Kingdon Capital Management, L.L.C. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Kingdon Capital Management, L.L.C. reported 54 stock positions worth $517.9 million . Its top holding was Nvidia (NVDA) at 4.2% of the portfolio, followed by Syndax Pharmaceuticals (SNDX, 3.8% ) and CRH (CRH, 3.5% ). Compared with Q1 2025, it opened 15 new positions, sold out of 15, added to 14 and reduced 17. The biggest buy was a new position in Sandisk (SNDK) and the biggest sale an exit from International Paper (IP).
Location NEW YORK, NY
CIK 0001000097
Portfolio Value $517.9M (Q2 2025) Holdings 54 stocks · $517.9M 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 2025 NVDA Nvidia Corp. 136,500 $21.6M Reduce -9.0% SNDX Syndax Pharmaceuticals Inc. 2,100,000 $19.7M Add +5.0% CRH CRH PLC 200,000 $18.4M Reduce -9.1% SNDK Sandisk Corp. 370,000 $16.8M New WM Waste Management Inc. 70,000 $16.0M Add +40.0% HUM Humana Inc. 64,600 $15.8M Add +54.6% TOL Toll Brothers Inc. 135,000 $15.4M New MMM 3M Co. 100,000 $15.2M Reduce -16.7% BLDR Builders Firstsource Inc. 128,500 $15.0M New CART Maplebear Inc. 320,000 $14.5M Reduce -3.0% AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 45,000 $14.4M New EWY iShares MSCI South Korea ETF 200,000 $14.4M New NXE Nexgen Energy Ltd. 1,977,837 $13.7M Add +5.3% PKG Packaging Corp. of America 70,000 $13.2M Add +40.0% HEI Heico Corp. 40,000 $13.1M Reduce -11.1% ECG Everus Construction Group 200,000 $12.7M Reduce -20.0% LOAR Loar Holdings Inc. 145,000 $12.5M Add +45.0% FLEX Flex Ltd. 240,000 $12.0M Reduce -11.1% TAP Molson Coors Beverage Co. Class B 240,200 $11.6M No change APG Api Group Corp. 225,000 $11.5M Reduce -18.2% TTEK Tetra Tech Inc. 315,000 $11.3M New SRAD Sportradar Group AG-A 400,000 $11.2M New JPM JPMorgan Chase & Co. 35,000 $10.1M New GMED Globus Medical Inc. Class A 170,000 $10.0M Add +12.4% OKTA Okta Inc. 100,000 $10.0M Add +81.8% RDNT Radnet Inc. 173,000 $9.8M Add +124.7% WMT Walmart Inc. 100,000 $9.8M No change TSM Taiwan Semiconductor-SP ADR 42,500 $9.6M Reduce -19.1% WWW Wolverine World Wide Inc. 524,700 $9.5M Reduce -16.0% IMAX Imax Corp. 338,654 $9.5M Reduce -24.7% MIR Mirion Technologies Inc. 425,000 $9.2M Reduce -5.6% CW Curtiss-Wright Corp. 17,500 $8.5M Reduce -41.7% WELL Welltower Inc. 55,000 $8.5M New ULS Ul Solutions Inc. Class A 115,000 $8.4M New WDC Western Digital Corp. 130,000 $8.3M Reduce -13.3% EW Edwards Lifesciences Corp. 91,300 $7.1M New PCT Purecycle Technologies Inc. 491,000 $6.7M New THC Tenet Healthcare Corp. 37,800 $6.7M Reduce -73.5% ALIT Alight Inc. Class A 1,100,000 $6.2M Add +69.2% WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 95,000 $6.0M Add +46.1% VST Vistra Corp. 30,000 $5.8M New MTCH Match Group Inc. 180,000 $5.6M Reduce -48.6% HCI Hci Group Inc. 35,000 $5.3M Add +34.6% ALDX Aldeyra Therapeutics Inc. 1,331,791 $5.1M Add +71.0% ZVRA Zevra Therapeutics Inc. 450,000 $4.0M New JSPR Jasper Therapeutics Inc. 684,707 $3.8M Add +39.7% NVNO Envveno Medical Corporation 859,261 $3.4M No change AMRC Ameresco Inc. Class A 200,000 $3.0M New GEG Great Elm Group Inc. 1,268,907 $2.6M No change SCPH Scpharmaceuticals Inc. 659,711 $2.5M Reduce -34.0% SCYX Scynexis Inc. 2,237,048 $1.5M No change NB Niocorp Developments Ltd. 314,465 $733K No change XFOR X4 Pharmaceuticals Inc. 233,332 $443K No change XAIR Beyond Air Inc. 936,683 $161K No change
