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Whitebox Advisors Portfolio holdings
AUM
$7.65B
Turnover
32.48%
1-Year Est. Return
13.87%
Whitebox Advisors is a multi-strategy hedge fund manager founded in 1999. It invests across asset classes and markets for institutions, private entities and qualified individuals. Its trades include convertible arbitrage, distressed credit and municipal bonds. Robert Vogel, a partner and the firm's chief investment officer, is its majority owner.
This Fund
S&P 500
This Quarter Est. Return
+1.93%
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
$7.65B
AUM Growth
-$592M
(-7.2%)
Cap. Flow
-$3.5B
Cap. Flow % of AUM
Cap. Flow %
-45.77%
Top 10 Holdings %
Top 10 Hldgs %
31.69%
Holding
745
New
163
Increased
24
Reduced
37
Closed
79
Avg Time Held
Equity + Options
0.8
years
Top 10 Avg Time Held
Equity + Options
0.5
years
Top 20 Avg Time Held
Equity + Options
0.9
years
Avg Time Held Equity only
0.8
years
Top 10 Avg Time Held Equity only
0.3
years
Top 20 Avg Time Held Equity only
0.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bio-Techne
TECH
|
+$113M |
| 2 |
Caesars Entertainment
CZR
|
+$92.1M |
| 3 |
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
|
+$75.2M |
| 4 |
Azul S.A.
AZUL
|
+$73.8M |
| 5 |
Apogee Therapeutics
APGE
|
+$40.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Chart Industries
GTLS
|
+$137M |
| 2 |
Terns Pharmaceuticals
TERN
|
+$52.7M |
| 3 |
Liberty Broadband Class C
LBRDK
|
+$49.6M |
| 4 |
Masimo
MASI
|
+$48M |
| 5 |
Carnival PLC
CUK
|
+$33.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 76.51% |
| 2 | Financials | 9.04% |
| 3 | Healthcare | 5.77% |
| 4 | Industrials | 2.04% |
| 5 | Energy | 1.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
51
Pono Capital Four Inc
PONO
$174M
| $6.97M | 0.09% |
+700,000
| New | +$6.94M |
2026 Q2
0 quarters
|
|
52
PUT
Medical Properties Trust
MPT
$1.3B
| $6.93M | 0.09% |
1,500,000
-291,000
| -16% | -$1.44M |
2024 Q3
7 quarters
|
|
53
Goodyear
GT
$1.28B
| $6.8M | 0.09% |
1,030,739
+159,650
| +18% | +$1.03M |
2022 Q1
17 quarters
|
|
|
54
DELISTED
Liberty Broadband Class C
LBRDK
| $6.8M | 0.09% |
204,475
-1,273,266
| -86% | -$49.6M |
2021 Q3
19 quarters
|
|
|
BCAR
55
DELISTED
D. Boral ARC Acquisition I Corp
BCAR
| $6.78M | 0.09% |
650,000
| – | – |
2025 Q3
3 quarters
|
|
56
Sizzle Acquisition Corp II
SZZL
$329M
| $6.73M | 0.09% |
650,000
| – | – |
2025 Q2
4 quarters
|
|
57
Soulpower Acquisition Corp
SOUL
$358M
| $6.73M | 0.09% |
650,000
| – | – |
2025 Q2
4 quarters
|
|
58
MGM Resorts International
MGM
$7.73B
| $6.58M | 0.09% |
137,596
-49,273
| -26% | -$2.05M |
2024 Q3
7 quarters
|
|
59
Under Armour
UAA
$2.25B
| $6.58M | 0.09% |
1,028,992
-157,800
| -13% | -$935K |
2025 Q3
3 quarters
|
|
60
Voyager Technologies
VOYG
$1.5B
| $6.33M | 0.08% |
+196,156
| New | +$6.79M |
2026 Q2
0 quarters
|
|
61
PUT
Xerox
XRX
$166M
| $6.26M | 0.08% |
2,000,000
| – | – |
2025 Q1
5 quarters
|
|
62
Albertsons Companies
ACI
$6.66B
| $6.24M | 0.08% |
461,502
+134,920
| +41% | +$2.16M |
2023 Q1
13 quarters
|
|
63
PUT
Bitdeer Technologies
BTDR
$1.68B
| $6.23M | 0.08% |
392,800
| – | – |
2026 Q1
1 quarter
|
|
64
Wen Acquisition Corp
WENN
$392M
| $6.17M | 0.08% |
600,000
| – | – |
2025 Q3
3 quarters
|
|
65
Brookfield Renewable
BEP
$9.02B
| $5.9M | 0.08% |
170,000
| – | – |
2025 Q4
2 quarters
|
|
66
Ryanair
RYAAY
$28.6B
| $5.8M | 0.08% |
+89,628
| New | +$5.28M |
2026 Q2
0 quarters
|
|
67
Armada Acquisition Corp III
AACI
$343M
| $5.49M | 0.07% |
+550,000
| New | +$5.46M |
2026 Q2
0 quarters
|
|
68
Maywood Acquisition Corp 2
MYX
| $5.43M | 0.07% |
+550,000
| New | +$5.44M |
2026 Q2
0 quarters
|
|
69
New Providence Acquisition Corp III
NPAC
$405M
| $5.19M | 0.07% |
500,000
| – | – |
2025 Q2
4 quarters
|
|
70
National CineMedia
NCMI
$151M
| $5.1M | 0.07% |
1,342,084
+100,000
| +8% | +$340K |
2023 Q3
11 quarters
|
|
71
AA Mission Acquisition Corp II
YCY
$152M
| $5.08M | 0.07% |
500,000
| – | – |
2025 Q4
2 quarters
|
|
72
Range Capital Acquisition Corp II
RNGT
$320M
| $5.06M | 0.07% |
500,000
| – | – |
2025 Q4
2 quarters
|
|
73
D. Boral Acquisition I Corp
DBCA
$435M
| $4.98M | 0.07% |
500,000
| – | – |
2026 Q1
1 quarter
|
|
74
PUT
Transocean
RIG
$6.96B
| $4.89M | 0.06% |
1,000,000
| – | – |
2025 Q2
4 quarters
|
|
75
CALL
Marathon Digital Holdings
MARA
$2.48B
| $4.86M | 0.06% |
350,000
-650,000
| -65% | -$8.13M |
2026 Q1
1 quarter
|
|
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Whitebox Advisors's Q2 2026 Portfolio in Review
As of Q2 2026, Whitebox Advisors held 745 positions worth $7.65B, down 7.2% from $8.24B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Whitebox Advisors withdrew a net $3.5B in Q2 2026, closing 79 positions and reducing 37 holdings. Its most notable exit was Terns Pharmaceuticals, an estimated $52.7M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 77% of assets, down from 81% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Whitebox Advisors opened a new position in Bio-Techne worth $148M.
- Whitebox Advisors's largest Q2 2026 buy was Bio-Techne: 2,100,001 shares worth $148M.
- Whitebox Advisors added most to Caesars Entertainment in Q2 2026, an estimated $92.1M increase.
- Whitebox Advisors's biggest Q2 2026 reduction was Chart Industries, cutting an estimated $137M.
- Whitebox Advisors fully exited Terns Pharmaceuticals in Q2 2026, selling an estimated $52.7M.
- Whitebox Advisors's ten largest holdings make up 32% of its $7.65B portfolio in Q2 2026.
- Whitebox Advisors opened 163 new positions and closed 79 in Q2 2026.
- Whitebox Advisors's portfolio value fell 7.2% quarter-over-quarter to $7.65B.
Based on Whitebox Advisors's 13F filing for Q2 2026, filed 14 Aug 2026.