1y return+45.8%S&P 500 +20.9%
3y return+80.6%S&P 500 +68.5%
5y return+48.7%S&P 500 +74.5%
10y return+158.2%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $258 against $357 in the S&P 500.2
Kingdon Capital Management, L.l.c.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| SNDXSyndax Pharmaceuticals Inc | $54.6M | 7.4% | |
| NVDANvidia Corporation | $48.0M | 6.5% | +20.0% |
| WRBYWarby Parker Inc | $34.2M | 4.6% | +6.9% |
| APGApi Group Corp | $25.4M | 3.4% | +33.3% |
| KEYSKeysight Technologies Inc | $24.5M | 3.3% | −12.5% |
| NXENexgen Energy Ltd | $23.5M | 3.2% | |
| GRALGrail Inc | $23.2M | 3.1% | New |
| TSMTaiwan Semiconductor Manufac | $21.5M | 2.9% | |
| ECGEverus Constr Group | $20.7M | 2.8% | |
| HIMSHims & Hers Health Inc | $18.8M | 2.5% | New |
| CARTMaplebear Inc | $18.0M | 2.4% | −19.1% |
| FLNCFluence Energy Inc | $17.9M | 2.4% | New |
| ILMNIllumina Inc | $17.2M | 2.3% | New |
| TDYTeledyne Technologies Inc | $16.7M | 2.2% | +42.9% |
| HWMHowmet Aerospace Inc | $16.1M | 2.2% | −14.3% |
| OLMAOlema Pharmaceuticals Inc | $15.0M | 2.0% | +40.4% |
| ISRGIntuitive Surgical Inc | $14.8M | 2.0% | New |
| Flex LtdCUSIP Y2573F102 | $14.6M | 2.0% | −48.6% |
| CGNXCognex Corp | $14.5M | 2.0% | +8.1% |
| BFLYButterfly Network Inc | $14.3M | 1.9% | New |
| GTXGarrett Motion Inc | $13.6M | 1.8% | −46.4% |
| CYTKCytokinetics Inc | $13.4M | 1.8% | New |
| BKDBrookdale Sr Living Inc | $12.9M | 1.7% | −5.9% |
| VSECVse Corp | $12.0M | 1.6% | −12.5% |
| PWRQuanta Svcs Inc | $11.5M | 1.6% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| Flex LtdCUSIP Y2573F102 | March 31, 2023 | +604.3% | $14.6M |
| TSMTaiwan Semiconductor Manufac | March 31, 2024 | +251.0% | $21.5M |
| ECGEverus Constr Group | December 31, 2024 | +152.4% | $20.7M |
| VICRVicor Corp | March 31, 2026 | +135.9% | $9.5M |
| HEIHeico Corp New | March 31, 2023 | +108.2% | $10.7M |
| GTXGarrett Motion Inc | March 31, 2026 | +99.4% | $13.6M |
| NVDANvidia Corporation | March 31, 2025 | +84.6% | $48.0M |
| KEYSKeysight Technologies Inc | December 31, 2025 | +72.3% | $24.5M |
| RALRalliant Corp | September 30, 2025 | +68.4% | $11.0M |
| ZVRAZevra Therapeutics Inc | June 30, 2025 | +62.8% | $11.1M |
Sold off last quarter
- Soleno Therapeutics IncCUSIP 834203309 was $19.3M
- ICLNIshares Tr was $12.8M
- Icon PLCCUSIP G4705A100 was $11.7M
- Sportradar Group AgCUSIP H8088L103 was $11.3M
- WAYWaystar Hldg Corp was $10.6M
- ACHCAcadia Healthcare Company In was $9.3M
- EWYIshares Inc was $9.2M
- CNLCollective Mining Ltd was $7.5M
- GXOGxo Logistics Incorporated was $6.5M
- AXONAxon Enterprise Inc was $6.2M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +22.3% | +14.8% |
| March 31, 2026 | −1.8% | −4.6% |
| December 31, 2025 | +3.9% | +2.4% |
| September 30, 2025 | +16.9% | +7.8% |
| June 30, 2025 | +9.9% | +10.5% |
| March 31, 2025 | −10.7% | −4.6% |
| December 31, 2024 | −3.9% | +2.1% |
| September 30, 2024 | +7.9% | +5.4% |
| June 30, 2024 | +1.2% | +4.0% |
| March 31, 2024 | +13.6% | +10.0% |
| December 31, 2023 | +7.9% | +11.2% |
| September 30, 2023 | −1.8% | −3.6% |
| June 30, 2023 | +11.6% | +8.3% |
| March 31, 2023 | +6.5% | +7.0% |
| December 31, 2022 | −0.4% | +7.1% |
| September 30, 2022 | +0.1% | −5.3% |
| June 30, 2022 | −22.5% | −16.5% |
| March 31, 2022 | −13.3% | −4.9% |
| December 31, 2021 | −0.1% | +10.7% |
| September 30, 2021 | +3.5% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Kingdon Capital Management, L.l.c. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1000097&type=13F-HR&dateb=&owner=include&count=40CIK 1000097
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1000097/000100009726000006/Filed August 14, 2026 · accession 0001000097-26-000006