First Trust Capital Management L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), First Trust Capital Management L.P. reported 121 stock positions worth $1.6 billion. Its top holding was WNS (WNS) at 6.7% of the portfolio, followed by Verona Pharma (VRNA, 6.3%) and Veritex (VBTX, 5.6%). Compared with Q2 2025, it opened 37 new positions, sold out of 37, added to 3 and reduced 17. The biggest buy was a new position in WNS (WNS) and the biggest sale an exit from Dun & Bradstreet (DNB).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001604488
Portfolio Value
$1.6B (Q3 2025)
SEC Filing
0001604488-25-000247 ↗ filed Nov 17, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.5B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.4B Q1 2025 Q2 2025: $1.5B Q2 2025 Q3 2025: $1.6B $1.6B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $1.9B Q1 2026 Q2 2026: $1.7B Q2 2026

Holdings 121 stocks · $1.6B
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 6.69% 1,361,187 $103.8M New
VRNA Verona Pharma Ltd. 6.26% 909,123 $97.0M New
VBTX Veritex Holdings Inc. 5.55% 2,568,230 $86.1M New
COOP Mr Cooper Group Inc. 4.70% 345,573 $72.8M New
CYBR Cyberark Software Ltd./Israel 3.74% 120,000 $58.0M New
EA Electronic Arts Inc. 3.25% 250,000 $50.4M New
ARIS WATER SOLUTIONS INC-A 2.93% 1,844,935 $45.5M New
K Kellanova 2.51% 475,313 $39.0M Reduce -47.9%
ANSC Agriculture & Natural Soluti 2.19% 3,117,578 $34.0M No change
TRML Tourmaline Bio Inc. 2.15% 695,757 $33.3M New
AVDX Avidxchange Holdings Inc. 2.15% 3,343,918 $33.3M Reduce -8.2%
AAM Aa Mission Acquisition Cor-A 2.02% 2,984,542 $31.4M No change
ALF Centurion Acquisition Corp. 1.87% 2,745,000 $29.0M No change
MRUS Merus NV 1.49% 245,354 $23.1M New
DMAA Drugs Made in America Acquis 1.49% 2,242,500 $23.0M No change
TONT Graf Global Corp. Class A 1.45% 2,139,248 $22.5M No change
CUB Lionheart Holdings Class A 1.45% 2,145,000 $22.5M No change
GPAT GP-Act III Acquisition-A 1.43% 2,091,077 $22.2M No change
LPAA Launch One Acquisition Corp. 1.40% 2,070,000 $21.7M No change
MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR 1.40% 2,089,336 $21.7M Reduce -7.8%
IAS Integral Ad Science Holding 1.37% 2,088,796 $21.2M New
PRO Pros Holdings Inc. 1.32% 892,412 $20.4M New
LEGT Legato Merger Corp. III 1.25% 1,801,191 $19.3M No change
SIMA Sim Acquisition Corp. I-A 1.22% 1,800,000 $19.0M No change
DMIIU Drugs Made in America Acquis 1.21% 1,880,554 $18.7M New
VNME Vendome Acquisition Corp. Class A 1.18% 1,850,000 $18.4M New
SPNS Sapiens International Corp. 1.13% 406,388 $17.5M New
PHLT Performant Healthcare Inc. 1.13% 2,259,250 $17.5M New
SDHI Siddhi Acquisition Corp. Class A 1.09% 1,658,109 $16.8M No change
VCIC Vine Hill Capital Class A 1.08% 1,565,314 $16.8M Reduce -13.0%
HAYMAKER ACQUISITION CORP 4 1.07% 1,456,966 $16.5M Reduce -29.1%
VACH Voyager Acquisition Corp. 1.05% 1,552,947 $16.3M No change
PSBD Palmer Square Capital BDC Inc. 1.02% 1,288,338 $15.8M Reduce -35.6%
TVA Texas Ventures Acquisition-A 0.97% 1,399,005 $15.0M Reduce -18.0%
MACI Melar Acquisition Corp. I-A 0.95% 1,400,000 $14.7M No change
