HGC Investment Management Inc.
Long book
$451.4M
Q1 2026
Positions
170
Top-10 weight
26%
concentration
Last quarter
+2.0%
SPY +14.8%
Turnover
39%
of book per quarter
Strategy in plain words
auto-generated from filingsHGC Investment Management Inc. is a diversified fundamental manager, specialised in financials (95% of the long book), running a $451.4M US long book across 170 positions.
The portfolio is moderately concentrated (top 10 ≈ 26% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ARTIUS II ACQUISITION INC-A, ALDABRA 4 LIQUIDITY OPPORTUN, SIDDHI ACQUISITION CORP-A, DRUGS MADE IN AMERICA ACQUIS, FIFTH ERA ACQUISITION CORP I.
Over the last 9 quarters its long book ran on average 2.6pp per quarter behind the S&P 500, beating the index in 3 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
+0.9%
Q2 2024
+1.6%
Q3 2024
+5.5%
Q4 2024
-0.1%
Q1 2025
+5.6%
Q2 2025
+0.0%
Q3 2025
+0.8%
Q4 2025
+0.4%
Q1 2026
+2.0%
Sector allocation
Financials 89%
Technology 5%
Other 3%
Services media 2%
Materials 1%
Healthcare 0%
Long book by quarter
What does HGC Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AACB ARTIUS II ACQUISITION INC-A | Financials | 1.5M | $15.5M | 3.4% | Held |
| SDHI SIDDHI ACQUISITION CORP-A | Financials | 1.3M | $12.9M | 2.9% | Held |
| DMII DRUGS MADE IN AMERICA ACQUIS | Financials | 1.2M | $12.3M | 2.7% | Held |
| SOUL SOULPOWER ACQUISITION CO-A | Financials | 953.1K | $9.8M | 2.2% | Held |
| EA ELECTRONIC ARTS INC | Technology | 42.8K | $8.7M | 1.9% | +13.2% |
| PAII PYROPHYTE ACQUISITION CORP-A | Financials | 850.0K | $8.6M | 1.9% | Held |
| ADAC AMERICAN DRIVE ACQUISIT-CL A | Financials | 786.4K | $7.8M | 1.7% | New |
| SZZL SIZZLE ACQUISITION CORP-CL A | Financials | 650.5K | $6.7M | 1.5% | Held |
| RDAG REPUBLIC DIGITAL ACQUIS-CL A | Financials | 646.7K | $6.6M | 1.5% | +7.3% |
| HCMA HCM III ACQUISITION COR-CL A | Financials | 600.0K | $6.0M | 1.3% | Held |
| CEPV CANTOR EQUITY PARTNERS-CL A | Financials | 583.2K | $5.9M | 1.3% | Held |
| KFII K&F GROWTH ACQUISITION COR-A | Financials | 550.0K | $5.7M | 1.3% | New |
| CEPF CANTOR EQUITY PARTNERS-CL A | Financials | 550.0K | $5.6M | 1.2% | -15.4% |
| WENN WEN ACQUISITION CORP-A | Financials | 550.0K | $5.6M | 1.2% | Held |
| TVAI THAYER VENTURES ACQUIS CL A | Financials | 525.0K | $5.4M | 1.2% | New |
| NPAC NEW PROVIDENCE ACQUISITION-A | Financials | 450.0K | $4.6M | 1.0% | Held |
| CRAC CROWN RESERVE ACQUISITI-CL A | Financials | 375.0K | $3.8M | 0.8% | Held |
| AXIN AXIOM INTELLIGENCE-CL A | Financials | 350.0K | $3.5M | 0.8% | New |
| LKSP LAKE SUPERIOR ACQUISITI-CL A | Financials | 320.0K | $3.2M | 0.7% | New |
| QUMS QUANTUMSPHERE ACQUISITION CO | Financials | 300.0K | $3.0M | 0.7% | Held |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 75.0K | $3.0M | 0.7% | New |
| FVAV FORTRESS VALUE ACQUIS V-CL A | Financials | 300.0K | $3.0M | 0.7% | New |
| IEAG INFINITE EAGLE CL-A | Financials | 275.0K | $2.8M | 0.6% | New |
| GTEN GORES HOLDINGS X INC-CL A | Financials | 250.0K | $2.6M | 0.6% | New |
| JENA JENA ACQUISITION CORP II - A | Financials | 250.0K | $2.6M | 0.6% | -64.3% |
| ENHA ENHANCED GROUP INC | Services media | 250.0K | $2.5M | 0.6% | Held |
| GSRF GSR IV ACQUISITION CORP-CL A | Financials | 250.0K | $2.5M | 0.6% | Held |
| IRAB IRIS ACQUISITION CORP I-CL A | Financials | 250.0K | $2.5M | 0.5% | New |
| CAEP CANTOR EQUITY PARTNERS III-A | — | 225.0K | $2.3M | 0.5% | Held |
| CEPS CANTOR EQUITY PARTNERS VI -A | Financials | 200.0K | $2.0M | 0.4% | New |
| USAS AMERICAS GOLD AND SILVER COR | Materials | 300.0K | $1.6M | 0.3% | Held |
| MBAV M3-BRIGADE ACQUISITION V-A | Financials | 100.6K | $1.1M | 0.2% | Held |
| OIM ONEIM ACQUISITION CL-A | Financials | 97.8K | $974K | 0.2% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 172 | $451.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 163 | $471.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 124 | $410.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 102 | $359.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 78 | $280.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 70 | $233.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 105 | $242.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 104 | $217.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 94 | $280.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ANEW HOLDINGS | May 15, 2024 | 95 | $280.3M | canonical | SEC ↗ |