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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
K
451
PUT
DELISTED
Kellanova
K
– –
-232,200
Closed -$19M
MRUS
452
DELISTED
Merus
MRUS
– –
-30,001
Closed -$2.82M
NBR icon
453
Nabors Industries
NBR
$1.38B
– –
-4,900
Closed -$200K
TEAD
454
PUT
Teads Holding Co
TEAD
$46.4M
– –
-500,000
Closed -$825K
PI icon
455
Impinj
PI
$5.03B
– –
-5,715
Closed -$1.03M
RKT icon
456
PUT
Rocket Companies
RKT
$38B
– –
-700,000
Closed -$13.6M
SVC
457
CALL
Service Properties Trust
SVC
$921M
– –
-250,000
Closed -$3.39M
SVIIW
458
DELISTED
Spring Valley Acquisition Corp II Warrant
SVIIW
– –
-464,261
Closed -$604K
THC icon
459
Tenet Healthcare
THC
$21.7B
– –
-24,515
Closed -$4.98M
TROX icon
460
Tronox
TROX
$743M
– –
-369,723
Closed -$1.49M
TSLA icon
461
PUT
Tesla
TSLA
$1.45T
– –
-100,000
Closed -$44.5M
VAL icon
462
Valaris
VAL
$5.9B
– –
-253,925
Closed -$12.4M
VRNA
463
DELISTED
Verona Pharma
VRNA
– –
-1,566,501
Closed -$167M
WNS
464
DELISTED
WNS Holdings
WNS
– –
-779,591
Closed -$59.5M
WOLF icon
465
Wolfspeed
WOLF
$1.42B
– –
-124,348
Closed -$2.85M
CEROW
466
DELISTED
CERo Therapeutics Warrants
CEROW
– –
-23,250
Closed -$309
IROHR
467
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
– –
-150,000
Closed -$110K
AIRJW
468
CALL
AirJoule Technologies Warrant
AIRJW
$64.2M
– –
-46,500
Closed -$35K
DYCQR
469
DELISTED
DT Cloud Acquisition Corp Right
DYCQR
– –
-107,306
Closed -$19.3K
VEEAW
470
Veea Inc Warrant
VEEAW
$319K
– –
-13,700
Closed -$959
IMSR
471
Terrestrial Energy
IMSR
$564M
– –
-115,000
Closed -$1.89M
IMSRW
472
Terrestrial Energy Warrant
IMSRW
$24.5M
– –
-200,000
Closed -$1.2M
AMODW
473
CALL
Alpha Modus Holdings Warrant
AMODW
$232K
– –
-69,750
Closed -$5.47K
JENA.U
474
Jena Acquisition Corp II Units
JENA.U
– –
-150,000
Closed -$1.56M
RTACW
475
Renatus Tactical Acquisition Corp I Warrant
RTACW
$8.82M
– –
-70,000
Closed -$84K
16 17 18
19
20

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SC
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SCB
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CCWA
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BFM
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CGH
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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.