1y return−3.0%S&P 500 +20.9%
3y return+23.7%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2022: $111 against $165 in the S&P 500.2
Almitas Capital LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| FBTCFidelity Wise Origin Bitcoin | $69.7M | 16.7% | −11.2% |
| BTTBlackrock Mun Target Term Tr | $33.8M | 8.1% | |
| Asa Gold And Precious Mtls LCUSIP G3156P103 | $32.7M | 7.9% | +19.7% |
| AMLXAmylyx Pharmaceuticals Inc | $17.5M | 4.2% | −54.1% |
| DSGNDesign Therapeutics Inc | $14.9M | 3.6% | −32.9% |
| PDXPimco Dynamic Income Strateg | $11.4M | 2.7% | +1.5% |
| CRFCornerstone Total Return Fd | $11.3M | 2.7% | +41.0% |
| CNNECannae Hldgs Inc | $10.7M | 2.6% | |
| MEGINyli Cbre Gbl Infr Megtrnds | $8.5M | 2.0% | +76.3% |
| LYELLyell Immunopharma Inc | $8.2M | 2.0% | |
| BMEZBlackrock Health Sciences Te | $7.8M | 1.9% | |
| ANTXAn2 Therapeutics Inc | $7.1M | 1.7% | |
| TYGTortoise Energy Infrstrctr C | $6.9M | 1.7% | New |
| XPCQXPimco Calif Mun Income Fd | $6.4M | 1.5% | +15.2% |
| XSSPXNuveen S&p 500 Dynamic Overw | $6.1M | 1.5% | +269.2% |
| ALXOAlx Oncology Hldgs Inc | $6.1M | 1.5% | −7.4% |
| FSSLFs Specialty Lending Fd | $6.0M | 1.4% | +99.9% |
| SDHYPgim Short Dur Hig Yld Opp F | $6.0M | 1.4% | +103.8% |
| CLMCornerstone Strategic Invest | $5.0M | 1.2% | +49.7% |
| MFMAberdeen Mun Income Fd | $4.9M | 1.2% | New |
| AORIshares Tr | $4.9M | 1.2% | New |
| SCHHSchwab Strategic Tr | $4.7M | 1.1% | New |
| DSMBny Mellon Strategic Mun Bd | $4.7M | 1.1% | −18.2% |
| USALiberty All Star Equity Fd | $4.6M | 1.1% | +101.9% |
| JOFJapan Smaller Capitalization | $4.6M | 1.1% | −4.1% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| AMLXAmylyx Pharmaceuticals Inc | June 30, 2024 | +845.3% | $17.5M |
| DSGNDesign Therapeutics Inc | December 31, 2023 | +446.0% | $14.9M |
| ANTXAn2 Therapeutics Inc | December 31, 2024 | +250.7% | $7.1M |
| CEEThe Central And Eastern Eu I | December 31, 2023 | +110.8% | $3.6M |
| JOFJapan Smaller Capitalization | March 31, 2022 | +64.5% | $4.6M |
| LYELLyell Immunopharma Inc | June 30, 2025 | +58.9% | $8.2M |
| MXFMexico Fd Inc | December 31, 2022 | +48.4% | $3.7M |
| GLOClough Global Opportunities | December 31, 2023 | +30.2% | $4.3M |
| XGLQXClough Global Equity Fd | December 31, 2024 | +29.4% | $2.9M |
| EBFEnnis Inc | December 31, 2025 | +18.0% | $3.0M |
Sold off last quarter
- XNQPXNuveen Pa Invt Quality Mun F was $12.6M
- BIOBio Rad Labs Inc was $8.4M
- XCMUXMfs High Yield Mun Tr was $5.4M
- Monroe Cap CorpCUSIP 610335101 was $5.2M
- Mfs High Income Mun TrCUSIP 59318D104 was $4.7M
- Mfs Invt Grade Mun TrCUSIP 59318B108 was $3.6M
- MSGSMadison Square Grdn Sprt Cor was $3.2M
- ANROAlto Neuroscience Inc was $1.8M
- ZNTLZentalis Pharmaceuticals Inc was $1.4M
- JRINuveen Real Asset Income & G was $1.4M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +1.7% | +14.8% |
| March 31, 2026 | −8.4% | −4.6% |
| December 31, 2025 | −9.4% | +2.4% |
| September 30, 2025 | +14.8% | +7.8% |
| June 30, 2025 | +15.1% | +10.5% |
| March 31, 2025 | −10.2% | −4.6% |
| December 31, 2024 | +7.3% | +2.1% |
| September 30, 2024 | +7.3% | +5.4% |
| June 30, 2024 | +1.5% | +4.0% |
| March 31, 2024 | +4.2% | +10.0% |
| December 31, 2023 | +5.4% | +11.2% |
| September 30, 2023 | −3.9% | −3.6% |
| June 30, 2023 | +2.9% | +8.3% |
| March 31, 2023 | +3.0% | +7.0% |
| December 31, 2022 | +5.8% | +7.1% |
| September 30, 2022 | −8.9% | −5.3% |
| June 30, 2022 | −12.5% | −16.5% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Almitas Capital LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1596468&type=13F-HR&dateb=&owner=include&count=40CIK 1596468
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1596468/000207367926000097/Filed August 17, 2026 · accession 0002073679-26-000097