Saba Capital Management, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Saba Capital Management, L.P. reported 177 stock positions worth $3.0 billion. Its top holding was BlackRock ESG Cap All TRM TR (ECAT) at 15.2% of the portfolio, followed by ASA Gold and Precious Metals (ASA, 7.1%) and PIMCO Dynamic Income Strat (PDX, 6.2%). Compared with Q2 2025, it opened 34 new positions, sold out of 36, added to 37 and reduced 74. The biggest buy was ASA Gold and Precious Metals (ASA, shares +43%) and the biggest sale an exit from BlackRock Tech & Priv Eqty (BTX).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001510281
- Portfolio Value
- $3.0B (Q3 2025)
- SEC Filing
- 0001062993-25-016858 ↗ filed Nov 14, 2025
Holdings Value
Holdings 177 stocks · $3.0B
| ECAT BlackRock ESG Cap All TRM TR | 15.24% | 27,800,724 | $455.9M | Reduce -2.8% |
| ASA ASA Gold and Precious Metals | 7.13% | 4,656,677 | $213.3M | Add +43.1% |
| PDX PIMCO Dynamic Income Strat | 6.24% | 7,489,207 | $186.7M | Reduce -0.5% |
| XGDVX Gabelli Dividend & Income TR | 5.55% | 6,114,312 | $165.9M | Reduce -9.7% |
| GAM General American Investors | 4.25% | 2,041,561 | $127.0M | Add +13.3% |
| NBXG Neuberger Next Generation Co. | 3.97% | 7,721,404 | $118.8M | Add +0.8% |
| NFJ Virtus DVD Intrst & PRM STR | 3.27% | 7,507,958 | $97.7M | Reduce -2.3% |
| MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS | 3.07% | 6,259,969 | $91.9M | No change |
| BSTZ BlackRock Sci & Tech TRM TR | 2.74% | 3,693,995 | $81.9M | Reduce -10.5% |
| PEO Adams Natural Resources Fund | 1.93% | 2,687,324 | $57.8M | Reduce -6.6% |
| XNQPX Nuveen Pa QLTY Muni Inc. | 1.89% | 4,718,866 | $56.6M | Reduce -6.7% |
| XEVMX Eaton Vance Cal Muni Bond | 1.44% | 4,544,380 | $43.1M | No change |
| HQL Abrdn Life Sciences Investor | 1.34% | 2,586,652 | $40.1M | Reduce -14.3% |
| XENWX Eaton Vance New York Municip | 1.29% | 3,898,946 | $38.4M | No change |
| LEO BNY Mellon Strategic Muni | 1.19% | 5,698,819 | $35.6M | Add +2.1% |
| AFB Allianceberstein NTL Muni | 1.12% | 3,081,299 | $33.4M | Reduce -2.1% |
| DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD | 1.02% | 5,152,591 | $30.5M | No change |
| XBFZX BlackRock Ca Muni Inc. TR | 1.01% | 2,768,024 | $30.3M | Reduce -41.0% |
| ADX Adams Diversified Equity | 1.00% | 1,339,238 | $29.9M | Reduce -53.3% |
| XBOEX BlackRock Enh GLBL DVD TR | 0.93% | 2,394,538 | $27.7M | Add +10.3% |
| IIF Morgan Stanley India Invest | 0.90% | 1,016,952 | $26.8M | No change |
| CNNE Cannae Holdings Inc. | 0.85% | 1,391,463 | $25.5M | Reduce -28.1% |
| MXF Mexico Fund Inc. | 0.84% | 1,277,694 | $25.2M | Add +47.4% |
| WB Weibo Corp.-Spon ADR | 0.84% | 2,015,063 | $25.0M | Reduce -23.0% |
| JOF Japan Smaller Capitalization | 0.80% | 2,276,584 | $24.0M | Add +8.0% |
| SABA Saba Capital Income & Opp II | 0.80% | 2,629,802 | $24.0M | Reduce -4.9% |
| HFRO Highland Opport & Income | 0.79% | 3,729,880 | $23.7M | Add +64.2% |
