Kingdon Capital Management, L.L.C. In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Kingdon Capital Management, L.L.C. reported 64 stock positions worth $647.7 million . Its top holding was Insmed (INSM) at 6.5% of the portfolio, followed by Ftai Aviation (FTAI, 3.8% ) and Api (APG, 3.6% ). Compared with Q1 2024, it opened 16 new positions, sold out of 21, added to 11 and reduced 22. The biggest buy was Insmed (INSM, shares +37% ) and the biggest sale an exit from Sherwin-Williams (SHW).
Location NEW YORK, NY
CIK 0001000097
Portfolio Value $647.7M (Q2 2024) Holdings 64 stocks · $647.7M 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 2024 INSM Insmed Inc. 625,000 $41.9M Add +37.4% FTAI Ftai Aviation Ltd. 240,000 $24.8M Reduce -40.0% APG Api Group Corp. 625,000 $23.5M Reduce -3.7% UNH Unitedhealth Group Inc. 39,700 $20.2M New GH Guardant Health Inc. 670,200 $19.4M New AMD Advanced Micro Devices 115,000 $18.7M New THC Tenet Healthcare Corp. 138,348 $18.4M Reduce -50.4% SNDX Syndax Pharmaceuticals Inc. 894,993 $18.4M No change PRAX Praxis Precision Medicines I 415,000 $17.2M Add +18.6% CRH CRH PLC 200,000 $15.0M Add +29.0% TNDM Tandem Diabetes Care Inc. 369,000 $14.9M Reduce -25.2% TAP Molson Coors Beverage Co. Class B 288,200 $14.6M No change CYTK Cytokinetics Inc. 266,700 $14.4M Add +129.9% CRL Charles River Laboratories 69,800 $14.4M New PWR Quanta Services Inc. 55,000 $14.0M Add +59.0% META Meta Platforms Inc. Class A 27,500 $13.9M Reduce -31.3% TSM Taiwan Semiconductor-SP ADR 77,500 $13.5M Reduce -3.1% AMZN Amazon.com Inc. 67,500 $13.0M New V Visa Inc. Class A 45,000 $11.8M Reduce -28.0% WM Waste Management Inc. 55,000 $11.7M New INSP Inspire Medical Systems Inc. 86,300 $11.5M New CDNS Cadence Design SYS Inc. 37,500 $11.5M Add +25.0% JSPR Jasper Therapeutics Inc. 497,000 $11.3M No change MMM 3M Co. 110,000 $11.2M Add +10.0% AER Aercap Holdings NV 120,000 $11.2M No change HEI Heico Corp. 50,000 $11.2M Reduce -44.4% T AT&T Inc. 550,000 $10.5M Reduce -21.4% HAS Hasbro Inc. 170,000 $9.9M No change GD General Dynamics Corp. 33,200 $9.6M Reduce -13.1% HSY The Hershey Co. 51,800 $9.5M No change CW Curtiss-Wright Corp. 33,978 $9.2M No change PSN Parsons Corp. 110,000 $9.0M New MSFT Microsoft Corp. 20,000 $8.9M Reduce -42.9% FLEX Flex Ltd. 300,000 $8.8M Reduce -7.7% WMT Walmart Inc. 130,500 $8.8M No change MA Mastercard Inc. Class A 20,000 $8.8M Reduce -20.0% DELL Dell Technologies -C 62,500 $8.6M Reduce -41.9% AME Ametek Inc. 50,000 $8.3M New NXE Nexgen Energy Ltd. 1,177,837 $8.2M No change TTEK Tetra Tech Inc. 40,000 $8.2M New GRMN Garmin Ltd. 49,600 $8.1M Reduce -11.1% NVT Nvent Electric PLC 100,000 $7.7M Reduce -25.9% LOW Lowe's Cos Inc. 33,500 $7.4M Reduce -44.2% CAG Conagra Brands Inc. 253,000 $7.2M New IP International Paper Co. 150,000 $6.5M New MGPI MGP Ingredients Inc. 86,250 $6.4M No change EXPE Expedia Group Inc. 47,500 $6.0M New OPTINOSE INC 5,599,237 $5.8M Add +43.6% RAPT THERAPEUTICS INC 1,725,000 $5.3M Add +15.0% ITRI Itron