Kingdon Capital Management, L.L.C. In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Kingdon Capital Management, L.L.C. reported 69 stock positions worth $755.8 million . Its top holding was Tenet Healthcare (THC) at 3.9% of the portfolio, followed by Ftai Aviation (FTAI, 3.6% ) and Api (APG, 3.4% ). Compared with Q4 2023, it opened 29 new positions, sold out of 13, added to 15 and reduced 16. The biggest buy was Tenet Healthcare (THC, shares +336% ) and the biggest sale an exit from Catalent (CTLT).
Location NEW YORK, NY
CIK 0001000097
Portfolio Value $755.8M (Q1 2024) Holdings 69 stocks · $755.8M 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 Q4 2023 THC Tenet Healthcare Corp. 278,700 $29.3M Add +335.8% FTAI Ftai Aviation Ltd. 400,000 $26.9M Reduce -2.5% APG Api Group Corp. 649,157 $25.5M Reduce -20.2% PRAX Praxis Precision Medicines I 350,000 $21.4M Add +1.0% SNDX Syndax Pharmaceuticals Inc. 894,993 $21.3M Add +19.9% SHW The Sherwin-Williams Co. 60,029 $20.8M Add +14.9% HUM Humana Inc. 59,000 $20.5M New META Meta Platforms Inc. Class A 40,000 $19.4M Reduce -27.3% TAP Molson Coors Beverage Co. Class B 288,200 $19.4M No change TNDM Tandem Diabetes Care Inc. 493,080 $17.5M Add +153.9% V Visa Inc. Class A 62,500 $17.4M Add +108.3% HEI Heico Corp. 90,000 $17.2M No change LOW Lowe's Cos Inc. 60,000 $15.3M New MSFT Microsoft Corp. 35,000 $14.7M Reduce -19.5% JSPR Jasper Therapeutics Inc. 497,000 $14.6M New RAPT THERAPEUTICS INC 1,500,000 $13.5M Add +55.3% CRH CRH PLC 155,000 $13.4M New GE General Electric 75,000 $13.2M New ARMK Aramark 400,000 $13.0M New INSM Insmed Inc. 455,000 $12.3M Add +12.3% T AT&T Inc. 700,000 $12.3M New DELL Dell Technologies -C 107,500 $12.3M Reduce -50.0% CRM Salesforce Inc. 40,000 $12.0M New MA Mastercard Inc. Class A 25,000 $12.0M Add +42.9% ICE Intercontinental Exchange Inc. 85,000 $11.7M New TCOM Trip.com Group Ltd.-ADR 255,000 $11.2M Reduce -40.7% TSM Taiwan Semiconductor-SP ADR 80,000 $10.9M New AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 210,000 $10.8M New GD General Dynamics Corp. 38,200 $10.8M Add +18.6% UNP Union Pacific Corp. 43,650 $10.7M Reduce -40.7% MMM 3M Co. 100,000 $10.6M New AER Aercap Holdings NV 120,000 $10.4M New GMED Globus Medical Inc. Class A 190,900 $10.2M New NVT Nvent Electric PLC 135,000 $10.2M Reduce -10.0% APO Apollo Global Management Inc. 90,000 $10.1M Reduce -28.0% HSY The Hershey Co. 51,800 $10.1M New HAS Hasbro Inc. 170,000 $9.6M Reduce -46.9% CDNS Cadence Design SYS Inc. 30,000 $9.3M Reduce -29.4% FLEX Flex Ltd. 325,000 $9.3M Reduce -4.4% NXE Nexgen Energy Ltd. 1,177,837 $9.2M Add +17.8% VNT Vontier Corp. 200,000 $9.1M New PWR Quanta Services Inc. 34,588 $9.0M Add +7.4% NTES Netease Inc.