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Hedge fund

Whitebox Advisors LLC

13F for June 30, 2026, filed August 14, 2026 · SEC CIK 1257391

Reported value
$2.0bn
41% in companies we cover
Positions we cover
74
Largest PEN 7.8%
Copy, a year
+24.9%
S&P 500 +14.1%
Copy Sharpe ratio
0.51
S&P 500 0.34

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k$160k 2013201520172019202120232025 $188k$57.0k
CopyS&P 500 $10,000 copying Whitebox Advisors LLC's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −54.9% (S&P 500 −56.2%); beta 0.41; alpha +9.4% a year (t = 1.99); last 12 months +12.4% against +12.1%.

Reported value by quarter

Whitebox Advisors LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $5B $10B $15B $20B Reported value, 2013-06-30: $742.7M Reported value, 2013-09-30: $867.8M Reported value, 2013-12-31: $1.1B Reported value, 2014-03-31: $1.2B Reported value, 2014-06-30: $1.5B Reported value, 2014-09-30: $1.7B Reported value, 2014-12-31: $1.5B Reported value, 2015-03-31: $1.4B Reported value, 2015-06-30: $1.5B Reported value, 2015-09-30: $1.5B Reported value, 2015-12-31: $1.1B Reported value, 2016-03-31: $687.7M Reported value, 2016-06-30: $536.3M Reported value, 2016-09-30: $622.5M Reported value, 2016-12-31: $661.8M Reported value, 2017-03-31: $743.3M Reported value, 2017-06-30: $1B Reported value, 2017-09-30: $1B Reported value, 2017-12-31: $1.1B Reported value, 2018-03-31: $1.2B Reported value, 2018-06-30: $1.2B Reported value, 2018-09-30: $1.1B Reported value, 2018-12-31: $1.1B Reported value, 2019-03-31: $1.3B Reported value, 2019-06-30: $1.4B Reported value, 2019-09-30: $883.3M Reported value, 2019-12-31: $738.5M Reported value, 2020-03-31: $636.1M Reported value, 2020-06-30: $647.8M Reported value, 2020-09-30: $377.1M Reported value, 2020-12-31: $499M Reported value, 2021-03-31: $582.6M Reported value, 2021-06-30: $826.2M Reported value, 2021-09-30: $906.7M Reported value, 2021-12-31: $18.6B Reported value, 2022-03-31: $15.4B Reported value, 2022-06-30: $942.4M Reported value, 2022-09-30: $3.1M Reported value, 2022-12-31: $16.7M Reported value, 2023-03-31: $768M Reported value, 2023-06-30: $83K Reported value, 2023-09-30: $706.5M Reported value, 2023-12-31: $9M Reported value, 2024-03-31: $9M Reported value, 2024-06-30: $8.2M Reported value, 2024-09-30: $22.6M Reported value, 2024-12-31: $17.8M Reported value, 2025-03-31: $175.8M Reported value, 2025-06-30: $189M Reported value, 2025-09-30: $185.5M Reported value, 2025-12-31: $142M Reported value, 2026-03-31: $119.8M Reported value, 2026-06-30: $2B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $2B
View chart data
Period Reported value
2013-06-30 $742.7M
2013-09-30 $867.8M
2013-12-31 $1.1B
2014-03-31 $1.2B
2014-06-30 $1.5B
2014-09-30 $1.7B
2014-12-31 $1.5B
2015-03-31 $1.4B
2015-06-30 $1.5B
2015-09-30 $1.5B
2015-12-31 $1.1B
2016-03-31 $687.7M
2016-06-30 $536.3M
2016-09-30 $622.5M
2016-12-31 $661.8M
2017-03-31 $743.3M
2017-06-30 $1B
2017-09-30 $1B
2017-12-31 $1.1B
2018-03-31 $1.2B
2018-06-30 $1.2B
2018-09-30 $1.1B
2018-12-31 $1.1B
2019-03-31 $1.3B
2019-06-30 $1.4B
2019-09-30 $883.3M
2019-12-31 $738.5M
2020-03-31 $636.1M
2020-06-30 $647.8M
2020-09-30 $377.1M
2020-12-31 $499M
2021-03-31 $582.6M
2021-06-30 $826.2M
2021-09-30 $906.7M
2021-12-31 $18.6B
2022-03-31 $15.4B
2022-06-30 $942.4M
2022-09-30 $3.1M
2022-12-31 $16.7M
2023-03-31 $768M
2023-06-30 $83K
2023-09-30 $706.5M
2023-12-31 $9M
2024-03-31 $9M
2024-06-30 $8.2M
2024-09-30 $22.6M
2024-12-31 $17.8M
2025-03-31 $175.8M
2025-06-30 $189M
2025-09-30 $185.5M
2025-12-31 $142M
2026-03-31 $119.8M
2026-06-30 $2B

