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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
+26.01%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$437M
AUM Growth
+$40.5M
Cap. Flow
-$12.4M
Cap. Flow %
-2.83%
Top 10 Hldgs %
71.33%
Holding
101
New
19
Increased
12
Reduced
17
Closed
35

Top Buys

Rank Stock Value
1
FGNX
FG Nexus Inc
FGNX
+$13M
2
ASA
ASA Gold and Precious Metals
ASA
+$12.2M
3
BIT icon
BlackRock Multi-Sector Income Trust
BIT
+$7.3M
4
IGF icon
iShares Global Infrastructure ETF
IGF
+$5.57M
5
CNNE icon
Cannae Holdings
CNNE
+$4.66M

Top Sells

Rank Stock Value
1
PHT
Pioneer High Income Fund
PHT
+$13M
2
MAV
Pioneer Municipal High Income Advantage Fund
MAV
+$10.3M
3
MHI
Pioneer Municipal High Income Fund
MHI
+$9.35M
4
MIO
Pioneer Municipal High Income Opportunities Fund
MIO
+$9.33M
5
CRF
Cornerstone Total Return Fund
CRF
+$6.44M

Sector Composition

Rank Sector Weight
1 Healthcare 14.42%
2 Financials 3.37%
3 Real Estate 3.31%
4 Consumer Discretionary 2.33%
5 Communication Services 0.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CXH
26
DELISTED
MFS Investment Grade Municipal Trust
CXH
$3.83M 0.88%
487,688
+39,519
+9% +$300K
ETH
27
Grayscale Ethereum Staking Mini ETF Shares
ETH
$1.7B
$3.51M 0.8%
89,557
– –
ARR
28
Armour Residential REIT
ARR
$2.02B
$3.24M 0.74%
+217,149
New +$3.41M
GLO
29
Clough Global Opportunities Fund
GLO
$249M
$2.8M 0.64%
491,858
+64,178
+15% +$354K
CEE
30
Central and Eastern Europe Fund
CEE
$135M
$2.66M 0.61%
173,254
-100
-0.1% -$1.6K
NLY icon
31
Annaly Capital Management
NLY
$16.9B
$2.34M 0.54%
+115,765
New +$2.4M
AFB
32
AllianceBernstein National Municipal Income Fund
AFB
$312M
$2.32M 0.53%
214,282
-202
-0.1% -$2.1K
MSGS icon
33
Madison Square Garden
MSGS
$9.54B
$2.25M 0.52%
9,925
– –
OXLC
34
Oxford Lane Capital
OXLC
$830M
$2.03M 0.47%
+119,999
New +$2.19M
EVM
35
DELISTED
Eaton Vance California Municipal Bond Fund
EVM
$1.98M 0.45%
+208,466
New +$1.88M
LADR
36
Ladder Capital
LADR
$1.25B
$1.97M 0.45%
180,693
– –
ANTX icon
37
AN2 Therapeutics
ANTX
$177M
$1.81M 0.42%
1,428,323
– –
PCQ
38
Pimco California Municipal Income Fund
PCQ
$162M
$1.33M 0.31%
152,998
-62,364
-29% -$526K
GERN icon
39
Geron
GERN
$911M
$1.3M 0.3%
+946,323
New +$1.26M
DMB
40
BNY Mellon Municipal Bond Infrastructure Fund
DMB
$197M
$1.28M 0.29%
119,431
+19,483
+19% +$199K
LEO
41
BNY Mellon Strategic Municipals
LEO
$387M
$1.23M 0.28%
197,096
+1,256
+0.6% +$7.49K
MFIC icon
42
MidCap Financial Investment
MFIC
$784M
$1.11M 0.25%
92,717
– –
VTGN icon
43
VistaGen Therapeutics
VTGN
$9.29M
$928K 0.21%
261,399
– –
CABA icon
44
Cabaletta Bio
CABA
$439M
$907K 0.21%
387,491
+20,000
+5% +$34.3K
MYPS icon
45
PLAYSTUDIOS Inc
MYPS
$79.3M
$897K 0.21%
+931,588
New +$1M
GLQ
46
Clough Global Equity Fund
GLQ
$154M
$868K 0.2%
114,007
+36,704
+47% +$270K
QNCX icon
47
Quince Therapeutics
QNCX
$17.5M
$806K 0.18%
+2,474
New +$824K
WIA
48
Western Asset Inflation-Linked Income Fund
WIA
$185M
$806K 0.18%
95,779
-55,863
-37% -$468K
ANRO icon
49
Alto Neuroscience
ANRO
$1.04B
$784K 0.18%
195,145
– –
RLYB icon
50
Rallybio
RLYB
$86.6M
$768K 0.18%
192,341
-34,846
-15% -$146K
1
2
3 4

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Almitas Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Almitas Capital held 101 positions worth $437M, up 10% from $396M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Almitas Capital's Q3 2025 filing shows 19 new, 12 increased, 17 reduced and 35 closed positions. Its largest new stake was FG Nexus Inc: 160,000 shares worth $4.39M. The largest sale was Pioneer High Income Fund, an estimated $13M.

By sector, the portfolio is most concentrated in Healthcare at 14% of assets, up from 9.5% a quarter earlier, followed by Financials and Real Estate.

  • Almitas Capital's largest Q3 2025 buy was FG Nexus Inc: 160,000 shares worth $4.39M.
  • Almitas Capital added most to Cannae Holdings in Q3 2025, an estimated $4.66M increase.
  • Almitas Capital's biggest Q3 2025 reduction was Nuveen Pennsylvania Quality Municipal Income Fund, cutting an estimated $3.7M.
  • Almitas Capital fully exited Pioneer High Income Fund in Q3 2025, selling an estimated $13M.
  • Almitas Capital's ten largest holdings make up 71% of its $437M portfolio in Q3 2025.
  • Almitas Capital opened 19 new positions and closed 35 in Q3 2025.
  • Almitas Capital's portfolio value rose 10% quarter-over-quarter to $437M.

Based on Almitas Capital's 13F filing for Q3 2025, filed 14 Nov 2025.