PBPB Potbelly Corp. 0.94% 857,701 $14.6M New
NETD Nabors Energy Transition C-A 0.94% 1,295,706 $14.5M Reduce -50.0%
CHYM Chime Financial Inc. Class A 0.85% 656,838 $13.2M Add +0.0%
RAC Rithm Acquisition Corp. Class A 0.79% 1,201,200 $12.3M Reduce -20.0%
ZIMV Zimvie Inc. 0.78% 636,209 $12.0M New
POLE Andretti Acquisition Corp. Class A 0.76% 1,130,809 $11.8M No change
RFAI RF Acquisition Corp. II 0.71% 1,029,114 $11.1M No change
TACO Berto Acquisition Corp. 0.67% 999,998 $10.4M No change
MLAC Mountain Lake Acquisition-A 0.67% 1,005,000 $10.4M No change
CEPF Cantor Equity Partners Class A 0.66% 1,000,000 $10.2M New
GSRFU GSR IV Acquisition Corp. 0.62% 945,923 $9.6M New
NHIC Newhold Investment Cor III-A 0.61% 930,448 $9.5M No change
RAAQ Real Asset Acquisiti Class A 0.59% 908,700 $9.2M No change
DAAQ Digital Asset Acquisiti Class A 0.58% 884,398 $9.0M Reduce -0.1%
CHAR Charlton Aria Acquisiti Class A 0.55% 828,750 $8.6M No change
SOUL Soulpower Acquisition Co. Class A 0.51% 789,570 $8.0M No change
RANG Range Capital Acquisition Co. 0.50% 750,000 $7.7M No change
AFJK Aimei Health Technology Co. 0.50% 680,000 $7.7M No change
TACH Titan Acquisition Corp. Class A 0.49% 750,000 $7.6M No change
BDCIU BTC Development Corp. 0.49% 750,000 $7.6M New
CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II 0.46% 699,992 $7.1M No change
TDAC Translational Development Ac 0.43% 649,998 $6.7M No change
PLMK Plum Acquisition Corp. IV 0.43% 650,000 $6.7M No change
BRR Columbus Circle Capital Co. Class A 0.43% 656,437 $6.6M Add +1.8%
AXIN Axiom Intelligence Class A 0.42% 650,000 $6.5M No change
OAKU Oak Woods Acquisition Corp. Class A 0.41% 526,103 $6.4M No change
EVAC Eqv Ventures Acquisition C-A 0.40% 627,045 $6.2M New
JACS Jackson Acquisition Co. Class A 0.38% 567,500 $5.9M No change
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 0.38% 553,918 $5.8M Reduce -52.7%
GTEN Gores Holdings X Inc. Class A 0.36% 543,596 $5.6M Reduce -0.3%
HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP 0.35% 508,164 $5.4M Reduce -16.8%
XRPN Armada Acquisition Class A 0.34% 500,000 $5.2M No change
TAVI Tavia Acquisition Corp. 0.33% 500,000 $5.2M No change
CHPG Championsgate Acquisitio-A 0.32% 496,935 $5.0M No change
PACH Pioneer Acquisition I Class A 0.32% 500,000 $5.0M No change
GSHR Gesher Acquisition Corp. II-A 0.32% 482,440 $4.9M No change
DRDB Roman DBDR Acquisition Corp. 0.31% 464,955 $4.8M No change
GTERA Globa Terra Acquisition Co. Class A 0.30% 473,583 $4.7M New
SBXDF Silverbox Corp. IV-A 0.30% 445,168 $4.7M Reduce -1.6%
PCAP Procap Acquisition Corp. Class A 0.30% 451,695 $4.6M No change
FERA Fifth Era Acquisition Corp. Class A 0.30% 450,000 $4.6M No change
CHAC Crane Harbor Acqu Corp. Class A 0.29% 450,000 $4.6M No change
FCRS.U Futurecrest Acquisition Corp. 0.27% 400,000 $4.2M New
SZZL Sizzle Acquisition Corp. Class A 0.26% 405,813 $4.1M No change
MBVIU M3-Brigade Acquisition Vi Co. 0.26% 400,000 $4.0M New
CRAQ Cal Redwood Acquisit Class A 0.26% 400,000 $4.0M No change
KOYN CSLM Digital Asset Acqu - A 0.26% 400,000 $4.0M New
AACB Artius II Acquisition Inc. Class A 0.25% 380,000 $3.9M No change
