Given the recent run-up in my spac-warrant book, particularly the warrants in the ESG-related theme, I have closed the LOAK, EOSE and XL warrant trades. Returns have been very strong since the write up:

LOAK warrants +410%
EOSE warrants +500%
XL Fleet warrants: +280%

These returns certainly warrant (pun-intended) a victory run!

As a reminder, these have been trades, not investments. With trades I try to assess the impact on price based on supply/demand while with an investment I expect the price to close the gap with my estimation of fair value within a certain period of time. I have no idea if the underlying share price of these companies will continue to trade up, but I have to stick to my methodology. All warrants are comfortably above my target price of $6.5.

The main theme is still strong though. If I find new, interesting opportunities, I’ll let you know!