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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
+15.52%
1 Year Est. Return
+42.36%
3 Year Est. Return
+85.86%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$456M
AUM Growth
+$173M
Cap. Flow
+$144M
Cap. Flow %
31.61%
Top 10 Hldgs %
67%
Holding
112
New
44
Increased
25
Reduced
13
Closed
20

Top Buys

Rank Stock Value
1
FBTC icon
Fidelity Wise Origin Bitcoin Fund
FBTC
+$44.7M
2
FETH
Fidelity Ethereum Fund
FETH
+$28.9M
3
OBDE
Blue Owl Capital Corporation III
OBDE
+$27.8M
4
BTT icon
BlackRock Municipal 2030 Target Term Trust
BTT
+$20.4M
5
ETH
Grayscale Ethereum Staking Mini ETF Shares
ETH
+$14.9M

Top Sells

Rank Stock Value
1
HIE
Miller/Howard High Income Equity Fund
HIE
+$13.6M
2
NTG
Tortoise Midstream Energy Fund, Inc. Common Stock
NTG
+$10.2M
3
MMD
MainStay MacKay DefinedTerm Municipal Opportunities Fund
MMD
+$9.89M
4
IGI
Western Asset Investment Grade Defined Opportunity Trust
IGI
+$6.1M
5
TTP
TORTOISE PIPELINE & ENERGY FUND, INC.
TTP
+$5.08M

Sector Composition

Rank Sector Weight
1 Healthcare 7.84%
2 Real Estate 4.46%
3 Financials 2.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FBTC icon
1
Fidelity Wise Origin Bitcoin Fund
FBTC
$12.2B
$141M 30.96%
1,731,994
+616,624
+55% +$44.7M
FETH
2
Fidelity Ethereum Fund
FETH
$1.04B
$31.4M 6.89%
+941,057
New +$28.9M
BTT icon
3
BlackRock Municipal 2030 Target Term Trust
BTT
$1.43B
$30.9M 6.77%
1,501,061
+964,150
+180% +$20.4M
OBDE
4
DELISTED
Blue Owl Capital Corporation III
OBDE
$27.2M 5.97%
+1,889,702
New +$27.8M
BMEZ icon
5
BlackRock Health Sciences Trust II
BMEZ
$946M
$19.3M 4.23%
1,339,598
-164,795
-11% -$2.55M
ETH
6
Grayscale Ethereum Staking Mini ETF Shares
ETH
$1.75B
$16.2M 3.55%
+515,011
New +$14.9M
TPZ
7
Tortoise Electrification Infrastructure ETF
TPZ
$132M
$11.6M 2.53%
576,065
+516,883
+873% +$10.1M
TYG
8
Tortoise Energy Infrastructure Corp
TYG
$1.14B
$10.4M 2.29%
+248,666
New +$10.5M
NQP
9
DELISTED
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
$9.2M 2.02%
822,642
-343,469
-29% -$4.09M
DSGN icon
10
Design Therapeutics
DSGN
$736M
$8.17M 1.79%
1,323,667
– –
AMLX icon
11
Amylyx Pharmaceuticals
AMLX
$1.97B
$7.68M 1.68%
2,032,370
+43,807
+2% +$206K
SDHY
12
PGIM Short Duration High Yield Opportunities Fund
SDHY
$397M
$7.45M 1.63%
462,098
-28,924
-6% -$478K
NLY icon
13
Annaly Capital Management
NLY
$16.4B
$7.15M 1.57%
+390,718
New +$7.63M
ENX
14
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$6.65M 1.46%
698,195
+1,880
+0.3% +$18.3K
DMF
15
DELISTED
BNY Mellon Municipal Income
DMF
$5.72M 1.25%
806,008
-462,239
-36% -$3.35M
ECAT icon
16
BlackRock ESG Capital Allocation Term Trust
ECAT
$1.53B
$5.43M 1.19%
331,140
– –
TWO
17
Two Harbors Investment
TWO
$1.27B
$5.17M 1.13%
+437,374
New +$5.29M
ZNTL icon
18
Zentalis Pharmaceuticals
ZNTL
$320M
$4.93M 1.08%
1,626,896
+665,968
+69% +$2.18M
STEW
19
SRH Total Return Fund
STEW
$1.76B
$4.84M 1.06%
301,991
+81,229
+37% +$1.31M
MXF
20
Mexico Fund
MXF
$310M
$4.2M 0.92%
317,846
+176,498
+125% +$2.48M
HYB
21
DELISTED
New America High Income Fund, Inc.
HYB
$4.05M 0.89%
495,961
– –
JOF
22
Japan Smaller Capitalization Fund
JOF
$318M
$3.82M 0.84%
497,471
– –
CXH
23
DELISTED
MFS Investment Grade Municipal Trust
CXH
$3.81M 0.84%
477,454
– –
DSM
24
BNY Mellon Strategic Municipal Bond Fund
DSM
$296M
$3.63M 0.8%
+625,461
New +$3.78M
DTF
25
DTF Tax-Free Income 2028 Term Fund
DTF
$80.8M
$3.62M 0.79%
322,432
-4,942
-2% -$55.6K
1
2 3 4 5

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HBT
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EFMC
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BFA
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GWM
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CP
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CMP
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PLU
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Almitas Capital's Q4 2024 Portfolio in Review

As of Q4 2024, Almitas Capital held 112 positions worth $456M, up 61% from $283M the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Almitas Capital deployed $144M of net new capital in Q4 2024, opening 44 new positions and adding to 25 existing holdings. Its largest new stake was Fidelity Ethereum Fund: 941,057 shares worth $31.4M.

By sector, the portfolio is most concentrated in Healthcare at 7.8% of assets, down from 8.9% a quarter earlier, followed by Real Estate and Financials.

On the sell side, the largest reduction was Nuveen Pennsylvania Quality Municipal Income Fund, an estimated $4.09M trimmed.

  • Almitas Capital's largest Q4 2024 buy was Fidelity Ethereum Fund: 941,057 shares worth $31.4M.
  • Almitas Capital added most to Fidelity Wise Origin Bitcoin Fund in Q4 2024, an estimated $44.7M increase.
  • Almitas Capital's biggest Q4 2024 reduction was Nuveen Pennsylvania Quality Municipal Income Fund, cutting an estimated $4.09M.
  • Almitas Capital fully exited Miller/Howard High Income Equity Fund in Q4 2024, selling an estimated $13.6M.
  • Almitas Capital's ten largest holdings make up 67% of its $456M portfolio in Q4 2024.
  • Almitas Capital opened 44 new positions and closed 20 in Q4 2024.
  • Almitas Capital's portfolio value rose 61% quarter-over-quarter to $456M.

Based on Almitas Capital's 13F filing for Q4 2024, filed 14 Feb 2025.