Saba Capital Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Saba Capital Management, L.P. reported 140 stock positions worth $3.6 billion. Its top holding was BlackRock ESG Cap All TRM TR (ECAT) at 12.5% of the portfolio, followed by BlackRock Tech & Priv Eqty (BTX, 10.5%) and BlackRock HLTH Sci TRM TR II (BMEZ, 8.5%). Compared with Q4 2024, it opened 15 new positions, sold out of 18, added to 48 and reduced 42. The biggest buy was BlackRock ESG Cap All TRM TR (ECAT, shares +0%) and the biggest sale BlackRock Sci & Tech TRM TR (BSTZ, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001510281
- Portfolio Value
- $3.6B (Q1 2025)
- SEC Filing
- 0001062993-25-009540 ↗ filed May 15, 2025
Holdings Value
Holdings 140 stocks · $3.6B
| ECAT BlackRock ESG Cap All TRM TR | 12.47% | 28,605,041 | $451.1M | Add +0.2% |
| BTX BlackRock Tech & Priv Eqty | 10.50% | 60,675,395 | $379.8M | Add +0.9% |
| BMEZ BlackRock HLTH Sci TRM TR II | 8.55% | 20,750,913 | $309.2M | No change |
| PDX PIMCO Dynamic Income Strat | 5.12% | 7,541,934 | $185.1M | Add +10.7% |
| BCAT BlackRock Capital Alloc TR | 4.70% | 11,809,531 | $170.1M | Reduce -13.3% |
| XGDVX Gabelli Dividend & Income TR | 4.23% | 6,348,579 | $153.2M | Add +4.1% |
| ASA ASA Gold and Precious Metals | 2.71% | 3,253,837 | $98.1M | No change |
| NBXG Neuberger Next Generation Co. | 2.60% | 7,663,379 | $93.9M | Add +11.8% |
| NFJ Virtus DVD Intrst & PRM STR | 2.56% | 7,636,989 | $92.6M | Reduce -6.5% |
| BSTZ BlackRock Sci & Tech TRM TR | 2.41% | 4,905,648 | $87.0M | Reduce -23.3% |
| ADX Adams Diversified Equity | 2.34% | 4,462,956 | $84.8M | Reduce -17.8% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 2.29% | 6,235,018 | $83.0M | Add +8.0% |
| GAM General American Investors | 2.25% | 1,616,534 | $81.4M | Add +10.4% |
| PEO Adams Natural Resources Fund | 1.82% | 2,888,993 | $65.9M | Add +0.0% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 1.57% | 5,058,973 | $56.8M | No change |
| XBFZX BlackRock Ca Muni Inc. TR | 1.44% | 4,752,360 | $52.2M | Reduce -8.6% |
| XNXJX Nuveen NJ QLTY Muni Inc. | 1.23% | 3,772,901 | $44.4M | Reduce -28.4% |
| HQL Abrdn Life Sciences Investor | 1.12% | 3,188,405 | $40.5M | Reduce -7.0% |
| XMHIX Pioneer Muni High Inc. TR | 1.05% | 4,131,903 | $38.0M | Add +0.6% |
| XEVMX Eaton Vance Cal Muni Bond | 1.03% | 4,023,724 | $37.3M | Add +4.8% |
| AFB Allianceberstein NTL Muni | 0.95% | 3,149,020 | $34.2M | No change |
| CNNE Cannae Holdings Inc. | 0.93% | 1,834,832 | $33.6M | Reduce -17.3% |
| XENWX Eaton Vance New York Municip | 0.93% | 3,531,342 | $33.5M | Add +6.6% |
| XPMAX Pioneer Municipal High Inc. | 0.91% | 3,922,889 | $32.8M | Add +4.3% |
| TYG Tortoise Energy Infrastruct | 0.88% | 737,461 | $31.7M | Reduce -29.7% |
| LEO BNY Mellon Strategic Muni | 0.87% | 5,114,769 | $31.3M | Add +3.7% |
| NMAI Nuveen Multi-Asset Income | 0.79% | 2,378,113 | $28.6M | Reduce -33.9% |
| SABA Saba Capital Income & Opp II | 0.71% | 2,935,985 | $25.5M | Reduce -7.0% |
| MUC BlackRock Munihold Ca QLTY | 0.69% | 2,340,673 | $25.1M | Add +1.6% |
| XMIOX Pioneer Muni High Inc. Opp | 0.69% | 2,113,637 | $24.9M | Add +1.6% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 0.68% | 4,250,548 | $24.5M | Add +3.0% |
| WB Weibo Corp.-Spon ADR | 0.62% | 2,359,357 | $22.3M | No change |
| MPA BlackRock Muniyield Pa Qltyv | 0.61% | 1,972,009 | $22.1M | Reduce -11.1% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.55% | 1,825,927 | $19.8M | Reduce -15.0% |
| GRX Gabelli Healthcare & Well | 0.55% | 1,956,488 | $19.7M | Add +2.4% |
| XBNYX BlackRock New York Muni Inc. | 0.54% | 1,934,784 | $19.7M | Reduce -11.3% |
| HQH Abrdn Healthcare Investors | 0.54% | 1,201,396 | $19.5M | Reduce -39.1% |
| MHN BlackRock Muniholding NY QLT | 0.53% | 1,897,569 | $19.3M | Reduce -4.7% |
