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AC

Almitas Capital Portfolio holdings

AUM $443M
1-Year Est. Return 42.36%
This Fund
S&P 500
This Quarter Est. Return
-6.08%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$301M
AUM Growth
-$155M
Cap. Flow
-$131M
Cap. Flow %
-43.37%
Top 10 Hldgs %
67.47%
Holding
106
New
15
Increased
35
Reduced
17
Closed
25

Top Buys

Rank Stock Value
1
NKTR icon
Nektar Therapeutics
NKTR
+$3.21M
2
CNNE icon
Cannae Holdings
CNNE
+$2.71M
3
MSGS icon
Madison Square Garden
MSGS
+$2.05M
4
DMF
BNY Mellon Municipal Income
DMF
+$1.98M
5
PCQ
Pimco California Municipal Income Fund
PCQ
+$1.85M

Top Sells

Rank Stock Value
1
FETH
Fidelity Ethereum Fund
FETH
+$31.4M
2
OBDE
Blue Owl Capital Corporation III
OBDE
+$27.2M
3
BMEZ icon
BlackRock Health Sciences Trust II
BMEZ
+$17.8M
4
ETH
Grayscale Ethereum Staking Mini ETF Shares
ETH
+$16.2M
5
TPZ
Tortoise Electrification Infrastructure ETF
TPZ
+$11.6M

Sector Composition

Rank Sector Weight
1 Healthcare 10.11%
2 Real Estate 2.48%
3 Financials 1.82%
4 Consumer Discretionary 0.87%
5 Communication Services 0.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MIO
26
DELISTED
Pioneer Municipal High Income Opportunities Fund
MIO
$2.53M 0.84%
214,870
-16,187
-7% -$195K
MHI
27
DELISTED
Pioneer Municipal High Income Fund
MHI
$2.49M 0.83%
270,808
+74,930
+38% +$703K
AVIR icon
28
Atea Pharmaceuticals
AVIR
$323M
$2.14M 0.71%
715,005
-36,998
-5% -$115K
GLO
29
Clough Global Opportunities Fund
GLO
$246M
$2.06M 0.68%
421,880
-33,346
-7% -$172K
AFB
30
AllianceBernstein National Municipal Income Fund
AFB
$313M
$2.04M 0.68%
187,470
– –
VIG icon
31
Vanguard Dividend Appreciation ETF
VIG
$113B
$2M 0.66%
10,314
+5,100
+98% +$1.01M
MSGS icon
32
Madison Square Garden
MSGS
$9.65B
$1.93M 0.64%
+9,910
New +$2.05M
MFIC icon
33
MidCap Financial Investment
MFIC
$802M
$1.84M 0.61%
142,884
+7,440
+5% +$101K
PCQ
34
Pimco California Municipal Income Fund
PCQ
$163M
$1.81M 0.6%
+204,489
New +$1.85M
ANTX icon
35
AN2 Therapeutics
ANTX
$175M
$1.79M 0.59%
1,313,111
– –
LADR
36
Ladder Capital
LADR
$1.25B
$1.67M 0.55%
146,523
+631
+0.4% +$7.21K
ITOS
37
DELISTED
iTeos Therapeutics
ITOS
$1.64M 0.55%
275,120
– –
CMU
38
DELISTED
MFS High Yield Municipal Trust
CMU
$1.45M 0.48%
416,545
+72,440
+21% +$256K
TYG
39
Tortoise Energy Infrastructure Corp
TYG
$1.1B
$1.39M 0.46%
32,261
-216,405
-87% -$9.57M
LYEL icon
40
Lyell Immunopharma
LYEL
$314M
$1.34M 0.44%
124,130
+71,604
+136% +$877K
WIA
41
Western Asset Inflation-Linked Income Fund
WIA
$186M
$1.33M 0.44%
159,057
– –
PCK
42
DELISTED
Pimco California Municipal Income Fund II
PCK
$1.22M 0.41%
216,458
+206,091
+1,988% +$1.19M
BTX
43
BlackRock Technology and Private Equity Term Trust
BTX
$908M
$1.21M 0.4%
193,389
+236
+0.1% +$1.75K
DMB
44
BNY Mellon Municipal Bond Infrastructure Fund
DMB
$197M
$1.09M 0.36%
103,475
+39,821
+63% +$421K
WHLRL
45
Wheeler Real Estate Investment Trust 7.00% Senior Subordinated Convertible Notes Due 2031
WHLRL
$966K 0.32%
+5,271
New +$855K
FGB
46
DELISTED
First Trust Specialty Finance and Financial Opportunities Fund
FGB
$917K 0.3%
213,254
+92
+0% +$401
LEO
47
BNY Mellon Strategic Municipals
LEO
$387M
$887K 0.29%
145,014
+38,160
+36% +$236K
CIM
48
Chimera Investment
CIM
$1.06B
$858K 0.28%
+66,839
New +$939K
RLYB icon
49
Rallybio
RLYB
$85.2M
$851K 0.28%
162,573
+308
+0.2% +$1.95K
ALXO icon
50
ALX Oncology
ALXO
$264M
$843K 0.28%
1,353,141
+130,196
+11% +$156K
1
2
3 4 5

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Almitas Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Almitas Capital held 106 positions worth $301M, down 34% from $456M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Almitas Capital withdrew a net $131M in Q1 2025, closing 25 positions and reducing 17 holdings. Its most notable exit was Fidelity Ethereum Fund, an estimated $31.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 10% of assets, up from 7.8% a quarter earlier, followed by Real Estate and Financials.

Against the trend, Almitas Capital opened a new position in Cannae Holdings worth $2.63M.

  • Almitas Capital's largest Q1 2025 buy was Cannae Holdings: 143,651 shares worth $2.63M.
  • Almitas Capital added most to Nektar Therapeutics in Q1 2025, an estimated $3.21M increase.
  • Almitas Capital's biggest Q1 2025 reduction was BlackRock Health Sciences Trust II, cutting an estimated $17.8M.
  • Almitas Capital fully exited Fidelity Ethereum Fund in Q1 2025, selling an estimated $31.4M.
  • Almitas Capital's ten largest holdings make up 67% of its $301M portfolio in Q1 2025.
  • Almitas Capital opened 15 new positions and closed 25 in Q1 2025.
  • Almitas Capital's portfolio value fell 34% quarter-over-quarter to $301M.

Based on Almitas Capital's 13F filing for Q1 2025, filed 15 May 2025.