HEIGHTS CAPITAL MANAGEMENT INC
Q2 2025 Form 13-F
SAN FRANCISCO, CALIFORNIA
CIK 0001081698
· Institutional investment manager
Consolidated report · includes
1 manager
since Q3 2024
$374.7M Reported Value Total
Reported value
$374.7M
Quarter over quarter
+21.8%
Holdings
157
Top-10 concentration
61.0%
Filing Structure
Reports holdings for
- CVI Investments Inc · File #028-17822 · since Q3 2024
Holdings reported by
- SIG China Investments Master Fund III LLLP (not a 13F filer in our records) · Q4 2020 – Q2 2024 · declared by one filing
- CVI Holdings LLC · Q1 2018 – Q2 2024 · declared by one filing
- SUSQUEHANNA INTERNATIONAL GROUP LLP · Q2 2013 – Q4 2017 · declared by one filing
Key People
Named on the latest Form 13-F filing — not necessarily an owner
Brian Sopinsky
Assistant Secretary
Filing Navigation
13F Metrics
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Q2 2025 13F record
Q2 2025 13F filing summary
| Period of report | June 30, 2025 |
|---|---|
| Filed | August 14, 2025 |
| Form | 13F-HR |
| Reported value | $374.7M |
| Positions | 157 |
| Change in reported value | +75.9% |
| New positions | 96 |
| Exited positions | 66 |
| Position turnover | 72.7% |
| Top-10 concentration | 61.0% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
323 | $433.1M |
|
Q1 2026 13F
Filed May 15, 2026
|
264 | $358.8M |
|
Q4 2025 13F
Filed Feb 17, 2026
|
191 | $278.8M |
|
Q3 2025 13F
Filed Nov 14, 2025
|
179 | $351.0M |
|
Q2 2025 13F
Filed Aug 14, 2025
|
157 | $374.7M |
|
Q1 2025 13F
Filed May 14, 2025
|
125 | $213.0M |
|
Q4 2024 13F
Filed Feb 14, 2025
|
142 | $202.2M |
|
Q3 2024 13F
Filed Nov 14, 2024
|
137 | $134.8M |
Top 20 holdings · Q2 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | FLUT FLUTTER ENTMT PLC | $84.1M | 22.43% |
| 2 | NNE P NANO NUCLEAR ENERGY INC | $42.1M | 11.23% |
| 3 | ACHR ARCHER AVIATION INC | $25.1M | 6.7% |
| 4 | NA NANO LABS LTD | $13.4M | 3.57% |
| 5 | NNE NANO NUCLEAR ENERGY INC | $12.9M | 3.45% |
| 6 | AMSC P AMERICAN SUPERCONDUCTOR CORP | $12.6M | 3.36% |
| 7 | AMSC AMERICAN SUPERCONDUCTOR CORP | $12.5M | 3.33% |
| 8 | ALVO ALVOTECH | $9.9M | 2.65% |
| 9 | OTLY 9.25 09/14/28 OATLY GROUP AB | $8.3M | 2.22% |
| 10 | FGMC FG MERGER II CORP | $7.8M | 2.08% |
| 11 | ADCT ADC THERAPEUTICS SA | $7.6M | 2.03% |
| 12 | ONDS ONDAS HLDGS INC | $7.4M | 1.97% |
| 13 | JACS JACKSON ACQUISITION CO II | $7.2M | 1.92% |
| 14 | BMEA BIOMEA FUSION INC | $6.9M | 1.84% |
| 15 | DMAA DRUGS MADE IN AMER ACQUTN CO | $6.6M | 1.77% |
| 16 | KCHVU KOCHAV DEFENSE ACQUI CO | $5.1M | 1.36% |
| 17 | GPAT GP-ACT III ACQUISITION CORP | $4.8M | 1.29% |
| 18 | CABA CABALETTA BIO INC | $4.8M | 1.28% |
| 19 | FERA FIFTH ERA ACQUISITION CORP I | $3.6M | 0.95% |
| 20 | KTOS KRATOS DEFENSE & SEC SOLUTIO | $3.5M | 0.93% |
Values as reported on the Q2 2025 Form 13F. Every position is in the holdings table below.