| NBH Neuberger Municipal Fund Inc. | 0.53% | 1,833,134 | $19.1M | Reduce -20.4% |
| IIF Morgan Stanley India Invest | 0.51% | 751,061 | $18.3M | Add +1.3% |
| ASGI Abrdn Global Infrastructure | 0.50% | 976,775 | $18.0M | Reduce -62.0% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.47% | 802,584 | $17.0M | Add +48.7% |
| GF The New Germany Fund Inc. | 0.46% | 1,706,659 | $16.7M | Add +8.2% |
| XTEAX Tortoise Sust&social Imp Ter | 0.43% | 1,383,564 | $15.7M | Add +3.1% |
| DMA Destra Multi-Alternative | 0.41% | 1,738,401 | $14.7M | No change |
| PAGS Pagseguro Digital Ltd. Class A | 0.41% | 1,921,385 | $14.7M | Add +2.3% |
| BCX BlackRock Resources & Commod | 0.39% | 1,529,095 | $14.3M | Reduce -45.5% |
| EVTL Vertical Aerospace Ltd. | 0.39% | 4,199,443 | $14.1M | New |
| XAODX Abrdn Total Dynamic Dividend | 0.37% | 1,599,240 | $13.4M | Reduce -59.3% |
| BMBL Bumble Inc. Class A | 0.37% | 3,078,609 | $13.4M | Add +122.2% |
| JOF Japan Smaller Capitalization | 0.37% | 1,585,045 | $13.3M | Add +53.3% |
| DMB BNY Mellon Muni BND Infra | 0.36% | 1,243,391 | $13.1M | Add +1.5% |
| ECF Ellsworth Growth and Income | 0.35% | 1,403,987 | $12.7M | No change |
| MYN BlackRock Muniyield NY QLTY | 0.33% | 1,206,114 | $12.0M | Reduce -23.3% |
| GLO Clough Global Opportunities | 0.32% | 2,403,877 | $11.8M | Add +0.3% |
| GNT Gamco Natural Resources Gold | 0.30% | 1,806,177 | $11.0M | Reduce -1.1% |
| NML Neuberger Energy Infrastruct | 0.29% | 1,169,100 | $10.5M | Reduce -12.5% |
| TBLD Thornburg Income Builder Opp | 0.27% | 550,494 | $9.9M | Reduce -22.0% |
| BIDU Baidu Inc. - Spon ADR | 0.27% | 107,068 | $9.9M | No change |
| XPCKX PIMCO California Municipa II | 0.27% | 1,745,827 | $9.8M | Add +23.2% |
| STHO Star Holdings filed as STAR HLDGS | 0.27% | 1,137,060 | $9.7M | Add +11.2% |
| EOD Allspring Global Dividend Op | 0.27% | 1,951,373 | $9.7M | Add +3.4% |
| EMO Clearbridge Energy Midstream | 0.25% | 181,841 | $9.0M | Reduce -9.2% |
| RA Brookfield Real Assets Incom | 0.24% | 654,324 | $8.6M | Reduce -34.5% |
| CXE MFS High Income Municipal TR | 0.23% | 2,248,961 | $8.3M | Add +0.0% |
| SOC Sable Offshore Corp. | 0.20% | 291,402 | $7.4M | No change |
| DAL Delta Air Lines Inc. | 0.20% | 166,878 | $7.3M | Add +483.5% |
| CPZ Calamos LNG/SHRT Eqty & DYN | 0.19% | 444,502 | $6.9M | Reduce -51.5% |
| XJEQX Abrdn Japan Equity Fund Inc. | 0.18% | 1,002,769 | $6.5M | Add +46.0% |
| NPCT Nuveen Core Plus Impact | 0.18% | 607,083 | $6.5M | Reduce -75.3% |
| CEV Eaton Vance Ca Muni Inc. TRST | 0.18% | 638,737 | $6.4M | No change |
| HUDSON PAC PPTYS INC | 0.16% | 1,938,168 | $5.7M | Add +8.2% |
| IHD Voya Emrg MRKT Hi DVD Eqty | 0.15% | 1,029,859 | $5.5M | Add +12.5% |
| SNAP Snap Inc. Class A | 0.15% | 603,682 | $5.3M | Add +26.3% |
| LNC Lincoln National Corp. | 0.13% | 127,625 | $4.6M | Reduce -49.5% |
| BCV Bancroft Fund Ltd. | 0.13% | 259,680 | $4.5M | Reduce -8.1% |
| PGZ Principal Real Estate Income | 0.12% | 424,224 | $4.5M | Add +5.6% |
| ACH Accendra Health Inc. filed as OWENS & MINOR INC NEW | 0.12% | 475,758 | $4.3M | New |
| DIAX Nuveen Dow 30 Dynamic Overwr | 0.12% | 291,102 | $4.2M | No change |
| VERX Vertex Inc. Class A | 0.11% | 118,435 | $4.1M | Add +53.2% |
| ERH Allspring Utilities and High | 0.11% | 374,129 | $4.1M | No change |
| FMN Federated Herm Prem Muni Inc. | 0.11% | 374,908 | $4.1M | No change |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.11% | 154,174 | $3.9M | Reduce -3.2% |
| MUR Murphy Oil Corp. | 0.10% | 132,050 | $3.8M | New |
| MFM Aberdeen Municipal Income | 0.10% | 683,746 | $3.6M | No change |
| IREN Iren Ltd. filed as IREN LIMITED | 0.10% | 582,572 | $3.5M | New |
| ABUS Arbutus Biopharma Corp. | 0.09% | 979,516 | $3.4M | Add +10.3% |
| XGLQX Clough Global Equity Fund | 0.09% | 526,276 | $3.3M | No change |
| TROX Tronox Holdings PLC | 0.09% | 468,994 | $3.3M | New |
