HGC Investment Management Inc.

CIK

1711200

Location

TORONTO, A6

Portfolio Value

Small $163,468,554

Diversification

Diversified

Filing Date

Global Rank

#4,662 / 8,622 ▼ 306 · as of Mar 2026

Top Industry

Shell Companies 90.2%

3Y Alpha vs SPY

-17.0%

Period ended 4 months ago

Filed May 15, 2026 · 3mo

18 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical 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.

Cloned portfolio

+5.5%

SPY

+67.9%

Annualised alpha

-17.0%

Max drawdown

−16.1%

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 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

40 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

9.5%

+1.7 pts

Top 5

36.2%

−1.2 pts

Top 10

56.4%

−3.7 pts

HHI

454

Diversified−24

Portfolio Trend

18 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	90.2%	$147,438,558	35
Communication Services	5.3%	$8,728,897	1
Healthcare	2.0%	$3,192,599	2
Consumer Defensive	1.6%	$2,542,500	1
Basic Materials	1.0%	$1,566,000	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

2 positions

Ticker	Company	Δ Shares	Shares	Value
RDAG	Republic Digital Acquisition Co	+43,934	646,675	$6,615,485
EA	Electronic Arts Inc.	+5,000	42,816	$8,728,897
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
JACS	Jackson Acquisition Co II	−1,450,200	25,000	$264,750
JENA	JENA ACQUISITION Corp II	−450,000	250,000	$2,555,000
CEPF	Cantor Equity Partners IV, Inc.	−100,000	550,000	$5,604,500
No positions match the current search.

New Positions

Positions the filer opened this quarter

13 positions

Ticker	Company	Shares	Value
ADAC	American Drive Acquisition Co	786,413	$7,785,488
KFII	K&F Growth Acquisition Corp. II	550,000	$5,736,500
TVAI	Thayer Ventures Acquisition Corp II	525,000	$5,360,250
AXIN	Axiom Intelligence Acquisition Corp 1	350,000	$3,545,500
LKSP	Lake Superior Acquisition Corp	320,000	$3,216,000
APLS	Apellis Pharmaceuticals, Inc.	75,000	$3,017,250
FVAV	Fortress Value Acquisition Corp. V	300,000	$3,009,000
IEAG	Infinite Eagle Acquisition Corp.	275,000	$2,750,000
GTEN	Gores Holdings X, Inc. / CI	250,000	$2,560,000
IRAB	Iris Acquisition Corp II	250,000	$2,455,000
CEPS	Cantor Equity Partners VI, Inc.	200,000	$2,020,000
OIM	OneIM Acquisition Corp.	97,803	$974,117
PEN	Penumbra Inc	534	$175,349
No positions match the current search.

Sold Out

Positions the filer fully exited

13 positions

Ticker	Company	Shares	Value
ALF	Centurion Acquisition Corp.	1,450,000	$15,442,500
GPAT	GP-Act III Acquisition Corp.	1,375,000	$14,698,750
EXAS	EXACT SCIENCES CORP	80,000	$8,124,800
FAC	Factorial Energy Inc.	450,000	$4,632,750
NGD	New Gold Inc. /FI	346,542	$3,018,380
NSC	Norfolk Southern Corp	10,000	$2,887,200
PMTR	Perimeter Acquisition Corp. I	238,400	$2,450,752
MACI	Melar Acquisition Corp. I/Cayman	175,000	$1,860,250
IBIT	iShares Bitcoin Trust ETF	34,606	$1,718,187
UYSC	UY Scuti Acquisition Corp.	150,000	$1,537,500
PGAC	PANTAGES CAPITAL ACQUISITION Corp	100,000	$1,036,000
TMS	Teamshares Inc	27,960	$287,988
IAUX	i-80 Gold Corp.	84	$122
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

