AC
Almitas Capital LLC Quarterly 13F Portfolio Update (Q2 2026)
Almitas Capital LLCCIK: 0001596468
Diversified strategyMomentum followerSector-focused
Total reported value
$417.4M
Reporting period: 2026-06-30 · Number of holdings: 130
Almitas Capital LLC disclosed 130 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $417.4M and a quarterly turnover rate of 41.3%.
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Personality snowflake
- Concentration
- 20.39
- Portfolio Stability
- 41.3
- Momentum
- 100
- Sector conviction
- 88.74
- Diversification
- 100
- Sizing Uniformity
- 76.19
Almitas Capital LLC's disclosed holdings carry a Herfindahl concentration index of 0.051 — mathematically equivalent to about 20 equally-sized positions, well below its 130 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.38), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 2% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim FBTC
-11.2% -$21.0M
Sold out XNQPX
Trim AMLX
-54.1% -$12.0M
Sold out BIO
New buy TYG
Sold out XCMUX
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | FBTC | Fidelity Wise Origin Bitcoin | ETF-Crypto | 16.69% | -3.81% | -11.20% | |
| 2 | BTT | Blackrock 2030 Muni Trgt Trm | Stock-Other | 8.10% | +0.48% | -0.05% | |
| 3 | ASA | ASA Gold and Precious Metals Limited | Stock-Other | 7.84% | +0.47% | +19.68% | |
| 4 | AMLX | Amylyx Pharmaceuticals Inc | Stock-Other | 4.20% | -2.47% | -54.07% | |
| 5 | DSGN | Design Therapeutics Inc | Stock-Other | 3.56% | -0.12% | -32.90% | |
| 6 | PDX | Pimco Dynamic Income Strat | Stock-Other | 2.74% | +0.04% | +1.48% | |
| 7 | CRF | Cornerstone Total Return | Stock-Other | 2.70% | +0.95% | +40.97% | |
| 8 | CNNE | Cannae Holdings Inc | Stock-Other | 2.56% | +0.66% | — | |
| 9 | MEGI | Nyli Cbre Glbl Infr Mega Trm | Stock-Other | 2.03% | +0.98% | +76.34% | |
| 10 | LYEL | Lyell Immunopharma Inc | Stock-Other | 1.96% | -0.66% | +0.62% | |
| 11 | BMEZ | Blackrock Hlth Sci Trm Tr Ii | Stock-Other | 1.87% | +0.22% | +0.14% | |
| 12 | ANTX | An2 Therapeutics Inc | Stock-Other | 1.70% | +0.56% | -0.68% | |
| 13 | TYG | Tortoise Energy Infrastruct | Stock-Other | 1.66% | +1.66% | NEW | |
| 14 | XPCQX | Pimco California Muni Inc Fd | Stock-Other | 1.53% | +0.33% | +15.17% | |
| 15 | XSSPX | Nuveen S&p 500 Dynam Overwr | Stock-Other | 1.46% | +1.14% | +269.17% | |
| 16 | ALXO | Alx Oncology Holdings Inc | Stock-Other | 1.46% | +0.02% | -7.42% | |
| 17 | FSSL | Fs Specialty Lending Fund | Stock-Other | 1.44% | +0.68% | +99.88% | |
| 18 | SDHY | Pgim Shrt Durat Hi Yld | Stock-Other | 1.43% | +0.78% | +103.82% | |
| 19 | CLM | Cornerstone Strategic Invest | Stock-Other | 1.20% | +0.47% | +49.72% | |
| 20 | MFM | Aberdeen Municipal Income | Stock-Other | 1.18% | +1.18% | NEW | |
| 21 | AOR | Ishares Core 60/40 Balanced | ETF-Other | 1.16% | +1.16% | NEW | |
| 22 | SCHH | Schwab US Reit ETF | ETF-Other | 1.13% | +1.13% | NEW | |
| 23 | DSM | Bnym Strat Muni Bnd | Stock-Other | 1.12% | -0.14% | -18.17% | |
| 24 | USA | Liberty All Star Equity Fund | Stock-Other | 1.11% | +0.61% | +101.86% | |
