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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
BKHAR
351
Black Hawk Acquisition Corp Rights
BKHAR
$32.5K ﹤0.01%
25,000
– –
SSEAR
352
Starry Sea Acquisition Corp Rights
SSEAR
$32.2K ﹤0.01%
+150,000
New +$38.9K
HOVRW icon
353
New Horizon Aircraft Ltd
HOVRW
$10.9M
$31.9K ﹤0.01%
100,000
– –
SVACW
354
DELISTED
Spring Valley Acquisition Corp III Warrant
SVACW
$31.1K ﹤0.01%
+50,000
New +$39.7K
JENA.RT
355
Jena Acquisition Corp II Rights
JENA.RT
$29.4K ﹤0.01%
+150,000
New +$33.8K
KFIIR
356
K&F Growth Acquisition Corp II Rights
KFIIR
$29.3K ﹤0.01%
225,000
– –
POLEW
357
Andretti Acquisition Corp II Warrant
POLEW
$2.53M
$28.9K ﹤0.01%
100,000
– –
NUAIW
358
New Era Energy & Digital Inc Warrants
NUAIW
$13.8M
$28.6K ﹤0.01%
34,875
– –
CAPNR
359
Cayson Acquisition Corp Right
CAPNR
$28.5K ﹤0.01%
125,000
– –
INACR
360
Indigo Acquisition Corp Right
INACR
$27.8K ﹤0.01%
175,000
– –
CHPGR
361
ChampionsGate Acquisition Corp Rights
CHPGR
$27.8K ﹤0.01%
150,000
– –
RIBBR
362
Ribbon Acquisition Corp Rights
RIBBR
$27.5K ﹤0.01%
125,000
– –
CHECW
363
Chenghe Acquisition III Co Warrants
CHECW
$27.5K ﹤0.01%
+137,500
New +$26.2K
FCRS.WS
364
FutureCrest Acquisition Corp Warrants
FCRS.WS
$27.4K ﹤0.01%
+37,500
New +$29.2K
LATAW
365
Galata Acquisition Corp II Warrant
LATAW
$1.61M
$26.7K ﹤0.01%
+66,667
New +$27.6K
KOYNW
366
CSLM Digital Asset Acquisition Corp III Warrants
KOYNW
$26.3K ﹤0.01%
+75,000
New +$34.6K
DYORW
367
Insight Digital Partners II Warrants
DYORW
$24K ﹤0.01%
+72,841
New +$24.2K
BTMWW
368
DELISTED
Bitcoin Depot Inc Warrant
BTMWW
$24K ﹤0.01%
213,750
– –
WTGUR
369
Wintergreen Acquisition Corp Rights
WTGUR
$22.5K ﹤0.01%
150,000
– –
CCIIW
370
Cohen Circle Acquisition Corp II Warrant
CCIIW
$5.2M
$21.9K ﹤0.01%
31,249
– –
FIGXW
371
FIGX Capital Acquisition Corp Warrant
FIGXW
$2.18M
$20.6K ﹤0.01%
75,000
– –
CNCKW
372
Coincheck Group Warrant expiring 12/10/2029
CNCKW
$20K ﹤0.01%
50,079
– –
GTERR
373
Globa Terra Acquisition Corp Rights
GTERR
$19.5K ﹤0.01%
150,000
– –
VSEEW
374
VSee Health Warrant
VSEEW
$248K
$18.6K ﹤0.01%
232,500
– –
MBVIW
375
M3-Brigade Acquisition VI Corp Warrant
MBVIW
$18.5K ﹤0.01%
+50,000
New +$25.8K
13 14
15
16 17

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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.