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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
MFA
51
MFA Financial
MFA
$935M
$795K 0.26%
77,440
– –
DMA
52
Destra Multi-Alternative Fund
DMA
$68M
$736K 0.24%
86,798
-166,620
-66% -$1.43M
MUC icon
53
BlackRock MuniHoldings California Quality Fund
MUC
$1.01B
$709K 0.24%
66,217
-44,843
-40% -$486K
CET
54
Central Securities Corp
CET
$1.56B
$707K 0.23%
15,735
+299
+2% +$13.9K
VTGN icon
55
VistaGen Therapeutics
VTGN
$9.55M
$637K 0.21%
254,655
– –
CEV
56
Eaton Vance California Municipal Income Trust
CEV
$71.5M
$615K 0.2%
61,330
+17,865
+41% +$181K
EEA
57
European Equity Fund
EEA
$74.4M
$582K 0.19%
63,976
+47,889
+298% +$423K
CABA icon
58
Cabaletta Bio
CABA
$445M
$509K 0.17%
+367,491
New +$783K
ANRO icon
59
Alto Neuroscience
ANRO
$1.07B
$506K 0.17%
234,386
-32,526
-12% -$116K
EMF
60
Templeton Emerging Markets Fund
EMF
$305M
$489K 0.16%
38,021
– –
FLGT icon
61
Fulgent Genetics
FLGT
$558M
$485K 0.16%
28,718
+12,718
+79% +$217K
ADAM
62
Adamas Trust
ADAM
$783M
$458K 0.15%
70,512
– –
GLQ
63
Clough Global Equity Fund
GLQ
$152M
$445K 0.15%
70,720
+19,186
+37% +$128K
CCAP icon
64
Crescent Capital BDC
CCAP
$412M
$414K 0.14%
+24,200
New +$451K
ALEC icon
65
Alector
ALEC
$169M
$396K 0.13%
321,568
+36,723
+13% +$59.8K
JEQ
66
DELISTED
abrdn Japan Equity Fund
JEQ
$394K 0.13%
+60,604
New +$364K
CLM icon
67
Cornerstone Strategic Value Fund
CLM
$2.2B
$361K 0.12%
+49,342
New +$406K
BOLD
68
Boundless Bio
BOLD
$55.5M
$354K 0.12%
234,378
+42,371
+22% +$87.8K
PNI
69
PIMCO New York Municipal Income Fund II
PNI
$76.8M
$327K 0.11%
+46,186
New +$334K
TWN
70
Taiwan Fund
TWN
$470M
$284K 0.09%
8,547
– –
ZTR
71
Virtus Total Return Fund
ZTR
$340M
$269K 0.09%
44,994
-392,080
-90% -$2.31M
TDF
72
Templeton Dragon Fund
TDF
$266M
$244K 0.08%
25,175
+13,250
+111% +$122K
WIW
73
Western Asset Inflation-Linked Opportunities & Income Fund
WIW
$507M
$198K 0.07%
22,523
-2,931
-12% -$25.3K
RGT
74
Royce Global Value Trust
RGT
$97.1M
$157K 0.05%
14,935
– –
PZC
75
DELISTED
PIMCO California Municipal Income Fund III
PZC
$153K 0.05%
+23,415
New +$158K
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.