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.
Top Holdings
Equity Positions (177)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
L LBRDK | 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 |
T TFPM.TO | 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 |