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WA

Whitebox Advisors Portfolio holdings

AUM $7.65B
1-Year Est. Return 13.87%
This Fund
S&P 500
This Quarter Est. Return
+2.18%
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
$7.19B
AUM Growth
+$540M
Cap. Flow
-$2.89B
Cap. Flow %
-40.2%
Top 10 Hldgs %
41.23%
Holding
555
New
125
Increased
32
Reduced
29
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 Miscellaneous 80.89%
2 Financials 7.76%
3 Industrials 2.45%
4 Communication Services 2.43%
5 Healthcare 1.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BCARW
276
DELISTED
D. Boral ARC Acquisition I Corp Warrant
BCARW
$118K ﹤0.01%
325,000
– –
SOUL.RT
277
Soulpower Acquisition Corp Rights
SOUL.RT
$114K ﹤0.01%
650,000
– –
IPCXR
278
DELISTED
Inflection Point Acquisition Corp III Rights
IPCXR
$113K ﹤0.01%
300,000
– –
LKSPR
279
Lake Superior Acquisition Corp Rights
LKSPR
$113K ﹤0.01%
+57,871
New +$103K
RANGR
280
Range Capital Acquisition Corp Rights
RANGR
$113K ﹤0.01%
250,000
– –
ALDFW
281
Aldel Financial II Inc Warrants
ALDFW
$2.99M
$110K ﹤0.01%
200,000
– –
VWAVW
282
VisionWave Holdings Warrant
VWAVW
$546K
$109K ﹤0.01%
93,000
– –
RAAQW
283
DELISTED
Real Asset Acquisition Corp Warrants
RAAQW
$108K ﹤0.01%
250,000
– –
SZZLR
284
Sizzle Acquisition Corp II Right
SZZLR
$104K ﹤0.01%
650,000
– –
VNMEW
285
Vendome Acquisition Corp I Warrant
VNMEW
$2.39M
$103K ﹤0.01%
412,500
– –
IPEXR
286
Inflection Point Acquisition Corp V Rights
IPEXR
$100K ﹤0.01%
125,000
– –
ALISR
287
Calisa Acquisition Corp Right
ALISR
$97.1K ﹤0.01%
+200,000
New +$58.1K
WENNW
288
Wen Acquisition Corp Warrant
WENNW
$93.1K ﹤0.01%
300,000
– –
RAC.WS
289
Rithm Acquisition Corp Warrants
RAC.WS
$91.4K ﹤0.01%
133,333
– –
CCAQW
290
Collective Acquisition Corp Warrants
CCAQW
$3.02M
$90K ﹤0.01%
300,000
– –
XRPNW
291
Armada Acquisition Corp II Warrant
XRPNW
$11.2M
$89K ﹤0.01%
100,000
– –
RDAGW
292
Republic Digital Acquisition Co Warrants
RDAGW
$3.91M
$87K ﹤0.01%
150,000
– –
NOEMR
293
CO2 Energy Transition Corp Right
NOEMR
$86.2K ﹤0.01%
390,000
– –
NPACW
294
New Providence Acquisition Corp III Warrants
NPACW
$84.2K ﹤0.01%
166,666
– –
BZAIW
295
Blaize Holdings Warrants
BZAIW
$3.26M
$83.7K ﹤0.01%
209,250
– –
AAM.WS
296
DELISTED
AA Mission Acquisition Corp Warrants
AAM.WS
$80.6K ﹤0.01%
475,000
– –
DAAQW
297
Digital Asset Acquisition Corp Warrant
DAAQW
$80K ﹤0.01%
200,000
– –
RNGTW
298
Range Capital Acquisition Corp II Warrants
RNGTW
$3.91M
$80K ﹤0.01%
+250,000
New +$102K
CHARR
299
Charlton Aria Acquisition Corp Rights
CHARR
$75.8K ﹤0.01%
399,000
– –
DMAAR
300
Drugs Made In America Acquisition Corp Rights
DMAAR
$74.9K ﹤0.01%
400,000
– –
10 11
12
13 14

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Whitebox Advisors's Q4 2025 Portfolio in Review

As of Q4 2025, Whitebox Advisors held 555 positions worth $7.19B, up 8.1% from $6.65B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Whitebox Advisors withdrew a net $2.89B in Q4 2025, closing 60 positions and reducing 29 holdings. Its most notable exit was Verona Pharma, an estimated $167M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 81% of assets, up from 80% a quarter earlier, followed by Financials 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 41% of its $7.19B portfolio in Q4 2025.
  • Whitebox Advisors opened 125 new positions and closed 60 in Q4 2025.
  • Whitebox Advisors's portfolio value rose 8.1% quarter-over-quarter to $7.19B.

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