Kingdon Capital Management, L.L.C. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Kingdon Capital Management, L.L.C. reported 54 stock positions worth $482.7 million . Its top holding was Syndax Pharmaceuticals (SNDX) at 5.1% of the portfolio, followed by International Paper (IP, 4.1% ) and CRH (CRH, 4.0% ). Compared with Q4 2024, it opened 18 new positions, sold out of 22, added to 16 and reduced 14. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale an exit from Praxis Precision Medicines I (PRAX).
Location NEW YORK, NY
CIK 0001000097
Portfolio Value $482.7M (Q1 2025) Holdings 54 stocks · $482.7M 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 Q4 2024 SNDX Syndax Pharmaceuticals Inc. 2,000,000 $24.6M No change IP International Paper Co. 370,000 $19.7M Add +34.5% CRH CRH PLC 220,000 $19.4M Add +18.9% THC Tenet Healthcare Corp. 142,500 $19.2M Reduce -6.1% MMM 3M Co. 120,000 $17.6M Add +4.3% INSM Insmed Inc. 215,000 $16.4M Reduce -4.4% NVDA Nvidia Corp. 150,000 $16.3M New TAP Molson Coors Beverage Co. Class B 240,200 $14.6M Reduce -16.7% CART Maplebear Inc. 330,000 $13.2M Add +3.1% ACHC Acadia Healthcare Co. Inc. 422,800 $12.8M New PPL PPL Corp. 350,000 $12.6M Add +32.1% HEI Heico Corp. 45,000 $12.0M Reduce -25.0% IMAX Imax Corp. 449,500 $11.8M Reduce -10.1% WM Waste Management Inc. 50,000 $11.6M Add +11.1% HAS Hasbro Inc. 181,000 $11.1M Reduce -17.7% GMED Globus Medical Inc. Class A 151,300 $11.1M New HUM Humana Inc. 41,792 $11.1M New MTCH Match Group Inc. 350,000 $10.9M Add +25.0% UNH Unitedhealth Group Inc. 20,262 $10.6M New META Meta Platforms Inc. Class A 18,000 $10.4M Reduce -20.0% SYK Stryker Corp. 26,600 $9.9M New PKG Packaging Corp. of America 50,000 $9.9M New APG Api Group Corp. 275,000 $9.8M New CW Curtiss-Wright Corp. 30,000 $9.5M Reduce -14.3% TNDM Tandem Diabetes Care Inc. 495,229 $9.5M Reduce -37.4% ECG Everus Construction Group 250,000 $9.3M Reduce -3.9% FLEX Flex Ltd. 270,000 $8.9M Add +22.7% WMT Walmart Inc. 100,000 $8.8M New TSM Taiwan Semiconductor-SP ADR 52,500 $8.7M Reduce -30.0% WWW Wolverine World Wide Inc. 624,700 $8.7M Add +82.3% NXE Nexgen Energy Ltd. 1,877,837 $8.4M Add +5.6% BABA Alibaba Group Holding-SP ADR 62,000 $8.2M New GEHC GE Healthcare Technology 97,500 $7.9M New GKOS Glaukos Corp. 74,400 $7.3M New LOAR Loar Holdings Inc. 100,000 $7.1M Add +33.3% MIR Mirion Technologies Inc. 450,000 $6.5M Add +12.5% WDC Western Digital Corp. 150,000 $6.1M Reduce -28.6% OKTA Okta Inc. 55,000 $5.8M Reduce -57.7% RH RH 19,519 $4.6M New ALDX Aldeyra Therapeutics Inc. 779,000 $4.5M New WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 65,000 $4.0M New HCI Hci Group Inc. 26,001 $3.9M New ALIT Alight Inc. Class A 650,000 $3.9M Reduce -25.7% RDNT Radnet Inc. 77,000 $3.8M New OPTINOSE INC 373,281 $3.4M No change AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 70,000 $3.4M New SCPH Scpharmaceuticals Inc. 1,000,000 $2.6M Add +25.0% GEG Great Elm Group Inc. 1,268,907 $2.4M No change NVNO Envveno Medical Corporation 859,261 $2.3M No change SCYX Scynexis Inc. 2,237,048 $2.1M No change JSPR Jasper Therapeutics Inc. 490,000 $2.1M Add +9.6% XFOR X4 Pharmaceuticals Inc. 7,000,000 $1.7M Add +41.8% NB Niocorp Developments Ltd. 314,465 $619K No change XAIR Beyond Air Inc. 936,683 $255K Add +65.0%
Options reported separately and not counted above: SPY puts ($307.7M), QQQ puts ($65.6M), XRT puts ($23.8M), ALNY puts ($13.5M), SMH puts ($13.3M), HOOD calls ($12.5M), CVNA calls ($6.3M), KRE puts ($5.7M), ENPH puts ($4.7M), GEV calls ($3.1M), VST calls ($2.9M), CFLT calls ($1.8M), and 1 more.
