HGC Investment Management Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), HGC Investment Management Inc. reported 40 stock positions worth $279.1 million. Its top holding was Ares Acquisition Corp. II at 18.5% of the portfolio, followed by Agriculture & Natural Soluti (ANSC, 10.8%) and Nabors Energy Transition C-A (NETD, 10.2%). Compared with Q4 2023, it opened 9 new positions, sold out of 14, added to 1 and reduced 3. The biggest buy was a new position in Tricon Residential (TCN) and the biggest sale an exit from Screaming Eagle Acq Class A (SCRM).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001711200
- Portfolio Value
- $279.1M (Q1 2024)
- SEC Filing
- 0001711200-24-000003 ↗ filed May 15, 2024
Holdings Value
Holdings 40 stocks · $279.1M
| ARES ACQUISITION CORP II | 18.49% | 4,881,504 | $51.6M | No change |
| ANSC Agriculture & Natural Soluti | 10.83% | 2,975,000 | $30.2M | No change |
| NETD Nabors Energy Transition C-A | 10.21% | 2,739,792 | $28.5M | Add +1.4% |
| USAR USA Rare Earth Inc. filed as INFLECTION PT ACQUISITN CRP | 9.09% | 2,425,000 | $25.4M | No change |
| HAYMAKER ACQUISITION CORP 4 | 6.61% | 1,770,000 | $18.4M | Reduce -11.3% |
| KVAUF Keen Vision Acquisition Corp. | 4.51% | 1,200,000 | $12.6M | No change |
| SBXC Silverbox Corp. III-A | 4.26% | 1,135,535 | $11.9M | No change |
| SPKLF Spark I Acquisition Corp. | 3.49% | 950,000 | $9.7M | No change |
| ESHA Esh Acquisition Corp. Class A | 3.48% | 937,369 | $9.7M | No change |
| TCN Tricon Residential Inc. | 3.12% | 780,230 | $8.7M | New |
| HES Hess Corp. | 2.08% | 38,000 | $5.8M | New |
| ALCYF Alchemy Investments Acquisit | 1.96% | 515,764 | $5.5M | No change |
| PXD Pioneer Natural Resources Co. | 1.88% | 20,000 | $5.3M | Reduce -68.2% |
| PLAOF Patria Latin American Opport | 1.82% | 450,000 | $5.1M | No change |
| BUJAU Bukit Jalil Global Acquisiti | 1.73% | 450,000 | $4.8M | No change |
| IVCAF Libity filed as INVESTCORP INDIA ACQUISTN CO | 1.57% | 391,369 | $4.4M | No change |
| VCXB 10X Capital Venture Acquis-A | 1.55% | 400,000 | $4.3M | No change |
| BOWNU Bowen Acquisition Corp. | 1.48% | 402,127 | $4.1M | No change |
| QETA Quetta Acquisition Corp. | 1.31% | 360,000 | $3.7M | No change |
| ALPHATIME ACQUISITION CORP | 1.18% | 300,000 | $3.3M | No change |
| GLLUF Global Lights Acquisition Co. | 1.12% | 300,000 | $3.1M | No change |
| AITR AI Transportation Acquisitio | 0.94% | 255,000 | $2.6M | No change |
| DYCQU DT Cloud Acquisition Corp. | 0.91% | 250,000 | $2.5M | New |
| LEGT.U Legato Merger Corp. III | 0.91% | 250,000 | $2.5M | New |
| AFJK Aimei Health Technology Co. | 0.75% | 205,000 | $2.1M | No change |
| BAYA Bayview Acquisition Corp. Class A | 0.72% | 200,000 | $2.0M | No change |
| ACI Albertsons Cos Inc. Class A | 0.71% | 92,937 | $2.0M | New |
| TBMC Trailblazer Merger Corp. I | 0.63% | 165,000 | $1.7M | No change |
| OAKU Oak Woods Acquisition Corp. Class A | 0.46% | 120,000 | $1.3M | New |
| FORLU Four Leaf Acquisition Corp. | 0.42% | 110,000 | $1.2M | No change |
