HGC Investment Management Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), HGC Investment Management Inc. reported 33 stock positions worth $232.7 million. Its top holding was GP-Act III Acquisition-A (GPAT) at 10.8% of the portfolio, followed by Aa Mission Acquisition Cor-A (AAM, 10.7%) and Centurion Acquisition (ALF, 10.5%). Compared with Q3 2024, it opened 6 new positions, sold out of 17, added to 2 and reduced 3. The biggest buy was a new position in Jackson Acquisition Co. II (JACS.U) and the biggest sale an exit from Nuvei Corp.-Subordinate VTG (NVEI).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001711200
- Portfolio Value
- $232.7M (Q4 2024)
- SEC Filing
- 0001711200-25-000001 ↗ filed Feb 14, 2025
Holdings Value
Holdings 33 stocks · $232.7M
| GPAT GP-Act III Acquisition-A | 10.79% | 2,475,000 | $25.1M | No change |
| AAM Aa Mission Acquisition Cor-A | 10.66% | 2,455,000 | $24.8M | No change |
| ALF Centurion Acquisition Corp. | 10.53% | 2,425,000 | $24.5M | Reduce -2.0% |
| SMAR Smartsheet Inc. Class A | 9.64% | 400,311 | $22.4M | Add +100.2% |
| JACS.U Jackson Acquisition Co. II | 6.49% | 1,500,000 | $15.1M | New |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 6.49% | 1,500,000 | $15.1M | No change |
| IBIT iShares Bitcoin Trust ETF | 5.74% | 251,819 | $13.4M | Reduce -19.2% |
| NETD Nabors Energy Transition C-A | 5.29% | 1,139,792 | $12.3M | No change |
| ARES ACQUISITION CORP II | 4.63% | 981,504 | $10.8M | No change |
| K Kellanova | 3.85% | 110,589 | $9.0M | New |
| HES Hess Corp. | 3.73% | 65,300 | $8.7M | Add +45.8% |
| MLACU Mountain Lake Acquisition Co. | 3.02% | 700,000 | $7.0M | New |
| SUM Summit Materials Inc. Class A | 2.72% | 125,000 | $6.3M | New |
| HAYMAKER ACQUISITION CORP 4 | 2.64% | 570,000 | $6.1M | No change |
| PGACU Pantages Capital Acquisition filed as SHEPHERD AVE CAP ACQUISITION | 2.15% | 500,000 | $5.0M | New |
| SPKLF Spark I Acquisition Corp. | 2.01% | 440,600 | $4.7M | No change |
| CEP Cantor Equity Partners Inc. | 1.57% | 351,132 | $3.6M | Reduce -41.6% |
| YHNAU YHN Acquisition I Ltd. | 1.50% | 345,000 | $3.5M | No change |
| MACIU Melar Acquisition Corp. I | 1.41% | 325,000 | $3.3M | No change |
| DYCQU DT Cloud Acquisition Corp. | 1.14% | 250,000 | $2.6M | No change |
| LEGT Legato Merger Corp. III | 1.11% | 250,000 | $2.6M | No change |
| RFAIU RF Acquisition Corp. II | 0.89% | 200,000 | $2.1M | No change |
| CHEB Chenghe Acquisition II Co. | 0.87% | 200,000 | $2.0M | No change |
| JVSA Jvspac Acquisition Corp. Class A | 0.45% | 100,000 | $1.0M | No change |
| BKHAU Black Hawk Acquisition Corp. | 0.23% | 50,000 | $531K | No change |
| HCP Hashicorp Inc. Class A | 0.21% | 14,426 | $494K | No change |
| FSHPU Flag Ship Acquisition Corp. | 0.12% | 27,000 | $282K | No change |
| SIMA Sim Acquisition Corp. I-A | 0.11% | 25,000 | $251K | No change |
| OSISKO DEVELOPMENT CORP | 0.02% | 30,000 | $49K | New |
| SHMD Schmid Group NV | 0.00% | 2,505 | $8K | No change |
| NORTHVIEW ACQUISITION CORP | 0.00% | 50,000 | $2K | No change |
| BKSY Blacksky Technology Inc. | 0.00% | 75 | $809 | No change |
| AAGR African Agriculture Holdings | 0.00% | 168,036 | $0 | No change |
