Saba Capital Management, L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Saba Capital Management, L.P. reported 178 stock positions worth $3.6 billion. Its top holding was BlackRock ESG Cap All TRM TR (ECAT) at 12.6% of the portfolio, followed by BlackRock Tech & Priv Eqty (BTX, 12.2%) and PIMCO Dynamic Income Strat (PDX, 5.1%). Compared with Q1 2025, it opened 57 new positions, sold out of 18, added to 63 and reduced 37. The biggest buy was Gabelli Dividend & Income TR (XGDVX, shares +7%) and the biggest sale an exit from BlackRock HLTH Sci TRM TR II (BMEZ).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001510281
Portfolio Value
$3.6B (Q2 2025)
SEC Filing
0001062993-25-014442 ↗ filed Aug 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $4.5B Q1 2024 Q2 2024: $4.5B Q2 2024 Q3 2024: $4.5B Q3 2024 Q4 2024: $3.9B Q4 2024 Q1 2025: $3.6B Q1 2025 Q2 2025: $3.6B $3.6B Q2 2025 Q3 2025: $3.0B Q3 2025 Q4 2025: $2.9B Q4 2025 Q1 2026: $3.1B Q1 2026 Q2 2026: $3.2B Q2 2026

Holdings 178 stocks · $3.6B
ECAT BlackRock ESG Cap All TRM TR 12.62% 28,605,041 $459.4M No change
BTX BlackRock Tech & Priv Eqty 12.24% 60,675,395 $445.4M No change
PDX PIMCO Dynamic Income Strat 5.10% 7,527,897 $185.6M Reduce -0.2%
XGDVX Gabelli Dividend & Income TR 4.84% 6,768,149 $176.0M Add +6.6%
BCAT BlackRock Capital Alloc TR 3.25% 7,802,473 $118.1M Reduce -33.9%
NBXG Neuberger Next Generation Co. 3.07% 7,663,379 $111.9M No change
ASA ASA Gold and Precious Metals 2.82% 3,253,837 $102.7M No change
GAM General American Investors 2.78% 1,802,645 $101.0M Add +11.5%
NFJ Virtus DVD Intrst & PRM STR 2.62% 7,683,458 $95.3M Add +0.6%
MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS 2.44% 6,259,969 $89.0M Add +0.4%
BSTZ BlackRock Sci & Tech TRM TR 2.35% 4,127,740 $85.7M Reduce -15.9%
ADX Adams Diversified Equity 1.71% 2,870,153 $62.3M Reduce -35.7%
PEO Adams Natural Resources Fund 1.69% 2,877,339 $61.5M Reduce -0.4%
XNQPX Nuveen Pa QLTY Muni Inc. 1.56% 5,058,973 $56.8M No change
XBFZX BlackRock Ca Muni Inc. TR 1.39% 4,692,717 $50.7M Reduce -1.3%
XEVMX Eaton Vance Cal Muni Bond 1.11% 4,544,380 $40.5M Add +12.9%
CNNE Cannae Holdings Inc. 1.11% 1,935,921 $40.4M Add +5.5%
HQL Abrdn Life Sciences Investor 1.06% 3,017,539 $38.7M Reduce -5.4%
XMHIX Pioneer Muni High Inc. TR 1.06% 4,201,829 $38.5M Add +1.7%
XENWX Eaton Vance New York Municip 1.00% 3,898,946 $36.2M Add +10.4%
XPMAX Pioneer Municipal High Inc. 0.92% 4,015,961 $33.3M Add +2.4%
LEO BNY Mellon Strategic Muni 0.91% 5,581,552 $33.0M Add +9.1%
AFB Allianceberstein NTL Muni 0.89% 3,149,020 $32.5M No change
EVTL Vertical Aerospace Ltd. 0.80% 4,315,701 $29.2M Add +2.8%
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 0.79% 5,152,591 $28.9M Add +21.2%
IIF Morgan Stanley India Invest 0.79% 1,016,952 $28.7M Add +35.4%
BMBL Bumble Inc. Class A 0.77% 4,252,362 $28.0M Add +38.1%
TYG Tortoise Energy Infrastruct 0.75% 625,915 $27.5M Reduce -15.1%
XNXJX Nuveen NJ QLTY Muni Inc. 0.72% 2,300,764 $26.1M Reduce -39.0%
XMIOX Pioneer Muni High Inc. Opp 0.70% 2,161,352 $25.5M Add +2.3%
SABA Saba Capital Income & Opp II 0.70% 2,764,970 $25.4M Reduce -5.8%
WB Weibo Corp.-Spon ADR 0.69% 2,617,357 $24.9M Add +10.9%
XBOEX BlackRock Enh GLBL DVD TR 0.68% 2,172,011 $24.7M Add +18.9%
GF The New Germany Fund Inc. 0.64% 1,938,389 $23.1M Add +13.6%
NMAI Nuveen Multi-Asset Income 0.61% 1,771,563 $22.4M Reduce -25.5%
WENNU Wen Acquisition Corp. 0.57% 1,963,229 $20.8M New