| RRACF Rigel Resource Acquisit Class A | 0.40% | 100,000 | $1.1M | No change |
| ALPHAVEST ACQUISITION CORP | 0.39% | 100,000 | $1.1M | Reduce -50.0% |
| JVSAU Jvspac Acquisition Corp. | 0.37% | 100,000 | $1.0M | New |
| TMTC TMT Acquisition Corp. Class A | 0.23% | 60,000 | $641K | New |
| NNAGU 99 Acquisition Group Inc. | 0.19% | 50,000 | $525K | No change |
| BKHAU Black Hawk Acquisition Corp. | 0.18% | 50,000 | $508K | New |
| AAGR African Agriculture Holdings | 0.02% | 168,036 | $66K | No change |
| NORTHVIEW ACQUISITION CORP | 0.00% | 50,000 | $2K | No change |
| ANDRETTI ACQUISITION CORP | 0.00% | 3,600 | $1K | No change |
| BKSY Blacksky Technology Inc. | 0.00% | 606 | $824 | No change |
Other holdings (55): bonds, preferreds, convertibles and warrants · $1.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 1,187,500 | $226K | Reduce -20.2% |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 677,252 | $125K | No change |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | 951,498 | $119K | No change |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | 475,000 | $95K | New |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 347,500 | $70K | No change |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 1,957,785 | $59K | No change |
| AMBWQ Ambipar Emergency Respons-28 | *W EXP 03/03/202 | 130,905 | $51K | Reduce -34.9% |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | 575,390 | $47K | New |
| AITRR AI Transportation Acquis-RTS | RIGHT 09/01/2028 | 255,000 | $38K | No change |
| TENKR Tenx Keane Acquisition-RTS | RIGHT 06/30/2028 | 190,000 | $35K | No change |
| ATMCR Alphatime Acquisition-Right | RIGHT 03/01/2028 | 300,000 | $34K | No change |
| MARXR Mars Acquisition Corp.-Rights | RIGHT 99/99/9999 | 125,000 | $26K | No change |
| AQUNR Aquaron Acquisition Corp.-RTS | RIGHT 07/15/2026 | 140,000 | $25K | No change |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | 200,000 | $22K | No change |
| CETUR Cetus Capital Acquisition Co. | RIGHT 03/31/2024 | 175,000 | $21K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 107,882 | $21K | No change |
| OAKUR Oak Woods Acquisition Cor-RT | RIGHT 03/23/2028 | 120,000 | $19K | New |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | 50,000 | $19K | New |
| PGSS.WS Pegasus Digital Mobili -CW22 | *W EXP 99/99/999 | 46,200 | $18K | No change |
| SBXC.WS Silverbox Corp. III-28 | *W EXP 02/28/202 | 166,333 | $17K | No change |
| ATMVR Alphavest Acquisition Co.-RT | RIGHT 01/22/2026 | 200,000 | $17K | No change |
| NVACR Northview Acquisition Co.-RTS | RIGHT 99/99/9999 | 100,000 | $15K | No change |
| DISTR Distoken Acquisition Corp. | RIGHT 99/99/9999 | 125,000 | $13K | No change |
| INTEW Integral Acquisition -CW28 | *W EXP 05/31/202 | 125,000 | $13K | No change |
| TBMCR Trailblazer Merger Corp.-RTS | RIGHT 04/21/2028 | 165,000 | $12K | No change |
| BLUAW Blueriver Acquisit A -CW26 | *W EXP 01/04/202 | 166,666 | $11K | No change |
| TMTCR TMT Acquisition Corp.-RT | RIGHT 03/27/2028 | 60,000 | $11K | New |
