WHITEBOX ADVISORS LLC
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MINNEAPOLIS MN
Investment Advisor
Hedge Fund
Activist Investor
Whitebox Advisors is based out of Minneapolis. Whitebox Advisors is a hedge fund with 16 clients and discretionary assets under management (AUM) of $11,045,111,413 (Form ADV from 2025-08-20). Their last reported 13F filing for Q2 2025 included $4,710,431,394 in managed 13F securities
and a top 10 holdings concentration of 39.51%. Whitebox Advisors's largest holding is SPDR S&P 500 ETF TRUST with shares held of 850,000. Whalewisdom has at least 102 13F filings, 78 13D filings, 325 13G filings, and 64 Form 4 filings
Investment Strategy
Whitebox employs a range of investment strategies that are subject to change without notice. These strategies may differ materially from those described, and the advisor is continually developing them. There is generally no limitation on the positions, instruments, markets, or strategies that the advisor may employ, except as determined by the advisor or set forth in client documentation. Changes in investment strategies may increase the risk profile of the private funds.
Whitebox's approach combines bottom-up trade identification with a top-down view on markets. The principal investment strategies are designed to capture alpha from systematic inefficiencies and idiosyncratic opportunities across asset classes and market cycles. These strategies include convertible arbitrage, focusing on opportunistic convertible investing, credit strategies focused on distressed, restructuring, and event-driven credit trades, and credit arbitrage, involving capital structure arbitrage with a credit focus.
Known Email Addresses
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2025-06-30
Top Buys (13F)
| Name | % Change |
|---|---|
| DEBT-MICR MICROSTRATEGY INC NO (PRN) | 5.08% |
| DEBT-BLOO BLOOM ENERGY CORP NO (PRN) | 2.7% |
| IBIT iShares Bitcoin Trus (PUT) | 2.6% |
| DEBT-WEST WESTERN DIGITAL CORP (PRN) | 2.15% |
| IWM iShares Russell 2000 (PUT) | 1.6% |
2025-06-30
Top Sells (13F)
| Name | % Change |
|---|---|
| BERY Berry Global Group I | 3.67% |
| DEBT-INSM INSMED INC NOTE 0.75 (PRN) | 2.7% |
| DEBT-ECHO ECHOSTAR CORP NOTE 3 (PRN) | 2.46% |
| SPY SPDR S&P 500 ETF TRU | 1.96% |
| DEBT-CINE CINEMARK HLDGS INC N (PRN) | 1.67% |
2025-06-30
13F Holdings Summary
| Name | % of Portfolio |
|---|---|
| SPY SPDR S&P 500 ETF TRU(PUT) | 11.15% |
| DEBT-WEST WESTERN DIGITAL CORP(PRN) | 6.17% |
| DEBT-MICR MICROSTRATEGY INC NO(PRN) | 5.08% |
| LBRDK Liberty Broadband Co | 2.89% |
| DEBT-BLOO BLOOM ENERGY CORP NO(PRN) | 2.7% |
2025-06-30
13F Activity
| Market Value | $4.71b, Prior: $3.87b |
| Inflows (Outflows) as % of Total MV | +8.7893% |
| New Purchases | 131 stocks |
| Added To | 42 stocks |
| Sold out of | 61 stocks |
| Reduced holdings in | 51 stocks |
| Top 10 Holdings % | 39.51% |
| Turnover %[1] | 43.34% |
| Turnover Alt %[2] | 22.8% |
| Time Held Top 20 | 3.8 quarters |
| Time Held Top 10 | 1.3 quarters |
| Time Held All | 4.49 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.
2025-06-30
13F Sector Allocation Over Time
limited to past 4 quarters. Subscribe to see all available data
2025-06-30
Analysis
Top 20 equal-weighted holdings. Performance numbers calculated through 2025-06-30