JOF Japan Smaller Capitalization 0.56% 2,107,155 $20.3M Add +32.9%
RDAG Republic Digital Acquis Class A 0.54% 1,900,000 $19.5M New
BTT BlackRock 2030 Muni TRGT TRM 0.53% 877,113 $19.2M Add +9.3%
MUC BlackRock Munihold Ca QLTY 0.52% 1,836,624 $19.0M Reduce -21.5%
XTEAX Tortoise Sust&social Imp Ter 0.52% 1,549,226 $19.0M Add +12.0%
GRX Gabelli Healthcare & Well 0.51% 1,976,875 $18.7M Add +1.0%
MHN BlackRock Muniholding NY QLT 0.49% 1,798,909 $17.7M Reduce -5.2%
XBNYX BlackRock New York Muni Inc. 0.49% 1,826,197 $17.7M Reduce -5.6%
ETOR Etoro Group Ltd. Class A 0.48% 260,000 $17.3M New
NBH Neuberger Municipal Fund Inc. 0.47% 1,746,177 $17.2M Reduce -4.7%
DMA Destra Multi-Alternative 0.47% 1,958,054 $17.1M Add +12.6%
ECF Ellsworth Growth and Income 0.46% 1,627,221 $16.7M Add +15.9%
BCX BlackRock Resources & Commod 0.43% 1,674,206 $15.8M Add +9.5%
MXF Mexico Fund Inc. 0.42% 866,862 $15.2M New
SNAP Snap Inc. Class A 0.41% 1,729,048 $15.0M Add +186.4%
GLO Clough Global Opportunities 0.40% 2,655,724 $14.4M Add +10.5%
DMB BNY Mellon Muni BND Infra 0.36% 1,287,011 $13.2M Add +3.5%
XIAEX Voya Asia Pac Hi DVD Eq Inc. 0.35% 1,816,687 $12.8M Add +7566.0%
MPA BlackRock Muniyield Pa Qltyv 0.35% 1,177,841 $12.7M Reduce -40.3%
PAGS Pagseguro Digital Ltd. Class A 0.34% 1,293,415 $12.5M Reduce -32.7%
UBER Uber Technologies Inc. 0.33% 128,836 $12.0M Add +217.0%
HFRO Highland Opport & Income 0.32% 2,271,159 $11.8M New
XJEQX Abrdn Japan Equity Fund Inc. 0.31% 1,516,469 $11.4M Add +51.2%
AMAT Applied Materials Inc. 0.31% 62,421 $11.4M New
XOM Exxon Mobil Corp. 0.30% 102,458 $11.0M New
PMTR Perimeter Acquis Corp. I Class A 0.30% 1,058,692 $10.8M New
PCAPU Procap Acquisition Corp. 0.29% 1,000,000 $10.7M New
GNT Gamco Natural Resources Gold 0.29% 1,693,672 $10.7M Reduce -6.2%
IHD Voya Emrg MRKT Hi DVD Eqty 0.29% 1,748,915 $10.4M Add +69.8%
DIAX Nuveen Dow 30 Dynamic Overwr 0.28% 712,188 $10.2M Add +144.7%
EOD Allspring Global Dividend Op 0.28% 1,888,921 $10.2M Reduce -3.2%
NML Neuberger Energy Infrastruct 0.26% 1,047,478 $9.4M Reduce -10.4%
XPCKX PIMCO California Municipa II 0.26% 1,758,771 $9.4M Add +0.7%
RA Brookfield Real Assets Incom 0.25% 693,898 $9.3M Add +6.0%
BIDU Baidu Inc. - Spon ADR 0.25% 107,068 $9.2M No change
BA The Boeing Co. 0.25% 43,368 $9.1M New
DAAQ Digital Asset Acquisiti Class A 0.24% 850,000 $8.9M New
STHO Star Holdings filed as STAR HLDGS 0.24% 1,108,520 $8.7M Reduce -2.5%
CXE MFS High Income Municipal TR 0.23% 2,387,798 $8.5M Add +6.2%
RAAQ Real Asset Acquisiti Class A 0.23% 822,246 $8.3M New
TACO Berto Acquisition Corp. 0.20% 700,000 $7.3M New
IREN Iren Ltd. filed as IREN LIMITED 0.20% 490,100 $7.1M Reduce -15.9%
DJT Trump Media & Technology Gro 0.19% 388,802 $7.0M New
MSFT Microsoft Corp. 0.18% 13,230 $6.6M New
MYN BlackRock Muniyield NY QLTY 0.18% 682,211 $6.5M Reduce -43.4%
SOC Sable Offshore Corp. 0.18% 291,402 $6.4M No change
LWACU Lightwave Acquisition Corp. 0.17% 600,000 $6.0M New
LNC Lincoln National Corp. 0.16% 170,125 $5.9M Add +33.3%
TWN Taiwan Fund Inc./TH/MD-US Inc. 0.15% 123,446 $5.5M Add +250.2%
MFM Aberdeen Municipal Income 0.15% 1,041,627 $5.4M Add +52.3%
CEV Eaton Vance Ca Muni Inc. TRST 0.15% 551,061 $5.3M Reduce -13.7%
HUDSON PAC PPTYS INC 0.15% 1,940,488 $5.3M Add +0.1%
CAEP Cantor Equity Partners III-A 0.14% 500,000 $5.3M New
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.14% 167,174 $5.1M Add +8.4%
IPCX Inflection Point Acquisiti-A 0.14% 500,000 $5.1M New
