Kepos Capital LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Kepos Capital LP reported 30 stock positions worth $119.1 million. Its top holding was Roman DBDR Acquisition (DRDB) at 13.4% of the portfolio, followed by Hadron Energy (HDRN, 12.9%) and Eqv Ventures Acquisition C-A (FTW, 10.9%). Compared with Q4 2024, it opened 6 new positions, sold out of 9 and reduced 3. The biggest buy was a new position in GSR III Acquisition (GSRT) and the biggest sale an exit from Cohen Circle Acquisitio Class A (CCIR).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001512020
- Portfolio Value
- $119.1M (Q1 2025)
- SEC Filing
- 0001512020-25-000004 ↗ filed May 13, 2025
Holdings Value
Holdings 30 stocks · $119.1M
| DRDB Roman DBDR Acquisition Corp. | 13.40% | 1,591,100 | $16.0M | No change |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 12.93% | 1,514,600 | $15.4M | Reduce -1.1% |
| FTW Eqv Ventures Acquisition C-A | 10.91% | 1,284,399 | $13.0M | No change |
| GSRT GSR III Acquisition Corp. | 8.38% | 996,975 | $10.0M | New |
| FACT Fact II Acquisition Corp. | 8.21% | 975,700 | $9.8M | No change |
| ALDF Aldel Financial II Inc. | 7.96% | 937,458 | $9.5M | No change |
| LPBB Launch Two Acquisition Class A | 7.04% | 828,300 | $8.4M | No change |
| NTWO Newbury Street II Ac Class A | 6.86% | 811,800 | $8.2M | No change |
| CME Cme Group Inc. | 6.68% | 30,000 | $8.0M | No change |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 5.88% | 630,000 | $7.0M | New |
| WLAC Willow Lane Acquisition Class A | 4.44% | 527,900 | $5.3M | No change |
| GSHRU Gesher Acquisition Corp. II | 0.91% | 107,900 | $1.1M | New |
| BSII Black Spade Acquisition II C | 0.58% | 67,500 | $689K | No change |
| OACC Oaktree Acquisition Corp. I-A | 0.47% | 55,000 | $563K | Reduce -21.4% |
| CUB Lionheart Holdings Class A | 0.43% | 50,000 | $514K | Reduce -25.9% |
| POLE Andretti Acquisition Corp. Class A | 0.43% | 50,000 | $507K | No change |
| PLMK Plum Acquisition Corp. IV | 0.42% | 50,000 | $502K | New |
| KFII K&F Growth Acquisition Cor-A | 0.42% | 50,000 | $498K | New |
| ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII | 0.41% | 50,000 | $494K | New |
| BEAG Bold Eagle Acquisition Cor-A | 0.38% | 45,000 | $457K | No change |
| GPAT GP-Act III Acquisition-A | 0.37% | 42,500 | $438K | No change |
| ALF Centurion Acquisition Corp. | 0.37% | 42,500 | $437K | No change |
| ARES ACQUISITION CORP II | 0.33% | 35,000 | $390K | No change |
| LEGT Legato Merger Corp. III | 0.26% | 30,000 | $315K | No change |
| RFAI RF Acquisition Corp. II | 0.26% | 30,000 | $311K | No change |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.26% | 30,000 | $310K | No change |
| TONT Graf Global Corp. Class A | 0.26% | 30,000 | $307K | No change |
| SIMA Sim Acquisition Corp. I-A | 0.26% | 30,000 | $307K | No change |
| VACH Voyager Acquisition Corp. | 0.26% | 30,000 | $305K | No change |
| VCIC Vine Hill Capital Class A | 0.26% | 30,000 | $305K | No change |
Other holdings (23): bonds, preferreds, convertibles and warrants · $1.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 795,550 | $255K | No change |
