Kingdon Capital Management, L.L.C.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Kingdon Capital Management, L.L.C. reported 52 stock positions worth $597.1 million. Its top holding was Syndax Pharmaceuticals (SNDX) at 9.8% of the portfolio, followed by Nvidia (NVDA, 5.8%) and Nexgen Energy (NXE, 4.9%). Compared with Q4 2025, it opened 19 new positions, sold out of 24, added to 16 and reduced 11. The biggest buy was Syndax Pharmaceuticals (SNDX, shares +6%) and the biggest sale an exit from CRH (CRH).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001000097
- Portfolio Value
- $597.1M (Q1 2026)
- SEC Filing
- 0001000097-26-000005 ↗ filed May 15, 2026
Holdings Value
Holdings 52 stocks · $597.1M
| SNDX Syndax Pharmaceuticals Inc. | 9.78% | 2,500,000 | $58.4M | Add +6.4% |
| NVDA Nvidia Corp. | 5.84% | 200,000 | $34.9M | Add +37.9% |
| NXE Nexgen Energy Ltd. | 4.86% | 2,500,000 | $29.0M | No change |
| KEYS Keysight Technologies Inc. | 3.78% | 80,000 | $22.6M | Reduce -38.5% |
| WRBY Warby Parker Inc. Class A | 3.72% | 1,053,644 | $22.2M | No change |
| SLNO Soleno Therapeutics Inc. | 3.22% | 575,000 | $19.3M | Add +43.8% |
| APG Api Group Corp. | 3.05% | 450,000 | $18.2M | Add +20.0% |
| CART Maplebear Inc. | 2.95% | 470,000 | $17.6M | Add +20.5% |
| HWM Howmet Aerospace Inc. | 2.70% | 70,000 | $16.1M | Reduce -12.5% |
| TSM Taiwan Semiconductor-SP ADR | 2.55% | 45,000 | $15.2M | Add +12.5% |
| ECG Everus Construction Group | 2.47% | 125,000 | $14.8M | Reduce -37.5% |
| AHR American Healthcare REIT Inc. | 2.37% | 300,000 | $14.1M | Add +50.0% |
| ICLN iShares Global Clean Energy | 2.14% | 700,000 | $12.8M | New |
| OLMA Olema Pharmaceuticals Inc. | 2.13% | 855,000 | $12.7M | Reduce -10.3% |
| GTX Garrett Motion Inc. | 2.13% | 700,000 | $12.7M | New |
| AER Aercap Holdings NV | 2.07% | 90,000 | $12.3M | New |
| DAR Darling Ingredients Inc. | 1.97% | 190,000 | $11.8M | New |
| ICLR Icon PLC | 1.95% | 105,300 | $11.7M | Add +108.1% |
| BKD Brookdale Senior Living Inc. | 1.95% | 850,000 | $11.6M | New |
| FLEX Flex Ltd. filed as FLEXTRONICS INTL LTD | 1.92% | 175,000 | $11.5M | Add +84.2% |
| BABA Alibaba Group Holding-SP ADR | 1.89% | 90,000 | $11.3M | Reduce -10.0% |
| SRAD Sportradar Group AG-A | 1.89% | 674,000 | $11.3M | No change |
| VSEC Vse Corp. | 1.85% | 60,000 | $11.1M | New |
| HEI Heico Corp. | 1.84% | 40,000 | $11.0M | No change |
| AIR Aar Corp. | 1.83% | 100,000 | $10.9M | Add +150.0% |
| TDY Teledyne Technologies Inc. | 1.77% | 17,500 | $10.6M | Reduce -41.7% |
| WAY Waystar Holding Corp. | 1.77% | 438,000 | $10.6M | Add +5.7% |
| RAL Ralliant Corp. | 1.74% | 250,000 | $10.4M | Add +13.6% |
| CR Crane Co. | 1.72% | 60,000 | $10.3M | New |
| WELL Welltower Inc. | 1.66% | 50,000 | $9.9M | No change |
| ACHC Acadia Healthcare Co. Inc. | 1.55% | 396,192 | $9.3M | New |
| EWY iShares MSCI South Korea ETF | 1.54% | 75,000 | $9.2M | Reduce -34.8% |
| CGNX Cognex Corp. | 1.52% | 185,000 | $9.1M | New |
| CNL Collective Mining Ltd. | 1.25% | 425,000 | $7.5M | New |
| ZVRA Zevra Therapeutics Inc. | 1.21% | 775,000 | $7.2M | Add +32.5% |
| WWW Wolverine World Wide Inc. | 1.19% | 436,000 | $7.1M | Reduce -33.7% |
| GCO Genesco Inc. | 1.18% | 244,000 | $7.1M | New |
| GXO Gxo Logistics Inc. | 1.09% | 125,000 | $6.5M | New |
| AXON Axon Enterprise Inc. | 1.03% | 14,500 | $6.2M | Add +7.4% |
| CRDO Credo Technology Group Holdi | 1.02% | 65,000 | $6.1M | New |
| FPS Forgent Power Solutions Class A | 0.98% | 200,000 | $5.9M | New |
| LOW Lowe's Cos Inc. | 0.84% | 21,250 | $5.0M | New |
| ALDX Aldeyra Therapeutics Inc. | 0.61% | 2,152,315 | $3.6M | Add +16.3% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 0.61% | 400,000 | $3.6M | New |
| VICR Vicor Corp. | 0.54% | 20,000 | $3.2M | New |
| ELDN Eledon Pharmaceuticals Inc. | 0.54% | 1,039,275 | $3.2M | No change |
| TTEK Tetra Tech Inc. | 0.50% | 100,000 | $3.0M | Reduce -33.3% |
| ITRI Itron Inc. | 0.38% | 25,000 | $2.2M | Reduce -50.0% |
| NB Niocorp Developments Ltd. | 0.34% | 450,000 | $2.0M | Add +43.1% |
| SCYX Scynexis Inc. | 0.30% | 1,982,491 | $1.8M | New |
| JSPR Jasper Therapeutics Inc. | 0.20% | 1,352,106 | $1.2M | New |
| NVNO Envveno Medical Corp. | 0.06% | 36,166 | $366K | Reduce -0.1% |
Options reported separately and not counted above: SPY puts ($185.3M), IWM puts ($24.8M), MTUM puts ($15.6M), EWY puts ($14.8M), SMH puts ($13.4M), HOOD calls ($10.4M), XLF puts ($9.9M), GE calls ($8.5M), NU calls ($7.2M), VICR calls ($6.4M), TVTX puts ($5.9M), ETOR calls ($4.5M), and 3 more.
Portfolio Sells Q4 2025 → Q1 2026
| CRH CRH PLC | Sold out | 0.00% | −2.86 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −2.29 |
| FWONK Liberty Media Corp. Class C | Sold out | 0.00% | −2.11 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −1.80 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −1.72 |
| WMT Walmart Inc. | Sold out | 0.00% | −1.70 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −1.62 |
| LOAR Loar Holdings Inc. | Sold out | 0.00% | −1.56 |
| OLMA Olema Pharmaceuticals Inc. | Reduce -10.3% | 2.13% | −1.51 |
| ULS Ul Solutions Inc. Class A | Sold out | 0.00% | −1.51 |
| NXPI NXP Semiconductors NV | Sold out | 0.00% | −1.49 |
| BAC Bank of America Corp. | Sold out | 0.00% | −1.39 |
| HCI Hci Group Inc. | Sold out | 0.00% | −1.32 |
| ILMN Illumina Inc. | Sold out | 0.00% | −1.26 |
| RDNT Radnet Inc. | Sold out | 0.00% | −1.20 |
| ALC Alcon Inc. | Sold out | 0.00% | −1.07 |
| USFD US Foods Holding Corp. | Sold out | 0.00% | −0.98 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.84 |
| PRM Perimeter Solutions Inc. | Sold out | 0.00% | −0.84 |
| WDC Western Digital Corp. | Sold out | 0.00% | −0.79 |
| TAN Invesco Solar ETF | Sold out | 0.00% | −0.75 |
| OKTA Okta Inc. | Sold out | 0.00% | −0.73 |
| CCB Coastal Financial Corp. | Sold out | 0.00% | −0.70 |
| WWW Wolverine World Wide Inc. | Reduce -33.7% | 1.19% | −0.63 |
| CW Curtiss-Wright Corp. | Sold out | 0.00% | −0.59 |
| TDY Teledyne Technologies Inc. | Reduce -41.7% | 1.77% | −0.57 |
| BABA Alibaba Group Holding-SP ADR | Reduce -10.0% | 1.89% | −0.35 |
| ITRI Itron Inc. | Reduce -50.0% | 0.38% | −0.34 |
| TTEK Tetra Tech Inc. | Reduce -33.3% | 0.50% | −0.27 |
| PCT Purecycle Technologies Inc. | Sold out | 0.00% | −0.26 |
| KEYS Keysight Technologies Inc. | Reduce -38.5% | 3.78% | −0.26 |
| EWY iShares MSCI South Korea ETF | Reduce -34.8% | 1.54% | −0.17 |
| ECG Everus Construction Group | Reduce -37.5% | 2.47% | −0.15 |
| NVNO Envveno Medical Corp. | Reduce -0.1% | 0.06% | −0.00 |
| HWM Howmet Aerospace Inc. | Reduce -12.5% | 2.70% | +0.19 |
Portfolio Buys Q4 2025 → Q1 2026
| SNDX Syndax Pharmaceuticals Inc. | Add +6.4% | 9.78% | +2.22 |
| ICLN iShares Global Clean Energy | New | 2.14% | +2.14 |
| GTX Garrett Motion Inc. | New | 2.13% | +2.13 |
