HGC Investment Management Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), HGC Investment Management Inc. reported 41 stock positions worth $216.0 million. Its top holding was Agriculture & Natural Soluti (ANSC) at 14.1% of the portfolio, followed by GP-Act III Acquisition (GPATU, 11.5%) and Centurion Acquisition (ALFUU, 11.4%). Compared with Q1 2024, it opened 12 new positions, sold out of 9 and reduced 8. The biggest buy was a new position in GP-Act III Acquisition (GPATU) and the biggest sale Ares Acquisition Corp. II (shares −80%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001711200
Portfolio Value
$216.0M (Q2 2024)
SEC Filing
0001711200-24-000004 ↗ filed Aug 14, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $279.1M Q1 2024 Q2 2024: $216.0M $216.0M Q2 2024 Q3 2024: $241.0M Q3 2024 Q4 2024: $232.7M Q4 2024 Q1 2025: $279.8M Q1 2025 Q2 2025: $358.7M Q2 2025 Q3 2025: $407.2M Q3 2025 Q4 2025: $467.6M Q4 2025 Q1 2026: $447.3M Q1 2026 Q2 2026: $501.5M Q2 2026

Holdings 41 stocks · $216.0M
ANSC Agriculture & Natural Soluti 14.10% 2,975,000 $30.5M No change
GPATU GP-Act III Acquisition Corp. 11.49% 2,475,000 $24.8M New
ALFUU Centurion Acquisition Corp. 11.45% 2,475,000 $24.7M New
IBIT iShares Bitcoin Trust ETF 6.15% 389,000 $13.3M New
NETD Nabors Energy Transition C-A 5.56% 1,139,792 $12.0M Reduce -58.4%
NVEI Nuvei Corp.-Subordinate VTG 5.02% 335,150 $10.9M New
ARES ACQUISITION CORP II 4.85% 981,504 $10.5M Reduce -79.9%
ESHA Esh Acquisition Corp. Class A 4.52% 937,369 $9.8M No change
HCP Hashicorp Inc. Class A 4.12% 264,426 $8.9M New
HAYMAKER ACQUISITION CORP 4 2.77% 570,000 $6.0M Reduce -67.8%
ALCYF Alchemy Investments Acquisit 2.56% 515,764 $5.5M No change
SPKLF Spark I Acquisition Corp. 2.11% 440,600 $4.6M Reduce -53.6%
IVCAF Libity filed as INVESTCORP INDIA ACQUISTN CO 2.05% 391,369 $4.4M No change
VCXB 10X Capital Venture Acquis-A 2.04% 400,000 $4.4M No change
BOWNU Bowen Acquisition Corp. 1.96% 402,127 $4.2M No change
SBXC Silverbox Corp. III-A 1.89% 385,535 $4.1M Reduce -66.0%
QETA Quetta Acquisition Corp. 1.73% 360,000 $3.7M No change
ALPHATIME ACQUISITION CORP 1.53% 300,000 $3.3M No change
MACIU Melar Acquisition Corp. I 1.50% 325,000 $3.3M New
HES Hess Corp. 1.23% 18,000 $2.7M Reduce -52.6%
AITR AI Transportation Acquisitio 1.22% 255,000 $2.6M No change
DYCQU DT Cloud Acquisition Corp. 1.21% 250,000 $2.6M No change
LEGT Legato Merger Corp. III 1.17% 250,000 $2.5M No change
AFJK Aimei Health Technology Co. 0.98% 205,000 $2.1M No change
BAYA Bayview Acquisition Corp. Class A 0.95% 200,000 $2.0M No change
RFAIU RF Acquisition Corp. II 0.93% 200,000 $2.0M New
CHEB.U Chenghe Acquisition II Co. 0.93% 200,000 $2.0M New
USAR USA Rare Earth Inc. filed as INFLECTION PT ACQUISITN CRP 0.61% 125,000 $1.3M Reduce -94.8%
OAKU Oak Woods Acquisition Corp. Class A 0.60% 120,000 $1.3M No change
RRACF Rigel Resource Acquisit Class A 0.52% 100,000 $1.1M No change
ALPHAVEST ACQUISITION CORP 0.51% 100,000 $1.1M No change
JVSA Jvspac Acquisition Corp. Class A 0.47% 100,000 $1.0M New
TMTC TMT Acquisition Corp. Class A 0.30% 60,000 $658K No change
ACI Albertsons Cos Inc. Class A 0.30% 32,937 $651K Reduce -64.6%
NNAG 99 Acquisition Group in Class A 0.24% 50,000 $525K New
BKHAU Black Hawk Acquisition Corp. 0.24% 50,000 $516K No change
FSHPU Flag Ship Acquisition Corp. 0.13% 27,000 $270K New
AAGR African Agriculture Holdings 0.02% 168,036 $45K No change
SHMD Schmid Group NV 0.00% 2,505 $10K New
NORTHVIEW ACQUISITION CORP 0.00% 50,000 $3K No change
BKSY Blacksky Technology Inc. 0.00% 606 $648 No change
Other holdings (63): bonds, preferreds, convertibles and warrants · $1.4M (not counted above)
SecurityClassShares / PrincipalValueChange
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 1,187,500$190KNo change
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 951,498$95KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 1,200,000$90KNew
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 677,252$88KNo change
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 475,000$81KNo change