| WGO Winnebago Industries | 0.09% | 95,431 | $3.3M | New |
| UIS Unisys Corp. | 0.09% | 709,079 | $3.3M | Reduce -12.4% |
| PDD PDD Holdings Inc. | 0.09% | 27,500 | $3.3M | Add +10.0% |
| GLV Clough Global Dividend & Inc. | 0.09% | 593,789 | $3.2M | No change |
| QVCG QVC Group Inc. | 0.09% | 15,470,513 | $3.1M | Add +36.0% |
| CBRE CBRE Group Inc. Class A | 0.09% | 23,653 | $3.1M | New |
| VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC | 0.08% | 570,418 | $3.0M | No change |
| FGB First Trust Special Financ | 0.08% | 699,009 | $3.0M | No change |
| MUJ BlackRock Munihold NJ QLTY | 0.08% | 266,678 | $3.0M | Reduce -19.4% |
| UBER Uber Technologies Inc. | 0.08% | 40,638 | $3.0M | No change |
| XBGYX BlackRock Enh Intl DVD TR | 0.08% | 505,845 | $2.8M | Reduce -78.5% |
Options reported separately and not counted above: AAL puts ($53.4M), MARA puts ($1.4M).
Other holdings (128): bonds, preferreds, convertibles and warrants · $26.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 10,000,000 | $9.8M | No change |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 5,000,000 | $5.3M | No change |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | 8,150,000 | $2.1M | New |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 2,000,000 | $1.8M | No change |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 1,000,000 | $1.0M | No change |
| AVPTW Avepoint Inc.-CW24 | *W EXP 09/18/202 | 148,668 | $650K | Add +34.4% |
| OPFI.WS Oppfi Inc. -CW26 | *W EXP 07/20/202 | 198,227 | $420K | Reduce -7.0% |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 574,398 | $416K | New |
| IONQ.WS Ionq Inc. -CW26 | *W EXP 09/30/202 | 32,248 | $358K | Reduce -5.8% |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | 733,811 | $334K | Add +3.4% |
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | 66,257 | $253K | Add +15.5% |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 1,144,838 | $240K | Reduce -45.0% |
| FBYDW Falcon's Beyond Global-27 | *W EXP 10/06/202 | 186,852 | $192K | No change |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | 414,140 | $189K | Reduce -0.5% |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 250,000 | $174K | No change |
| DMYYW DMY Squared Technology GR-27 | *W EXP 99/99/999 | 210,054 | $168K | Add +178.1% |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 275,647 | $160K | No change |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | 352,804 | $140K | No change |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 1,858,357 | $128K | Reduce -0.3% |
| SKGRW SK Growth Opportunities -29 | *W EXP 06/28/202 | 187,585 | $118K | No change |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | 617,000 | $104K | No change |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 299,239 | $91K | Add +908.8% |
| YOTAR Yotta Acquisition Corp. - RTS | RIGHT 03/15/2027 | 497,412 | $88K | No change |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 72,591 | $79K | Reduce -17.7% |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 249,200 | $77K | No change |
| ASBPW Aspire Biopharma Holdin-CW27 | *W EXP 02/14/203 | 983,603 | $72K | New |
| CLRRF Climaterock -RTS | RIGHT 10/31/2028 | 350,000 | $70K | No change |
| UWM HOLDINGS CORPORATION | *W EXP 01/21/202 | 391,608 | $69K | Reduce -5.4% |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 172,293 | $63K | Reduce -0.1% |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 215,703 | $63K | New |
| GBBKR Global Blockchain Acq - RTS | RIGHT 05/09/2027 | 675,000 | $62K | No change |
| ZEOWW Esgen Acquisition A -CW23 | *W EXP 03/13/202 | 726,030 | $56K | No change |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 472,500 | $54K | Add +112.4% |
