AACI · Armada Acquisition Corp. III · Holdings

$10.06 At close · Oct 26

Market Cap

$342.85M

34.03M

Volume · Oct 22 300 Avg daily vol (3M) 49.7K

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of AACI: 13F, 13D and 13G, insiders and funds →

The Sep 30, 2026 filing window is still open — showing the latest known positions. Funds that have not filed yet carry their prior-quarter positions; a fund that filed without this stock counts as sold out. Each fund's Change is measured against its own previous reported quarter, shown in the Reported column. Pick a completed quarter in the Quarter selector below to put every fund on one quarter and see the stock-wide activity breakdown.

Quarter:

Holders: 56

Total Value: $239,511,086

Total Shares: 33,621,106

Institutional Ownership Trend

3 quarters

Holder Concentration

Across 56 13F filers

Top Holder

8.4%

of institutional value

Top 5

30.1%

of institutional value

Top 10

49.1%

of institutional value

HHI

357

Broadly held

Who Holds AACI

Last 3 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 56 filers, like-for-like change +27.1%; actively managed books +27.1%; index-like books +275.0%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	70.3%	31	+27.0%	3	0
Exempt adviser	4.4%	2	+11.5%	0	0
Adviser	3.2%	3	+9.8%	0	0
Bank	0.8%	2	+2735340.0%	2	1
Insurer	0.9%	1	0.0%	0	0
Benefit plan	1.4%	1	0.0%	0	0
Non-US	11.2%	5	+51.0%	0	0
Holding company	0.0%	1	+275.0%	0	0
Unknown	7.8%	10	+14.8%	3	1

Style	Share	Filers	Change	New	Exited
Index-like	0.0%	1	+275.0%	0	0
Systematic-like	7.6%	5	+18.0%	1	0
Concentrated	12.4%	8	+19.4%	1	1
Diversified active	80.0%	42	+29.3%	6	1

Turnover	Share	Filers	Change	New	Exited
Low turnover	2.4%	5	-2.3%	3	0
Medium turnover	58.3%	24	+31.2%	3	2
High turnover	35.6%	24	+21.1%	2	0
Unknown	3.7%	3	+52.9%	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	41.5%	26	+30.2%	2	1
Medium horizon	12.5%	3	+13.7%	0	0
Long horizon	24.0%	13	+29.2%	6	1
Unknown	22.1%	14	+27.4%	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	14.9%	15	+51.6%	2	1
$1B to $10B	46.7%	23	+27.2%	2	0
$10B to $100B	32.4%	12	+20.3%	2	0
$100B or more	6.1%	6	+15.1%	2	1

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	0.0%	1	new	1	0
Pooled investment vehicles	67.8%	28	+26.3%	2	0
Registered funds and BDCs	1.4%	1	+50.0%	0	0
Other investment advisers	1.0%	1	+50.0%	0	0
Unknown	29.7%	25	+27.3%	5	2

Private funds	Share	Filers	Change	New	Exited
Hedge funds	67.7%	29	+28.6%	2	0
Private equity funds	1.0%	1	+50.0%	0	0
Other private funds	2.9%	1	0.0%	0	0
Private funds, type not stated	3.0%	1	0.0%	0	0
No private funds	0.0%	1	new	1	0
Unknown	25.3%	23	+30.4%	5	2

Location	Share	Filers	Change	New	Exited
United States	78.4%	43	+23.8%	6	1
Outside the US	21.6%	13	+40.3%	2	1

The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Conviction and Crowding

48 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

2.08% of filers hold it in their top 10

Mar 31, 2026: 1

Holders above 5%

median weight 0.114%

Mar 31, 2026: 1

Crowding

—

the issuer has more than one class of common stock, so its count is the total across classes

Private-fund advisers

—

of shares outstanding

Institutional ownership

—

the issuer has more than one class of common stock, so its count is the total across classes

Top 10 holders

53.0%

of 13F shares, Herfindahl 0.041

Active holders

+190.6%

like-for-like share change of active filers

5% stakes on record

0 13D, 2 13G (1 institutional, 0 passive, 1 exempt)

