Angelo Gordon & Co., L.P.

NEW YORK, NY

$1.1bn in 46 US stocks at the end of 31 December 2025. The top 10 are 55.4% of the money. It changed about 30.7% of the portfolio this quarter.

Value

$1.1bn

Stocks

Top 10 share

55.4%

Turnover

30.7%

What changed this quarter

New

Bought for the first time this quarter.

Novanta
3.4% of the fund
Quanex Building ProductsNX
3.0% of the fund
Ceridian HCM Hldg
1.4% of the fund
Exact Sciences
1.3% of the fund
CMS Energy
0.9% of the fund
Electronic ArtsEA
0.8% of the fund
Warner Bros. DiscoveryWBD
0.6% of the fund
Air Lease
0.4% of the fund
Avidity Biosciences
0.3% of the fund
Confluent
0.3% of the fund
Bill Holdings
0.3% of the fund
KenvueKVUE
0.2% of the fund
Amicus Therapeutics
0.1% of the fund
Core ScientificCORZ
<0.1% of the fund

Added

Bought more of a stock they already held.

EnviriNVRI
6.0% of the fund
+199%
UGI Corp New
5.4% of the fund
+21%
Bofa FIN
5.3% of the fund
+11%
Evergy
5.2% of the fund
+13%
Bruker
4.6% of the fund
+166%
NGL Energy Partners LPNGL
4.4% of the fund
+87%
Duke Energy Corp New
3.5% of the fund
+125%
Ares Management
3.2% of the fund
+205%
Pg&e
2.7% of the fund
+27%
PPL CAP FDG
2.6% of the fund
+240%
Pinnacle West CAP
2.4% of the fund
+27%
Apollo Global Mgmt
1.8% of the fund
+67%
Frontier Communications Pare
1.3% of the fund
+147%
Cyberark Software
1.1% of the fund
+136%
Halozyme Therapeutics
1.0% of the fund
+100%
Norfolk SouthernNSC
0.8% of the fund
+526%
Dexcom
0.4% of the fund
+50%
Chart Inds
0.4% of the fund
+54%

Cut

Sold some of their stake.

Pg&e
2.4% of the fund
-17%
Etsy
0.4% of the fund
-67%
Txnm EnergyTXNM
0.3% of the fund
-55%
Realogy GRP Llc/realogy
<0.1% of the fund
-98%

Sold out

Sold their entire stake.

Southern Company
-100%
KKR
-100%
American WTR CAP
-100%
Verona Pharma
-100%
Marriott Vacations Worldwide
-100%
Kellogg
-100%
Dick's Sporting GoodsDKS
-100%
Spirit Aerosystems Hldgs
-100%
Interpublic Group COS
-100%
Informatica
-100%
TegnaTGNA
-100%
Nabors Inds
-100%
WW InternationalWW
-100%
Surmodics
-100%

