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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 | |
|---|---|---|---|---|---|---|---|
151
Colombier Acquisition Corp III
CLBR
$402M
| $3.08M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
152
Pioneer Acquisition I Corp
PACH
$296M
| $3.07M | 0.04% |
300,000
| – | – |
2025 Q3
3 quarters
|
|
153
Pyrophyte Acquisition Corp II
PAII
$282M
| $3.06M | 0.04% |
300,000
| – | – |
2025 Q3
3 quarters
|
|
154
Constellium
CSTM
$3.06B
| $3.05M | 0.04% |
95,672
-250,988
| -72% | -$8.1M |
2023 Q4
10 quarters
|
|
155
Bausch Health
BHC
$3.14B
| $3.03M | 0.04% |
614,672
+50,000
| +9% | +$268K |
2022 Q3
15 quarters
|
|
156
Silicon Valley Acquisition Corp
SVAQ
$298M
| $3.03M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
|
CAES
157
Cantor Equity Partners VII
CAES
$320M
| $3.03M | 0.04% |
+300,000
| New | +$3.03M |
2026 Q2
0 quarters
|
|
158
Global X MSCI Colombia ETF
COLO
$178M
| $3.02M | 0.04% |
72,542
+3,500
| +5% | +$140K |
2025 Q2
4 quarters
|
|
159
Apex Treasury Corp
APXT
$467M
| $3.02M | 0.04% |
300,000
| – | – |
2025 Q4
2 quarters
|
|
160
Collective Acquisition Corp II Units
CAIIU
| $3.02M | 0.04% |
+300,000
| New | +$2.99M |
2026 Q2
0 quarters
|
|
|
FWACU
161
Futurewave Acquisition Corp Units
FWACU
| $3.01M | 0.04% |
+300,000
| New | +$3M |
2026 Q2
0 quarters
|
|
162
Evolution Global Acquisition Corp
EVOX
$325M
| $3.01M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
163
American Drive Acquisition Co
ADAC
$290M
| $3.01M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
164
White Pearl Acquisition Corp
WPAC
$158M
| $3.01M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
165
Meshflow Acquisition Corp
MESH
$436M
| $3M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
166
General Purpose Acquisition Corp
GPAC
$301M
| $3M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
167
Activate Energy Acquisition Corp
AEAQ
$318M
| $3M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
168
Launchpad Cadenza Acquisition Corp I
LPCV
| $3M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
|
TVIVU
169
Texas Ventures Acquisition IV Corp Units
TVIVU
$150M
| $3M | 0.04% |
+300,000
| New | +$3M |
2026 Q2
0 quarters
|
|
170
RMG ML Sports Holdings Unit
SHOTU
| $3M | 0.04% |
+300,000
| New | +$2.99M |
2026 Q2
0 quarters
|
|
171
Vine Hill Capital Investment Corp II
VHCP
| $2.99M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
172
Proem Acquisition Corp I
PAAC
$177M
| $2.98M | 0.04% |
+300,000
| New | +$2.97M |
2026 Q2
0 quarters
|
|
173
Legato Merger Corp IV
LEGO
$312M
| $2.98M | 0.04% |
300,000
| – | – |
2026 Q1
1 quarter
|
|
174
Paloma Acquisition Corp I
PALO
| $2.97M | 0.04% |
+300,000
| New | +$2.97M |
2026 Q2
0 quarters
|
|
175
ClearThink 1 Acquisition Corp
CTAA
| $2.97M | 0.04% |
+300,000
| New | +$2.96M |
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.