| MSSRF Metal SKY Star Acquisi-Right | RIGHT 12/31/2025 | 600,000 | $54K | No change |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 363,642 | $49K | No change |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | 273,057 | $47K | Reduce -6.6% |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 710,648 | $44K | No change |
| YOTAW Yotta Acquisition Corp. -27 | *W EXP 03/15/202 | 800,012 | $44K | No change |
| FOXXW 1OXX | *W EXP 09/26/202 | 244,962 | $43K | Reduce -2.0% |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 500,000 | $43K | No change |
| MRNOW Murano Global BV-28 | *W EXP 03/19/202 | 174,998 | $40K | No change |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | 349,998 | $40K | No change |
| GSRTR GSR III Acquisition Corp. | RIGHT 99/99/9999 | 26,255 | $39K | No change |
| SBCWW Pono Capital Two Inc. -27 | *W EXP 09/17/202 | 200,000 | $37K | No change |
| GRABW Grab Holdings Ltd.-CW 26 | *W EXP 99/99/999 | 84,913 | $36K | No change |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 193,229 | $36K | No change |
| HVIIR Hennessy Capital Investment | RIGHT 01/17/2030 | 175,000 | $36K | New |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 90,625 | $32K | New |
| UNITED HOMES GROUP INC | *W EXP 03/30/202 | 55,110 | $32K | No change |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 175,286 | $31K | No change |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 541,499 | $30K | No change |
| VSTWF Vast Solar PTY Ltd. -28 | *W EXP 07/01/202 | 704,071 | $28K | No change |
| GWHWW Ess Tech Inc. -CW27 | *W EXP 10/08/202 | 303,596 | $28K | No change |
| ABPWW Atlantic Coast Acq -CW23 | *W EXP 11/12/202 | 997,048 | $28K | No change |
| FLYX.WS Eg Acquisition Corp.-A -CW28 | *W EXP 99/99/999 | 230,500 | $25K | No change |
| EONR.WS HNR Acquisition Corp. -CW23 | *W EXP 11/15/202 | 500,000 | $24K | No change |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 67,710 | $24K | Reduce -0.1% |
| ARBEW Arbe Robotics Ltd. -CW26 | *W EXP 99/99/999 | 114,180 | $24K | Reduce -23.5% |
| SMNRW Denali Capital Acq-CW27 | *W EXP 99/99/999 | 410,000 | $21K | No change |
| BRLSW Oxus Acquisition Corp. -CW23 | *W EXP 02/07/202 | 166,894 | $20K | No change |
| CYCUW Cycurion Inc.-CW27 | *W EXP 02/13/203 | 500,000 | $19K | No change |
| GBBKW Global Blockchain Acq-CW27 | *W EXP 05/09/202 | 675,000 | $19K | No change |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | 79,657 | $18K | Reduce -28.9% |
| HOLLEY INC | *W EXP 11/30/202 | 298,716 | $18K | No change |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 61,725 | $18K | New |
| DISTR Distoken Acquisition Corp. | RIGHT 99/99/9999 | 99,762 | $18K | No change |
| ZOOZW Zooz Strategy Ltd.-29 | *W EXP 04/02/202 | 262,498 | $17K | No change |
| OPTXW Omnilit Acquisition Class A -23 | *W EXP 99/99/999 | 332,000 | $17K | No change |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | 99,999 | $16K | New |
| IVAWF Investcorp India Acquisi -27 | *W EXP 06/01/202 | 724,998 | $16K | No change |
| GRMLW Anew Medical Inc. | *W EXP 06/21/202 | 694,779 | $15K | No change |
| GCLWW GCL Global Holdings-A -CW26 | *W EXP 02/13/203 | 275,000 | $15K | New |
| MDAIW Spectral AI -CW27 | *W EXP 09/11/202 | 59,763 | $15K | No change |
| MLKWF Waldencast Acq Class A -CW27 | *W EXP 07/27/202 | 99,998 | $15K | No change |
| ZCARW Zoomcar Holdings Inc. | *W EXP 05/31/202 | 1,123,291 | $14K | No change |
| VGASW Cenaq Energy Corp. Class A -CW27 | *W EXP 02/15/202 | 73,108 | $14K | No change |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 19,519 | $14K | Reduce -48.8% |
| TBLAW Taboola.com Ltd. -CW27 | *W EXP 99/99/999 | 72,280 | $13K | No change |
| HCVIW Hennessy Capital Inv A -CW27 | *W EXP 99/99/999 | 83,480 | $13K | No change |
| CPTWF Captivision Inc.-28 | *W EXP 11/15/202 | 649,998 | $12K | No change |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | 132,013 | $12K | No change |
