Ghisallo Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Ghisallo Capital Management LLC reported 105 stock positions worth $1.1 billion. Its top holding was American Electric Power (AEP) at 13.8% of the portfolio, followed by Primo Brands (PRMB, 6.5%) and Lineage (LINE, 5.3%). Compared with Q4 2024, it opened 46 new positions, sold out of 47, added to 6 and reduced 18. The biggest buy was a new position in American Electric Power (AEP) and the biggest sale an exit from Boeing (BA).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001825214
- Portfolio Value
- $1.1B (Q1 2025)
- SEC Filing
- 0001172661-25-002192 ↗ filed May 15, 2025
Holdings Value
Holdings 105 stocks · $1.1B
| AEP American Electric Power | 13.79% | 1,405,000 | $153.5M | New |
| PRMB Primo Brands Corp. | 6.51% | 2,042,202 | $72.5M | New |
| LINE Lineage Inc. | 5.27% | 1,000,100 | $58.6M | Reduce -16.7% |
| ULS Ul Solutions Inc. Class A | 4.81% | 950,000 | $53.6M | No change |
| BABA 0.500 06/01/31 CVT PUT | 4.81% | 37,500,000 | $53.6M | Reduce -25.0% |
| WUXIA 10/19/25 CVT EXCD | 3.33% | 35,500,000 | $37.1M | Reduce -6.6% |
| SARO Standardaero Inc. | 3.23% | 1,350,000 | $36.0M | Add +35.0% |
| PINGA 0.875 07/22/29 | 2.92% | 27,000,000 | $32.6M | Reduce -31.6% |
| GFL GFL Environmental Inc.-Sub VT | 2.39% | 550,000 | $26.6M | New |
| AS Amer Sports Inc. | 2.34% | 975,000 | $26.1M | No change |
| WAY Waystar Holding Corp. | 2.18% | 650,000 | $24.3M | Add +8.3% |
| TTAN Servicetitan Inc. Class A | 2.16% | 253,291 | $24.1M | Reduce -28.3% |
| LB Landbridge Co. LLC-A | 1.62% | 250,000 | $18.0M | Add +0.1% |
| KGS Kodiak Gas Services Inc. | 1.57% | 470,000 | $17.5M | Add +74.1% |
| FANG Diamondback Energy Inc. | 1.44% | 100,000 | $16.0M | Reduce -71.4% |
| AHR American Healthcare REIT Inc. | 1.43% | 525,000 | $15.9M | No change |
| IQX 4.625 03/15/30 CVT PUT | 1.41% | 15,000,000 | $15.7M | New |
| AIRBNB INC (ABNB 0 03/15/26) | 1.29% | 15,000,000 | $14.3M | New |
| LOAR Loar Holdings Inc. | 1.27% | 200,000 | $14.1M | No change |
| AESI Atlas Energy Solutions Inc. | 1.20% | 750,000 | $13.4M | New |
| TBBB BBB Foods Inc. Class A | 1.20% | 500,000 | $13.3M | Add +150.0% |
| QFUTG 0.500 04/01/30 CVT PUT | 1.09% | 12,000,000 | $12.1M | New |
| WEC 4.375 06/01/27 CVT | 1.05% | 10,000,000 | $11.7M | New |
| AMTM Amentum Holdings Inc. | 1.04% | 635,569 | $11.6M | New |
| ANICB 12/05/29 CVT PUT | 1.03% | 10,000,000 | $11.5M | Reduce -28.6% |
| VNOM Viper Energy Inc. | 1.01% | 250,000 | $11.3M | No change |
| HE Hawaiian Electric Inds | 0.98% | 1,000,000 | $10.9M | Reduce -64.9% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | 0.96% | 10,000,000 | $10.7M | Add +33.3% |
| KRP Kimbell Royalty Partners LP | 0.91% | 725,000 | $10.2M | New |
| FTW Eqv Ventures Acquisition C-A | 0.91% | 1,000,000 | $10.1M | No change |
| VIK Viking Holdings Ltd. | 0.89% | 250,000 | $9.9M | Reduce -83.3% |
| NTWO Newbury Street II Ac Class A | 0.86% | 950,000 | $9.6M | No change |
