Kingdon Capital Management, L.L.C.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Kingdon Capital Management, L.L.C. reported 64 stock positions worth $638.2 million. Its top holding was Syndax Pharmaceuticals (SNDX) at 6.0% of the portfolio, followed by Nvidia (NVDA, 3.4%) and Molina Healthcare (MOH, 3.3%). Compared with Q2 2025, it opened 27 new positions, sold out of 17, added to 17 and reduced 10. The biggest buy was a new position in Molina Healthcare (MOH) and the biggest sale an exit from Sandisk (SNDK).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001000097
- Portfolio Value
- $638.2M (Q3 2025)
- SEC Filing
- 0001000097-25-000022 ↗ filed Nov 14, 2025
Holdings Value
Holdings 64 stocks · $638.2M
| SNDX Syndax Pharmaceuticals Inc. | 6.03% | 2,500,000 | $38.5M | Add +19.1% |
| NVDA Nvidia Corp. | 3.44% | 117,500 | $21.9M | Reduce -13.9% |
| MOH Molina Healthcare Inc. | 3.30% | 110,200 | $21.1M | New |
| SLNO Soleno Therapeutics Inc. | 3.19% | 301,000 | $20.3M | New |
| EW Edwards Lifesciences Corp. | 3.06% | 251,400 | $19.6M | Add +175.4% |
| NXE Nexgen Energy Ltd. | 3.05% | 2,177,837 | $19.5M | Add +10.1% |
| HUM Humana Inc. | 2.88% | 70,600 | $18.4M | Add +9.3% |
| BLDR Builders Firstsource Inc. | 2.85% | 150,000 | $18.2M | Add +16.7% |
| CRH CRH PLC | 2.82% | 150,000 | $18.0M | Reduce -25.0% |
| ECG Everus Construction Group | 2.69% | 200,000 | $17.1M | No change |
| CART Maplebear Inc. | 2.59% | 450,000 | $16.5M | Add +40.6% |
| GMED Globus Medical Inc. Class A | 2.31% | 257,650 | $14.8M | Add +51.6% |
| MSFT Microsoft Corp. | 2.23% | 27,500 | $14.2M | New |
| HEI Heico Corp. | 2.02% | 40,000 | $12.9M | No change |
| SRAD Sportradar Group AG-A | 2.00% | 474,000 | $12.8M | Add +18.5% |
| LOAR Loar Holdings Inc. | 1.88% | 150,000 | $12.0M | Add +3.5% |
| TSM Taiwan Semiconductor-SP ADR | 1.86% | 42,500 | $11.9M | No change |
| META Meta Platforms Inc. Class A | 1.84% | 16,000 | $11.8M | New |
| SKY Champion Homes Inc. | 1.79% | 150,000 | $11.5M | New |
| APG Api Group Corp. | 1.75% | 325,000 | $11.2M | Reduce -3.7% |
| TAP Molson Coors Beverage Co. Class B | 1.70% | 240,200 | $10.9M | No change |
| NXPI NXP Semiconductors NV | 1.69% | 47,500 | $10.8M | New |
| EWY iShares MSCI South Korea ETF | 1.69% | 135,000 | $10.8M | Reduce -32.5% |
| HWM Howmet Aerospace Inc. | 1.69% | 55,000 | $10.8M | New |
| ETR Entergy Corp. | 1.68% | 115,000 | $10.7M | New |
| WELL Welltower Inc. | 1.67% | 60,000 | $10.7M | Add +9.1% |
| WMT Walmart Inc. | 1.61% | 100,000 | $10.3M | No change |
| FLEX Flex Ltd. | 1.59% | 175,000 | $10.1M | Reduce -27.1% |
