Kingdon Capital Management, L.L.C.
NEW YORK, NY
$742m in 57 US stocks at the end of 30 June 2026. The top 10 are 39.7% of the money. It changed about 33.8% of the portfolio this quarter.
Value
$742m
Stocks
57
Top 10 share
39.7%
Turnover
33.8%
What changed this quarter
New
Bought for the first time this quarter.
- GrailGRAL3.1% of the fund
- Hims & Hers HealthHIMS2.5% of the fund
- Fluence EnergyFLNC2.4% of the fund
- IlluminaILMN2.3% of the fund
- Intuitive SurgicalISRG2.0% of the fund
- Butterfly NetworkBFLY1.9% of the fund
- CytokineticsCYTK1.8% of the fund
- Quanta ServicesPWR1.6% of the fund
- FedExFDX1.5% of the fund
- Invesco Exch Traded FD TR IITAN1.4% of the fund
- ITTITT1.3% of the fund
- General ElectricGE1.3% of the fund
- EntegrisENTG1.2% of the fund
- Delta Air LinesDAL1.0% of the fund
- Lionsgate StudiosLION0.8% of the fund
- F5FFIV0.7% of the fund
- InventivaIVA0.6% of the fund
- CompassCOMP0.4% of the fund
- Compass TherapeuticsCMPX0.4% of the fund
- ScynexisSCYX0.1% of the fund
Added
Bought more of a stock they already held.
- NvidiaNVDA6.5% of the fund+20%
- Warby ParkerWRBY4.6% of the fund+7%
- APi GroupAPG3.4% of the fund+33%
- Teledyne TechnologiesTDY2.2% of the fund+43%
- Olema PharmaceuticalsOLMA2.0% of the fund+40%
- CognexCGNX2.0% of the fund+8%
- Alibaba Group HldgBABA1.3% of the fund+11%
- TheRealRealREAL1.3% of the fund+103%
- VicorVICR1.3% of the fund+25%
- Wolverine World WideWWW1.1% of the fund+11%
- Aldeyra TherapeuticsALDX0.8% of the fund+23%
Cut
Sold some of their stake.
- Keysight TechnologiesKEYS3.3% of the fund-13%
- MaplebearCART2.4% of the fund-19%
- Howmet AerospaceHWM2.2% of the fund-14%
- FlexFLEX2.0% of the fund-49%
- Garrett MotionGTX1.8% of the fund-46%
- Brookdale Senior LivingBKD1.7% of the fund-6%
- VSEVSEC1.6% of the fund-13%
- RalliantRAL1.5% of the fund-40%
- HeicoHEI1.4% of the fund-25%
- AerCap HoldingsAER1.4% of the fund-22%
- American Healthcare REITAHR1.2% of the fund-42%
- CraneCR1.2% of the fund-33%
- AARAIR1.0% of the fund-48%
- Darling IngredientsDAR1.0% of the fund-29%
- Credo Technology Group HoldingCRDO0.8% of the fund-67%
- WelltowerWELL0.8% of the fund-50%
Sold out
Sold their entire stake.