| AER Aercap Holdings NV | New | 2.07% | +2.07 |
| DAR Darling Ingredients Inc. | New | 1.97% | +1.97 |
| BKD Brookdale Senior Living Inc. | New | 1.95% | +1.95 |
| VSEC Vse Corp. | New | 1.85% | +1.85 |
| CR Crane Co. | New | 1.72% | +1.72 |
| NVDA Nvidia Corp. | Add +37.9% | 5.84% | +1.70 |
| ACHC Acadia Healthcare Co. Inc. | New | 1.55% | +1.55 |
| CGNX Cognex Corp. | New | 1.52% | +1.52 |
| AIR Aar Corp. | Add +150.0% | 1.83% | +1.33 |
| CNL Collective Mining Ltd. | New | 1.25% | +1.25 |
| GCO Genesco Inc. | New | 1.18% | +1.18 |
| GXO Gxo Logistics Inc. | New | 1.09% | +1.09 |
| FLEX Flex Ltd. | Add +84.2% | 1.92% | +1.04 |
| CRDO Credo Technology Group Holdi | New | 1.02% | +1.02 |
| FPS Forgent Power Solutions Class A | New | 0.98% | +0.98 |
| AHR American Healthcare REIT Inc. | Add +50.0% | 2.37% | +0.93 |
| APG Api Group Corp. | Add +20.0% | 3.05% | +0.86 |
| LOW Lowe's Cos Inc. | New | 0.84% | +0.84 |
| TSM Taiwan Semiconductor-SP ADR | Add +12.5% | 2.55% | +0.69 |
| REAL The Realreal Inc. | New | 0.61% | +0.61 |
| ICLR Icon PLC | Add +108.1% | 1.95% | +0.54 |
| VICR Vicor Corp. | New | 0.54% | +0.54 |
| ZVRA Zevra Therapeutics Inc. | Add +32.5% | 1.21% | +0.41 |
| SLNO Soleno Therapeutics Inc. | Add +43.8% | 3.22% | +0.39 |
| SCYX Scynexis Inc. | New | 0.30% | +0.30 |
| CART Maplebear Inc. | Add +20.5% | 2.95% | +0.26 |
| JSPR Jasper Therapeutics Inc. | New | 0.20% | +0.20 |
| NB Niocorp Developments Ltd. | Add +43.1% | 0.34% | +0.08 |
| RAL Ralliant Corp. | Add +13.6% | 1.74% | +0.03 |
| AXON Axon Enterprise Inc. | Add +7.4% | 1.03% | −0.14 |
| WAY Waystar Holding Corp. | Add +5.7% | 1.77% | −0.31 |
| ALDX Aldeyra Therapeutics Inc. | Add +16.3% | 0.61% | −0.86 |
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 285,000 | $185.3M |
| SLV iShares Silver Trust | put | Sold out | 850,000 | $54.8Mbefore exit |
| IWM iShares Russell 2000 ETF | put | New | 100,000 | $24.8M |
| NVDA Nvidia Corp. | put | Sold out | 115,000 | $21.4Mbefore exit |
| TAN Invesco Solar ETF | call | Sold out | 350,000 | $17.2Mbefore exit |
| BAC Bank of America Corp. | call | Sold out | 300,000 | $16.5Mbefore exit |
| KKR KKR & Co. Inc. | call | Sold out | 125,000 | $15.9Mbefore exit |
| MTUM iShares MSCI USA Momentum Fa | put | New | 65,000 | $15.6M |
| EWY iShares MSCI South Korea ETF | put | Add +60.0% | 120,000 | $14.8M |
| SMH Vaneck Semiconductor ETF | put | Reduce -30.0% | 35,000 | $13.4M |
| AMD Advanced Micro Devices | put | Sold out | 62,500 | $13.4Mbefore exit |
| BABA Alibaba Group Holding-SP ADR | put | Sold out | 75,000 | $11.0Mbefore exit |
| UPST Upstart Holdings Inc. | call | Sold out | 250,000 | $10.9Mbefore exit |
| HOOD Robinhood Markets Inc. Class A | call | New | 150,000 | $10.4M |
| XLF SS Financial Select Sector | put | New | 200,000 | $9.9M |
| GE General Electric | call | New | 30,000 | $8.5M |
| NU Nu Holdings Ltd./Cayman Isl-A | call | New | 500,000 | $7.2M |
| VICR Vicor Corp. | call | New | 40,000 | $6.4M |
| TVTX Travere Therapeutics Inc. | put | New | 200,000 | $5.9M |
| ETOR Etoro Group Ltd. Class A | call | New | 150,000 | $4.5M |
| NOW ServiceNow Inc. | call | New | 35,000 | $3.7M |
| COMP Compass Inc. Class A | call | New | 400,000 | $2.9M |
| INFY Infosys Ltd.-SP ADR | put | Sold out | 71,500 | $1.3Mbefore exit |
| ALIT Alight Inc. Class A | call | New | 900,000 | $524K |
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 |