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ PRAX Praxis Precision Medicines I Sold out 0.00% −3.99 TNDM Tandem Diabetes Care Inc. Reduce -37.4% 1.97% −2.90 ONON On Holding AG Class A Sold out 0.00% −2.81 CRL Charles River Laboratories Sold out 0.00% −2.39 SAIA Saia Inc. Sold out 0.00% −2.34 BOOT Boot Barn Holdings Inc. Sold out 0.00% −2.16 PWR Quanta Services Inc. Sold out 0.00% −2.16 PCG P G & E Corp. Sold out 0.00% −1.98 ELV Elevance Health Inc. Sold out 0.00% −1.96 ALC Alcon Inc. Sold out 0.00% −1.71 VST Vistra Corp. Sold out 0.00% −1.53 PSN Parsons Corp. Sold out 0.00% −1.50 AJG Arthur J Gallagher & Co. Sold out 0.00% −1.46 OWL Blue Owl Capital Inc. Sold out 0.00% −1.39 MSFT Microsoft Corp. Sold out 0.00% −1.30 BJ Bj's Wholesale Club Holdings Sold out 0.00% −1.11 CDNS Cadence Design SYS Inc. Sold out 0.00% −1.03 ECG Everus Construction Group Reduce -3.9% 1.92% −1.00 CEG Constellation Energy Sold out 0.00% −0.96 WDC Western Digital Corp. Reduce -28.6% 1.26% −0.88 PLAY Dave & Buster's Entertainmen Sold out 0.00% −0.77 TXN Texas Instruments Inc. Sold out 0.00% −0.75 TSM Taiwan Semiconductor-SP ADR Reduce -30.0% 1.81% −0.73 OKTA Okta Inc. Reduce -57.7% 1.20% −0.55 QTRX Quanterix Corp. Sold out 0.00% −0.36 TTEK Tetra Tech Inc. Sold out 0.00% −0.27 ALIT Alight Inc. Class A Reduce -25.7% 0.80% −0.24 RAPT THERAPEUTICS INC Sold out 0.00% −0.16 CW Curtiss-Wright Corp. Reduce -14.3% 1.97% −0.15 META Meta Platforms Inc. Class A Reduce -20.0% 2.15% −0.10 HEI Heico Corp. Reduce -25.0% 2.49% +0.05 HAS Hasbro Inc. Reduce -17.7% 2.31% +0.20 TAP Molson Coors Beverage Co. Class B Reduce -16.7% 3.03% +0.21 IMAX Imax Corp. Reduce -10.1% 2.45% +0.27 THC Tenet Healthcare Corp. Reduce -6.1% 3.97% +0.70 INSM Insmed Inc. Reduce -4.4% 3.40% +0.74
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ NVDA Nvidia Corp. New 3.37% +3.37 ACHC Acadia Healthcare Co. Inc. New 2.66% +2.66 GMED Globus Medical Inc. Class A New 2.29% +2.29 HUM Humana Inc. New 2.29% +2.29 UNH Unitedhealth Group Inc. New 2.20% +2.20 SYK Stryker Corp. New 2.05% +2.05 PKG Packaging Corp. of America New 2.05% +2.05 APG Api Group Corp. New 2.04% +2.04 WMT Walmart Inc. New 1.82% +1.82 BABA Alibaba Group Holding-SP ADR New 1.70% +1.70 GEHC GE Healthcare Technology New 1.63% +1.63 IP International Paper Co. Add +34.5% 4.09% +1.56 GKOS Glaukos