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Whitebox Advisors Portfolio holdings
AUM
$7.65B
Turnover
32.48%
1-Year Est. Return
13.87%
Whitebox Advisors is a multi-strategy hedge fund manager founded in 1999. It invests across asset classes and markets for institutions, private entities and qualified individuals. Its trades include convertible arbitrage, distressed credit and municipal bonds. Robert Vogel, a partner and the firm's chief investment officer, is its majority owner.
This Fund
S&P 500
This Quarter Est. Return
+1.93%
1 Year Est. Return
+13.87%
3 Year Est. Return
+24.22%
5 Year Est. Return
+33.25%
10 Year Est. Return
+180.55%
AUM
$7.65B
AUM Growth
-$592M
(-7.2%)
Cap. Flow
-$3.5B
Cap. Flow % of AUM
Cap. Flow %
-45.77%
Top 10 Holdings %
Top 10 Hldgs %
31.69%
Holding
745
New
163
Increased
24
Reduced
37
Closed
79
Avg Time Held
Equity + Options
0.8
years
Top 10 Avg Time Held
Equity + Options
0.5
years
Top 20 Avg Time Held
Equity + Options
0.9
years
Avg Time Held Equity only
0.8
years
Top 10 Avg Time Held Equity only
0.3
years
Top 20 Avg Time Held Equity only
0.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bio-Techne
TECH
|
+$113M |
| 2 |
Caesars Entertainment
CZR
|
+$92.1M |
| 3 |
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
|
+$75.2M |
| 4 |
Azul S.A.
AZUL
|
+$73.8M |
| 5 |
Apogee Therapeutics
APGE
|
+$40.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Chart Industries
GTLS
|
+$137M |
| 2 |
Terns Pharmaceuticals
TERN
|
+$52.7M |
| 3 |
Liberty Broadband Class C
LBRDK
|
+$49.6M |
| 4 |
Masimo
MASI
|
+$48M |
| 5 |
Carnival PLC
CUK
|
+$33.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 76.51% |
| 2 | Financials | 9.04% |
| 3 | Healthcare | 5.77% |
| 4 | Industrials | 2.04% |
| 5 | Energy | 1.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$806B
| $373M | 4.88% |
500,000
| – | – |
2013 Q4
50 quarters
|
|
2
Penumbra
PEN
$12.7B
| $160M | 2.09% |
506,881
+61,880
| +14% | +$20M |
2026 Q1
1 quarter
|
|
3
PUT
iShares Russell 2000 ETF
IWM
$78.6B
| $150M | 1.96% |
500,000
-250,000
| -33% | -$70.3M |
2026 Q1
1 quarter
|
|
|
4
Bio-Techne
TECH
$11.4B
| $148M | 1.94% |
+2,100,001
| New | +$113M |
2026 Q2
0 quarters
|
|
5
PUT
NVIDIA
NVDA
$4.2T
| $140M | 1.83% |
700,000
-100,000
| -13% | -$20.6M |
2025 Q1
5 quarters
|
|
6
PUT
Nebius Group N.V.
NBIS
$42.1B
| $138M | 1.8% |
500,000
| – | – |
2026 Q1
1 quarter
|
|
|
7
PUT
Super Micro Computer
SMCI
$20B
| $120M | 1.57% |
4,100,000
-500,000
| -11% | -$15.9M |
2025 Q3
3 quarters
|
|
8
DELISTED
Webster Financial
WBS
| $119M | 1.56% |
1,560,001
-365,000
| -19% | -$26.5M |
2026 Q1
1 quarter
|
|
|
9
Caesars Entertainment
CZR
$5.97B
| $102M | 1.33% |
3,379,426
+3,266,261
| +2,886% | +$92.1M |
2025 Q3
3 quarters
|
|
10
PUT
TSMC
TSM
$2.14T
| $95.5M | 1.25% |
200,000
| – | – |
2025 Q4
2 quarters
|
|
11
PUT
Micron Technology
MU
$918B
| $92.3M | 1.21% |
+80,000
| New | +$60M |
2026 Q2
0 quarters
|
|
|
12
Azul S.A.