| GSRTR GSR III Acquisition Corp. | RIGHT 99/99/9999 | 135,283 | $199K | Reduce -5.0% |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 408,133 | $149K | No change |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | 1,464,600 | $140K | No change |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 443,729 | $133K | New |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 1,231,300 | $105K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 466,100 | $99K | New |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | 49,000 | $88K | Reduce -29.1% |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 389,150 | $88K | No change |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | 373,000 | $82K | Reduce -8.1% |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | 248,950 | $63K | New |
| COOTW Australian Oilseeds Holdi-29 | *W EXP 03/22/202 | 1,129,568 | $33K | No change |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | 416,479 | $31K | No change |
| CLNNW Clene Inc. -CW25 | *W EXP 12/30/202 | 886,592 | $28K | No change |
| MSPRW MSP Recovery Inc. -27 | *W EXP 05/20/202 | 7,400,000 | $23K | No change |
| VLNWF Valens Semiconductor -CW26 | *W EXP 09/30/202 | 333,309 | $15K | No change |
| DAVEW Dave Inc. -CW27 | *W EXP 01/05/202 | 66,307 | $12K | No change |
| SLXNW Biomotion Sciences-CW29 | *W EXP 08/15/202 | 100,000 | $8K | No change |
| KTTAW Pasithea Therapeutics -CW26 | *W EXP 08/12/202 | 334,600 | $6K | No change |
| SMXWW SMX Security Matters PLC-28 | *W EXP 03/07/202 | 195,000 | $6K | No change |
| SWVLW Pivotal Holdings Corp. -CW27 | *W EXP 99/99/999 | 133,333 | $2K | No change |
| ZAPWF Zapp Electric Vehicles -28 | *W EXP 99/99/999 | 220,866 | $2K | No change |
| SONWQ Gores Metropoulos II -CW28 | *W EXP 01/18/202 | 26,780 | $0 | No change |
Total filed on the 13F, all lines: $120.7M.
Portfolio Sells Q4 2024 → Q1 2025
| CCIR Cohen Circle Acquisitio Class A | Sold out | 0.00% | −2.10 |
| MBB iShares MBS ETF | Sold out | 0.00% | −1.25 |
| AMJB Alerian MLP ETN2044 | Sold out | 0.00% | −1.14 |
| HDRN Hadron Energy Inc. | Reduce -1.1% | 12.93% | −0.43 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.37 |
| SWAG Stran & Co. Inc. | Sold out | 0.00% | −0.36 |
| IMSR Terrestrial Energy Inc. | Sold out | 0.00% | −0.26 |
| CUB Lionheart Holdings Class A | Reduce -25.9% | 0.43% | −0.16 |
| OACC Oaktree Acquisition Corp. I-A | Reduce -21.4% | 0.47% | −0.15 |
| NKGN Nkgen Biotech Inc. | Sold out | 0.00% | −0.13 |
| PCY Invesco Emerging Markets Sov | Sold out | 0.00% | −0.08 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Sold out | 0.00% | −0.07 |
Portfolio Buys Q4 2024 → Q1 2025
Notes & Other Activity Q4 2024 → Q1 2025
| GSRTR GSR III Acquisition Corp. | RIGHT 99/99/9999 | Reduce -5.0% | 135,283 | $199K |
| GFAIW Guardforce AI Co. Ltd. -CW26 | *W EXP 10/01/202 | Sold out | 473,559 | $166Kbefore exit |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | New | 443,729 | $133K |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | New | 466,100 | $99K |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | Reduce -29.1% | 49,000 | $88K |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | Reduce -8.1% | 373,000 | $82K |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | New | 248,950 | $63K |
| APCXW Apptech -CW26 | *W EXP 01/04/202 | Sold out | 219,485 | $26Kbefore exit |
| WINVW Winvest Acquisition -CW23 | *W EXP 08/09/202 | Sold out | 1,000,000 | $17Kbefore exit |
| TCBWF TC Biopharm Holdings Ltd. | *W EXP 02/10/202 | Sold out | 470,588 | $5Kbefore exit |
| CEPTON INC | *W EXP 06/01/202 | Sold out | 175,246 | $1Kbefore 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 |