NVDA Nvidia Corp. 0.14% 31,754 $5.0M New
CORZ Core Scientific Inc. 0.13% 285,000 $4.9M Add +11.9%
TDF Templeton Dragon Fund Inc. 0.13% 484,570 $4.8M New
BCV Bancroft Fund Ltd. 0.13% 252,145 $4.8M Reduce -2.9%
MUR Murphy Oil Corp. 0.13% 206,140 $4.6M Add +56.1%
VERX Vertex Inc. Class A 0.12% 125,076 $4.4M Add +5.6%
TY Tri-Continental Corp. 0.11% 131,968 $4.2M New
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 0.11% 487,184 $4.0M Reduce -14.6%
FMN Federated Herm Prem Muni Inc. 0.11% 374,908 $4.0M No change

Show all 178 holdings

Options reported separately and not counted above: MSFT puts ($102.4M), AMD puts ($73.2M), UBER puts ($63.7M), BA puts ($62.5M), AMAT puts ($60.8M), XOM puts ($58.8M), WDC puts ($35.2M), MOS puts ($34.8M), NVDA puts ($28.9M), F puts ($28.7M), BAC puts ($9.9M), ABNB puts ($9.3M), and 6 more.

Other holdings (126): bonds, preferreds, convertibles and warrants · $30.1M (not counted above)
SecurityClassShares / PrincipalValueChange
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 10,000,000$10.0MNo change
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 5,000,000$5.4MNo change
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) NOTE 3/1 · principal 2,000,000$1.8MNo change
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) NOTE 0.250% 2/1 · principal 5,000,000$1.2MReduce -38.6%
IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 32,248$1.0MNo change
AVPTW Avepoint Inc.-CW24 *W EXP 09/18/202 126,377$982KReduce -15.0%
OPFI.WS Oppfi Inc. -CW26 *W EXP 07/20/202 153,564$657KReduce -22.5%
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 949,999$656KNew
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 1,368,295$544KReduce -26.4%
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 471,140$400KNew
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 568,730$395KReduce -1.0%
BZAIW Burtech Acquisition -CW23 *W EXP 01/13/203 1,062,350$394KNew
DMYYW DMY Squared Technology GR-27 *W EXP 99/99/999 211,454$385KAdd +0.7%
BACQR Inflection Point Acquisition RIGHT 11/04/2026 1,144,838$371KNo change
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 554,845$355KNew
CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 51,257$321KReduce -22.6%
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 687,813$316KNew
CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 617,000$281KNo change
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 406,561$279KNew
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 149,170$274KReduce -30.8%
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 733,911$225KAdd +0.0%
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 512,200$205KNew
EQV VENTURES ACQUISITION *W EXP 07/01/203 231,592$170KAdd +34.4%
AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 275,647$169KNo change
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 352,804$168KNo change
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 438,551$153KAdd +20.6%
FBYDW Falcon's Beyond Global-27 *W EXP 10/06/202 186,852$153KNo change
FUFUW Bitfufu Inc.-28 *W EXP 03/01/202 414,140$125KNo change
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 48,932$115KAdd +364.5%
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 56,866$115KNew
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 164,350$113KNew
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 472,500$109KNo change
