WHITEBOX ADVISORS LLC
Filing Date
Global Rank
#1,050
/ 8,636
▲ 128
· as of Mar 2026
Top Industry
Shell Companies
22.1%
3Y Alpha vs SPY
-21.5%
Period ended 4 months ago
Filed May 15, 2026 · 3mo
25 quarters · since Mar 2020
Clone Performance
Aug 2023–Aug 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Not a measure of this manager's performance.
Most of WHITEBOX ADVISORS LLC's reported book is option positions, which a stock-only clone
cannot replicate. The figures below are the return of the
34% that is ordinary stock — as little as
22% in one quarter — so a manager whose options
thesis lost money can still show a large gain here.
Cloned portfolio
+21.1%
SPY
+78.8%
Annualised alpha
-14.8%
Max drawdown
−23.9%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 34% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
245 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
14.5%
−1.7 pts
Top 5
38.0%
−5.0 pts
Top 10
53.6%
−2.9 pts
HHI
439
Diversified−94
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 27.0% | $602,827,760 |
| Unclassified | 17.7% | $396,239,778 |
| Technology | 17.5% | $391,747,947 |
| Communication Services | 12.4% | $276,662,511 |
| Healthcare | 8.9% | $198,242,794 |
| Energy | 6.8% | $152,284,398 |
| Basic Materials | 3.1% | $68,554,156 |
| Consumer Cyclical | 3.0% | $67,069,694 |
| Industrials | 2.7% | $60,815,989 |
| Real Estate | 0.5% | $10,542,067 |
| Utilities | 0.3% | $5,812,350 |
| Consumer Defensive | 0.3% | $5,730,257 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
22 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| SMCI | Super Micro Computer, Inc. | +2,500,000 | 4,600,000 | $104,742,000 | |
| WBD | Warner Bros. Discovery, Inc. | +1,965,000 | 2,715,001 | $74,553,927 | |
| MARA | MARA Holdings, Inc. | +1,500,000 | 5,369,200 | $43,812,672 | |
| SABR | Sabre Corp | +1,272,216 | 2,272,216 | $3,294,713 | |
| CYH | Community Health Systems Inc | +926,364 | 3,127,884 | $9,195,978 | |
| MERC | Mercer International Inc. | +371,639 | 1,057,658 | $1,501,874 | |
| IHRT | iHeartMedia, Inc. | +275,000 | 400,000 | $1,168,000 | |
| GTLS | Chart Industries Inc | +198,886 | 758,887 | $0 | |
| HPP | Hudson Pacific Properties, Inc. | +178,077 | 189,080 | $1,117,462 | |
| BLCO | Bausch & Lomb Corp | +150,641 | 1,101,854 | $17,519,478 | |
| GT | Goodyear Tire & Rubber Co /Oh/ | +130,000 | 871,089 | $5,775,320 | |
| PPLI | People Inc | +90,819 | 217,383 | $8,701,841 | |
| PCQ | Pimco California Municipal Income Fund | +88,995 | 284,471 | $2,440,761 | |
| SPY | Spdr S&P 500 ETF Trust | +50,000 | 500,000 | $325,170,000 | |
| BHC | Bausch Health Companies Inc. | +20,175 | 564,672 | $3,049,228 | |
| MPT | Medical Properties Trust Inc | +15,000 | 1,791,000 | $8,292,330 | |
| CZR | Caesars Entertainment, Inc. | +9,087 | 113,165 | $2,990,950 | |
| WHR | Whirlpool Corp /De/ | +4,400 | 17,413 | $938,908 | |
| HRI | Herc Holdings Inc | +3,800 | 12,130 | $1,207,541 | |
| FISV | Fiserv Inc | +3,400 | 18,702 | $1,043,571 | |
| LBRDA | Liberty Broadband Corp | +1,000 | 1,825,817 | $91,810,748 | |
| VSXY | Victoria's Secret & Co. | +750 | 10,890 | $504,860 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| AMC | Amc Entertainment Holdings, Inc. | −1,778,400 | 1,000,000 | $980,000 | |
