HGC Investment Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), HGC Investment Management Inc. reported 47 stock positions worth $279.8 million. Its top holding was GP-Act III Acquisition-A (GPAT) at 9.1% of the portfolio, followed by Aa Mission Acquisition Cor-A (AAM, 9.0%) and Centurion Acquisition (ALF, 8.9%). Compared with Q4 2024, it opened 21 new positions, sold out of 7, added to 1 and reduced 4. The biggest buy was a new position in Artius II Acquisition (AACBU) and the biggest sale an exit from Smartsheet Class A (SMAR).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001711200
- Portfolio Value
- $279.8M (Q1 2025)
- SEC Filing
- 0001711200-25-000002 ↗ filed May 15, 2025
Holdings Value
Holdings 47 stocks · $279.8M
| GPAT GP-Act III Acquisition-A | 9.11% | 2,475,000 | $25.5M | No change |
| AAM Aa Mission Acquisition Cor-A | 8.99% | 2,455,000 | $25.2M | No change |
| ALF Centurion Acquisition Corp. | 8.93% | 2,425,000 | $25.0M | No change |
| JACS.U Jackson Acquisition Co. II | 5.79% | 1,575,200 | $16.2M | Add +5.0% |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 5.49% | 1,500,000 | $15.4M | No change |
| AACBU Artius II Acquisition Inc. | 5.40% | 1,500,000 | $15.1M | New |
| LOKVU Live Oak Acquisition Corp. V | 4.32% | 1,200,000 | $12.1M | New |
| FERAU Fifth Era Acquisition Corp. I | 4.10% | 1,140,760 | $11.5M | New |
| ITCI Intra-Cellular Therapies Inc. | 4.04% | 85,800 | $11.3M | New |
| HES Hess Corp. | 3.73% | 65,300 | $10.4M | No change |
| CEPO Cantor Equity Partners I-A | 3.66% | 1,000,000 | $10.2M | New |
| DNB Dun & Bradstreet Holdings Inc. | 3.35% | 1,050,000 | $9.4M | New |
| KFIIU K&F Growth Acquisition Corp. | 2.70% | 750,000 | $7.6M | New |
| IBIT iShares Bitcoin Trust ETF | 2.64% | 157,849 | $7.4M | Reduce -37.3% |
| FYBR Frontier Communications Pare | 2.56% | 200,000 | $7.2M | New |
| MLAC Mountain Lake Acquisition-A | 2.51% | 700,000 | $7.0M | No change |
| HAYMAKER ACQUISITION CORP 4 | 2.24% | 570,000 | $6.3M | No change |
| PGACU Pantages Capital Acquisition filed as AIFEEX NEXUS ACQUISITION COR | 1.83% | 500,000 | $5.1M | No change |
| SPKLF Spark I Acquisition Corp. | 1.70% | 440,600 | $4.8M | No change |
| AMPS Altus Power Inc. | 1.68% | 949,786 | $4.7M | New |
| K Kellanova | 1.49% | 50,389 | $4.2M | Reduce -54.4% |
| CEP Cantor Equity Partners Inc. | 1.35% | 351,132 | $3.8M | No change |
| YHNAU YHN Acquisition I Ltd. | 1.27% | 344,188 | $3.5M | Reduce -0.2% |
| MACIU Melar Acquisition Corp. I | 1.20% | 325,000 | $3.3M | No change |
| COLAU Columbus Acquisition Corp. | 1.09% | 300,000 | $3.0M | New |
| LEGT Legato Merger Corp. III | 0.94% | 250,000 | $2.6M | No change |
| RIBBU Ribbon Acquisition Corp. | 0.92% | 250,000 | $2.6M | New |
| MAYWOOD ACQUISITION CORP | 0.91% | 250,000 | $2.5M | New |
| RFAIU RF Acquisition Corp. II | 0.74% | 200,000 | $2.1M | No change |
| CHEB Chenghe Acquisition II Co. | 0.73% | 200,000 | $2.1M | No change |
| NHICU Newhold Investment Corp. III | 0.72% | 200,000 | $2.0M | New |
| NETD Nabors Energy Transition C-A | 0.55% | 139,792 | $1.5M | Reduce -87.7% |
| UYSCU Uy Scuti Acquisition Corp. | 0.54% | 150,000 | $1.5M | New |
| GSHRU Gesher Acquisition Corp. II | 0.54% | 150,000 | $1.5M | New |
| ML Moneylion Inc. | 0.47% | 15,200 | $1.3M | New |
| COOP Mr Cooper Group Inc. | 0.43% | 10,000 | $1.2M | New |
| JVSA Jvspac Acquisition Corp. Class A | 0.38% | 100,000 | $1.1M | No change |