- Soleno Therapeutics-100%
- Ishares TRICLN-100%
- IconICLR-100%
- Sportradar Group AGSRAD-100%
- Waystar HoldingWAY-100%
- Acadia Healthcare CompanyACHC-100%
- IsharesEWY-100%
- Collective MiningCNL-100%
- GXO LogisticsGXO-100%
- Axon EnterpriseAXON-100%
- Forgent Power SolutionsFPS-100%
- Lowe's CompaniesLOW-100%
- Tetra TechTTEK-100%
- ItronITRI-100%
- Scynexis-100%
Holdings
- NexGen EnergyNXE
- Share
- 3.2%
- Value
- $23m
- Shares
- 2,500,000
Held
- Invesco Exch Traded FD TR IITAN
- Share
- 1.4%
- Value
- $10m
- Shares
- 175,000
New
- Alibaba Group HldgBABA
- Share
- 1.3%
- Value
- $10m
- Shares
- 100,000
+11%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Syndax PharmaceuticalsSNDX | 7.4% | $55m | 2,500,000 | Held |
| NvidiaNVDA | 6.5% | $48m | 240,000 | +20% |
| Warby ParkerWRBY | 4.6% | $34m | 1,126,644 | +7% |
| APi GroupAPG | 3.4% | $25m | 600,000 | +33% |
| Keysight TechnologiesKEYS | 3.3% | $25m | 70,000 | -13% |
| NexGen EnergyNXE | 3.2% | $23m | 2,500,000 | Held |
| GrailGRAL | 3.1% | $23m | 340,000 | New |
| Taiwan Semiconductor ManufacturingTSM | 2.9% | $21m | 45,000 | Held |
| Everus Construction GroupECG | 2.8% | $21m | 125,000 | Held |
| Hims & Hers HealthHIMS | 2.5% | $19m | 542,500 | New |
| MaplebearCART | 2.4% | $18m | 380,000 | -19% |
| Fluence EnergyFLNC | 2.4% | $18m | 900,000 | New |
| IlluminaILMN | 2.3% | $17m | 97,800 | New |
| Teledyne TechnologiesTDY | 2.2% | $17m | 25,000 | +43% |
| Howmet AerospaceHWM | 2.2% | $16m | 60,000 | -14% |
| Olema PharmaceuticalsOLMA | 2.0% | $15m | 1,200,000 | +40% |
| Intuitive SurgicalISRG | 2.0% | $15m | 37,100 | New |
| FlexFLEX | 2.0% | $15m | 90,000 | -49% |
| CognexCGNX | 2.0% | $14m | 200,000 | +8% |
| Butterfly NetworkBFLY | 1.9% | $14m | 1,700,000 | New |
| Garrett MotionGTX | 1.8% | $14m | 375,000 | -46% |
| CytokineticsCYTK | 1.8% | $13m | 157,100 | New |
| Brookdale Senior LivingBKD | 1.7% | $13m | 800,000 | -6% |
| VSEVSEC | 1.6% | $12m | 52,500 | -13% |
| Quanta ServicesPWR | 1.6% | $12m | 16,000 | New |
| Zevra TherapeuticsZVRA | 1.5% | $11m | 775,000 | Held |
| RalliantRAL | 1.5% | $11m | 150,000 | -40% |
| FedExFDX | 1.5% | $11m | 35,000 | New |
| HeicoHEI | 1.4% | $11m | 30,000 | -25% |
| Invesco Exch Traded FD TR IITAN | 1.4% | $10m | 175,000 | New |
| AerCap HoldingsAER | 1.4% | $10m | 70,000 | -22% |
| ITTITT | 1.3% | $10m | 50,000 | New |
| Alibaba Group HldgBABA | 1.3% | $10m | 100,000 | +11% |
| TheRealRealREAL | 1.3% | $10m | 813,000 | +103% |
| VicorVICR | 1.3% | $9m | 25,000 | +25% |
| General ElectricGE | 1.3% | $9m | 25,000 | New |
| American Healthcare REITAHR | 1.2% | $9m | 175,000 | -42% |
| EntegrisENTG | 1.2% | $9m | 50,000 | New |
| CraneCR | 1.2% | $9m | 40,000 | -33% |
| GenescoGCO | 1.1% | $8m | 244,000 | Held |
| Wolverine World WideWWW | 1.1% | $8m | 485,000 | +11% |
| AARAIR | 1.0% | $8m | 52,500 | -48% |
| Darling IngredientsDAR | 1.0% | $7m | 135,000 | -29% |
| Delta Air LinesDAL | 1.0% | $7m | 77,000 | New |
| Credo Technology Group HoldingCRDO | 0.8% | $6m | 21,500 | -67% |
