Kepos Capital LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Kepos Capital LP reported 34 stock positions worth $114.7 million. Its top holding was Roman DBDR Acquisition (DRDBU) at 13.8% of the portfolio, followed by Hadron Energy (HDRN, 13.4%) and Eqv Ventures Acquisition C-A (FTW, 11.2%). Compared with Q3 2024, it opened 12 new positions, sold out of 169, added to 1 and reduced 21. The biggest buy was a new position in Roman DBDR Acquisition (DRDBU) and the biggest sale an exit from Hess (HES).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001512020
- Portfolio Value
- $114.7M (Q4 2024)
- SEC Filing
- 0001512020-25-000002 ↗ filed Feb 11, 2025
Holdings Value
Holdings 34 stocks · $114.7M
| DRDBU Roman DBDR Acquisition Corp. | 13.83% | 1,591,100 | $15.9M | New |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 13.36% | 1,532,100 | $15.3M | Reduce -17.8% |
| FTW Eqv Ventures Acquisition C-A | 11.18% | 1,284,399 | $12.8M | Reduce -19.2% |
| GSRTU GSR III Acquisition Corp. | 8.74% | 996,986 | $10.0M | New |
| FACTU Fact II Acquisition Corp. | 8.49% | 975,700 | $9.7M | New |
| ALDFU Aldel Financial II Inc. | 8.22% | 937,459 | $9.4M | New |
| LPBB Launch Two Acquisition Class A | 7.19% | 828,300 | $8.2M | New |
| NTWO Newbury Street II Ac Class A | 7.01% | 811,800 | $8.0M | New |
| CME Cme Group Inc. | 6.07% | 30,000 | $7.0M | Reduce -0.6% |
| WLACU Willow Lane Acquisition Corp. | 4.59% | 527,900 | $5.3M | New |
| CCIR Cohen Circle Acquisitio Class A | 2.10% | 240,384 | $2.4M | New |
| MBB iShares MBS ETF | 1.25% | 15,700 | $1.4M | Reduce -14.2% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 1.14% | 44,400 | $1.3M | Reduce -2.4% |
| OACCU Oaktree Acquisition III Life | 0.62% | 70,000 | $709K | New |
| CUB Lionheart Holdings Class A | 0.59% | 67,500 | $682K | Reduce -77.5% |
| BSII Black Spade Acquisition II C | 0.58% | 67,500 | $671K | Reduce -75.5% |
| POLE Andretti Acquisition Corp. Class A | 0.44% | 50,000 | $500K | Reduce -96.1% |
| BEAGU Bold Eagle Acquisition Corp. | 0.40% | 45,000 | $454K | New |
| GPAT GP-Act III Acquisition-A | 0.38% | 42,500 | $431K | Reduce -90.0% |
| ALF Centurion Acquisition Corp. | 0.37% | 42,500 | $429K | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.37% | 5,400 | $425K | Add +107.7% |
| SWAG Stran & Co. Inc. | 0.36% | 454,357 | $409K | Reduce -24.3% |
| ARES ACQUISITION CORP II | 0.33% | 35,000 | $384K | Reduce -90.7% |
| LEGT Legato Merger Corp. III | 0.27% | 30,000 | $309K | Reduce -70.0% |
| RFAI RF Acquisition Corp. II | 0.27% | 30,000 | $307K | Reduce -70.0% |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.27% | 30,000 | $305K | Reduce -85.0% |
| TONT Graf Global Corp. Class A | 0.26% | 30,000 | $303K | Reduce -70.0% |
| VCIC Vine Hill Capital Class A | 0.26% | 30,000 | $302K | Reduce -85.0% |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 0.26% | 30,000 | $301K | Reduce -70.0% |
| SIMA Sim Acquisition Corp. I-A | 0.26% | 30,000 | $301K | Reduce -70.0% |
| VACH Voyager Acquisition Corp. | 0.26% | 30,000 | $301K | Reduce -88.0% |
| NKGN Nkgen Biotech Inc. | 0.13% | 230,022 | $151K | New |
