WHITEBOX ADVISORS LLC

Other Low signal CIK 1257391
League rank
#214
in Other · #880 overall
Long book
$1.89B
Q1 2026
Positions
498
Top-10 weight
46%
concentration
Last quarter
-3.0%
SPY -4.4%
Turnover
42%
of book per quarter

Strategy in plain words

auto-generated from filings

WHITEBOX ADVISORS LLC is an institutional manager, running a $1.89B US long book across 498 positions.

The portfolio is moderately concentrated (top 10 ≈ 46% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: CHART INDUSTRIES INC, PENUMBRA INC, WEBSTER FINANCIAL CORP, SUPER MICRO COMPUTER INC, LIBERTY BROADBAND-C.

Over the last 8 quarters its long book ran on average 2.2pp per quarter behind the S&P 500, beating the index in 4 of 8 quarters. Signal value of individual moves is limited — treat changes as weak evidence.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
-6.3%
Q2 2024
+15.0%
Q3 2024
-6.2%
Q4 2024
+0.4%
Q1 2025
+16.4%
Q2 2025
-0.6%
Q3 2025
-7.6%
Q4 2025
-3.0%

Sector allocation

Financials
38%
Industrials
14%
Healthcare
11%
Communications
10%
Energy
9%
Other
8%
Technology
6%
Services media
3%

Long book by quarter

$778.3M
Q1 2024
$777.9M
Q2 2024
$723.0M
Q3 2024
$620.9M
Q4 2024
$1.19B
Q1 2025
$1.40B
Q2 2025
$1.54B
Q3 2025
$1.62B
Q4 2025
$1.89B
Q1 2026

What does WHITEBOX ADVISORS own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
GTLS CHART INDUSTRIES INCIndustrials758.9K$156.9M8.3%+35.5%
PEN PENUMBRA INCHealthcare445.0K$146.1M7.7%New
WBS WEBSTER FINANCIAL CORPFinancials1.9M$133.6M7.1%New
LBRDK LIBERTY BROADBAND-CCommunications1.5M$74.3M3.9%+0.1%
VAL VALARIS LTDEnergy583.9K$57.2M3.0%New
430 TERNS PHARMACEUTICALS INC—1.0M$52.7M2.8%New
TFPM TRIPLE FLAG PRECIOUS METFinancials1.5M$52.7M2.8%-0.5%
MASI* MASIMO CORP—270.0K$48.0M2.5%New
GPOR GULFPORT ENERGY CORPEnergy219.6K$46.5M2.5%-2.2%
WBD WARNER BROS DISCOVERY INCCommunications1.6M$44.3M2.3%+303.7%
ORCL ORACLE CORPTechnology900.0K$40.5M2.1%New
HEI/A HEICO CORP-CLASS AIndustrials124.7K$26.3M1.4%Held
CHRD CHORD ENERGY CORPEnergy159.5K$22.7M1.2%-8.6%
LITE LUMENTUM HOLDINGS INCTechnology30.8K$21.6M1.1%New
SM SM ENERGY COEnergy602.3K$18.8M1.0%New
BLCO BAUSCH + LOMB CORPHealthcare1.1M$17.5M0.9%+15.8%
LBRDA LIBERTY BROADBAND-ACommunications348.1K$17.5M0.9%Held
LLYVK LIBERTY LIVE HOLDINGS-CServices media161.4K$15.2M0.8%New
DCH DAUCH CORPORATIONIndustrials2.3M$13.6M0.7%-29.3%
FOX FOX CORP - CLASS BCommunications175.2K$9.3M0.5%-66.2%
CYH COMMUNITY HEALTH SYSTEMS INCHealthcare3.1M$9.2M0.5%+42.1%
PPLI PEOPLE INCTechnology217.4K$8.7M0.5%+71.8%
CSTM CONSTELLIUM SEIndustrials346.7K$8.5M0.4%-30.6%
VNME VENDOME ACQUISITION CORP-AFinancials825.0K$8.3M0.4%Held
TACH TITAN ACQUISITION CORP-CL AFinancials800.0K$8.2M0.4%Held
GIW GIGCAPITAL8 CORP-AFinancials800.0K$8.0M0.4%Held
FERA FIFTH ERA ACQUISITION CORP-AFinancials750.0K$7.7M0.4%Held
HAVA HARVARD AVE ACQUISITION-CL AFinancials750.0K$7.5M0.4%New
UP WHEELS UP EXPERIENCE INCIndustrials23.8M$7.4M0.4%Held
UAA UNDER ARMOUR INC-CLASS AOther1.2M$7.0M0.4%-8.8%
MGM MGM RESORTS INTERNATIONALServices media186.9K$6.9M0.4%-34.7%
XCBE X3 ACQUISITION CORP LTD-CL AFinancials700.0K$6.9M0.4%New
SZZL SIZZLE ACQUISITION CORP-CL AFinancials650.0K$6.7M0.4%Held
SOUL SOULPOWER ACQUISITION CO-AFinancials650.0K$6.7M0.4%Held
BCAR D. BORAL ARC ACQUISIT - CL ATechnology650.0K$6.6M0.3%Held
WENN WEN ACQUISITION CORP-AFinancials600.0K$6.1M0.3%Held
HDRN HADRON ENERGY INCUtilities550.0K$5.9M0.3%Held
GT GOODYEAR TIRE & RUBBER COOther871.1K$5.8M0.3%+17.5%
FAC FACTORIAL ENERGY INCTechnology550.0K$5.6M0.3%Held
ACI ALBERTSONS COS INC - CLASS AConsumer discretionary326.6K$5.6M0.3%-5.2%
SIMA SIM ACQUISITION CORP I-AFinancials500.0K$5.4M0.3%Held
FL3 REAL ASSET ACQUISITION—500.0K$5.3M0.3%Held
NPAC NEW PROVIDENCE ACQUISITION-AFinancials500.0K$5.1M0.3%Held
YCY AA MISSION ACQUISITION-AFinancials500.0K$5.0M0.3%Held
RNGT RANGE CAPITAL ACQUISIT CL AFinancials500.0K$5.0M0.3%Held
DBCA D. BORAL ACQUISITION I-CL AFinancials500.0K$4.9M0.3%New
ELBM ELECTRA BATTERY MATERIALS COMaterials8.2M$4.8M0.3%-4.2%
CCO CLEAR CHANNEL OUTDOOR HOLDINServices media2.0M$4.7M0.3%-18.5%
CEPF CANTOR EQUITY PARTNERS-CL AFinancials450.0K$4.6M0.2%Held
DMII DRUGS MADE IN AMERICA ACQUISFinancials450.0K$4.5M0.2%Held