40 tracked positions · $163,468,554 total · filing declares 172 positions · $451,398,827 · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Defensive Financial Services Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AACB	Artius II Acquisition Inc. Financial Services	Reduced	1,500,000	-1,500,000	$15,510,000	−49.8%	9.49%
SDHI	Siddhi Acquisition Corp (Cayman Islands) Financial Services	Held	1,250,000	0	$12,925,000	+0.6%	7.91%
DMII	Drugs Made In America Acquisition II Corp. Financial Services	Held	1,230,980	0	$12,272,870	+0.7%	7.51%
SOUL	Soulpower Acquisition Corp. Financial Services	Held	953,146	0	$9,769,746	+1.0%	5.98%
EA	Electronic Arts Inc. Communication Services	Added	42,816	+5,000	$8,728,897	+13.0%	5.34%
ADAC	American Drive Acquisition Co Financial Services	NEW	786,413	NEW	$7,785,488	NEW	4.76%
SZZL	Sizzle Acquisition Corp. II Financial Services	Held	650,539	0	$6,687,540	+1.2%	4.09%
RDAG	Republic Digital Acquisition Co Financial Services	Added	646,675	+43,934	$6,615,485	+8.4%	4.05%
HCMA	Hcm III Acquisition Corp. Financial Services	Held	600,000	0	$6,048,000	+0.4%	3.70%
CEPV	Cantor Equity Partners V, Inc. Financial Services	Held	583,153	0	$5,889,845	−1.5%	3.60%
KFII	K&F Growth Acquisition Corp. II Financial Services	NEW	550,000	NEW	$5,736,500	NEW	3.51%
CEPF	Cantor Equity Partners IV, Inc. Financial Services	Reduced	550,000	-100,000	$5,604,500	−16.1%	3.43%
WENN	WEN Acquisition Corp Financial Services	Held	550,000	0	$5,599,000	+0.8%	3.43%
TVAI	Thayer Ventures Acquisition Corp II Financial Services	NEW	525,000	NEW	$5,360,250	NEW	3.28%
NPAC	New Providence Acquisition Corp. III/Cayman Financial Services	Held	450,000	0	$4,617,000	0.0%	2.82%
CRAC	Crown Reserve Acquisition Corp. I Financial Services	Held	375,000	0	$3,753,750	+0.7%	2.30%
AXIN	Axiom Intelligence Acquisition Corp 1 Financial Services	NEW	350,000	NEW	$3,545,500	NEW	2.17%
LKSP	Lake Superior Acquisition Corp Financial Services	NEW	320,000	NEW	$3,216,000	NEW	1.97%
QUMS	Quantumsphere Acquisition Corp Financial Services	Held	300,000	0	$3,036,000	+1.1%	1.86%
APLS	Apellis Pharmaceuticals, Inc. Healthcare	NEW	75,000	NEW	$3,017,250	NEW	1.85%
FVAV	Fortress Value Acquisition Corp. V Financial Services	NEW	300,000	NEW	$3,009,000	NEW	1.84%
IEAG	Infinite Eagle Acquisition Corp. Financial Services	NEW	275,000	NEW	$2,750,000	NEW	1.68%
GTEN	Gores Holdings X, Inc. / CI Financial Services	NEW	250,000	NEW	$2,560,000	NEW	1.57%
JENA	JENA ACQUISITION Corp II Financial Services	Reduced	250,000	-450,000	$2,555,000	−64.1%	1.56%
ENHA	Enhanced Group Inc. Consumer Defensive	Held	250,000	0	$2,542,500	+1.2%	1.56%
GSRF	GSR IV Acquisition Corp. Financial Services	Held	250,000	0	$2,507,500	+0.4%	1.53%
IRAB	Iris Acquisition Corp II Financial Services	NEW	250,000	NEW	$2,455,000	NEW	1.50%
CAEP	Cantor Equity Partners III, Inc. Financial Services	Held	225,000	0	$2,319,750	+1.1%	1.42%
CEPS	Cantor Equity Partners VI, Inc. Financial Services	NEW	200,000	NEW	$2,020,000	NEW	1.24%
USAS	Americas Gold & Silver Corp Basic Materials	Held	300,000	0	$1,566,000	+2.2%	0.96%
VLOS	Velos Acquisition I Corp. Financial Services	Held	100,600	0	$1,080,444	+1.0%	0.66%
OIM	OneIM Acquisition Corp. Financial Services	NEW	97,803	NEW	$974,117	NEW	0.60%
TACH	Titan Acquisition Corp. Financial Services	Held	50,000	0	$514,500	+0.4%	0.31%
SIMA	SIM Acquisition Corp. I Financial Services	Held	25,000	0	$268,000	+1.2%	0.16%
JACS	Jackson Acquisition Co II Financial Services	Reduced	25,000	-2,925,400	$264,750	−99.1%	0.16%
PEN	Penumbra Inc Healthcare	NEW	534	NEW	$175,349	NEW	0.11%
AEXA	American Exceptionalism Acquisition Corp. A Financial Services	Held	10,000	0	$108,300	−4.9%	0.07%
TVA	Texas Ventures Acquisition III Corp Financial Services	Held	3,925	0	$40,780	−2.4%	0.02%
MCGA	Yorkville Acquisition Corp. Financial Services	Held	3,852	0	$38,943	−0.2%	0.02%
GPAT	GP-Act III Acquisition Corp. Financial Services	Closed	0	-1,375,000	$0	−100.0%	0.00%

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.