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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
+17.89%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$396M
AUM Growth
+$95M
Cap. Flow
+$46.8M
Cap. Flow %
11.8%
Top 10 Hldgs %
68.68%
Holding
101
New
20
Increased
31
Reduced
23
Closed
19

Top Buys

Rank Stock Value
1
FETH
Fidelity Ethereum Fund
FETH
+$14.3M
2
PHT
Pioneer High Income Fund
PHT
+$12.4M
3
MAV
Pioneer Municipal High Income Advantage Fund
MAV
+$7.69M
4
MHI
Pioneer Municipal High Income Fund
MHI
+$6.8M
5
MIO
Pioneer Municipal High Income Opportunities Fund
MIO
+$6.75M

Top Sells

Rank Stock Value
1
DMF
BNY Mellon Municipal Income
DMF
+$7.77M
2
STEW
SRH Total Return Fund
STEW
+$5.21M
3
FBTC icon
Fidelity Wise Origin Bitcoin Fund
FBTC
+$3.51M
4
NKTR icon
Nektar Therapeutics
NKTR
+$3.14M
5
BMEZ icon
BlackRock Health Sciences Trust II
BMEZ
+$3.05M

Sector Composition

Rank Sector Weight
1 Healthcare 9.53%
2 Financials 2.45%
3 Real Estate 2.31%
4 Consumer Discretionary 1.69%
5 Communication Services 0.52%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LRFC
51
DELISTED
Logan Ridge Finance Corp
LRFC
$577K 0.15%
+30,999
New +$563K
CEV
52
Eaton Vance California Municipal Income Trust
CEV
$71.7M
$565K 0.14%
58,315
-3,015
-5% -$29.2K
MEGI
53
MainStay CBRE Global Infrastructure Megatrends Term Fund
MEGI
$786M
$563K 0.14%
39,612
-186,512
-82% -$2.54M
CABA icon
54
Cabaletta Bio
CABA
$439M
$559K 0.14%
367,491
– –
GLQ
55
Clough Global Equity Fund
GLQ
$154M
$551K 0.14%
77,303
+6,583
+9% +$42.8K
HYI
56
Western Asset High Yield Opportunity Fund Inc
HYI
$134M
$548K 0.14%
+45,718
New +$535K
VTGN icon
57
VistaGen Therapeutics
VTGN
$9.29M
$523K 0.13%
261,399
+6,744
+3% +$15.3K
PNI
58
PIMCO New York Municipal Income Fund II
PNI
$76.7M
$481K 0.12%
71,558
+25,372
+55% +$171K
HNW
59
DELISTED
Pioneer Diversified High Income Fund
HNW
$466K 0.12%
+37,250
New +$446K
BRW
60
Saba Capital Income & Opportunities Fund
BRW
$336M
$450K 0.11%
+55,799
New +$424K
ZTR
61
Virtus Total Return Fund
ZTR
$340M
$449K 0.11%
72,019
+27,025
+60% +$162K
ADAM
62
Adamas Trust
ADAM
$777M
$436K 0.11%
65,113
-5,399
-8% -$34.3K
ANRO icon
63
Alto Neuroscience
ANRO
$1.04B
$429K 0.11%
195,145
-39,241
-17% -$93.4K
TEAF
64
DELISTED
Ecofin Sustainable & Social Impact Term Fund
TEAF
$385K 0.1%
+31,454
New +$360K
JQC icon
65
Nuveen Credit Strategies Income Fund
JQC
$702M
$342K 0.09%
+63,388
New +$332K
PYN
66
DELISTED
PIMCO New York Municipal Income Fund III
PYN
$316K 0.08%
60,219
+47,616
+378% +$254K
EEA
67
European Equity Fund
EEA
$73.9M
$265K 0.07%
25,936
-38,040
-59% -$364K
KIO
68
KKR Income Opportunities Fund
KIO
$450M
$262K 0.07%
+20,851
New +$250K
AEF
69
abrdn Emerging Markets Equity Income Fund
AEF
$348M
$246K 0.06%
+41,409
New +$220K
BOLD
70
Boundless Bio
BOLD
$57.8M
$238K 0.06%
235,505
+1,127
+0.5% +$1.5K
TWN
71
Taiwan Fund
TWN
$493M
$205K 0.05%
4,564
-3,983
-47% -$143K
PZC
72
DELISTED
PIMCO California Municipal Income Fund III
PZC
$203K 0.05%
32,594
+9,179
+39% +$57.6K
MUC icon
73
BlackRock MuniHoldings California Quality Fund
MUC
$1B
$186K 0.05%
17,955
-48,262
-73% -$502K
TDF
74
Templeton Dragon Fund
TDF
$268M
$148K 0.04%
14,846
-10,329
-41% -$97.9K
RGT
75
Royce Global Value Trust
RGT
$95.8M
$146K 0.04%
12,121
-2,814
-19% -$31K
1 2
3
4

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HBT
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EFMC
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BFA
Beacon Financial Advisory Cleveland, Ohio $443M AUM 17.02% 1-Year Est. Return
GWM
GSB Wealth Management Guilford, Connecticut $443M AUM 17.59% 1-Year Est. Return
CP
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CMP
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PLU
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Almitas Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Almitas Capital held 101 positions worth $396M, up 32% from $301M the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Almitas Capital deployed $46.8M of net new capital in Q2 2025, opening 20 new positions and adding to 31 existing holdings. Its largest new stake was Fidelity Ethereum Fund: 650,000 shares worth $16.4M.

By sector, the portfolio is most concentrated in Healthcare at 9.5% of assets, down from 10% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was Fidelity Wise Origin Bitcoin Fund, an estimated $3.51M trimmed.

  • Almitas Capital's largest Q2 2025 buy was Fidelity Ethereum Fund: 650,000 shares worth $16.4M.
  • Almitas Capital added most to Pioneer Municipal High Income Advantage Fund in Q2 2025, an estimated $7.69M increase.
  • Almitas Capital's biggest Q2 2025 reduction was Fidelity Wise Origin Bitcoin Fund, cutting an estimated $3.51M.
  • Almitas Capital fully exited BNY Mellon Municipal Income in Q2 2025, selling an estimated $7.77M.
  • Almitas Capital's ten largest holdings make up 69% of its $396M portfolio in Q2 2025.
  • Almitas Capital opened 20 new positions and closed 19 in Q2 2025.
  • Almitas Capital's portfolio value rose 32% quarter-over-quarter to $396M.

Based on Almitas Capital's 13F filing for Q2 2025, filed 14 Aug 2025.