| CCGWW Cheche Group Inc. - 28 | *W EXP 10/01/203 | 146,051 | $8K | No change |
| APXIW Apx Acquisition Corp. I -23 | *W EXP 99/99/999 | 50,000 | $8K | No change |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 100,800 | $7K | No change |
| REEWF Cartesian Growth Corp. II -28 | *W EXP 07/12/202 | 50,000 | $5K | No change |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 43,076 | $5K | Reduce -96.7% |
| IMAQW International Media Ac -CW28 | *W EXP 99/99/999 | 210,100 | $5K | No change |
| ATMCW Alphatime Acquisition Cor-28 | *W EXP 03/01/202 | 300,000 | $4K | No change |
| KACRF Kairous Acquisition Corp.-RTS | RIGHT 09/15/2026 | 50,000 | $4K | No change |
| DMYYW DMY Squared Technology GR-27 | *W EXP 99/99/999 | 25,000 | $4K | No change |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 28,678 | $3K | No change |
| CETUW Cetus Capital Acquisition-28 | *W EXP 01/31/202 | 175,000 | $3K | No change |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | 120,000 | $2K | New |
| DISTW Distoken Acquisition Corp.-28 | *W EXP 11/30/202 | 125,000 | $2K | No change |
| CNXXW Conx Corp. Class A -CW27 | *W EXP 10/30/202 | 10,407 | $2K | No change |
| DRTSW Alpha Tau Medical Ltd. -27 | *W EXP 99/99/999 | 6,296 | $2K | No change |
| IXQWF Ix Acquisition Corp. -CW26 | *W EXP 07/31/202 | 50,000 | $2K | No change |
| PPHPW PHP Ventures Acquisiti -CW22 | *W EXP 08/16/202 | 50,000 | $1K | No change |
| KACWF Kairous Acquisition -23 | *W EXP 09/15/202 | 24,900 | $498 | No change |
| MLKWF Waldencast Acq Class A -CW27 | *W EXP 07/27/202 | 666 | $373 | No change |
| LAKESHORE BIOPHARMA CO LTD | *W EXP 03/15/202 | 5,000 | $358 | No change |
| AAGRW African Agriculture Hol-CW27 | *W EXP 12/06/202 | 10,000 | $126 | No change |
| RFACW RF Acquisition Corp.-CW27 | *W EXP 05/01/202 | 4,500 | $59 | No change |
| IRIS ACQUISITION CORP | *W EXP 02/28/202 | 1,250 | $55 | No change |
| KCGI.WS Kensington Capital Acq -CW23 | *W EXP 99/99/999 | 774 | $47 | No change |
| RRAWF Rigel Resource Acquisi -CW23 | *W EXP 99/99/999 | 200 | $47 | No change |
| SHCRW Sharecare Inc. -CW27 | *W EXP 07/01/202 | 333 | $6 | No change |
| ML.WS Moneylion Inc. -CW27 | *W EXP 09/22/202 | 6 | $1 | No change |
| ROSS.WS Ross Acquisition Corp. -CW26 | *W EXP 02/01/202 | 1,666 | $0 | No change |
Total filed on the 13F, all lines: $280.3M.
Portfolio Sells Q4 2023 → Q1 2024
| SCRM Screaming Eagle Acq Class A | Sold out | 0.00% | −7.77 |
| SVIIF Spring Valley Acquisition-A | Sold out | 0.00% | −3.17 |
| SPLK Splunk Inc. | Sold out | 0.00% | −2.90 |
| ISRLF Israel Acquisitions Corp. Class A | Sold out | 0.00% | −2.36 |
| PXD Pioneer Natural Resources Co. | Reduce -68.2% | 1.88% | −2.25 |
| VAQC Vector Acquisition Corp. II-A | Sold out | 0.00% | −1.94 |
| IMGN Immunogen Inc. | Sold out | 0.00% | −1.64 |
| CFFS CF Acquisition Corp. Vii Class A | Sold out | 0.00% | −1.27 |
| TENX KEANE ACQUISITION | Sold out | 0.00% | −0.61 |
| CETU Cetus Capital Acquisition Co. | Sold out | 0.00% | −0.54 |
| OAKUU Oak Woods Acquisition Corp. | Sold out | 0.00% | −0.39 |
