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Whitebox Advisors Portfolio holdings

AUM $8.12B
1-Year Est. Return 15.85%
This Fund
S&P 500
This Quarter Est. Return
+2.27%
1 Year Est. Return
+15.85%
3 Year Est. Return
+25.69%
5 Year Est. Return
+33.73%
10 Year Est. Return
+176.02%
AUM
$7.05B
AUM Growth
+$584M
Cap. Flow
-$2.95B
Cap. Flow %
-41.91%
Top 10 Hldgs %
42.06%
Holding
552
New
124
Increased
32
Reduced
27
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 Financials 7.92%
2 Communication Services 2.48%
3 Industrials 2.43%
4 Healthcare 1.71%
5 Technology 1.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SCPQU
151
Social Commerce Partners Corp Unit
SCPQU
$2.14M 0.03%
+214,400
New +$2.15M
POLE
152
Andretti Acquisition Corp II
POLE
$319M
$2.1M 0.03%
200,000
– –
CEPO
153
Cantor Equity Partners I
CEPO
$272M
$2.08M 0.03%
200,000
+45,000
+29% +$471K
SBXE.U
154
SilverBox Corp V Units
SBXE.U
$2.08M 0.03%
+206,900
New +$2.09M
HVII
155
Hennessy Capital Investment Corp VII
HVII
$273M
$2.07M 0.03%
200,000
– –
XRPN
156
Armada Acquisition Corp II
XRPN
$331M
$2.05M 0.03%
200,000
– –
TVAI
157
Thayer Ventures Acquisition Corporation II
TVAI
$282M
$2.02M 0.03%
200,000
– –
ALUB.U
158
Alussa Energy Acquisition Corp II Units
ALUB.U
$2.02M 0.03%
+200,000
New +$2.02M
BPACU
159
Blueport Acquisition Ltd Units
BPACU
$2.02M 0.03%
+200,000
New +$2.01M
ENHA
160
Enhanced Group Inc
ENHA
$376M
$2.01M 0.03%
200,000
– –
DSACU
161
Daedalus Special Acquisition Corp Unit
DSACU
$2.01M 0.03%
+200,000
New +$2.01M
MESHU
162
Meshflow Acquisition Corp Units
MESHU
$2M 0.03%
+200,000
New +$2M
AEAQU
163
Activate Energy Acquisition Corp Unit
AEAQU
$2M 0.03%
+200,000
New +$2M
LATA
164
Galata Acquisition Corp II
LATA
$233M
$1.99M 0.03%
+200,000
New +$1.99M
BIXIU
165
Bitcoin Infrastructure Acquisition Corp Unit
BIXIU
$1.99M 0.03%
+200,000
New +$2M
ALIS
166
Calisa Acquisition Corp
ALIS
$85.5M
$1.99M 0.03%
+200,000
New +$1.98M
DNMX
167
Dynamix Corp III
DNMX
$1.98M 0.03%
+200,000
New +$1.98M
LEO
168
BNY Mellon Strategic Municipals
LEO
$387M
$1.94M 0.03%
305,421
– –
CXE
169
DELISTED
MFS High Income Municipal Trust
CXE
$1.9M 0.03%
512,763
+29,463
+6% +$110K
WLAC
170
DELISTED
Willow Lane Acquisition Corp
WLAC
$1.9M 0.03%
150,000
-125,000
-45% -$1.54M
JACS
171
Jackson Acquisition Co II
JACS
$1.82M 0.03%
175,000
– –
R icon
172
Ryder
R
$10.3B
$1.81M 0.03%
9,434
+3,420
+57% +$615K
BACC
173
Blue Acquisition Corp
BACC
$292M
$1.79M 0.03%
175,000
– –
AXIN
174
Axiom Intelligence Acquisition Corp 1
AXIN
$281M
$1.76M 0.03%
175,000
– –
INAC
175
Indigo Acquisition Corp
INAC
$152M
$1.76M 0.03%
175,000
– –
5 6
7
8 9

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KPWS
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WJWM
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AIM
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FIA
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Whitebox Advisors's Q4 2025 Portfolio in Review

As of Q4 2025, Whitebox Advisors held 552 positions worth $7.05B, up 9% from $6.46B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Whitebox Advisors withdrew a net $2.95B in Q4 2025, closing 60 positions and reducing 27 holdings. Its most notable exit was Verona Pharma, an estimated $167M position sold in full.

By sector, the portfolio is most concentrated in Financials at 7.9% of assets, up from 4.9% a quarter earlier, followed by Communication Services 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 42% of its $7.05B portfolio in Q4 2025.
  • Whitebox Advisors opened 124 new positions and closed 60 in Q4 2025.
  • Whitebox Advisors's portfolio value rose 9% quarter-over-quarter to $7.05B.

Based on Whitebox Advisors's 13F filing for Q4 2025, filed 17 Feb 2026.