-ADR 85,000 $8.8M New CW Curtiss-Wright Corp. 33,978 $8.7M Add +16.1% ALL Allstate Corp. 50,000 $8.7M New ALIT Alight Inc. Class A 875,000 $8.6M Reduce -2.8% MU Micron Technology Inc. 72,500 $8.5M New GRMN Garmin Ltd. 55,800 $8.3M New CYTK Cytokinetics Inc. 116,000 $8.1M New ATMU Atmus Filtration Technologie 251,690 $8.1M New KKR KKR & Co. Inc. 80,000 $8.0M New WMT Walmart Inc. 130,500 $7.9M New MGPI MGP Ingredients Inc. 86,250 $7.4M Add +56.8% LVS Las Vegas Sands Corp. 140,000 $7.2M New ITRI Itron Inc. 77,500 $7.2M New RNR Renaissancere Holdings Ltd. 30,000 $7.1M No change NEE Nextera Energy Inc. 110,000 $7.0M New OPTINOSE INC 3,899,237 $5.7M No change EPAC Enerpac Tool Group Corp. 150,000 $5.3M New XFOR X4 Pharmaceuticals Inc. 3,473,683 $4.8M No change MRVL Marvell Technology Inc. 55,000 $3.9M New NVNO Envveno Medical Corporation 653,870 $3.6M Add +5.6% SCYX Scynexis Inc. 2,237,048 $3.3M No change CRIS Curis Inc. 284,150 $3.1M No change GEG Great Elm Group Inc. 1,268,907 $2.4M Reduce -8.6% XAIR Beyond Air Inc. 1,358,164 $2.4M Reduce -0.4% VINCERX PHARMA INC 385,000 $1.9M No change NB Niocorp Developments Ltd. 314,465 $855K No change SLGL Sol-Gel Technologies Ltd. 481,749 $472K Reduce -28.6%
Options reported separately and not counted above: XLF puts ($31.6M), SMH puts ($19.2M), NEE calls ($19.2M), INDA calls ($17.4M), VST calls ($15.7M), BX puts ($13.1M), CEG calls ($8.3M), EEM calls ($8.2M), ALIT calls ($5.9M), KEY calls ($5.5M), INSM calls ($5.4M), TAN puts ($4.5M), and 2 more.
Portfolio Sells Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▲ CTLT Catalent Inc. Sold out 0.00% −5.01 TECK Teck Resources Ltd.-CLS B Sold out 0.00% −4.01 PCG P G & E Corp. Sold out 0.00% −2.32 UNP Union Pacific Corp. Reduce -40.7% 1.42% −2.02 APG Api Group Corp. Reduce -20.2% 3.37% −1.98 VSTS Vestis Corp. Sold out 0.00% −1.91 HAS Hasbro Inc. Reduce -46.9% 1.27% −1.84 ROG Rogers Corp. Sold out 0.00% −1.83 VRT Vertiv Holdings Co. Class A Sold out 0.00% −1.69 DELL Dell Technologies -C Reduce -50.0% 1.62% −1.51 TCOM Trip.com Group Ltd.-ADR Reduce -40.7% 1.48% −1.47 CLS Celestica Inc. Sold out 0.00% −1.25 LIVN Livanova PLC Sold out 0.00% −1.19 MSFT Microsoft Corp. Reduce -19.5% 1.95% −1.17 META Meta Platforms Inc. Class A Reduce -27.3% 2.57% −1.14 BWXT BWX Technologies Inc. Sold out 0.00% −1.05 KBR KBR Inc. Sold out 0.00% −1.00 CDNS Cadence Design SYS Inc. Reduce -29.4% 1.24% −0.97 APO Apollo Global Management Inc. Reduce -28.0% 1.34% −0.88 OLMA Olema Pharmaceuticals Inc. Sold out 0.00% −0.80 FLEX Flex Ltd. Reduce -4.4% 1.23% −0.74 WNS WNS Holdings Ltd.-ADR Sold out 0.00% −0.66 JSPR Jasper Therapeutics Inc. Sold out 0.00% −0.53 NVT Nvent Electric PLC Reduce -10.0% 1.35% −0.34 ALIT Alight Inc. Class A Reduce -2.8% 1.14% −0.32 XAIR Beyond Air Inc. Reduce -0.4% 0.31% −0.20 GEG Great Elm Group Inc. Reduce -8.6% 0.32% −0.19 SLGL Sol-Gel Technologies Ltd. Reduce -28.6% 0.06% −0.08 FTAI Ftai Aviation Ltd. Reduce -2.5% 3.56% −0.06
Portfolio Buys Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▼ THC Tenet Healthcare Corp. Add +335.8% 3.88% +2.96 HUM Humana Inc. New 2.71% +2.71 LOW Lowe's Cos Inc. New 2.02% +2.02 JSPR Jasper Therapeutics Inc. New 1.93% +1.93 CRH CRH PLC New 1.77% +1.77 GE General Electric New 1.74% +1.74 ARMK Aramark New 1.72% +1.72 T AT&T Inc. New 1.63% +1.63 CRM Salesforce Inc. New 1.59% +1.59 ICE Intercontinental Exchange Inc. New 1.55% +1.55 TSM Taiwan Semiconductor-SP ADR New 1.44% +1.44 AL Sumisho Air Lease Corp. New 1.43% +1.43 MMM 3M Co. New 1.40% +1.40 AER Aercap Holdings NV New 1.38% +1.38 PRAX Praxis Precision Medicines I Add +1.0% 2.83% +1.36 GMED Globus Medical Inc. Class A New 1.35% +1.35 HSY The Hershey Co. New 1.33% +1.33 TNDM Tandem Diabetes Care Inc. Add +153.9% 2.31% +1.22 VNT Vontier Corp. New 1.20% +1.20 NTES Netease Inc.