Kingdon Capital Management, L.L.C.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Kingdon Capital Management, L.L.C. reported 68 stock positions worth $681.3 million. Its top holding was Insmed (INSM) at 4.3% of the portfolio, followed by Tenet Healthcare (THC, 4.1%) and Tandem Diabetes Care (TNDM, 3.3%). Compared with Q2 2024, it opened 20 new positions, sold out of 16, added to 18 and reduced 18. The biggest buy was a new position in Abbott Laboratories (ABT) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001000097
- Portfolio Value
- $681.3M (Q3 2024)
- SEC Filing
- 0001000097-24-000017 ↗ filed Nov 14, 2024
Holdings Value
Holdings 68 stocks · $681.3M
| INSM Insmed Inc. | 4.29% | 400,000 | $29.2M | Reduce -36.0% |
| THC Tenet Healthcare Corp. | 4.05% | 166,222 | $27.6M | Add +20.1% |
| TNDM Tandem Diabetes Care Inc. | 3.30% | 530,000 | $22.5M | Add +43.6% |
| PRAX Praxis Precision Medicines I | 3.11% | 368,000 | $21.2M | Reduce -11.3% |
| SNDX Syndax Pharmaceuticals Inc. | 2.83% | 1,000,000 | $19.3M | Add +11.7% |
| MMM 3M Co. | 2.81% | 140,000 | $19.1M | Add +27.3% |
| ABT Abbott Laboratories | 2.80% | 167,100 | $19.1M | New |
| AMD Advanced Micro Devices | 2.65% | 110,000 | $18.0M | Reduce -4.3% |
| CRH CRH PLC | 2.52% | 185,000 | $17.2M | Reduce -7.5% |
| TAP Molson Coors Beverage Co. Class B | 2.43% | 288,200 | $16.6M | No change |
| FTAI Ftai Aviation Ltd. | 2.24% | 115,000 | $15.3M | Reduce -52.1% |
| APG Api Group Corp. | 2.18% | 450,000 | $14.9M | Reduce -28.0% |
| IP International Paper Co. | 2.15% | 300,000 | $14.7M | Add +100.0% |
| CRL Charles River Laboratories | 2.14% | 74,100 | $14.6M | Add +6.2% |
| HEI Heico Corp. | 2.11% | 55,000 | $14.4M | Add +10.0% |
| SAIA Saia Inc. | 2.09% | 32,500 | $14.2M | New |
| CYTK Cytokinetics Inc. | 2.07% | 266,700 | $14.1M | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 2.06% | 280,000 | $14.0M | New |
| ALGN Align Technology Inc. | 1.97% | 52,900 | $13.5M | New |
| META Meta Platforms Inc. Class A | 1.89% | 22,500 | $12.9M | Reduce -18.2% |
| WM Waste Management Inc. | 1.83% | 60,000 | $12.5M | Add +9.1% |
| APD Air Products & Chemicals Inc. | 1.81% | 41,500 | $12.4M | New |
| HAS Hasbro Inc. | 1.80% | 170,000 | $12.3M | No change |
| GD General Dynamics Corp. | 1.77% | 40,000 | $12.1M | Add +20.5% |
| PWR Quanta Services Inc. | 1.75% | 40,000 | $11.9M | Reduce -27.3% |
| NXE Nexgen Energy Ltd. | 1.70% | 1,777,837 | $11.6M | Add +50.9% |
| CW Curtiss-Wright Corp. | 1.69% | 35,000 | $11.5M | Add +3.0% |
| LOW Lowe's Cos Inc. | 1.68% | 42,300 | $11.5M | Add +26.3% |
| TXN Texas Instruments Inc. | 1.67% | 55,000 | $11.4M | New |
| PLAY Dave & Buster's Entertainmen | 1.66% | 332,500 | $11.3M | New |
