WOLVERINE ASSET MANAGEMENT LLC

CIK 0001279891 · Q1 2026

13F Equity AUM

$10.4B

-18.1% QoQ

Positions

1,237

+42 QoQ

AUM Rank

#624

Top 5%

Skill Alpha (FF)

-0.9%/yr^ns

No Clear Edge

Rank #3,548 · Top 43%

vs S&P +0.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 11.5%Top 10: 18.5%Top 20: 29.6%

BABA 0.5 06/01/313.3%

LITE2.8%

IREN1.9%

AAPL1.9%

MIGA1.6%

BE 3 06/01/291.5%

RIVN1.4%

BBIO 2.5 03/15/271.4%

MSTR 0.625 09/15/281.4%

NVDA1.3%

Others (1227)81.5%

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

Sector Allocation

Technology25.9%

Financial Services15.4%

Consumer Cyclical11.4%

Fixed Income10.8%

Unclassified10.4%

Healthcare9.6%

Industrials6.0%

Communication Services3.6%

Other6.9%

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

Position Sizing

Positions: 1237Median: 0.01%Avg: 0.08%

0–0.5%

1187(48.9%)

0.5–1%

30(21.5%)

1–3%

19(26.3%)

3–5%

1(3.3%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 904Unique: 333vs 20 funds

11.8%Low

1,237

Fund positions

7,299

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 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

13.6%

BANK OF AMERICA CORP /DE/

13.3%

JPMORGAN CHASE & CO

12.2%

BlackRock, Inc.

13.6%

STATE STREET CORP

14.9%

GEODE CAPITAL MANAGEMENT, LLC

12.9%

VANGUARD CAPITAL MANAGEMENT LLC

12.7%

FMR LLC

14.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

14.1%

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

New317Increased352Decreased506Exited268

New Positions

PPL 2.875 03/15/280.7%

+65.5M

STRATEGY INC0.7%

+85.8M

GWRE 1.25 11/01/290.7%

+71.6M

JOBY AVIATION INC0.6%

+75.5M

ALKAMI TECHNOLOGY IN…0.3%

+40.1M

ORACLE CORP0.3%

+734K

NEXTERA ENERGY INC0.2%

+462K

PSN 2.625 03/01/290.2%

+22.4M

INTEGER HLDGS CORP0.2%

+18.1M

SUPER MICRO COMPUTER…0.1%

+17.5M

Increased

BBIO 2.5 03/15/271.4%

+36.4M(+80%)

ITRI 1.375 07/15/300.7%

+34.1M(+93%)

ENPH 0 03/01/280.4%

+32.7M(+354%)

BL 1 06/01/290.3%

+31.5M(+578%)

LIVN 2.5 03/15/290.2%

+16.5M(+428%)

COGT 1.625 11/15/310.3%

+11.5M(+64%)

AVAV 0 07/15/300.5%

+10.4M(+26%)

MSTR 0.625 09/15/281.4%

+7.5M(+6%)

TMDX 1.5 06/01/280.8%

+4.4M(+7%)

MSTR 0 12/01/290.5%

+4.0M(+7%)

Decreased

BBIO 2.25 02/01/290.3%

-58,358,000(-68%)

DKNG 0 03/15/280.4%

-53,468,000(-56%)

AKAM 1.125 02/15/290.0%

-45,638,000(-95%)

HAE 2.5 06/01/290.2%

-44,000,000(-65%)

PD 1.5 10/15/28 *0.0%

-38,984,000(-95%)

COIN 0.25 04/01/300.1%

-35,222,000(-71%)

GH 1.25 02/15/310.4%

-30,500,000(-53%)

ON 0.5 03/01/290.8%

-27,000,000(-24%)

GRPN 4.875 06/30/30 0.0%

-20,702,000(-89%)

VAC 3.25 12/15/270.1%

-17,500,000(-58%)

Exited

-99,587,000

-25,825,000

-82,793,000

-56,000,000

-66,400,000

-44,683,000

-46,900,000

-31,570,000

-32,367,000

-30,275,000

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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