RTAC Renatus Tactical Acquisiti-A 0.24% 346,662 $3.8M Reduce -24.8%
HSPOF Horizon Space Acquisition I 0.24% 300,000 $3.7M No change
RDAG Republic Digital Acquis Class A 0.24% 359,998 $3.7M No change
GFUZ General Fusion Group Ltd. filed as SPRING VY ACQUISITION CORP I 0.22% 343,194 $3.5M New
ONCH 1RT Acquisition Corp. Class A 0.20% 299,996 $3.1M New
MCGA Yorkville Acquisition Corp. Class A 0.18% 262,030 $2.8M New
WENN Wen Acquisition Corp. Class A 0.17% 260,158 $2.6M No change
HVMCU Highview Merger Corp. 0.16% 250,000 $2.5M New
FIGX Figx Capital Acquisition C-A 0.16% 250,000 $2.5M Add +66.7%
BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I 0.16% 249,998 $2.5M No change
PAII Pyrophyte Acquisition Corp. Class A 0.16% 250,000 $2.5M New
EMCGF Embrace Change Acquisition C 0.16% 200,000 $2.4M No change
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 0.15% 178,996 $2.3M New
JENA Jena Acquisition Corp. II - A 0.14% 221,610 $2.2M No change
BACC Blue Acquisition Corp. Class A 0.14% 212,216 $2.1M No change
CEPT Cantor Equity Partners Class A 0.14% 200,000 $2.1M No change
BLZRU Trailblazer Acquisition Corp. 0.13% 200,000 $2.0M New

Show all 121 holdings

Portfolio Sells Q2 2025 → Q3 2025
DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −6.56
SWTX Springworks Therapeutics Inc. Sold out 0.00% −6.18
SKX Skechers USA Inc. Class A Sold out 0.00% −6.05
ESGR Enstar Group Ltd. Sold out 0.00% −4.33
BPMC Blueprint Medicines Corp. Sold out 0.00% −3.95
AZEK The Azek Co. Inc. Sold out 0.00% −3.79
K Kellanova Reduce -47.9% 2.51% −2.39
ARES ACQUISITION CORP II Sold out 0.00% −1.99
CHX Championx Corp. Sold out 0.00% −1.03
NETD Nabors Energy Transition C-A Reduce -50.0% 0.94% −1.01
PSBD Palmer Square Capital BDC Inc. Reduce -35.6% 1.02% −0.87
IMSR Terrestrial Energy Inc. Sold out 0.00% −0.79
RDFN Redfin Corp. Sold out 0.00% −0.79
SPKLF Spark I Acquisition Corp. Sold out 0.00% −0.63
FL Foot Locker Inc. Sold out 0.00% −0.58
VLOS Velos Acquisition I Corp. Reduce -52.7% 0.38% −0.52
BKHA Black Hawk Acquisition Cor-A Sold out 0.00% −0.48
HAYMAKER ACQUISITION CORP 4 Reduce -29.1% 1.07% −0.48
IPCX Inflection Point Acquisiti-A Sold out 0.00% −0.45
FSHP Flag Ship Acquisition Corp. Sold out 0.00% −0.43
AITR AI Transportation Acquisitio Sold out 0.00% −0.40
DYNC Dynamix Corp. Reduce -75.6% 0.12% −0.40
INFA Informatica Inc. Class A Reduce -82.7% 0.08% −0.39
EURK Eureka Acquisition Corp. Sold out 0.00% −0.32
SVIIF Spring Valley Acquisition-A Sold out 0.00% −0.32
STR Sitio Royalties Corp. Class A Sold out 0.00% −0.31
AVDX Avidxchange Holdings Inc. Reduce -8.2% 2.15% −0.27
RAC Rithm Acquisition Corp. Class A Reduce -20.0% 0.79% −0.24
EBTC Enterprise Bancorp Inc. Sold out 0.00% −0.24
SPTN Spartannash Co. Sold out 0.00% −0.23
TVA Texas Ventures Acquisition-A Reduce -18.0% 0.97% −0.20
VCIC Vine Hill Capital Class A Reduce -13.0% 1.08% −0.18
MRLN Merlin Inc. Reduce -7.8% 1.40% −0.18
MCGAU Yorkville Acquisition Corp. Sold out 0.00% −0.15
AMED Amedisys Inc. Sold out 0.00% −0.15
CCCXU Churchill Capital Corp. X Sold out 0.00% −0.15