| VSEEW Digital Health Acquist-CW23 | *W EXP 99/99/999 | 243,249 | $11K | No change |
| DHAIW Aurora Technology Acquis -28 | *W EXP 04/20/202 | 945,000 | $11K | No change |
| LDTDF Prospector Leddartech Alm-28 | *W EXP 12/21/202 | 176,796 | $11K | No change |
| GGROW Gogoro Inc. -CW27 | *W EXP 04/04/202 | 400,330 | $10K | No change |
| OSRHW Bellevue Life Sciences-WRNT | *W EXP 02/09/202 | 250,000 | $10K | New |
| AIMWF Aimfinity Investment-CW27 | *W EXP 99/99/999 | 120,000 | $9K | No change |
| ORGNW Origin Materials -CW26 | *W EXP 06/25/202 | 155,950 | $8K | No change |
| SMXWW SMX Security Matters PLC-28 | *W EXP 03/07/202 | 265,947 | $8K | No change |
| MSSWF Metal SKY Star Acq -CW27 | *W EXP 03/31/202 | 600,000 | $7K | No change |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 10,535 | $7K | New |
| CDTTW Murphy Canyon Acq-CW27 | *W EXP 09/22/202 | 765,000 | $7K | No change |
| CDIOW Cardio Diagnostics-CW26 | *W EXP 10/25/202 | 199,839 | $7K | No change |
| OABIW Omniab Inc. - CW26 | *W EXP 99/99/999 | 20,000 | $6K | No change |
| HOVRW Pono Capital Three Inc.-A-28 | *W EXP 02/14/202 | 199,659 | $6K | No change |
| NVNWF Nvni Group Ltd.-28 | *W EXP 11/01/202 | 211,075 | $6K | No change |
| STRATA CRITICAL MEDICAL INC | *W EXP 05/07/202 | 27,728 | $6K | Reduce -7.4% |
| CGBWF Crown LNG Holdings Ltd.-28 | *W EXP 07/09/202 | 150,000 | $6K | No change |
| REEWF Cartesian Growth Corp. II -28 | *W EXP 07/12/202 | 88,329 | $5K | No change |
| PBMWW Psyence Biomedical Ltd. | *W EXP 01/22/202 | 297,847 | $5K | No change |
| CLRWF Climaterock Class A -27 | *W EXP 99/99/999 | 174,998 | $4K | No change |
| BNAIW Brand Engagement Netwo -CW27 | *W EXP 03/14/202 | 212,302 | $4K | No change |
| LAKESHORE BIOPHARMA CO LTD | *W EXP 03/15/202 | 97,299 | $4K | No change |
| CEROW Phoenix Biotech Acq -CW26 | *W EXP 02/13/202 | 295,913 | $4K | No change |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 10,200 | $4K | No change |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 21,410 | $4K | New |
| SONWQ Gores Metropoulos II -CW28 | *W EXP 01/18/202 | 531,114 | $3K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 21,669 | $3K | New |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 122,683 | $3K | No change |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | 26,945 | $3K | No change |
| CRPWF Carbon Revolution PLC | *W EXP 99/99/999 | 81,901 | $3K | No change |
| PARAW 7GC & Co. Holdings Class A -CW26 | *W EXP 12/14/202 | 124,100 | $3K | No change |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 43,358 | $3K | No change |
| SWVLW Pivotal Holdings Corp. -CW27 | *W EXP 99/99/999 | 170,222 | $2K | No change |
| FORLW Four Leaf Acquisition Cor-28 | *W EXP 03/15/202 | 65,000 | $2K | No change |
| DISTW Distoken Acquisition Corp.-28 | *W EXP 11/30/202 | 99,762 | $2K | No change |
| HUBCW Hub Cyber Security Ltd.-28 | *W EXP 02/27/202 | 179,799 | $2K | No change |
| PERFF Perfect Corp. | *W EXP 10/28/202 | 41,822 | $2K | No change |
| ADVWW Advantage Solutions in-CW25 | *W EXP 10/28/202 | 151,879 | $2K | No change |
| BSLKW Golden Arrow Merger A -CW26 | *W EXP 08/13/202 | 41,097 | $2K | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 16,866 | $1K | No change |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 18,752 | $1K | No change |
| LVWR.WS Livewire Group Inc.-27 | *W EXP 09/26/202 | 49,203 | $1K | No change |
| SLXNW Biomotion Sciences-CW29 | *W EXP 08/15/202 | 11,937 | $835 | No change |
| ZAPWF Zapp Electric Vehicles -28 | *W EXP 99/99/999 | 95,903 | $753 | No change |
| CCGWW Cheche Group Inc. - 28 | *W EXP 10/01/203 | 22,099 | $723 | No change |
| XAGEW Alpha Healthcare Acquis-CW27 | *W EXP 07/12/202 | 19,604 | $706 | No change |
| RMCOW American Acq Class A -CW26 | *W EXP 10/31/202 | 19,443 | $467 | No change |
Total filed on the 13F, all lines: $3.6B.