Options reported separately and not counted above: KRE calls ($59.4M), IWM puts ($32.4M), KKR calls ($26.6M), SPY puts ($24.7M), EWJ puts ($22.5M), SMH puts ($16.7M), UPST puts ($12.9M), SNDK puts ($7.3M), ENPH puts ($5.9M), FSLR calls ($5.8M), ALIT calls ($4.2M), AI calls ($3.2M), and 1 more.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ IP International Paper Co. Sold out 0.00% −4.09 INSM Insmed Inc. Sold out 0.00% −3.40 THC Tenet Healthcare Corp. Reduce -73.5% 1.28% −2.69 ACHC Acadia Healthcare Co. Inc. Sold out 0.00% −2.66 PPL PPL Corp. Sold out 0.00% −2.62 HAS Hasbro Inc. Sold out 0.00% −2.31 UNH Unitedhealth Group Inc. Sold out 0.00% −2.20 META Meta Platforms Inc. Class A Sold out 0.00% −2.15 SYK Stryker Corp. Sold out 0.00% −2.05 TNDM Tandem Diabetes Care Inc. Sold out 0.00% −1.97 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −1.70 GEHC GE Healthcare Technology Sold out 0.00% −1.63 GKOS Glaukos Corp. Sold out 0.00% −1.52 MTCH Match Group Inc. Reduce -48.6% 1.07% −1.19 RH RH Sold out 0.00% −0.95 MMM 3M Co. Reduce -16.7% 2.94% −0.71 OPTINOSE INC Sold out 0.00% −0.71 AL Sumisho Air Lease Corp. Sold out 0.00% −0.70 IMAX Imax Corp. Reduce -24.7% 1.83% −0.63 CRH CRH PLC Reduce -9.1% 3.55% −0.46 CW Curtiss-Wright Corp. Reduce -41.7% 1.65% −0.32 SCPH Scpharmaceuticals Inc. Reduce -34.0% 0.49% −0.06 WWW Wolverine World Wide Inc. Reduce -16.0% 1.83% +0.03 HEI Heico Corp. Reduce -11.1% 2.53% +0.04 TSM Taiwan Semiconductor-SP ADR Reduce -19.1% 1.86% +0.05 CART Maplebear Inc. Reduce -3.0% 2.80% +0.07 APG Api Group Corp. Reduce -18.2% 2.22% +0.18 WDC Western Digital Corp. Reduce -13.3% 1.61% +0.35 MIR Mirion Technologies Inc. Reduce -5.6% 1.77% +0.42 FLEX Flex Ltd. Reduce -11.1% 2.31% +0.46 ECG Everus Construction Group Reduce -20.0% 2.45% +0.53 NVDA Nvidia Corp. Reduce -9.0% 4.16% +0.80
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ SNDK Sandisk Corp. New 3.24% +3.24 TOL Toll Brothers Inc. New 2.98% +2.98 BLDR Builders Firstsource Inc. New 2.90% +2.90 AJG Arthur J Gallagher & Co. New 2.78% +2.78 EWY iShares MSCI South Korea ETF New 2.77% +2.77 TTEK Tetra Tech Inc. New 2.19% +2.19 SRAD Sportradar Group AG-A New 2.17% +2.17 JPM JPMorgan Chase & Co. New 1.96% +1.96 WELL Welltower Inc. New 1.63% +1.63 ULS Ul Solutions Inc. Class A New 1.62% +1.62 EW Edwards Lifesciences Corp. New 1.38% +1.38 PCT Purecycle Technologies Inc. New 1.30% +1.30 VST Vistra Corp. New 1.12% +1.12 RDNT Radnet Inc. Add +124.7% 1.90% +1.11 LOAR Loar Holdings Inc. Add +45.0% 2.41% +0.95 NXE Nexgen Energy Ltd. Add +5.3% 2.65% +0.90 ZVRA Zevra Therapeutics Inc. New 0.77% +0.77 HUM Humana Inc. Add +54.6% 3.05% +0.76 OKTA Okta Inc. Add +81.8% 1.93% +0.73 WM Waste Management Inc. Add +40.0% 3.09% +0.69 AMRC Ameresco Inc. Class A New 0.59% +0.59 PKG Packaging Corp. of America Add +40.0% 2.55% +0.50 ALIT Alight Inc. Class A Add +69.2% 1.20% +0.40 WNS WNS Holdings Ltd. Add +46.1% 1.16% +0.33 JSPR Jasper Therapeutics Inc. Add +39.7% 0.73% +0.30 HCI Hci Group Inc. Add +34.6% 1.03% +0.22 ALDX Aldeyra Therapeutics Inc. Add +71.0% 0.98% +0.06 GMED Globus Medical Inc. Class A Add +12.4% 1.94% −0.36 SNDX Syndax Pharmaceuticals Inc. Add +5.0% 3.80% −1.29
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 139,900 $65.6Mbefore exit KRE SS SPDR S&P Regional Bank call New 1,000,000 $59.4M IWM iShares Russell 2000 ETF put New 150,000 $32.4M KKR KKR & Co. Inc. call New 200,000 $26.6M SPY SS SPDR S&P 500 ETF Trust-US put Reduce -92.7% 40,000 $24.7M XRT SS SPDR S&P Retail ETF put Sold out 345,000 $23.8Mbefore exit EWJ iShares MSCI Japan ETF put New 300,000 $22.5M SMH Vaneck Semiconductor ETF put Reduce -4.8% 60,000 $16.7M ALNY Alnylam Pharmaceuticals Inc. put Sold out 50,000 $13.5Mbefore exit UPST Upstart Holdings Inc. put New 200,000 $12.9M HOOD Robinhood Markets Inc. Class A call Sold out 300,000 $12.5Mbefore exit SNDK Sandisk Corp. put New 160,000 $7.3M CVNA Carvana Co. call Sold out 30,000 $6.3Mbefore exit ENPH Enphase Energy Inc. put Add +100.0% 150,000 $5.9M FSLR First Solar Inc. call New 35,000 $5.8M KRE SS SPDR S&P Regional Bank put Sold out 100,000 $5.7Mbefore exit ALIT Alight Inc. Class A call New 750,000 $4.2M AI C3.AI Inc. Class A call New 130,000 $3.2M GEV GE Vernova Inc. call Sold out 10,000 $3.1Mbefore exit EBAY eBay Inc. put New 40,000 $3.0M VST Vistra Corp. call Sold out 25,000 $2.9Mbefore exit CFLT Confluent Inc. Class A call Sold out 77,000 $1.8Mbefore exit SMCI Super Micro Computer Inc. call Sold out 40,000 $1.4Mbefore 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