| Lionsgate StudiosLION | 0.8% | $6m | 375,000 | New |
| WelltowerWELL | 0.8% | $6m | 25,000 | -50% |
| Aldeyra TherapeuticsALDX | 0.8% | $6m | 2,652,315 | +23% |
| F5FFIV | 0.7% | $5m | 12,000 | New |
| InventivaIVA | 0.6% | $5m | 1,270,000 | New |
| Eledon PharmaceuticalsELDN | 0.6% | $4m | 1,039,275 | Held |
| CompassCOMP | 0.4% | $3m | 250,000 | New |
| Compass TherapeuticsCMPX | 0.4% | $3m | 1,400,000 | New |
| Niocorp DevelopmentsNB | 0.3% | $2m | 450,000 | Held |
| ScynexisSCYX | 0.1% | $1m | 247,811 | New |
| Jasper TherapeuticsJSPR | <0.1% | $569,237 | 1,352,106 | Held |
| enVVeno MedicalNVNO | <0.1% | $387,338 | 36,166 | Held |
Options (17)
- Ishares TRSOXX
- Type
- Put
- Value
- $83m
- Contracts
- 130,000
- IsharesEWY
- Type
- Put
- Value
- $23m
- Contracts
- 115,000
- Invesco QQQ TRQQQ
- Type
- Put
- Value
- $22m
- Contracts
- 30,000
- Spdr Series TrustKRE
- Type
- Call
- Value
- $19m
- Contracts
- 250,000
- Ishares TRIWM
- Type
- Put
- Value
- $15m
- Contracts
- 50,000
- Roundhill ETF TrustDRAM
- Type
- Put
- Value
- $10m
- Contracts
- 140,000
- Alibaba Group HldgBABA
- Type
- Put
- Value
- $10m
- Contracts
- 100,000
- Horton D RDHI
- Type
- Put
- Value
- $8m
- Contracts
- 50,000
- SunrunRUN
- Type
- Call
- Value
- $7m
- Contracts
- 500,000
- Fluence EnergyFLNC
- Type
- Put
- Value
- $6m
- Contracts
- 300,000
- Invesco Exch Traded FD TR IITAN
- Type
- Call
- Value
- $6m
- Contracts
- 100,000
- Navitas SemiconductorNVTS
- Type
- Put
- Value
- $5m
- Contracts
- 300,000
- Keysight TechnologiesKEYS
- Type
- Put
- Value
- $5m
- Contracts
- 15,000
- Edgewise TherapeuticsEWTX
- Type
- Put
- Value
- $4m
- Contracts
- 100,000
- Shoals Technologies GroupSHLS
- Type
- Call
- Value
- $4m
- Contracts
- 400,000
- CompassCOMP
- Type
- Call
- Value
- $4m
- Contracts
- 300,000
- Western DigitalWDC
- Type
- Call
- Value
- $3m
- Contracts
- 5,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| Ishares TRSOXX | Put | $83m | 130,000 |
| IsharesEWY | Put | $23m | 115,000 |
| Invesco QQQ TRQQQ | Put | $22m | 30,000 |
| Spdr Series TrustKRE | Call | $19m | 250,000 |
| Ishares TRIWM | Put | $15m | 50,000 |
| Roundhill ETF TrustDRAM | Put | $10m | 140,000 |
| Alibaba Group HldgBABA | Put | $10m | 100,000 |
| Horton D RDHI | Put | $8m | 50,000 |
| SunrunRUN | Call | $7m | 500,000 |
| Fluence EnergyFLNC | Put | $6m | 300,000 |
| Invesco Exch Traded FD TR IITAN | Call | $6m | 100,000 |
| Navitas SemiconductorNVTS | Put | $5m | 300,000 |
| Keysight TechnologiesKEYS | Put | $5m | 15,000 |
| Edgewise TherapeuticsEWTX | Put | $4m | 100,000 |
| Shoals Technologies GroupSHLS | Call | $4m | 400,000 |
| CompassCOMP | Call | $4m | 300,000 |
| Western DigitalWDC | Call | $3m | 5,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 43.2% since 30 June 2025.
Where the money is
Health care33.6%
Technology25.3%
Industrials20.2%
Retail & consumer8.1%
Materials3.5%
Everyday goods3.4%
Real estate2.4%
Media & telecom0.8%
Other2.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.