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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
+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
FBTC icon
1
Fidelity Wise Origin Bitcoin Fund
FBTC
$12.3B
$161M 36.82%
1,611,637
– –
BTT icon
2
BlackRock Municipal 2030 Target Term Trust
BTT
$1.43B
$34.6M 7.91%
1,539,263
-18,997
-1% -$423K
AMLX icon
3
Amylyx Pharmaceuticals
AMLX
$1.99B
$28.8M 6.6%
2,122,597
– –
FETH
4
Fidelity Ethereum Fund
FETH
$1.05B
$27M 6.18%
650,000
– –
ASA
5
ASA Gold and Precious Metals
ASA
$980M
$15.4M 3.52%
+335,342
New +$12.2M
DSGN icon
6
Design Therapeutics
DSGN
$730M
$11.5M 2.64%
1,530,435
– –
CNNE icon
7
Cannae Holdings
CNNE
$636M
$10.2M 2.33%
556,688
+235,702
+73% +$4.66M
LYEL icon
8
Lyell Immunopharma
LYEL
$313M
$9.38M 2.15%
577,807
-2,190
-0.4% -$25K
PHD
9
DELISTED
Pioneer Floating Rate Fund
PHD
$6.97M 1.6%
699,986
+361,618
+107% +$3.58M
ETHA
10
iShares Ethereum Trust ETF
ETHA
$5.5B
$6.91M 1.58%
219,405
– –
BIT icon
11
BlackRock Multi-Sector Income Trust
BIT
$704M
$6.89M 1.58%
+514,906
New +$7.3M
ENX
12
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$6.09M 1.39%
617,454
-55,900
-8% -$526K
IGF icon
13
iShares Global Infrastructure ETF
IGF
$11B
$5.68M 1.3%
+92,922
New +$5.57M
BRSP
14
BrightSpire Capital
BRSP
$694M
$5.59M 1.28%
1,029,464
– –
CCAP icon
15
Crescent Capital BDC
CCAP
$408M
$5.37M 1.23%
376,461
+28,446
+8% +$426K
CMU
16
DELISTED
MFS High Yield Municipal Trust
CMU
$5.23M 1.2%
1,507,168
+855,533
+131% +$2.85M
JOF
17
Japan Smaller Capitalization Fund
JOF
$319M
$5.08M 1.16%
481,642
-30,177
-6% -$310K
DSM
18
BNY Mellon Strategic Municipal Bond Fund
DSM
$296M
$5.04M 1.15%
851,087
– –
ALXO icon
19
ALX Oncology
ALXO
$270M
$4.64M 1.06%
2,536,891
-1,464
-0.1% -$1.27K
NQP
20
DELISTED
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
$4.54M 1.04%
378,058
-333,007
-47% -$3.7M
FGNX
21
FG Nexus Inc
FGNX
$38M
$4.39M 1.01%
+160,000
New +$13M
CXE
22
DELISTED
MFS High Income Municipal Trust
CXE
$4.1M 0.94%
1,103,430
– –
DTF
23
DTF Tax-Free Income 2028 Term Fund
DTF
$80.8M
$4.01M 0.92%
350,940
+812
+0.2% +$9.16K
MXF
24
Mexico Fund
MXF
$315M
$4M 0.92%
202,961
-126,719
-38% -$2.3M
JEQ
25
DELISTED
abrdn Japan Equity Fund
JEQ
$3.86M 0.88%
490,174
+73,546
+18% +$583K
1
2 3 4

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HBT
Heartland Bank & Trust Bloomington, Illinois $442M AUM 28.29% 1-Year Est. Return
EFMC
Empire Financial Management Company New York $442M AUM 24.42% 1-Year Est. Return
CMAI
Capital Management Associates Inc Minneapolis, Minnesota $442M AUM 17.91% 1-Year Est. Return
BFA
Beacon Financial Advisory Cleveland, Ohio $443M AUM 17.02% 1-Year Est. Return
GWM
GSB Wealth Management Guilford, Connecticut $443M AUM 17.59% 1-Year Est. Return
CP
Cornerstone Planning Charlotte, North Carolina $443M AUM
CMP
Coston McIsaac & Partners Bar Harbor, Maine $443M AUM 6.68% 1-Year Est. Return
PLU
Performa Ltd (US) Charleston, South Carolina $442M AUM 13.84% 1-Year Est. Return

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.