| IBIT | iShares Bitcoin Trust ETF | −1,500,000 | 1,500,000 | $57,630,000 | |
| DCH | Dauch Corp | −950,500 | 2,293,053 | $13,597,804 | |
| LUMN | Lumen Technologies, Inc. | −820,000 | 3,520,000 | $24,464,000 | |
| SRPT | Sarepta Therapeutics, Inc. | −596,200 | 214,600 | $4,669,696 | |
| GRFS | Grifols SA | −553,670 | 2,067,798 | $16,583,739 | |
| CCO | Clear Channel Outdoor Holdings, Inc. | −456,149 | 2,003,835 | $4,749,088 | |
| ELBM | Electra Battery Materials Corp | −363,905 | 8,200,099 | $4,592,055 | |
| FOXA | Fox Corp | −343,180 | 175,248 | $9,305,668 | |
| SVC | Service Properties Trust | −300,000 | 3,772,799 | $0 | |
| NVDA | Nvidia Corp | −200,000 | 800,000 | $139,520,000 | |
| NWSA | News Corp | −179,303 | 68,507 | $1,707,879 | |
| CSTM | Constellium SE | −153,000 | 346,660 | $8,520,902 | |
| UAA | Under Armour, Inc. | −114,573 | 1,186,792 | $7,013,940 | |
| HTZ | Hertz Global Holdings, Inc | −100,000 | 1,469,700 | $6,775,317 | |
| MGM | MGM Resorts International | −99,181 | 186,869 | $6,916,021 | |
| RIG | Transocean Ltd. | −50,000 | 1,000,000 | $6,630,000 | |
| FMC | Fmc Corp | −31,067 | 17,622 | $303,450 | |
| ACI | Albertsons Companies, Inc. | −18,000 | 326,582 | $5,564,957 | |
| ACHC | Acadia Healthcare Company, Inc. | −17,500 | 29,955 | $700,647 | |
| SIRI | Sirius Xm Holdings Inc. | −17,000 | 153,943 | $3,553,004 | |
| CHRD | Chord Energy Corp | −15,000 | 159,476 | $22,674,297 | |
| CE | Celanese Corp | −10,000 | 11,206 | $737,018 | |
| TFPM | Triple Flag Precious Metals Corp. | −7,680 | 1,518,950 | $52,722,754 | |
| FUN | Six Flags Entertainment Corporation/NEW | −6,000 | 40,180 | $713,195 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| PEN | Penumbra Inc | 445,001 | $146,124,978 | |
| WBS | Webster Financial Corp | 1,925,001 | $133,633,569 | |
| VAL | Valaris Ltd | 583,937 | $57,249,183 | |
| NBIS | Nebius Group N.V. | 500,000 | $51,880,000 | |
| AAPL | Apple Inc. | 200,000 | $50,758,000 | |
| TSLA | Tesla, Inc. | 75,000 | $27,881,250 | |
| LITE | Lumentum Holdings Inc. | 30,773 | $21,626,033 | |
| SM | SM Energy Co | 602,301 | $18,779,745 | |
| HAVA | Harvard Ave Acquisition Corp | 750,000 | $7,507,500 | |
| XCBE | X3 Acquisition Corp. Ltd. | 700,000 | $6,888,000 | |
| DBCA | D. Boral Acquisition I Corp. | 500,000 | $4,930,000 | |
| BEBE | TGE Value Creative Solutions Corp | 450,000 | $4,446,000 | |
| MMTX | Miluna Acquisition Corp | 400,000 | $4,004,000 | |
| SORN | Soren Acquisition Corp. | 400,000 | $3,952,000 | |
| MLAA | Mountain Lake Acquisition Corp. II | 400,000 | $3,940,000 | |
| ALOV | Aldabra 4 Liquidity Opportunity Vehicle, Inc. | 400,000 | $3,932,000 | |
| BN | BROOKFIELD Corp /ON/ | 96,265 | $3,895,844 | |
| IRAB | Iris Acquisition Corp II | 375,200 | $3,684,464 | |
| ZKP | Lafayette Digital Acquisition Corp. I | 350,000 | $3,451,000 | |
| IRHO | Iron Horse Acquisition II Corp. | 350,000 | $3,451,000 | |
| BTDR | Bitdeer Technologies Group | 392,800 | $3,397,720 | |
| CLBR | Colombier Acquisition Corp. III | 300,000 | $3,018,000 | |
| EVOX | Evolution Global Acquisition Corp | 300,000 | $2,988,000 | |
| GPAC | General Purpose Acquisition Corp. | 300,000 | $2,973,000 | |
| LEGO | Legato Merger Corp. IV | 300,000 | $2,973,000 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| WOLF | Wolfspeed, Inc. | 4,600,000 | $80,086,000 | |
