WHITEBOX ADVISORS LLC
Long book
$1.77B
Q1 2026
Positions
493
Top-10 weight
46%
concentration
Last quarter
-1.9%
SPY +14.8%
Turnover
43%
of book per quarter
Strategy in plain words
auto-generated from filingsWHITEBOX ADVISORS LLC is an institutional manager, running a $1.77B US long book across 493 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, LIBERTY BROADBAND-C, VALARIS LTD.
Over the last 9 quarters its long book ran on average 3.2pp per quarter behind the S&P 500, beating the index in 3 of 9 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
-6.0%
Q2 2024
+14.8%
Q3 2024
-5.3%
Q4 2024
+1.8%
Q1 2025
+9.8%
Q2 2025
-1.1%
Q3 2025
-0.4%
Q4 2025
-0.4%
Q1 2026
-1.9%
Sector allocation
Financials 38%
Industrials 13%
Healthcare 11%
Communications 10%
Energy 9%
Other 8%
Technology 6%
Services media 3%
Long book by quarter
What does WHITEBOX ADVISORS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GTLS CHART INDUSTRIES INC | Industrials | 758.9K | $156.9M | 8.8% | +35.5% |
| PEN PENUMBRA INC | Healthcare | 445.0K | $146.1M | 8.2% | New |
| WBS WEBSTER FINANCIAL CORP | Financials | 1.9M | $133.6M | 7.5% | New |
| LBRDK LIBERTY BROADBAND-C | Communications | 1.5M | $74.3M | 4.2% | +0.1% |
| VAL VALARIS LTD | Energy | 583.9K | $57.2M | 3.2% | New |
| 430 TERNS PHARMACEUTICALS INC | — | 1.0M | $52.7M | 3.0% | New |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 1.5M | $52.7M | 3.0% | -0.5% |
| MASI* MASIMO CORP | — | 270.0K | $48.0M | 2.7% | New |
| GPOR GULFPORT ENERGY CORP | Energy | 219.6K | $46.5M | 2.6% | -2.2% |
| WBD WARNER BROS DISCOVERY INC | Communications | 1.6M | $44.3M | 2.5% | +303.7% |
| ORCL ORACLE CORP | Technology | 900.0K | $40.5M | 2.3% | New |
| HEI/A HEICO CORP-CLASS A | Industrials | 124.7K | $26.3M | 1.5% | Held |
| CHRD CHORD ENERGY CORP | Energy | 159.5K | $22.7M | 1.3% | -8.6% |
| LITE LUMENTUM HOLDINGS INC | Technology | 30.8K | $21.6M | 1.2% | New |
| SM SM ENERGY CO | Energy | 602.3K | $18.8M | 1.1% | New |
| BLCO BAUSCH + LOMB CORP | Healthcare | 1.1M | $17.5M | 1.0% | +15.8% |
| LBRDA LIBERTY BROADBAND-A | Communications | 348.1K | $17.5M | 1.0% | Held |
| LLYVK LIBERTY LIVE HOLDINGS-C | Services media | 161.4K | $15.2M | 0.9% | New |
| DCH DAUCH CORPORATION | Industrials | 2.3M | $13.6M | 0.8% | -29.3% |
| FOX FOX CORP - CLASS B | Communications | 175.2K | $9.3M | 0.5% | -66.2% |
| CYH COMMUNITY HEALTH SYSTEMS INC | Healthcare | 3.1M | $9.2M | 0.5% | +42.1% |
| PPLI PEOPLE INC | Technology | 217.4K | $8.7M | 0.5% | +71.8% |
| CSTM CONSTELLIUM SE | Industrials | 346.7K | $8.5M | 0.5% | -30.6% |
| VNME VENDOME ACQUISITION CORP-A | Financials | 825.0K | $8.3M | 0.5% | Held |
| TACH TITAN ACQUISITION CORP-CL A | Financials | 800.0K | $8.2M | 0.5% | Held |
| GIW GIGCAPITAL8 CORP-A | Financials | 800.0K | $8.0M | 0.4% | Held |
| FERA FIFTH ERA ACQUISITION CORP-A | Financials | 750.0K | $7.7M | 0.4% | Held |
| HAVA HARVARD AVE ACQUISITION-CL A | Financials | 750.0K | $7.5M | 0.4% | New |
| UAA UNDER ARMOUR INC-CLASS A | Other | 1.2M | $7.0M | 0.4% | -8.8% |
| MGM MGM RESORTS INTERNATIONAL | Services media | 186.9K | $6.9M | 0.4% | -34.7% |
| XCBE X3 ACQUISITION CORP LTD-CL A | Financials | 700.0K | $6.9M | 0.4% | New |
| SZZL SIZZLE ACQUISITION CORP-CL A | Financials | 650.0K | $6.7M | 0.4% | Held |
| SOUL SOULPOWER ACQUISITION CO-A | Financials | 650.0K | $6.7M | 0.4% | Held |
| BCAR D. BORAL ARC ACQUISIT - CL A | Technology | 650.0K | $6.6M | 0.4% | Held |
| WENN WEN ACQUISITION CORP-A | Financials | 600.0K | $6.1M | 0.3% | Held |
| HDRN HADRON ENERGY INC | Utilities | 550.0K | $5.9M | 0.3% | Held |
| GT GOODYEAR TIRE & RUBBER CO | Other | 871.1K | $5.8M | 0.3% | +17.5% |
| FAC FACTORIAL ENERGY INC | Technology | 550.0K | $5.6M | 0.3% | Held |
| ACI ALBERTSONS COS INC - CLASS A | Consumer discretionary | 326.6K | $5.6M | 0.3% | -5.2% |
| SIMA SIM ACQUISITION CORP I-A | Financials | 500.0K | $5.4M | 0.3% | Held |
| FL3 REAL ASSET ACQUISITION | — | 500.0K | $5.3M | 0.3% | Held |
| NPAC NEW PROVIDENCE ACQUISITION-A | Financials | 500.0K | $5.1M | 0.3% | Held |
| YCY AA MISSION ACQUISITION-A | Financials | 500.0K | $5.0M | 0.3% | Held |
| RNGT RANGE CAPITAL ACQUISIT CL A | Financials | 500.0K | $5.0M | 0.3% | Held |
| DBCA D. BORAL ACQUISITION I-CL A | Financials | 500.0K | $4.9M | 0.3% | New |
| ELBM ELECTRA BATTERY MATERIALS CO | Materials | 8.2M | $4.8M | 0.3% | -4.2% |
| CCO CLEAR CHANNEL OUTDOOR HOLDIN | Services media | 2.0M | $4.7M | 0.3% | -18.5% |
| CEPF CANTOR EQUITY PARTNERS-CL A | Financials | 450.0K | $4.6M | 0.3% | Held |
| DMII DRUGS MADE IN AMERICA ACQUIS | Financials | 450.0K | $4.5M | 0.3% | Held |
| BEBE TGE VALUE CREATIVE SOLU-CL A | Financials | 450.0K | $4.4M | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 568 | $8.12B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 492 | $7.05B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 427 | $6.46B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 382 | $4.71B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 312 | $3.87B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 270 | $3.47B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 321 | $3.67B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 349 | $3.50B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 340 | $4.03B | canonical | SEC ↗ |
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