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 252,283$98KAdd +308.7%
KIDZW Classover Holdings Inc. - 30 *W EXP 04/03/203 699,290$97KNew
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 174,262$91KAdd +92.3%
NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 260,059$91KReduce -13.1%
AISPW Airship AI Holdings Inc.-CW28 *W EXP 12/21/202 42,591$85KReduce -41.3%
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 67,710$78KNo change
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 500,000$70KNo change
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 710,648$69KNo change
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 237,350$65KNew
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 193,229$64KNo change
HOVRW Pono Capital Three Inc.-A-28 *W EXP 02/14/202 199,659$60KNo change
SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 175,286$59KNo change
LIMNW Liminatus Pharma Inc. Class A-28 *W EXP 04/30/203 233,761$56KNew
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 175,000$54KNo change
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 95,631$54KNew
DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 726,048$53KNew
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 349,998$48KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 726,030$46KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 983,603$44KNo change
MDAIW Spectral AI -CW27 *W EXP 09/11/202 59,763$40KNo change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 200,000$39KNo change
UNITED HOMES GROUP INC *W EXP 03/30/202 55,110$39KNo change
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 249,200$37KNo change
FOXXW 1OXX *W EXP 09/26/202 244,962$34KNo change
MRNOW Murano Global BV-28 *W EXP 03/19/202 174,998$34KNo change
GRABW Grab Holdings Ltd.-CW 26 *W EXP 99/99/999 84,913$33KNo change
ARBEW Arbe Robotics Ltd. -CW26 *W EXP 99/99/999 114,180$32KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 111,217$31KNew
CYCUW Cycurion Inc.-CW27 *W EXP 02/13/203 500,000$30KNo change
DISTR Distoken Acquisition Corp. RIGHT 99/99/9999 99,762$29KNo change
RDZNW Vahanna Tech Edge -CW24 *W EXP 11/30/202 541,499$28KNo change
UWM HOLDINGS CORPORATION *W EXP 01/21/202 380,604$26KReduce -2.8%
NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 273,057$26KNo change
GCLWW GCL Global Holdings-A -CW26 *W EXP 02/13/203 275,000$26KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 500,000$26KNo change
OPTXW Omnilit Acquisition Class A -23 *W EXP 99/99/999 332,000$25KNo change
FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 230,500$25KNo change
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 49,998$24KNo change
ABPWW Atlantic Coast Acq -CW23 *W EXP 11/12/202 997,048$23KNo change
PLMKW Plum Acquisition Corp. IV-30 *W EXP 08/19/202 99,999$22KNo change
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 71,410$21KAdd +233.5%
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 31,616$19KNew
NAMMW Namib Minerals *W EXP 06/05/203 83,480$16KNew
DHAIW Aurora Technology Acquis -28 *W EXP 04/20/202 945,000$16KNo change
ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 262,498$16KNo change
BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 166,894$15KNo change
TBLAW Taboola.com Ltd. -CW27 *W EXP 99/99/999 72,280$15KNo change
HOLLEY INC *W EXP 11/30/202 298,716$15KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 100,000$14KNo change
CPTWF Captivision Inc.-28 *W EXP 11/15/202 649,998$14KNo change