| PLMKU Plum Acquisition Corp. IV | 0.36% | 100,000 | $1.0M | New |
| BKHAU Black Hawk Acquisition Corp. | 0.19% | 50,000 | $538K | No change |
| CRGX Cargo Therapeutics Inc. | 0.15% | 100,000 | $407K | New |
| FSHPU Flag Ship Acquisition Corp. | 0.10% | 27,000 | $281K | No change |
| SIMA Sim Acquisition Corp. I-A | 0.09% | 25,000 | $256K | No change |
| SLRN Acelyrin Inc. | 0.06% | 70,425 | $174K | New |
| SHMD Schmid Group NV | 0.00% | 2,505 | $10K | No change |
| BKSY Blacksky Technology Inc. | 0.00% | 75 | $580 | No change |
| AAGR African Agriculture Holdings | 0.00% | 168,036 | $0 | No change |
| VTS Vitesse Energy Inc. | 0.00% | 1 | $0 | New |
Other holdings (31): bonds, preferreds, convertibles and warrants · $1.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 837,500 | $251K | Reduce -29.5% |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 700,000 | $129K | No change |
| ML.WS Moneylion Inc. -CW27 | *W EXP 09/22/202 | 279,290 | $74K | No change |
| GLLRF Global Lights Acquisition Co. | RIGHT 99/99/9999 | 300,000 | $66K | No change |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | 250,000 | $60K | New |
| AQUNR Aquaron Acquisition Corp.-RTS | RIGHT 07/15/2026 | 140,000 | $49K | No change |
| ATMCR Alphatime Acquisition-Right | RIGHT 03/01/2028 | 300,000 | $45K | No change |
| ATMVR Alphavest Acquisition Co.-RT | RIGHT 01/22/2026 | 200,000 | $45K | No change |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | 200,000 | $38K | No change |
| AMBWQ Ambipar Emergency Respons-28 | *W EXP 03/03/202 | 130,905 | $33K | No change |
| OAKUR Oak Woods Acquisition Cor-RT | RIGHT 03/23/2028 | 120,000 | $31K | No change |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 150,000 | $30K | No change |
| DMYYW DMY Squared Technology GR-27 | *W EXP 99/99/999 | 25,000 | $23K | No change |
| JVSAR Jvspac Acquisition Corp.-RTS | RIGHT 11/26/2026 | 80,000 | $22K | No change |
| DISTR Distoken Acquisition Corp. | RIGHT 99/99/9999 | 125,000 | $22K | No change |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | 50,000 | $22K | No change |
| SHMDW Schmid Group NV -28 | *W EXP 04/30/202 | 46,200 | $17K | No change |
| AITRR AI Transportation Acquis-RTS | RIGHT 09/01/2028 | 129,311 | $17K | No change |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 100,800 | $11K | No change |
| FORLW Four Leaf Acquisition Cor-28 | *W EXP 03/15/202 | 110,000 | $5K | No change |
| CHEB.WS Chenghe Acquisition II - 29 | *W EXP 05/30/203 | 100,000 | $5K | No change |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | 120,000 | $4K | No change |
| ATMCW Alphatime Acquisition Cor-28 | *W EXP 03/01/202 | 300,000 | $4K | No change |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 43,076 | $4K | No change |
| REEWF Cartesian Growth Corp. II -28 | *W EXP 07/12/202 | 50,000 | $4K | No change |
| DISTW Distoken Acquisition Corp.-28 | *W EXP 11/30/202 | 125,000 | $3K | No change |
| MKDWW MKD Tech Inc. -29 | *W EXP 06/10/202 | 175,000 | $2K | No change |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 28,678 | $2K | No change |
| GCLWW GCL Global Holdings-A -CW26 | *W EXP 02/13/203 | 4,500 | $227 | New |
| LAKESHORE BIOPHARMA CO LTD | *W EXP 03/15/202 | 5,000 | $206 | No change |
| MLKWF Waldencast Acq Class A -CW27 | *W EXP 07/27/202 | 666 | $87 | No change |
Total filed on the 13F, all lines: $280.9M.
