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Whitebox Advisors Portfolio holdings

AUM $8.12B
1-Year Est. Return 15.85%
This Fund
S&P 500
This Quarter Est. Return
+7.13%
1 Year Est. Return
+15.85%
3 Year Est. Return
+25.69%
5 Year Est. Return
+33.73%
10 Year Est. Return
+176.02%
AUM
$6.46B
AUM Growth
+$1.75B
Cap. Flow
-$1.98B
Cap. Flow %
-30.58%
Top 10 Hldgs %
43.23%
Holding
489
New
115
Increased
23
Reduced
37
Closed
62

Top Buys

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$164M
2
GTLS
Chart Industries
GTLS
+$60.4M
3
CYBR
CyberArk
CYBR
+$59.2M
4
WNS
WNS Holdings
WNS
+$58.3M
5
GPOR icon
Gulfport Energy Corp
GPOR
+$28.6M

Top Sells

Rank Stock Value
1
CHX
ChampionX
CHX
+$81.3M
2
AZEK
The AZEK Co
AZEK
+$58.3M
3
BPMC
Blueprint Medicines
BPMC
+$39.7M
4
SWTX
SpringWorks Therapeutics
SWTX
+$37.4M
5
COOP
Mr. Cooper
COOP
+$31.2M

Sector Composition

Rank Sector Weight
1 Financials 4.9%
2 Healthcare 3.47%
3 Communication Services 3.04%
4 Technology 2.47%
5 Industrials 1.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IPCXR
226
Inflection Point Acquisition Corp III Rights
IPCXR
$132K ﹤0.01%
+300,000
New +$117K
BZAIW
227
Blaize Holdings Warrants
BZAIW
$5.81M
$130K ﹤0.01%
209,250
– –
SOUL.RT
228
Soulpower Acquisition Corp Rights
SOUL.RT
$124K ﹤0.01%
650,000
– –
DAAQW
229
Digital Asset Acquisition Corp Warrant
DAAQW
$2.67M
$122K ﹤0.01%
200,000
– –
TACHW
230
Titan Acquisition Corp Warrants
TACHW
$8M
$120K ﹤0.01%
400,000
– –
RANGR
231
Range Capital Acquisition Corp Rights
RANGR
$118K ﹤0.01%
250,000
– –
SZZLR
232
Sizzle Acquisition Corp II Right
SZZLR
$117K ﹤0.01%
650,000
– –
RAAQW
233
DELISTED
Real Asset Acquisition Corp Warrants
RAAQW
$113K ﹤0.01%
250,000
– –
IROHR
234
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
$110K ﹤0.01%
150,000
– –
ALDFW
235
Aldel Financial II Inc Warrants
ALDFW
$108K ﹤0.01%
200,000
– –
BEAGR
236
Bold Eagle Acquisition Corp Right
BEAGR
$108K ﹤0.01%
400,000
– –
BBAI.WS icon
237
BigBear.ai Holdings Warrant
BBAI.WS
$49.2M
$107K ﹤0.01%
50,598
– –
DRDBW
238
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.21M
$103K ﹤0.01%
200,000
– –
RDAGW
239
Republic Digital Acquisition Co Warrants
RDAGW
$4.82M
$97.5K ﹤0.01%
150,000
– –
XRPNW
240
Armada Acquisition Corp II Warrant
XRPNW
$8.74M
$95K ﹤0.01%
+100,000
New +$51.6K
NOEMR
241
CO2 Energy Transition Corp Right
NOEMR
$93.6K ﹤0.01%
390,000
– –
SIMAW
242
SIM Acquisition Corp I Warrant
SIMAW
$92.5K ﹤0.01%
250,000
– –
MBAVW
243
DELISTED
M3-Brigade Acquisition V Corp Warrant
MBAVW
$91.5K ﹤0.01%
75,000
– –
BRRWW
244
ProCap Financial Inc
BRRWW
$2.47M
$90K ﹤0.01%
75,000
– –
RAC.WS
245
Rithm Acquisition Corp Warrants
RAC.WS
$88K ﹤0.01%
133,333
– –
DMAAR
246
Drugs Made In America Acquisition Corp Rights
DMAAR
$87K ﹤0.01%
400,000
– –
CHARR
247
Charlton Aria Acquisition Corp Rights
CHARR
$85.4K ﹤0.01%
399,000
– –
RTACW
248
Renatus Tactical Acquisition Corp I Warrant
RTACW
$6.98M
$84K ﹤0.01%
70,000
– –
VNMEW
249
Vendome Acquisition Corp I Warrant
VNMEW
$2.7M
$82.5K ﹤0.01%
+412,500
New +$78.6K
AAM.WS
250
DELISTED
AA Mission Acquisition Corp Warrants
AAM.WS
$76K ﹤0.01%
475,000
– –
8 9
10
11 12

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Whitebox Advisors's Q3 2025 Portfolio in Review

As of Q3 2025, Whitebox Advisors held 489 positions worth $6.46B, up 37% from $4.71B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Whitebox Advisors withdrew a net $1.98B in Q3 2025, closing 62 positions and reducing 37 holdings. Its most notable exit was ChampionX, an estimated $81.3M position sold in full.

By sector, the portfolio is most concentrated in Financials at 4.9% of assets, down from 5.4% a quarter earlier, followed by Healthcare and Communication Services.

Against the trend, Whitebox Advisors opened a new position in Verona Pharma worth $167M.

  • Whitebox Advisors's largest Q3 2025 buy was Verona Pharma: 1,566,501 shares worth $167M.
  • Whitebox Advisors added most to Gulfport Energy Corp in Q3 2025, an estimated $28.6M increase.
  • Whitebox Advisors's biggest Q3 2025 reduction was Mr. Cooper, cutting an estimated $31.2M.
  • Whitebox Advisors fully exited ChampionX in Q3 2025, selling an estimated $81.3M.
  • Whitebox Advisors's ten largest holdings make up 43% of its $6.46B portfolio in Q3 2025.
  • Whitebox Advisors opened 115 new positions and closed 62 in Q3 2025.
  • Whitebox Advisors's portfolio value rose 37% quarter-over-quarter to $6.46B.

Based on Whitebox Advisors's 13F filing for Q3 2025, filed 14 Nov 2025.