| WRBY Warby Parker Inc. Class A | 1.51% | 350,000 | $9.7M | New |
| RAL Ralliant Corp. | 1.51% | 220,000 | $9.6M | New |
| CW Curtiss-Wright Corp. | 1.49% | 17,500 | $9.5M | No change |
| PANW Palo Alto Networks Inc. | 1.44% | 45,000 | $9.2M | New |
| ULS Ul Solutions Inc. Class A | 1.39% | 125,000 | $8.9M | Add +8.7% |
| TDY Teledyne Technologies Inc. | 1.38% | 15,000 | $8.8M | New |
| MIR Mirion Technologies Inc. | 1.37% | 375,000 | $8.7M | Reduce -11.8% |
| ICE Intercontinental Exchange Inc. | 1.32% | 50,000 | $8.4M | New |
| OLMA Olema Pharmaceuticals Inc. | 1.31% | 854,000 | $8.4M | New |
| FWONK Liberty Media Corp. Class C | 1.31% | 80,000 | $8.4M | New |
| HCI Hci Group Inc. | 1.28% | 42,500 | $8.2M | Add +21.4% |
| CNM Core & Main Inc. Class A | 1.27% | 150,000 | $8.1M | New |
| GOOGL Alphabet Inc. Class A | 1.14% | 30,000 | $7.3M | New |
| PCT Purecycle Technologies Inc. | 1.14% | 553,000 | $7.3M | Add +12.6% |
| WDC Western Digital Corp. | 1.13% | 60,000 | $7.2M | Reduce -53.9% |
| AXON Axon Enterprise Inc. | 1.12% | 10,000 | $7.2M | New |
| ALDX Aldeyra Therapeutics Inc. | 1.09% | 1,331,791 | $7.0M | No change |
| GLW Corning Inc. | 1.03% | 80,000 | $6.6M | New |
| ITRI Itron Inc. | 0.98% | 50,000 | $6.2M | New |
| ZVRA Zevra Therapeutics Inc. | 0.97% | 650,000 | $6.2M | Add +44.4% |
| TTEK Tetra Tech Inc. | 0.92% | 175,000 | $5.8M | Reduce -44.4% |
| HD Home Depot Inc. | 0.91% | 14,300 | $5.8M | New |
| LOW Lowe's Cos Inc. | 0.88% | 22,250 | $5.6M | New |
| KKR KKR & Co. Inc. | 0.81% | 40,000 | $5.2M | New |
| ALC Alcon Inc. filed as ALCON AG | 0.67% | 57,500 | $4.3M | New |
| BN Brookfield Corp. | 0.64% | 60,000 | $4.1M | New |
| WWW Wolverine World Wide Inc. | 0.56% | 129,500 | $3.6M | Reduce -75.3% |
| XFOR X4 Pharmaceuticals Inc. | 0.50% | 933,332 | $3.2M | Add +300.0% |
| JSPR Jasper Therapeutics Inc. | 0.49% | 1,324,845 | $3.2M | Add +93.5% |
| GEG Great Elm Group Inc. | 0.45% | 1,168,907 | $2.9M | Reduce -7.9% |
| NB Niocorp Developments Ltd. | 0.33% | 314,465 | $2.1M | No change |
| SCYX Scynexis Inc. | 0.27% | 2,237,048 | $1.7M | No change |
| NVNO Envveno Medical Corporation | 0.19% | 1,359,261 | $1.2M | Add +58.2% |
| CVNA Carvana Co. | 0.15% | 2,500 | $943K | New |
| PSN Parsons Corp. | 0.13% | 10,000 | $829K | New |
| XAIR Beyond Air Inc. | 0.02% | 46,833 | $108K | No change |
Options reported separately and not counted above: QQQ puts ($51.0M), SMH puts ($22.8M), KKR calls ($16.2M), EWY puts ($15.2M), XLU puts ($13.1M), BX puts ($10.3M), HCI calls ($9.6M), ITB puts ($8.0M), GEV puts ($6.1M), ORCL calls ($5.6M), SYF puts ($5.3M), IOT calls ($3.7M), and 1 more.
