Wolverine Asset Management Portfolio holdings
Wolverine Asset Management runs hedge funds for institutional investors that look for mispriced securities through arbitrage and relative value strategies. The firm was formed in 2001, and its indirect principal owners are Christopher Gust and Robert Bellick. Its strategies include event-driven trading around corporate deals and other catalysts, closed-end fund and real estate investment trust arbitrage, and volatility trading. It is one of three Wolverine businesses, alongside Wolverine Trading, a proprietary trading group that makes markets, and Wolverine Execution Services, an independent brokerage that executes trades in stocks, options and futures. Its funds, including the Wolverine Flagship Fund, are open only to sophisticated institutions and qualified purchasers.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
|
+$56.6M |
| 2 |
Grayscale Ethereum Staking Mini ETF Shares
ETH
|
+$36.9M |
| 3 |
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
|
+$25.6M |
| 4 |
Alphabet Inc Depositary Shares Series B Preferred Stock
GOOGN
|
+$20.2M |
| 5 |
Novanta Inc Units
NOVTU
|
+$18.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Iris Energy
IREN
|
+$44.3M |
| 2 |
Oracle Corp Preferred Stock Series D
ORCL.PRD
|
+$39.5M |
| 3 |
ANSC
Agriculture & Natural Solutions Acquisition Corp
ANSC
|
+$22.7M |
| 4 |
QXO Inc 5.50% Series B Preferred Stock
QXO.PRB
|
+$22.3M |
| 5 |
Snowflake
SNOW
|
+$20.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 87.07% |
| 2 | Financials | 7.15% |
| 3 | Communication Services | 2.34% |
| 4 | Real Estate | 0.91% |
| 5 | Technology | 0.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Strategy Inc
MSTR
$52.3B
| $222M | 1.49% |
1,450,000
+91,600
| +7% | +$10.6M |
2021 Q2
21 quarters
|
|
2
PUT
Bloom Energy
BE
$63.7B
| $182M | 1.22% |
655,400
+103,600
| +19% | +$24.5M |
2023 Q2
13 quarters
|
|
|
3
Alphabet Inc Depositary Shares Series B Preferred Stock
GOOGN
| $172M | 1.16% |
3,545,386
+411,465
| +13% | +$20.2M |
2026 Q2
1 quarter
|
|
4
PUT
Rivian
RIVN
$19.9B
| $166M | 1.11% |
11,080,900
+735,000
| +7% | +$11.9M |
2023 Q1
14 quarters
|
|
|
5
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
$4.03B
| $162M | 1.09% |
2,362,445
+438,191
| +23% | +$25.6M |
2026 Q2
1 quarter
|
|
6
PUT
Nebius Group N.V.
NBIS
$43.2B
| $154M | 1.03% |
651,800
+71,500
| +12% | +$15.4M |
2025 Q2
5 quarters
|
|
7
Alphabet Inc Depositary Shares Series A Preferred Stock
GOOGM
| $143M | 0.96% |
2,917,258
-87,653
| -3% | -$4.32M |
2026 Q2
1 quarter
|
|
|
8
PUT
Iris Energy
IREN
$9.04B
| $141M | 0.95% |
3,446,600
-583,600
| -14% | -$24M |
2024 Q4
7 quarters
|
|
|
9
PUT
Super Micro Computer
SMCI
$20.4B
| $136M | 0.91% |
3,303,400
-78,800
| -2% | -$2.68M |
2024 Q2
9 quarters
|
|
|
10
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
$6.32B
| $105M | 0.71% |
1,788,993
+851,158
| +91% | +$56.6M |
2026 Q2
1 quarter
|
|
11
Albemarle Corp Depositary Shares
ALB.PRA
$1.98B
| $83.8M | 0.56% |
1,847,474
+353,415
