9AT: KINGDON CAPITAL MANAGEMENT, L.L.C.

other names

KINGDON CAPITAL MANAGEMENT, L.L.C.

Adviser Profile

As of Date	03/24/2025
Adviser Type - Large advisory firm
Number of Employees	19 -10%
of those in investment advisory functions	9
Registration	SEC, Approved, 03/30/2012

AUM^*	861,883,044 6%
of that, discretionary	861,883,044 6%
Private Fund GAV^*	861,883,044 5%
Avg Account Size	123,126,149 6%
SMA’s	Yes
Private Funds	7
Contact Info	212 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses
- Selection of other advisers

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count7	GAV$861,883,044

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser COMMODORE CAPITAL	Hedge Fund1.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.8b	AUM1.8b	#Funds3
Adviser SAGEFIELD INVESTMENT GROUP LP	Hedge Fund191.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV191.6m	AUM1.8b	#Funds6
Adviser MOERUS CAPITAL MANAGEMENT LLC	Hedge Fund31.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV31.8m	AUM778.6m	#Funds3
Adviser BAYMOUNT MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM485.7m	#Funds-
Adviser FOURSIXTHREE CAPITAL LP	Hedge Fund1.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM1.6b	#Funds7
Adviser ASHFORD CAPITAL MANAGEMENT INC	Hedge Fund214.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV214.9m	AUM894.8m	#Funds4
Adviser SYNERGY FUND MANAGEMENT GROUP LIMITED	Hedge Fund272.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV272.8m	AUM453.4m	#Funds9
Adviser JB INVESTMENTS MANAGEMENT, LLC	Hedge Fund798.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV798.4m	AUM798.4m	#Funds3
Adviser SUNRIVER MANAGEMENT LLC	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.2b	#Funds7
Adviser ESM MANAGEMENT LLC	Hedge Fund363.4k	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV363.4k	AUM1.1b	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker46090E103	Stock NameINVESCO QQQ TR (PUT)	$ Position$51,031,450	% Position6.00%	$ Change	# Change
Stck Ticker87164F105	Stock NameSYNDAX PHARMACEUTICALS INC	$ Position$38,462,500	% Position5.00%	$ Change96.00%	# Change19.00%
Stck Ticker92189F676	Stock NameVANECK ETF TRUST (PUT)	$ Position$22,845,200	% Position3.00%	$ Change37.00%	# Change17.00%
Stck Ticker834203309	Stock NameSOLENO THERAPEUTICS INC	$ Position$20,347,600	% Position3.00%	$ Change	# Change
Stck Ticker60855R100	Stock NameMOLINA HEALTHCARE INC	$ Position$21,087,872	% Position3.00%	$ Change	# Change
Stck Ticker67066G104	Stock NameNVIDIA CORPORATION	$ Position$21,923,150	% Position3.00%	$ Change2.00%	# Change-14.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$14,243,625	% Position2.00%	$ Change	# Change
Stck Ticker565394103	Stock NameMAPLEBEAR INC	$ Position$16,542,000	% Position2.00%	$ Change14.00%	# Change41.00%
Stck TickerH8088L103	Stock NameSPORTRADAR GROUP AG	$ Position$12,750,600	% Position2.00%	$ Change14.00%	# Change19.00%
Stck Ticker65340P106	Stock NameNEXGEN ENERGY LTD	$ Position$19,491,641	% Position2.00%	$ Change42.00%	# Change10.00%

Brochure Summary

Overview

Kingdon Capital Management, L.L.C. and its affiliates (“Kingdon”), a Delaware limited liability company, is an alternative investment firm founded in 1983 by Mark Kingdon, who is also the principal owner and Managing Member of Kingdon. No other person owns 25% or more of Kingdon. Kingdon provides investment advisory services to pooled investment vehicles sponsored by Kingdon or third parties (each a “Fund” or a “Client” and together, the “Funds” or the “Clients”). The investment advisory services provided to each Client are based on the investment objectives and restrictions as set out in the Client’s investment management agreement and, as applicable, the Fund’s offering document. The terms upon which Kingdon serves as investment adviser to a Client are put in place at the time the Client’s account is established

and are generally set out in separate investment management agreements or, as applicable, in the underlying Fund documents. The terms of each investment management agreement and, as applicable, other Fund documents may vary from Client to Client. Kingdon offers two investment strategies: a global long/short equity strategy (“Flagship Strategy”) and a global long/short healthcare strategy (“Healthcare Strategy”). The Flagship Strategy consists of thematic, idiosyncratic and opportunistic investments with diversified return drivers and an emphasis on liquidity. The Healthcare Strategy primarily invests in the global healthcare industry. See Item 8 below for a more detailed discussion of these investment strategies. As of January 1, 2024, Kingdon had approximately $639,167,737 of net assets.

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KINGDON CAPITAL MANAGEMENT, L.L.C.

Adviser Profile

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Compensation Arrangments

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