| RVT Royce Small-Cap Trust Inc. | 0.76% | 1,404,173 | $22.6M | New |
| GF The New Germany Fund Inc. | 0.76% | 1,954,112 | $22.6M | Add +0.8% |
| TY Tri-Continental Corp. | 0.74% | 647,684 | $22.0M | Add +390.8% |
| BMBL Bumble Inc. Class A | 0.71% | 3,498,626 | $21.3M | Reduce -17.7% |
| EVTL Vertical Aerospace Ltd. | 0.71% | 4,097,857 | $21.3M | Reduce -5.0% |
| DMA Destra Multi-Alternative | 0.65% | 2,235,144 | $19.3M | Add +14.2% |
| ECF Ellsworth Growth and Income | 0.63% | 1,635,252 | $19.0M | Add +0.5% |
| GRX Gabelli Healthcare & Well | 0.62% | 2,051,035 | $18.6M | Add +3.8% |
| XTEAX Tortoise Sust&social Imp Ter | 0.61% | 1,549,226 | $18.2M | No change |
| RDAG Republic Digital Acquis Class A | 0.56% | 1,650,000 | $16.8M | Reduce -13.2% |
| BCAT BlackRock Capital Alloc TR | 0.53% | 1,078,049 | $15.9M | Reduce -86.2% |
| WENN Wen Acquisition Corp. Class A | 0.53% | 1,563,222 | $15.8M | Reduce -20.4% |
| DIAX Nuveen Dow 30 Dynamic Overwr | 0.52% | 1,034,426 | $15.4M | Add +45.3% |
| GLO Clough Global Opportunities | 0.51% | 2,668,599 | $15.2M | Add +0.5% |
| RMT Royce Micro-Cap Trust Inc. | 0.49% | 1,408,081 | $14.6M | Add +418.4% |
| XBNYX BlackRock New York Muni Inc. | 0.46% | 1,361,044 | $13.8M | Reduce -25.5% |
| XIAEX Voya Asia Pac Hi DVD Eq Inc. | 0.46% | 1,816,687 | $13.6M | No change |
| DMB BNY Mellon Muni BND Infra | 0.45% | 1,249,045 | $13.4M | Reduce -3.0% |
| PAGS Pagseguro Digital Ltd. Class A | 0.43% | 1,293,415 | $12.9M | No change |
| BCX BlackRock Resources & Commod | 0.43% | 1,260,680 | $12.8M | Reduce -24.7% |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | 0.41% | 226,694 | $12.3M | Add +83.6% |
| SABR Sabre Corp. | 0.37% | 6,050,565 | $11.1M | Add +483.9% |
| IHD Voya Emrg MRKT Hi DVD Eqty | 0.37% | 1,748,915 | $11.0M | No change |
| SNAP Snap Inc. Class A | 0.37% | 1,421,784 | $11.0M | Reduce -17.8% |
| PMTR Perimeter Acquis Corp. I Class A | 0.36% | 1,055,870 | $10.7M | Reduce -0.3% |
| NBH Neuberger Municipal Fund Inc. | 0.35% | 1,012,131 | $10.4M | Reduce -42.0% |
| HCMA HCM III Acquisition Cor Class A | 0.32% | 949,650 | $9.6M | New |
| NMAI Nuveen Multi-Asset Income | 0.32% | 734,195 | $9.5M | Reduce -58.6% |
| XPCQX PIMCO California Muni Inc. FD | 0.31% | 1,079,027 | $9.4M | Reduce -8.0% |
| PCAP Procap Acquisition Corp. Class A | 0.31% | 895,996 | $9.2M | Reduce -10.4% |
| BIDU Baidu Inc. - Spon ADR | 0.30% | 69,068 | $9.1M | Reduce -35.5% |
| DAAQ Digital Asset Acquisiti Class A | 0.29% | 850,000 | $8.7M | No change |
| NVDA Nvidia Corp. | 0.28% | 45,569 | $8.5M | Add +43.5% |
| AMD Advanced Micro Devices | 0.28% | 52,055 | $8.4M | Add +160.6% |
| STHO Star Holdings filed as STAR HLDGS | 0.28% | 1,012,616 | $8.3M | Reduce -8.7% |
| CXE MFS High Income Municipal TR | 0.28% | 2,218,692 | $8.3M | Reduce -7.1% |
| RAAQ Real Asset Acquisiti Class A | 0.27% | 797,246 | $8.1M | Reduce -3.0% |