BUJAR Bukit Jalil Global Acquisiti RIGHT 12/30/2024 450,000$68KNew
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 1,957,785$67KNo change
GLLRF Global Lights Acquisition Co. RIGHT 99/99/9999 300,000$63KNew
TENKR Tenx Keane Acquisition-RTS RIGHT 06/30/2028 190,000$61KNo change
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 347,500$61KNo change
AITRR AI Transportation Acquis-RTS RIGHT 09/01/2028 255,000$48KNo change
ATMCR Alphatime Acquisition-Right RIGHT 03/01/2028 300,000$44KNo change
BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 200,000$38KNo change
CETUR Cetus Capital Acquisition Co. RIGHT 03/31/2024 175,000$35KNo change
OAKUR Oak Woods Acquisition Cor-RT RIGHT 03/23/2028 120,000$28KNo change
AMBWQ Ambipar Emergency Respons-28 *W EXP 03/03/202 130,905$27KNo change
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 80,000$24KReduce -20.0%
MARXR Mars Acquisition Corp.-Rights RIGHT 99/99/9999 125,000$24KNo change
SBXC.WS Silverbox Corp. III-28 *W EXP 02/28/202 166,333$24KNo change
AQUNR Aquaron Acquisition Corp.-RTS RIGHT 07/15/2026 140,000$21KNo change
SHMDW Schmid Group NV -28 *W EXP 04/30/202 46,200$21KNew
TBMCR Trailblazer Merger Corp.-RTS RIGHT 04/21/2028 165,000$20KNo change
ATMVR Alphavest Acquisition Co.-RT RIGHT 01/22/2026 200,000$19KNo change
TMTCR TMT Acquisition Corp.-RT RIGHT 03/27/2028 60,000$19KNo change
FUFUW Bitfufu Inc.-28 *W EXP 03/01/202 50,000$18KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 107,882$15KNo change
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 575,390$14KNo change
DISTR Distoken Acquisition Corp. RIGHT 99/99/9999 125,000$14KNo change
NNAGR 99 Acquisition Group -RTS RIGHT 08/25/2028 50,000$14KNew
INTEW Integral Acquisition -CW28 *W EXP 05/31/202 125,000$13KNo change
NVACR Northview Acquisition Co.-RTS RIGHT 99/99/9999 100,000$10KNo change
APXIW Apx Acquisition Corp. I -23 *W EXP 99/99/999 50,000$8KNo change
BUJAW Bukit Jalil Global Acquis-28 *W EXP 12/30/202 225,000$5KNew
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 43,076$5KNo change
REEWF Cartesian Growth Corp. II -28 *W EXP 07/12/202 50,000$5KNo change
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 100,800$5KNo change
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 110,000$5KNo change
KACRF Kairous Acquisition Corp.-RTS RIGHT 09/15/2026 50,000$5KNo change
CETUW Cetus Capital Acquisition-28 *W EXP 01/31/202 175,000$5KNo change
ATMCW Alphatime Acquisition Cor-28 *W EXP 03/01/202 300,000$5KNo change
CCGWW Cheche Group Inc. - 28 *W EXP 10/01/203 146,051$4KNo change
IXQWF Ix Acquisition Corp. -CW26 *W EXP 07/31/202 50,000$4KNo change
DMYYW DMY Squared Technology GR-27 *W EXP 99/99/999 25,000$4KNo change
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 120,000$2KNo change
IMAQW International Media Ac -CW28 *W EXP 99/99/999 210,100$2KNo change
DISTW Distoken Acquisition Corp.-28 *W EXP 11/30/202 125,000$2KNo change
BLUAW Blueriver Acquisit A -CW26 *W EXP 01/04/202 166,666$2KNo change
NNAGW 99 Acquisition Group in-C-28 *W EXP 08/25/202 50,000$2KNew
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 28,678$1KNo change
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 6,296$1KNo change
CNXXW Conx Corp. Class A -CW27 *W EXP 10/30/202 10,407$520No change
LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 5,000$440No change
KACWF Kairous Acquisition -23 *W EXP 09/15/202 24,900$224No change
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 666$180No change
AAGRW African Agriculture Hol-CW27 *W EXP 12/06/202 10,000$136No change
ZPTAW Zapata Computing Hol- CW23 *W EXP 02/14/202 3,600$133New
RFACW RF Acquisition Corp.-CW27 *W EXP 05/01/202 4,500$95No change
RRAWF Rigel Resource Acquisi -CW23 *W EXP 99/99/999 200$55No change
IRIS ACQUISITION CORP *W EXP 02/28/202 1,250$50No change
SHCRW Sharecare Inc. -CW27 *W EXP 07/01/202 333$27No change
KCGI.WS Kensington Capital Acq -CW23 *W EXP 99/99/999 774$20No change
ML.WS Moneylion Inc. -CW27 *W EXP 09/22/202 6$1No change
PPHPW PHP Ventures Acquisiti -CW22 *W EXP 08/16/202 50,000$0No change

Total filed on the 13F, all lines: $217.4M.