| ALDF Aldel Financial II Inc. | 0.82% | 900,000 | $9.1M | No change |
| SAIL Sailpoint Inc. | 0.76% | 450,000 | $8.4M | New |
| ATIIU Archimedes Tech Spac Partner | 0.72% | 800,000 | $8.1M | New |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | 0.71% | 7,500,000 | $8.0M | Reduce -25.0% |
| VNET 2.500 04/01/30 CVT PUT | 0.69% | 8,000,000 | $7.6M | New |
| NDAQ Nasdaq Inc. | 0.68% | 100,000 | $7.6M | Reduce -66.7% |
| MINISO GROUP HOLDING LTD filed as MNISO 0.500 01/14/32 CVT PUT | 0.68% | 8,000,000 | $7.5M | New |
| KRMN Karman Holdings Inc. | 0.68% | 225,000 | $7.5M | New |
| VNET Vnet Group Inc.-ADR | 0.67% | 914,981 | $7.5M | New |
| CHHNG 1.500 03/26/30 CVT PUT | 0.66% | 7,000,000 | $7.4M | New |
| XTEPI 1.500 02/18/26 CVT | 0.63% | 56,000,000 | $7.0M | New |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | 0.60% | 6,500,000 | $6.7M | New |
| NETD Nabors Energy Transition C-A | 0.59% | 599,800 | $6.6M | No change |
| ANSC Agriculture & Natural Soluti | 0.57% | 600,000 | $6.4M | No change |
| RACE Ferrari NV | 0.56% | 14,706 | $6.2M | New |
| CNCK Coincheck Group NV | 0.54% | 1,174,242 | $6.0M | No change |
| FG F&G Annuities & Life Inc. | 0.50% | 155,000 | $5.6M | New |
| ARES ACQUISITION CORP II | 0.50% | 497,596 | $5.5M | No change |
| WLAC Willow Lane Acquisition Class A | 0.45% | 500,000 | $5.0M | No change |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 0.45% | 500,000 | $5.0M | New |
| BOW Bowhead Specialty Holdings I | 0.44% | 120,000 | $4.9M | No change |
| YANKU 3.500 10/03/29 CVT PUT | 0.43% | 5,000,000 | $4.8M | No change |
| COIN 0.250 04/01/30 CVT | 0.41% | 5,000,000 | $4.6M | Reduce -28.6% |
| OACC Oaktree Acquisition Corp. I-A | 0.41% | 450,000 | $4.6M | No change |
| CON Concentra Group Holdings Par | 0.39% | 200,000 | $4.3M | Reduce -33.3% |
| CCIX Churchill Capital Corp. Ix | 0.39% | 400,000 | $4.3M | No change |
| VG Venture Global Inc. Class A | 0.37% | 400,000 | $4.1M | New |
| ADT Adt Inc. | 0.37% | 500,000 | $4.1M | New |
| TWFG TWFG Inc. | 0.33% | 120,000 | $3.7M | No change |
| FLOC Flowco Holdings Inc. Class A | 0.32% | 140,000 | $3.6M | New |
| INGM Ingram Micro Holding Corp. | 0.32% | 200,000 | $3.5M | No change |
| ATEN 2.750 04/01/30 CVT | 0.31% | 3,500,000 | $3.4M | New |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.29% | 100,000 | $3.3M | No change |
| TTAM Titan America SA | 0.29% | 240,000 | $3.2M | New |
| NTNX 0.500 12/15/29 CVT | 0.28% | 3,000,000 | $3.2M | Reduce -40.0% |
| BKV BKV Corporation | 0.28% | 150,000 | $3.1M | No change |
| LTM Latam Airlines Group SA-ADR | 0.28% | 100,000 | $3.1M | No change |
| VLY Valley National Bancorp | 0.28% | 350,000 | $3.1M | Reduce -72.0% |
| SFD Smithfield Foods Inc. | 0.27% | 150,000 | $3.1M | New |
| VSEC Vse Corp. | 0.27% | 25,000 | $3.0M | No change |
| ATAT Atour Lifestyle Holdings-ADR | 0.25% | 100,000 | $2.8M | Reduce -50.0% |
| INR Infinity Natural Resour Class A | 0.25% | 150,000 | $2.8M | New |
| DEC Diversified Energy Co. PLC | 0.24% | 200,000 | $2.7M | New |
