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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
MBAV
201
DELISTED
M3-Brigade Acquisition V Corp
MBAV
$1.38M 0.02%
130,000
– –
SABR icon
202
CALL
Sabre
SABR
$656M
$1.36M 0.02%
1,000,000
– –
MERC icon
203
Mercer International
MERC
$44.9M
$1.36M 0.02%
686,019
+150,000
+28% +$316K
CAPN
204
Cayson Acquisition Corp
CAPN
$1.33M 0.02%
125,000
– –
RIBB
205
Ribbon Acquisition Corp
RIBB
$1.3M 0.02%
125,000
– –
IPEX
206
Inflection Point Acquisition Corp V
IPEX
$125M
$1.28M 0.02%
125,000
– –
CCII
207
Cohen Circle Acquisition Corp II
CCII
$359M
$1.28M 0.02%
125,000
– –
CAEP
208
DELISTED
Cantor Equity Partners III
CAEP
$1.27M 0.02%
125,000
– –
LWAC
209
LightWave Acquisition Corp
LWAC
$1.25M 0.02%
125,000
– –
MHN
210
DELISTED
BlackRock MuniHoldings New Yrok Quality Fund
MHN
$1.24M 0.02%
121,671
– –
HRI icon
211
Herc Holdings
HRI
$5.43B
$1.24M 0.02%
+8,330
New +$1.14M
AFB
212
AllianceBernstein National Municipal Income Fund
AFB
$312M
$1.23M 0.02%
113,648
– –
CUB
213
Lionheart Holdings
CUB
$283M
$1.06M 0.02%
100,000
– –
FVN
214
Future Vision II Acquisition Corp
FVN
$83M
$1.06M 0.02%
100,000
– –
PLMK
215
Plum Acquisition Corp IV
PLMK
$1.05M 0.01%
100,000
– –
IAUX.WS
216
i-80 Gold Corp Warrants
IAUX.WS
$135M
$1.03M 0.01%
1,117,500
– –
FISV
217
Fiserv Inc
FISV
$27.2B
$1.03M 0.01%
+15,302
New +$1.28M
CCXIU
218
Churchill Capital Corp XI Units
CCXIU
$439M
$1.02M 0.01%
+100,000
New +$1.02M
EPU icon
219
iShares MSCI Peru and Global Exposure ETF
EPU
$534M
$1.02M 0.01%
+14,063
New +$910K
MCGA
220
Yorkville Acquisition Corp
MCGA
$241M
$1.01M 0.01%
100,000
– –
OBA
221
Oxley Bridge Acquisition Ltd
OBA
$1.01M 0.01%
100,000
– –
SCIIU
222
SC II Acquisition Corp Units
SCIIU
$1.01M 0.01%
+100,000
New +$1.01M
SOCA
223
Solarius Capital Acquisition Corp
SOCA
$242M
$1M 0.01%
100,000
– –
HCMA
224
HCM III Acquisition Corp
HCMA
$1M 0.01%
100,000
– –
BDCI
225
BTC Development Corp
BDCI
$1M 0.01%
+100,000
New +$1.01M
7 8
9
10 11

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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.