OSRHW Bellevue Life Sciences-WRNT *W EXP 02/09/202 250,000$13KNo change
VGASW Cenaq Energy Corp. Class A -CW27 *W EXP 02/15/202 73,108$13KNo change
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 25,000$12KNew
GWHWW Ess Tech Inc. -CW27 *W EXP 10/08/202 303,596$12KNo change
VSEEW Digital Health Acquist-CW23 *W EXP 99/99/999 243,249$11KNo change
NVNWF Nvni Group Ltd.-28 *W EXP 11/01/202 211,075$11KNo change
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 132,013$11KNo change
DISTW Distoken Acquisition Corp.-28 *W EXP 11/30/202 99,762$10KNo change
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 99,998$10KNo change
BGLWW Blue Gold Ltd. *W EXP 04/01/203 484,298$10KNew
CDTTW Murphy Canyon Acq-CW27 *W EXP 09/22/202 765,000$8KNo change
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 295,913$7KNo change
BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 212,302$7KNo change
GGROW Gogoro Inc. -CW27 *W EXP 04/04/202 400,330$6KNo change
STRATA CRITICAL MEDICAL INC *W EXP 05/07/202 27,728$6KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 14,427$6KNew
PBMWW Psyence Biomedical Ltd. *W EXP 01/22/202 297,847$6KNo change
SMXWW SMX Security Matters PLC-28 *W EXP 03/07/202 265,947$5KNo change
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 10,200$5KNo change
CGBWF Crown LNG Holdings Ltd.-28 *W EXP 07/09/202 150,000$5KNo change
SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 531,114$5KNo change
HUBCW Hub Cyber Security Ltd.-28 *W EXP 02/27/202 179,799$5KNo change
ALURW Allurion Technologies-28 *W EXP 08/01/203 122,683$4KNo change
LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 97,299$4KNo change
OABIW Omniab Inc. - CW26 *W EXP 99/99/999 20,000$3KNo change
CDIOW Cardio Diagnostics-CW26 *W EXP 10/25/202 199,839$3KNo change
LOTWW Lotus Technology Inc.-28 *W EXP 02/22/202 26,945$3KNo change
LVWR.WS Livewire Group Inc.-27 *W EXP 09/26/202 49,203$3KNo change
PARAW 7GC & Co. Holdings Class A -CW26 *W EXP 12/14/202 124,100$3KNo change
ORGNW Origin Materials -CW26 *W EXP 06/25/202 155,950$3KNo change
SWVLW Pivotal Holdings Corp. -CW27 *W EXP 99/99/999 170,222$3KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 43,358$3KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 21,669$2KNo change
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 65,000$2KNo change
ADVWW Advantage Solutions in-CW25 *W EXP 10/28/202 151,879$2KNo change
CRPWF Carbon Revolution PLC *W EXP 99/99/999 81,901$2KNo change
PERFF Perfect Corp. *W EXP 10/28/202 41,822$2KNo change
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 18,752$1KNo change
BFLYW Butterfly Network Inc. -CW25 *W EXP 02/12/202 16,866$1KNo change
BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 41,097$958No change
CCGWW Cheche Group Inc. - 28 *W EXP 10/01/203 22,099$600No change
RMCOW American Acq Class A -CW26 *W EXP 10/31/202 19,443$576No change
XAGEW Alpha Healthcare Acquis-CW27 *W EXP 07/12/202 19,604$525No change
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 11,937$488No change

Total filed on the 13F, all lines: $3.7B.

Portfolio Sells Q1 2025 → Q2 2025
BMEZ BlackRock HLTH Sci TRM TR II Sold out 0.00% −8.55
BCAT BlackRock Capital Alloc TR Reduce -33.9% 3.25% −1.45
ADX Adams Diversified Equity Reduce -35.7% 1.71% −0.63
XNXJX Nuveen NJ QLTY Muni Inc. Reduce -39.0% 0.72% −0.51
ASGI Abrdn Global Infrastructure Sold out 0.00% −0.50
HQH Abrdn Healthcare Investors Reduce -86.3% 0.07% −0.47