| ONCH 1RT Acquisition Corp. Class A | 0.27% | 774,932 | $8.1M | New |
| BCSS.U Bain Capital GSS Investment | 0.27% | 800,000 | $8.1M | New |
| BLZRU Trailblazer Acquisition Corp. | 0.27% | 786,316 | $8.0M | New |
| EVAC Eqv Ventures Acquisition C-A | 0.25% | 759,738 | $7.6M | New |
| BA The Boeing Co. | 0.25% | 34,779 | $7.5M | Reduce -19.8% |
| GNT Gamco Natural Resources Gold | 0.25% | 1,045,186 | $7.3M | Reduce -38.3% |
| TACO Berto Acquisition Corp. | 0.24% | 700,000 | $7.3M | No change |
| CCII Cohen Circle Acquisit II - A | 0.23% | 684,000 | $6.9M | New |
| BCV Bancroft Fund Ltd. | 0.23% | 314,539 | $6.9M | Add +24.8% |
| QCOM Qualcomm Inc. | 0.22% | 39,004 | $6.5M | New |
| MUC BlackRock Munihold Ca QLTY | 0.22% | 596,597 | $6.5M | Reduce -67.5% |
| DJT Trump Media & Technology Gro | 0.21% | 388,802 | $6.4M | No change |
| TDF Templeton Dragon Fund Inc. | 0.21% | 539,260 | $6.3M | Add +11.3% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.21% | 160,000 | $6.2M | Reduce -4.3% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.19% | 11,739 | $5.8M | New |
| EOD Allspring Global Dividend Op | 0.19% | 996,353 | $5.7M | Reduce -47.3% |
| UBER Uber Technologies Inc. | 0.19% | 57,158 | $5.6M | Reduce -55.6% |
| LNC Lincoln National Corp. | 0.18% | 134,392 | $5.4M | Reduce -21.0% |
| BNC Cea Industries Inc. | 0.18% | 683,174 | $5.3M | New |
| BDCIU BTC Development Corp. | 0.18% | 525,000 | $5.3M | New |
| HUDSON PAC PPTYS INC | 0.17% | 1,876,339 | $5.2M | Reduce -3.3% |
| CAEP Cantor Equity Partners III-A | 0.17% | 500,000 | $5.2M | No change |
| VERX Vertex Inc. Class A | 0.17% | 203,474 | $5.0M | Add +62.7% |
| MFM Aberdeen Municipal Income | 0.17% | 918,910 | $5.0M | Reduce -11.8% |
| SHOP Shopify Inc. Class A | 0.16% | 32,224 | $4.8M | New |
| AMAT Applied Materials Inc. | 0.16% | 22,948 | $4.7M | Reduce -63.2% |
| XCAFX Morgan Stanley China A Share | 0.15% | 275,011 | $4.6M | Add +78.8% |
| MUR Murphy Oil Corp. | 0.15% | 160,298 | $4.6M | Reduce -22.2% |
| XJEQX Abrdn Japan Equity Fund Inc. | 0.15% | 551,552 | $4.3M | Reduce -63.6% |
| CEPF Cantor Equity Partners Class A | 0.14% | 406,500 | $4.1M | New |
| FMN Federated Herm Prem Muni Inc. | 0.14% | 374,908 | $4.1M | No change |
| EMBC Embecta Corp. | 0.14% | 292,209 | $4.1M | Reduce -22.9% |
| AES AES Corp. | 0.14% | 311,582 | $4.1M | Reduce -15.7% |
| XGLQX Clough Global Equity Fund | 0.14% | 535,253 | $4.1M | No change |
| NML Neuberger Energy Infrastruct | 0.14% | 464,003 | $4.0M | Reduce -55.7% |
| XNXJX Nuveen NJ QLTY Muni Inc. | 0.13% | 319,759 | $4.0M | Reduce -86.1% |
Options reported separately and not counted above: BA puts ($84.3M), AMD puts ($78.1M), NVDA puts ($70.4M), WDC puts ($67.1M), MSFT puts ($54.8M), AMAT puts ($44.3M), UBER puts ($37.5M), QCOM puts ($36.8M), XOM puts ($33.3M), CRWD puts ($24.1M), TSLA puts ($23.1M), SHOP puts ($17.9M), and 11 more.
