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
201	201 SolarEdge SEDG $2.04B	$12.6K	﹤0.01%	549 -201	-27%	-$4.61K
202	202 Rexford Industrial Realty REXR $10.2B	$12.2K	﹤0.01%	+243	New	+$12.2K
203	203 Huazhu Hotels Group HTHT $11.5B	$12.1K	﹤0.01%	+326	New	+$12.1K
204	204 Bentley Systems BSY $16.3B	$12K	﹤0.01%	+237	New	+$12K
205	205 United Airlines UAL $34.5B	$11.8K	﹤0.01%	+207	New	+$11.8K
206	206 COPT Defense Properties CDP $3.46B	$11.8K	﹤0.01%	+389	New	+$11.8K
207	207 Dropbox DBX $8.06B	$11.7K	﹤0.01%	+461	New	+$11.7K
208	208 Insight Enterprises NSIT $4.02B	$11.6K	﹤0.01%	+54	New	+$11.6K
209	209 Bloom Energy BE $13.4B	$11.5K	﹤0.01%	+1,089	New	+$11.5K
210	210 Starwood Property Trust STWD $7.56B	$11.4K	﹤0.01%	+560	New	+$11.4K
211	211 Enovis ENOV $1.84B	$11.3K	﹤0.01%	+263	New	+$11.3K
212	212 CenterPoint Energy CNP $24.7B	$11.2K	﹤0.01%	+382	New	+$11.2K
213	213 OSI Systems OSIS $3.93B	$11.2K	﹤0.01%	+74	New	+$11.2K
214	214 Vishay Intertechnology VSH $2.11B	$11.1K	﹤0.01%	+589	New	+$11.1K
215	UNIT 215 Uniti Group UNIT $1.59B	$11.1K	﹤0.01%	+1,960	New	+$11.1K
216	216 Evolent Health EVH $1.11B	$11K	﹤0.01%	+388	New	+$11K
217	217 World Kinect Corp WKC $1.48B	$10.9K	﹤0.01%	+354	New	+$10.9K
218	218 PENN Entertainment PENN $2.99B	$10.9K	﹤0.01%	+577	New	+$10.9K
219	219 Etsy ETSY $5.36B	$10.7K	﹤0.01%	+193	New	+$10.7K
220	220 Upstart Holdings UPST $6.44B	$10.7K	﹤0.01%	+267	New	+$10.7K
221	221 Tapestry TPR $21.7B	$10.4K	﹤0.01%	+222	New	+$10.4K
222	222 Ambev ABEV $34.8B	$10.4K	﹤0.01%	+4,256	New	+$10.4K
223	223 Williams-Sonoma WSM $24.7B	$10.4K	﹤0.01%	+67	New	+$10.4K
224	224 MKS Inc. Common Stock MKSI $7.02B	$10.2K	﹤0.01%	+94	New	+$10.2K
225	225 Robert Half RHI $3.77B	$10.2K	﹤0.01%	+151	New	+$10.2K