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 20 clients and discretionary assets under management (AUM) of $9,565,705,000 (Form ADV from 2024-12-20). Their last reported 13F filing for Q1 2025 included $3,872,197,085 in managed 13F securities
and a top 10 holdings concentration of 36.51%. Whitebox Advisors's largest holding is SPDR S&P 500 ETF TRUST with shares held of 700,000. Whalewisdom has at least 101 13F filings, 74 13D filings, 324 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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2025-03-31
Top Buys (13F)
| Name | % Change |
|---|---|
| BERY Berry Global Group I | 3.67% |
| SPY SPDR S&P 500 ETF TRU (CALL) | 2.89% |
| DEBT-ECHO ECHOSTAR CORP NOTE 3 (PRN) | 2.13% |
| SPY SPDR S&P 500 ETF TRU | 1.96% |
| OIH VanEck Oil Services (PUT) | 1.87% |
2025-03-31
Top Sells (13F)
| Name | % Change |
|---|---|
| DEBT-MICR MICROSTRATEGY INC NO (PRN) | 6% |
| DEBT-FRES FRESHPET INC NOTE 3. (PRN) | 1.92% |
| DEBT-INSM INSMED INC NOTE 0.75 (PRN) | 1.47% |
| DEBT-SEMT SEMTECH CORP NOTE 1. (PRN) | 1.36% |
| KKR KKR & Co. Inc (PUT) | 1.32% |
2025-03-31
13F Holdings Summary
| Name | $ Change |
|---|---|
| SPY SPDR S&P 500 ETF TRU(PUT) | 10.11% |
| DEBT-WEST WESTERN DIGITAL CORP(PRN) | 4.02% |
| BERY Berry Global Group I | 3.67% |
| DEBT-ECHO ECHOSTAR CORP NOTE 3(PRN) | 3.45% |
| OIH VanEck Oil Services (PUT) | 3.05% |
2025-03-31
13F Activity
| Market Value | $3.87b, Prior: $3.47b |
| Inflows (Outflows) as % of Total MV | +14.2469% |
| New Purchases | 79 stocks |
| Added To | 44 stocks |
| Sold out of | 37 stocks |
| Reduced holdings in | 52 stocks |
| Top 10 Holdings % | 36.51% |
| Turnover %[1] | 33.24% |
| Turnover Alt %[2] | 18.68% |
| Time Held Top 20 | 3.7 quarters |
| Time Held Top 10 | 1.2 quarters |
| Time Held All | 5.42 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.
2025-03-31
13F Sector Allocation Over Time
limited to past 4 quarters. Subscribe to see all available data
2025-03-31
Analysis
Top 20 equal-weighted holdings. Performance numbers calculated through 2025-03-31