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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
VSEEW
376
DELISTED
VSEE HEALTH INC WTS 29
VSEEW
$18.6K ﹤0.01%
232,500
– –
MBVIW
377
M3-Brigade Acquisition VI Corp Warrant
MBVIW
$3.45M
$18.5K ﹤0.01%
+50,000
New +$25.8K
BDCIW
378
BTC Development Corp Warrant
BDCIW
$2.77M
$17K ﹤0.01%
+25,000
New +$18.8K
OAKUR
379
DELISTED
Oak Woods Acquisition Corp Right
OAKUR
$17K ﹤0.01%
68,000
– –
LWACW
380
LightWave Acquisition Corp Warrants
LWACW
$1.73M
$16.9K ﹤0.01%
62,500
– –
OPTXW icon
381
Syntec Optics Holdings Warrant
OPTXW
$16.6M
$16.7K ﹤0.01%
69,750
– –
MCGAW
382
Yorkville Acquisition Corp Warrant
MCGAW
$1.94M
$16.7K ﹤0.01%
33,333
– –
HCMAW
383
HCM III Acquisition Corp Warrants
HCMAW
$7.11M
$16.7K ﹤0.01%
33,333
– –
TDWDR
384
Tailwind 2.0 Acquisition Corp Rights
TDWDR
$16.4K ﹤0.01%
+100,000
New +$17.6K
BLZRW
385
Trailblazer Acquisition Corp Warrant
BLZRW
$2.93M
$16K ﹤0.01%
+33,333
New +$19.6K
VGASW icon
386
Verde Clean Fuels Warrant
VGASW
$553K
$14.6K ﹤0.01%
177,090
– –
FLYX.WS icon
387
flyExclusive Inc Warrants
FLYX.WS
$2.12M
$14.4K ﹤0.01%
50,422
– –
GTERW
388
Globa Terra Acquisition Corp Warrants
GTERW
$14.1K ﹤0.01%
112,500
– –
SOCAW
389
Solarius Capital Acquisition Corp Warrant
SOCAW
$1.73M
$14K ﹤0.01%
50,000
– –
PLMKW
390
Plum Acquisition Corp IV Warrants
PLMKW
$3.02M
$13.5K ﹤0.01%
50,000
– –
HVMCW
391
Highview Merger Corp Warrants
HVMCW
$13.5K ﹤0.01%
+50,000
New +$16.6K
UCFIW
392
CN Healthy Food Tech Group Warrant
UCFIW
$13.5K ﹤0.01%
150,000
– –
FVNNR
393
Future Vision II Acquisition Corp Right
FVNNR
$13K ﹤0.01%
100,000
– –
MKLYR
394
McKinley Acquisition Corp Rights
MKLYR
$13K ﹤0.01%
+100,000
New +$17.3K
TGE.WS
395
The Generation Essentials Group Warrants
TGE.WS
$12.5K ﹤0.01%
83,333
– –
OBAWW
396
Oxley Bridge Acquisition Ltd Warrants
OBAWW
$11K ﹤0.01%
50,000
– –
NVNIW
397
Nvni Group Limited Warrants
NVNIW
$10.9K ﹤0.01%
162,750
– –
HLLY.WS
398
DELISTED
Holley Inc Warrants
HLLY.WS
$10.9K ﹤0.01%
79,311
– –
RMCOW icon
399
Royalty Management Holding Warrant
RMCOW
$1.31M
$10.6K ﹤0.01%
81,519
– –
BGLWW
400
Blue Gold Ltd Warrant
BGLWW
$288K
$9.79K ﹤0.01%
23,250
– –
14 15
16
17 18

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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.