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HR/ANEW HOLDINGSAug 26, 20265$119.8M canonicalSEC ↗
Q1 202613F-HRMay 15, 2026568$8.12B canonicalSEC ↗
Q4 202513F-HR/ANEW HOLDINGSAug 26, 20263$142.0M canonicalSEC ↗
Q4 202513F-HRFeb 17, 2026492$7.05B canonicalSEC ↗
Q3 202513F-HR/ANEW HOLDINGSAug 26, 20262$185.5M canonicalSEC ↗
Q3 202513F-HRNov 14, 2025427$6.46B canonicalSEC ↗
Q2 202513F-HR/ANEW HOLDINGSAug 26, 20262$189.0M canonicalSEC ↗
Q2 202513F-HRAug 14, 2025382$4.71B canonicalSEC ↗
Q1 202513F-HR/ANEW HOLDINGSAug 26, 20263$175.8M canonicalSEC ↗
Q1 202513F-HRMay 15, 2025312$3.87B canonicalSEC ↗
Q4 202413F-HR/ANEW HOLDINGSAug 26, 20263$17.8M canonicalSEC ↗
Q4 202413F-HRFeb 14, 2025270$3.47B canonicalSEC ↗
Q3 202413F-HR/ANEW HOLDINGSAug 26, 20261$22.6M canonicalSEC ↗
Q3 202413F-HRNov 14, 2024321$3.67B canonicalSEC ↗
Q2 202413F-HR/ANEW HOLDINGSAug 26, 20261$8.2M canonicalSEC ↗
Q2 202413F-HRAug 14, 2024349$3.50B canonicalSEC ↗
Q1 202413F-HR/ANEW HOLDINGSAug 26, 20263$9.0M canonicalSEC ↗
Q1 202413F-HRMay 15, 2024340$4.03B canonicalSEC ↗

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