Portfolio Sells Q4 2024 → Q1 2025
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −9.64 |
| NETD Nabors Energy Transition C-A | Reduce -87.7% | 0.55% | −4.74 |
| ARES ACQUISITION CORP II | Sold out | 0.00% | −4.63 |
| IBIT iShares Bitcoin Trust ETF | Reduce -37.3% | 2.64% | −3.10 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −2.72 |
| K Kellanova | Reduce -54.4% | 1.49% | −2.36 |
| DYCQU DT Cloud Acquisition Corp. | Sold out | 0.00% | −1.14 |
| YHNAU YHN Acquisition I Ltd. | Reduce -0.2% | 1.27% | −0.24 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −0.21 |
| OSISKO DEVELOPMENT CORP | Sold out | 0.00% | −0.02 |
| NORTHVIEW ACQUISITION CORP | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| AACBU Artius II Acquisition Inc. | New | 5.40% | +5.40 |
| LOKVU Live Oak Acquisition Corp. V | New | 4.32% | +4.32 |
| FERAU Fifth Era Acquisition Corp. I | New | 4.10% | +4.10 |
| ITCI Intra-Cellular Therapies Inc. | New | 4.04% | +4.04 |
| CEPO Cantor Equity Partners I-A | New | 3.66% | +3.66 |
| DNB Dun & Bradstreet Holdings Inc. | New | 3.35% | +3.35 |
| KFIIU K&F Growth Acquisition Corp. | New | 2.70% | +2.70 |
| FYBR Frontier Communications Pare | New | 2.56% | +2.56 |
| AMPS Altus Power Inc. | New | 1.68% | +1.68 |
| COLAU Columbus Acquisition Corp. | New | 1.09% | +1.09 |
| RIBBU Ribbon Acquisition Corp. | New | 0.92% | +0.92 |
| MAYWOOD ACQUISITION CORP | New | 0.91% | +0.91 |
| NHICU Newhold Investment Corp. III | New | 0.72% | +0.72 |
| UYSCU Uy Scuti Acquisition Corp. | New | 0.54% | +0.54 |
| GSHRU Gesher Acquisition Corp. II | New | 0.54% | +0.54 |
| ML Moneylion Inc. | New | 0.47% | +0.47 |
| COOP Mr Cooper Group Inc. | New | 0.43% | +0.43 |
| PLMKU Plum Acquisition Corp. IV | New | 0.36% | +0.36 |
| CRGX Cargo Therapeutics Inc. | New | 0.15% | +0.15 |
| SLRN Acelyrin Inc. | New | 0.06% | +0.06 |
| VTS Vitesse Energy Inc. | New | 0.00% | 0.00 |
| JACS.U Jackson Acquisition Co. II | Add +5.0% | 5.79% | −0.69 |
Notes & Other Activity Q4 2024 → Q1 2025
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | Reduce -29.5% | 837,500 | $251K |
| BOWNR Bowen Acquisition Corp.-RTS | RIGHT 99/99/9999 | Sold out | 360,927 | $72Kbefore exit |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | New | 250,000 | $60K |
| KACRF Kairous Acquisition Corp.-RTS | RIGHT 09/15/2026 | Sold out | 50,000 | $10Kbefore exit |
| IXQWF Ix Acquisition Corp. -CW26 | *W EXP 07/31/202 | Sold out | 50,000 | $3Kbefore exit |
| NVACR Northview Acquisition Co.-RTS | RIGHT 99/99/9999 | Sold out | 100,000 | $2Kbefore exit |
| GCLWW GCL Global Holdings-A -CW26 | *W EXP 02/13/203 | New | 4,500 | $227 |
| KACWF Kairous Acquisition -23 | *W EXP 09/15/202 | Sold out | 24,900 | $144before exit |
| RFACW RF Acquisition Corp.-CW27 | *W EXP 05/01/202 | Sold out | 4,500 | $142before exit |
| RRAWF Rigel Resource Acquisi -CW23 | *W EXP 99/99/999 | Sold out | 200 | $66before exit |
| ZPTAW Zapata Computing Hol- CW23 | *W EXP 02/14/202 | Sold out | 3,600 | $46before exit |
| APXIW Apx Acquisition Corp. I -23 | *W EXP 99/99/999 | Sold out | 50,000 | $0before 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 |