| +24% | +$18.3M |
2024 Q1
10 quarters
|
|
12
PUT
Advanced Micro Devices
AMD
$918B
| $61M | 0.41% |
99,700
-19,400
| -16% | -$10M |
2022 Q2
17 quarters
|
|
13
PUT
Apple
AAPL
$5.15T
| $56M | 0.38% |
168,200
-15,600
| -8% | -$5.01M |
2021 Q3
20 quarters
|
|
14
PUT
AST SpaceMobile
ASTS
$10.9B
| $54.9M | 0.37% |
932,600
+116,800
| +14% | +$7.53M |
2025 Q1
6 quarters
|
|
15
PUT
Microsoft
MSFT
$3.87T
| $53.1M | 0.36% |
103,500
+33,800
| +48% | +$15.6M |
2021 Q3
20 quarters
|
|
16
PUT
Oscar Health
OSCR
$10B
| $51M | 0.34% |
1,652,800
-515,000
| -24% | -$15.8M |
2025 Q4
3 quarters
|
|
|
17
Grayscale Ethereum Staking Mini ETF Shares
ETH
$1.76B
| $50M | 0.34% |
1,959,639
+1,783,823
| +1,015% | +$36.9M |
2025 Q4
3 quarters
|
|
18
PUT
Meta Platforms (Facebook)
META
$1.65T
| $47.4M | 0.32% |
65,400
-1,200
| -2% | -$749K |
2021 Q3
20 quarters
|
|
19
PUT
Seagate
STX
$129B
| $46.1M | 0.31% |
50,000
-5,000
| -9% | -$4.27M |
2025 Q3
4 quarters
|
|
20
PUT
Intel
INTC
$337B
| $45.5M | 0.31% |
378,200
+146,400
| +63% | +$14.9M |
2021 Q3
20 quarters
|
|
|
21
CALL
Advanced Micro Devices
AMD
$918B
| $45.2M | 0.3% |
73,900
+25,300
| +52% | +$13M |
2022 Q2
17 quarters
|
|
22
PUT
GameStop
GME
$12.8B
| $45.1M | 0.3% |
1,827,700
| – | – |
2025 Q1
6 quarters
|
|
23
PUT
Lucid Motors
LCID
$1.46B
| $44.3M | 0.3% |
10,892,800
+98,400
| +0.9% | +$556K |
2021 Q4
19 quarters
|
|
|
24
Novanta Inc Units
NOVTU
$597M
| $43.9M | 0.3% |
723,361
+294,751
| +69% | +$18.5M |
2025 Q4
3 quarters
|
|
25
PUT
NIO
NIO
$8.19B
| $43.8M | 0.29% |
12,762,600
-1,420,500
| -10% | -$6.19M |
2019 Q1
30 quarters
|
|
Similar funds
Wolverine Asset Management's Q3 2026 Portfolio in Review
As of Q3 2026, Wolverine Asset Management held 1,976 positions worth $14.9B, up 31% from $11.4B the previous quarter. Its ten largest holdings account for 20% of the portfolio.
Wolverine Asset Management withdrew a net $4.58B in Q3 2026, closing 242 positions and reducing 461 holdings. Its most notable exit was Iris Energy, an estimated $44.3M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 87% of assets, up from 82% a quarter earlier, followed by Financials and Communication Services.
Against the trend, Wolverine Asset Management opened a new position in KKR & Co worth $12.3M.
- Wolverine Asset Management's largest Q3 2026 buy was KKR & Co: 134,572 shares worth $12.3M.
- Wolverine Asset Management added most to Boeing Co 6.00% Series A Preferred Stock in Q3 2026, an estimated $56.6M increase.
- Wolverine Asset Management's biggest Q3 2026 reduction was Marathon Digital Holdings, cutting an estimated $15.9M.
- Wolverine Asset Management fully exited Iris Energy in Q3 2026, selling an estimated $44.3M.
- Wolverine Asset Management's ten largest holdings make up 20% of its $14.9B portfolio in Q3 2026.
- Wolverine Asset Management opened 283 new positions and closed 242 in Q3 2026.
- Wolverine Asset Management's portfolio value rose 31% quarter-over-quarter to $14.9B.
Based on Wolverine Asset Management's 13F filing for Q3 2026, filed 2 Nov 2026.