| APPLIED DIGITAL CORP filed as APLD 2.750 06/01/30 CVT | 0.23% | 3,000,000 | $2.6M | No change |
| THRY Thryv Holdings Inc. | 0.23% | 200,000 | $2.6M | Reduce -60.0% |
| NPCE Neuropace Inc. | 0.22% | 200,000 | $2.5M | New |
| TARS Tarsus Pharmaceuticals Inc. | 0.18% | 40,000 | $2.1M | New |
| DELTA 01/21/30 CVT PUT | 0.18% | 2,200,000 | $2.0M | New |
| CAKE 2.000 03/15/30 CVT | 0.17% | 2,000,000 | $1.9M | New |
| KMTS Kestra Medical Technologies | 0.17% | 75,000 | $1.9M | New |
| PONY Pony AI Inc. | 0.15% | 185,000 | $1.6M | No change |
| PLGO Pelagos Insurance Capital LT filed as FIDELIS INSURANCE HOLDINGS L | 0.15% | 100,000 | $1.6M | Reduce -50.0% |
| STIM Neuronetics Inc. | 0.13% | 400,000 | $1.5M | New |
| FVR Frontview REIT Inc. | 0.13% | 110,000 | $1.4M | No change |
| ETNB 89BIO Inc. | 0.11% | 175,000 | $1.3M | New |
| IRON Disc Medicine Inc. | 0.11% | 25,000 | $1.2M | New |
| GRDN Guardian Phrmcy Services-A | 0.10% | 50,000 | $1.1M | No change |
| ITGRX 1.875 03/15/30 CVT | 0.09% | 1,000,000 | $1.0M | New |
| TELGM 7.000 03/22/26 | 0.09% | 1,000,000 | $996K | No change |
| SDHC Smith Douglas Homes Corp. | 0.09% | 50,000 | $976K | No change |
| NUVTN 01/21/30 CVT PUT | 0.08% | 1,000,000 | $941K | New |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.08% | 25,000 | $883K | No change |
| LOGCO 6950 080426 CVT PUT | 0.07% | 56,000,000 | $780K | No change |
| LUCD Lucid Diagnostics Inc. | 0.06% | 422,004 | $629K | New |
| BBNX Beta Bionics Inc. | 0.06% | 50,000 | $612K | New |
| ZK Zeekr Intelligent Techno-ADR | 0.05% | 25,000 | $602K | No change |
| HG Hamilton Insurance Grou Class B | 0.05% | 25,000 | $518K | No change |
| ECX Ecarx Holdings Inc. Class A | 0.04% | 350,000 | $441K | New |
Other holdings (4): bonds, preferreds, convertibles and warrants · $35.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 300,000 | $17.7M | Reduce -50.0% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 400,000 | $17.6M | No change |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 500,000 | $91K | New |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 210,064 | $22K | No change |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q4 2024 → Q1 2025
| BA The Boeing Co. | Sold out | 0.00% | −17.09 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −16.27 |
| VIK Viking Holdings Ltd. | Reduce -83.3% | 0.89% | −3.10 |
| FANG Diamondback Energy Inc. | Reduce -71.4% | 1.44% | −2.02 |
| ACHR Archer Aviation Inc. Class A | Sold out | 0.00% | −1.59 |
| PCG P G & E Corp. | Sold out | 0.00% | −1.22 |
| CHWY Chewy Inc. Class A | Sold out | 0.00% | −0.97 |
| SMTC Semtech Corp. | Sold out | 0.00% | −0.86 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −0.78 |
| HESM Hess Midstream LP Class A | Sold out | 0.00% | −0.78 |
| NDAQ Nasdaq Inc. | Reduce -66.7% | 0.68% | −0.72 |
| HE Hawaiian Electric Inds | Reduce -64.9% | 0.98% | −0.69 |
| RVMD Revolution Medicines Inc. | Sold out | 0.00% | −0.68 |