Other holdings (129): bonds, preferreds, convertibles and warrants · $35.5M (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 | $9.9M | No change |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 5,000,000 | $5.3M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 2,500,000 | $2.6M | New |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 2,000,000 | $1.8M | No change |
| IONQ.WS Ionq Inc. -CW26 | *W EXP 09/30/202 | 32,248 | $1.6M | No change |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | 1,500,000 | $1.5M | New |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | 317,899 | $668K | Reduce -48.5% |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | 949,999 | $636K | No change |
| BZAIW Burtech Acquisition -CW23 | *W EXP 01/13/203 | 989,878 | $615K | Reduce -6.8% |
| WENNW Wen Acquisition Corp.-A -31 | *W EXP 99/99/999 | 981,614 | $564K | No change |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 252,283 | $532K | No change |
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | 37,753 | $482K | Reduce -26.4% |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | 349,998 | $464K | No change |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 719,489 | $460K | Reduce -37.1% |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | 733,811 | $422K | Reduce -0.0% |
| OPFI.WS Oppfi Inc. -CW26 | *W EXP 07/20/202 | 153,564 | $346K | No change |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 1,357,795 | $337K | Reduce -0.8% |
| PMTRW Perimeter Acquis Corp. I -30 | *W EXP 05/13/203 | 554,845 | $333K | No change |
| DAAQW Digital Asset Acquisition-30 | *W EXP 04/01/203 | 471,140 | $320K | No change |
| FBYDW Falcon's Beyond Global-27 | *W EXP 10/06/202 | 186,852 | $314K | No change |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 48,932 | $295K | No change |
| RAAQW REAL ASSET AQC Corp -30 | *W EXP 04/24/203 | 687,813 | $292K | No change |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 568,730 | $285K | No change |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 406,561 | $278K | No change |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 500,000 | $255K | No change |
| HCMAW HCM III Acquisition Corp. -30 | *W EXP 07/23/203 | 333,333 | $236K | New |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 275,647 | $234K | No change |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | 484,298 | $232K | No change |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | 512,200 | $228K | No change |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | 333,332 | $225K | No change |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 149,170 | $200K | No change |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | 199,998 | $178K | New |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 183,597 | $174K | New |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | 414,140 | $166K | No change |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 205,984 | $154K | Reduce -20.8% |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | 187,499 | $150K | New |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 710,648 | $138K | No change |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 235,038 | $112K | Add +1.5% |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | 726,048 | $110K | No change |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 174,262 | $90K | No change |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 472,500 | $87K | No change |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | 336,579 | $82K | New |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | 352,804 | $82K | No change |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | 164,350 | $80K | No change |
| HOVRW Pono Capital Three Inc.-A-28 | *W EXP 02/14/202 | 199,659 | $77K | No change |
| UNITED HOMES GROUP INC | *W EXP 03/30/202 | 45,810 | $77K | Reduce -16.9% |
| FLYX.WS Eg Acquisition Corp.-A -CW28 | *W EXP 99/99/999 | 230,500 | $73K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 237,350 | $71K | No change |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 42,591 | $71K | No change |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 438,551 | $69K | No change |
| RTACW Renatus Tactical Acqu - 30 | *W EXP 05/15/203 | 56,866 | $68K | No change |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | 154,086 | $65K | Reduce -12.1% |
| KIDZW Classover Holdings Inc. - 30 | *W EXP 04/03/203 | 699,290 | $56K | No change |
| UWM HOLDINGS CORPORATION | *W EXP 01/21/202 | 380,604 | $53K | No change |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 193,229 | $51K | No change |
| HVIIR Hennessy Capital Investment | RIGHT 01/17/2030 | 175,000 | $51K | No change |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 249,200 | $50K | No change |
| ZOOZW Zooz Strategy Ltd.-29 | *W EXP 04/02/202 | 262,498 | $46K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 111,217 | $46K | No change |
| SBCWW Pono Capital Two Inc. -27 | *W EXP 09/17/202 | 200,000 | $43K | No change |
| GRABW Grab Holdings Ltd.-CW 26 | *W EXP 99/99/999 | 84,913 | $43K | No change |
| MDAIW Spectral AI -CW27 | *W EXP 09/11/202 | 59,763 | $42K | No change |
| NPACW New Providence Acq A -CW28 | *W EXP 04/24/203 | 95,631 | $41K | No change |
