Elequin Capital Portfolio holdings

AUM $724M

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

+9.46%

1 Year Return

+15.4%

3 Year Return

+28.5%

5 Year Return

–

10 Year Return

–

AUM

$863M

AUM Growth

+$863M (-2.1%)

Cap. Flow

+$485M

Cap. Flow % of AUM

56.19%

Top 10 Holdings % Top 10 Hldgs %

62.64%

Holding

639

New

259

Increased

Reduced

140

Closed

134

Top Buys

1	Apple AAPL	$80.1M
2	Microsoft MSFT	$69.6M
3	NVIDIA NVDA	$59.1M
4	ETH Grayscale Ethereum Mini Trust ETF ETH	$41M
5	ETHW Bitwise Ethereum ETF ETHW	$37.4M

Top Sells

1	RBCP RBC Bearings Incorporated 5.00% Series A Mandatory Convertible Preferred Stock RBCP	$106M
2	SPDR Bloomberg Convertible Securities ETF CWB	$8.33M
3	BHP BHP	$2.69M
4	First Trust SSI Strategic Convertible Securities ETF FCVT	$2.08M
5	Calamos Convertible Equity Alternative ETF CVRT	$1.95M

Sector Composition

1	Technology	36.26%
2	Communication Services	5.6%
3	Consumer Discretionary	1.85%
4	Financials	1.4%
5	Healthcare	1%

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 VanEck Short High Yield Muni ETF SHYD $345M	$25.2K	﹤0.01%	1,120 -1,860	-62%	-$41.8K
202	202 PPL Corp PPL $26.8B	$24.9K	﹤0.01%	766 +226	+42%	+$7.34K
203	203 Granite Construction GVA $4.63B	$24.5K	﹤0.01%	+279	New	+$24.5K
204	204 Insight Enterprises NSIT $3.95B	$24.3K	﹤0.01%	160 +106	+196%	+$16.1K
205	205 Upstart Holdings UPST $6.2B	$24K	﹤0.01%	390 +123	+46%	+$7.57K
206	NBXG 206 Neuberger Berman Next Generation Connectivity Fund NBXG $1.15B	$23.5K	﹤0.01%	+1,845	New	+$23.5K
207	207 iShares Silver Trust SLV $20.2B	$23.5K	﹤0.01%	+892	New	+$23.5K
208	208 Itron ITRI $5.53B	$23.5K	﹤0.01%	216 +11	+5%	+$1.19K
209	209 iShares MSCI EAFE ETF EFA $65.4B	$23.4K	﹤0.01%	+309	New	+$23.4K
210	YBIT 210 YieldMax Bitcoin Option Income Strategy ETF YBIT $141M	$23.3K	﹤0.01%	+1,883	New	+$23.3K
211	X 211 DELISTED US Steel X	$23.2K	﹤0.01%	683 +314	+85%	+$10.7K
212	212 BlackRock Municipal Income Trust BFK $424M	$23.2K	﹤0.01%	+2,351	New	+$23.2K
213	213 Exact Sciences EXAS $9.33B	$23.2K	﹤0.01%	412 -256	-38%	-$14.4K
214	214 Spotify SPOT $143B	$22.8K	﹤0.01%	51 +13	+34%	+$5.82K
215	215 Marathon Digital Holdings MARA $5.89B	$22.3K	﹤0.01%	1,327 +250	+23%	+$4.19K
216	216 CenterPoint Energy CNP $24.6B	$22.2K	﹤0.01%	699 +317	+83%	+$10.1K
217	217 Health Care Select Sector SPDR Fund XLV $33.8B	$22K	﹤0.01%	+160	New	+$22K
218	218 GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF NVDL $4.13B	$21.9K	﹤0.01%	330 +268	+432%	+$17.8K
219	TXNM 219 TXNM Energy, Inc. TXNM $5.97B	$20.9K	﹤0.01%	426 +299	+235%	+$14.7K
220	220 Stride LRN $6.97B	$20.9K	﹤0.01%	201 +175	+673%	+$18.2K
221	221 iShares 20+ Year Treasury Bond ETF TLT $47.8B	$20.8K	﹤0.01%	+238	New	+$20.8K
222	222 Guidewire Software GWRE $18.5B	$20.6K	﹤0.01%	+122	New	+$20.6K
223	223 Duke Energy DUK $94.5B	$20.4K	﹤0.01%	189 -216	-53%	-$23.3K
224	224 Carpenter Technology CRS $11.8B	$20.2K	﹤0.01%	119 -139	-54%	-$23.6K
225	225 Assured Guaranty AGO $3.89B	$20.2K	﹤0.01%	+224	New	+$20.2K