Portfolio Sells Q4 2024 → Q1 2025
| BSTZ BlackRock Sci & Tech TRM TR | Reduce -23.3% | 2.41% | −0.95 |
| ASGI Abrdn Global Infrastructure | Reduce -62.0% | 0.50% | −0.65 |
| VMO Invesco Municipal Opport | Sold out | 0.00% | −0.54 |
| BCAT BlackRock Capital Alloc TR | Reduce -13.3% | 4.70% | −0.52 |
| NPCT Nuveen Core Plus Impact | Reduce -75.3% | 0.18% | −0.48 |
| XAODX Abrdn Total Dynamic Dividend | Reduce -59.3% | 0.37% | −0.47 |
| ADX Adams Diversified Equity | Reduce -17.8% | 2.34% | −0.43 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Reduce -28.4% | 1.23% | −0.40 |
| NEW AMERICA HIGH INCOME FUND | Sold out | 0.00% | −0.39 |
| NMAI Nuveen Multi-Asset Income | Reduce -33.9% | 0.79% | −0.31 |
| MRLN Merlin Inc. | Sold out | 0.00% | −0.31 |
| HQH Abrdn Healthcare Investors | Reduce -39.1% | 0.54% | −0.26 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -78.5% | 0.08% | −0.24 |
| TYG Tortoise Energy Infrastruct | Reduce -29.7% | 0.88% | −0.24 |
| BCX BlackRock Resources & Commod | Reduce -45.5% | 0.39% | −0.21 |
| XLGIX Lazard GLBL TTL RTRN & Inc. | Reduce -76.1% | 0.07% | −0.20 |
| CNNE Cannae Holdings Inc. | Reduce -17.3% | 0.93% | −0.19 |
| MIY BlackRock Muniyield Mi QLTY | Sold out | 0.00% | −0.15 |
| CPZ Calamos LNG/SHRT Eqty & DYN | Reduce -51.5% | 0.19% | −0.15 |
| EDD Morgan Stanley Emrg MRK Dom | Sold out | 0.00% | −0.15 |
| RA Brookfield Real Assets Incom | Reduce -34.5% | 0.24% | −0.10 |
| ZTR Virtus Total Return Fund Inc. | Sold out | 0.00% | −0.09 |
| VPV Invesco Pa Val Muni Inc. | Reduce -65.1% | 0.05% | −0.08 |
| NBH Neuberger Municipal Fund Inc. | Reduce -20.4% | 0.53% | −0.08 |
| LNC Lincoln National Corp. | Reduce -49.5% | 0.13% | −0.08 |
| MYN BlackRock Muniyield NY QLTY | Reduce -23.3% | 0.33% | −0.07 |
| MMU Western Asset Managed Munici | Sold out | 0.00% | −0.07 |
| BRW Saba Capital Income & Opport | Sold out | 0.00% | −0.06 |
| VTN Invesco TR for Invest GRD NY | Sold out | 0.00% | −0.05 |
| ARBE Arbe Robotics Ltd. | Reduce -40.4% | 0.03% | −0.05 |
| NFJ Virtus DVD Intrst & PRM STR | Reduce -6.5% | 2.56% | −0.05 |
| MD Pediatrix Medical Group Inc. | Sold out | 0.00% | −0.05 |
| KYN Kayne Anderson Energy Infra | Sold out | 0.00% | −0.04 |
| MPA BlackRock Muniyield Pa Qltyv | Reduce -11.1% | 0.61% | −0.04 |
| XAGDX Abrdn GLBL DYNM Divid | Sold out | 0.00% | −0.04 |
| UIS Unisys Corp. | Reduce -12.4% | 0.09% | −0.04 |
| XBOEX BlackRock Enh GLBL DVD TR | Reduce -15.0% | 0.55% | −0.04 |
| XBFZX BlackRock Ca Muni Inc. TR | Reduce -8.6% | 1.44% | −0.03 |
| WRLD World Acceptance Corp. | Sold out | 0.00% | −0.03 |
| HQL Abrdn Life Sciences Investor | Reduce -7.0% | 1.12% | −0.02 |
| XBNYX BlackRock New York Muni Inc. | Reduce -11.3% | 0.54% | −0.02 |
| SABA Saba Capital Income & Opp II | Reduce -7.0% | 0.71% | −0.02 |
| TBLD Thornburg Income Builder Opp | Reduce -22.0% | 0.27% | −0.02 |
| XMVTX BlackRock Munivest Fund II | Reduce -40.0% | 0.03% | −0.02 |
| BGR BlackRock Enrgy & Res TR | Sold out | 0.00% | −0.02 |
| MUJ BlackRock Munihold NJ QLTY | Reduce -19.4% | 0.08% | −0.01 |
| NML Neuberger Energy Infrastruct | Reduce -12.5% | 0.29% | −0.01 |
| TPZ Tort Electf Infra ETF-Usd Inc. | Sold out | 0.00% | −0.01 |
| BHV BlackRock Virginia Muni BND | Reduce -46.4% | 0.01% | −0.00 |
| XPNFX PIMCO New York Muni Inc. FD | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| ECAT BlackRock ESG Cap All TRM TR | Add +0.2% | 12.47% | +0.61 |
| PDX PIMCO Dynamic Income Strat | Add +10.7% | 5.12% | +0.61 |
| MEGI Nylim CBRE GB Infra Mtrnd TF | Add +8.0% | 2.29% | +0.51 |
| XGDVX Gabelli Dividend & Income TR | Add +4.1% | 4.23% | +0.51 |
| EVTL Vertical Aerospace Ltd. | New | 0.39% | +0.39 |
| NBXG Neuberger Next Generation Co. | Add +11.8% | 2.60% | +0.38 |
| GAM General American Investors | Add +10.4% | 2.25% | +0.36 |
| PEO Adams Natural Resources Fund | Add +0.0% | 1.82% | +0.23 |
| BTT BlackRock 2030 Muni TRGT TRM | Add +48.7% | 0.47% | +0.19 |
