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Funds (13F)

Nantahala Capital Management, LLC

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+17.1%
S&P 500 +14.1%
Last 12 months
+2.7%
S&P 500 +12.1%
Sharpe ratio
0.63
S&P 500 0.78
Biggest drop
−50.7%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $80.4k$57.0k
StrategyS&P 500 $10,000 in Nantahala Capital Management, LLC from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Nantahala Capital Management, LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Nantahala Capital Management, LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+17.1%+14.1%
Total return+704%+470%
Last 12 months+2.7%+12.1%
Last 3 months−11.4%—
Last month−2.5%—
This year so far−4.3%—
Volatility a year28.0%16.0%
Sharpe ratio0.630.78
Biggest drop−50.7%−31.8%
Beta to the S&P 5001.281.00
Alpha a year (t-statistic)+1.7% (0.33)—
Share of weeks up55%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
TBBK4.9%——
BVS3.6%——
HGV3.4%——
SVRA2.7%——
ETON2.7%——
AMRX2.5%——
EOLS2.5%——
AVTX2.2%——
LBRX2.2%——
AVR2.1%——
ABEO2.0%——
PTON1.9%——
ESTA1.8%——
XTNT1.8%——
JACK1.7%——
GOGO1.7%——
IMAX1.7%——
ZVRA1.6%——
TITN1.5%——
RMR1.5%——
FOSL1.4%——
FOXF1.4%——
MLYS1.4%——
RDNW1.4%——
QURE1.3%——
AURA1.3%——
AGMB1.3%——
FULC1.3%——
BNTC1.3%——
ADMA1.3%——
CWH1.2%——
BCRX1.2%——
MDXG1.2%——
ABVX1.1%——
USNA1.1%——
GLUE1.0%——
TNGX1.0%——
GERN1.0%——
VOR1.0%——
KROS1.0%——
SLN0.9%——
APYX0.9%——
JCAP0.9%——
HLF0.9%——
PLNT0.9%——
VSTM0.9%——
DSGR0.9%——
RYAM0.8%——
ADCT0.8%——
PCVX0.8%——
IRD0.8%——
JANX0.8%——
INSP0.8%——
FLWS0.7%——
XFOR0.7%——
ITGR0.7%——
IVA0.6%——
ILPT0.6%——
DUOL0.6%——
RSVR0.6%——
GUTS0.6%——
DHX0.6%——
AMLX0.6%——
KRRO0.6%——
ALEC0.6%——
NDLS0.5%——
CDXS0.5%——
CATX0.5%——
VMD0.5%——
UNCY0.4%——
COOK0.4%——
FORR0.4%——
LXEO0.4%——
RH0.4%——
COCH0.4%——
ELOX0.3%——
IKT0.3%——
TRAX0.3%——
HAIN0.3%——
KIDS0.3%——
ALT0.3%——
TLSI0.3%——
TELA0.3%——
STKS0.3%——
IMUX0.2%——
ZLAB0.2%——
TLPH0.2%——
CHYM0.2%——
VENU0.2%——
PAYO0.2%——
ELUT0.2%——
KLRA0.2%——
RLYB0.2%——
ARTV0.2%——
DXLG0.2%——
EDIT0.2%——
EHTH0.2%——
ARVN0.2%——
RDI0.2%——
NSPR0.1%——
AYTU0.1%——
AKBA0.1%——
TRDA0.1%——
GAIA0.1%——
CRMT0.1%——
ALXO0.1%——
BRCC0.1%——
ACU0.1%——
SNAP0.1%——
CLRB0.0%——
SNTI0.0%——
AZTR0.0%——
APRE0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+17.1%+14.1%0.630.78−50.7%1.28+1.7% (0.33)
2018 onwards5 Jan 2018 to 2 Nov 2026+14.5%+13.9%0.500.66−50.7%1.32+0.2% (0.03)
Last three years3 Nov 2023 to 2 Nov 2026+25.1%+21.8%0.761.16−29.3%1.17+3.1% (0.22)
Last year7 Nov 2025 to 2 Nov 2026+10.6%+14.2%0.380.84−17.3%1.11−2.1% (−0.11)
DateCompanyAction
21 Aug 2026ZLABBought
21 Aug 2026VORBought
21 Aug 2026TRAXBought
21 Aug 2026SNTIBought
21 Aug 2026SNAPBought
21 Aug 2026PLNTBought
21 Aug 2026KLRABought
21 Aug 2026IVABought
21 Aug 2026INSPBought
21 Aug 2026IMUXBought
21 Aug 2026ELOXBought
21 Aug 2026EDITBought
21 Aug 2026CLRBBought
21 Aug 2026CATXBought
21 Aug 2026AZTRBought
21 Aug 2026ARTVBought
21 Aug 2026ALXOBought
21 Aug 2026ALTBought
21 Aug 2026ADMABought
22 May 2026VENUBought
22 May 2026TRDABought
22 May 2026RVMDBought
22 May 2026RLYBBought
22 May 2026PCVXBought
22 May 2026NDLSBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026XNCRSold
21 Aug 2026UPBSold
21 Aug 2026SLDBSold
21 Aug 2026RVMDSold
21 Aug 2026PEPGSold
21 Aug 2026NNBRSold
21 Aug 2026KOSSold
21 Aug 2026IRONSold
21 Aug 2026GRCESold
21 Aug 2026DNTHSold
21 Aug 2026CZRSold
21 Aug 2026COGTSold
21 Aug 2026CGONSold
21 Aug 2026ACHVSold
22 May 2026SRZNSold
22 May 2026NPCESold
22 May 2026NKTRSold
22 May 2026LUCDSold
22 May 2026GMEDSold
22 May 2026EDSASold
22 May 2026CNTXSold
22 May 2026CMPSSold
22 May 2026CMCOSold
22 May 2026CASHSold
20 Feb 2026VTGNSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest