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Livermore
Livermore
ZHEN

Kingdon Capital Management, L.L.C.

SEC CIK
0001000097
Latest filing
Aug 14, 2026

The latest 13F from Kingdon Capital Management, L.L.C. covers Q2 2026 (filed Aug 14, 2026): 57 long positions worth $741.6M. The top 10 holdings make up 39.7% of the portfolio, and the largest is Syndax Pharmaceuticals Inc (SNDX) at 7.4%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
19
Est. +$209.5M
Added
11
Est. +$36.6M
Reduced
16
Est. −$90.6M
Sold out
14
Est. −$120.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. SNDXSyndax Pharmaceuticals Inc
    7.4%$54.6MHistory
  2. NVDANVIDIA Corp
    6.5%$48.0MHistory
  3. WRBYWarby Parker Inc.
    4.6%$34.2MHistory
  4. APGAPi Group Corp
    3.4%$25.4MHistory
  5. KEYSKeysight Technologies, Inc.
    3.3%$24.5MHistory

Share of portfolio

Top 5 holdings and the other 52 positions, by share of portfolio value

  1. SNDX7.4%
  2. NVDA6.5%
  3. WRBY4.6%
  4. APG3.4%
  5. KEYS3.3%
  6. Other 52 positions74.8%

Biggest buys

New and added positions, by estimated amount bought

  1. GRALGRAIL, Inc.
    +$23.2MNewHistory
  2. HIMSHims & Hers Health, Inc.
    +$18.8MNewHistory
  3. FLNCFluence Energy, Inc.
    +$17.9MNewHistory
  4. ILMNIllumina, Inc.
    +$17.2MNewHistory
  5. ISRGIntuitive Surgical Inc
    +$14.8MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. GRALGRAIL, Inc.
    +3.13 pp0.0% → 3.1%History
  2. HIMSHims & Hers Health, Inc.
    +2.54 pp0.0% → 2.5%History
  3. FLNCFluence Energy, Inc.
    +2.41 pp0.0% → 2.4%History
  4. ILMNIllumina, Inc.
    +2.32 pp0.0% → 2.3%History
  5. ISRGIntuitive Surgical Inc
    +1.99 pp0.0% → 2.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SLNOSoleno Therapeutics Inc
    −$19.3MSold outHistory
  2. FLEXFlex Ltd.
    −$13.8MReducedHistory
  3. iShares Global Clean Energy ETF464288224
    −$12.8MSold out
  4. CRDOCredo Technology Group Holding Ltd
    −$11.8MReducedHistory
  5. GTXGarrett Motion Inc.
    −$11.8MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. SLNOSoleno Therapeutics Inc
    −3.22 pp3.2% → 0.0%History
  2. iShares Global Clean Energy ETF464288224
    −2.14 pp2.1% → 0.0%
  3. ICLRIcon PLC
    −1.95 pp2.0% → 0.0%History
  4. SRADSportradar Group AG
    −1.89 pp1.9% → 0.0%History
  5. WAYWaystar Holding Corp.
    −1.77 pp1.8% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$741.6M
+$144.5M (+24.2%) vs. prior quarter
Positions
57
+5 vs. prior quarter
Top 10 concentration
39.7%
Top 10 as share of value
Turnover
31.5%
Q2 2026, one quarter
Average holding period
4.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $755.8M (Q1 2024)

Q1 2021: $631.8MQ2 2021: $655.2MQ3 2021: $570.6MQ4 2021: $667.9MQ1 2022: $587.8MQ2 2022: $375.0MQ3 2022: $323.0MQ4 2022: $385.1MQ1 2023: $426.2MQ2 2023: $572.7MQ3 2023: $547.0MQ4 2023: $525.4MQ1 2024: $755.8MQ2 2024: $647.7MQ3 2024: $681.3MQ4 2024: $585.1MQ1 2025: $482.7MQ2 2025: $517.9MQ3 2025: $638.2MQ4 2025: $653.5MQ1 2026: $597.1MQ2 2026: $741.6M
Q1 2021Q2 2026
13F filings of Kingdon Capital Management, L.L.C. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202657$741.6MSNDXNVDAWRBYvs. Q1 2026SEC
Q1 2026May 15, 202652$597.1MSNDXNVDANXEvs. Q4 2025SEC
Q4 2025Feb 17, 202657$653.5MSNDXNVDAKEYSvs. Q3 2025SEC
Q3 2025Nov 14, 202564$638.2MSNDXNVDAMOHvs. Q2 2025SEC
Q2 2025Aug 14, 202554$517.9MNVDASNDXCRHvs. Q1 2025SEC
Q1 2025May 15, 202554$482.7MSNDXIPCRHvs. Q4 2024SEC
Q4 2024Feb 14, 202558$585.1MTNDMSNDXPRAXvs. Q3 2024SEC
Q3 2024Nov 14, 202468$681.3MINSMTHCTNDMvs. Q2 2024SEC
Q2 2024Aug 14, 202464$647.7MINSMFTAIAPGvs. Q1 2024SEC
Q1 2024May 15, 202469$755.8MTHCFTAIAPGvs. Q4 2023SEC
Q4 2023Mar 18, 2024Amended53$525.4MAPGCTLTRAPTvs. Q3 2023SEC
Q3 2023Nov 14, 202355$547.0MMETADHRCTLTvs. Q2 2023SEC
Q2 2023Aug 14, 202355$572.7MISEEMETAAPGvs. Q1 2023SEC
Q1 2023May 15, 202345$426.2MISEEBWXTPWRvs. Q4 2022SEC
Q4 2022Feb 14, 202339$385.1MBABDXFERGvs. Q3 2022SEC
Q3 2022Nov 14, 202247$323.0MBAXELVBWXTvs. Q2 2022SEC
Q2 2022Aug 15, 202256$375.0MCCKMETAHUMvs. Q1 2022SEC
Q1 2022May 16, 202266$587.8MSPDR Series TrustAMZNMETAvs. Q4 2021SEC
Q4 2021Feb 14, 202262$667.9MMETARAPTBHVNvs. Q3 2021SEC
Q3 2021Nov 15, 202154$570.6MBHVNMETARAPTvs. Q2 2021SEC
Q2 2021Aug 16, 202159$655.2MAMZNMETABHVNvs. Q1 2021SEC
Q1 2021May 17, 202154$631.8MBHVNMETAAPG–SEC

13D and 13G filings

Companies where Kingdon Capital Management, L.L.C. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

2 companies, largest stake first.

Companies where Kingdon Capital Management, L.L.C. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
NVNOenVVeno Medical Corp13G/A5.50%36.2K shares−1.60 ppfrom 7.10%Sep 9, 20252 filingsMay 15, 2026SEC
OPTNOptiNose, Inc.13G5.10%520.5K sharesNewApr 14, 20251 filingApr 14, 2025SEC

Latest filings

17 filings on file made by Kingdon Capital Management, L.L.C. or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Kingdon Capital Management, L.L.C.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
NVNOenVVeno Medical CorpMay 15, 20261:33 PM ET13G/A5.50%36.2K shares−1.60 ppfrom 7.10%Mar 31, 2026SEC
SCYXScynexis IncFeb 17, 202610:12 AM ET13G/A0.00%0 shares−5.30 ppfrom 5.30%Below 5%Dec 31, 2025SEC
SCYXScynexis IncNov 12, 20251:09 PM ET13G/A5.30%2.24M shares–Sep 30, 2025SEC
JSPRJasper Therapeutics, Inc.Nov 12, 20251:04 PM ET13G/A4.70%1.32M shares−0.40 ppfrom 5.10%Below 5%Sep 30, 2025SEC
NVNOenVVeno Medical CorpSep 9, 202512:58 PM ET13G7.10%1.36M sharesNewSep 2, 2025SEC
JSPRJasper Therapeutics, Inc.Jul 11, 202512:30 PM ET13G5.10%765.0K sharesNewJul 3, 2025SEC
OPTNOptiNose, Inc.Apr 14, 20255:27 PM ET13G5.10%520.5K sharesNewApr 9, 2025SEC
CRISCuris IncNov 13, 202413G/AOld format–––SEC
CRISCuris IncApr 15, 202413GOld format–New–SEC
PRAXPraxis Precision Medicines, Inc.Feb 6, 202413G/AOld format–––SEC
AMNLApplied Minerals, Inc.Feb 6, 202413G/AOld format–––SEC
SCYXScynexis IncNov 29, 202313G/AOld format–––SEC
SCYXScynexis IncApr 13, 202313GOld format–New–SEC
AMNLApplied Minerals, Inc.Feb 6, 202313G/AOld format–––SEC
PRAXPraxis Precision Medicines, Inc.Jan 25, 202313GOld format–New–SEC
AMNLApplied Minerals, Inc.Feb 10, 202213G/AOld format–––SEC
AMNLApplied Minerals, Inc.Jan 11, 202113GOld format–New–SEC