| JOF Japan Smaller Capitalization | Add +53.3% | 0.37% | +0.17 |
| DAL Delta Air Lines Inc. | Add +483.5% | 0.20% | +0.16 |
| GF The New Germany Fund Inc. | Add +8.2% | 0.46% | +0.15 |
| XEVMX Eaton Vance Cal Muni Bond | Add +4.8% | 1.03% | +0.14 |
| XENWX Eaton Vance New York Municip | Add +6.6% | 0.93% | +0.13 |
| ACH Accendra Health Inc. | New | 0.12% | +0.12 |
| LEO BNY Mellon Strategic Muni | Add +3.7% | 0.87% | +0.11 |
| PAGS Pagseguro Digital Ltd. Class A | Add +2.3% | 0.41% | +0.11 |
| MUR Murphy Oil Corp. | New | 0.10% | +0.10 |
| XPMAX Pioneer Municipal High Inc. | Add +4.3% | 0.91% | +0.10 |
| IREN Iren Ltd. | New | 0.10% | +0.10 |
| TROX Tronox Holdings PLC | New | 0.09% | +0.09 |
| WGO Winnebago Industries | New | 0.09% | +0.09 |
| XMHIX Pioneer Muni High Inc. TR | Add +0.6% | 1.05% | +0.09 |
| CBRE CBRE Group Inc. Class A | New | 0.09% | +0.09 |
| BMBL Bumble Inc. Class A | Add +122.2% | 0.37% | +0.08 |
| XJEQX Abrdn Japan Equity Fund Inc. | Add +46.0% | 0.18% | +0.08 |
| GRX Gabelli Healthcare & Well | Add +2.4% | 0.55% | +0.08 |
| MUC BlackRock Munihold Ca QLTY | Add +1.6% | 0.69% | +0.07 |
| DSM BNYM Strat Muni BND | Add +3.0% | 0.68% | +0.07 |
| XPCKX PIMCO California Municipa II | Add +23.2% | 0.27% | +0.07 |
| XMIOX Pioneer Muni High Inc. Opp | Add +1.6% | 0.69% | +0.06 |
| CORZ Core Scientific Inc. | New | 0.05% | +0.05 |
| GSHRU Gesher Acquisition Corp. II | New | 0.05% | +0.05 |
| DMB BNY Mellon Muni BND Infra | Add +1.5% | 0.36% | +0.04 |
| IHD Voya Emrg MRKT Hi DVD Eqty | Add +12.5% | 0.15% | +0.04 |
| IIF Morgan Stanley India Invest | Add +1.3% | 0.51% | +0.03 |
| CPRI Capri Holdings Ltd. | Add +77.7% | 0.07% | +0.03 |
| EOD Allspring Global Dividend Op | Add +3.4% | 0.27% | +0.03 |
| PDD PDD Holdings Inc. | Add +10.0% | 0.09% | +0.03 |
| KFIIU K&F Growth Acquisition Corp. | New | 0.03% | +0.03 |
| NHICU Newhold Investment Corp. III | New | 0.03% | +0.03 |
| XTEAX Tortoise Sust&social Imp Ter | Add +3.1% | 0.43% | +0.03 |
| PGZ Principal Real Estate Income | Add +5.6% | 0.12% | +0.02 |
| HOUS Anywhere Real Estate Inc. | Add +34.0% | 0.07% | +0.02 |
| PNI PIMCO NY Muni Inc. II FND | Add +36.7% | 0.07% | +0.02 |
| ABUS Arbutus Biopharma Corp. | Add +10.3% | 0.09% | +0.02 |
| HUDSON PAC PPTYS INC | Add +8.2% | 0.16% | +0.02 |
| CODI Compass Diversified Holdings | Add +64.1% | 0.07% | +0.02 |
| CXE MFS High Income Municipal TR | Add +0.0% | 0.23% | +0.02 |
| AAL American Airlines Group Inc. | New | 0.02% | +0.02 |
Options Activity Q4 2024 → Q1 2025
| JWN Nordstrom Inc. | put | Sold out | 2,649,900 | $64.0Mbefore exit |
| AAL American Airlines Group Inc. | put | Reduce -54.8% | 5,062,500 | $53.4M |
| X United States Steel Corp. | put | Sold out | 552,400 | $18.8Mbefore exit |
| M Macy's Inc. | put | Sold out | 773,200 | $13.1Mbefore exit |
| MARA Mara Holdings Inc. | put | New | 125,000 | $1.4M |
| BYND Beyond Meat Inc. | put | Sold out | 10,000 | $38Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | New | 8,150,000 | $2.1M |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | Sold out | 1,000,000 | $1.0Mbefore exit |
| AVPTW Avepoint Inc.-CW24 | *W EXP 09/18/202 | Add +34.4% | 148,668 | $650K |
| OPFI.WS Oppfi Inc. -CW26 | *W EXP 07/20/202 | Reduce -7.0% | 198,227 | $420K |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | New | 574,398 | $416K |
| IONQ.WS Ionq Inc. -CW26 | *W EXP 09/30/202 | Reduce -5.8% | 32,248 | $358K |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | Add +3.4% | 733,811 | $334K |
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | Add +15.5% | 66,257 | $253K |
| CRTWF Cartica Acquisition A -28 | *W EXP 04/30/202 | Sold out | 924,997 | $250Kbefore exit |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | Reduce -45.0% | 1,144,838 | $240K |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | Reduce -0.5% | 414,140 | $189K |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | Sold out | 250,000 | $188Kbefore exit |
