Elequin Capital Portfolio holdings

AUM $724M

1-Year Return 15.4%

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4

This Quarter Return

+1.34%

1 Year Return

+15.4%

3 Year Return

+28.5%

5 Year Return

–

10 Year Return

–

AUM

$882M

AUM Growth

+$504M (+133%)

Cap. Flow

-$235M

Cap. Flow % of AUM

-26.66%

Top 10 Holdings % Top 10 Hldgs %

96.95%

Holding

479

New

278

Increased

Reduced

Closed

101

Top Buys

1	RBCP RBC Bearings Incorporated 5.00% Series A Mandatory Convertible Preferred Stock RBCP	$106M
2	First Trust SSI Strategic Convertible Securities ETF FCVT	$2.26M
3	Roundhill N-100 0DTE Covered Call Strategy ETF QDTE	$1.28M
4	Capital Group Municipal Income ETF CGMU	$1.07M
5	iShares National Muni Bond ETF MUB	$916K

Top Sells

1	ARK 21Shares Bitcoin ETF ARKB	$39.9M
2	Bitwise Bitcoin ETF BITB	$22.6M
3	SPDR Bloomberg Convertible Securities ETF CWB	$12.7M
4	Vanguard Tax-Exempt Bond Index Fund VTEB	$6.3M
5	Fidelity Wise Origin Bitcoin Fund FBTC	$5.32M

Sector Composition

1	Consumer Staples	0.17%
2	Consumer Discretionary	0.15%
3	Technology	0.13%
4	Industrials	0.1%
5	Financials	0.07%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
101	101 Diamondback Energy FANG $41.3B	$37.9K	﹤0.01%	220 +173	+368%	+$29.8K
102	102 Sea Limited SE $112B	$34K	﹤0.01%	+361	New	+$34K
103	103 Lumentum LITE $9.92B	$32.5K	﹤0.01%	+513	New	+$32.5K
104	104 PG&E PCG $33.5B	$32.1K	﹤0.01%	+1,622	New	+$32.1K
105	105 Voya Financial VOYA $7.48B	$30.4K	﹤0.01%	+384	New	+$30.4K
106	106 Prudential Financial PRU $38.3B	$29.8K	﹤0.01%	246 +207	+531%	+$25.1K
107	107 Morningstar MORN $10.9B	$29.7K	﹤0.01%	+93	New	+$29.7K
108	108 FirstEnergy FE $25.1B	$28.9K	﹤0.01%	+651	New	+$28.9K
109	109 Snap SNAP $12B	$28.8K	﹤0.01%	+2,689	New	+$28.8K
110	110 iShares Bitcoin Trust IBIT $81.9B	$28.3K	﹤0.01%	782 -23	-3%	-$831
111	111 Sunrun RUN $3.79B	$28.2K	﹤0.01%	+1,562	New	+$28.2K
112	112 Southern Company SO $101B	$28K	﹤0.01%	+310	New	+$28K
113	113 Fidelity Wise Origin Bitcoin Fund FBTC $14.5B	$27.9K	﹤0.01%	503 -95,807	-99%	-$5.32M
114	114 Progress Software PRGS $1.9B	$26.3K	﹤0.01%	+391	New	+$26.3K
115	115 AB Tax-Aware Short Duration Municipal ETF TAFI $864M	$26.1K	﹤0.01%	1,031 -5,089	-83%	-$129K
116	116 Zillow Z $20.3B	$25.9K	﹤0.01%	+406	New	+$25.9K
117	117 Enphase Energy ENPH $4.78B	$25.9K	﹤0.01%	+229	New	+$25.9K
118	118 Norwegian Cruise Line NCLH $11.6B	$24.4K	﹤0.01%	+1,189	New	+$24.4K
119	119 Li Auto LI $24.3B	$24.3K	﹤0.01%	+949	New	+$24.3K
120	120 NIO NIO $13.8B	$23.9K	﹤0.01%	+3,585	New	+$23.9K
121	121 SLM Corp SLM $6.62B	$22.8K	﹤0.01%	+999	New	+$22.8K
122	122 Eastman Chemical EMN $7.88B	$22.8K	﹤0.01%	+204	New	+$22.8K
123	123 Ford F $46.5B	$22.8K	﹤0.01%	+2,159	New	+$22.8K
124	124 Merit Medical Systems MMSI $5.46B	$22.5K	﹤0.01%	+228	New	+$22.5K
125	ETHE 125 Grayscale Ethereum Trust ETF ETHE $4.82B	$22.2K	﹤0.01%	+1,012	New	+$22.2K