| TSM Taiwan Semiconductor-SP ADR | 1.66% | 65,000 | $11.3M | Reduce -16.1% |
| GH Guardant Health Inc. | 1.63% | 485,000 | $11.1M | Reduce -27.6% |
| CPRI Capri Holdings Ltd. | 1.56% | 250,000 | $10.6M | New |
| WMT Walmart Inc. | 1.55% | 130,500 | $10.5M | No change |
| MTD Mettler-Toledo International | 1.49% | 6,750 | $10.1M | New |
| CDNS Cadence Design SYS Inc. | 1.39% | 35,000 | $9.5M | Reduce -6.7% |
| TTEK Tetra Tech Inc. | 1.38% | 200,000 | $9.4M | No change |
| JSPR Jasper Therapeutics Inc. | 1.37% | 497,000 | $9.3M | No change |
| FLEX Flex Ltd. | 1.23% | 250,000 | $8.4M | Reduce -16.7% |
| MGPI MGP Ingredients Inc. | 1.22% | 99,975 | $8.3M | Add +15.9% |
| PSN Parsons Corp. | 1.14% | 75,000 | $7.8M | Reduce -31.8% |
| MSFT Microsoft Corp. | 1.14% | 18,000 | $7.7M | Reduce -10.0% |
| WSO Watsco Inc. | 1.08% | 15,000 | $7.4M | New |
| AER Aercap Holdings NV | 1.04% | 75,000 | $7.1M | Reduce -37.5% |
| IMAX Imax Corp. | 0.90% | 300,000 | $6.2M | New |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.88% | 72,700 | $6.0M | New |
| ITRI Itron Inc. | 0.86% | 55,000 | $5.9M | Add +10.0% |
| GRMN Garmin Ltd. | 0.85% | 33,000 | $5.8M | Reduce -33.5% |
| WWW Wolverine World Wide Inc. | 0.75% | 295,000 | $5.1M | New |
| VST Vistra Corp. | 0.70% | 40,000 | $4.7M | No change |
| CSGP Costar Group Inc. | 0.66% | 60,000 | $4.5M | New |
| OWL Blue Owl Capital Inc. | 0.64% | 225,000 | $4.4M | New |
| OPTINOSE INC | 0.55% | 5,599,237 | $3.8M | No change |
| SCPH Scpharmaceuticals Inc. | 0.54% | 800,000 | $3.6M | New |
| RAPT THERAPEUTICS INC | 0.51% | 1,725,000 | $3.5M | No change |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 0.50% | 75,000 | $3.4M | Add +50.0% |
| SCYX Scynexis Inc. | 0.49% | 2,237,048 | $3.3M | No change |
| XFOR X4 Pharmaceuticals Inc. | 0.46% | 4,638,683 | $3.1M | Add +0.3% |
| NVNO Envveno Medical Corporation | 0.42% | 859,261 | $2.9M | Add +31.4% |
| TPICQ Tpi Composites Inc. | 0.40% | 600,000 | $2.7M | New |
| QTRX Quanterix Corp. | 0.38% | 200,000 | $2.6M | New |
| GEV GE Vernova Inc. | 0.37% | 10,000 | $2.5M | New |
| GEG Great Elm Group Inc. | 0.36% | 1,268,907 | $2.4M | No change |
| TAN Invesco Solar ETF | 0.32% | 50,000 | $2.2M | New |
| ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP | 0.31% | 80,000 | $2.1M | Add +100.0% |
| NB Niocorp Developments Ltd. | 0.10% | 314,465 | $686K | No change |
| CRIS Curis Inc. | 0.07% | 90,000 | $485K | Reduce -74.0% |
| XAIR Beyond Air Inc. | 0.03% | 567,526 | $220K | Reduce -58.2% |
Options reported separately and not counted above: SPY puts ($86.1M), XLF puts ($34.0M), VST puts ($23.7M), MU puts ($13.0M), Z puts ($12.8M), GS puts ($12.4M), TAN calls ($10.8M), AMD puts ($10.3M), FLNC calls ($6.8M), ITB puts ($6.4M), INFY calls ($4.5M).
