgate Studios Corp. New 0.77% +0.77 VICR Vicor Corp. Add +25.0% 1.28% +0.74 REAL The Realreal Inc. Add +103.3% 1.29% +0.68 FFIV F5 Inc. New 0.67% +0.67 IVA Inventiva SA - ADR New 0.65% +0.65 NVDA Nvidia Corp. Add +20.0% 6.48% +0.63 TDY Teledyne Technologies Inc. Add +42.9% 2.25% +0.47 CGNX Cognex Corp. Add +8.1% 1.95% +0.44 COMP Compass Inc. Class A New 0.42% +0.42 CMPX Compass Therapeutics Inc. New 0.41% +0.41 APG Api Group Corp. Add +33.3% 3.43% +0.37 ALDX Aldeyra Therapeutics Inc. Add +23.2% 0.76% +0.15 WWW Wolverine World Wide Inc. Add +11.2% 1.08% −0.11 OLMA Olema Pharmaceuticals Inc. Add +40.4% 2.02% −0.11 BABA Alibaba Group Holding-SP ADR Add +11.1% 1.29% −0.60
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 285,000 $185.3Mbefore exit SOXX iShares Semiconductor ETF put New 130,000 $83.3M EWY iShares MSCI South Korea ETF put Reduce -4.2% 115,000 $23.2M QQQ Invesco QQQ Trust Series 1 put New 30,000 $22.1M KRE SS SPDR S&P Regional Bank call New 250,000 $18.7M MTUM iShares MSCI USA Momentum Fa put Sold out 65,000 $15.6Mbefore exit IWM iShares Russell 2000 ETF put Reduce -50.0% 50,000 $15.0M SMH Vaneck Semiconductor ETF put Sold out 35,000 $13.4Mbefore exit HOOD Robinhood Markets Inc. Class A call Sold out 150,000 $10.4Mbefore exit DRAM Roundhill Memory ETF put New 140,000 $10.3M XLF SS Financial Select Sector put Sold out 200,000 $9.9Mbefore exit BABA Alibaba Group Holding-SP ADR put New 100,000 $9.6M GE General Electric call Sold out 30,000 $8.5Mbefore exit DHI D.R. Horton Inc. put New 50,000 $8.1M NU Nu Holdings Ltd./Cayman Isl-A call Sold out 500,000 $7.2Mbefore exit RUN Sunrun Inc. call New 500,000 $6.7M VICR Vicor Corp. call Sold out 40,000 $6.4Mbefore exit FLNC Fluence Energy Inc. put New 300,000 $6.0M TVTX Travere Therapeutics Inc. put Sold out 200,000 $5.9Mbefore exit TAN Invesco Solar ETF call New 100,000 $5.9M NVTS Navitas Semiconductor Corp. put New 300,000 $5.4M KEYS Keysight Technologies Inc. put New 15,000 $5.3M ETOR Etoro Group Ltd. Class A call Sold out 150,000 $4.5Mbefore exit EWTX Edgewise Therapeutics Inc. put New 100,000 $4.1M SHLS Shoals Technologies Group -A call New 400,000 $4.0M COMP Compass Inc. Class A call Reduce -25.0% 300,000 $3.7M NOW ServiceNow Inc. call Sold out 35,000 $3.7Mbefore exit WDC Western Digital Corp. call New 5,000 $3.2M ALIT Alight Inc. Class A call Sold out 900,000 $524Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 57 $741.6M SNDX, NVDA, WRBY, APG, KEYS Q1 2026 52 $597.1M SNDX, NVDA, NXE, KEYS, WRBY Q4 2025 57 $653.5M SNDX, NVDA, KEYS, OLMA, NXE Q3 2025 64 $638.2M SNDX, NVDA, MOH, SLNO, EW Q2 2025 54 $517.9M NVDA, SNDX, CRH, SNDK, WM Q1 2025 54 $482.7M SNDX, IP, CRH, THC, MMM Q4 2024 58 $585.1M TNDM, SNDX, PRAX, THC, CRH Q3 2024 68 $681.3M INSM, THC, TNDM, PRAX, SNDX Q2 2024 64 $647.7M INSM, FTAI, APG, UNH, GH Q1 2024 69 $755.8M THC, FTAI, APG, PRAX, SNDX