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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
FBTC icon
1
Fidelity Wise Origin Bitcoin Fund
FBTC
$12.1B
$151M 38.22%
1,611,637
-40,772
-2% -$3.51M
BTT icon
2
BlackRock Municipal 2030 Target Term Trust
BTT
$1.44B
$34.1M 8.61%
1,558,260
-602
-0% -$12.8K
FETH
3
Fidelity Ethereum Fund
FETH
$1.02B
$16.4M 4.13%
+650,000
New +$14.3M
AMLX icon
4
Amylyx Pharmaceuticals
AMLX
$1.94B
$13.6M 3.43%
2,122,597
– –
PHT
5
DELISTED
Pioneer High Income Fund
PHT
$13M 3.27%
+1,604,088
New +$12.4M
MAV
6
DELISTED
Pioneer Municipal High Income Advantage Fund
MAV
$10.3M 2.61%
1,244,033
+937,516
+306% +$7.69M
MHI
7
DELISTED
Pioneer Municipal High Income Fund
MHI
$9.35M 2.36%
1,020,245
+749,437
+277% +$6.8M
MIO
8
DELISTED
Pioneer Municipal High Income Opportunities Fund
MIO
$9.33M 2.35%
790,809
+575,939
+268% +$6.75M
NQP
9
DELISTED
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
$7.98M 2.01%
711,065
-72,738
-9% -$810K
CNNE icon
10
Cannae Holdings
CNNE
$646M
$6.69M 1.69%
320,986
+177,335
+123% +$3.28M
CRF
11
Cornerstone Total Return Fund
CRF
$1.15B
$6.44M 1.63%
+831,088
New +$5.9M
ENX
12
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$6.26M 1.58%
673,354
-24,841
-4% -$231K
MXF
13
Mexico Fund
MXF
$309M
$5.79M 1.46%
329,680
-14,584
-4% -$233K
BRSP
14
BrightSpire Capital
BRSP
$694M
$5.2M 1.31%
1,029,464
+551,049
+115% +$2.78M
DSGN icon
15
Design Therapeutics
DSGN
$741M
$5.16M 1.3%
1,530,435
+77,539
+5% +$290K
LYEL icon
16
Lyell Immunopharma
LYEL
$317M
$5.13M 1.29%
579,997
+455,867
+367% +$4.15M
JOF
17
Japan Smaller Capitalization Fund
JOF
$318M
$4.93M 1.24%
511,819
– –
CCAP icon
18
Crescent Capital BDC
CCAP
$404M
$4.91M 1.24%
348,015
+323,815
+1,338% +$4.97M
ITOS
19
DELISTED
iTeos Therapeutics
ITOS
$4.86M 1.23%
487,204
+212,084
+77% +$1.71M
DSM
20
BNY Mellon Strategic Municipal Bond Fund
DSM
$299M
$4.77M 1.2%
851,087
– –
ETHA
21
iShares Ethereum Trust ETF
ETHA
$5.35B
$4.18M 1.06%
+219,405
New +$3.65M
CXE
22
DELISTED
MFS High Income Municipal Trust
CXE
$3.95M 1%
1,103,430
+56,428
+5% +$200K
DTF
23
DTF Tax-Free Income 2028 Term Fund
DTF
$80.8M
$3.92M 0.99%
350,128
+40,517
+13% +$453K
CXH
24
DELISTED
MFS Investment Grade Municipal Trust
CXH
$3.42M 0.86%
448,169
-22,266
-5% -$170K
PHD
25
DELISTED
Pioneer Floating Rate Fund
PHD
$3.32M 0.84%
+338,368
New +$3.22M
1
2 3 4

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EFMC
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CMAI
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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 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.