HGC Investment Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), HGC Investment Management Inc. reported 69 stock positions worth $358.7 million. Its top holding was Centurion Acquisition (ALF) at 5.1% of the portfolio, followed by Aa Mission Acquisition Cor-A (AAM, 5.0%) and Jackson Acquisition Class A (JACS, 4.5%). Compared with Q1 2025, it opened 38 new positions, sold out of 16, added to 1 and reduced 10. The biggest buy was a new position in Soulpower Acquisition (SOUL.U) and the biggest sale Velos Acquisition I (VLOS, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001711200
- Portfolio Value
- $358.7M (Q2 2025)
- SEC Filing
- 0001711200-25-000003 ↗ filed Aug 14, 2025
Holdings Value
Holdings 69 stocks · $358.7M
| ALF Centurion Acquisition Corp. | 5.13% | 1,750,000 | $18.4M | Reduce -27.8% |
| AAM Aa Mission Acquisition Cor-A | 4.95% | 1,705,000 | $17.8M | Reduce -30.6% |
| JACS Jackson Acquisition Co. Class A | 4.52% | 1,575,200 | $16.2M | No change |
| AACBU Artius II Acquisition Inc. | 4.32% | 1,500,000 | $15.5M | No change |
| GPAT GP-Act III Acquisition-A | 4.04% | 1,375,000 | $14.5M | Reduce -44.4% |
| SOUL.U Soulpower Acquisition Corp. | 3.70% | 1,303,161 | $13.3M | New |
| SDHIU Siddhi Acquisition Corp. | 3.59% | 1,250,000 | $12.9M | New |
| FERAU Fifth Era Acquisition Corp. I | 3.34% | 1,150,760 | $12.0M | Add +0.9% |
| SKX Skechers USA Inc. Class A | 2.87% | 162,958 | $10.3M | New |
| RDAGU Republic Digital Acquisition | 2.82% | 943,934 | $10.1M | New |
| IPCXU Inflection Point Acquisition | 2.78% | 950,000 | $10.0M | New |
| OBAWU Oxley Bridge Acquisition Ltd. | 2.65% | 950,000 | $9.5M | New |
| IBIT iShares Bitcoin Trust ETF | 2.42% | 141,939 | $8.7M | Reduce -10.1% |
| CGCTU Cartesian Growth Corp. III | 2.26% | 800,000 | $8.1M | New |
| CAEP Cantor Equity Partners III-A | 2.21% | 750,000 | $7.9M | New |
| KFIIU K&F Growth Acquisition Corp. | 2.16% | 750,000 | $7.8M | No change |
| TACHU Titan Acquisition Corp. | 2.15% | 759,131 | $7.7M | New |
| PACHU Pioneer Acquisition I Corp. | 2.07% | 743,077 | $7.4M | New |
| JENA.U Jena Acquisition Corp. II | 2.01% | 700,000 | $7.2M | New |
| MLAC Mountain Lake Acquisition-A | 2.00% | 700,000 | $7.2M | No change |
| SZZLU Sizzle Acquisition Corp. II | 1.86% | 650,539 | $6.7M | New |
| HES Hess Corp. | 1.75% | 45,300 | $6.3M | Reduce -30.6% |
| GTENU Gores Holdings X Inc. | 1.74% | 600,000 | $6.2M | New |
| WENNU Wen Acquisition Corp. | 1.62% | 550,000 | $5.8M | New |
| TVAIU Thayer Ventures Acquisition | 1.49% | 525,000 | $5.3M | New |
| PGACU Pantages Capital Acquisition filed as AIFEEX NEXUS ACQUISITION COR | 1.43% | 500,000 | $5.1M | No change |
| FIGXU Figx Capital Acquisition Cor | 1.40% | 500,000 | $5.0M | New |
| TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V | 1.34% | 450,000 | $4.8M | New |
| NPACU New Providence Acquisition C | 1.31% | 450,000 | $4.7M | New |
| HAYMAKER ACQUISITION CORP 4 | 1.28% | 415,000 | $4.6M | Reduce -27.2% |
| PMTRU Perimeter Acquisition Corp. I | 1.25% | 426,400 | $4.5M | New |
| LOKVU Live Oak Acquisition Corp. V | 1.25% | 402,960 | $4.5M | Reduce -66.4% |
| DNB Dun & Bradstreet Holdings Inc. | 1.21% | 478,939 | $4.4M | Reduce -54.4% |
| YHNAU YHN Acquisition I Ltd. | 1.00% | 344,188 | $3.6M | No change |
| AXINU Axiom Intelligence Acquisiti | 0.98% | 350,000 | $3.5M | New |
| MACIU Melar Acquisition Corp. I | 0.95% | 325,000 | $3.4M | No change |
| FYBR Frontier Communications Pare | 0.91% | 89,361 | $3.3M | Reduce -55.3% |