| MARX Mars Acquisition Corp. | Sold out | 0.00% | −0.39 |
| ALPHAVEST ACQUISITION CORP | Reduce -50.0% | 0.39% | −0.24 |
| GHIX Gores Holding Ix Inc. Class A | Sold out | 0.00% | −0.21 |
| TMTCU TMT Acquisition Corp. | Sold out | 0.00% | −0.19 |
| TVGNW Semper Paratus Acquisition C | Sold out | 0.00% | −0.01 |
| HAYMAKER ACQUISITION CORP 4 | Reduce -11.3% | 6.61% | +0.61 |
Portfolio Buys Q4 2023 → Q1 2024
| TCN Tricon Residential Inc. | New | 3.12% | +3.12 |
| HES Hess Corp. | New | 2.08% | +2.08 |
| NETD Nabors Energy Transition C-A | Add +1.4% | 10.21% | +2.00 |
| DYCQU DT Cloud Acquisition Corp. | New | 0.91% | +0.91 |
| LEGT.U Legato Merger Corp. III | New | 0.91% | +0.91 |
| ACI Albertsons Cos Inc. Class A | New | 0.71% | +0.71 |
| OAKU Oak Woods Acquisition Corp. Class A | New | 0.46% | +0.46 |
| JVSAU Jvspac Acquisition Corp. | New | 0.37% | +0.37 |
| TMTC TMT Acquisition Corp. Class A | New | 0.23% | +0.23 |
| BKHAU Black Hawk Acquisition Corp. | New | 0.18% | +0.18 |
Notes & Other Activity Q4 2023 → Q1 2024
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | Reduce -20.2% | 1,187,500 | $226K |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | New | 475,000 | $95K |
| AMBWQ Ambipar Emergency Respons-28 | *W EXP 03/03/202 | Reduce -34.9% | 130,905 | $51K |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | New | 575,390 | $47K |
| PSQH.WS Colombier Acq Class A -CW28 | *W EXP 07/19/202 | Sold out | 42,395 | $35Kbefore exit |
| ARIZR Arisz Acquisition Corp.-RTS | RIGHT 99/99/9999 | Sold out | 150,000 | $32Kbefore exit |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | Sold out | 242,429 | $29Kbefore exit |
| OAKUR Oak Woods Acquisition Cor-RT | RIGHT 03/23/2028 | New | 120,000 | $19K |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | New | 50,000 | $19K |
| ARIZW Arisz Acquisition Corp. -CW23 | *W EXP 11/16/202 | Sold out | 150,000 | $15Kbefore exit |
| TMTCR TMT Acquisition Corp.-RT | RIGHT 03/27/2028 | New | 60,000 | $11K |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | Reduce -96.7% | 43,076 | $5K |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | New | 120,000 | $2K |
| SUACW Shoulderup Technology -CW23 | *W EXP 11/17/202 | Sold out | 25,000 | $625before exit |
| ACAHW Atlantic Coastal Acq A -CW27 | *W EXP 03/02/202 | Sold out | 333 | $9before exit |
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 | 115 | $501.5M | AACB, ALOVU, SDHI, QADRU, MTNE.U |
| Q1 2026 | 109 | $447.3M | AACB, ALOVU, SDHI, DMII, FERAU |
| Q4 2025 | 110 | $467.6M | AACB, ALF, JACS, GPAT, SDHI |
| Q3 2025 | 81 | $407.2M | JACS, ALF, AACB, GPAT, SOUL |
| Q2 2025 | 69 | $358.7M | ALF, AAM, JACS, AACBU, GPAT |
| Q1 2025 | 47 | $279.8M | GPAT, AAM, ALF, JACS.U, VLOS |
| Q4 2024 | 33 | $232.7M | GPAT, AAM, ALF, SMAR, JACS.U |
| Q3 2024 | 44 | $241.0M | GPAT, ALF, AAM, VLOS, NVEI |
| Q2 2024 | 41 | $216.0M | ANSC, GPATU, ALFUU, IBIT, NETD |
| Q1 2024Amended | 40 | $279.1M | ARES ACQUISITION CORP II, ANSC, NETD, USAR, HAYMAKER ACQUISITION CORP 4 |