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Almitas Capital Portfolio holdings

AUM $443M
1-Year Est. Return 42.36%
This Fund
S&P 500
This Quarter Est. Return
+15.52%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$456M
AUM Growth
+$173M
Cap. Flow
+$144M
Cap. Flow %
31.61%
Top 10 Hldgs %
67%
Holding
112
New
44
Increased
25
Reduced
13
Closed
20

Top Buys

Rank Stock Value
1
FBTC icon
Fidelity Wise Origin Bitcoin Fund
FBTC
+$44.7M
2
FETH
Fidelity Ethereum Fund
FETH
+$28.9M
3
OBDE
Blue Owl Capital Corporation III
OBDE
+$27.8M
4
BTT icon
BlackRock Municipal 2030 Target Term Trust
BTT
+$20.4M
5
ETH
Grayscale Ethereum Staking Mini ETF Shares
ETH
+$14.9M

Top Sells

Rank Stock Value
1
HIE
Miller/Howard High Income Equity Fund
HIE
+$13.6M
2
NTG
Tortoise Midstream Energy Fund, Inc. Common Stock
NTG
+$10.2M
3
MMD
MainStay MacKay DefinedTerm Municipal Opportunities Fund
MMD
+$9.89M
4
IGI
Western Asset Investment Grade Defined Opportunity Trust
IGI
+$6.1M
5
TTP
TORTOISE PIPELINE & ENERGY FUND, INC.
TTP
+$5.08M

Sector Composition

Rank Sector Weight
1 Healthcare 7.84%
2 Real Estate 4.46%
3 Financials 2.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CXE
26
DELISTED
MFS High Income Municipal Trust
CXE
$3.39M 0.74%
921,837
+200,984
+28% +$770K
NPCT icon
27
Nuveen Core Plus Impact Fund
NPCT
$279M
$2.83M 0.62%
269,668
-85,638
-24% -$963K
MIO
28
DELISTED
Pioneer Municipal High Income Opportunities Fund
MIO
$2.74M 0.6%
231,057
+128,460
+125% +$1.56M
ZTR
29
Virtus Total Return Fund
ZTR
$340M
$2.56M 0.56%
437,074
+129,284
+42% +$777K
AVIR icon
30
Atea Pharmaceuticals
AVIR
$379M
$2.52M 0.55%
752,003
-632,526
-46% -$2.1M
GLO
31
Clough Global Opportunities Fund
GLO
$249M
$2.33M 0.51%
455,226
+292,285
+179% +$1.55M
IIF
32
Morgan Stanley India Investment Fund
IIF
$210M
$2.18M 0.48%
86,320
– –
DMA
33
Destra Multi-Alternative Fund
DMA
$68.7M
$2.14M 0.47%
253,418
-53,897
-18% -$474K
ITOS
34
DELISTED
iTeos Therapeutics
ITOS
$2.11M 0.46%
+275,120
New +$2.36M
MAV
35
DELISTED
Pioneer Municipal High Income Advantage Fund
MAV
$2.07M 0.45%
245,006
+160,289
+189% +$1.39M
ALXO icon
36
ALX Oncology
ALXO
$273M
$2.04M 0.45%
+1,222,945
New +$1.88M
AFB
37
AllianceBernstein National Municipal Income Fund
AFB
$312M
$2.04M 0.45%
187,470
+37,574
+25% +$426K
DX
38
Dynex Capital
DX
$2.99B
$2.02M 0.44%
+159,392
New +$1.99M
BRSP
39
BrightSpire Capital
BRSP
$681M
$2.01M 0.44%
+356,322
New +$2.1M
CEE
40
Central and Eastern Europe Fund
CEE
$135M
$1.97M 0.43%
180,190
+1,983
+1% +$22.5K
MEGI
41
MainStay CBRE Global Infrastructure Megatrends Term Fund
MEGI
$786M
$1.96M 0.43%
+160,901
New +$2.19M
MFIC icon
42
MidCap Financial Investment
MFIC
$784M
$1.83M 0.4%
135,444
+63,491
+88% +$862K
MHI
43
DELISTED
Pioneer Municipal High Income Fund
MHI
$1.81M 0.4%
195,878
+82,347
+73% +$779K
ANTX icon
44
AN2 Therapeutics
ANTX
$177M
$1.81M 0.4%
+1,313,111
New +$1.59M
LADR
45
Ladder Capital
LADR
$1.25B
$1.63M 0.36%
+145,892
New +$1.68M
BTC
46
Grayscale Bitcoin Mini Trust ETF
BTC
$3.4B
$1.49M 0.33%
+35,700
New +$1.31M
BTX
47
BlackRock Technology and Private Equity Term Trust
BTX
$957M
$1.44M 0.31%
193,153
-81,289
-30% -$625K
WIA
48
Western Asset Inflation-Linked Income Fund
WIA
$185M
$1.27M 0.28%
159,057
– –
RLYB icon
49
Rallybio
RLYB
$86.6M
$1.25M 0.27%
162,265
+52,836
+48% +$443K
CMU
50
DELISTED
MFS High Yield Municipal Trust
CMU
$1.21M 0.27%
344,105
+202,845
+144% +$728K
1
2
3 4 5

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BFA
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Almitas Capital's Q4 2024 Portfolio in Review

As of Q4 2024, Almitas Capital held 112 positions worth $456M, up 61% from $283M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Almitas Capital deployed $144M of net new capital in Q4 2024, opening 44 new positions and adding to 25 existing holdings. Its largest new stake was Fidelity Ethereum Fund: 941,057 shares worth $31.4M.

By sector, the portfolio is most concentrated in Healthcare at 7.8% of assets, down from 8.9% a quarter earlier, followed by Real Estate and Financials.

On the sell side, the largest reduction was Nuveen Pennsylvania Quality Municipal Income Fund, an estimated $4.09M trimmed.

  • Almitas Capital's largest Q4 2024 buy was Fidelity Ethereum Fund: 941,057 shares worth $31.4M.
  • Almitas Capital added most to Fidelity Wise Origin Bitcoin Fund in Q4 2024, an estimated $44.7M increase.
  • Almitas Capital's biggest Q4 2024 reduction was Nuveen Pennsylvania Quality Municipal Income Fund, cutting an estimated $4.09M.
  • Almitas Capital fully exited Miller/Howard High Income Equity Fund in Q4 2024, selling an estimated $13.6M.
  • Almitas Capital's ten largest holdings make up 67% of its $456M portfolio in Q4 2024.
  • Almitas Capital opened 44 new positions and closed 20 in Q4 2024.
  • Almitas Capital's portfolio value rose 61% quarter-over-quarter to $456M.

Based on Almitas Capital's 13F filing for Q4 2024, filed 14 Feb 2025.