| FOXXW 1OXX | *W EXP 09/26/202 | 244,962 | $38K | No change |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 197,486 | $37K | Reduce -34.2% |
| ZEOWW Esgen Acquisition A -CW23 | *W EXP 03/13/202 | 726,030 | $36K | No change |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 541,499 | $35K | No change |
| LIMNW Liminatus Pharma Inc. Class A-28 | *W EXP 04/30/203 | 233,761 | $35K | No change |
| SCAGW Scage Future -30 | *W EXP 05/15/203 | 660,109 | $33K | New |
| HOLLEY INC | *W EXP 11/30/202 | 298,716 | $33K | No change |
| ARBEW Arbe Robotics Ltd. -CW26 | *W EXP 99/99/999 | 114,180 | $31K | No change |
| EONR.WS HNR Acquisition Corp. -CW23 | *W EXP 11/15/202 | 500,000 | $31K | No change |
| ASBPW Aspire Biopharma Holdin-CW27 | *W EXP 02/14/203 | 983,603 | $29K | No change |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | 99,999 | $29K | No change |
| OPTXW Omnilit Acquisition Class A -23 | *W EXP 99/99/999 | 332,000 | $29K | No change |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 67,710 | $28K | No change |
| ABPWW Atlantic Coast Acq -CW23 | *W EXP 11/12/202 | 997,048 | $27K | No change |
| MRNOW Murano Global BV-28 | *W EXP 03/19/202 | 174,998 | $26K | No change |
| CYCUW Cycurion Inc.-CW27 | *W EXP 02/13/203 | 500,000 | $25K | No change |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 71,410 | $24K | No change |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | 31,616 | $24K | No change |
| CPTWF Captivision Inc.-28 | *W EXP 11/15/202 | 649,998 | $23K | No change |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | 273,057 | $21K | No change |
| GCLWW GCL Global Holdings-A -CW26 | *W EXP 02/13/203 | 275,000 | $19K | No change |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 49,998 | $18K | No change |
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | 25,000 | $16K | No change |
| NVNWF Nvni Group Ltd.-28 | *W EXP 11/01/202 | 211,075 | $15K | No change |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | 100,000 | $14K | No change |
| GWHWW Ess Tech Inc. -CW27 | *W EXP 10/08/202 | 303,596 | $13K | No change |
| BRLSW Oxus Acquisition Corp. -CW23 | *W EXP 02/07/202 | 166,894 | $13K | No change |
| NAMMW Namib Minerals | *W EXP 06/05/203 | 83,480 | $12K | No change |
| OSRHW Bellevue Life Sciences-WRNT | *W EXP 02/09/202 | 250,000 | $10K | No change |
| DHAIW Aurora Technology Acquis -28 | *W EXP 04/20/202 | 945,000 | $10K | No change |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | 132,013 | $9K | No change |
| GGROW Gogoro Inc. -CW27 | *W EXP 04/04/202 | 400,330 | $9K | No change |
| CDTTW Murphy Canyon Acq-CW27 | *W EXP 09/22/202 | 765,000 | $9K | No change |
| VGASW Cenaq Energy Corp. Class A -CW27 | *W EXP 02/15/202 | 73,108 | $9K | No change |
| PBMWW Psyence Biomedical Ltd. | *W EXP 01/22/202 | 297,847 | $8K | No change |
| SMXWW SMX Security Matters PLC-28 | *W EXP 03/07/202 | 265,947 | $6K | No change |
| TBLAW Taboola.com Ltd. -CW27 | *W EXP 99/99/999 | 72,280 | $6K | No change |
| STRATA CRITICAL MEDICAL INC | *W EXP 05/07/202 | 27,728 | $6K | No change |
| SONWQ Gores Metropoulos II -CW28 | *W EXP 01/18/202 | 531,114 | $6K | No change |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 14,427 | $5K | No change |
| VSEEW Digital Health Acquist-CW23 | *W EXP 99/99/999 | 243,249 | $5K | No change |
| CEROW Phoenix Biotech Acq -CW26 | *W EXP 02/13/202 | 295,913 | $4K | No change |
| CDIOW Cardio Diagnostics-CW26 | *W EXP 10/25/202 | 199,839 | $4K | No change |
| MLKWF Waldencast Acq Class A -CW27 | *W EXP 07/27/202 | 99,998 | $4K | No change |
| LVWR.WS Livewire Group Inc.-27 | *W EXP 09/26/202 | 49,203 | $4K | No change |
| HUBCW Hub Cyber Security Ltd.-28 | *W EXP 02/27/202 | 179,799 | $3K | No change |
| PARAW 7GC & Co. Holdings Class A -CW26 | *W EXP 12/14/202 | 124,100 | $3K | No change |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 122,683 | $3K | No change |
| BNAIW Brand Engagement Netwo -CW27 | *W EXP 03/14/202 | 212,302 | $3K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 21,669 | $3K | No change |
| OABIW Omniab Inc. - CW26 | *W EXP 99/99/999 | 19,900 | $3K | Reduce -0.5% |
| FORLW Four Leaf Acquisition Cor-28 | *W EXP 03/15/202 | 65,000 | $3K | No change |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 43,358 | $2K | No change |
| SWVLW Pivotal Holdings Corp. -CW27 | *W EXP 99/99/999 | 170,222 | $2K | No change |
| ORGNW Origin Materials -CW26 | *W EXP 06/25/202 | 155,950 | $2K | No change |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | 26,945 | $2K | No change |
| CRPWF Carbon Revolution PLC | *W EXP 99/99/999 | 81,901 | $2K | No change |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 18,752 | $2K | No change |
| BSLKW Golden Arrow Merger A -CW26 | *W EXP 08/13/202 | 41,097 | $2K | No change |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 10,200 | $2K | No change |
| ADVWW Advantage Solutions in-CW25 | *W EXP 10/28/202 | 151,879 | $1K | No change |
| RMCOW American Acq Class A -CW26 | *W EXP 10/31/202 | 19,443 | $982 | No change |
| PERFF Perfect Corp. | *W EXP 10/28/202 | 41,822 | $905 | No change |
| CCGWW Cheche Group Inc. - 28 | *W EXP 10/01/203 | 22,099 | $796 | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 16,866 | $714 | No change |
| SLXNW Biomotion Sciences-CW29 | *W EXP 08/15/202 | 11,937 | $421 | No change |
Total filed on the 13F, all lines: $3.0B.
