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MCS

Mercuria Capital Strategies Portfolio holdings

AUM $163M
1-Year Est. Return 258.7%
This Fund
S&P 500
This Quarter Est. Return
+3.26%
1 Year Est. Return
+258.7%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$176M
AUM Growth
+$100M
Cap. Flow
+$125M
Cap. Flow %
71.05%
Top 10 Hldgs %
80.14%
Holding
35
New
25
Increased
–
Reduced
3
Closed
7

Top Buys

Rank Stock Value
1
TNK icon
Teekay Tankers
TNK
+$69M
2
BCSS
Bain Capital GSS Investment Corp
BCSS
+$15.6M
3
ALUB.U
Alussa Energy Acquisition Corp II Units
ALUB.U
+$10.1M
4
DMAA
Drugs Made In America Acquisition Corp
DMAA
+$7.74M
5
MRLN
Merlin Inc
MRLN
+$5.82M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$25.3M
2
DK icon
Delek US
DK
+$8.75M
3
CMI icon
Cummins
CMI
+$6.86M
4
GNRC icon
Generac Holdings
GNRC
+$6.85M
5
PSIX
Power Solutions International
PSIX
+$4.57M

Sector Composition

Rank Sector Weight
1 Energy 43.66%
2 Financials 27.54%
3 Industrials 7.59%
4 Materials 4.34%
5 Technology 1.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TNK icon
1
Teekay Tankers
TNK
$2.67B
$65.6M 37.27%
+1,228,294
New +$69M
BCSS
2
Bain Capital GSS Investment Corp
BCSS
$596M
$15.8M 8.97%
+1,545,878
New +$15.6M
GCT icon
3
PUT
GigaCloud Technology
GCT
$1.85B
$10.5M 5.99%
+1,000,000
New +$33.1M
ALUB.U
4
Alussa Energy Acquisition Corp II Units
ALUB.U
$10.1M 5.74%
+1,000,000
New +$10.1M
EQT icon
5
EQT Corp
EQT
$32.3B
$9.78M 5.56%
182,465
-6,779
-4% -$381K
DMAA
6
Drugs Made In America Acquisition Corp
DMAA
$260M
$7.51M 4.27%
+750,000
New +$7.74M
ANSC
7
Agriculture & Natural Solutions Acquisition Corp
ANSC
$476M
$5.59M 3.18%
+500,000
New +$5.55M
MRLN
8
Merlin Inc
MRLN
$420M
$5.42M 3.08%
+535,000
New +$5.82M
CAT icon
9
Caterpillar
CAT
$387B
$5.39M 3.06%
9,410
-5,080
-35% -$2.82M
TVA
10
Texas Ventures Acquisition III Corp
TVA
$316M
$5.33M 3.02%
+500,000
New +$5.43M
VMC icon
11
Vulcan Materials
VMC
$36.8B
$5.02M 2.85%
+17,591
New +$5.16M
GSRF
12
GSR IV Acquisition Corp
GSRF
$299M
$5M 2.84%
+500,000
New +$5.01M
GIW
13
GigCapital8
GIW
$3.71M 2.11%
+375,000
New +$3.72M
TACO
14
Berto Acquisition Corp
TACO
$392M
$2.75M 1.56%
+270,908
New +$2.78M
CORZ icon
15
Core Scientific
CORZ
$6.78B
$2.72M 1.54%
+186,643
New +$3.25M
CX icon
16
Cemex
CX
$16.3B
$2.62M 1.49%
+228,102
New +$2.36M
VACI.U
17
Viking Acquisition Corp I Units
VACI.U
$2.52M 1.43%
+250,000
New +$2.52M
PAII
18
Pyrophyte Acquisition Corp II
PAII
$280M
$2.52M 1.43%
+250,000
New +$2.51M
SBXE.U
19
SilverBox Corp V Units
SBXE.U
$2.52M 1.43%
+250,000
New +$2.52M
ACA icon
20
Arcosa
ACA
$7.12B
$2.47M 1.4%
+23,192
New +$2.34M
SEI
21
Solaris Energy Infrastructure
SEI
$3.55B
$1.47M 0.84%
32,038
-52,968
-62% -$2.56M
GIWWU
22
GigCapital8 Corp Units
GIWWU
$1.27M 0.72%
+125,000
New +$1.28M
CAEP
23
DELISTED
Cantor Equity Partners III
CAEP
$97.9K 0.06%
+9,597
New +$99.6K
CEPF
24
Cantor Equity Partners IV
CEPF
$594M
$97.7K 0.06%
+9,503
New +$98.8K
CCIX
25
DELISTED
Churchill Capital Corp IX
CCIX
$93.1K 0.05%
+8,762
New +$93.3K
1
2

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Mercuria Capital Strategies's Q4 2025 Portfolio in Review

As of Q4 2025, Mercuria Capital Strategies held 35 positions worth $176M, up 132% from $75.9M the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Mercuria Capital Strategies deployed $125M of net new capital in Q4 2025, opening 25 new positions. Its largest new stake was Teekay Tankers: 1,228,294 shares worth $65.6M.

By sector, the portfolio is most concentrated in Energy at 44% of assets, up from 30% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was Caterpillar, an estimated $2.82M trimmed.

  • Mercuria Capital Strategies's largest Q4 2025 buy was Teekay Tankers: 1,228,294 shares worth $65.6M.
  • Mercuria Capital Strategies's biggest Q4 2025 reduction was Caterpillar, cutting an estimated $2.82M.
  • Mercuria Capital Strategies fully exited State Street SPDR S&P 500 ETF Trust in Q4 2025, selling an estimated $25.3M.
  • Mercuria Capital Strategies's ten largest holdings make up 80% of its $176M portfolio in Q4 2025.
  • Mercuria Capital Strategies opened 25 new positions and closed 7 in Q4 2025.
  • Mercuria Capital Strategies's portfolio value rose 132% quarter-over-quarter to $176M.

Based on Mercuria Capital Strategies's 13F filing for Q4 2025, filed 11 Feb 2026.