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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
NBR icon
451
Nabors Industries
NBR
$1.23B
– –
-4,900
Closed -$200K
TEAD
452
PUT
Teads Holding Co
TEAD
$75.2M
– –
-500,000
Closed -$825K
PI icon
453
Impinj
PI
$3.89B
– –
-5,715
Closed -$1.03M
RKT icon
454
PUT
Rocket Companies
RKT
$36.9B
– –
-700,000
Closed -$13.6M
SVC
455
CALL
Service Properties Trust
SVC
$1.1B
– –
-250,000
Closed -$3.39M
SVIIW
456
DELISTED
Spring Valley Acquisition Corp II Warrant
SVIIW
– –
-464,261
Closed -$604K
THC icon
457
Tenet Healthcare
THC
$20.1B
– –
-24,515
Closed -$4.98M
TROX icon
458
Tronox
TROX
$995M
– –
-369,723
Closed -$1.49M
TSLA icon
459
PUT
Tesla
TSLA
$1.24T
– –
-100,000
Closed -$44.5M
VAL icon
460
Valaris
VAL
$5.51B
– –
-253,925
Closed -$12.4M
VRNA
461
DELISTED
Verona Pharma
VRNA
– –
-1,566,501
Closed -$167M
WNS
462
DELISTED
WNS Holdings
WNS
– –
-779,591
Closed -$59.5M
WOLF icon
463
Wolfspeed
WOLF
$1.2B
– –
-124,348
Closed -$2.85M
CEROW
464
DELISTED
CERo Therapeutics Warrants
CEROW
– –
-23,250
Closed -$309
IROHR
465
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
– –
-150,000
Closed -$110K
AIRJW
466
CALL
AirJoule Technologies Warrant
AIRJW
$62M
– –
-46,500
Closed -$35K
DYCQR
467
DELISTED
DT Cloud Acquisition Corp Right
DYCQR
– –
-107,306
Closed -$19.3K
VEEAW
468
Veea Inc Warrant
VEEAW
– –
-13,700
Closed -$959
IMSR
469
Terrestrial Energy
IMSR
$517M
– –
-115,000
Closed -$1.89M
IMSRW
470
Terrestrial Energy Warrant
IMSRW
$23M
– –
-200,000
Closed -$1.2M
AMODW
471
CALL
Alpha Modus Holdings Warrant
AMODW
– –
-69,750
Closed -$5.47K
JENA.U
472
Jena Acquisition Corp II Units
JENA.U
– –
-150,000
Closed -$1.56M
RTACW
473
Renatus Tactical Acquisition Corp I Warrant
RTACW
$7.98M
– –
-70,000
Closed -$84K
CCCX
474
DELISTED
Churchill Capital Corp X
CCCX
– –
-150,000
Closed -$1.93M
CCCXW
475
DELISTED
Churchill Capital Corp X Warrants
CCCXW
– –
-50,000
Closed -$178K
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.