Holdings

Anywhere Real Estate
Share
13.0%
Value
$137m
Shares
9,692,993
Held
EnviriNVRI
Share
6.0%
Value
$63m
Shares
3,518,688
+199%
UGI Corp New
Share
5.4%
Value
$57m
Shares
40,000,000
+21%
Bofa FIN
Share
5.3%
Value
$56m
Shares
51,633,000
+11%
Evergy
Share
5.2%
Value
$55m
Shares
45,000,000
+13%
Bruker
Share
4.6%
Value
$48m
Shares
133,000
+166%
NGL Energy Partners LPNGL
Share
4.4%
Value
$47m
Shares
4,692,696
+87%
Starwood Ppty TR
Share
4.3%
Value
$46m
Shares
44,250,000
Held
WEC Energy Group
Share
3.7%
Value
$40m
Shares
34,000,000
Held
Hewlett Packard Enterprise C
Share
3.6%
Value
$38m
Shares
575,000
Held
Duke Energy Corp New
Share
3.5%
Value
$37m
Shares
36,000,000
+125%
Novanta
Share
3.4%
Value
$36m
Shares
661,667
New
Ares Management
Share
3.2%
Value
$34m
Shares
670,000
+205%
Quanex Building ProductsNX
Share
3.0%
Value
$32m
Shares
2,054,770
New
Marriott Vacations Worldwide
Share
2.8%
Value
$29m
Shares
31,000,000
Held
Pg&e
Share
2.7%
Value
$29m
Shares
700,000
+27%
PPL CAP FDG
Share
2.6%
Value
$28m
Shares
25,500,000
+240%
Pg&e
Share
2.4%
Value
$26m
Shares
25,000,000
-17%
Pinnacle West CAP
Share
2.4%
Value
$25m
Shares
23,500,000
+27%
TPG Mortgage Investment TrustMITT
Share
1.9%
Value
$20m
Shares
2,315,966
Held
Apollo Global Mgmt
Share
1.8%
Value
$19m
Shares
250,000
+67%
BOX
Share
1.7%
Value
$18m
Shares
18,000,000
Held
Ceridian HCM Hldg
Share
1.4%
Value
$15m
Shares
210,000
New
Exact Sciences
Share
1.3%
Value
$14m
Shares
140,000
New
Frontier Communications Pare
Share
1.3%
Value
$13m
Shares
350,000
+147%
Cyberark Software
Share
1.1%
Value
$12m
Shares
27,000
+136%
Halozyme Therapeutics
Share
1.0%
Value
$11m
Shares
10,000,000
+100%
CMS Energy
Share
0.9%
Value
$10m
Shares
9,000,000
New
Norfolk SouthernNSC
Share
0.8%
Value
$9m
Shares
30,505
+526%
Electronic ArtsEA
Share
0.8%
Value
$8m
Shares
40,000
New
Warner Bros. DiscoveryWBD
Share
0.6%
Value
$7m
Shares
230,000
New
Haemonetics Corp Mass
Share
0.6%
Value
$6m
Shares
6,000,000
Held
Shift4 Pmts
Share
0.5%
Value
$5m
Shares
60,000
Held
Etsy
Share
0.4%
Value
$4m
Shares
4,727,000
-67%
Dexcom
Share
0.4%
Value
$4m
Shares
4,500,000
+50%
Chart Inds
Share
0.4%
Value
$4m
Shares
20,000
+54%
Air Lease
Share
0.4%
Value
$4m
Shares
60,000
New
Avidity Biosciences
Share
0.3%
Value
$3m
Shares
45,000
New
Confluent
Share
0.3%
Value
$3m
Shares
100,000
New
Bill Holdings
Share
0.3%
Value
$3m
Shares
3,000,000
New
Txnm EnergyTXNM
Share
0.3%
Value
$3m
Shares
45,000
-55%
KenvueKVUE
Share
0.2%
Value
$2m
Shares
100,000
New
Amicus Therapeutics
Share
0.1%
Value
$1m
Shares
100,000
New
Core ScientificCORZ
Share
<0.1%
Value
$473,200
Shares
32,500
New
Realogy GRP Llc/realogy
Share
<0.1%
Value
$428,068
Shares
427,000
-98%
Payoneer GlobalPAYO
Share
<0.1%
Value
$377,421
Shares
83,946
Held

Company	Share of fund	Value	Shares	Change
Anywhere Real Estate	13.0%	$137m	9,692,993	Held
EnviriNVRI	6.0%	$63m	3,518,688	+199%
UGI Corp New	5.4%	$57m	40,000,000	+21%
Bofa FIN	5.3%	$56m	51,633,000	+11%
Evergy	5.2%	$55m	45,000,000	+13%
Bruker	4.6%	$48m	133,000	+166%
NGL Energy Partners LPNGL	4.4%	$47m	4,692,696	+87%
Starwood Ppty TR	4.3%	$46m	44,250,000	Held
WEC Energy Group	3.7%	$40m	34,000,000	Held
Hewlett Packard Enterprise C	3.6%	$38m	575,000	Held
Duke Energy Corp New	3.5%	$37m	36,000,000	+125%
Novanta	3.4%	$36m	661,667	New
Ares Management	3.2%	$34m	670,000	+205%
Quanex Building ProductsNX	3.0%	$32m	2,054,770	New
Marriott Vacations Worldwide	2.8%	$29m	31,000,000	Held
Pg&e	2.7%	$29m	700,000	+27%
PPL CAP FDG	2.6%	$28m	25,500,000	+240%
Pg&e	2.4%	$26m	25,000,000	-17%
Pinnacle West CAP	2.4%	$25m	23,500,000	+27%
TPG Mortgage Investment TrustMITT	1.9%	$20m	2,315,966	Held
Apollo Global Mgmt	1.8%	$19m	250,000	+67%
BOX	1.7%	$18m	18,000,000	Held
Ceridian HCM Hldg	1.4%	$15m	210,000	New
Exact Sciences	1.3%	$14m	140,000	New
Frontier Communications Pare	1.3%	$13m	350,000	+147%
Cyberark Software	1.1%	$12m	27,000	+136%
Halozyme Therapeutics	1.0%	$11m	10,000,000	+100%
CMS Energy	0.9%	$10m	9,000,000	New
Norfolk SouthernNSC	0.8%	$9m	30,505	+526%
Electronic ArtsEA	0.8%	$8m	40,000	New
Warner Bros. DiscoveryWBD	0.6%	$7m	230,000	New
Haemonetics Corp Mass	0.6%	$6m	6,000,000	Held
Shift4 Pmts	0.5%	$5m	60,000	Held
Etsy	0.4%	$4m	4,727,000	-67%
Dexcom	0.4%	$4m	4,500,000	+50%
Chart Inds	0.4%	$4m	20,000	+54%
Air Lease	0.4%	$4m	60,000	New
Avidity Biosciences	0.3%	$3m	45,000	New
Confluent	0.3%	$3m	100,000	New
Bill Holdings	0.3%	$3m	3,000,000	New
Txnm EnergyTXNM	0.3%	$3m	45,000	-55%
KenvueKVUE	0.2%	$2m	100,000	New
Amicus Therapeutics	0.1%	$1m	100,000	New
Core ScientificCORZ	<0.1%	$473,200	32,500	New
Realogy GRP Llc/realogy	<0.1%	$428,068	427,000	-98%
Payoneer GlobalPAYO	<0.1%	$377,421	83,946	Held