Portfolio Sells Q2 2025 → Q3 2025
| SNDK Sandisk Corp. | Sold out | 0.00% | −3.24 |
| WM Waste Management Inc. | Sold out | 0.00% | −3.09 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −2.98 |
| MMM 3M Co. | Sold out | 0.00% | −2.94 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −2.78 |
| PKG Packaging Corp. of America | Sold out | 0.00% | −2.55 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −1.96 |
| OKTA Okta Inc. | Sold out | 0.00% | −1.93 |
| RDNT Radnet Inc. | Sold out | 0.00% | −1.90 |
| IMAX Imax Corp. | Sold out | 0.00% | −1.83 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −1.28 |
| WWW Wolverine World Wide Inc. | Reduce -75.3% | 0.56% | −1.28 |
| TTEK Tetra Tech Inc. | Reduce -44.4% | 0.92% | −1.27 |
| ALIT Alight Inc. Class A | Sold out | 0.00% | −1.20 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −1.16 |
| VST Vistra Corp. | Sold out | 0.00% | −1.12 |
| EWY iShares MSCI South Korea ETF | Reduce -32.5% | 1.69% | −1.08 |
| MTCH Match Group Inc. | Sold out | 0.00% | −1.07 |
| NVDA Nvidia Corp. | Reduce -13.9% | 3.44% | −0.73 |
| CRH CRH PLC | Reduce -25.0% | 2.82% | −0.73 |
| FLEX Flex Ltd. | Reduce -27.1% | 1.59% | −0.72 |
| AMRC Ameresco Inc. Class A | Sold out | 0.00% | −0.59 |
| SCPH Scpharmaceuticals Inc. | Sold out | 0.00% | −0.49 |
| WDC Western Digital Corp. | Reduce -53.9% | 1.13% | −0.48 |
| APG Api Group Corp. | Reduce -3.7% | 1.75% | −0.47 |
| MIR Mirion Technologies Inc. | Reduce -11.8% | 1.37% | −0.40 |
| GEG Great Elm Group Inc. | Reduce -7.9% | 0.45% | −0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| MOH Molina Healthcare Inc. | New | 3.30% | +3.30 |
| SLNO Soleno Therapeutics Inc. | New | 3.19% | +3.19 |
| MSFT Microsoft Corp. | New | 2.23% | +2.23 |
| SNDX Syndax Pharmaceuticals Inc. | Add +19.1% | 6.03% | +2.23 |
| META Meta Platforms Inc. Class A | New | 1.84% | +1.84 |
| SKY Champion Homes Inc. | New | 1.79% | +1.79 |
| NXPI NXP Semiconductors NV | New | 1.69% | +1.69 |
| HWM Howmet Aerospace Inc. | New | 1.69% | +1.69 |
| EW Edwards Lifesciences Corp. | Add +175.4% | 3.06% | +1.68 |
| ETR Entergy Corp. | New | 1.68% | +1.68 |
| WRBY Warby Parker Inc. Class A | New | 1.51% | +1.51 |
| RAL Ralliant Corp. | New | 1.51% | +1.51 |
| PANW Palo Alto Networks Inc. | New | 1.44% | +1.44 |
| TDY Teledyne Technologies Inc. | New | 1.38% | +1.38 |
| ICE Intercontinental Exchange Inc. | New | 1.32% | +1.32 |
| OLMA Olema Pharmaceuticals Inc. | New | 1.31% | +1.31 |
| FWONK Liberty Media Corp. Class C | New | 1.31% | +1.31 |
| CNM Core & Main Inc. Class A | New | 1.27% | +1.27 |
| GOOGL Alphabet Inc. Class A | New | 1.14% | +1.14 |
| AXON Axon Enterprise Inc. | New | 1.12% | +1.12 |
| GLW Corning Inc. | New | 1.03% | +1.03 |
| ITRI Itron Inc. | New | 0.98% | +0.98 |
| HD Home Depot Inc. | New | 0.91% | +0.91 |