Corp. New 1.52% +1.52 PPL PPL Corp. Add +32.1% 2.62% +1.15 MMM 3M Co. Add +4.3% 3.65% +1.11 CRH CRH PLC Add +18.9% 4.01% +1.08 RH RH New 0.95% +0.95 ALDX Aldeyra Therapeutics Inc. New 0.93% +0.93 WM Waste Management Inc. Add +11.1% 2.40% +0.85 WNS WNS Holdings Ltd. New 0.83% +0.83 HCI Hci Group Inc. New 0.80% +0.80 RDNT Radnet Inc. New 0.79% +0.79 AL Sumisho Air Lease Corp. New 0.70% +0.70 MTCH Match Group Inc. Add +25.0% 2.26% +0.70 LOAR Loar Holdings Inc. Add +33.3% 1.46% +0.52 WWW Wolverine World Wide Inc. Add +82.3% 1.80% +0.50 CART Maplebear Inc. Add +3.1% 2.73% +0.46 FLEX Flex Ltd. Add +22.7% 1.85% +0.41 MIR Mirion Technologies Inc. Add +12.5% 1.35% +0.16 SCPH Scpharmaceuticals Inc. Add +25.0% 0.54% +0.06 XAIR Beyond Air Inc. Add +65.0% 0.05% +0.02 NXE Nexgen Energy Ltd. Add +5.6% 1.75% −0.26 XFOR X4 Pharmaceuticals Inc. Add +41.8% 0.34% −0.28 JSPR Jasper Therapeutics Inc. Add +9.6% 0.44% −1.20
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +2100.0% 550,000 $307.7M QQQ Invesco QQQ Trust Series 1 put New 139,900 $65.6M XRT SS SPDR S&P Retail ETF put New 345,000 $23.8M IWM iShares Russell 2000 ETF put Sold out 100,000 $22.1Mbefore exit ALNY Alnylam Pharmaceuticals Inc. put New 50,000 $13.5M SMH Vaneck Semiconductor ETF put New 63,000 $13.3M BX Blackstone Inc. put Sold out 75,000 $12.9Mbefore exit HOOD Robinhood Markets Inc. Class A call New 300,000 $12.5M XLF SS Financial Select Sector put Sold out 250,000 $12.1Mbefore exit XLU St Sr Utl SL SE SPDR ETF-Usd put Sold out 150,000 $11.4Mbefore exit MTUM iShares MSCI USA Momentum Fa put Sold out 50,000 $10.3Mbefore exit AES AES Corp. call Sold out 750,000 $9.7Mbefore exit PCG P G & E Corp. put Sold out 450,000 $9.1Mbefore exit CVNA Carvana Co. call New 30,000 $6.3M KRE SS SPDR S&P Regional Bank put New 100,000 $5.7M VST Vistra Corp. put Sold out 40,000 $5.5Mbefore exit ENPH Enphase Energy Inc. put New 75,000 $4.7M RKT Rocket Cos Inc. Class A put Sold out 350,000 $3.9Mbefore exit CIEN Ciena Corp. call Sold out 45,000 $3.8Mbefore exit GEV GE Vernova Inc. call New 10,000 $3.1M VST Vistra Corp. call New 25,000 $2.9M CFLT Confluent Inc. Class A call New 77,000 $1.8M NOVAQ Sunnova Energy International call Sold out 400,000 $1.4Mbefore exit SMCI Super Micro Computer Inc. call New 40,000 $1.4M
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