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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
-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
ETH
101
Grayscale Ethereum Staking Mini ETF Shares
ETH
$1.72B
– –
-515,011
Closed -$16.2M
FETH
102
Fidelity Ethereum Fund
FETH
$1.02B
– –
-941,057
Closed -$31.4M
BTC
103
Grayscale Bitcoin Mini Trust ETF
BTC
$3.36B
– –
-35,700
Closed -$1.49M
HYB
104
DELISTED
New America High Income Fund, Inc.
HYB
– –
-495,961
Closed -$4.05M
OBDE
105
DELISTED
Blue Owl Capital Corporation III
OBDE
– –
-1,889,702
Closed -$27.2M
1 2 3 4
5

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BFA
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CP
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CMP
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PLU
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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.