Almitas Capital LLC
Long book
$442.5M
Q1 2026
Positions
115
Top-10 weight
58%
concentration
Last quarter
+4.5%
SPY +14.8%
Turnover
40%
of book per quarter
Strategy in plain words
auto-generated from filingsAlmitas Capital LLC is a diversified fundamental manager, running a $442.5M US long book across 115 positions.
The portfolio is concentrated: the top 10 names carry 58% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: FIDELITY WISE ORIGIN BITCOIN, BLACKROCK 2030 MUNI TRGT TRM, ASA GOLD AND PRECIOUS METALS, AMYLYX PHARMACEUTICALS INC, DESIGN THERAPEUTICS INC.
Over the last 9 quarters its long book ran on average 1.8pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.6%
Q2 2024
+8.1%
Q3 2024
+9.9%
Q4 2024
-9.7%
Q1 2025
+17.4%
Q2 2025
+8.6%
Q3 2025
-8.2%
Q4 2025
-8.2%
Q1 2026
+4.5%
Sector allocation
Healthcare 69%
Other 16%
Consumer discretionary 7%
Services media 3%
Technology 2%
Financials 2%
Real estate 1%
Long book by quarter
What does Almitas Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AMLX AMYLYX PHARMACEUTICALS INC | Healthcare | 2.1M | $29.5M | 6.7% | Held |
| DSGN DESIGN THERAPEUTICS INC | Healthcare | 1.5M | $16.3M | 3.7% | 0.0% |
| LYEL LYELL IMMUNOPHARMA INC | Healthcare | 577.8K | $11.6M | 2.6% | Held |
| BIO BIO-RAD LABORATORIES-A | Healthcare | 30.3K | $8.4M | 1.9% | New |
| CNNE CANNAE HOLDINGS INC | Consumer discretionary | 741.3K | $8.4M | 1.9% | +80.0% |
| ALXO ALX ONCOLOGY HOLDINGS INC | Healthcare | 3.2M | $6.4M | 1.4% | +25.1% |
| MRCC MONROE CAPITAL CORP | — | 1.3M | $5.2M | 1.2% | +27.9% |
| ANTX AN2 THERAPEUTICS INC | Healthcare | 1.5M | $5.1M | 1.1% | Held |
| CCAP CRESCENT CAPITAL BDC INC | — | 356.9K | $4.3M | 1.0% | -19.7% |
| MSGS MADISON SQUARE GARDEN SPORTS | Services media | 9.9K | $3.2M | 0.7% | Held |
| EBF ENNIS INC | Other | 139.0K | $3.0M | 0.7% | Held |
| MYPS PLAYSTUDIOS INC | Technology | 4.7M | $2.2M | 0.5% | +16.2% |
| TRC TEJON RANCH CO | Real estate | 95.0K | $1.8M | 0.4% | +2.0% |
| ANRO ALTO NEUROSCIENCE INC | Healthcare | 78.5K | $1.8M | 0.4% | Held |
| RLYB RALLYBIO CORP | Healthcare | 191.2K | $1.7M | 0.4% | New |
| FLGT FULGENT GENETICS INC | Healthcare | 104.8K | $1.7M | 0.4% | +467.1% |
| MFIC MIDCAP FINANCIAL INVESTMENT | — | 140.5K | $1.6M | 0.4% | +3.7% |
| ZNTL ZENTALIS PHARMACEUTICALS INC | Healthcare | 610.1K | $1.4M | 0.3% | Held |
| FSK FS KKR CAPITAL CORP | — | 111.6K | $1.1M | 0.3% | +4.7% |
| CABA CABALETTA BIO INC | Healthcare | 337.4K | $908K | 0.2% | -12.9% |
| NCDL NUVEEN CHURCHILL DIRECT LEND | — | 70.2K | $892K | 0.2% | Held |
| SBET SHARPLINK INC | Financials | 124.3K | $802K | 0.2% | Held |
| NEWT NEWTEKONE INC | Financials | 53.6K | $587K | 0.1% | Held |
| WD WALKER & DUNLOP INC | Financials | 11.6K | $515K | 0.1% | Held |
| CVCO CAVCO INDUSTRIES INC | Other | 992 | $480K | 0.1% | Held |
| CGBD CARLYLE SECURED LENDING INC | — | 42.9K | $469K | 0.1% | Held |
| GSBD GOLDMAN SACHS BDC INC | — | 50.0K | $444K | 0.1% | Held |
| WHLR 7 12/31/31 WHEELER REIT INC | — | 5.3K | $422K | 0.1% | Held |
| SKY CHAMPION HOMES INC | Other | 5.0K | $372K | 0.1% | Held |
| NMFC NEW MOUNTAIN FINANCE CORP | — | 45.0K | $349K | 0.1% | Held |
| TLPH TALPHERA INC | Healthcare | 467.2K | $349K | 0.1% | New |
| TCPC BLACKROCK TCP CAPITAL CORP | — | 85.0K | $307K | 0.1% | Held |
| MSDL MORGAN STANLEY DIRECT LENDIN | — | 20.0K | $279K | 0.1% | Held |
| GBDC GOLUB CAPITAL BDC INC | — | 20.0K | $253K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 115 | $442.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 107 | $454.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ANEW HOLDINGS | Nov 17, 2025 | 66 | $436.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 62 | $429.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 82 | $396.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 81 | $301.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 92 | $456.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 69 | $283.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 15, 2024 | 76 | $240.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 69 | $242.1M | canonical | SEC ↗ |
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