Kepos Capital LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Kepos Capital LP reported 22 stock positions worth $17.0 million. Its top holding was Cme (CME) at 47.6% of the portfolio, followed by Eqv Ventures Acquisition C-A (FTW, 3.7%) and Newbury Street II Ac Class A (NTWO, 3.3%). Compared with Q2 2025, it sold out of 3 and reduced 7. The biggest sale was Hadron Energy (HDRN, shares −97%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512020
Portfolio Value
$17.0M (Q3 2025)
SEC Filing
0001512020-25-000016 ↗ filed Nov 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $386.8M Q1 2024 Q2 2024: $256.6M Q2 2024 Q3 2024: $227.3M Q3 2024 Q4 2024: $114.7M Q4 2024 Q1 2025: $119.1M Q1 2025 Q2 2025: $72.0M Q2 2025 Q3 2025: $17.0M $17.0M Q3 2025 Q4 2025: $16.2M Q4 2025 Q1 2026: $59.8M Q1 2026 Q2 2026: $70.8M Q2 2026

Holdings 22 stocks · $17.0M
CME Cme Group Inc. 47.58% 30,000 $8.1M No change
FTW Eqv Ventures Acquisition C-A 3.66% 60,000 $623K Reduce -93.4%
NTWO Newbury Street II Ac Class A 3.35% 55,000 $570K No change
HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP 3.10% 50,000 $528K Reduce -96.7%
CUB Lionheart Holdings Class A 3.09% 50,000 $527K No change
ALDF Aldel Financial II Inc. 3.07% 50,000 $523K Reduce -93.2%
POLE Andretti Acquisition Corp. Class A 3.07% 50,000 $523K No change
LPBB Launch Two Acquisition Class A 3.07% 50,000 $523K Reduce -82.0%
PLMK Plum Acquisition Corp. IV 3.03% 50,000 $516K No change
KFII K&F Growth Acquisition Cor-A 3.00% 50,000 $511K No change
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 2.99% 50,000 $509K No change
GPAT GP-Act III Acquisition-A 2.65% 42,500 $451K No change
FACT Fact II Acquisition Corp. 2.64% 43,500 $449K Reduce -95.5%
ALF Centurion Acquisition Corp. 2.63% 42,500 $448K No change
LEGT Legato Merger Corp. III 1.90% 30,000 $323K No change
RFAI RF Acquisition Corp. II 1.89% 30,000 $322K No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 1.87% 30,000 $319K No change
TONT Graf Global Corp. Class A 1.85% 30,000 $316K No change
SIMA Sim Acquisition Corp. I-A 1.85% 30,000 $316K No change
VACH Voyager Acquisition Corp. 1.85% 30,000 $315K No change
VCIC Vine Hill Capital Class A 0.94% 15,000 $161K Reduce -50.0%
OACC Oaktree Acquisition Corp. I-A 0.93% 15,000 $158K Reduce -72.7%
Other holdings (19): bonds, preferreds, convertibles and warrants · $1.8M (not counted above)
SecurityClassShares / PrincipalValueChange
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 795,550$410KNo change
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 800,000$360KReduce -45.4%
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 443,729$242KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 408,133$204KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 389,150$144KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 466,100$131KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 373,000$93KNo change
DAVEW Dave Inc. -CW27 *W EXP 01/05/202 66,307$72KNo change
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 416,479$32KNo change
CLNNW Clene Inc. -CW25 *W EXP 12/30/202 886,592$24KNo change
COOTW Australian Oilseeds Holdi-29 *W EXP 03/22/202 1,129,568$22KNo change
VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 333,309$20KNo change
MSPRW MSP Recovery Inc. -27 *W EXP 05/20/202 7,400,000$13KNo change
KTTAW Pasithea Therapeutics -CW26 *W EXP 08/12/202 334,600$6KNo change
SMXWW SMX Security Matters PLC-28 *W EXP 03/07/202 195,000$5KNo change
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 100,000$4KNo change
SWVLW Pivotal Holdings Corp. -CW27 *W EXP 99/99/999 133,333$2KNo change
ZAPWF Zapp Electric Vehicles -28 *W EXP 99/99/999 220,866$1KNo change
SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 26,780$0No change

Total filed on the 13F, all lines: $18.8M.

Portfolio Sells Q2 2025 → Q3 2025
HDRN Hadron Energy Inc. Reduce -96.7% 3.10% −18.75
DRDB Roman DBDR Acquisition Corp. Sold out 0.00% −14.04
FACT Fact II Acquisition Corp. Reduce -95.5% 2.64% −11.35
FTW Eqv Ventures Acquisition C-A Reduce -93.4% 3.66% −9.64
ALDF Aldel Financial II Inc. Reduce -93.2% 3.07% −7.68
LPBB Launch Two Acquisition Class A Reduce -82.0% 3.07% −0.96
BEAG Bold Eagle Acquisition Cor-A Sold out 0.00% −0.65
WLAC Willow Lane Acquisition Class A Sold out 0.00% −0.43
OACC Oaktree Acquisition Corp. I-A Reduce -72.7% 0.93% +0.13
VCIC Vine Hill Capital Class A Reduce -50.0% 0.94% +0.51

Portfolio Buys Q2 2025 → Q3 2025
None this quarter.

Notes & Other Activity Q2 2025 → Q3 2025
GSRTR GSR III Acquisition Corp. RIGHT 99/99/9999 Sold out 75,000 $512Kbefore exit
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 Reduce -45.4% 800,000 $360K
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 Sold out 1,231,300 $172Kbefore exit
CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 Sold out 49,000 $98Kbefore exit
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 Sold out 248,950 $90Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 104$70.8MCME, CGCFU, FTHA, PTOR, DMII
Q1 2026 95$59.8MCME, PTOR, DMIIU, CTAAU, XSLL
Q4 2025 19$16.2MCME, CNCK, FTW, NTWO, CUB
Q3 2025 22$17.0MCME, FTW, NTWO, HDRN, CUB
Q2 2025 25$72.0MHDRN, DRDB, FACT, FTW, CME
Q1 2025 30$119.1MDRDB, HDRN, FTW, GSRT, FACT
Q4 2024 34$114.7MDRDBU, HDRN, FTW, GSRTU, FACTU
Q3 2024 192$227.3MHES, HDRN, FTW.U, POLEU, QDEL
Q2 2024 193$256.6MHES, BA, QDEL, LW, SVIIF
Q1 2024 215$386.8MPXD, GOOG, RSP, SCRM, WDC