Inc. 50,000 $4.9M Reduce -35.5% SCYX Scynexis Inc. 2,237,048 $4.5M No change BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 315,000 $4.5M New KKR KKR & Co. Inc. 35,000 $3.7M Reduce -56.3% VST Vistra Corp. 40,000 $3.4M New NVNO Envveno Medical Corporation 653,870 $3.4M No change XFOR X4 Pharmaceuticals Inc. 4,623,683 $2.7M Add +33.1% CRIS Curis Inc. 345,730 $2.4M Add +21.7% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 50,000 $2.4M Reduce -76.2% GEG Great Elm Group Inc. 1,268,907 $2.3M No change ALIT Alight Inc. Class A 250,000 $1.8M Reduce -71.4% ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 40,000 $1.8M New XAIR Beyond Air Inc. 1,358,164 $730K No change NB Niocorp Developments Ltd. 314,465 $544K No change SLGL Sol-Gel Technologies Ltd. 121,706 $108K Reduce -74.7%
Options reported separately and not counted above: RSP puts ($72.3M), XLF puts ($32.9M), V calls ($26.2M), BAC calls ($21.9M), EEM calls ($21.3M), IWM puts ($20.3M), SMH puts ($16.9M), XHB puts ($15.2M), KKR calls ($10.5M), XLU calls ($10.2M), DELL puts ($7.6M), META puts ($6.3M), and 6 more.
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ SHW The Sherwin-Williams Co. Sold out 0.00% −2.76 HUM Humana Inc. Sold out 0.00% −2.71 GE General Electric Sold out 0.00% −1.74 ARMK Aramark Sold out 0.00% −1.72 CRM Salesforce Inc. Sold out 0.00% −1.59 ICE Intercontinental Exchange Inc. Sold out 0.00% −1.55 TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −1.48 UNP Union Pacific Corp. Sold out 0.00% −1.42 GMED Globus Medical Inc. Class A Sold out 0.00% −1.35 APO Apollo Global Management Inc. Sold out 0.00% −1.34 VNT Vontier Corp. Sold out 0.00% −1.20 NTES Netease Inc.-ADR Sold out 0.00% −1.16 ALL Allstate Corp. Sold out 0.00% −1.14 MU Micron Technology Inc. Sold out 0.00% −1.13 ATMU Atmus Filtration Technologie Sold out 0.00% −1.07 AL Sumisho Air Lease Corp. Reduce -76.2% 0.37% −1.06 THC Tenet Healthcare Corp. Reduce -50.4% 2.84% −1.03 LVS Las Vegas Sands Corp. Sold out 0.00% −0.96 RNR Renaissancere Holdings Ltd. Sold out 0.00% −0.93 NEE Nextera Energy Inc. Sold out 0.00% −0.93 LOW Lowe's Cos Inc. Reduce -44.2% 1.14% −0.88 ALIT Alight Inc. Class A Reduce -71.4% 0.28% −0.86 EPAC Enerpac Tool Group Corp. Sold out 0.00% −0.71 MSFT Microsoft Corp. Reduce -42.9% 1.38% −0.57 HEI Heico Corp. Reduce -44.4% 1.73% −0.55 MRVL Marvell Technology Inc. Sold out 0.00% −0.52 KKR KKR & Co. Inc. Reduce -56.3% 0.57% −0.50 V Visa Inc. Class A Reduce -28.0% 1.82% −0.48 META Meta Platforms Inc. Class A Reduce -31.3% 2.14% −0.43 DELL Dell Technologies -C Reduce -41.9% 1.33% −0.29 VINCERX PHARMA INC Sold out 0.00% −0.26 MA Mastercard Inc. Class A Reduce -20.0% 1.36% −0.23 ITRI Itron Inc. Reduce -35.5% 0.76% −0.18 NVT Nvent Electric PLC Reduce -25.9% 1.18% −0.16 SLGL Sol-Gel Technologies Ltd. Reduce -74.7% 0.02% −0.05 TNDM Tandem Diabetes Care Inc. Reduce -25.2% 2.30% −0.01 T AT&T Inc. Reduce -21.4% 1.62% −0.01 GD General Dynamics Corp. Reduce -13.1% 1.49% +0.06 FLEX Flex Ltd. Reduce -7.7% 1.37% +0.14 GRMN Garmin Ltd. Reduce -11.1% 1.25% +0.15 APG Api Group Corp. Reduce -3.7% 3.63% +0.26 FTAI Ftai Aviation Ltd. Reduce -40.0% 3.83% +0.26 TSM Taiwan Semiconductor-SP ADR Reduce -3.1% 2.08% +0.64
