Ionic Capital Management LLC

CIK 0001386462 · Q1 2026

13F Equity AUM

$1.3B

+92.2% QoQ

Positions

150

+16 QoQ

AUM Rank

#2,383

Top 19%

Skill Alpha (FF)

-5.9%/yr^ns

No Clear Edge

Rank #7,610 · Top 93%

vs S&P -11.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 90.3%Top 10: 92.2%Top 20: 94.2%

HYG70.7%

LQD5.4%

IWM5.1%

NDQ4.8%

EEM4.3%

EWZ0.6%

AKAM 1.125 02/15/290.3%

CSTM0.3%

ON 0.5 03/01/290.3%

WD5A0.3%

Others (140)7.8%

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

Sector Allocation

Financial Services92.8%

Technology3.2%

Other4.0%

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

Position Sizing

Positions: 150Median: 0.04%Avg: 0.67%

0–0.5%

144(9.1%)

0.5–1%

1(0.6%)

1–3%

0(0.0%)

3–5%

2(9.1%)

5%+

3(81.2%)

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

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Portfolio Overlap

Shared: 110Unique: 40vs 20 funds

1.5%Low

150

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

BANK OF AMERICA CORP /DE/

2.1%

2.3%

1.8%

2.7%

2.3%

GEODE CAPITAL MANAGEMENT, LLC

2.1%

VANGUARD CAPITAL MANAGEMENT LLC

VANGUARD PORTFOLIO MANAGEMENT LLC

2.3%

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

New58Increased42Decreased30Exited42

New Positions

LQD5.4%

+650K

AKAM 1.125 02/15/290.3%

+4.0M

AKAM0.2%

+27K

UNITY SOFTWARE INC0.2%

+2.5M

XSSPX0.2%

+131K

REZI0.1%

+46K

ORCL0.1%

+10K

HOOD0.1%

+16K

ORACLE CORP0.1%

+28K

LITE0.1%

+1K

Increased

HYG70.7%

+7.0M(+152%)

ON 0.5 03/01/290.3%

+500K(+14%)

GTM0.2%

+241K(+172%)

LANVIN GROUP HOLDING…0.0%

+200K(+10%)

NAK0.1%

+150K(+49%)

ACHR/WS0.0%

+125K(+154%)

GENVR0.0%

+105K(+167%)

BTMWW0.0%

+100K(+154%)

OPENW0.0%

+67K(+121%)

XZO0.1%

+66K(+485%)

Decreased

EWZ0.6%

-505,900(-72%)

VVR0.1%

-216,050(-36%)

VWAVW0.0%

-135,717(-61%)

CSTM0.3%

-40,844(-19%)

SLND/WS0.0%

-32,751(-13%)

IWM5.1%

-30,000(-10%)

PRMB0.2%

-21,832(-15%)

ABVEW0.0%

-15,000(-22%)

INTC0.1%

-13,700(-26%)

GXO0.2%

-12,500(-18%)

Exited

GEN

-146,116

8QR

-113,700

ATMU

-60,003

-152,000

VRNS 1 09/15/29

-3,000,000

CRM

-10,000

XOM

-17,000

-944,924

CDE

-100,000

MARA 0 06/01/31

-2,000,000

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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