| PCY Invesco Emerging Markets Sov | 0.08% | 4,400 | $87K | Reduce -45.0% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.07% | 800 | $85K | Reduce -86.0% |
Other holdings (23): bonds, preferreds, convertibles and warrants · $972K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GFAIW Guardforce AI Co. Ltd. -CW26 | *W EXP 10/01/202 | 473,559 | $166K | Reduce -4.0% |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 408,133 | $147K | New |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | 1,464,600 | $95K | Reduce -20.9% |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 1,231,300 | $87K | Reduce -8.8% |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | 416,479 | $85K | New |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 389,150 | $76K | New |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | 405,900 | $61K | New |
| CLNNW Clene Inc. -CW25 | *W EXP 12/30/202 | 886,592 | $44K | No change |
| COOTW Australian Oilseeds Holdi-29 | *W EXP 03/22/202 | 1,129,568 | $39K | No change |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | 69,128 | $31K | New |
| VLNWF Valens Semiconductor -CW26 | *W EXP 09/30/202 | 333,309 | $27K | No change |
| APCXW Apptech -CW26 | *W EXP 01/04/202 | 219,485 | $26K | Reduce -8.9% |
| MSPRW MSP Recovery Inc. -27 | *W EXP 05/20/202 | 7,400,000 | $24K | No change |
| WINVW Winvest Acquisition -CW23 | *W EXP 08/09/202 | 1,000,000 | $17K | No change |
| KTTAW Pasithea Therapeutics -CW26 | *W EXP 08/12/202 | 334,600 | $12K | No change |
| DAVEW Dave Inc. -CW27 | *W EXP 01/05/202 | 66,307 | $11K | No change |
| SMXWW SMX Security Matters PLC-28 | *W EXP 03/07/202 | 195,000 | $11K | No change |
| TCBWF TC Biopharm Holdings Ltd. | *W EXP 02/10/202 | 470,588 | $5K | No change |
| SLXNW Biomotion Sciences-CW29 | *W EXP 08/15/202 | 100,000 | $3K | No change |
| SWVLW Pivotal Holdings Corp. -CW27 | *W EXP 99/99/999 | 133,333 | $2K | Reduce -6.6% |
| ZAPWF Zapp Electric Vehicles -28 | *W EXP 99/99/999 | 220,866 | $2K | No change |
| CEPTON INC | *W EXP 06/01/202 | 175,246 | $1K | No change |
| SONWQ Gores Metropoulos II -CW28 | *W EXP 01/18/202 | 26,780 | $0 | No change |
Total filed on the 13F, all lines: $115.7M.
Portfolio Sells Q3 2024 → Q4 2024
| HES Hess Corp. | Sold out | 0.00% | −15.86 |
| POLE Andretti Acquisition Corp. Class A | Reduce -96.1% | 0.44% | −5.27 |
| QDEL Quidelortho Corp. | Sold out | 0.00% | −3.01 |
| LNTH Lantheus Holdings Inc. | Sold out | 0.00% | −2.41 |
| LIVN Livanova PLC | Sold out | 0.00% | −2.31 |
| FLD Fold Holdings Inc. | Sold out | 0.00% | −2.29 |
| SVIIF Spring Valley Acquisition-A | Sold out | 0.00% | −2.22 |
| CFFS CF Acquisition Corp. Vii Class A | Sold out | 0.00% | −1.95 |
| GHIX Gores Holding Ix Inc. Class A | Sold out | 0.00% | −1.92 |
| COLOMBIER ACQUISITION CORP | Sold out | 0.00% | −1.81 |
| GPAT GP-Act III Acquisition-A | Reduce -90.0% | 0.38% | −1.51 |
| SKGR SK Growth Opportunities Co. Class A | Sold out | 0.00% | −1.50 |
| EVE Eve Mobility Acquisition C-A | Sold out | 0.00% | −1.46 |
| ARES ACQUISITION CORP II | Reduce -90.7% | 0.33% | −1.45 |