RTAC Renatus Tactical Acquisiti-A Reduce -24.8% 0.24% −0.12
FARO Faro Technologies Inc. Sold out 0.00% −0.09
ANSS Ansys Inc. Sold out 0.00% −0.09
JNPR Juniper Networks Inc. Sold out 0.00% −0.09
HDRN Hadron Energy Inc. Reduce -16.8% 0.35% −0.08
EVRI Everi Holdings Inc. Sold out 0.00% −0.08
GHLD Guild Holdings Co. Class A Sold out 0.00% −0.08
HES Hess Corp. Sold out 0.00% −0.07
RDUS Radius Recycling Inc. Class A Sold out 0.00% −0.07
TGI Triumph Group Inc. Sold out 0.00% −0.07
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.06
DAAQ Digital Asset Acquisiti Class A Reduce -0.1% 0.58% −0.05
TMS Teamshares Inc. Sold out 0.00% −0.04
SBXDF Silverbox Corp. IV-A Reduce -1.6% 0.30% −0.03

Portfolio Buys Q2 2025 → Q3 2025
WNS WNS Holdings Ltd. New 6.69% +6.69
VRNA Verona Pharma Ltd. New 6.26% +6.26
VBTX Veritex Holdings Inc. New 5.55% +5.55
COOP Mr Cooper Group Inc. New 4.70% +4.70
CYBR Cyberark Software Ltd./Israel New 3.74% +3.74
EA Electronic Arts Inc. New 3.25% +3.25
ARIS WATER SOLUTIONS INC-A New 2.93% +2.93
TRML Tourmaline Bio Inc. New 2.15% +2.15
MRUS Merus NV New 1.49% +1.49
IAS Integral Ad Science Holding New 1.37% +1.37
PRO Pros Holdings Inc. New 1.32% +1.32
DMIIU Drugs Made in America Acquis New 1.21% +1.21
VNME Vendome Acquisition Corp. Class A New 1.18% +1.18
SPNS Sapiens International Corp. New 1.13% +1.13
PHLT Performant Healthcare Inc. New 1.13% +1.13
PBPB Potbelly Corp. New 0.94% +0.94
ZIMV Zimvie Inc. New 0.78% +0.78
CEPF Cantor Equity Partners Class A New 0.66% +0.66
GSRFU GSR IV Acquisition Corp. New 0.62% +0.62
BDCIU BTC Development Corp. New 0.49% +0.49
EVAC Eqv Ventures Acquisition C-A New 0.40% +0.40
GTERA Globa Terra Acquisition Co. Class A New 0.30% +0.30
FCRS.U Futurecrest Acquisition Corp. New 0.27% +0.27
MBVIU M3-Brigade Acquisition Vi Co. New 0.26% +0.26
KOYN CSLM Digital Asset Acqu - A New 0.26% +0.26
GFUZ General Fusion Group Ltd. New 0.22% +0.22
ONCH 1RT Acquisition Corp. Class A New 0.20% +0.20
MCGA Yorkville Acquisition Corp. Class A New 0.18% +0.18
HVMCU Highview Merger Corp. New 0.16% +0.16
PAII Pyrophyte Acquisition Corp. Class A New 0.16% +0.16
INFQ Infleqtion Inc. New 0.15% +0.15
BLZRU Trailblazer Acquisition Corp. New 0.13% +0.13
CCII Cohen Circle Acquisit II - A New 0.13% +0.13
GES Guess? Inc. New 0.07% +0.07
SOCA Solarius Capital Acquis Class A New 0.06% +0.06
FIGX Figx Capital Acquisition C-A Add +66.7% 0.16% +0.06
AEXA American Exceptionalism Class A New 0.04% +0.04
VRNT Verint Systems Inc. New 0.02% +0.02
BRR Columbus Circle Capital Co. Class A Add +1.8% 0.43% −0.03
CHYM Chime Financial Inc. Class A Add +0.0% 0.85% −0.68

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 161$1.7BTMHC, GTLS, NUVL, NSA, APGE
Q1 2026 180$1.9BGTLS, HOLX, SEE, MASI, EA
Q4 2025 158$1.7BCADE, CYBR, DAY, CMA, ALEX
Q3 2025 121$1.6BWNS, VRNA, VBTX, COOP, CYBR
Q2 2025 121$1.5BDNB, SWTX, SKX, K, ESGR
Q1 2025Amended 90$1.4BITCI, K, BECN, PYCR, JWN
Q4 2024Amended 91$1.3BSMAR, ROIC, HTLF, K, BARNES GROUP INC
Q3 2024 114$1.5BAGR, MRO, SQSP, SRCL, SMAR
Q2 2024 104$1.1BWIRE, PWSC, HCP, EDR, ETRN
Q1 2024 115$1.2BAEL, TCN, PXD, M D C HLDGS INC, SCRM