Other holdings (37): bonds, preferreds, convertibles and warrants · $837K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 1,187,500 | $321K | No change |
| BOWNR Bowen Acquisition Corp.-RTS | RIGHT 99/99/9999 | 360,927 | $72K | Reduce -10.3% |
| ML.WS Moneylion Inc. -CW27 | *W EXP 09/22/202 | 279,290 | $51K | New |
| GLLRF Global Lights Acquisition Co. | RIGHT 99/99/9999 | 300,000 | $42K | No change |
| ATMCR Alphatime Acquisition-Right | RIGHT 03/01/2028 | 300,000 | $41K | No change |
| AMBWQ Ambipar Emergency Respons-28 | *W EXP 03/03/202 | 130,905 | $38K | No change |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | 50,000 | $28K | No change |
| OAKUR Oak Woods Acquisition Cor-RT | RIGHT 03/23/2028 | 120,000 | $27K | No change |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | 200,000 | $26K | No change |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 150,000 | $26K | New |
| AQUNR Aquaron Acquisition Corp.-RTS | RIGHT 07/15/2026 | 140,000 | $24K | No change |
| ATMVR Alphavest Acquisition Co.-RT | RIGHT 01/22/2026 | 200,000 | $21K | No change |
| JVSAR Jvspac Acquisition Corp.-RTS | RIGHT 11/26/2026 | 80,000 | $20K | No change |
| AITRR AI Transportation Acquis-RTS | RIGHT 09/01/2028 | 129,311 | $17K | Reduce -49.3% |
| DISTR Distoken Acquisition Corp. | RIGHT 99/99/9999 | 125,000 | $13K | No change |
| SHMDW Schmid Group NV -28 | *W EXP 04/30/202 | 46,200 | $12K | No change |
| KACRF Kairous Acquisition Corp.-RTS | RIGHT 09/15/2026 | 50,000 | $10K | No change |
| ATMCW Alphatime Acquisition Cor-28 | *W EXP 03/01/202 | 300,000 | $6K | No change |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | 120,000 | $6K | No change |
| DMYYW DMY Squared Technology GR-27 | *W EXP 99/99/999 | 25,000 | $6K | No change |
| FORLW Four Leaf Acquisition Cor-28 | *W EXP 03/15/202 | 110,000 | $6K | No change |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 100,800 | $4K | No change |
| CHEB.WS Chenghe Acquisition II - 29 | *W EXP 05/30/203 | 100,000 | $4K | No change |
| REEWF Cartesian Growth Corp. II -28 | *W EXP 07/12/202 | 50,000 | $4K | No change |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 43,076 | $3K | No change |
| IXQWF Ix Acquisition Corp. -CW26 | *W EXP 07/31/202 | 50,000 | $3K | No change |
| MKDWW MKD Tech Inc. -29 | *W EXP 06/10/202 | 175,000 | $3K | No change |
| DISTW Distoken Acquisition Corp.-28 | *W EXP 11/30/202 | 125,000 | $2K | No change |
| NVACR Northview Acquisition Co.-RTS | RIGHT 99/99/9999 | 100,000 | $2K | No change |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 28,678 | $2K | No change |
| LAKESHORE BIOPHARMA CO LTD | *W EXP 03/15/202 | 5,000 | $397 | No change |
| KACWF Kairous Acquisition -23 | *W EXP 09/15/202 | 24,900 | $144 | No change |
| RFACW RF Acquisition Corp.-CW27 | *W EXP 05/01/202 | 4,500 | $142 | No change |
| MLKWF Waldencast Acq Class A -CW27 | *W EXP 07/27/202 | 666 | $113 | No change |
| RRAWF Rigel Resource Acquisi -CW23 | *W EXP 99/99/999 | 200 | $66 | No change |
| ZPTAW Zapata Computing Hol- CW23 | *W EXP 02/14/202 | 3,600 | $46 | No change |
| APXIW Apx Acquisition Corp. I -23 | *W EXP 99/99/999 | 50,000 | $0 | No change |
Total filed on the 13F, all lines: $233.5M.
