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Whitebox Advisors Portfolio holdings

AUM $7.65B
1-Year Est. Return 13.87%
This Fund
S&P 500
This Quarter Est. Return
+2.18%
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
$7.19B
AUM Growth
+$540M
Cap. Flow
-$2.89B
Cap. Flow %
-40.2%
Top 10 Hldgs %
41.23%
Holding
555
New
125
Increased
32
Reduced
29
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 Miscellaneous 80.89%
2 Financials 7.76%
3 Industrials 2.45%
4 Communication Services 2.43%
5 Healthcare 1.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TBN
151
Tamboran Resources
TBN
$1.36B
$2.15M 0.03%
78,832
+22,810
+41% +$580K
SCPQU
152
Social Commerce Partners Corp Unit
SCPQU
$2.14M 0.03%
+214,400
New +$2.15M
POLE
153
Andretti Acquisition Corp II
POLE
$316M
$2.1M 0.03%
200,000
– –
CEPO
154
Cantor Equity Partners I
CEPO
$274M
$2.08M 0.03%
200,000
+45,000
+29% +$471K
SBXE.U
155
SilverBox Corp V Units
SBXE.U
$2.08M 0.03%
+206,900
New +$2.09M
HVII
156
Hennessy Capital Investment Corp VII
HVII
$281M
$2.07M 0.03%
200,000
– –
XRPN
157
Armada Acquisition Corp II
XRPN
$333M
$2.05M 0.03%
200,000
– –
TVAI
158
Thayer Ventures Acquisition Corporation II
TVAI
$2.02M 0.03%
200,000
– –
ALUB.U
159
Alussa Energy Acquisition Corp II Units
ALUB.U
$2.02M 0.03%
+200,000
New +$2.02M
BPACU
160
Blueport Acquisition Ltd Units
BPACU
$2.02M 0.03%
+200,000
New +$2.01M
ENHA
161
Enhanced Group Inc
ENHA
$221M
$2.01M 0.03%
200,000
– –
DSACU
162
Daedalus Special Acquisition Corp Unit
DSACU
$2.01M 0.03%
+200,000
New +$2.01M
MESHU
163
Meshflow Acquisition Corp Units
MESHU
$306M
$2M 0.03%
+200,000
New +$2M
AEAQU
164
Activate Energy Acquisition Corp Unit
AEAQU
$2M 0.03%
+200,000
New +$2M
LATA
165
Galata Acquisition Corp II
LATA
$235M
$1.99M 0.03%
+200,000
New +$1.99M
BIXIU
166
Bitcoin Infrastructure Acquisition Corp Unit
BIXIU
$212M
$1.99M 0.03%
+200,000
New +$2M
ALIS
167
Calisa Acquisition Corp
ALIS
$87M
$1.99M 0.03%
+200,000
New +$1.98M
DNMX
168
Dynamix Corp III
DNMX
$270M
$1.98M 0.03%
+200,000
New +$1.98M
LEO
169
BNY Mellon Strategic Municipals
LEO
$374M
$1.94M 0.03%
305,421
– –
CXE
170
DELISTED
MFS High Income Municipal Trust
CXE
$1.9M 0.03%
512,763
+29,463
+6% +$110K
WLAC
171
DELISTED
Willow Lane Acquisition Corp
WLAC
$1.9M 0.03%
150,000
-125,000
-45% -$1.54M
JACS
172
Jackson Acquisition Co II
JACS
$1.82M 0.03%
175,000
– –
R icon
173
Ryder
R
$9.39B
$1.81M 0.03%
9,434
+3,420
+57% +$615K
BACC
174
Blue Acquisition Corp
BACC
$294M
$1.79M 0.02%
175,000
– –
AXIN
175
Axiom Intelligence Acquisition Corp 1
AXIN
$282M
$1.76M 0.02%
175,000
– –
5 6
7
8 9

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SC
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SCB
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CCWA
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BFM
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CG
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CGH
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Whitebox Advisors's Q4 2025 Portfolio in Review

As of Q4 2025, Whitebox Advisors held 555 positions worth $7.19B, up 8.1% from $6.65B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Whitebox Advisors withdrew a net $2.89B in Q4 2025, closing 60 positions and reducing 29 holdings. Its most notable exit was Verona Pharma, an estimated $167M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 81% of assets, up from 80% a quarter earlier, followed by Financials 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 41% of its $7.19B portfolio in Q4 2025.
  • Whitebox Advisors opened 125 new positions and closed 60 in Q4 2025.
  • Whitebox Advisors's portfolio value rose 8.1% quarter-over-quarter to $7.19B.

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