| CUZ Cousins Properties Inc. | Sold out | 0.00% | −0.65 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.64 |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | Sold out | 0.00% | −0.62 |
| PAR Par Technology Corp. | Sold out | 0.00% | −0.57 |
| NKUSC 12/12/31 '31 CVT | Sold out | 0.00% | −0.54 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.54 |
| CWH Camping World Holdings Inc. Class A | Sold out | 0.00% | −0.48 |
| RIOT 3/4 01/15/30 | Sold out | 0.00% | −0.47 |
| VLY Valley National Bancorp | Reduce -72.0% | 0.28% | −0.40 |
| AIOT Powerfleet Inc. | Sold out | 0.00% | −0.40 |
| GFS Globalfoundries Inc. | Sold out | 0.00% | −0.39 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.35 |
| KNTK Kinetik Holdings Inc. | Sold out | 0.00% | −0.34 |
| EVGO Evgo Inc. | Sold out | 0.00% | −0.31 |
| DIGITAL REALTY TRUST LP (DLR 1.875 11/15/29) | Sold out | 0.00% | −0.31 |
| BACQU Bleichroeder Acquisition Cor | Sold out | 0.00% | −0.30 |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | Sold out | 0.00% | −0.30 |
| GLENX 03/27/25 CVT | Sold out | 0.00% | −0.30 |
| SKWD Skyward Specialty Insurance | Sold out | 0.00% | −0.30 |
| PLMR Palomar Holdings Inc. | Sold out | 0.00% | −0.27 |
| ARDT Ardent Health Inc. | Sold out | 0.00% | −0.26 |
| ATRO 5.500 03/15/30 CVT | Sold out | 0.00% | −0.26 |
| AUB Atlantic Union Bankshares Co. | Sold out | 0.00% | −0.23 |
| ONB Old National Bancorp | Sold out | 0.00% | −0.22 |
| APG Api Group Corp. | Sold out | 0.00% | −0.22 |
| THRY Thryv Holdings Inc. | Reduce -60.0% | 0.23% | −0.22 |
| LYV 2.875 01/15/30 CVT | Sold out | 0.00% | −0.21 |
| IONS Ionis Pharmaceuticals Inc. | Sold out | 0.00% | −0.21 |
| GTY Getty Realty Corp. | Sold out | 0.00% | −0.18 |
| IVT Inventrust Properties Corp. | Sold out | 0.00% | −0.18 |
| CWST Casella Waste Systems Inc. Class A | Sold out | 0.00% | −0.16 |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | Sold out | 0.00% | −0.16 |
| AHRT Ah Realty Trust Inc. | Sold out | 0.00% | −0.15 |
| ASB Associated Banc-Corp. | Sold out | 0.00% | −0.14 |
| FLNC 2.250 06/15/30 CVT | Sold out | 0.00% | −0.12 |
| IBRX Immunitybio Inc. | Sold out | 0.00% | −0.08 |
| PLGO Pelagos Insurance Capital LT | Reduce -50.0% | 0.15% | −0.07 |
Portfolio Buys Q4 2024 → Q1 2025
| AEP American Electric Power | New | 13.79% | +13.79 |
| PRMB Primo Brands Corp. | New | 6.51% | +6.51 |
| GFL GFL Environmental Inc.-Sub VT | New | 2.39% | +2.39 |
| SARO Standardaero Inc. | Add +35.0% | 3.23% | +1.74 |
| IQX 4.625 03/15/30 CVT PUT | New | 1.41% | +1.41 |
| AIRBNB INC (ABNB 0 03/15/26) | New | 1.29% | +1.29 |
| AESI Atlas Energy Solutions Inc. | New | 1.20% | +1.20 |
| QFUTG 0.500 04/01/30 CVT PUT | New | 1.09% | +1.09 |
| WEC 4.375 06/01/27 CVT | New | 1.05% | +1.05 |
| AMTM Amentum Holdings Inc. | New | 1.04% | +1.04 |
| KRP Kimbell Royalty Partners LP | New | 0.91% | +0.91 |
| KGS Kodiak Gas Services Inc. | Add +74.1% | 1.57% | +0.91 |
| TBBB BBB Foods Inc. Class A | Add +150.0% | 1.20% | +0.86 |
| WAY Waystar Holding Corp. | Add +8.3% | 2.18% | +0.85 |
