What hedge funds are most similar to First Trust Capital Management L.P.?

The funds with the most similar 13F portfolios to First Trust Capital Management L.P. are NEXPOINT ASSET ,, WATER ISLAND, GABELLI & INVESTMENT ADVISERS,, based on overlapping conviction holdings in the latest SEC filings.

How is hedge fund similarity measured?

Similarity is computed from each fund's top conviction holdings in their latest 13F filing. Funds are scored by the overlap of distinctive shared positions (the mega-caps that nearly every fund owns are excluded), so the ranking reflects genuinely shared strategy rather than common index exposure.

Hedge Funds Similar to First

13F Portfolio OverlapQ1 2026First portfolio →

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Most similar hedge funds by 13F overlap

First Trust Capital Management L.P. is an institutional investor managing $1.9B across 182 U.S. equity positions as of Q1 2026. Based on the overlap of conviction holdings in their latest 13F filings, the hedge funds with portfolios most similar to First are NEXPOINT ASSET ,, WATER ISLAND, GABELLI & INVESTMENT ADVISERS,, with shared positions in $HOLX, $SDA, $EA, $MASI, $AL, $CWAN. The full ranking of 25 similar funds is below.

#1NEXPOINT ASSET MANAGEMENT, L.P.Active

Substantial overlap · 13 shared positions

$HOLX $SDA $EA $MASI $AL $CWAN

$1.5B

83 positions

#2WATER ISLAND CAPITAL LLCPassive

Substantial overlap · 16 shared positions

$HOLX $GTLS $EA $MASI $TPH $NSA

$896M

98 positions

#3GABELLI & Co INVESTMENT ADVISERS, INC.Passive

Substantial overlap · 16 shared positions

$EA $GTLS $SDA $HOLX $CWAN $MASI

$674M

297 positions

#4HBK INVESTMENTS L PActive

Substantial overlap · 11 shared positions

$HOLX $MASI $EA $SDA $AL $CWAN

$9.9B

346 positions

#5HARVEST MANAGEMENT LLCActive

Substantial overlap · 14 shared positions

$HOLX $SDA $EA $TPH $CWAN $TERN

$206M

55 positions

#6TIG Advisors, LLCActive

Substantial overlap · 18 shared positions

$HOLX $EA $SDA $CWAN $OS $WBS

$2.2B

107 positions

#7Kryger Capital LLCActive

Substantial overlap · 12 shared positions

$GTLS $HOLX $EA $AL $CWAN $DAWN

$1.4B

76 positions

#8CIBRA Capital LtdActive

Substantial overlap · 10 shared positions

$HOLX $SDA $MASI $CWAN $TERN $OS

$207M

25 positions

#9ALPINE ASSOCIATES MANAGEMENT INC.Passive

Substantial overlap · 13 shared positions

$GTLS $EA $AL $MASI $HOLX $CWAN

$1.7B

70 positions

#10Slotnik Capital, LLCActive

Substantial overlap · 9 shared positions

$GTLS $MASI $TPH $TERN $WBS $ACLX

$342M

27 positions

#11Westchester Capital Management, LLCPassive

Substantial overlap · 12 shared positions

$GTLS $EA $CWAN $SDA $WBS $HOLX

$2.2B

307 positions

#12KRYGER CAPITAL Ltd

Substantial overlap · 7 shared positions

$GTLS $HOLX $EA $AL $CWAN $FOLD

$1.3B

50 positions

#13O'Connor Alternative Investments LLCActive

Substantial overlap · 9 shared positions

$HOLX $SDA $AL $OS $DAWN $FOLD

$1.2B

128 positions

#14Yakira Capital Management, Inc.Passive

Substantial overlap · 8 shared positions

$HOLX $GTLS $EA $SDA $WBS $CWAN

$342M

196 positions

#15AQR Arbitrage LLCPassive

Notable overlap · 12 shared positions

$EA $GTLS $AL $WBS $OS $HOLX

$6.1B

556 positions

#16Twin Securities, Inc.Active

Notable overlap · 8 shared positions

$HOLX $EA $CWAN $TERN $ACLX $APLS

$206M

17 positions

#17Pentwater Capital Management LPActive

Notable overlap · 11 shared positions

$EA $MASI $HOLX $CWAN $ACLX $FOLD

$19.3B

92 positions

#18Absolute Gestao de Investimentos Ltda.Active

Notable overlap · 7 shared positions

$HOLX $EA $CWAN $WBS $TERN $OS

$877M

74 positions

#19GARDNER LEWIS ASSET MANAGEMENT L PPassive

Notable overlap · 10 shared positions

$SDA $AL $TPH $ACLX $CWAN $FOLD

$462M

78 positions

#20Fort Baker Capital Management LPPassive

Notable overlap · 7 shared positions

$MASI $EA $TERN $CWAN $OS $ANSC

$1.3B

121 positions

#21Decagon Asset Management LLPActive

Notable overlap · 5 shared positions

$HOLX $EA $GTLS $CWAN $MLAC

$386M

77 positions

#22Kapitalo Investimentos LtdaActive

Notable overlap · 6 shared positions

$GTLS $EA $HOLX $CWAN $WBS $ACLX

$531M

57 positions

#23Polar Asset Management Partners Inc.Passive

Notable overlap · 12 shared positions

$CWAN $OS $TPH $EA $VRE $SDA

$5.0B

689 positions

#24Melqart Asset Management (UK) LtdActive

Notable overlap · 5 shared positions

$GTLS $EA $CWAN $TERN $TWO

$1.0B

41 positions

#25PSquared Asset Management AGActive

Notable overlap · 4 shared positions

$GTLS $HOLX $ACLX $FOLD

$287M

15 positions

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Similarity is derived from each fund’s latest 13F-HR filing with the SEC. Funds are ranked by the overlap of distinctive conviction holdings; near-universal mega-cap positions are excluded so the ranking reflects shared strategy, not common index exposure. Data is informational only and not investment advice.