Portfolio Sells Q3 2024 → Q4 2024
| NVEI Nuvei Corp.-Subordinate VTG | Sold out | 0.00% | −5.40 |
| ESHA Esh Acquisition Corp. Class A | Sold out | 0.00% | −4.13 |
| VACHU Voyager Acquisition Corp. | Sold out | 0.00% | −3.94 |
| ALCYF Alchemy Investments Acquisit | Sold out | 0.00% | −2.33 |
| BOWN Bowen Acquisition Corp. | Sold out | 0.00% | −1.79 |
| CTLT Catalent Inc. | Sold out | 0.00% | −1.75 |
| QETA Quetta Acquisition Corp. | Sold out | 0.00% | −1.55 |
| ALPHATIME ACQUISITION CORP | Sold out | 0.00% | −1.39 |
| AITR AI Transportation Acquisitio | Sold out | 0.00% | −1.11 |
| CEP Cantor Equity Partners Inc. | Reduce -41.6% | 1.57% | −0.93 |
| AFJK Aimei Health Technology Co. | Sold out | 0.00% | −0.89 |
| AUGX Augmedix Inc. | Sold out | 0.00% | −0.80 |
| USAR USA Rare Earth Inc. | Sold out | 0.00% | −0.56 |
| CHX Championx Corp. | Sold out | 0.00% | −0.54 |
| ALPHAVEST ACQUISITION CORP | Sold out | 0.00% | −0.46 |
| RCM R1 RCM Inc. | Sold out | 0.00% | −0.18 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.18 |
| TEVOGEN BIO HLDGS INC | Sold out | 0.00% | −0.03 |
| ALF Centurion Acquisition Corp. | Reduce -2.0% | 10.53% | +0.24 |
| IBIT iShares Bitcoin Trust ETF | Reduce -19.2% | 5.74% | +1.07 |
Portfolio Buys Q3 2024 → Q4 2024
| JACS.U Jackson Acquisition Co. II | New | 6.49% | +6.49 |
| SMAR Smartsheet Inc. Class A | Add +100.2% | 9.64% | +5.05 |
| K Kellanova | New | 3.85% | +3.85 |
| MLACU Mountain Lake Acquisition Co. | New | 3.02% | +3.02 |
| SUM Summit Materials Inc. Class A | New | 2.72% | +2.72 |
| PGACU Pantages Capital Acquisition | New | 2.15% | +2.15 |
| HES Hess Corp. | Add +45.8% | 3.73% | +1.21 |
| OSISKO DEVELOPMENT CORP | New | 0.02% | +0.02 |
Notes & Other Activity Q3 2024 → Q4 2024
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | Sold out | 1,237,500 | $136Kbefore exit |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | Sold out | 750,000 | $113Kbefore exit |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | Sold out | 1,237,500 | $112Kbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Sold out | 677,252 | $108Kbefore exit |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | Sold out | 951,498 | $86Kbefore exit |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | Sold out | 1,227,500 | $74Kbefore exit |
| BOWNR Bowen Acquisition Corp.-RTS | RIGHT 99/99/9999 | Reduce -10.3% | 360,927 | $72K |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | Sold out | 475,000 | $62Kbefore exit |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | Sold out | 347,500 | $56Kbefore exit |
| BUJAR Bukit Jalil Global Acquisiti | RIGHT 12/30/2024 | Sold out | 450,000 | $54Kbefore exit |
| ML.WS Moneylion Inc. -CW27 | *W EXP 09/22/202 | New | 279,290 | $51K |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | Sold out | 1,957,785 | $42Kbefore exit |
| MARXR Mars Acquisition Corp.-Rights | RIGHT 99/99/9999 | Sold out | 125,000 | $29Kbefore exit |
| TBMCR Trailblazer Merger Corp.-RTS | RIGHT 04/21/2028 | Sold out | 165,000 | $26Kbefore exit |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | New | 150,000 | $26K |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | Sold out | 450,000 | $22Kbefore exit |
| AITRR AI Transportation Acquis-RTS | RIGHT 09/01/2028 | Reduce -49.3% | 129,311 | $17K |
| SBXC.WS Silverbox Corp. III-28 | *W EXP 02/28/202 | Sold out | 166,333 | $17Kbefore exit |
| TMTCR TMT Acquisition Corp.-RT | RIGHT 03/27/2028 | Sold out | 60,000 | $16Kbefore exit |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | Sold out | 107,882 | $9Kbefore exit |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | Sold out | 586,928 | $8Kbefore exit |
| BUJAW Bukit Jalil Global Acquis-28 | *W EXP 12/30/202 | Sold out | 225,000 | $7Kbefore exit |
| INTEW Integral Acquisition -CW28 | *W EXP 05/31/202 | Sold out | 125,000 | $6Kbefore exit |
| IMAQW International Media Ac -CW28 | *W EXP 99/99/999 | Sold out | 210,100 | $4Kbefore exit |
| CCGWW Cheche Group Inc. - 28 | *W EXP 10/01/203 | Sold out | 146,051 | $2Kbefore exit |
| DRTSW Alpha Tau Medical Ltd. -27 | *W EXP 99/99/999 | Sold out | 6,296 | $1Kbefore exit |
| BLUAW Blueriver Acquisit A -CW26 | *W EXP 01/04/202 | Sold out | 166,666 | $300before exit |
| SHCRW Sharecare Inc. -CW27 | *W EXP 07/01/202 | Sold out | 333 | $29before exit |
| IRIS ACQUISITION CORP | *W EXP 02/28/202 | Sold out | 1,250 | $13before exit |
| AAGRW African Agriculture Hol-CW27 | *W EXP 12/06/202 | Sold out | 10,000 | $10before 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 |