Portfolio Sells Q2 2024 → Q3 2024
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −3.12 |
| INSM Insmed Inc. | Reduce -36.0% | 4.29% | −2.18 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −2.01 |
| V Visa Inc. Class A | Sold out | 0.00% | −1.82 |
| INSP Inspire Medical Systems Inc. | Sold out | 0.00% | −1.78 |
| T AT&T Inc. | Sold out | 0.00% | −1.62 |
| FTAI Ftai Aviation Ltd. | Reduce -52.1% | 2.24% | −1.58 |
| HSY The Hershey Co. | Sold out | 0.00% | −1.47 |
| APG Api Group Corp. | Reduce -28.0% | 2.18% | −1.45 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −1.36 |
| GH Guardant Health Inc. | Reduce -27.6% | 1.63% | −1.36 |
| DELL Dell Technologies -C | Sold out | 0.00% | −1.33 |
| AME Ametek Inc. | Sold out | 0.00% | −1.29 |
| NVT Nvent Electric PLC | Sold out | 0.00% | −1.18 |
| CAG Conagra Brands Inc. | Sold out | 0.00% | −1.11 |
| EXPE Expedia Group Inc. | Sold out | 0.00% | −0.92 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −0.69 |
| AER Aercap Holdings NV | Reduce -37.5% | 1.04% | −0.68 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.57 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -16.1% | 1.66% | −0.42 |
| PWR Quanta Services Inc. | Reduce -27.3% | 1.75% | −0.41 |
| GRMN Garmin Ltd. | Reduce -33.5% | 0.85% | −0.40 |
| CDNS Cadence Design SYS Inc. | Reduce -6.7% | 1.39% | −0.39 |
| CRIS Curis Inc. | Reduce -74.0% | 0.07% | −0.30 |
| ALIT Alight Inc. Class A | Sold out | 0.00% | −0.28 |
| META Meta Platforms Inc. Class A | Reduce -18.2% | 1.89% | −0.25 |
| PSN Parsons Corp. | Reduce -31.8% | 1.14% | −0.25 |
| MSFT Microsoft Corp. | Reduce -10.0% | 1.14% | −0.24 |
| AMD Advanced Micro Devices | Reduce -4.3% | 2.65% | −0.23 |
| FLEX Flex Ltd. | Reduce -16.7% | 1.23% | −0.14 |
| XAIR Beyond Air Inc. | Reduce -58.2% | 0.03% | −0.08 |
| SLGL Sol-Gel Technologies Ltd. | Sold out | 0.00% | −0.02 |
| CRH CRH PLC | Reduce -7.5% | 2.52% | +0.20 |
| PRAX Praxis Precision Medicines I | Reduce -11.3% | 3.11% | +0.46 |
Portfolio Buys Q2 2024 → Q3 2024
| ABT Abbott Laboratories | New | 2.80% | +2.80 |
| SAIA Saia Inc. | New | 2.09% | +2.09 |
| ONON On Holding AG Class A | New | 2.06% | +2.06 |
| ALGN Align Technology Inc. | New | 1.97% | +1.97 |
| APD Air Products & Chemicals Inc. | New | 1.81% | +1.81 |
| TXN Texas Instruments Inc. | New | 1.67% | +1.67 |
| PLAY Dave & Buster's Entertainmen | New | 1.66% | +1.66 |
| CPRI Capri Holdings Ltd. | New | 1.56% | +1.56 |
| MTD Mettler-Toledo International | New | 1.49% | +1.49 |
| THC Tenet Healthcare Corp. | Add +20.1% | 4.05% | +1.21 |
| IP International Paper Co. | Add +100.0% | 2.15% | +1.15 |
| WSO Watsco Inc. | New | 1.08% | +1.08 |
| MMM 3M Co. | Add +27.3% | 2.81% | +1.07 |
| TNDM Tandem Diabetes Care Inc. | Add +43.6% | 3.30% | +1.00 |
| IMAX Imax Corp. | New | 0.90% | +0.90 |
| BJ Bj's Wholesale Club Holdings | New | 0.88% | +0.88 |
| WWW Wolverine World Wide Inc. | New | 0.75% | +0.75 |
| CSGP Costar Group Inc. | New | 0.66% | +0.66 |
| OWL Blue Owl Capital Inc. | New | 0.64% | +0.64 |
| LOW Lowe's Cos Inc. | Add +26.3% | 1.68% | +0.54 |