| PLTR | Palantir Technologies Inc. | 200,000 | $35,550,000 | |
| RIVN | Rivian Automotive, Inc. / DE | 1,456,300 | $28,703,673 | |
| KKR | KKR & Co. Inc. | 200,000 | $25,496,000 | |
| RUN | Sunrun Inc. | 962,500 | $17,710,000 | |
| HLF | Herbalife Ltd. | 970,000 | $12,503,300 | |
| ZTS | Zoetis Inc. | 74,223 | $9,338,737 | |
| RYAAY | Ryanair Holdings PLC | 116,658 | $8,421,541 | |
| CHKP | Check Point Software Technologies Ltd | 36,630 | $6,797,062 | |
| DMB | BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 310,458 | $3,411,933 | |
| FTW | PRESIDIO PRODUCTION Co | 300,000 | $3,147,000 | |
| NIO | NIO Inc. | 485,000 | $2,473,500 | |
| TBN | Tamboran Resources Corp | 78,832 | $2,146,595 | |
| COLA | Columbus Acquisition Corp/Cayman Islands | 150,000 | $1,558,200 | |
| GLIBA | Liberty Capital Corp/NV | 41,785 | $1,540,612 | |
| BYND | Beyond Meat, Inc. | 1,811,200 | $1,485,184 | |
| CAPN | Cayson Acquisition Corp | 125,000 | $1,330,000 | |
| RIBB | Ribbon Acquisition Corp. | 125,000 | $1,297,500 | |
| NEXM | NexMetals Mining Corp. | 254,377 | $994,614 | |
| NFE | New Fortress Energy Inc. | 600,000 | $684,000 | |
| OGG | Osisko Gold Group Inc. | 166,074 | $579,598 | |
| PSKY | Paramount Skydance Corp | 43,067 | $577,097 | |
| PNW | Pinnacle West Capital Corp | 5,974 | $529,893 | |
| KLXE | KLX Energy Services Holdings, Inc. | 170,235 | $321,744 | |
| SW | Smurfit Westrock plc | 5,348 | $206,807 | |
| No positions match the current search. | ||||
245 tracked positions ·
$2,236,529,701 total
· filing declares
568 positions · $8,124,495,267
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 245 positions by value
· page 1 of 5
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| SPY |
Spdr S&P 500 ETF Trust
PUT
|
Added | 500,000 | $325,170,000 | 14.54% | |
| PEN |
Penumbra Inc
Healthcare
|
NEW | 445,001 | $146,124,978 | 6.53% | |
| NVDA |
Nvidia Corp
PUT
Technology
|
Reduced | 800,000 | $139,520,000 | 6.24% | |
| WBS |
Webster Financial Corp
Financial Services
|
NEW | 1,925,001 | $133,633,569 | 5.98% | |
| SMCI |
Super Micro Computer, Inc.
PUT
Technology
|
Added | 4,600,000 | $104,742,000 | 4.68% | |
| LBRDA |
Liberty Broadband Corp
Communication Services
|
Added | 1,825,817 | $91,810,748 | 4.11% | |
| WBD |
Warner Bros. Discovery, Inc.
PUT
+ SHARES
Communication Services
|
Added | 2,715,001 | $74,553,927 | 3.33% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
PUT
Technology
|
Held | 200,000 | $67,590,000 | 3.02% | |
| IBIT |
iShares Bitcoin Trust ETF
PUT
|
Reduced | 1,500,000 | $57,630,000 | 2.58% | |
| VAL |
Valaris Ltd
Energy
|
NEW | 583,937 | $57,249,183 | 2.56% | |
| TFPM |
Triple Flag Precious Metals Corp.
Basic Materials
|
Reduced | 1,518,950 | $52,722,754 | 2.36% | |
| NBIS |
Nebius Group N.V.
PUT
Communication Services
|
NEW | 500,000 | $51,880,000 | 2.32% | |
| AAPL |
Apple Inc.
PUT
Technology
|
NEW | 200,000 | $50,758,000 | 2.27% | |
| GPOR |
Gulfport Energy Corp
Energy
|
Reduced | 219,627 | $46,466,484 | 2.08% | |
| MARA |
MARA Holdings, Inc.
PUT
CALL
Financial Services
|
Added | 5,369,200 | $43,812,672 | 1.96% | |
| TSLA |
Tesla, Inc.
PUT
Consumer Cyclical
|
NEW | 75,000 | $27,881,250 | 1.25% | |
| HEI |
Heico Corp
Industrials
|
Held | 124,737 | $26,330,733 | 1.18% | |
| LUMN |
Lumen Technologies, Inc.