-ADR New 1.16% +1.16 ALL Allstate Corp. New 1.14% +1.14 MU Micron Technology Inc. New 1.13% +1.13 GRMN Garmin Ltd. New 1.10% +1.10 CYTK Cytokinetics Inc. New 1.08% +1.08 ATMU Atmus Filtration Technologie New 1.07% +1.07 KKR KKR & Co. Inc. New 1.06% +1.06 WMT Walmart Inc. New 1.04% +1.04 LVS Las Vegas Sands Corp. New 0.96% +0.96 ITRI Itron Inc. New 0.95% +0.95 NEE Nextera Energy Inc. New 0.93% +0.93 V Visa Inc. Class A Add +108.3% 2.31% +0.82 EPAC Enerpac Tool Group Corp. New 0.71% +0.71 MRVL Marvell Technology Inc. New 0.52% +0.52 MA Mastercard Inc. Class A Add +42.9% 1.59% +0.17 MGPI MGP Ingredients Inc. Add +56.8% 0.98% −0.05 CW Curtiss-Wright Corp. Add +16.1% 1.15% −0.09 NXE Nexgen Energy Ltd. Add +17.8% 1.21% −0.12 PWR Quanta Services Inc. Add +7.4% 1.19% −0.13 NVNO Envveno Medical Corporation Add +5.6% 0.47% −0.14 GD General Dynamics Corp. Add +18.6% 1.43% −0.16 SNDX Syndax Pharmaceuticals Inc. Add +19.9% 2.82% −0.25 SHW The Sherwin-Williams Co. Add +14.9% 2.76% −0.34 INSM Insmed Inc. Add +12.3% 1.63% −0.76 RAPT THERAPEUTICS INC Add +55.3% 1.78% −2.79
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 122,000 $50.0Mbefore exit XLF SS Financial Select Sector put New 750,000 $31.6M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 50,000 $23.8Mbefore exit SMH Vaneck Semiconductor ETF put New 85,500 $19.2M NEE Nextera Energy Inc. call New 300,000 $19.2M INDA iShares MSCI India ETF call New 336,800 $17.4M SYF Synchrony Financial put Sold out 450,000 $17.2Mbefore exit BAC Bank of America Corp. call Sold out 500,000 $16.8Mbefore exit VST Vistra Corp. call New 225,000 $15.7M SHW The Sherwin-Williams Co. call Sold out 50,000 $15.6Mbefore exit HD Home Depot Inc. call Sold out 45,000 $15.6Mbefore exit CTVA Corteva Inc. call Sold out 300,000 $14.4Mbefore exit BX Blackstone Inc. put Reduce -66.7% 100,000 $13.1M ALB Albemarle Corp. call Sold out 80,000 $11.6Mbefore exit IWM iShares Russell 2000 ETF put Sold out 50,000 $10.0Mbefore exit AFRM Affirm Holdings Inc. put Sold out 200,000 $9.8Mbefore exit CEG Constellation Energy call New 45,000 $8.3M KKR KKR & Co. Inc. call Sold out 100,000 $8.3Mbefore exit MS Morgan Stanley call Sold out 75,000 $7.0Mbefore exit ENPH Enphase Energy Inc. put Sold out 50,000 $6.6Mbefore exit ALIT Alight Inc. Class A call New 595,700 $5.9M KEY Keycorp call New 350,000 $5.5M INSM Insmed Inc. call New 200,000 $5.4M TTD Trade Desk Inc./the Class A put Sold out 75,000 $5.4Mbefore exit KRE SS SPDR S&P Regional Bank put Sold out 100,000 $5.2Mbefore exit TAN Invesco Solar ETF put New 100,000 $4.5M LSPD Lightspeed Commerce Inc. call New 300,000 $4.2M OLMA Olema Pharmaceuticals Inc. call Sold out 250,000 $3.5Mbefore exit SOFI Sofi Technologies Inc. put Sold out 300,000 $3.0Mbefore exit COMP Compass Inc. Class A call Add +28.6% 450,000 $1.6M TPICQ Tpi Composites Inc. call Sold out 300,000 $1.2Mbefore 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