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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
+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
ITOS
76
DELISTED
iTeos Therapeutics
ITOS
– –
-487,204
Closed -$4.86M
JQC icon
77
Nuveen Credit Strategies Income Fund
JQC
$702M
– –
-63,388
Closed -$342K
KIO
78
KKR Income Opportunities Fund
KIO
$448M
– –
-20,851
Closed -$262K
LRFC
79
DELISTED
Logan Ridge Finance Corp
LRFC
– –
-30,999
Closed -$577K
MAV
80
DELISTED
Pioneer Municipal High Income Advantage Fund
MAV
– –
-1,244,033
Closed -$10.3M
MEGI
81
MainStay CBRE Global Infrastructure Megatrends Term Fund
MEGI
$792M
– –
-39,612
Closed -$563K
MHI
82
DELISTED
Pioneer Municipal High Income Fund
MHI
– –
-1,020,245
Closed -$9.35M
MIO
83
DELISTED
Pioneer Municipal High Income Opportunities Fund
MIO
– –
-790,809
Closed -$9.33M
MUC icon
84
BlackRock MuniHoldings California Quality Fund
MUC
$1.01B
– –
-17,955
Closed -$186K
ADAM
85
Adamas Trust
ADAM
$783M
– –
-65,113
Closed -$436K
PCK
86
DELISTED
Pimco California Municipal Income Fund II
PCK
– –
-215,805
Closed -$1.16M
PHT
87
DELISTED
Pioneer High Income Fund
PHT
– –
-1,604,088
Closed -$13M
PNF
88
DELISTED
PIMCO New York Municipal Income Fund
PNF
– –
-10,814
Closed -$75.6K
PNI
89
PIMCO New York Municipal Income Fund II
PNI
$76.8M
– –
-71,558
Closed -$481K
PYN
90
DELISTED
PIMCO New York Municipal Income Fund III
PYN
– –
-60,219
Closed -$316K
PZC
91
DELISTED
PIMCO California Municipal Income Fund III
PZC
– –
-32,594
Closed -$203K
RGT
92
Royce Global Value Trust
RGT
$97.1M
– –
-12,121
Closed -$146K
TDF
93
Templeton Dragon Fund
TDF
$266M
– –
-14,846
Closed -$148K
TEAF
94
DELISTED
Ecofin Sustainable & Social Impact Term Fund
TEAF
– –
-31,454
Closed -$385K
TWN
95
Taiwan Fund
TWN
$470M
– –
-4,564
Closed -$205K
ZTR
96
Virtus Total Return Fund
ZTR
$340M
– –
-72,019
Closed -$449K
BTX
97
BlackRock Technology and Private Equity Term Trust
BTX
$919M
– –
-195,710
Closed -$1.44M
SCD.RT
98
DELISTED
LMP Capital and Income Fund Inc. Rights (expiring July 11, 2025)
SCD.RT
– –
-19,361
Closed -$1.34K
FBDC
99
FT Confluence BDC & Specialty Finance Income ETF
FBDC
$34.4M
– –
-42,651
Closed -$894K
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
CP
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CMP
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PLU
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TC
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TAS
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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.