Latest covered holdings and moves

Covered holdings as of June 30, 2026.

CompanyShare of portfolioValueSharesChange in shares
PENPenumbra Inc7.82%$160.0m506.9KNew
TECHBio-Techne7.24%$148.4m2.10MNew
CZRCaesars Entertainment, Inc.4.98%$102.0m3.38MNew
VALValaris Ltd3.02%$61.8m850.7KNew
GPORGulfport Energy Corp2.28%$46.6m274.6KNew
TFPMTriple Flag Precious Metals Corp.2.22%$45.5m1.52MNew
OPIOffice Properties Income Trust1.45%$29.7m1.75MNew
LLYVKLiberty Live Holdings, Inc.1.12%$23.0m218.0KNew
CHRDChord Energy Corp0.69%$14.2m124.5KNew
SMSM Energy Co0.63%$13.0m496.6KNew
CYHCommunity Health Systems Inc0.61%$12.5m3.73MNew
DCHDauch Corp0.57%$11.7m2.16MNew
BLCOBausch & Lomb Corp0.56%$11.4m687.0KNew
UPWheels Up Experience Inc.0.45%$9.2m1.02MNew
NWSANews Corp (Class A)0.42%$8.5m343.1KNew
GTGoodyear Tire & Rubber Co0.33%$6.8m1.03MNew
MGMMGM Resorts0.32%$6.6m137.6KNew
UAAUnder Armour, Inc.0.32%$6.6m1.03MNew
VOYGVoyager Technologies, Inc.0.31%$6.3m196.2KNew
ACIAlbertsons Companies, Inc.0.30%$6.2m461.5KNew
RYAAYRyanair Holdings PLC0.28%$5.8m89.6KNew
NCMINational Cinemedia, Inc.0.25%$5.1m1.34MNew
ARCLARC Group Acquisition I Corp.0.22%$4.5m460.0KNew
BEAGBold Eagle Acquisition Corp.0.21%$4.3m400.0KNew
ELBMElectra Battery Materials Corp0.21%$4.2m6.89MNew
DAAQDigital Asset Acquisition Corp.0.20%$4.2m400.0KNew
IPXGInflection Point Acquisition Corp. VII0.20%$4.1m400.0KNew
MMTXMiluna Acquisition Corp0.20%$4.0m400.0KNew
NTWONewbury Street II Acquisition Corp0.20%$4.0m375.0KNew
LPBBLaunch Two Acquisition Corp.0.18%$3.8m350.0KNew
IRHOIron Horse Acquisition II Corp.0.17%$3.5m350.0KNew
CSTMConstellium SE0.15%$3.0m95.7KNew
BHCBausch Health Companies Inc.0.15%$3.0m614.7KNew
SVAQSilicon Valley Acquisition Corp.0.15%$3.0m300.0KNew
NBRGNewbridge Acquisition Ltd0.14%$2.8m280.0KNew
BIIIBlack Spade Acquisition III Co0.13%$2.7m276.2KNew
FACTFact II Acquisition Corp.0.13%$2.7m250.0KNew
SABRSabre Corp0.13%$2.6m1.27MNew
WSTNWestin Acquisition Corp0.12%$2.5m250.0KNew
SIRISirius XM Holdings Inc.0.11%$2.2m74.4KNew
SSACSpacsphere Acquisition Corp.0.10%$2.1m212.0KNew
ALISCalisa Acquisition Corp0.10%$2.0m200.0KNew
MBIMbia Inc0.10%$2.0m304.5KNew
HRIHerc Holdings Inc0.09%$1.8m12.5KNew
KRGKite Realty Group Trust0.08%$1.6m56.0KNew
WTGWintergreen Acquisition Corp.0.08%$1.6m150.0KNew
RRyder System Inc0.07%$1.4m5.4KNew
FISVFiserv0.07%$1.4m29.0KNew
IHRTIheartmedia, Inc.0.06%$1.3m295.9KNew
PSFEPaysafe Ltd0.06%$1.2m166.8KNew
COMPCompass, Inc.0.06%$1.2m97.9KNew
FVNFuture Vision II Acquisition Corp.0.05%$1.1m100.0KNew
