Kingdon Capital Management, L.L.C.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Kingdon Capital Management, L.L.C. reported 57 stock positions worth $653.5 million. Its top holding was Syndax Pharmaceuticals (SNDX) at 7.6% of the portfolio, followed by Nvidia (NVDA, 4.1%) and Keysight Technologies (KEYS, 4.0%). Compared with Q3 2025, it opened 18 new positions, sold out of 25, added to 16 and reduced 13. The biggest buy was a new position in Keysight Technologies (KEYS) and the biggest sale an exit from Molina Healthcare (MOH).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001000097
- Portfolio Value
- $653.5M (Q4 2025)
- SEC Filing
- 0001000097-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 57 stocks · $653.5M
| SNDX Syndax Pharmaceuticals Inc. | 7.56% | 2,350,000 | $49.4M | Reduce -6.0% |
| NVDA Nvidia Corp. | 4.14% | 145,000 | $27.0M | Add +23.4% |
| KEYS Keysight Technologies Inc. | 4.04% | 130,000 | $26.4M | New |
| OLMA Olema Pharmaceuticals Inc. | 3.65% | 953,600 | $23.8M | Add +11.7% |
| NXE Nexgen Energy Ltd. | 3.52% | 2,500,000 | $23.0M | Add +14.8% |
| WRBY Warby Parker Inc. Class A | 3.51% | 1,053,644 | $23.0M | Add +201.0% |
| CRH CRH PLC | 2.86% | 150,000 | $18.7M | No change |
| SLNO Soleno Therapeutics Inc. | 2.83% | 399,900 | $18.5M | Add +32.9% |
| CART Maplebear Inc. | 2.68% | 390,000 | $17.5M | Reduce -13.3% |
| ECG Everus Construction Group | 2.62% | 200,000 | $17.1M | No change |
| HWM Howmet Aerospace Inc. | 2.51% | 80,000 | $16.4M | Add +45.5% |
| SRAD Sportradar Group AG-A | 2.45% | 674,000 | $16.0M | Add +42.2% |
| TDY Teledyne Technologies Inc. | 2.34% | 30,000 | $15.3M | Add +100.0% |
| AMD Advanced Micro Devices | 2.29% | 70,000 | $15.0M | New |
| BABA Alibaba Group Holding-SP ADR | 2.24% | 100,000 | $14.7M | New |
| APG Api Group Corp. | 2.20% | 375,000 | $14.3M | Add +15.4% |
| FWONK Liberty Media Corp. Class C | 2.11% | 140,000 | $13.8M | Add +75.0% |
| WAY Waystar Holding Corp. | 2.08% | 414,549 | $13.6M | New |
| HEI Heico Corp. | 1.98% | 40,000 | $12.9M | No change |
| TSM Taiwan Semiconductor-SP ADR | 1.86% | 40,000 | $12.2M | Reduce -5.9% |
| WWW Wolverine World Wide Inc. | 1.83% | 657,500 | $11.9M | Add +407.7% |
| GOOGL Alphabet Inc. Class A | 1.80% | 37,500 | $11.7M | Add +25.0% |
| TAP Molson Coors Beverage Co. Class B | 1.72% | 240,200 | $11.2M | No change |
| RAL Ralliant Corp. | 1.71% | 220,000 | $11.2M | No change |
| EWY iShares MSCI South Korea ETF | 1.71% | 115,000 | $11.2M | Reduce -14.8% |
| WMT Walmart Inc. | 1.70% | 100,000 | $11.1M | No change |
| CARR Carrier Global Corp. | 1.62% | 200,000 | $10.6M | New |
| LOAR Loar Holdings Inc. | 1.56% | 150,000 | $10.2M | No change |
| ULS Ul Solutions Inc. Class A | 1.51% | 125,000 | $9.9M | No change |
| NXPI NXP Semiconductors NV | 1.49% | 45,000 | $9.8M | Reduce -5.3% |
| ALDX Aldeyra Therapeutics Inc. | 1.47% | 1,850,000 | $9.6M | Add +38.9% |
| AHR American Healthcare REIT Inc. | 1.44% | 200,000 | $9.4M | New |
| WELL Welltower Inc. | 1.42% | 50,000 | $9.3M | Reduce -16.7% |
| ICLR Icon PLC | 1.41% | 50,600 | $9.2M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.39% | 165,000 | $9.1M | New |
| HCI Hci Group Inc. | 1.32% | 45,000 | $8.6M | Add +5.9% |
| ILMN Illumina Inc. | 1.26% | 62,700 | $8.2M | New |
| RDNT Radnet Inc. | 1.20% | 110,000 | $7.8M | New |
| AXON Axon Enterprise Inc. | 1.17% | 13,500 | $7.7M | Add +35.0% |
| ALC Alcon Inc. filed as ALCON AG | 1.07% | 88,480 | $7.0M | Add +53.9% |