| ATMU Atmus Filtration Technologie | Sold out | 0.00% | −1.32 |
| RCFAF Perception Capital Corp. IV | Sold out | 0.00% | −1.26 |
| BFACF Battery Future Acquisition-A | Sold out | 0.00% | −1.22 |
| THCP Thunder Bridge Capital Par-A | Sold out | 0.00% | −1.16 |
| FTRE Fortrea Holdings Inc. | Sold out | 0.00% | −1.10 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −1.06 |
| CCTSF Cactus Acquisition Corp. 1 LT | Sold out | 0.00% | −1.02 |
| FIVN FIVE9 Inc. | Sold out | 0.00% | −1.01 |
| CRTAF Cartica Acquisition Corp. Class A | Sold out | 0.00% | −1.01 |
| ALFUU Centurion Acquisition Corp. | Sold out | 0.00% | −1.00 |
| TGAAF Target Global Acquisition -A | Sold out | 0.00% | −0.99 |
| ESHA Esh Acquisition Corp. Class A | Sold out | 0.00% | −0.93 |
| EXEL Exelixis Inc. | Sold out | 0.00% | −0.86 |
| VACH Voyager Acquisition Corp. | Reduce -88.0% | 0.26% | −0.84 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −0.82 |
| CUB Lionheart Holdings Class A | Reduce -77.5% | 0.59% | −0.74 |
| BLMN Bloomin' Brands Inc. | Sold out | 0.00% | −0.73 |
| BSII Black Spade Acquisition II C | Reduce -75.5% | 0.58% | −0.62 |
| VCIC Vine Hill Capital Class A | Reduce -85.0% | 0.26% | −0.62 |
| FRNM Freenome Inc. | Reduce -85.0% | 0.27% | −0.62 |
| MANU Manchester United PLC Class A | Sold out | 0.00% | −0.53 |
| GRID First TRST Nasd Class Edg Sgiif | Sold out | 0.00% | −0.51 |
| PLMJF Plum Acquisition Corp. III | Sold out | 0.00% | −0.48 |
| CHEB.U Chenghe Acquisition II Co. | Sold out | 0.00% | −0.46 |
| VSTS Vestis Corp. | Sold out | 0.00% | −0.43 |
| VMC Vulcan Materials Co. | Sold out | 0.00% | −0.42 |
| FVNNU Future Vision II Acq Corp. | Sold out | 0.00% | −0.35 |
| AWK American Water Works Co. Inc. | Sold out | 0.00% | −0.26 |
| PHO Invesco Water Resources ETF | Sold out | 0.00% | −0.25 |
| USIO Usio Inc. | Sold out | 0.00% | −0.22 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -86.0% | 0.07% | −0.21 |
| ADSE ADS-Tec Energy PLC | Sold out | 0.00% | −0.20 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.19 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.19 |
| XYL Xylem Inc. | Sold out | 0.00% | −0.18 |
| RFAI RF Acquisition Corp. II | Reduce -70.0% | 0.27% | −0.18 |
Portfolio Buys Q3 2024 → Q4 2024
| DRDBU Roman DBDR Acquisition Corp. | New | 13.83% | +13.83 |
| GSRTU GSR III Acquisition Corp. | New | 8.74% | +8.74 |
| FACTU Fact II Acquisition Corp. | New | 8.49% | +8.49 |
| ALDFU Aldel Financial II Inc. | New | 8.22% | +8.22 |
| LPBB Launch Two Acquisition Class A | New | 7.19% | +7.19 |
| NTWO Newbury Street II Ac Class A | New | 7.01% | +7.01 |
| WLACU Willow Lane Acquisition Corp. | New | 4.59% | +4.59 |
| CCIR Cohen Circle Acquisitio Class A | New | 2.10% | +2.10 |
| OACCU Oaktree Acquisition III Life | New | 0.62% | +0.62 |
| BEAGU Bold Eagle Acquisition Corp. | New | 0.40% | +0.40 |
| ALF Centurion Acquisition Corp. | New | 0.37% | +0.37 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +107.7% | 0.37% | +0.28 |
| NKGN Nkgen Biotech Inc. | New | 0.13% | +0.13 |
Notes & Other Activity Q3 2024 → Q4 2024