PUT
+ SHARES
Communication Services
|
Reduced | 3,520,000 | $24,464,000 | 1.09% | |
| CHRD |
Chord Energy Corp
Energy
|
Reduced | 159,476 | $22,674,297 | 1.01% | |
| LITE |
Lumentum Holdings Inc.
Technology
|
NEW | 30,773 | $21,626,033 | 0.97% | |
| SM |
SM Energy Co
Energy
|
NEW | 602,301 | $18,779,745 | 0.84% | |
| BLCO |
Bausch & Lomb Corp
Healthcare
|
Added | 1,101,854 | $17,519,478 | 0.78% | |
| GRFS |
Grifols SA
Healthcare
|
Reduced | 2,067,798 | $16,583,739 | 0.74% | |
| DCH |
Dauch Corp
Consumer Cyclical
|
Reduced | 2,293,053 | $13,597,804 | 0.61% | |
| FOXA |
Fox Corp
Communication Services
|
Reduced | 175,248 | $9,305,668 | 0.42% | |
| CYH |
Community Health Systems Inc
Healthcare
|
Added | 3,127,884 | $9,195,978 | 0.41% | |
| PPLI |
People Inc
Communication Services
|
Added | 217,383 | $8,701,841 | 0.39% | |
| CSTM |
Constellium SE
Basic Materials
|
Reduced | 346,660 | $8,520,902 | 0.38% | |
| VNME |
Vendome Acquisition Corp I
Financial Services
|
Held | 825,000 | $8,316,000 | 0.37% | |
| MPT |
Medical Properties Trust Inc
PUT
Real Estate
|
Added | 1,791,000 | $8,292,330 | 0.37% | |
| TACH |
Titan Acquisition Corp.
Financial Services
|
Held | 800,000 | $8,232,000 | 0.37% | |
| GIW |
GigCapital8 Corp.
Financial Services
|
Held | 800,000 | $7,976,000 | 0.36% | |
| JBLU |
Jetblue Airways Corp
CALL
Industrials
|
Held | 1,750,000 | $7,735,000 | 0.35% | |
| FERA |
Fifth Era Acquisition Corp I
Financial Services
|
Held | 750,000 | $7,725,000 | 0.35% | |
| HAVA |
Harvard Ave Acquisition Corp
Financial Services
|
NEW | 750,000 | $7,507,500 | 0.34% | |
| UAA |
Under Armour, Inc.
Consumer Cyclical
|
Reduced | 1,186,792 | $7,013,940 | 0.31% | |
| MGM |
MGM Resorts International
Consumer Cyclical
|
Reduced | 186,869 | $6,916,021 | 0.31% | |
| XCBE |
X3 Acquisition Corp. Ltd.
Financial Services
|
NEW | 700,000 | $6,888,000 | 0.31% | |
| HTZ |
Hertz Global Holdings, Inc
PUT
Industrials
|
Reduced | 1,469,700 | $6,775,317 | 0.30% | |
| SZZL |
Sizzle Acquisition Corp. II
Financial Services
|
Held | 650,000 | $6,682,000 | 0.30% | |
| SOUL |
Soulpower Acquisition Corp.
Financial Services
|
Held | 650,000 | $6,662,500 | 0.30% | |
| RIG |
Transocean Ltd.
PUT
Energy
|
Reduced | 1,000,000 | $6,630,000 | 0.30% | |
| BCAR |
D. Boral ARC Acquisition I Corp.
Financial Services
|
Held | 650,000 | $6,578,000 | 0.29% | |
| WENN |
WEN Acquisition Corp
Financial Services
|
Held | 600,000 | $6,108,000 | 0.27% | |
| HDRN |
Hadron Energy, Inc.
Industrials
|
Held | 550,000 | $5,857,500 | 0.26% | |
| GT |
Goodyear Tire & Rubber Co /Oh/
Consumer Cyclical
|
Added | 871,089 | $5,775,320 | 0.26% | |
| FAC |
Factorial Energy Inc.
Industrials
|
Held | 550,000 | $5,640,250 | 0.25% | |
| ACI |
Albertsons Companies, Inc.
Consumer Defensive
|
Reduced | 326,582 | $5,564,957 | 0.25% | |
| BEP |
Brookfield Renewable Partners L.P.
Utilities
|
Held | 170,000 | $5,548,800 | 0.25% | |
| SIMA |
SIM Acquisition Corp. I
Financial Services
|
Held | 500,000 | $5,360,000 | 0.24% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.