| SAIL Sailpoint Inc. | New | 0.76% | +0.76 |
| ATIIU Archimedes Tech Spac Partner | New | 0.72% | +0.72 |
| VNET 2.500 04/01/30 CVT PUT | New | 0.69% | +0.69 |
| MINISO GROUP HOLDING LTD | New | 0.68% | +0.68 |
| KRMN Karman Holdings Inc. | New | 0.68% | +0.68 |
| VNET Vnet Group Inc.-ADR | New | 0.67% | +0.67 |
| CHHNG 1.500 03/26/30 CVT PUT | New | 0.66% | +0.66 |
| LB Landbridge Co. LLC-A | Add +0.1% | 1.62% | +0.64 |
| XTEPI 1.500 02/18/26 CVT | New | 0.63% | +0.63 |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | New | 0.60% | +0.60 |
| RACE Ferrari NV | New | 0.56% | +0.56 |
| FG F&G Annuities & Life Inc. | New | 0.50% | +0.50 |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | Add +33.3% | 0.96% | +0.50 |
| MRLN Merlin Inc. | New | 0.45% | +0.45 |
| VG Venture Global Inc. Class A | New | 0.37% | +0.37 |
| ADT Adt Inc. | New | 0.37% | +0.37 |
| FLOC Flowco Holdings Inc. Class A | New | 0.32% | +0.32 |
| ATEN 2.750 04/01/30 CVT | New | 0.31% | +0.31 |
| TTAM Titan America SA | New | 0.29% | +0.29 |
| SFD Smithfield Foods Inc. | New | 0.27% | +0.27 |
| INR Infinity Natural Resour Class A | New | 0.25% | +0.25 |
| DEC Diversified Energy Co. PLC | New | 0.24% | +0.24 |
| NPCE Neuropace Inc. | New | 0.22% | +0.22 |
| TARS Tarsus Pharmaceuticals Inc. | New | 0.18% | +0.18 |
| DELTA 01/21/30 CVT PUT | New | 0.18% | +0.18 |
| CAKE 2.000 03/15/30 CVT | New | 0.17% | +0.17 |
| KMTS Kestra Medical Technologies | New | 0.17% | +0.17 |
| STIM Neuronetics Inc. | New | 0.13% | +0.13 |
| ETNB 89BIO Inc. | New | 0.11% | +0.11 |
| IRON Disc Medicine Inc. | New | 0.11% | +0.11 |
| ITGRX 1.875 03/15/30 CVT | New | 0.09% | +0.09 |
| NUVTN 01/21/30 CVT PUT | New | 0.08% | +0.08 |
| LUCD Lucid Diagnostics Inc. | New | 0.06% | +0.06 |
| BBNX Beta Bionics Inc. | New | 0.06% | +0.06 |
| ECX Ecarx Holdings Inc. Class A | New | 0.04% | +0.04 |
| SERA Sera Prognostics Inc. Class A | New | 0.03% | +0.03 |
Options Activity Q4 2024 → Q1 2025
| ACI Albertsons Cos Inc. Class A | call | Sold out | 1,000,000 | $19.6Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -50.0% | 300,000 | $17.7M |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | New | 500,000 | $91K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 291 | $4.1B | SPCX, DLR, GOOGL, GOOG, SMCI |
| Q1 2026 | 272 | $3.6B | MDLN, XPEV, HYUHI 05/04/31 CVT PUT, TSLA, NVDA |
| Q4 2025 | 205 | $2.2B | XPEV, BABA 091532 CVT PUT, CHPAC 091830 CVT PUT, ULS, PINGA 061130 CVT PUT |
| Q3 2025 | 215 | $3.1B | BABA 091532 CVT PUT, NBIS, CHPAC 091830 CVT PUT, FOX, PINGA 061130 CVT PUT |
| Q2 2025 | 183 | $3.7B | TMUS, BRO, DELL, PINGA 061130 CVT PUT, ADT |
| Q1 2025 | 105 | $1.1B | AEP, PRMB, LINE, ULS, BABA 0.500 06/01/31 CVT PUT |
| Q4 2024 | 106 | $1.7B | BA, AJG, LINE, VIK, FANG |
| Q3 2024 | 130 | $1.8B | FANG, DELL, GEHC, PIAIF, TCOM |
| Q2 2024Amended | 118 | $1.1B | CCC, BABA 0.500 06/01/31 CVT PUT, DLR, KVUE, BIRK |
| Q1 2024 | 99 | $791.9M | NDAQ, ARM, BUD, MTDR, CRBG |