AZUL
$992M
| $75.2M | 0.98% |
+8,362,136
| New | +$73.8M |
2026 Q2
0 quarters
|
|
|
13
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
$3.95B
| $72.7M | 0.95% |
+1,400,000
| New | +$75.2M |
2026 Q2
0 quarters
|
|
14
PUT
Apple
AAPL
$5.17T
| $72.3M | 0.95% |
250,000
+50,000
| +25% | +$14.3M |
2026 Q1
1 quarter
|
|
15
PUT
VanEck Semiconductor ETF
SMH
$65.6B
| $65.6M | 0.86% |
+100,000
| New | +$54.6M |
2026 Q2
0 quarters
|
|
16
Valaris
VAL
$5.6B
| $61.8M | 0.81% |
850,696
+266,759
| +46% | +$24.8M |
2026 Q1
1 quarter
|
|
|
17
DELISTED
Apogee Therapeutics
APGE
| $59.7M | 0.78% |
+450,001
| New | +$40.5M |
2026 Q2
0 quarters
|
|
18
Gulfport Energy Corp
GPOR
$2.86B
| $46.6M | 0.61% |
274,627
+55,000
| +25% | +$9.9M |
2021 Q2
20 quarters
|
|
19
Triple Flag Precious Metals
TFPM
$6.45B
| $45.5M | 0.59% |
1,518,950
| – | – |
2022 Q3
15 quarters
|
|
20
DELISTED
Warner Bros
WBD
| $40.7M | 0.53% |
1,525,001
-90,000
| -6% | -$2.43M |
2022 Q4
14 quarters
|
|
21
PUT
CoreWeave
CRWV
$33.5B
| $39.8M | 0.52% |
+400,000
| New | +$43.2M |
2026 Q2
0 quarters
|
|
22
PUT
Marathon Digital Holdings
MARA
$2.96B
| $39.3M | 0.51% |
2,831,500
-1,537,700
| -35% | -$19.2M |
2024 Q4
6 quarters
|
|
23
Oracle Corp Preferred Stock Series D
ORCL.PRD
| $36M | 0.47% |
800,000
-100,000
| -11% | -$5.37M |
2026 Q1
1 quarter
|
|
24
HEICO Corp Class A
HEI.A
$36.5B
| $34.1M | 0.45% |
132,104
+7,367
| +6% | +$1.68M |
2022 Q1
17 quarters
|
|
25
DELISTED
Nuvalent
NUVL
| $34M | 0.44% |
+275,001
| New | +$29.6M |
2026 Q2
0 quarters
|
|
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Whitebox Advisors's Q2 2026 Portfolio in Review
As of Q2 2026, Whitebox Advisors held 745 positions worth $7.65B, down 7.2% from $8.24B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Whitebox Advisors withdrew a net $3.5B in Q2 2026, closing 79 positions and reducing 37 holdings. Its most notable exit was Terns Pharmaceuticals, an estimated $52.7M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 77% of assets, down from 81% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Whitebox Advisors opened a new position in Bio-Techne worth $148M.
- Whitebox Advisors's largest Q2 2026 buy was Bio-Techne: 2,100,001 shares worth $148M.
- Whitebox Advisors added most to Caesars Entertainment in Q2 2026, an estimated $92.1M increase.
- Whitebox Advisors's biggest Q2 2026 reduction was Chart Industries, cutting an estimated $137M.
- Whitebox Advisors fully exited Terns Pharmaceuticals in Q2 2026, selling an estimated $52.7M.
- Whitebox Advisors's ten largest holdings make up 32% of its $7.65B portfolio in Q2 2026.
- Whitebox Advisors opened 163 new positions and closed 79 in Q2 2026.
- Whitebox Advisors's portfolio value fell 7.2% quarter-over-quarter to $7.65B.
Based on Whitebox Advisors's 13F filing for Q2 2026, filed 14 Aug 2026.