| USFD US Foods Holding Corp. | 0.98% | 85,000 | $6.4M | New |
| FLEX Flex Ltd. | 0.88% | 95,000 | $5.7M | Reduce -45.7% |
| HIMS Hims & Hers Health Inc. | 0.84% | 170,000 | $5.5M | New |
| PRM Perimeter Solutions Inc. | 0.84% | 200,000 | $5.5M | New |
| ZVRA Zevra Therapeutics Inc. | 0.80% | 585,069 | $5.2M | Reduce -10.0% |
| WDC Western Digital Corp. | 0.79% | 30,000 | $5.2M | Reduce -50.0% |
| TTEK Tetra Tech Inc. | 0.77% | 150,000 | $5.0M | Reduce -14.3% |
| TAN Invesco Solar ETF | 0.75% | 100,000 | $4.9M | New |
| OKTA Okta Inc. | 0.73% | 55,000 | $4.8M | New |
| ITRI Itron Inc. | 0.71% | 50,000 | $4.6M | No change |
| CCB Coastal Financial Corp. | 0.70% | 40,000 | $4.6M | New |
| CW Curtiss-Wright Corp. | 0.59% | 7,000 | $3.9M | Reduce -60.0% |
| AIR Aar Corp. | 0.51% | 40,000 | $3.3M | New |
| PCT Purecycle Technologies Inc. | 0.26% | 200,000 | $1.7M | Reduce -63.8% |
| NB Niocorp Developments Ltd. | 0.26% | 314,465 | $1.7M | No change |
| ELDN Eledon Pharmaceuticals Inc. | 0.24% | 1,039,275 | $1.6M | New |
| NVNO Envveno Medical Corporation | 0.06% | 1,265,845 | $406K | Reduce -6.9% |
Options reported separately and not counted above: SLV puts ($54.8M), NVDA puts ($21.4M), SMH puts ($18.0M), TAN calls ($17.2M), BAC calls ($16.5M), KKR calls ($15.9M), AMD puts ($13.4M), BABA puts ($11.0M), UPST calls ($10.9M), EWY puts ($7.3M), INFY puts ($1.3M).
Portfolio Sells Q3 2025 → Q4 2025
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −3.30 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −3.06 |
| HUM Humana Inc. | Sold out | 0.00% | −2.88 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −2.85 |
| GMED Globus Medical Inc. Class A | Sold out | 0.00% | −2.31 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −2.23 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.84 |
| SKY Champion Homes Inc. | Sold out | 0.00% | −1.79 |
| ETR Entergy Corp. | Sold out | 0.00% | −1.68 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −1.44 |
| MIR Mirion Technologies Inc. | Sold out | 0.00% | −1.37 |
| ICE Intercontinental Exchange Inc. | Sold out | 0.00% | −1.32 |
| CNM Core & Main Inc. Class A | Sold out | 0.00% | −1.27 |
| GLW Corning Inc. | Sold out | 0.00% | −1.03 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.91 |
| CW Curtiss-Wright Corp. | Reduce -60.0% | 0.59% | −0.90 |
| PCT Purecycle Technologies Inc. | Reduce -63.8% | 0.26% | −0.88 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.88 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.81 |
| FLEX Flex Ltd. | Reduce -45.7% | 0.88% | −0.71 |
| BN Brookfield Corp. | Sold out | 0.00% | −0.64 |
| XFOR X4 Pharmaceuticals Inc. | Sold out | 0.00% | −0.50 |
| JSPR Jasper Therapeutics Inc. | Sold out | 0.00% | −0.49 |
| GEG Great Elm Group Inc. | Sold out | 0.00% | −0.45 |
| WDC Western Digital Corp. | Reduce -50.0% | 0.79% | −0.34 |
| SCYX Scynexis Inc. | Sold out | 0.00% | −0.27 |
| WELL Welltower Inc. | Reduce -16.7% | 1.42% | −0.25 |
| NXPI NXP Semiconductors NV | Reduce -5.3% | 1.49% | −0.20 |
| ZVRA Zevra Therapeutics Inc. | Reduce -10.0% | 0.80% | −0.17 |
| CVNA Carvana Co. | Sold out | 0.00% | −0.15 |
| TTEK Tetra Tech Inc. | Reduce -14.3% | 0.77% | −0.15 |
| NVNO Envveno Medical Corporation | Reduce -6.9% | 0.06% | −0.13 |
| PSN Parsons Corp. | Sold out | 0.00% | −0.13 |
| XAIR Beyond Air Inc. | Sold out | 0.00% | −0.02 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -5.9% | 1.86% | +0.00 |
| EWY iShares MSCI South Korea ETF | Reduce -14.8% | 1.71% | +0.02 |