MCGAYorkville Acquisition Corp.0.05%$1.0m100.0KNew
MKLYMckinley Acquisition Corp0.05%$1.0m100.0KNew
MERCMercer International Inc.0.05%$969,3671.47MNew
CARAvis Budget Group, Inc.0.05%$937,3906.3KNew
HPPHudson Pacific Properties, Inc.0.04%$897,42559.1KNew
DXCDXC Technology Co0.04%$736,80783.3KNew
ENREnergizer Holdings, Inc.0.04%$731,21134.1KNew
CCXIChurchill Capital Corp XI0.03%$698,00040.0KNew
PENNPenn Entertainment, Inc.0.03%$663,54831.1KNew
CECelanese Corp0.03%$646,57614.1KNew
GLNDGreenland Energy Co0.03%$636,093289.1KNew
ACHCAcadia Healthcare Company, Inc.0.03%$630,61321.4KNew
FUNSix Flags Entertainment Corporation0.03%$593,84427.9KNew
KLXEKLX Energy Services Holdings, Inc.0.02%$461,970179.1K0.0%
NMGNouveau Monde Graphite Inc.0.02%$437,400291.6KNew
BTUPeabody Energy Corp0.02%$352,58015.3KNew
BAXBaxter International0.01%$307,64814.4KNew
BURBurford Capital Ltd0.01%$267,32065.2KNew
PCGPG&E Corporation0.01%$252,30015.0KNew
NBRNabors Industries LTD0.01%$241,6972.9KNew
UCFICN Healthy Food Tech Group Corp.0.01%$165,30030.0KNew
CLVTClarivate PLC0.00%$76,41235.4KNew
CompanyBought (value)Shares
PENPenumbra Inc$160.0m506.9K
TECHBio-Techne$148.4m2.10M
CZRCaesars Entertainment, Inc.$102.0m3.38M
VALValaris Ltd$61.8m850.7K
GPORGulfport Energy Corp$46.6m274.6K
TFPMTriple Flag Precious Metals Corp.$45.5m1.52M
OPIOffice Properties Income Trust$29.7m1.75M
LLYVKLiberty Live Holdings, Inc.$23.0m218.0K
CHRDChord Energy Corp$14.2m124.5K
SMSM Energy Co$13.0m496.6K
CYHCommunity Health Systems Inc$12.5m3.73M
DCHDauch Corp$11.7m2.16M
BLCOBausch & Lomb Corp$11.4m687.0K
UPWheels Up Experience Inc.$9.2m1.02M
NWSANews Corp (Class A)$8.5m343.1K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
USASAmericas Gold & Silver Corp−$1.3m−250.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
USASAmericas Gold & Silver Corp$1.3m250.0K
  • Health Care40.6%
  • Energy16.5%
  • Consumer Discretionary16.2%
  • Materials6.6%
  • Communication Services5.1%
  • Industrials4.8%
  • Real Estate4.0%
  • Technology3.5%
  • Financials1.8%
  • Consumer Staples0.9%
  • Utilities0.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+24.9%+14.1%0.510.34−54.9%0.41
2018 onwardsJanuary 5, 2018 to November 2, 2026+35.3%+13.9%0.530.25−52.4%0.38
Last three yearsNovember 3, 2023 to November 2, 2026+64.7%+21.8%0.430.18−33.1%0.18
Last yearNovember 7, 2025 to November 2, 2026+327.9%+14.2%0.510.08−17.7%0.15

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.