How long holders have held it value-weighted 1.4 quarters

Under 1 year 100.0% 1 to 3 years 0.000% 3 years or more 0.000% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$9.92

estimated per share

Quarter-end price

$9.99

implied by 13F values

Estimated gain or loss

+0.7%

price against the estimated cost

Estimated at a loss

0.000%

of costed 13F value

Estimated cost covers 61.6% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shared Holders

Companies AACI's active holders also own, quarter ended Jun 30, 2026

#	Company	Shared holders	Similarity
1	APUR Aperture AC	3	0.600
2	OTAI Starlink AI Acquisition Corp	3	0.600
3	ARTC Art Technology Acquisition Corp.	3	0.507
4	BHAV BHAV Acquisition Corp	3	0.507
5	CAQ Cambridge Acquisition Corp.	3	0.474
6	BREZ Breeze Acquisition Corp. II	3	0.474
7	SAGU Shreya Acquisition Group	4	0.447
8	RREV RRE Ventures Acquisition Corp.	3	0.447
9	TRAD APEX Tech Acquisition Inc.	4	0.434
10	KOYN CSLM Digital Asset Acquisition Corp III, Ltd	3	0.424

Shareholder Targets

13F filers that own its peers but not AACI, quarter ended Jun 30, 2026

Found through its holder-overlap peers: APUR, OTAI, ARTC, BHAV, CAQ, BREZ, SAGU, RREV, TRAD, KOYN, WENN, SVIV, ONEN, VNME, AEAQ, WSTN, DRDB, APXT, QLEP, ANSC. 82 filers in all.

#	Filer	In peers	Of book	Largest peers
1	Karpus Management, Inc. Adviser, Diversified active	$104,370,031 12 held	3.05%	ANSC, WSTN, APXT
2	Westchester Capital Management, LLC Registered adviser, Diversified active	$96,548,768 14 held	5.41%	ANSC, APXT, QLEP
3	MIZUHO SECURITIES USA LLC Unknown, Index-like	$85,375,843 13 held	1.35%	ANSC, DRDB, SAGU
4	First Trust Capital Management L.P. Registered adviser, Diversified active	$55,205,478 11 held	5.15%	VNME, ANSC, APXT
5	MMCAP International Inc. SPC Unknown, Diversified active	$32,384,839 6 held	3.13%	WENN, SVIV, CAQ
6	Decagon Asset Management LLP Unknown, Concentrated	$30,836,516 3 held	6.62%	QLEP, BHAV, OTAI
7	MOORE CAPITAL MANAGEMENT, LP Registered adviser, Systematic-like	$30,660,000 10 held	0.730%	CAQ, APXT, AEAQ
8	Parallax Volatility Advisers, L.P. Registered adviser, Diversified active	$29,848,484 9 held	1.37%	WENN, KOYN, AEAQ
9	Centiva Capital, LP Registered adviser, Diversified active	$29,356,430 10 held	1.02%	VNME, WENN, APXT
10	MANGROVE PARTNERS IM, LLC Registered adviser, Diversified active	$23,956,750 5 held	1.62%	QLEP, BREZ, VNME

Fund Ownership of AACI by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 0.00% of shares outstanding.

Fund type	Of shares outstanding	Change	Shares	Funds
Index funds	0.00%	0.00 pp	0	0
Index ETFs	0.00%	0.00 pp	0	0
Active ETFs	0.00%	0.00 pp	0	0
Active funds	0.24%	+0.09 pp	80,000	2
Unclassified	0.00%	0.00 pp	0	0
All registered funds	0.24%	+0.09 pp	80,000	2

How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Holder type: Registered adviser 31 Exempt adviser 2 Adviser 3 Bank 2 Insurer 1 Benefit plan 1 Non-US 5 Holding company 1 Unknown 10

Showing 99 of 99

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

ADAGE CAPITAL PARTNERS GP, L.L.C.

$20,229,750

8.45%

2,025,000

ARISTEIA CAPITAL, L.L.C. AACIU

$16,704,031

6.97%

1,657,146

Linden Advisors LP

$13,986,000

5.84%

1,400,000

HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND

$10,989,000

4.59%

1,100,000

WOLVERINE ASSET MANAGEMENT LLC

$10,188,521

4.25%

1,019,872

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Wolverine Holdings, LLC	1,019,872	$10,188,521	100.0%	Defined

LMR Partners LLP AACIU

$10,080,000

4.21%

1,000,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
LMR PARTNERS (DIFC) Ltd	1,000,000	$10,080,000	100.0%	Sole

Magnetar Financial LLC

$9,990,000

4.17%

1,000,000

Hudson Bay Capital Management LP

$8,991,000

3.75%

900,000

Polar Asset Management Partners Inc.