| 25 | JOF | Japan Smaller Capitalization | Stock-Other | 1.09% | +0.10% | -4.11% | |
| 26 | FCT | First Trust Snr Fl Rt Inc Ii | Stock-Other | 1.08% | +0.25% | +21.73% | |
| 27 | GLO | Clough Global Opportunities | Stock-Other | 1.04% | +0.21% | +7.41% | |
| 28 | BRSP | Brightspire Capital Inc | Stock-Other | 1.00% | -0.29% | -24.30% | |
| 29 | DTF | Dtf Tax-free Income 2028 Ter | Stock-Other | 0.98% | +0.06% | — | |
| 30 | CCAP | Crescent Capital Bdc Inc | Stock-Other | 0.93% | -0.05% | — | |
| 31 | ELME | Elme Communities | Stock-Other | 0.93% | -0.25% | +0.46% | |
| 32 | MXF | Mexico Fund Inc | Stock-Other | 0.90% | +0.03% | -6.92% | |
| 33 | CEE | Central And Eastern Europe F | Stock-Other | 0.85% | +0.13% | — | |
| 34 | LADR | Ladder Capital Corp-reit | Stock-Other | 0.81% | +0.17% | +17.21% | |
| 35 | JFR | Nuveen Floating Rate Income | Stock-Other | 0.80% | +0.10% | +5.73% | |
| 36 | PNI | Pimco Ny Muni Inc Ii Fnd | Stock-Other | 0.79% | +0.03% | -4.36% | |
| 37 | TRTX | Tpg Re Finance Trust Inc | Stock-Other | 0.73% | +0.15% | +10.63% | |
| 38 | EBF | Ennis Inc | Stock-Other | 0.71% | +0.04% | — | |
| 39 | SABA | Saba Capital Income & Opp Ii | Stock-Other | 0.70% | +0.05% | — | |
| 40 | XGLQX | Clough Global Equity Fund | Stock-Other | 0.68% | +0.12% | +0.07% | |
| 41 | FTHY | First Trust Hi Yld Opp 2027 | Stock-Other | 0.65% | +0.14% | +19.57% | |
| 42 | ASG | Liberty All-star Growth Fd | Stock-Other | 0.61% | +0.46% | +238.12% | |
| 43 | FBRT | Franklin Bsp Realty Trust In | Stock-Other | 0.58% | +0.39% | +201.04% | |
| 44 | STEW | Srh Total Return Fund Inc | Stock-Other | 0.57% | +0.12% | +14.58% | |
| 45 | FLGT | Fulgent Genetics Inc | Stock-Other | 0.52% | +0.14% | — | |
| 46 | RLYB | Rallybio CORP | Stock-Other | 0.46% | +0.07% | -36.88% | |
| 47 | TRC | Tejon Ranch Co | Stock-Other | 0.40% | — | -4.99% | |
| 48 | BGB | Blackstone Strategic Credit | Stock-Other | 0.39% | +0.03% | — | |
| 49 | MFIC | Midcap Financial Investment | Stock-Other | 0.34% | -0.02% | — | |
| 50 | LUNG | Pulmonx CORP | Stock-Other | 0.33% | +0.33% | NEW |
1–50 of 130
Portfolio Performance
Performance for Q3 2026
+12.9%
Performance Last 4 Quarters
-45.1%
- Stdev
- +33.4%
- Beta
- +0.94
- Alpha
- -27.1%
- Max Drawdown
- -56.6%
- Annualized Perf
- -16.1%
- Batting Avg vs S&P
- +39.4%
- Sortino
- -0.36
- Stutzer
- -0.1
- Treynor
- -0.11
- Sterling
- -0.33
- Calmar
- -0.28
- Information Ratio
- -0.91
- Tracking Error
- +31%
- Stdev Down
- +29.3%
- Winning Months %
- +51.5%
- Losing Months %
- +48.5%
- Best 12 Months
- +15%
- Worst 12 Months
- -53%
- Efficiency Ratio
- +0.2
- Sharpe
- -0.31
- Stdev Sectors
- +10.7%
- Skewness
- -2.77
- Kurtosis
- +11.46
- Upside Potential
- +1.02
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 130 | $417.4M | 41 | ||
| 2026 Q1 | 115 | $442.5M | 51 | ||
| 2025 Q4 | 107 | $454.2M | 51 | ||
| 2025 Q3 | 66 | $436.9M | 65 | ||
| 2025 Q2 | 82 | $396.4M | 0 | ||
| 2025 Q1 | 81 | $301.4M | 100 | ||
| 2024 Q4 | 92 | $456.3M | 0 | ||