| DMYYW DMY Squared Technology GR-27 | *W EXP 99/99/999 | Add +178.1% | 210,054 | $168K |
| CSLRF Consilium Acquisition -Right | RIGHT 99/99/9999 | Sold out | 949,800 | $142Kbefore exit |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | Reduce -0.3% | 1,858,357 | $128K |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | Add +908.8% | 299,239 | $91K |
| BRACR Broad Capital Acquis-Right | RIGHT 01/10/2027 | Sold out | 800,000 | $88Kbefore exit |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | Reduce -17.7% | 72,591 | $79K |
| ASBPW Aspire Biopharma Holdin-CW27 | *W EXP 02/14/203 | New | 983,603 | $72K |
| QBTS.WS D-Wave Quantum Inc. -27 | *W EXP 08/05/202 | Sold out | 17,930 | $71Kbefore exit |
| UWM HOLDINGS CORPORATION | *W EXP 01/21/202 | Reduce -5.4% | 391,608 | $69K |
| MARXR Mars Acquisition Corp.-Rights | RIGHT 99/99/9999 | Sold out | 175,000 | $65Kbefore exit |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | Reduce -0.1% | 172,293 | $63K |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | New | 215,703 | $63K |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | Add +112.4% | 472,500 | $54K |
| WTMAR Welsbach Tech Metals Acq -RT | RIGHT 12/22/2026 | Sold out | 600,000 | $53Kbefore exit |
| USARW Inflection Point Acquis-C-28 | *W EXP 08/31/202 | Sold out | 100,000 | $50Kbefore exit |
| CSLWF Consilium Acquisition -27 | *W EXP 99/99/999 | Sold out | 524,998 | $50Kbefore exit |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | Reduce -6.6% | 273,057 | $47K |
| FOXXW 1OXX | *W EXP 09/26/202 | Reduce -2.0% | 244,962 | $43K |
| ASBPW Aspire Biopharma Holdin-CW27 | *W EXP 05/23/202 | Sold out | 983,603 | $41Kbefore exit |
| RFACR RF Acquisition Corp.- Rights | RIGHT 05/01/2028 | Sold out | 275,000 | $40Kbefore exit |
| HVIIR Hennessy Capital Investment | RIGHT 01/17/2030 | New | 175,000 | $36K |
| BLACR Bellevue Life Sciences-RTS | RIGHT 02/09/2028 | Sold out | 250,000 | $34Kbefore exit |
| VMCWF Valuence Merger Corp. -CW27 | *W EXP 99/99/999 | Sold out | 926,848 | $33Kbefore exit |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | New | 90,625 | $32K |
| PPYAW Papaya Growth Opportuni-CW23 | *W EXP 12/31/202 | Sold out | 1,142,325 | $30Kbefore exit |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | Reduce -0.1% | 67,710 | $24K |
| ARBEW Arbe Robotics Ltd. -CW26 | *W EXP 99/99/999 | Reduce -23.5% | 114,180 | $24K |
| EGUVF Evergreen Corporation -CW27 | *W EXP 02/08/202 | Sold out | 905,624 | $21Kbefore exit |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | Reduce -28.9% | 79,657 | $18K |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | New | 61,725 | $18K |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | New | 99,999 | $16K |
| GCLWW GCL Global Holdings-A -CW26 | *W EXP 02/13/203 | New | 275,000 | $15K |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | Reduce -48.8% | 19,519 | $14K |
| RFACW RF Acquisition Corp.-CW27 | *W EXP 05/01/202 | Sold out | 275,000 | $12Kbefore exit |
| FTIIW Futuretech II Acq -CW27 | *W EXP 08/18/202 | Sold out | 650,003 | $12Kbefore exit |
| TETWF Technology & Telecommuni -27 | *W EXP 04/15/202 | Sold out | 650,000 | $11Kbefore exit |
| OSRHW Bellevue Life Sciences-WRNT | *W EXP 02/09/202 | New | 250,000 | $10K |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | New | 10,535 | $7K |
Showing the first 50 of 57.
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 | 226 | $3.2B | ASA, ECAT, BSTZ, NFJ, XGDVX |
| Q1 2026 | 223 | $3.1B | ASA, ECAT, PDX, XGDVX, NFJ |
| Q4 2025 | 199 | $2.9B | ECAT, ASA, XGDVX, PDX, GAM |
| Q3 2025 | 177 | $3.0B | ECAT, ASA, PDX, XGDVX, GAM |
| Q2 2025 | 178 | $3.6B | ECAT, BTX, PDX, XGDVX, BCAT |
| Q1 2025 | 140 | $3.6B | ECAT, BTX, BMEZ, PDX, BCAT |
| Q4 2024 | 143 | $3.9B | ECAT, BTX, BMEZ, BCAT, PDX |
| Q3 2024 | 167 | $4.5B | ECAT, BTX, BMEZ, BCAT, PDX |
| Q2 2024 | 185 | $4.5B | ECAT, BTX, BMEZ, BCAT, ADX |
| Q1 2024 | 184 | $4.5B | ECAT, BTX, BMEZ, BCAT, ADX |