| GFAIW Guardforce AI Co. Ltd. -CW26 | *W EXP 10/01/202 | Reduce -4.0% | 473,559 | $166K |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | New | 408,133 | $147K |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | Reduce -20.9% | 1,464,600 | $95K |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | Reduce -8.8% | 1,231,300 | $87K |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | New | 416,479 | $85K |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | New | 389,150 | $76K |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | Sold out | 37,800 | $65Kbefore exit |
| Colombier Acquisition - 29 | *W EXP 11/24/202 | Sold out | 200,000 | $64Kbefore exit |
| XFINW Excelfin Acquisition -CW23 | *W EXP 10/25/202 | Sold out | 416,479 | $62Kbefore exit |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | New | 405,900 | $61K |
| ADSEW ADS-Tec Energy PLC-WRNT | *W EXP 99/99/999 | Sold out | 16,900 | $42Kbefore exit |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | Sold out | 300,000 | $33Kbefore exit |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | New | 69,128 | $31K |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | Sold out | 175,000 | $30Kbefore exit |
| APCXW Apptech -CW26 | *W EXP 01/04/202 | Reduce -8.9% | 219,485 | $26K |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | Sold out | 16,000 | $20Kbefore exit |
| DPCSW DP Cap Acquisition A -CW23 | *W EXP 11/08/202 | Sold out | 1,050,000 | $19Kbefore exit |
| RFAIR RF Acquisition Corp. II | RIGHT 05/01/2026 | Sold out | 250,000 | $16Kbefore exit |
| ONYXW Onyx Acq Co. I Class A -CW23 | *W EXP 11/30/202 | Sold out | 751,518 | $8Kbefore exit |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | Sold out | 50,000 | $7Kbefore exit |
| WELWF Integrated Wellness -CW28 | *W EXP 10/31/202 | Sold out | 154,350 | $3Kbefore exit |
| EVGO INC | *W EXP 07/01/202 | Sold out | 7,500 | $2Kbefore exit |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | Sold out | 17,300 | $2Kbefore exit |
| SWVLW Pivotal Holdings Corp. -CW27 | *W EXP 99/99/999 | Reduce -6.6% | 133,333 | $2K |
| LILWF Lilium NV -CW26 | *W EXP 09/14/202 | Sold out | 8,600 | $1Kbefore exit |
| GWHWW Ess Tech Inc. -CW27 | *W EXP 10/08/202 | Sold out | 10,300 | $0before exit |
| HYZON MOTORS INC | *W EXP 10/02/202 | Sold out | 9,100 | $0before exit |
| LVWR.WS Livewire Group Inc.-27 | *W EXP 09/26/202 | Sold out | 2,000 | $0before exit |
| SESCW Ivanhoe Capital Class A -CW27 | *W EXP 12/10/202 | Sold out | 9,700 | $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 | 104 | $70.8M | CME, CGCFU, FTHA, PTOR, DMII |
| Q1 2026 | 95 | $59.8M | CME, PTOR, DMIIU, CTAAU, XSLL |
| Q4 2025 | 19 | $16.2M | CME, CNCK, FTW, NTWO, CUB |
| Q3 2025 | 22 | $17.0M | CME, FTW, NTWO, HDRN, CUB |
| Q2 2025 | 25 | $72.0M | HDRN, DRDB, FACT, FTW, CME |
| Q1 2025 | 30 | $119.1M | DRDB, HDRN, FTW, GSRT, FACT |
| Q4 2024 | 34 | $114.7M | DRDBU, HDRN, FTW, GSRTU, FACTU |
| Q3 2024 | 192 | $227.3M | HES, HDRN, FTW.U, POLEU, QDEL |
| Q2 2024 | 193 | $256.6M | HES, BA, QDEL, LW, SVIIF |
| Q1 2024 | 215 | $386.8M | PXD, GOOG, RSP, SCRM, WDC |