ANGELO GORDON & CO., L.P.

CIK 0000860662 · Q4 2025

13F Equity AUM

$1.1B

+29.6% QoQ

Positions

-2 QoQ

AUM Rank

#2,680

Top 22%

Skill Alpha (FF)

-5.0%/yr^ns

No Clear Edge

Rank #7,412 · Top 90%

vs S&P -8.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 34.7%Top 10: 55.4%Top 20: 83.2%

HOUS13.0%

NVRI6.0%

UGI 5 06/01/285.3%

BAC 0.6 05/25/27 MTN5.3%

EVRG 4.5 12/15/275.2%

BRKR 6.375 09/01/284.6%

NGL4.4%

STWD 6.75 07/15/274.3%

WEC 4.375 06/01/293.7%

HPE 7.625 09/01/273.6%

Others (49)44.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Fixed Income26.5%

Real Estate14.8%

Industrials10.5%

Utilities10.1%

Unclassified8.5%

Technology8.2%

Healthcare7.8%

Energy4.4%

Other9.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 59Median: 0.77%Avg: 1.69%

0–0.5%

27(3.5%)

0.5–1%

5(3.7%)

1–3%

14(27.3%)

3–5%

8(30.7%)

5%+

5(34.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 45Unique: 14vs 20 funds

0.6%Low

Fund positions

7,201

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 8 benchmark funds with highest portfolio overlap (Jaccard similarity)

1.3%

0.8%

0.7%

BANK OF AMERICA CORP /DE/

0.7%

FMR LLC

1.2%

VANGUARD GROUP INC

0.6%

GEODE CAPITAL MANAGEMENT, LLC

0.6%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New13Increased18Decreased4Exited15

New Positions

NOVT 6.5 11/01/283.4%

+662K

NX3.0%

+2.1M

DAY1.4%

+210K

EXK1.3%

+140K

CMS 3.375 05/01/280.9%

+9.0M

EA0.8%

+40K

WBD0.6%

+230K

AL0.4%

+60K

RNAGBP0.3%

+45K

8QR0.3%

+100K

Increased

DUK 4.125 04/15/263.5%

+20.0M(+125%)

PPL 2.875 03/15/282.6%

+18.0M(+240%)

UGI 5 06/01/285.3%

+7.0M(+21%)

PNW 4.75 06/15/272.4%

+5.0M(+27%)

EVRG 4.5 12/15/275.2%

+5.0M(+13%)

HALO 0.25 03/01/271.0%

+5.0M(+100%)

BAC 0.6 05/25/27 MTN5.3%

+5.0M(+11%)

NVRI6.0%

+2.3M(+199%)

NGL4.4%

+2.2M(+87%)

DXCM 0.375 05/15/280.4%

+1.5M(+50%)

Decreased

HOUS 0.25 06/15/260.0%

-21,160,000(-98%)

ETSY 0.25 06/15/280.4%

-9,718,000(-67%)

PCG 4.25 12/01/272.4%

-5,000,000(-17%)

TXNM0.3%

-55,697(-55%)

Exited

-33,000,000

-540,000

-23,500,000

-145,000

-10,000,000

-111,652

-38,880

-200,000

-98,035

-58,500

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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