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 | |
|---|---|---|---|---|---|---|---|
351
Velos Acquisition I Corp Warrant
VLOSW
| $5.44K | ﹤0.01% |
14,510
| – | – |
2026 Q2
1 quarter
|
|
352
Fold Holdings Warrant
FLDDW
$623K
| $5.13K | ﹤0.01% |
56,950
| – | – |
2022 Q1
18 quarters
|
|
353
GCL Global Holdings Warrants
GCLWW
$564K
| $4.92K | ﹤0.01% |
250,000
| – | – |
2025 Q1
6 quarters
|
|
354
Rice Acquisition Corp Warrants
KRSP.WS
| $4.33K | ﹤0.01% |
4,166
| – | – |
2025 Q4
3 quarters
|
|
355
ECARX Holdings Warrants
ECXWW
| $3.93K | ﹤0.01% |
117,430
| – | – |
2024 Q3
8 quarters
|
|
356
Apollomics Inc Warrant
APLMW
$922K
| $3.34K | ﹤0.01% |
298,500
| – | – |
2024 Q3
8 quarters
|
|
|
FWACW
357
Futurewave Acquisition Corp Warrants
FWACW
| $3.26K | ﹤0.01% |
+150,000
| New | +$6.44K |
2026 Q3
0 quarters
|
|
358
Borealis Foods Inc Warrant
BRLSW
| $3.02K | ﹤0.01% |
75,340
| – | – |
2021 Q4
19 quarters
|
|
359
Aspire-Lakewood Holdings, Inc. Warrant
ASBPW
| $2.33K | ﹤0.01% |
175,000
| – | – |
2024 Q3
8 quarters
|
|
360
Beneficient Warrant
BENFW
$132K
| $2.29K | ﹤0.01% |
210,024
| – | – |
2023 Q2
13 quarters
|
|
361
Scage Future Warrants
SCAGW
$167K
| $2.02K | ﹤0.01% |
262,500
| – | – |
2025 Q3
4 quarters
|
|
362
Copley Acquisition Corp Warrants
COPL.WS
| $2K | ﹤0.01% |
100,000
| – | – |
2025 Q2
5 quarters
|
|
363
Real Messenger Corp Warrants
RMSGW
$96.1K
| $1.74K | ﹤0.01% |
50,000
| – | – |
2024 Q4
7 quarters
|
|
364
CDT Equity Inc Warrant
CDTTW
$485K
| $1.5K | ﹤0.01% |
128,500
| – | – |
2023 Q2
13 quarters
|
|
365
Lionheart Holdings Warrant
CUBWW
| $1.5K | ﹤0.01% |
10,000
| – | – |
2024 Q3
8 quarters
|
|
366
ZOOZ Strategy Ltd Warrant
ZOOZW
$153K
| $1.31K | ﹤0.01% |
72,209
| – | – |
2025 Q4
3 quarters
|
|
367
Dragonfly Energy Holdings Warrant
DFLIW
$1.05K
| $999 | ﹤0.01% |
50,700
| – | – |
2022 Q4
15 quarters
|
|
368
Southland Holdings Warrants
SLND.WS
$572K
| $983 | ﹤0.01% |
51,732
| – | – |
2022 Q1
18 quarters
|
|
369
Cardio Diagnostics Holdings Inc Warrant
CDIOW
| $758 | ﹤0.01% |
81,500
| – | – |
2022 Q1
18 quarters
|
|
370
Banzai International Warrant
PARAW
$98.4K
| $656 | ﹤0.01% |
80,979
| – | – |
2022 Q1
18 quarters
|
|
371
Murano Global Investments PLC Warrants
MRNOW
$72.6K
| $486 | ﹤0.01% |
67,500
| – | – |
2025 Q4
3 quarters
|
|
372
DELISTED
Moolec Science SA Warrant
MLECW
| $411 | ﹤0.01% |
32,653
| – | – |
2025 Q4
3 quarters
|
|
373
Silexion Therapeutics Warrant
SLXNW
$22.5K
| $261 | ﹤0.01% |
51,183
| – | – |
2024 Q3
8 quarters
|
|
374
Bandwidth Inc
BAND
$1.5B
| – | – |
-5,800
| Closed | -$367K | – |
|
375
Peabody Energy
BTU
$2.13B
| – | – |
-46,750
| Closed | -$1.08M | – |
|
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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.