| SCPH Scpharmaceuticals Inc. | New | 0.54% | +0.54 |
| NXE Nexgen Energy Ltd. | Add +50.9% | 1.70% | +0.43 |
| TPICQ Tpi Composites Inc. | New | 0.40% | +0.40 |
| HEI Heico Corp. | Add +10.0% | 2.11% | +0.38 |
| QTRX Quanterix Corp. | New | 0.38% | +0.38 |
| GEV GE Vernova Inc. | New | 0.37% | +0.37 |
| TAN Invesco Solar ETF | New | 0.32% | +0.32 |
| GD General Dynamics Corp. | Add +20.5% | 1.77% | +0.29 |
| CW Curtiss-Wright Corp. | Add +3.0% | 1.69% | +0.27 |
| MGPI MGP Ingredients Inc. | Add +15.9% | 1.22% | +0.23 |
| AL Sumisho Air Lease Corp. | Add +50.0% | 0.50% | +0.13 |
| ITRI Itron Inc. | Add +10.0% | 0.86% | +0.10 |
| XFOR X4 Pharmaceuticals Inc. | Add +0.3% | 0.46% | +0.04 |
| ONT Onterris Inc. | Add +100.0% | 0.31% | +0.03 |
| WM Waste Management Inc. | Add +9.1% | 1.83% | +0.02 |
| SNDX Syndax Pharmaceuticals Inc. | Add +11.7% | 2.83% | −0.01 |
| CRL Charles River Laboratories | Add +6.2% | 2.14% | −0.08 |
| NVNO Envveno Medical Corporation | Add +31.4% | 0.42% | −0.11 |
Options Activity Q2 2024 → Q3 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 150,000 | $86.1M |
| RSP Invesco S&P 500 Equal Weight | put | Sold out | 440,000 | $72.3Mbefore exit |
| XLF SS Financial Select Sector | put | Reduce -6.3% | 750,000 | $34.0M |
| V Visa Inc. Class A | call | Sold out | 100,000 | $26.2Mbefore exit |
| VST Vistra Corp. | put | New | 200,000 | $23.7M |
| BAC Bank of America Corp. | call | Sold out | 550,000 | $21.9Mbefore exit |
| EEM iShares MSCI Emerging Market | call | Sold out | 500,000 | $21.3Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 100,000 | $20.3Mbefore exit |
| SMH Vaneck Semiconductor ETF | put | Sold out | 65,000 | $16.9Mbefore exit |
| XHB SS SPDR S&P Homebldrs ETF | put | Sold out | 150,000 | $15.2Mbefore exit |
| MU Micron Technology Inc. | put | New | 125,000 | $13.0M |
| Z Zillow Group Inc. Class C | put | New | 200,000 | $12.8M |
| GS Goldman Sachs Group Inc. | put | New | 25,000 | $12.4M |
| TAN Invesco Solar ETF | call | New | 250,000 | $10.8M |
| KKR KKR & Co. Inc. | call | Sold out | 100,000 | $10.5Mbefore exit |
| AMD Advanced Micro Devices | put | New | 62,500 | $10.3M |
| XLU St Sr Utl SL SE SPDR ETF-Usd | call | Sold out | 150,000 | $10.2Mbefore exit |
| DELL Dell Technologies -C | put | Sold out | 55,000 | $7.6Mbefore exit |
| FLNC Fluence Energy Inc. | call | New | 300,000 | $6.8M |
| ITB iShares U.S. Home Constructi | put | New | 50,000 | $6.4M |
| META Meta Platforms Inc. Class A | put | Sold out | 12,500 | $6.3Mbefore exit |
| AFRM Affirm Holdings Inc. | put | Sold out | 200,000 | $6.0Mbefore exit |
| CEG Constellation Energy | call | Sold out | 25,000 | $5.0Mbefore exit |
| AL Sumisho Air Lease Corp. | call | Sold out | 100,000 | $4.8Mbefore exit |
| INFY Infosys Ltd.-SP ADR | call | New | 200,000 | $4.5M |
| INSM Insmed Inc. | call | Sold out | 47,800 | $3.2Mbefore exit |
| FLG New York Community Bancorp | call | Sold out | 250,000 | $2.4Mbefore exit |
| BITO Proshares Bitcoin ETF-Usd | call | Sold out | 100,000 | $2.3Mbefore 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 |