| 2024 Q3 | 69 | $283.0M | 0 | ||
| 2024 Q2 | 76 | $240.5M | 0 | ||
| 2024 Q1 | 69 | $242.1M | 0 | ||
| 2023 Q4 | 116 | $290.2M | 0 | ||
| 2023 Q3 | 94 | $1.2B | 0 | 1TWO 6.25 01-15-262PMT 5.5 03-15-263RPT 7.25 04-30-24 | |
| 2023 Q2 | 92 | $233.9M | 0 | ||
| 2023 Q1 | 97 | $209.3M | 0 | ||
| 2022 Q4 | 128 | $217.0M | 0 | ||
| 2022 Q3 | 87 | $133.9M | 0 | ||
| 2022 Q2 | 119 | $193.5M | 0 | ||
| 2022 Q1 | 85 | $167.6M | 0 | ||
| 2020 Q4 | 54 | $98.5M | 81 | ||
| 2020 Q3 | 46 | $73.7M | 82 | ||
| 2020 Q2 | 46 | $80.2M | 100 | ||
| 2020 Q1 | 46 | $45.2M | 100 | ||
| 2019 Q4 | 65 | $114.8M | 67 | ||
| 2019 Q3 | 47 | $93.5M | 70 | ||
| 2019 Q2 | 55 | $96.3M | 71 | ||
| 2019 Q1 | 60 | $140.0M | 80 | ||
| 2018 Q4 | 85 | $148.5M | 0 |
Holding changes this quarter
Almitas Capital LLC's most significant position changes for 2026-06-30: Sold out: Nuveen Pa Qlty Muni Inc (XNQPX); Sold out: Bio-rad Laboratories-a (BIO); New buy: Tortoise Energy Infrastruct (TYG); Sold out: Mfs High Yield Municipal Tr (XCMUX); Sold out: Monroe Capital CORP (MRCC).
1–50 of 150
Filing History
FAQ
What is Almitas Capital LLC and what type of investor is it?
Almitas Capital LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $417.4M, spread across 130 disclosed positions.
What are Almitas Capital LLC's largest equity positions?
Based on the latest 13F filing, Almitas Capital LLC's top holdings by market value are:
1. Fidelity Wise Origin Bitcoin (FBTC) — $69.7M (16.7%)
2. Blackrock 2030 Muni Trgt Trm (BTT) — $33.8M (8.1%)
3. ASA Gold and Precious Metals Limited (ASA) — $32.7M (7.8%)
4. Amylyx Pharmaceuticals Inc (AMLX) — $17.5M (4.2%)
5. Design Therapeutics Inc (DSGN) — $14.9M (3.6%)
What changes did Almitas Capital LLC make in its most recent portfolio filing?
In the latest reported quarter, Almitas Capital LLC made 111 notable position adjustments: 35 new positions were initiated, 34 existing holdings were added to, 22 positions were partially reduced, and 20 were completely exited. The largest of these moves: Sold out: Nuveen Pa Qlty Muni Inc (XNQPX); Sold out: Bio-rad Laboratories-a (BIO); New buy: Tortoise Energy Infrastruct (TYG); Sold out: Mfs High Yield Municipal Tr (XCMUX); Sold out: Monroe Capital CORP (MRCC)
What sectors does Almitas Capital LLC focus on?
Almitas Capital LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 40.1%
• Materials: 30.1%
• Real Estate: 15.7%
• Consumer Discretionary: 14.2%
Investment Profile
Almitas Capital LLC returned an annualized -16.1% over the trailing 33 months — underperforming the S&P 500 by 27.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.94 (roughly in line with the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 40.1% of the portfolio concentrated in Financials.
Its concentration score has fallen from 65 to 20 over the past 4 quarters — a shift toward broader diversification.
It has added to its CRF position over the past two quarters (+$10.6M, now $11.3M), while trimming FBTC over the same stretch (-$47.5M, still holding $69.7M).
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