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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 | |
|---|---|---|---|---|---|---|---|
126
Xsolla SPAC 1
XSLL
$278M
| $3.81M | 0.05% |
+385,000
| New | +$3.81M |
2026 Q2
0 quarters
|
|
127
Launch Two Acquisition Corp
LPBB
| $3.75M | 0.05% |
350,000
| – | – |
2025 Q2
4 quarters
|
|
128
Iris Acquisition Corp II
IRAB
$230M
| $3.73M | 0.05% |
375,200
| – | – |
2026 Q1
1 quarter
|
|
129
Aeon Acquisition I Corp Units
AESPU
$259M
| $3.69M | 0.05% |
+365,000
| New | +$3.67M |
2026 Q2
0 quarters
|
|
130
OTG Acquisition Corp I
OTGA
$304M
| $3.55M | 0.05% |
350,000
| – | – |
2025 Q4
2 quarters
|
|
131
Iron Dome Acquisition I Corp Units
IDACU
| $3.54M | 0.05% |
+350,000
| New | +$3.52M |
2026 Q2
0 quarters
|
|
132
Keystone Acquisition Corp Unit
KEYYU
$254M
| $3.51M | 0.05% |
+350,000
| New | +$3.51M |
2026 Q2
0 quarters
|
|
133
Iron Horse Acquisitions Corp II
IRHO
$296M
| $3.51M | 0.05% |
350,000
| – | – |
2026 Q1
1 quarter
|
|
134
Burtech Acquisition Corp II Unit
BRKHU
| $3.51M | 0.05% |
+350,000
| New | +$3.5M |
2026 Q2
0 quarters
|
|
|
ISNRU
135
Snow Rothschild Acquisition Corp Units
ISNRU
| $3.5M | 0.05% |
+350,000
| New | +$3.5M |
2026 Q2
0 quarters
|
|
|
CGCFU
136
Cartesian Growth Corporation IV Unit
CGCFU
| $3.5M | 0.05% |
+350,000
| New | +$3.5M |
2026 Q2
0 quarters
|
|
137
Future Money Acquisition Corp
FMAC
$160M
| $3.49M | 0.05% |
+350,000
| New | +$3.49M |
2026 Q2
0 quarters
|
|
138
Lafayette Digital Acquisition Corp I
ZKP
$393M
| $3.49M | 0.05% |
350,000
| – | – |
2026 Q1
1 quarter
|
|
139
APEX Tech Acquisition Inc
TRAD
$148M
| $3.48M | 0.05% |
+350,000
| New | +$3.47M |
2026 Q2
0 quarters
|
|
|
BIDWU
140
Tribeca Strategic Acquisition Corp Unit
BIDWU
| $3.48M | 0.05% |
+350,000
| New | +$3.49M |
2026 Q2
0 quarters
|
|
141
Blue Water Acquisition Corp IV
BWIV
$178M
| $3.46M | 0.05% |
+350,000
| New | +$3.47M |
2026 Q2
0 quarters
|
|
142
Hennessy Capital Investment Corp
HCIC
$355M
| $3.42M | 0.04% |
+344,434
| New | +$3.4M |
2026 Q2
0 quarters
|
|
143
PUT
Hertz
HTZ
$586M
| $3.33M | 0.04% |
1,469,700
| – | – |
2025 Q1
5 quarters
|
|
144
Aberdeen Municipal Income Fund
MFM
$214M
| $3.23M | 0.04% |
575,062
+450,062
| +360% | +$2.44M |
2025 Q4
2 quarters
|
|
145
Oceanhawk Acquisition Corp
OHAC
$251M
| $3.22M | 0.04% |
+325,000
| New | +$3.21M |
2026 Q2
0 quarters
|
|
146
Gesher Acquisition Corp. II Class A Ordinary Shares
GSHR
$218M
| $3.13M | 0.04% |
300,000
| – | – |
2025 Q2
4 quarters
|
|
147
Copley Acquisition Corp
COPL
$240M
| $3.13M | 0.04% |
300,000
| – | – |
2025 Q2
4 quarters
|
|
|
IPCX
148
DELISTED
Inflection Point Acquisition Corp III
IPCX
| $3.1M | 0.04% |
300,000
| – | – |
2025 Q3
3 quarters
|
|
149
Republic Digital Acquisition Co
RDAG
$393M
| $3.1M | 0.04% |
300,000
| – | – |
2025 Q2
4 quarters
|
|
150
Talon Capital Corp
TLNC
$349M
| $3.09M | 0.04% |
300,000
| – | – |
2025 Q4
2 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.