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Whitebox Advisors LLC
Whitebox Advisors LLC is a privately owned, multi-strategy hedge fund sponsor and alternative asset manager founded in 1999 and headquartered in Minneapolis, Minnesota, with additional offices in Austin, New York, and London. The firm primarily serves pooled investment vehicles, corporations, public institutions, private entities, and qualified individuals. Whitebox employs approximately 100 employees and manages several hedge funds and institutional accounts, using a blend of quantitative and qualitative research. As of recent filings, the company manages billions in assets for a diversified global client base.
Investment Strategy
Whitebox Advisors employs a multi-strategy investment approach, seeking optimal risk-adjusted returns via arbitrage, credit, relative value, equities, structured credit, and event-driven strategies. The firm identifies portfolio opportunities through a combination of qualitative fundamental analysis and proprietary quantitative screens, focusing heavily on price anomalies and mispricings across markets and capital structures. Their investment process consists of four stages: sourcing, evaluation, decision, and portfolio management. Risk assessment and management are integral to each stage, with a strong emphasis on bottom-up research, trading execution, and comprehensive risk monitoring.
Latest 13F Filing Activity
Whitebox Advisors LLC filed their most recent 13F report on Jun 30, 2025 disclosing 177 equity positions and 29 options positions with a total 13F market value of $5B. The fund increased holdings in MR Cooper Group Inc., Liberty Broadband Corp., Informatica Inc. among other positions. Whitebox Advisors LLC reduced exposure to Berry Global Group Inc., SPDR S&P 500 Etf TR, Intra-cellular Therapies Inc. among others.
Top Holdings
Equity Positions (177)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
| LIBERTY BROADBAND CORP | 2.89% | $136.2M | 1,384,608 | $83.28 | $92.10 | +$51.3M | |
C CHX | CHAMPIONX CORPORATION | 1.73% | $81.3M | 3,271,356 | $28.01 | $24.84 | +$19.0M |
C COOP | MR COOPER GROUP INC | 1.54% | $72.3M | 484,850 | $149.21 | $149.21 | +$72.3M |
A AZEK | AZEK CO INC | 1.24% | $58.3M | 1,073,501 | $50.66 | $54.35 | +$22.9M |
| TRIPLE FLAG PRECIOUS METAL | 1.21% | $57.1M | 2,410,057 | $18.84 | $32.29 | +$8.6M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $525.2M | 8,500 | $617.85 | $489.76 | +1,500 | +$133.6M |
S SPY | SPDR S&P 500 ETF TR | — | Call | $123.6M | 2,000 | $617.85 | $559.39 | 0 | +$11.7M |
I IBIT | ISHARES BITCOIN TRUST ETF | New | Put | $122.4M | 20,000 | $61.21 | $61.21 | +20,000 | +$122.4M |
O OIH | VANECK ETF TRUST | — | Put | $103.6M | 4,500 | $230.29 | $274.79 | 0 | -$14.3M |
I IWM | ISHARES TR | New | Put | $75.5M | 3,500 | $215.79 | $215.79 | +3,500 | +$75.5M |
Industry Allocation
Investment Team (11)
| Name | Role | Location | |
|---|---|---|---|
G Gary Kohler | Portfolio Manager and Partner | Minneapolis, MN , United States | |
J Josh Ryan | High Yield and Distressed Trader | Minneapolis, MN , United States | |
P Paul Twitchell | Portfolio Manager | Wayzata, MN , United States | |
R Ross Hecht | Senior Trader | New York, NY , United States | |
S Sean Russell | Strategy Head and Portfolio Manager - Government Credit | Austin, TX , United States | |
E Eddie Phillips | Portfolio Manager | Wayzata, MN , United States | |
 | Portfolio Manager - Leveraged Loans | United States | |
N Nick Swenson | Fund Manager | Minneapolis, MN , United States | |
P Peter Wiley | Portfolio Manager | Minneapolis, MN , United States | |
R Robert Vogel | Partner, Chief Investment Officer | Minneapolis, MN , United States |
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