XAODX Abrdn Total Dynamic Dividend Sold out 0.00% −0.37
TBLD Thornburg Income Builder Opp Sold out 0.00% −0.27
MPA BlackRock Muniyield Pa Qltyv Reduce -40.3% 0.35% −0.26
EMO Clearbridge Energy Midstream Sold out 0.00% −0.25
DAL Delta Air Lines Inc. Sold out 0.00% −0.20
NPCT Nuveen Core Plus Impact Sold out 0.00% −0.18
NMAI Nuveen Multi-Asset Income Reduce -25.5% 0.61% −0.18
MUC BlackRock Munihold Ca QLTY Reduce -21.5% 0.52% −0.17
CPZ Calamos LNG/SHRT Eqty & DYN Reduce -87.9% 0.02% −0.17
MYN BlackRock Muniyield NY QLTY Reduce -43.4% 0.18% −0.15
PEO Adams Natural Resources Fund Reduce -0.4% 1.69% −0.13
TYG Tortoise Energy Infrastruct Reduce -15.1% 0.75% −0.12
ACH Accendra Health Inc. Reduce -84.4% 0.02% −0.10
PDD PDD Holdings Inc. Sold out 0.00% −0.09
FGB First Trust Special Financ Sold out 0.00% −0.08
QVCAQ QVC Group Inc. Reduce -67.5% 0.01% −0.08
XLGIX Lazard GLBL TTL RTRN & Inc. Sold out 0.00% −0.07
PAGS Pagseguro Digital Ltd. Class A Reduce -32.7% 0.34% −0.06
XBNYX BlackRock New York Muni Inc. Reduce -5.6% 0.49% −0.06
HQL Abrdn Life Sciences Investor Reduce -5.4% 1.06% −0.06
NBH Neuberger Municipal Fund Inc. Reduce -4.7% 0.47% −0.06
BSTZ BlackRock Sci & Tech TRM TR Reduce -15.9% 2.35% −0.05
XBFZX BlackRock Ca Muni Inc. TR Reduce -1.3% 1.39% −0.05
GSHRU Gesher Acquisition Corp. II Sold out 0.00% −0.05
MHN BlackRock Muniholding NY QLT Reduce -5.2% 0.49% −0.05
VPV Invesco Pa Val Muni Inc. Sold out 0.00% −0.05
NML Neuberger Energy Infrastruct Reduce -10.4% 0.26% −0.03
CEV Eaton Vance Ca Muni Inc. TRST Reduce -13.7% 0.15% −0.03
STHO Star Holdings Reduce -2.5% 0.24% −0.03
NHICU Newhold Investment Corp. III Sold out 0.00% −0.03
MUJ BlackRock Munihold NJ QLTY Reduce -30.0% 0.06% −0.03
FWRD Forward Air Corp. Sold out 0.00% −0.03
AAL American Airlines Group Inc. Sold out 0.00% −0.02
PGZ Principal Real Estate Income Reduce -14.7% 0.10% −0.02
PDX PIMCO Dynamic Income Strat Reduce -0.2% 5.10% −0.02
XBGYX BlackRock Enh Intl DVD TR Reduce -20.5% 0.06% −0.01
CAR Avis Budget Group Inc. Sold out 0.00% −0.01
GNT Gamco Natural Resources Gold Reduce -6.2% 0.29% −0.01
CBRE CBRE Group Inc. Class A Reduce -15.4% 0.08% −0.01
SABA Saba Capital Income & Opp II Reduce -5.8% 0.70% −0.01
ERH Allspring Utilities and High Reduce -9.2% 0.11% −0.01
BHV BlackRock Virginia Muni BND Sold out 0.00% −0.01
XPCQX PIMCO California Muni Inc. FD Sold out 0.00% −0.00
HOUS Anywhere Real Estate Inc. Reduce -12.4% 0.07% −0.00

Portfolio Buys Q1 2025 → Q2 2025
XGDVX Gabelli Dividend & Income TR Add +6.6% 4.84% +0.60
WENNU Wen Acquisition Corp. New 0.57% +0.57
RDAG Republic Digital Acquis Class A New 0.54% +0.54
GAM General American Investors Add +11.5% 2.78% +0.53
ETOR Etoro Group Ltd. Class A New 0.48% +0.48
MXF Mexico Fund Inc. New 0.42% +0.42
EVTL Vertical Aerospace Ltd. Add +2.8% 0.80% +0.41
BMBL Bumble Inc. Class A Add +38.1% 0.77% +0.40
XIAEX Voya Asia Pac Hi DVD Eq Inc. Add +7566.0% 0.35% +0.35
HFRO Highland Opport & Income New 0.32% +0.32
AMAT Applied Materials Inc. New 0.31% +0.31
XOM Exxon Mobil Corp. New 0.30% +0.30
PMTR Perimeter Acquis Corp. I Class A New 0.30% +0.30
PCAPU Procap Acquisition Corp. New 0.29% +0.29
IIF Morgan Stanley India Invest Add +35.4% 0.79% +0.28
SNAP Snap Inc. Class A Add +186.4% 0.41% +0.27
BA The Boeing Co. New 0.25% +0.25
UBER Uber Technologies Inc. Add +217.0% 0.33% +0.25
DAAQ Digital Asset Acquisiti Class A New 0.24% +0.24
RAAQ Real Asset Acquisiti Class A New 0.23% +0.23
