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ICM

Ionic Capital Management Portfolio holdings

AUM $1.37B
1-Year Est. Return 48.26%
This Fund
S&P 500
This Quarter Est. Return
+7.74%
1 Year Est. Return
+48.26%
3 Year Est. Return
+102.88%
5 Year Est. Return
+263.79%
10 Year Est. Return
+1,986.54%
AUM
$786M
AUM Growth
-$173M
Cap. Flow
-$189M
Cap. Flow %
-24.1%
Top 10 Hldgs %
85.14%
Holding
189
New
56
Increased
16
Reduced
46
Closed
42

Top Buys

Rank Stock Value
1
VVR icon
Invesco Senior Income Trust
VVR
+$2.01M
2
MSFT icon
Microsoft
MSFT
+$1.55M
3
CFLT
Confluent
CFLT
+$1.35M
4
GTM
ZoomInfo Technologies
GTM
+$1.23M
5
SOLS
Solstice Advanced Materials
SOLS
+$1.15M

Top Sells

Rank Stock Value
1
CCCX
Churchill Capital Corp X
CCCX
+$1.61M
2
COHR icon
Coherent
COHR
+$1.5M
3
HPE icon
Hewlett Packard
HPE
+$1.4M
4
STRK
Strategy Inc 8.00% Series A Perpetual Strike Preferred Stock
STRK
+$1.16M
5
TDS icon
Telephone and Data Systems
TDS
+$1.15M

Sector Composition

Rank Sector Weight
1 Technology 3.03%
2 Consumer Discretionary 2.12%
3 Materials 1.09%
4 Industrials 0.93%
5 Communication Services 0.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BE icon
101
Bloom Energy
BE
$61.8B
$260K 0.03%
+2,987
New +$314K
GETY icon
102
Getty Images
GETY
$180M
$248K 0.03%
+185,000
New +$318K
USO icon
103
United States Oil Fund
USO
$2.5B
$244K 0.03%
+3,528
New +$249K
CRWV
104
CoreWeave
CRWV
$44.2B
$236K 0.03%
3,292
-3,708
-53% -$376K
CRCL
105
Circle Internet Group
CRCL
$15.5B
$232K 0.03%
+2,928
New +$303K
MSTR icon
106
Strategy Inc
MSTR
$34.2B
$216K 0.03%
1,419
-583
-29% -$134K
HYI
107
Western Asset High Yield Opportunity Fund Inc
HYI
$135M
$213K 0.03%
+19,113
New +$215K
ETHU
108
PUT
2x Ether ETF
ETHU
$731M
$208K 0.03%
3,800
– –
SBET icon
109
Sharplink Inc
SBET
$1.26B
$178K 0.02%
19,875
-32,125
-62% -$392K
XXI
110
CALL
Twenty One Capital Inc
XXI
$1.6B
$175K 0.02%
+20,000
New +$209K
KDKRW
111
Kodiak AI Warrants
KDKRW
$155K 0.02%
+101,015
New +$155K
PENN icon
112
PENN Entertainment
PENN
$2.71B
$148K 0.02%
10,000
-30,000
-75% -$468K
TMCWW
113
TMC The Metals Company Warrants
TMCWW
$633K
$145K 0.02%
112,693
-81,423
-42% -$122K
FCX icon
114
Freeport-McMoran
FCX
$91.3B
$127K 0.02%
+2,500
New +$108K
AUROW
115
Aurora Innovation Warrant
AUROW
$463M
$121K 0.02%
538,267
-105,500
-16% -$41.6K
BBBY.WS
116
Bed Bath & Beyond Warrants
BBBY.WS
$95.8K 0.01%
+145,121
New +$138K
LVWR.WS icon
117
LiveWire Group Warrants
LVWR.WS
$2.75M
$95.3K 0.01%
1,522,201
– –
ACHR.WS icon
118
Archer Aviation Redeemable Warrants
ACHR.WS
$26.3M
$93.1K 0.01%
81,329
+63,968
+368% +$144K
NPWR.WS icon
119
NET Power Inc Warrants
NPWR.WS
$13.9M
$82K 0.01%
163,972
-47,216
-22% -$41.4K
OPEN icon
120
Opendoor
OPEN
$3.71B
$70K 0.01%
12,000
-6,835
-36% -$49K
BGLWW
121
Blue Gold Ltd Warrant
BGLWW
$575K
$56.5K 0.01%
134,194
+106,923
+392% +$57.3K
NIOBW
122
NioCorp Developments Ltd Warrant
NIOBW
$61.3M
$55K 0.01%
29,581
-167,995
-85% -$420K
EVLVW
123
DELISTED
Evolv Technologies Warrant
EVLVW
$53.2K 0.01%
197,268
– –
GCTS.WS
124
GCT Semiconductor Holding Warrants
GCTS.WS
$17.5M
$50.7K 0.01%
673,000
– –
OPENW
125
Opendoor Technologies Inc Series K Warrants
OPENW
$11.6M
$50.3K 0.01%
+55,874
New +$75.4K
3 4
5
6 7

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EFG
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SOS
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MAWA
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PP
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RI
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HPC
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HR
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Ionic Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Ionic Capital Management held 189 positions worth $786M, down 18% from $958M the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Ionic Capital Management withdrew a net $189M in Q4 2025, closing 42 positions and reducing 46 holdings. Its most notable exit was Churchill Capital Corp X, an estimated $1.61M position sold in full.

By sector, the portfolio is most concentrated in Technology at 3% of assets, up from 2.3% a quarter earlier, followed by Consumer Discretionary and Materials.

Against the trend, Ionic Capital Management opened a new position in Invesco Senior Income Trust worth $1.99M.

  • Ionic Capital Management's largest Q4 2025 buy was Invesco Senior Income Trust: 608,000 shares worth $1.99M.
  • Ionic Capital Management added most to ZoomInfo Technologies in Q4 2025, an estimated $1.23M increase.
  • Ionic Capital Management's biggest Q4 2025 reduction was Coherent, cutting an estimated $1.5M.
  • Ionic Capital Management fully exited Churchill Capital Corp X in Q4 2025, selling an estimated $1.61M.
  • Ionic Capital Management's ten largest holdings make up 85% of its $786M portfolio in Q4 2025.
  • Ionic Capital Management opened 56 new positions and closed 42 in Q4 2025.
  • Ionic Capital Management's portfolio value fell 18% quarter-over-quarter to $786M.

Based on Ionic Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.