Portfolio Sells Q2 2025 → Q3 2025
| BTX BlackRock Tech & Priv Eqty | Sold out | 0.00% | −12.24 |
| BCAT BlackRock Capital Alloc TR | Reduce -86.2% | 0.53% | −2.71 |
| XMHIX Pioneer Muni High Inc. TR | Sold out | 0.00% | −1.06 |
| XPMAX Pioneer Municipal High Inc. | Sold out | 0.00% | −0.92 |
| TYG Tortoise Energy Infrastruct | Reduce -96.3% | 0.03% | −0.72 |
| ADX Adams Diversified Equity | Reduce -53.3% | 1.00% | −0.71 |
| XMIOX Pioneer Muni High Inc. Opp | Sold out | 0.00% | −0.70 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Reduce -86.1% | 0.13% | −0.58 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -93.9% | 0.04% | −0.49 |
| MHN BlackRock Muniholding NY QLT | Sold out | 0.00% | −0.49 |
| ETOR Etoro Group Ltd. Class A | Reduce -87.9% | 0.04% | −0.43 |
| XBFZX BlackRock Ca Muni Inc. TR | Reduce -41.0% | 1.01% | −0.38 |
| MPA BlackRock Muniyield Pa Qltyv | Sold out | 0.00% | −0.35 |
| MUC BlackRock Munihold Ca QLTY | Reduce -67.5% | 0.22% | −0.31 |
| NMAI Nuveen Multi-Asset Income | Reduce -58.6% | 0.32% | −0.30 |
| CNNE Cannae Holdings Inc. | Reduce -28.1% | 0.85% | −0.26 |
| RA Brookfield Real Assets Incom | Sold out | 0.00% | −0.25 |
| XOM Exxon Mobil Corp. | Reduce -72.2% | 0.11% | −0.20 |
| MYN BlackRock Muniyield NY QLTY | Sold out | 0.00% | −0.18 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.18 |
| XJEQX Abrdn Japan Equity Fund Inc. | Reduce -63.6% | 0.15% | −0.17 |
| LWACU Lightwave Acquisition Corp. | Sold out | 0.00% | −0.17 |
| AMAT Applied Materials Inc. | Reduce -63.2% | 0.16% | −0.16 |
| MSFT Microsoft Corp. | Reduce -84.4% | 0.04% | −0.15 |
| UBER Uber Technologies Inc. | Reduce -55.6% | 0.19% | −0.14 |
| IPCX Inflection Point Acquisiti-A | Sold out | 0.00% | −0.14 |
| NML Neuberger Energy Infrastruct | Reduce -55.7% | 0.14% | −0.12 |
| NBH Neuberger Municipal Fund Inc. | Reduce -42.0% | 0.35% | −0.12 |
| ERH Allspring Utilities and High | Reduce -96.7% | 0.00% | −0.10 |
| IREN Iren Ltd. | Reduce -87.8% | 0.09% | −0.10 |
| F Ford Motor Co. | Reduce -92.9% | 0.01% | −0.09 |
| EVTL Vertical Aerospace Ltd. | Reduce -5.0% | 0.71% | −0.09 |
| EOD Allspring Global Dividend Op | Reduce -47.3% | 0.19% | −0.09 |
| PACHU Pioneer Acquisition I Corp. | Sold out | 0.00% | −0.08 |
| NPAC New Providence Acquisition-A | Sold out | 0.00% | −0.08 |
| OBAWU Oxley Bridge Acquisition Ltd. | Sold out | 0.00% | −0.08 |
| XPHTX Pioneer High Income Fund | Sold out | 0.00% | −0.08 |
| PNI PIMCO NY Muni Inc. II FND | Sold out | 0.00% | −0.07 |
| GRFS Grifols SA-ADR | Sold out | 0.00% | −0.07 |
| TROX Tronox Holdings PLC | Reduce -65.6% | 0.03% | −0.07 |
| XBGYX BlackRock Enh Intl DVD TR | Reduce -94.2% | 0.00% | −0.06 |
| PGZ Principal Real Estate Income | Reduce -63.4% | 0.05% | −0.06 |
| BMBL Bumble Inc. Class A | Reduce -17.7% | 0.71% | −0.06 |
| WDC Western Digital Corp. | Sold out | 0.00% | −0.06 |
| MUJ BlackRock Munihold NJ QLTY | Sold out | 0.00% | −0.06 |
| FIGXU Figx Capital Acquisition Cor | Sold out | 0.00% | −0.06 |
| GNT Gamco Natural Resources Gold | Reduce -38.3% | 0.25% | −0.05 |
| SNAP Snap Inc. Class A | Reduce -17.8% | 0.37% | −0.05 |
| MOS The Mosaic Co. | Reduce -63.3% | 0.03% | −0.04 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| ASA ASA Gold and Precious Metals | Add +43.1% | 7.13% | +4.31 |