| CART Maplebear Inc. | Reduce -13.3% | 2.68% | +0.09 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -6.0% | 7.56% | +1.53 |
Portfolio Buys Q3 2025 → Q4 2025
| KEYS Keysight Technologies Inc. | New | 4.04% | +4.04 |
| OLMA Olema Pharmaceuticals Inc. | Add +11.7% | 3.65% | +2.34 |
| AMD Advanced Micro Devices | New | 2.29% | +2.29 |
| BABA Alibaba Group Holding-SP ADR | New | 2.24% | +2.24 |
| WAY Waystar Holding Corp. | New | 2.08% | +2.08 |
| WRBY Warby Parker Inc. Class A | Add +201.0% | 3.51% | +2.00 |
| CARR Carrier Global Corp. | New | 1.62% | +1.62 |
| AHR American Healthcare REIT Inc. | New | 1.44% | +1.44 |
| ICLR Icon PLC | New | 1.41% | +1.41 |
| BAC Bank of America Corp. | New | 1.39% | +1.39 |
| WWW Wolverine World Wide Inc. | Add +407.7% | 1.83% | +1.27 |
| ILMN Illumina Inc. | New | 1.26% | +1.26 |
| RDNT Radnet Inc. | New | 1.20% | +1.20 |
| USFD US Foods Holding Corp. | New | 0.98% | +0.98 |
| TDY Teledyne Technologies Inc. | Add +100.0% | 2.34% | +0.97 |
| HIMS Hims & Hers Health Inc. | New | 0.84% | +0.84 |
| PRM Perimeter Solutions Inc. | New | 0.84% | +0.84 |
| HWM Howmet Aerospace Inc. | Add +45.5% | 2.51% | +0.82 |
| FWONK Liberty Media Corp. Class C | Add +75.0% | 2.11% | +0.80 |
| TAN Invesco Solar ETF | New | 0.75% | +0.75 |
| OKTA Okta Inc. | New | 0.73% | +0.73 |
| NVDA Nvidia Corp. | Add +23.4% | 4.14% | +0.70 |
| CCB Coastal Financial Corp. | New | 0.70% | +0.70 |
| GOOGL Alphabet Inc. Class A | Add +25.0% | 1.80% | +0.65 |
| AIR Aar Corp. | New | 0.51% | +0.51 |
| NXE Nexgen Energy Ltd. | Add +14.8% | 3.52% | +0.47 |
| SRAD Sportradar Group AG-A | Add +42.2% | 2.45% | +0.45 |
| APG Api Group Corp. | Add +15.4% | 2.20% | +0.45 |
| ALC Alcon Inc. | Add +53.9% | 1.07% | +0.40 |
| ALDX Aldeyra Therapeutics Inc. | Add +38.9% | 1.47% | +0.38 |
| ELDN Eledon Pharmaceuticals Inc. | New | 0.24% | +0.24 |
| AXON Axon Enterprise Inc. | Add +35.0% | 1.17% | +0.05 |
| HCI Hci Group Inc. | Add +5.9% | 1.32% | +0.04 |
| SLNO Soleno Therapeutics Inc. | Add +32.9% | 2.83% | −0.35 |
Options Activity Q3 2025 → Q4 2025
| SLV iShares Silver Trust | put | New | 850,000 | $54.8M |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 85,000 | $51.0Mbefore exit |
| NVDA Nvidia Corp. | put | New | 115,000 | $21.4M |
| SMH Vaneck Semiconductor ETF | put | Reduce -28.6% | 50,000 | $18.0M |
| TAN Invesco Solar ETF | call | New | 350,000 | $17.2M |
| BAC Bank of America Corp. | call | New | 300,000 | $16.5M |
| AMD Advanced Micro Devices | put | New | 62,500 | $13.4M |
| XLU St Sr Utl SL SE SPDR ETF-Usd | put | Sold out | 300,000 | $13.1Mbefore exit |
| BABA Alibaba Group Holding-SP ADR | put | New | 75,000 | $11.0M |
| UPST Upstart Holdings Inc. | call | New | 250,000 | $10.9M |
| BX Blackstone Inc. | put | Sold out | 60,000 | $10.3Mbefore exit |
| HCI Hci Group Inc. | call | Sold out | 50,000 | $9.6Mbefore exit |
| ITB iShares U.S. Home Constructi | put | Sold out | 75,000 | $8.0Mbefore exit |
| EWY iShares MSCI South Korea ETF | put | Reduce -60.5% | 75,000 | $7.3M |
| GEV GE Vernova Inc. | put | Sold out | 10,000 | $6.1Mbefore exit |
| ORCL Oracle Corp. | call | Sold out | 20,000 | $5.6Mbefore exit |
| SYF Synchrony Financial | put | Sold out | 75,000 | $5.3Mbefore exit |
| IOT Samsara Inc. Class A | call | Sold out | 100,000 | $3.7Mbefore exit |
| INFY Infosys Ltd.-SP ADR | put | New | 71,500 | $1.3M |
| MLTX Moonlake Immunotherapeutics | call | Sold out | 50,000 | $359Kbefore 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 |