| BPMC Blueprint Medicines Corp. | 0.90% | 25,298 | $3.2M | New |
| TACOU Berto Acquisition Corp. | 0.90% | 300,000 | $3.2M | New |
| COLAU Columbus Acquisition Corp. | 0.86% | 300,000 | $3.1M | No change |
| TVACU Texas Ventures Acquisition I | 0.85% | 300,000 | $3.1M | New |
| LCCCU Lakeshore Acquisition III Co. | 0.85% | 300,000 | $3.1M | New |
| MAYWOOD ACQUISITION CORP | 0.73% | 250,000 | $2.6M | No change |
| RIBBU Ribbon Acquisition Corp. | 0.72% | 250,000 | $2.6M | No change |
| XRPNU Armada Acquisition Corp. II | 0.71% | 250,000 | $2.6M | New |
| EGHAU Egh Acquisition Corp. | 0.71% | 250,000 | $2.5M | New |
| COPL.U Copley Acquisition Corp. | 0.70% | 250,000 | $2.5M | New |
| BACCU Blue Acquisition Corp. | 0.70% | 250,000 | $2.5M | New |
| LWACU Lightwave Acquisition Corp. | 0.69% | 245,500 | $2.5M | New |
| SWTX Springworks Therapeutics Inc. | 0.63% | 48,443 | $2.3M | New |
| RFAIU RF Acquisition Corp. II | 0.59% | 200,000 | $2.1M | No change |
| NHICU Newhold Investment Corp. III | 0.58% | 200,000 | $2.1M | No change |
| CCCXU Churchill Capital Corp. X | 0.57% | 200,000 | $2.1M | New |
| BLUWU Blue Water Acquisition III filed as BLUE WTR ACQUISITION CORP. I | 0.56% | 200,000 | $2.0M | New |
| UYSCU Uy Scuti Acquisition Corp. | 0.43% | 150,000 | $1.5M | No change |
| CRAQU Cal Redwood Acquisition Corp. | 0.43% | 150,000 | $1.5M | New |
| GSHRU Gesher Acquisition Corp. II | 0.43% | 150,000 | $1.5M | No change |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 0.32% | 100,600 | $1.1M | Reduce -93.3% |
| MCGAU Yorkville Acquisition Corp. | 0.31% | 100,000 | $1.1M | New |
| PLMKU Plum Acquisition Corp. IV | 0.29% | 100,000 | $1.0M | No change |
| RDAG Republic Digital Acquis Class A | 0.29% | 100,000 | $1.0M | New |
| TASK Taskus Inc. Class A | 0.20% | 43,851 | $735K | New |
| FSHPU Flag Ship Acquisition Corp. | 0.08% | 27,000 | $297K | No change |
| SIMA Sim Acquisition Corp. I-A | 0.07% | 25,000 | $261K | No change |
| MURA Mural Oncology PLC | 0.06% | 87,968 | $217K | New |
| ICAD Icad Inc. | 0.04% | 33,096 | $126K | New |
| SHMD Schmid Group NV | 0.00% | 2,505 | $7K | No change |
| AAGR African Agriculture Holdings | 0.00% | 168,036 | $2K | No change |
| BKSY Blacksky Technology Inc. | 0.00% | 75 | $2K | No change |
Other holdings (33): bonds, preferreds, convertibles and warrants · $1.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 1,575,200 | $425K | New |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 700,000 | $119K | No change |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 9,468 | $76K | New |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 503,500 | $76K | Reduce -39.9% |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | 100,000 | $70K | Reduce -83.3% |
| ATMVR Alphavest Acquisition Co.-RT | RIGHT 01/22/2026 | 200,000 | $60K | No change |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 150,000 | $53K | No change |
| DMYYW DMY Squared Technology GR-27 | *W EXP 99/99/999 | 25,000 | $48K | No change |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | 150,000 | $44K | Reduce -25.0% |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 50,000 | $40K | New |
| OAKUR Oak Woods Acquisition Cor-RT | RIGHT 03/23/2028 | 120,000 | $26K | No change |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | 150,000 | $26K | Reduce -40.0% |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 100,800 | $22K | No change |
| AMBWQ Ambipar Emergency Respons-28 | *W EXP 03/03/202 | 130,905 | $20K | No change |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | 50,000 | $15K | No change |
