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AC

Almitas Capital Portfolio holdings

AUM $417M
1-Year Est. Return 22.81%
This Fund
S&P 500
This Quarter Est. Return
-6.08%
1 Year Est. Return
+22.81%
3 Year Est. Return
+86.09%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$301M
AUM Growth
-$155M
Cap. Flow
-$130M
Cap. Flow %
-43.12%
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 Miscellaneous 84.08%
2 Healthcare 10.11%
3 Real Estate 2.48%
4 Financials 1.82%
5 Consumer Discretionary 0.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FBTC icon
1
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.4B
$119M 39.46%
1,652,409
-79,585
-5% -$6.47M
BTT icon
2
BlackRock Municipal 2030 Target Term Trust
BTT
$1.44B
$33.1M 10.98%
1,558,862
+57,801
+4% +$1.22M
NQP
3
DELISTED
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
$8.79M 2.92%
783,803
-38,839
-5% -$445K
DMF
4
DELISTED
BNY Mellon Municipal Income
DMF
$7.77M 2.58%
1,081,956
+275,948
+34% +$1.98M
AMLX icon
5
Amylyx Pharmaceuticals
AMLX
$3.87B
$7.51M 2.49%
2,122,597
+90,227
+4% +$321K
ENX
6
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$6.63M 2.2%
698,195
– –
DSGN icon
7
Design Therapeutics
DSGN
$946M
$5.61M 1.86%
1,452,896
+129,229
+10% +$617K
STEW
8
SRH Total Return Fund
STEW
$1.79B
$5.21M 1.73%
301,991
– –
DSM
9
BNY Mellon Strategic Municipal Bond Fund
DSM
$288M
$4.91M 1.63%
851,087
+225,626
+36% +$1.33M
MXF
10
Mexico Fund
MXF
$312M
$4.9M 1.63%
344,264
+26,418
+8% +$371K
JOF
11
Japan Smaller Capitalization Fund
JOF
$358M
$4.29M 1.42%
511,819
+14,348
+3% +$114K
CXE
12
DELISTED
MFS High Income Municipal Trust
CXE
$3.86M 1.28%
1,047,002
+125,165
+14% +$467K
CXH
13
DELISTED
MFS Investment Grade Municipal Trust
CXH
$3.73M 1.24%
470,435
-7,019
-1% -$56.3K
DTF
14
DTF Tax-Free Income 2028 Term Fund
DTF
$81.4M
$3.47M 1.15%
309,611
-12,821
-4% -$145K
SDHY
15
PGIM Short Duration High Yield Opportunities Fund
SDHY
$394M
$3.24M 1.07%
196,468
-265,630
-57% -$4.38M
NKTR icon
16
Nektar Therapeutics
NKTR
$2.48B
$3.14M 1.04%
307,391
+246,043
+401% +$3.21M
BMEZ icon
17
BlackRock Health Sciences Trust II
BMEZ
$1.05B
$3.05M 1.01%
204,834
-1,134,764
-85% -$17.8M
MEGI
18
NYLIM CBRE Global Infrastructure Megatrends Term Fund
MEGI
$771M
$3.01M 1%
226,124
+65,223
+41% +$825K
NPCT icon
19
Nuveen Core Plus Impact Fund
NPCT
$279M
$2.88M 0.96%
269,668
– –
ZNTL icon
20
Zentalis Pharmaceuticals
ZNTL
$360M
$2.72M 0.9%
1,710,921
+84,025
+5% +$181K
BRSP
21
BrightSpire Capital
BRSP
$601M
$2.66M 0.88%
478,415
+122,093
+34% +$713K
CNNE icon
22
Cannae Holdings
CNNE
$678M
$2.63M 0.87%
+143,651
New +$2.71M
CEE
23
Central and Eastern Europe Fund
CEE
$129M
$2.6M 0.86%
180,190
– –
MAV
24
DELISTED
Pioneer Municipal High Income Advantage Fund
MAV
$2.56M 0.85%
306,517
+61,511
+25% +$525K
IIF
25
Morgan Stanley India Investment Fund
IIF
$218M
$2.55M 0.85%
104,744
+18,424
+21% +$445K
1
2 3 4 5

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SCM
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EWM
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RA
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MWM
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VA
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CWM
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LWMNY
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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 $130M 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 Miscellaneous at 84% of assets, up from 80% a quarter earlier, followed by Healthcare and Real Estate.

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.