Context Capital Management Portfolio holdings
Context Capital Management is an alternative asset manager that runs hedged funds built mainly around convertible bonds. Its main strategies are convertible arbitrage, capital structure arbitrage and event-driven trading. Michael Rosen and William Fertig co-founded the firm. Rosen co-owned a mutual fund company that specialized in convertible securities, and in 1990 Fertig led McMahan Securities into brokering convertible and derivative securities. Charles Carnegie, its chief investment officer, first worked at the firm from 2005 to 2008 and returned in 2015 as portfolio manager. Its funds are open to high net worth individuals, corporations and other institutions.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
GSR V Acquisition Corp
GSRV
|
+$19.3M |
| 2 |
Snowflake
SNOW
|
+$15M |
| 3 |
Iris Energy
IREN
|
+$13.6M |
| 4 |
Halozyme
HALO
|
+$13.5M |
| 5 |
THEO
BOA Acquisition Corp II
THEO
|
+$12.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet Inc Depositary Shares Series A Preferred Stock
GOOGM
|
+$81.4M |
| 2 |
Alphabet Inc Depositary Shares Series B Preferred Stock
GOOGN
|
+$36.8M |
| 3 |
Oracle Corp Preferred Stock Series D
ORCL.PRD
|
+$24.7M |
| 4 |
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
|
+$23.3M |
| 5 |
GSR V Acquisition Corp. Units
GSRVU
|
+$19.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 87.48% |
| 2 | Financials | 10.61% |
| 3 | Communication Services | 1.14% |
| 4 | Healthcare | 0.41% |
| 5 | Technology | 0.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
VACI.WS
301
DELISTED
Viking Acquisition Corp I Warrants
VACI.WS
| $21.3K | ﹤0.01% |
53,333
| – | – |
2025 Q4
3 quarters
|
|
302
Digital Asset Acquisition Corp Warrant
DAAQW
$1.38M
| $21.1K | ﹤0.01% |
150,000
| – | – |
2025 Q2
5 quarters
|
|
303
Praetorian Acquisition Corp Warrant
PTORW
$2.88M
| $20.7K | ﹤0.01% |
66,666
| – | – |
2026 Q1
2 quarters
|
|
304
Tailwind 2.0 Acquisition Corp Rights
TDWDR
| $20.4K | ﹤0.01% |
200,000
| – | – |
2025 Q4
3 quarters
|
|
305
FIGX Capital Acquisition Corp Warrant
FIGXW
| $20K | ﹤0.01% |
125,000
| – | – |
2025 Q3
4 quarters
|
|
306
Centurion Acquisition Corp Warrant
ALFUW
$1.66M
| $20K | ﹤0.01% |
79,882
| – | – |
2024 Q4
7 quarters
|
|
307
GigCapital9 Corp Rights
GIXXR
| $19.5K | ﹤0.01% |
75,000
| – | – |
2026 Q1
2 quarters
|
|
308
Bain Capital GSS Investment Corp Warrants
BCSS.WS
| $19.5K | ﹤0.01% |
30,000
| – | – |
2025 Q4
3 quarters
|
|
309
Trailblazer Acquisition Corp Warrant
BLZRW
| $18.9K | ﹤0.01% |
50,000
| – | – |
2025 Q4
3 quarters
|
|
310
XBP Europe Holdings Warrant
XBPEW
| $18.6K | ﹤0.01% |
357,933
| – | – |
2022 Q1
18 quarters
|
|
311
General Purpose Acquisition Corp Warrant
GPACW
| $18.5K | ﹤0.01% |
75,000
| – | – |
2026 Q1
2 quarters
|
|
312
Muzero Acquisition Corp Warrant
MUZEW
| $18.4K | ﹤0.01% |
75,000
| – | – |
2026 Q1
2 quarters
|
|
313
Idea Acquisition Corp Warrants
IACOW
| $18.3K | ﹤0.01% |
66,666
| – | – |
2026 Q2
1 quarter
|
|
|
FWACR
314
Futurewave Acquisition Corp Rights
FWACR
| $18K | ﹤0.01% |
+150,000
| New | +$23.9K |
2026 Q3
0 quarters
|
|
315
Social Commerce Partners Warrant
SCPQW
| $17.3K | ﹤0.01% |
50,000
| – | – |
2026 Q1
2 quarters
|
|
316
FutureCrest Acquisition Corp Warrants
FCRS.WS
| $17.2K | ﹤0.01% |
25,000
| – | – |
2025 Q4
3 quarters
|
|
317
Air Water Ventures
WATR
$48.4M
| $17K | ﹤0.01% |
+10,000
| New | +$20.9K |
2026 Q3
0 quarters
|
|
318
Globa Terra Acquisition Corp Warrants
GTERW
$655K
| $16.2K | ﹤0.01% |
525,000
| – | – |
2025 Q3
4 quarters
|
|
319
AA Mission Acquisition Corp II Warrants
YCY.WS
| $16K | ﹤0.01% |
100,000
| – | – |
2025 Q4
3 quarters
|
|
320
Highview Merger Corp Warrants
HVMCW
| $15.8K | ﹤0.01% |
75,000
| – | – |
2025 Q4
3 quarters
|
|
321
Galata Acquisition Corp II Warrant
LATAW
| $14.3K | ﹤0.01% |
66,666
| – | – |
2025 Q4
3 quarters
|
|
322
Leapfrog Acquisition Corp Warrants
LFACW
| $14K | ﹤0.01% |
+50,000
| New | +$16.1K |
2026 Q3
0 quarters
|
|
323
Gores Holdings X Warrants
GTENW
$4.48M
| $13.8K | ﹤0.01% |
25,000
| – | – |
2025 Q2
5 quarters
|
|
324
Willow Lane Acquisition Corp II Warrants
WLIIW
| $13.7K | ﹤0.01% |
18,750
| – | – |
2026 Q2
1 quarter
|
|
325
Archimedes Tech SPAC Partners III Warrant
ARCIW
$2.48M
| $13.3K | ﹤0.01% |
25,000
| – | – |
2026 Q1
2 quarters
|
|
Similar funds
Context Capital Management's Q3 2026 Portfolio in Review
As of Q3 2026, Context Capital Management held 505 positions worth $4.89B, down 5.1% from $5.15B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Context Capital Management withdrew a net $3.86B in Q3 2026, closing 42 positions and reducing 10 holdings. Its most notable exit was Oracle Corp Preferred Stock Series D, an estimated $24.7M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 87% of assets, down from 88% a quarter earlier, followed by Financials and Communication Services.
Against the trend, Context Capital Management opened a new position in GSR V Acquisition Corp worth $19.3M.
- Context Capital Management's largest Q3 2026 buy was GSR V Acquisition Corp: 1,950,000 shares worth $19.3M.
- Context Capital Management's biggest Q3 2026 reduction was Alphabet Inc Depositary Shares Series A Preferred Stock, cutting an estimated $81.4M.
- Context Capital Management fully exited Oracle Corp Preferred Stock Series D in Q3 2026, selling an estimated $24.7M.
- Context Capital Management's ten largest holdings make up 26% of its $4.89B portfolio in Q3 2026.
- Context Capital Management opened 85 new positions and closed 42 in Q3 2026.
- Context Capital Management's portfolio value fell 5.1% quarter-over-quarter to $4.89B.
Based on Context Capital Management's 13F filing for Q3 2026, filed 4 Nov 2026.