HGC Investment Management Inc.

CIK

1711200

Location

TORONTO, A6

Portfolio Value

Small $152,509,304

Diversification

Diversified

Filing Date

Global Rank

#4,818 / 8,607 ▼ 396 · as of Mar 2026

Top Industry

Shell Companies 89.5%

3Y Alpha vs SPY

-19.1%

Period ended 3 months ago

Filed May 15, 2026 · 57d

18 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+4.8%

SPY

+76.7%

Annualised alpha

-19.3%

Max drawdown

−15.7%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

10.2%

+2.1 pts

Top 5

38.8%

+0.3 pts

Top 10

60.5%

−1.4 pts

HHI

496

Diversified−2

Portfolio Trend

18 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	89.5%	$136,479,308	33
Communication Services	5.7%	$8,728,897	1
Healthcare	2.1%	$3,192,599	2
Consumer Defensive	1.7%	$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

12 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
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

38 positions · $152,509,304 total · 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%	10.17%
SDHI	Siddhi Acquisition Corp (Cayman Islands) Financial Services	Held	1,250,000	0	$12,925,000	+0.6%	8.47%
DMII	Drugs Made In America Acquisition II Corp. Financial Services	Held	1,230,980	0	$12,272,870	+0.7%	8.05%
SOUL	Soulpower Acquisition Corp. Financial Services	Held	953,146	0	$9,769,746	+1.0%	6.41%
EA	Electronic Arts Inc. Communication Services	Added	42,816	+5,000	$8,728,897	+13.0%	5.72%
ADAC	American Drive Acquisition Co Financial Services	NEW	786,413	NEW	$7,785,488	NEW	5.10%
SZZL	Sizzle Acquisition Corp. II Financial Services	Held	650,539	0	$6,687,540	+1.2%	4.39%
RDAG	Republic Digital Acquisition Co Financial Services	Added	646,675	+43,934	$6,615,485	+8.4%	4.34%
HCMA	Hcm III Acquisition Corp. Financial Services	Held	600,000	0	$6,048,000	+0.4%	3.97%
CEPV	Cantor Equity Partners V, Inc. Financial Services	Held	583,153	0	$5,889,845	−1.5%	3.86%
KFII	K&F Growth Acquisition Corp. II Financial Services	NEW	550,000	NEW	$5,736,500	NEW	3.76%
CEPF	Cantor Equity Partners IV, Inc. Financial Services	Reduced	550,000	-100,000	$5,604,500	−16.1%	3.67%
NPAC	New Providence Acquisition Corp. III/Cayman Financial Services	Held	450,000	0	$4,617,000	0.0%	3.03%
CRAC	Crown Reserve Acquisition Corp. I Financial Services	Held	375,000	0	$3,753,750	+0.7%	2.46%
AXIN	Axiom Intelligence Acquisition Corp 1 Financial Services	NEW	350,000	NEW	$3,545,500	NEW	2.32%
LKSP	Lake Superior Acquisition Corp Financial Services	NEW	320,000	NEW	$3,216,000	NEW	2.11%
QUMS	Quantumsphere Acquisition Corp Financial Services	Held	300,000	0	$3,036,000	+1.1%	1.99%
APLS	Apellis Pharmaceuticals, Inc. Healthcare	NEW	75,000	NEW	$3,017,250	NEW	1.98%
FVAV	Fortress Value Acquisition Corp. V Financial Services	NEW	300,000	NEW	$3,009,000	NEW	1.97%
IEAG	Infinite Eagle Acquisition Corp. Financial Services	NEW	275,000	NEW	$2,750,000	NEW	1.80%
GTEN	Gores Holdings X, Inc. / CI Financial Services	NEW	250,000	NEW	$2,560,000	NEW	1.68%
JENA	JENA ACQUISITION Corp II Financial Services	Reduced	250,000	-450,000	$2,555,000	−64.1%	1.68%
ENHA	Enhanced Group Inc. Consumer Defensive	Held	250,000	0	$2,542,500	+1.2%	1.67%
GSRF	GSR IV Acquisition Corp. Financial Services	Held	250,000	0	$2,507,500	+0.4%	1.64%
IRAB	Iris Acquisition Corp II Financial Services	NEW	250,000	NEW	$2,455,000	NEW	1.61%
CAEP	Cantor Equity Partners III, Inc. Financial Services	Held	225,000	0	$2,319,750	+1.1%	1.52%
CEPS	Cantor Equity Partners VI, Inc. Financial Services	NEW	200,000	NEW	$2,020,000	NEW	1.32%
USAS	Americas Gold & Silver Corp Basic Materials	Held	300,000	0	$1,566,000	+2.2%	1.03%
MBAV	M3-Brigade Acquisition V Corp. Financial Services	Held	100,600	0	$1,080,444	+1.0%	0.71%
OIM	OneIM Acquisition Corp. Financial Services	NEW	97,803	NEW	$974,117	NEW	0.64%
TACH	Titan Acquisition Corp. Financial Services	Held	50,000	0	$514,500	+0.4%	0.34%
SIMA	SIM Acquisition Corp. I Financial Services	Held	25,000	0	$268,000	+1.2%	0.18%
JACS	Jackson Acquisition Co II Financial Services	Reduced	25,000	-2,925,400	$264,750	−99.1%	0.17%
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%	0.03%
MCGA	Yorkville Acquisition Corp. Financial Services	Held	3,852	0	$38,943	−0.2%	0.03%
GPAT	GP-Act III Acquisition Corp. Financial Services	Closed	0	-1,375,000	$0	−100.0%	0.00%