$8,991,000

3.75%

900,000

AQR Arbitrage LLC

$7,392,550

3.09%

739,995

Alberta Investment Management Corp

$6,993,000

2.92%

700,000

TENOR CAPITAL MANAGEMENT Co., L.P.

$6,993,000

2.92%

700,000

SONA ASSET MANAGEMENT (US) LLC

$6,493,500

2.71%

650,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SONA ASSET MANAGEMENT (UK) LLP	650,000	$6,493,500	100.0%	Other

GLAZER CAPITAL, LLC

$6,248,784

2.61%

625,504

MILLENNIUM MANAGEMENT LLC

$6,113,880

2.55%

612,000

WHITEBOX ADVISORS LLC

$5,494,500

2.29%

550,000

BNP PARIBAS ARBITRAGE, SA

$5,371,423

2.24%

537,680

CSS LLC/IL AACIU

$5,039,586

2.10%

499,959

OMERS ADMINISTRATION Corp AACIU

$4,536,000

1.89%

450,000

Radcliffe Capital Management, L.P.

$4,257,867

1.78%

426,213

Schonfeld Strategic Advisors LLC

$4,170,894

1.74%

417,507

TWO SIGMA INVESTMENTS, LP

$4,074,041

1.70%

407,812

Crossingbridge Advisors, LLC

$3,996,000

1.67%

400,000

Context Capital Management, LLC

$3,996,000

1.67%

400,000

HEIGHTS CAPITAL MANAGEMENT, INC

$3,646,350

1.52%

365,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CVI Investments, Inc.	365,000	$3,646,350	100.0%	Other

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS

$3,496,500

1.46%

350,000

Kryger Capital LLC

$3,458,677

1.44%

346,214

RIVERNORTH CAPITAL MANAGEMENT, LLC

$3,204,772

1.34%

320,798

Verition Fund Management LLC

$2,997,999

1.25%

300,100

Periscope Capital Inc.

$2,995,002

1.25%

299,800

Wealthspring Capital LLC

$2,288,109

0.96%

229,040

Clear Street Group Inc. AACIU

$2,065,351

0.86%

204,896

READYSTATE ASSET MANAGEMENT LP AACIU

$2,016,000

0.84%

200,000

Cable Car Capital, LP

$1,998,000

0.83%

200,000

HIGHBRIDGE CAPITAL MANAGEMENT LLC

$1,993,444

0.83%

199,544

BERKLEY W R CORP

$1,986,012

0.83%

198,800

Shaolin Capital Management LLC

$1,621,786

0.68%

162,341

METEORA CAPITAL, LLC

$1,609,329

0.67%

161,094

Kepos Capital LP

$1,498,500

0.63%

150,000

DLD Asset Management, LP

$1,498,500

0.63%

150,000

D. E. Shaw & Co., Inc.

$1,329,389

0.56%

133,072

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
D. E. SHAW & CO, L.P.	133,072	$1,329,389	100.0%	Defined

Logan Stone Capital, LLC

$1,290,058

0.54%

129,135

PICTON MAHONEY ASSET MANAGEMENT

$1,248,730

0.52%

124,998

Lineage Point Capital LP AACIU

$1,223,712

0.51%

121,400

Mint Tower Capital Management B.V.

$999,000

0.42%

100,000

StoneX Group Inc.

$963,305

0.40%

96,427

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
STONEX FINANCIAL INC.	96,427	$963,305	100.0%	Defined

Clear Street Group Inc.

$845,293

0.35%

84,614

ROYAL BANK OF CANADA

$539,929

0.23%

54,047

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RBC CMA LTD.	54,047	$539,929	100.0%	Defined

ABC ARBITRAGE SA

$402,800

0.17%

40,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
ABC ARBITRAGE ASSET MANAGEMENT joint	40,000	$402,800	100.0%	Other

PenderFund Capital Management Ltd.

