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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
ZEOWW
426
Zeo Energy Corp Warrants
ZEOWW
$160K
$1.66K ﹤0.01%
46,500
– –
BDMDW
427
Baird Medical Investment Holdings Warrant
BDMDW
$1.4K ﹤0.01%
23,250
– –
FUSEW
428
Fusemachines Inc Warrants
FUSEW
$847K
$1.31K ﹤0.01%
+21,150
New +$3.04K
ECDAW
429
DELISTED
ECD Automotive Design Warrant
ECDAW
$936 ﹤0.01%
90,000
– –
MRNOW
430
Murano Global Investments PLC Warrants
MRNOW
$224K
$618 ﹤0.01%
23,500
– –
KIDZW
431
KIDZ AI Inc Warrants
KIDZW
$233K
$558 ﹤0.01%
46,500
– –
AAPL icon
432
PUT
Apple
AAPL
$4.89T
– –
-400,000
Closed -$102M
AERTW
433
CALL
Aeries Technology Warrant
AERTW
– –
-56,416
Closed -$2.27K
AISPW
434
CALL
Airship AI Holdings Warrants
AISPW
$15.6M
– –
-21,750
Closed -$36.3K
ALNY icon
435
Alnylam Pharmaceuticals
ALNY
$36.3B
– –
-2,100
Closed -$958K
BBAI.WS icon
436
BigBear.ai Holdings Warrant
BBAI.WS
$56.4M
– –
-50,598
Closed -$107K
COHU icon
437
Cohu
COHU
$2.39B
– –
-92,054
Closed -$1.87M
COOP
438
DELISTED
Mr. Cooper
COOP
– –
-315,155
Closed -$66.4M
CUK
439
DELISTED
Carnival PLC
CUK
– –
-237,685
Closed -$6.28M
CVLT icon
440
Commault Systems
CVLT
$5.89B
– –
-23,000
Closed -$4.34M
CVS icon
441
CVS Health
CVS
$137B
– –
-4,050
Closed -$305K
DSM
442
BNY Mellon Strategic Municipal Bond Fund
DSM
$292M
– –
-335,217
Closed -$1.98M
ENGNW icon
443
enGene Therapeutics Warrants
ENGNW
$3.75M
– –
-31,000
Closed -$22K
GM icon
444
General Motors
GM
$74.7B
– –
-39,022
Closed -$2.38M
HYAC.WS
445
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
– –
-25,000
Closed -$9.88K
INFA
446
DELISTED
Informatica
INFA
– –
-912,963
Closed -$22.7M
IWM icon
447
PUT
iShares Russell 2000 ETF
IWM
$80.9B
– –
-500,000
Closed -$121M
K
448
DELISTED
Kellanova
K
– –
-315,001
Closed -$25.8M
K
449
PUT
DELISTED
Kellanova
K
– –
-232,200
Closed -$19M
MRUS
450
DELISTED
Merus
MRUS
– –
-30,001
Closed -$2.82M
16 17
18
19 20

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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.