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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 | |
|---|---|---|---|---|---|---|---|
|
FTRA.U
101
FutureCorp Space Acquisition 1 Units
FTRA.U
| $4.05M | 0.05% |
+400,000
| New | +$4.06M |
2026 Q2
0 quarters
|
|
102
Berto Acquisition Corp II Unit
GUACU
| $4.05M | 0.05% |
+400,000
| New | +$4.03M |
2026 Q2
0 quarters
|
|
103
Emmis Acquisition Corp
EMIS
$164M
| $4.04M | 0.05% |
400,000
| – | – |
2025 Q4
2 quarters
|
|
104
Miluna Acquisition Corp
MMTX
$90.8M
| $4.04M | 0.05% |
400,000
| – | – |
2026 Q1
1 quarter
|
|
|
OTAI.U
105
Starlink AI Acquisition Corp Units
OTAI.U
| $4.04M | 0.05% |
+400,000
| New | +$4.03M |
2026 Q2
0 quarters
|
|
|
ATLQU
106
JAB Acquisition Corp I Unit
ATLQU
| $4.01M | 0.05% |
+400,000
| New | +$4.01M |
2026 Q2
0 quarters
|
|
|
ALPXU
107
Alpex Acquisition Corp Unit
ALPXU
| $4.01M | 0.05% |
+400,000
| New | +$4M |
2026 Q2
0 quarters
|
|
|
ETSS.U
108
Energy Transition Special Opportunities Units
ETSS.U
| $4M | 0.05% |
+400,000
| New | +$4M |
2026 Q2
0 quarters
|
|
109
Patriot Acquisition Corp Units
PTACU
| $4M | 0.05% |
+400,000
| New | +$3.99M |
2026 Q2
0 quarters
|
|
110
Newbury Street II Acquisition Corp
NTWO
$109M
| $3.99M | 0.05% |
375,000
| – | – |
2025 Q2
4 quarters
|
|
111
Apogee Acquisition Corp
AACP
| $3.98M | 0.05% |
+400,000
| New | +$3.99M |
2026 Q2
0 quarters
|
|
|
WLCOU
112
Wilco 63 Corporation Units
WLCOU
| $3.98M | 0.05% |
+400,000
| New | +$3.98M |
2026 Q2
0 quarters
|
|
113
Aldabra 4 Liquidity Opportunity Vehicle
ALOV
$376M
| $3.98M | 0.05% |
400,000
| – | – |
2026 Q1
1 quarter
|
|
114
Vernal Capital Acquisition Corp
VECA
$130M
| $3.98M | 0.05% |
+400,000
| New | +$3.98M |
2026 Q2
0 quarters
|
|
115
FG Imperii Acquisition Corp
FGII
$292M
| $3.97M | 0.05% |
+400,000
| New | +$3.97M |
2026 Q2
0 quarters
|
|
116
Praetorian Acquisition Corp
PTOR
$338M
| $3.97M | 0.05% |
+400,000
| New | +$3.95M |
2026 Q2
0 quarters
|
|
117
Mountain Lake Acquisition Corp II
MLAA
| $3.97M | 0.05% |
400,000
| – | – |
2026 Q1
1 quarter
|
|
|
QLEP
118
Quantum Leap Acquisition Corp
QLEP
$301M
| $3.97M | 0.05% |
+400,000
| New | +$3.98M |
2026 Q2
0 quarters
|
|
119
Soren Acquisition Corp
SORN
$351M
| $3.97M | 0.05% |
400,000
| – | – |
2026 Q1
1 quarter
|
|
120
InterPrivate Investment Partners V Units
IPVVU
| $3.97M | 0.05% |
+400,000
| New | +$3.97M |
2026 Q2
0 quarters
|
|
121
Cambridge Acquisition Corp
CAQ
$313M
| $3.96M | 0.05% |
+400,000
| New | +$3.95M |
2026 Q2
0 quarters
|
|
|
BREZ
122
Breeze Acquisition Corp II
BREZ
$199M
| $3.96M | 0.05% |
+400,000
| New | +$3.97M |
2026 Q2
0 quarters
|
|
123
GSR V Acquisition Corp. Units
GSRVU
| $3.9M | 0.05% |
+390,000
| New | +$3.9M |
2026 Q2
0 quarters
|
|
124
PUT
Sarepta Therapeutics
SRPT
$1.85B
| $3.86M | 0.05% |
214,600
| – | – |
2025 Q2
4 quarters
|
|
125
RF Acquisition Corp III
RFAM
$139M
| $3.83M | 0.05% |
+387,000
| New | +$3.82M |
2026 Q2
0 quarters
|
|
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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.