| DISTW Distoken Acquisition Corp.-28 | *W EXP 11/30/202 | 125,000 | $15K | No change |
| BKHAR Black Hawk Acquisition C-RTS | RIGHT 06/20/2025 | 10,000 | $14K | New |
| SHMDW Schmid Group NV -28 | *W EXP 04/30/202 | 46,200 | $14K | No change |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 28,678 | $11K | No change |
| ATMCW Alphatime Acquisition Cor-28 | *W EXP 03/01/202 | 300,000 | $9K | No change |
| CHEB.WS Chenghe Acquisition II - 29 | *W EXP 05/30/203 | 100,000 | $9K | No change |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 43,076 | $6K | No change |
| REEWF Cartesian Growth Corp. II -28 | *W EXP 07/12/202 | 50,000 | $6K | No change |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | 120,000 | $4K | No change |
| FORLW Four Leaf Acquisition Cor-28 | *W EXP 03/15/202 | 110,000 | $3K | No change |
| MKDWW MKD Tech Inc. -29 | *W EXP 06/10/202 | 175,000 | $2K | No change |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | 25,000 | $2K | New |
| GCLWW GCL Global Holdings-A -CW26 | *W EXP 02/13/203 | 4,500 | $422 | No change |
| LIMNW Liminatus Pharma Inc. Class A-28 | *W EXP 04/30/203 | 1,250 | $300 | New |
| LAKESHORE BIOPHARMA CO LTD | *W EXP 03/15/202 | 5,000 | $200 | No change |
| MLKWF Waldencast Acq Class A -CW27 | *W EXP 07/27/202 | 666 | $65 | No change |
| ML.WS Moneylion Inc. -CW27 | *W EXP 09/22/202 | 20 | $0 | Reduce -100.0% |
| AITRR AI Transportation Acquis-RTS | RIGHT 09/01/2028 | 129,311 | $0 | No change |
Total filed on the 13F, all lines: $359.9M.
Portfolio Sells Q1 2025 → Q2 2025
| VLOS Velos Acquisition I Corp. | Reduce -93.3% | 0.32% | −5.18 |
| GPAT GP-Act III Acquisition-A | Reduce -44.4% | 4.04% | −5.07 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −4.04 |
| AAM Aa Mission Acquisition Cor-A | Reduce -30.6% | 4.95% | −4.04 |
| ALF Centurion Acquisition Corp. | Reduce -27.8% | 5.13% | −3.79 |
| CEPO Cantor Equity Partners I-A | Sold out | 0.00% | −3.66 |
| LOKVU Live Oak Acquisition Corp. V | Reduce -66.4% | 1.25% | −3.08 |
| DNB Dun & Bradstreet Holdings Inc. | Reduce -54.4% | 1.21% | −2.14 |
| HES Hess Corp. | Reduce -30.6% | 1.75% | −1.98 |
| SPKLF Spark I Acquisition Corp. | Sold out | 0.00% | −1.70 |
| AMPS Altus Power Inc. | Sold out | 0.00% | −1.68 |
| FYBR Frontier Communications Pare | Reduce -55.3% | 0.91% | −1.66 |
| K Kellanova | Sold out | 0.00% | −1.49 |
| CEP Cantor Equity Partners Inc. | Sold out | 0.00% | −1.35 |
| HAYMAKER ACQUISITION CORP 4 | Reduce -27.2% | 1.28% | −0.95 |
| LEGT Legato Merger Corp. III | Sold out | 0.00% | −0.94 |
| CHEB Chenghe Acquisition II Co. | Sold out | 0.00% | −0.73 |
| NETD Nabors Energy Transition C-A | Sold out | 0.00% | −0.55 |
| ML Moneylion Inc. | Sold out | 0.00% | −0.47 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.43 |
| JVSA Jvspac Acquisition Corp. Class A | Sold out | 0.00% | −0.38 |
| IBIT iShares Bitcoin Trust ETF | Reduce -10.1% | 2.42% | −0.22 |
| BKHAU Black Hawk Acquisition Corp. | Sold out | 0.00% | −0.19 |
| CRGX Cargo Therapeutics Inc. | Sold out | 0.00% | −0.15 |
| SLRN Acelyrin Inc. | Sold out | 0.00% | −0.06 |
| VTS Vitesse Energy Inc. | Sold out | 0.00% | 0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| SOUL.U Soulpower Acquisition Corp. | New | 3.70% | +3.70 |
| SDHIU Siddhi Acquisition Corp. | New | 3.59% | +3.59 |
| SKX Skechers USA Inc. Class A | New | 2.87% | +2.87 |
| RDAGU Republic Digital Acquisition | New | 2.82% | +2.82 |