| LOW Lowe's Cos Inc. | New | 0.88% | +0.88 |
| KKR KKR & Co. Inc. | New | 0.81% | +0.81 |
| ALC Alcon Inc. | New | 0.67% | +0.67 |
| BN Brookfield Corp. | New | 0.64% | +0.64 |
| XFOR X4 Pharmaceuticals Inc. | Add +300.0% | 0.50% | +0.41 |
| NXE Nexgen Energy Ltd. | Add +10.1% | 3.05% | +0.40 |
| GMED Globus Medical Inc. Class A | Add +51.6% | 2.31% | +0.37 |
| HCI Hci Group Inc. | Add +21.4% | 1.28% | +0.25 |
| ZVRA Zevra Therapeutics Inc. | Add +44.4% | 0.97% | +0.20 |
| CVNA Carvana Co. | New | 0.15% | +0.15 |
| PSN Parsons Corp. | New | 0.13% | +0.13 |
| WELL Welltower Inc. | Add +9.1% | 1.67% | +0.04 |
| BLDR Builders Firstsource Inc. | Add +16.7% | 2.85% | −0.05 |
| PCT Purecycle Technologies Inc. | Add +12.6% | 1.14% | −0.16 |
| SRAD Sportradar Group AG-A | Add +18.5% | 2.00% | −0.17 |
| HUM Humana Inc. | Add +9.3% | 2.88% | −0.17 |
| CART Maplebear Inc. | Add +40.6% | 2.59% | −0.20 |
| ULS Ul Solutions Inc. Class A | Add +8.7% | 1.39% | −0.23 |
| JSPR Jasper Therapeutics Inc. | Add +93.5% | 0.49% | −0.24 |
| NVNO Envveno Medical Corporation | Add +58.2% | 0.19% | −0.47 |
| LOAR Loar Holdings Inc. | Add +3.5% | 1.88% | −0.53 |
Options Activity Q2 2025 → Q3 2025
| KRE SS SPDR S&P Regional Bank | call | Sold out | 1,000,000 | $59.4Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | New | 85,000 | $51.0M |
| IWM iShares Russell 2000 ETF | put | Sold out | 150,000 | $32.4Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 40,000 | $24.7Mbefore exit |
| SMH Vaneck Semiconductor ETF | put | Add +16.7% | 70,000 | $22.8M |
| EWJ iShares MSCI Japan ETF | put | Sold out | 300,000 | $22.5Mbefore exit |
| KKR KKR & Co. Inc. | call | Reduce -37.5% | 125,000 | $16.2M |
| EWY iShares MSCI South Korea ETF | put | New | 190,000 | $15.2M |
| XLU St Sr Utl SL SE SPDR ETF-Usd | put | New | 150,000 | $13.1M |
| UPST Upstart Holdings Inc. | put | Sold out | 200,000 | $12.9Mbefore exit |
| BX Blackstone Inc. | put | New | 60,000 | $10.3M |
| HCI Hci Group Inc. | call | New | 50,000 | $9.6M |
| ITB iShares U.S. Home Constructi | put | New | 75,000 | $8.0M |
| SNDK Sandisk Corp. | put | Sold out | 160,000 | $7.3Mbefore exit |
| GEV GE Vernova Inc. | put | New | 10,000 | $6.1M |
| ENPH Enphase Energy Inc. | put | Sold out | 150,000 | $5.9Mbefore exit |
| FSLR First Solar Inc. | call | Sold out | 35,000 | $5.8Mbefore exit |
| ORCL Oracle Corp. | call | New | 20,000 | $5.6M |
| SYF Synchrony Financial | put | New | 75,000 | $5.3M |
| ALIT Alight Inc. Class A | call | Sold out | 750,000 | $4.2Mbefore exit |
| IOT Samsara Inc. Class A | call | New | 100,000 | $3.7M |
| AI C3.AI Inc. Class A | call | Sold out | 130,000 | $3.2Mbefore exit |
| EBAY eBay Inc. | put | Sold out | 40,000 | $3.0Mbefore exit |
| MLTX Moonlake Immunotherapeutics | call | New | 50,000 | $359K |
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 |