Options (15)

Kodiak AIKDKRW
Type
Call
Value
$76,500
Contracts
50,000
Falcons Beyond GlobalFBYDW
Type
Call
Value
$50,500
Contracts
25,000
Haymaker Acquisition Corp IVHYAC-WS
Type
Call
Value
$38,750
Contracts
25,000
Spectral AIMDAIW
Type
Call
Value
$33,750
Contracts
74,999
Alpha Modus HldgsAMODW
Type
Call
Value
$32,281
Contracts
587,999
Blue GoldBGLWW
Type
Call
Value
$13,942
Contracts
33,100
Coincheck Group NVCNCKW
Type
Call
Value
$12,000
Contracts
30,000
Lifezone Metals LimitedLZM-WS
Type
Call
Value
$10,270
Contracts
25,000
RoadzenRDZNW
Type
Call
Value
$6,793
Contracts
25,000
SunpowerSPWRW
Type
Call
Value
$6,000
Contracts
25,000
Baird MED Invt HldgsBDMDW
Type
Call
Value
$3,000
Contracts
50,000
Lotus TechnologyLOTWW
Type
Call
Value
$1,375
Contracts
25,000
XBP Global HoldingsXBPEW
Type
Call
Value
$693
Contracts
25,000
Lanvin Group Holdings LimiteLANWF
Type
Call
Value
$264
Contracts
20,000
P3 Health PartnersPIIIW
Type
Call
Value
$167
Contracts
16,666

Company	Type	Value	Contracts
Kodiak AIKDKRW	Call	$76,500	50,000
Falcons Beyond GlobalFBYDW	Call	$50,500	25,000
Haymaker Acquisition Corp IVHYAC-WS	Call	$38,750	25,000
Spectral AIMDAIW	Call	$33,750	74,999
Alpha Modus HldgsAMODW	Call	$32,281	587,999
Blue GoldBGLWW	Call	$13,942	33,100
Coincheck Group NVCNCKW	Call	$12,000	30,000
Lifezone Metals LimitedLZM-WS	Call	$10,270	25,000
RoadzenRDZNW	Call	$6,793	25,000
SunpowerSPWRW	Call	$6,000	25,000
Baird MED Invt HldgsBDMDW	Call	$3,000	50,000
Lotus TechnologyLOTWW	Call	$1,375	25,000
XBP Global HoldingsXBPEW	Call	$693	25,000
Lanvin Group Holdings LimiteLANWF	Call	$264	20,000
P3 Health PartnersPIIIW	Call	$167	16,666

Over time and by industry

Value over time

Jun '25

Dec '25

Value is up 41.0% since 30 June 2025.

Where the money is

Utilities6.2%

Materials3.0%

Real estate1.9%

Industrials0.8%

Technology0.8%

Media & telecom0.6%

Everyday goods0.2%

Financial services0.0%

Other86.5%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.