| IPCXU Inflection Point Acquisition | New | 2.78% | +2.78 |
| OBAWU Oxley Bridge Acquisition Ltd. | New | 2.65% | +2.65 |
| CGCTU Cartesian Growth Corp. III | New | 2.26% | +2.26 |
| CAEP Cantor Equity Partners III-A | New | 2.21% | +2.21 |
| TACHU Titan Acquisition Corp. | New | 2.15% | +2.15 |
| PACHU Pioneer Acquisition I Corp. | New | 2.07% | +2.07 |
| JENA.U Jena Acquisition Corp. II | New | 2.01% | +2.01 |
| SZZLU Sizzle Acquisition Corp. II | New | 1.86% | +1.86 |
| GTENU Gores Holdings X Inc. | New | 1.74% | +1.74 |
| WENNU Wen Acquisition Corp. | New | 1.62% | +1.62 |
| TVAIU Thayer Ventures Acquisition | New | 1.49% | +1.49 |
| FIGXU Figx Capital Acquisition Cor | New | 1.40% | +1.40 |
| TMS Teamshares Inc. | New | 1.34% | +1.34 |
| NPACU New Providence Acquisition C | New | 1.31% | +1.31 |
| PMTRU Perimeter Acquisition Corp. I | New | 1.25% | +1.25 |
| AXINU Axiom Intelligence Acquisiti | New | 0.98% | +0.98 |
| BPMC Blueprint Medicines Corp. | New | 0.90% | +0.90 |
| TACOU Berto Acquisition Corp. | New | 0.90% | +0.90 |
| TVACU Texas Ventures Acquisition I | New | 0.85% | +0.85 |
| LCCCU Lakeshore Acquisition III Co. | New | 0.85% | +0.85 |
| XRPNU Armada Acquisition Corp. II | New | 0.71% | +0.71 |
| EGHAU Egh Acquisition Corp. | New | 0.71% | +0.71 |
| COPL.U Copley Acquisition Corp. | New | 0.70% | +0.70 |
| BACCU Blue Acquisition Corp. | New | 0.70% | +0.70 |
| LWACU Lightwave Acquisition Corp. | New | 0.69% | +0.69 |
| SWTX Springworks Therapeutics Inc. | New | 0.63% | +0.63 |
| CCCXU Churchill Capital Corp. X | New | 0.57% | +0.57 |
| BLUWU Blue Water Acquisition III | New | 0.56% | +0.56 |
| CRAQU Cal Redwood Acquisition Corp. | New | 0.43% | +0.43 |
| MCGAU Yorkville Acquisition Corp. | New | 0.31% | +0.31 |
| RDAG Republic Digital Acquis Class A | New | 0.29% | +0.29 |
| TASK Taskus Inc. Class A | New | 0.20% | +0.20 |
| MURA Mural Oncology PLC | New | 0.06% | +0.06 |
| ICAD Icad Inc. | New | 0.04% | +0.04 |
| FERAU Fifth Era Acquisition Corp. I | Add +0.9% | 3.34% | −0.77 |
Notes & Other Activity Q1 2025 → Q2 2025
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | New | 1,575,200 | $425K |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | New | 9,468 | $76K |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | Reduce -39.9% | 503,500 | $76K |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | Reduce -83.3% | 100,000 | $70K |
| GLLRF Global Lights Acquisition Co. | RIGHT 99/99/9999 | Sold out | 300,000 | $66Kbefore exit |
| AQUNR Aquaron Acquisition Corp.-RTS | RIGHT 07/15/2026 | Sold out | 140,000 | $49Kbefore exit |
| ATMCR Alphatime Acquisition-Right | RIGHT 03/01/2028 | Sold out | 300,000 | $45Kbefore exit |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | Reduce -25.0% | 150,000 | $44K |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | New | 50,000 | $40K |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | Reduce -40.0% | 150,000 | $26K |
| JVSAR Jvspac Acquisition Corp.-RTS | RIGHT 11/26/2026 | Sold out | 80,000 | $22Kbefore exit |
| DISTR Distoken Acquisition Corp. | RIGHT 99/99/9999 | Sold out | 125,000 | $22Kbefore exit |
| BKHAR Black Hawk Acquisition C-RTS | RIGHT 06/20/2025 | New | 10,000 | $14K |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | New | 25,000 | $2K |
| LIMNW Liminatus Pharma Inc. Class A-28 | *W EXP 04/30/203 | New | 1,250 | $300 |
| ML.WS Moneylion Inc. -CW27 | *W EXP 09/22/202 | Reduce -100.0% | 20 | $0 |
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 |