| GAM General American Investors | Add +13.3% | 4.25% | +1.47 |
| NBXG Neuberger Next Generation Co. | Add +0.8% | 3.97% | +0.90 |
| RVT Royce Small-Cap Trust Inc. | New | 0.76% | +0.76 |
| TY Tri-Continental Corp. | Add +390.8% | 0.74% | +0.62 |
| HFRO Highland Opport & Income | Add +64.2% | 0.79% | +0.47 |
| MXF Mexico Fund Inc. | Add +47.4% | 0.84% | +0.42 |
| RMT Royce Micro-Cap Trust Inc. | Add +418.4% | 0.49% | +0.42 |
| HCMA HCM III Acquisition Cor Class A | New | 0.32% | +0.32 |
| LEO BNY Mellon Strategic Muni | Add +2.1% | 1.19% | +0.28 |
| SABR Sabre Corp. | Add +483.9% | 0.37% | +0.28 |
| ONCH 1RT Acquisition Corp. Class A | New | 0.27% | +0.27 |
| BCSS.U Bain Capital GSS Investment | New | 0.27% | +0.27 |
| BLZRU Trailblazer Acquisition Corp. | New | 0.27% | +0.27 |
| TWN Taiwan Fund Inc./TH/MD-US Inc. | Add +83.6% | 0.41% | +0.26 |
| EVAC Eqv Ventures Acquisition C-A | New | 0.25% | +0.25 |
| XBOEX BlackRock Enh GLBL DVD TR | Add +10.3% | 0.93% | +0.25 |
| JOF Japan Smaller Capitalization | Add +8.0% | 0.80% | +0.24 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Add +45.3% | 0.52% | +0.23 |
| CCII Cohen Circle Acquisit II - A | New | 0.23% | +0.23 |
| QCOM Qualcomm Inc. | New | 0.22% | +0.22 |
| AMD Advanced Micro Devices | Add +160.6% | 0.28% | +0.20 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.19% | +0.19 |
| BNC Cea Industries Inc. | New | 0.18% | +0.18 |
| BDCIU BTC Development Corp. | New | 0.18% | +0.18 |
| ECF Ellsworth Growth and Income | Add +0.5% | 0.63% | +0.18 |
| DMA Destra Multi-Alternative | Add +14.2% | 0.65% | +0.17 |
| SHOP Shopify Inc. Class A | New | 0.16% | +0.16 |
| NVDA Nvidia Corp. | Add +43.5% | 0.28% | +0.15 |
| CEPF Cantor Equity Partners Class A | New | 0.14% | +0.14 |
| GF The New Germany Fund Inc. | Add +0.8% | 0.76% | +0.12 |
| TONX Ton Strategy Co. | New | 0.11% | +0.11 |
| GLO Clough Global Opportunities | Add +0.5% | 0.51% | +0.11 |
| GRX Gabelli Healthcare & Well | Add +3.8% | 0.62% | +0.11 |
| ETHZILLA CORPORATION | New | 0.10% | +0.10 |
| BCV Bancroft Fund Ltd. | Add +24.8% | 0.23% | +0.10 |
| PDD PDD Holdings Inc. | New | 0.10% | +0.10 |
| XCAFX Morgan Stanley China A Share | Add +78.8% | 0.15% | +0.09 |
| TSLA Tesla Inc. | New | 0.09% | +0.09 |
| OLN Olin Corp. | New | 0.09% | +0.09 |
| CHW Calamos Global Dynamic Incom | New | 0.09% | +0.09 |
| FCRS.U Futurecrest Acquisition Corp. | New | 0.09% | +0.09 |
| SVACU Spring Valley Acquisition Co. | New | 0.09% | +0.09 |
| CHECU Chenghe Acquisition III Co. | New | 0.08% | +0.08 |
| OTGAU Otg Acquisition Corp. I | New | 0.08% | +0.08 |
| MBVIU M3-Brigade Acquisition Vi Co. | New | 0.08% | +0.08 |
| TDF Templeton Dragon Fund Inc. | Add +11.3% | 0.21% | +0.08 |
| TLNCU Talon Capital Corp. | New | 0.07% | +0.07 |
| DMIIU Drugs Made in America Acquis | New | 0.07% | +0.07 |
| AEXA American Exceptionalism Class A | New | 0.06% | +0.06 |
Options Activity Q2 2025 → Q3 2025
| BA The Boeing Co. | put | Add +30.9% | 390,500 | $84.3M |
| AMD Advanced Micro Devices | put | Reduce -6.3% | 483,000 | $78.1M |
| NVDA Nvidia Corp. | put | Add +106.1% | 377,100 | $70.4M |
| WDC Western Digital Corp. | put | Add +1.5% | 559,000 | $67.1M |