TACO Berto Acquisition Corp. New 0.20% +0.20
DJT Trump Media & Technology Gro New 0.19% +0.19
JOF Japan Smaller Capitalization Add +32.9% 0.56% +0.19
MSFT Microsoft Corp. New 0.18% +0.18
CNNE Cannae Holdings Inc. Add +5.5% 1.11% +0.18
GF The New Germany Fund Inc. Add +13.6% 0.64% +0.17
LWACU Lightwave Acquisition Corp. New 0.17% +0.17
DIAX Nuveen Dow 30 Dynamic Overwr Add +144.7% 0.28% +0.16
MEGI Nylim CBRE GB Infra Mtrnd TF Add +0.4% 2.44% +0.15
CAEP Cantor Equity Partners III-A New 0.14% +0.14
IPCX Inflection Point Acquisiti-A New 0.14% +0.14
NVDA Nvidia Corp. New 0.14% +0.14
XJEQX Abrdn Japan Equity Fund Inc. Add +51.2% 0.31% +0.13
IHD Voya Emrg MRKT Hi DVD Eqty Add +69.8% 0.29% +0.13
TDF Templeton Dragon Fund Inc. New 0.13% +0.13
XBOEX BlackRock Enh GLBL DVD TR Add +18.9% 0.68% +0.13
TWN Taiwan Fund Inc./TH/MD-US Inc. Add +250.2% 0.15% +0.12
DSM BNYM Strat Muni BND Add +21.2% 0.79% +0.11
TY Tri-Continental Corp. New 0.11% +0.11
AES AES Corp. New 0.11% +0.11
ECF Ellsworth Growth and Income Add +15.9% 0.46% +0.11
F Ford Motor Co. New 0.10% +0.10
CEPT Cantor Equity Partners Class A New 0.09% +0.09
XTEAX Tortoise Sust&social Imp Ter Add +12.0% 0.52% +0.09
XPHDX Pioneer Floating Rate Fund New 0.09% +0.09
XEVMX Eaton Vance Cal Muni Bond Add +12.9% 1.11% +0.08
CORZ Core Scientific Inc. Add +11.9% 0.13% +0.08
EMBC Embecta Corp. Add +622.3% 0.10% +0.08
PACHU Pioneer Acquisition I Corp. New 0.08% +0.08
NPAC New Providence Acquisition-A New 0.08% +0.08

Options Activity Q1 2025 → Q2 2025
MSFT Microsoft Corp. put New 205,800 $102.4M
AMD Advanced Micro Devices put New 515,700 $73.2M
UBER Uber Technologies Inc. put New 683,100 $63.7M
BA The Boeing Co. put New 298,300 $62.5M
AMAT Applied Materials Inc. put New 332,100 $60.8M
XOM Exxon Mobil Corp. put New 545,300 $58.8M
AAL American Airlines Group Inc. put Sold out 5,062,500 $53.4Mbefore exit
WDC Western Digital Corp. put New 550,800 $35.2M
MOS The Mosaic Co. put New 952,600 $34.8M
NVDA Nvidia Corp. put New 183,000 $28.9M
F Ford Motor Co. put New 2,642,800 $28.7M
BAC Bank of America Corp. put New 209,900 $9.9M
ABNB Airbnb Inc. Class A put New 70,400 $9.3M
RITM Rithm Capital Corp. put New 500,000 $5.6M
PYPL PayPal Holdings Inc. put New 75,700 $5.6M
CF CF Industries Holdings Inc. put New 26,800 $2.5M
MARA Mara Holdings Inc. put Reduce -0.1% 124,900 $2.0M
UBS UBS Group AG-Reg put New 53,700 $1.8M
NU Nu Holdings Ltd./Cayman Isl-A put New 94,800 $1.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2025 → Q2 2025
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) NOTE 0.250% 2/1 · principal Reduce -38.6% 5,000,000 $1.2M
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal Sold out 1,000,000 $1.0Mbefore exit
AVPTW Avepoint Inc.-CW24 *W EXP 09/18/202 Reduce -15.0% 126,377 $982K
OPFI.WS Oppfi Inc. -CW26 *W EXP 07/20/202 Reduce -22.5% 153,564 $657K
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 New 949,999 $656K
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 Reduce -26.4% 1,368,295 $544K
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 New 471,140 $400K
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 Reduce -1.0% 568,730 $395K
BZAIW Burtech Acquisition -CW23 *W EXP 01/13/203 New 1,062,350 $394K
DMYYW DMY Squared Technology GR-27 *W EXP 99/99/999 Add +0.7% 211,454 $385K
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 New 554,845 $355K
CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 Reduce -22.6% 51,257 $321K