Portfolio Sells Q1 2024 → Q2 2024
ARES ACQUISITION CORP II Reduce -79.9% 4.85% −13.64
USAR USA Rare Earth Inc. Reduce -94.8% 0.61% −8.48
NETD Nabors Energy Transition C-A Reduce -58.4% 5.56% −4.65
KVAUF Keen Vision Acquisition Corp. Sold out 0.00% −4.51
HAYMAKER ACQUISITION CORP 4 Reduce -67.8% 2.77% −3.84
TCN Tricon Residential Inc. Sold out 0.00% −3.12
SBXC Silverbox Corp. III-A Reduce -66.0% 1.89% −2.37
PXD Pioneer Natural Resources Co. Sold out 0.00% −1.88
PLAOF Patria Latin American Opport Sold out 0.00% −1.82
BUJAU Bukit Jalil Global Acquisiti Sold out 0.00% −1.73
SPKLF Spark I Acquisition Corp. Reduce -53.6% 2.11% −1.38
GLLUF Global Lights Acquisition Co. Sold out 0.00% −1.12
HES Hess Corp. Reduce -52.6% 1.23% −0.85
TBMC Trailblazer Merger Corp. I Sold out 0.00% −0.63
ACI Albertsons Cos Inc. Class A Reduce -64.6% 0.30% −0.41
NNAGU 99 Acquisition Group Inc. Sold out 0.00% −0.19
ANDRETTI ACQUISITION CORP Sold out 0.00% −0.00

Portfolio Buys Q1 2024 → Q2 2024
GPATU GP-Act III Acquisition Corp. New 11.49% +11.49
ALFUU Centurion Acquisition Corp. New 11.45% +11.45
IBIT iShares Bitcoin Trust ETF New 6.15% +6.15
NVEI Nuvei Corp.-Subordinate VTG New 5.02% +5.02
HCP Hashicorp Inc. Class A New 4.12% +4.12
MACIU Melar Acquisition Corp. I New 1.50% +1.50
RFAIU RF Acquisition Corp. II New 0.93% +0.93
CHEB.U Chenghe Acquisition II Co. New 0.93% +0.93
JVSA Jvspac Acquisition Corp. Class A New 0.47% +0.47
NNAG 99 Acquisition Group in Class A New 0.24% +0.24
FSHPU Flag Ship Acquisition Corp. New 0.13% +0.13
SHMD Schmid Group NV New 0.00% +0.00

Notes & Other Activity Q1 2024 → Q2 2024
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 New 1,200,000 $90K
BUJAR Bukit Jalil Global Acquisiti RIGHT 12/30/2024 New 450,000 $68K
GLLRF Global Lights Acquisition Co. RIGHT 99/99/9999 New 300,000 $63K
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 Reduce -20.0% 80,000 $24K
SHMDW Schmid Group NV -28 *W EXP 04/30/202 New 46,200 $21K
PGSS.WS Pegasus Digital Mobili -CW22 *W EXP 99/99/999 Sold out 46,200 $18Kbefore exit
NNAGR 99 Acquisition Group -RTS RIGHT 08/25/2028 New 50,000 $14K
BUJAW Bukit Jalil Global Acquis-28 *W EXP 12/30/202 New 225,000 $5K
NNAGW 99 Acquisition Group in-C-28 *W EXP 08/25/202 New 50,000 $2K
ZPTAW Zapata Computing Hol- CW23 *W EXP 02/14/202 New 3,600 $133
ROSS.WS Ross Acquisition Corp. -CW26 *W EXP 02/01/202 Sold out 1,666 $0before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 115$501.5MAACB, ALOVU, SDHI, QADRU, MTNE.U
Q1 2026 109$447.3MAACB, ALOVU, SDHI, DMII, FERAU
Q4 2025 110$467.6MAACB, ALF, JACS, GPAT, SDHI
Q3 2025 81$407.2MJACS, ALF, AACB, GPAT, SOUL
Q2 2025 69$358.7MALF, AAM, JACS, AACBU, GPAT
Q1 2025 47$279.8MGPAT, AAM, ALF, JACS.U, VLOS
Q4 2024 33$232.7MGPAT, AAM, ALF, SMAR, JACS.U
Q3 2024 44$241.0MGPAT, ALF, AAM, VLOS, NVEI
Q2 2024 41$216.0MANSC, GPATU, ALFUU, IBIT, NETD
Q1 2024Amended 40$279.1MARES ACQUISITION CORP II, ANSC, NETD, USAR, HAYMAKER ACQUISITION CORP 4