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ INSM Insmed Inc. Add +37.4% 6.47% +4.83 UNH Unitedhealth Group Inc. New 3.12% +3.12 GH Guardant Health Inc. New 2.99% +2.99 AMD Advanced Micro Devices New 2.88% +2.88 CRL Charles River Laboratories New 2.23% +2.23 AMZN Amazon.com Inc. New 2.01% +2.01 WM Waste Management Inc. New 1.81% +1.81 INSP Inspire Medical Systems Inc. New 1.78% +1.78 PSN Parsons Corp. New 1.39% +1.39 AME Ametek Inc. New 1.29% +1.29 TTEK Tetra Tech Inc. New 1.26% +1.26 CYTK Cytokinetics Inc. Add +129.9% 2.23% +1.16 CAG Conagra Brands Inc. New 1.11% +1.11 IP International Paper Co. New 1.00% +1.00 PWR Quanta Services Inc. Add +59.0% 2.16% +0.97 EXPE Expedia Group Inc. New 0.92% +0.92 BEKE Ke Holdings Inc.-ADR New 0.69% +0.69 CRH CRH PLC Add +29.0% 2.32% +0.55 CDNS Cadence Design SYS Inc. Add +25.0% 1.78% +0.55 VST Vistra Corp. New 0.53% +0.53 MMM 3M Co. Add +10.0% 1.74% +0.33 ONT Onterris Inc. New 0.28% +0.28 OPTINOSE INC Add +43.6% 0.90% +0.15 CRIS Curis Inc. Add +21.7% 0.37% −0.04 PRAX Praxis Precision Medicines I Add +18.6% 2.65% −0.18 XFOR X4 Pharmaceuticals Inc. Add +33.1% 0.41% −0.22 RAPT THERAPEUTICS INC Add +15.0% 0.81% −0.97
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ RSP Invesco S&P 500 Equal Weight put New 440,000 $72.3M XLF SS Financial Select Sector put Add +6.7% 800,000 $32.9M V Visa Inc. Class A call New 100,000 $26.2M BAC Bank of America Corp. call New 550,000 $21.9M EEM iShares MSCI Emerging Market call Add +150.0% 500,000 $21.3M IWM iShares Russell 2000 ETF put New 100,000 $20.3M NEE Nextera Energy Inc. call Sold out 300,000 $19.2Mbefore exit INDA iShares MSCI India ETF call Sold out 336,800 $17.4Mbefore exit SMH Vaneck Semiconductor ETF put Reduce -24.0% 65,000 $16.9M VST Vistra Corp. call Sold out 225,000 $15.7Mbefore exit XHB SS SPDR S&P Homebldrs ETF put New 150,000 $15.2M BX Blackstone Inc. put Sold out 100,000 $13.1Mbefore exit KKR KKR & Co. Inc. call New 100,000 $10.5M XLU St Sr Utl SL SE SPDR ETF-Usd call New 150,000 $10.2M DELL Dell Technologies -C put New 55,000 $7.6M META Meta Platforms Inc. Class A put New 12,500 $6.3M AFRM Affirm Holdings Inc. put New 200,000 $6.0M ALIT Alight Inc. Class A call Sold out 595,700 $5.9Mbefore exit KEY Keycorp call Sold out 350,000 $5.5Mbefore exit CEG Constellation Energy call Reduce -44.4% 25,000 $5.0M AL Sumisho Air Lease Corp. call New 100,000 $4.8M TAN Invesco Solar ETF put Sold out 100,000 $4.5Mbefore exit LSPD Lightspeed Commerce Inc. call Sold out 300,000 $4.2Mbefore exit INSM Insmed Inc. call Reduce -76.1% 47,800 $3.2M FLG New York Community Bancorp call New 750,000 $2.4M BITO Proshares Bitcoin ETF-Usd call New 100,000 $2.3M COMP Compass Inc. Class A call Sold out 450,000 $1.6Mbefore 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