RAAQW REAL ASSET AQC Corp -30 *W EXP 04/24/203 New 687,813 $316K
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 New 406,561 $279K
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 Reduce -30.8% 149,170 $274K
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 Add +0.0% 733,911 $225K
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 New 512,200 $205K
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Sold out 250,000 $174Kbefore exit
EQV VENTURES ACQUISITION *W EXP 07/01/203 Add +34.4% 231,592 $170K
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 Add +20.6% 438,551 $153K
SKGRW SK Growth Opportunities -29 *W EXP 06/28/202 Sold out 187,585 $118Kbefore exit
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 Add +364.5% 48,932 $115K
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 New 56,866 $115K
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 New 164,350 $113K
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 Add +308.7% 252,283 $98K
KIDZW Classover Holdings Inc. - 30 *W EXP 04/03/203 New 699,290 $97K
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 Add +92.3% 174,262 $91K
NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 Reduce -13.1% 260,059 $91K
YOTAR Yotta Acquisition Corp. - RTS RIGHT 03/15/2027 Sold out 497,412 $88Kbefore exit
AISPW Airship AI Holdings Inc.-CW28 *W EXP 12/21/202 Reduce -41.3% 42,591 $85K
CLRRF Climaterock -RTS RIGHT 10/31/2028 Sold out 350,000 $70Kbefore exit
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 New 237,350 $65K
GBBKR Global Blockchain Acq - RTS RIGHT 05/09/2027 Sold out 675,000 $62Kbefore exit
LIMNW Liminatus Pharma Inc. Class A-28 *W EXP 04/30/203 New 233,761 $56K
MSSRF Metal SKY Star Acquisi-Right RIGHT 12/31/2025 Sold out 600,000 $54Kbefore exit
NPACW New Providence Acq A -CW28 *W EXP 04/24/203 New 95,631 $54K
DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 New 726,048 $53K
YOTAW Yotta Acquisition Corp. -27 *W EXP 03/15/202 Sold out 800,012 $44Kbefore exit
GSRTR GSR III Acquisition Corp. RIGHT 99/99/9999 Sold out 26,255 $39Kbefore exit
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 New 111,217 $31K
VSTWF Vast Solar PTY Ltd. -28 *W EXP 07/01/202 Sold out 704,071 $28Kbefore exit
UWM HOLDINGS CORPORATION *W EXP 01/21/202 Reduce -2.8% 380,604 $26K
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 Add +233.5% 71,410 $21K
SMNRW Denali Capital Acq-CW27 *W EXP 99/99/999 Sold out 410,000 $21Kbefore exit
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 New 31,616 $19K
GBBKW Global Blockchain Acq-CW27 *W EXP 05/09/202 Sold out 675,000 $19Kbefore exit
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 Sold out 79,657 $18Kbefore exit
NAMMW Namib Minerals *W EXP 06/05/203 New 83,480 $16K
IVAWF Investcorp India Acquisi -27 *W EXP 06/01/202 Sold out 724,998 $16Kbefore exit
GRMLW Anew Medical Inc. *W EXP 06/21/202 Sold out 694,779 $15Kbefore exit

Showing the first 50 of 62.

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 226$3.2BASA, ECAT, BSTZ, NFJ, XGDVX
Q1 2026 223$3.1BASA, ECAT, PDX, XGDVX, NFJ
Q4 2025 199$2.9BECAT, ASA, XGDVX, PDX, GAM
Q3 2025 177$3.0BECAT, ASA, PDX, XGDVX, GAM
Q2 2025 178$3.6BECAT, BTX, PDX, XGDVX, BCAT
Q1 2025 140$3.6BECAT, BTX, BMEZ, PDX, BCAT
Q4 2024 143$3.9BECAT, BTX, BMEZ, BCAT, PDX
Q3 2024 167$4.5BECAT, BTX, BMEZ, BCAT, PDX
Q2 2024 185$4.5BECAT, BTX, BMEZ, BCAT, ADX
Q1 2024 184$4.5BECAT, BTX, BMEZ, BCAT, ADX