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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
+2.27%
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
$7.05B
AUM Growth
+$584M
Cap. Flow
-$2.95B
Cap. Flow %
-41.91%
Top 10 Hldgs %
42.06%
Holding
552
New
124
Increased
32
Reduced
27
Closed
60

Top Buys

Rank Stock Value
1
CADE
Cadence Bank
CADE
+$119M
2
CMA
Comerica
CMA
+$101M
3
GTLS
Chart Industries
GTLS
+$49.1M
4
CFLT
Confluent
CFLT
+$25.9M
5
EXAS
Exact Sciences
EXAS
+$24.7M

Top Sells

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$167M
2
COOP
Mr. Cooper
COOP
+$66.4M
3
WNS
WNS Holdings
WNS
+$59.5M
4
K
Kellanova
K
+$25.8M
5
INFA
Informatica
INFA
+$22.7M

Sector Composition

Rank Sector Weight
1 Financials 7.92%
2 Communication Services 2.48%
3 Industrials 2.43%
4 Healthcare 1.71%
5 Technology 1.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IPCXR
276
Inflection Point Acquisition Corp III Rights
IPCXR
$113K ﹤0.01%
300,000
– –
LKSPR
277
Lake Superior Acquisition Corp Rights
LKSPR
$113K ﹤0.01%
+57,871
New +$103K
RANGR
278
Range Capital Acquisition Corp Rights
RANGR
$113K ﹤0.01%
250,000
– –
ALDFW
279
Aldel Financial II Inc Warrants
ALDFW
$110K ﹤0.01%
200,000
– –
VWAVW
280
VisionWave Holdings Warrant
VWAVW
$2.9M
$109K ﹤0.01%
93,000
– –
RAAQW
281
DELISTED
Real Asset Acquisition Corp Warrants
RAAQW
$108K ﹤0.01%
250,000
– –
SZZLR
282
Sizzle Acquisition Corp II Right
SZZLR
$104K ﹤0.01%
650,000
– –
VNMEW
283
Vendome Acquisition Corp I Warrant
VNMEW
$103K ﹤0.01%
412,500
– –
IPEXR
284
Inflection Point Acquisition Corp V Rights
IPEXR
$100K ﹤0.01%
125,000
– –
ALISR
285
Calisa Acquisition Corp Right
ALISR
$97.1K ﹤0.01%
+200,000
New +$58.1K
WENNW
286
Wen Acquisition Corp Warrant
WENNW
$93.1K ﹤0.01%
300,000
– –
RAC.WS
287
Rithm Acquisition Corp Warrants
RAC.WS
$91.4K ﹤0.01%
133,333
– –
CCAQW
288
Collective Acquisition Corp Warrants
CCAQW
$90K ﹤0.01%
300,000
– –
XRPNW
289
Armada Acquisition Corp II Warrant
XRPNW
$8.83M
$89K ﹤0.01%
100,000
– –
RDAGW
290
Republic Digital Acquisition Co Warrants
RDAGW
$87K ﹤0.01%
150,000
– –
NOEMR
291
CO2 Energy Transition Corp Right
NOEMR
$86.2K ﹤0.01%
390,000
– –
NPACW
292
New Providence Acquisition Corp III Warrants
NPACW
$2.4M
$84.2K ﹤0.01%
166,666
– –
BZAIW
293
Blaize Holdings Warrants
BZAIW
$6.97M
$83.7K ﹤0.01%
209,250
– –
AAM.WS
294
DELISTED
AA Mission Acquisition Corp Warrants
AAM.WS
$80.6K ﹤0.01%
475,000
– –
DAAQW
295
Digital Asset Acquisition Corp Warrant
DAAQW
$2.81M
$80K ﹤0.01%
200,000
– –
RNGTW
296
Range Capital Acquisition Corp II Warrants
RNGTW
$80K ﹤0.01%
+250,000
New +$102K
CHARR
297
Charlton Aria Acquisition Corp Rights
CHARR
$75.8K ﹤0.01%
399,000
– –
DMAAR
298
Drugs Made In America Acquisition Corp Rights
DMAAR
$74.9K ﹤0.01%
400,000
– –
MLACR
299
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$72K ﹤0.01%
300,000
– –
TAVIR
300
Tavia Acquisition Corp Right
TAVIR
$69K ﹤0.01%
300,000
– –
10 11
12
13 14

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Whitebox Advisors's Q4 2025 Portfolio in Review

As of Q4 2025, Whitebox Advisors held 552 positions worth $7.05B, up 9% from $6.46B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Whitebox Advisors withdrew a net $2.95B in Q4 2025, closing 60 positions and reducing 27 holdings. Its most notable exit was Verona Pharma, an estimated $167M position sold in full.

By sector, the portfolio is most concentrated in Financials at 7.9% of assets, up from 4.9% a quarter earlier, followed by Communication Services and Industrials.

Against the trend, Whitebox Advisors opened a new position in Cadence Bank worth $129M.

  • Whitebox Advisors's largest Q4 2025 buy was Cadence Bank: 3,000,001 shares worth $129M.
  • Whitebox Advisors added most to Chart Industries in Q4 2025, an estimated $49.1M increase.
  • Whitebox Advisors's biggest Q4 2025 reduction was Gulfport Energy Corp, cutting an estimated $9.97M.
  • Whitebox Advisors fully exited Verona Pharma in Q4 2025, selling an estimated $167M.
  • Whitebox Advisors's ten largest holdings make up 42% of its $7.05B portfolio in Q4 2025.
  • Whitebox Advisors opened 124 new positions and closed 60 in Q4 2025.
  • Whitebox Advisors's portfolio value rose 9% quarter-over-quarter to $7.05B.

Based on Whitebox Advisors's 13F filing for Q4 2025, filed 17 Feb 2026.