$338,661

0.14%

33,900

Virtu Financial LLC

$248,641

0.10%

24,889

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Virtu Americas LLC	24,889	$248,641	100.0%	Defined

BOOTHBAY FUND MANAGEMENT, LLC

$176,463

0.07%

17,664

TORONTO DOMINION BANK

$99,900

0.04%

10,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TD SECURITIES (USA) LLC	10,000	$99,900	100.0%	Defined

PenderFund Capital Management Ltd. AACIU

$73,584

0.03%

7,300

GLAZER CAPITAL, LLC AACIU

$31,721

0.01%

3,147

ABC ARBITRAGE SA AACIW

$4,764

0.00%

20,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
ABC ARBITRAGE ASSET MANAGEMENT joint	20,000	$4,764	100.0%	Other

MORGAN STANLEY

$449

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MORGAN STANLEY CAPITAL SERVICES, LLC	45	$449	100.0%	Defined

HARBOUR INVESTMENTS, INC.

$29

0.00%

Linden Advisors LP AACIW

—

700,000

BERKLEY W R CORP AACIW

—

99,400

PenderFund Capital Management Ltd. AACIW

—

8,000

Radcliffe Capital Management, L.P. AACIW

—

212,929

WHITEBOX ADVISORS LLC AACIW

—

275,000

Schonfeld Strategic Advisors LLC AACIW

—

200,000

RIVERNORTH CAPITAL MANAGEMENT, LLC AACIW

—

160,399

WOLVERINE ASSET MANAGEMENT LLC AACIW

—

241,394

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Wolverine Holdings, LLC	241,394	$0	—	Defined

Clear Street Group Inc. AACIW

—

41,519

Hudson Bay Capital Management LP AACIW

—

450,000

HEIGHTS CAPITAL MANAGEMENT, INC AACIW

—

179,526

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CVI Investments, Inc.	179,526	$0	—	Other

Polar Asset Management Partners Inc. AACIW

—

457,170

Cable Car Capital, LP AACIW

—

100,000

Shaolin Capital Management LLC AACIW

—

119,699

HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND AACIW

—

550,000

RK Capital Management, LLC/FL AACIW

—

268,996

Verition Fund Management LLC AACIW

—

150,050

Mint Tower Capital Management B.V. AACIW

—

50,000

BNP PARIBAS ARBITRAGE, SA AACIW

—

268,840

Kepos Capital LP AACIW

—

60,000

DLD Asset Management, LP AACIW

—

75,000

Wealthspring Capital LLC AACIW

—

114,520

AQR Arbitrage LLC AACIW

—

389,627

Saba Capital Management, L.P. AACIW

—

99,557

Context Capital Management, LLC AACIW

—

200,000

Alberta Investment Management Corp AACIW

—

350,000

TENOR CAPITAL MANAGEMENT Co., L.P. AACIW

—

350,000

SONA ASSET MANAGEMENT (US) LLC AACIW

—

325,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SONA ASSET MANAGEMENT (UK) LLP	325,000	$0	—	Other

Lineage Point Capital LP AACIW

—

258,840

MILLENNIUM MANAGEMENT LLC AACIW

—

306,000

TORONTO DOMINION BANK AACIW

—

195,406

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TD SECURITIES (USA) LLC	195,406	$0	—	Defined

GLAZER CAPITAL, LLC AACIW

—

220,885

ADAGE CAPITAL PARTNERS GP, L.L.C. AACIW

—

1,012,500

PICTON MAHONEY ASSET MANAGEMENT AACIW

—

62,499

StoneX Group Inc. AACIW

—

34,636

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
STONEX FINANCIAL INC.	34,636	$0	—	Defined

Periscope Capital Inc. AACIW

—

149,900

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS AACIW

—

100,000

METEORA CAPITAL, LLC AACIW

—

138,089

Kryger Capital LLC AACIW

—

174,678

Magnetar Financial LLC AACIW

—

500,000

ROYAL BANK OF CANADA AACIW

—

14,091

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RBC CMA LTD.	14,091	$0	—	Defined

Key facts CIK 2092897 CUSIP G0R38M101 13F (30d) 1 filings 1 filers Visit website Investor relations