| MSFT Microsoft Corp. | put | Reduce -48.6% | 105,800 | $54.8M |
| AMAT Applied Materials Inc. | put | Reduce -34.9% | 216,200 | $44.3M |
| UBER Uber Technologies Inc. | put | Reduce -43.9% | 383,100 | $37.5M |
| QCOM Qualcomm Inc. | put | New | 221,000 | $36.8M |
| XOM Exxon Mobil Corp. | put | Reduce -45.9% | 295,300 | $33.3M |
| CRWD CrowdStrike Holdings Inc. Class A | put | New | 49,200 | $24.1M |
| TSLA Tesla Inc. | put | New | 51,900 | $23.1M |
| SHOP Shopify Inc. Class A | put | New | 120,700 | $17.9M |
| PDD PDD Holdings Inc. | put | New | 85,800 | $11.3M |
| MOS The Mosaic Co. | put | Reduce -79.8% | 192,600 | $6.7M |
| PYPL PayPal Holdings Inc. | put | Add +18.6% | 89,800 | $6.0M |
| F Ford Motor Co. | put | Reduce -88.9% | 292,800 | $3.5M |
| MARA Mara Holdings Inc. | put | Sold out | 124,900 | $2.0Mbefore exit |
| EOSE Eos Energy Enterprises Inc. | put | New | 35,000 | $399K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | New | 2,500,000 | $2.6M |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | New | 1,500,000 | $1.5M |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | Sold out | 5,000,000 | $1.2Mbefore exit |
| AVPTW Avepoint Inc.-CW24 | *W EXP 09/18/202 | Sold out | 126,377 | $982Kbefore exit |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | Reduce -48.5% | 317,899 | $668K |
| BZAIW Burtech Acquisition -CW23 | *W EXP 01/13/203 | Reduce -6.8% | 989,878 | $615K |
| CMPOW Composecure Inc. -CW25 | *W EXP 12/27/202 | Reduce -26.4% | 37,753 | $482K |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | Reduce -37.1% | 719,489 | $460K |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | Reduce -0.0% | 733,811 | $422K |
| DMYYW DMY Squared Technology GR-27 | *W EXP 99/99/999 | Sold out | 211,454 | $385Kbefore exit |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | Reduce -0.8% | 1,357,795 | $337K |
| HCMAW HCM III Acquisition Corp. -30 | *W EXP 07/23/203 | New | 333,333 | $236K |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | New | 199,998 | $178K |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | New | 183,597 | $174K |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | Reduce -20.8% | 205,984 | $154K |
| CCIIW Cohen Circle Acq II -30 | *W EXP 07/01/203 | New | 187,499 | $150K |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | Add +1.5% | 235,038 | $112K |
| EVAC.WS Eqv Ventures Acquisition Cor | *W EXP 06/30/203 | New | 336,579 | $82K |
| UNITED HOMES GROUP INC | *W EXP 03/30/202 | Reduce -16.9% | 45,810 | $77K |
| SLDPW Decarbonization Plus -CW23 | *W EXP 12/08/202 | Reduce -12.1% | 154,086 | $65K |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | Reduce -34.2% | 197,486 | $37K |
| SCAGW Scage Future -30 | *W EXP 05/15/203 | New | 660,109 | $33K |
| CGBWF Crown LNG Holdings Ltd.-28 | *W EXP 07/09/202 | Sold out | 150,000 | $5Kbefore exit |
| LAKESHORE BIOPHARMA CO LTD | *W EXP 03/15/202 | Sold out | 97,299 | $4Kbefore exit |
| OABIW Omniab Inc. - CW26 | *W EXP 99/99/999 | Reduce -0.5% | 19,900 | $3K |
| XAGEW Alpha Healthcare Acquis-CW27 | *W EXP 07/12/202 | Sold out | 19,604 | $525before 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 | 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 |