Abc Arbitrage SA
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), Abc Arbitrage SA reported 305 stock positions worth $1.1 billion. Its top holding was British American Tob-SP ADR (BTI) at 4.9% of the portfolio, followed by Harmony Gold MNG-Spon ADR (HMY, 4.6%) and Diageo PLC-Sponsored ADR (DEO, 4.5%). Compared with Q3 2025, it opened 223 new positions, sold out of 117, added to 44 and reduced 32. The biggest buy was Harmony Gold MNG-Spon ADR (HMY, shares +144%) and the biggest sale Astrazeneca PLC-Spons ADR (AZN, shares −79%).
- Most Recent 13F
- Q2 2026
- Location
- PARIS, I0
- CIK
- 0002049221
- Portfolio Value
- $1.1B (Q4 2025)
- SEC Filing
- 0000945621-26-000142 ↗ filed Feb 4, 2026
Holdings Value
Holdings 305 stocks · $1.1B
| BTI British American Tob-SP ADR | 4.87% | 918,653 | $52.0M | Add +19.1% |
| HMY Harmony Gold MNG-Spon ADR | 4.64% | 2,488,874 | $49.5M | Add +143.7% |
| DEO Diageo PLC-Sponsored ADR | 4.53% | 560,383 | $48.3M | Add +33.7% |
| VOD Vodafone Group PLC-SP ADR | 3.99% | 3,227,589 | $42.6M | Reduce -11.5% |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 3.97% | 4,389,009 | $42.4M | Add +36.7% |
| BCS Barclays PLC-Spons ADR | 3.69% | 1,546,396 | $39.4M | Add +61.0% |
| CUK Carnival PLC-ADR | 2.87% | 1,008,794 | $30.6M | Add +1.2% |
| GSK GSK PLC-Spon ADR | 2.66% | 578,392 | $28.4M | Add +653.1% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 2.65% | 360,332 | $28.3M | Add +47.6% |
| HLN Haleon PLC-ADR | 2.64% | 2,789,451 | $28.2M | Add +2.3% |
| RIO Rio Tinto PLC-Spon ADR | 2.54% | 338,891 | $27.1M | Reduce -14.3% |
| NWG Natwest Group PLC -Spon ADR | 2.34% | 1,425,146 | $24.9M | Add +29.2% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 2.33% | 1,749,026 | $24.9M | Reduce -56.6% |
| SNN Smith & Nephew PLC -Spon ADR | 2.33% | 757,956 | $24.9M | Add +10.9% |
| NVS Novartis AG-Sponsored ADR | 2.28% | 176,749 | $24.4M | New |
| NGG National Grid PLC-SP ADR | 2.26% | 312,202 | $24.1M | Add +30.3% |
| SHEL Shell PLC-ADR | 2.21% | 321,821 | $23.6M | Add +77.9% |
| AEG Aegon Ltd.-NY Reg SHR | 1.51% | 2,097,310 | $16.2M | Add +0.7% |
| ING ING Groep N.V.-Sponsored ADR | 1.46% | 556,894 | $15.6M | Reduce -38.2% |
| IHG Intercontinental Hotels-ADR | 1.35% | 102,505 | $14.4M | Reduce -22.0% |
| FXI iShares China Large-Cap ETF | 1.30% | 362,554 | $13.9M | Reduce -10.9% |
| AZN Astrazeneca PLC-Spons ADR | 1.21% | 140,150 | $12.9M | Reduce -79.4% |
| BP BP PLC-Spons ADR | 1.21% | 370,972 | $12.9M | Add +12.5% |
| RTO Rentokil Initial PLC-SP ADR | 1.02% | 369,604 | $10.9M | Reduce -14.9% |
| UL Unilever PLC-Sponsored ADR | 0.72% | 117,480 | $7.7M | Add +51.8% |
| CADE Cadence Bank | 0.70% | 174,532 | $7.5M | New |
| PUK Prudential PLC-ADR | 0.69% | 236,431 | $7.4M | Reduce -68.8% |
| CMA Comerica Inc. | 0.66% | 81,217 | $7.1M | New |
| HTBK Heritage Commerce Corp. | 0.65% | 580,752 | $7.0M | New |
| KWEB Kranesh Csi China Internet | 0.64% | 199,185 | $6.8M | Add +44.2% |
| ATXS Astria Therapeutics Inc. | 0.63% | 517,207 | $6.8M | New |
| FOLD Amicus Therapeutics Inc. | 0.63% | 472,984 | $6.7M | New |
| ZEUS Olympic Steel Inc. | 0.63% | 157,300 | $6.7M | New |
| RNAM Avidity Biosciences Inc. | 0.63% | 93,300 | $6.7M | New |
| DBRG Digitalbridge Group Inc. | 0.63% | 438,191 | $6.7M | New |
| FFWM First Foundation Inc. | 0.63% | 1,087,360 | $6.7M | New |
| CDTX Cidara Therapeutics Inc. | 0.62% | 29,894 | $6.6M | New |
| PRA Proassurance Corp. | 0.62% | 273,207 | $6.6M | No change |
| FYBR Frontier Communications Pare | 0.62% | 173,100 | $6.6M | Reduce -1.0% |
| CFLT Confluent Inc. Class A | 0.61% | 215,916 | $6.5M | New |
| GES Guess? Inc. | 0.61% | 388,553 | $6.5M | Add +6.8% |
| EXAS Exact Sciences Corp. | 0.61% | 63,927 | $6.5M | New |
| MOFG Midwestone Financial Group I | 0.60% | 166,401 | $6.4M | New |
| CSGS CSG Systems Intl Inc. | 0.60% | 83,536 | $6.4M | New |
| WTRG Essential Utilities Inc. | 0.58% | 160,405 | $6.2M | New |
| VPL Vanguard Ftse Pacific ETF | 0.57% | 66,994 | $6.1M | New |
| TGNA Tegna Inc. | 0.56% | 309,451 | $6.0M | No change |
| FMS Fresenius Medical Care-ADR | 0.56% | 249,800 | $6.0M | Add +1136.0% |
| SEMR Semrush Holdings Inc. Class A | 0.55% | 490,770 | $5.8M | New |
| VMC Vulcan Materials Co. | 0.55% | 20,408 | $5.8M | New |
| PSA Public Storage | 0.53% | 21,904 | $5.7M | New |
| RSG Republic Services Inc. | 0.50% | 25,362 | $5.4M | New |
| IEFA iShares Core MSCI Eafe ETF | 0.50% | 59,577 | $5.3M | Reduce -39.8% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.50% | 83,039 | $5.3M | Add +2.6% |
| CDNS Cadence Design SYS Inc. | 0.49% | 16,821 | $5.3M | Add +402.6% |
| WPP WPP PLC-Sponsored ADR | 0.49% | 231,489 | $5.2M | New |
| KKR KKR & Co. Inc. | 0.47% | 39,769 | $5.1M | Add +50.7% |
| PSO Pearson PLC-Sponsored ADR | 0.47% | 357,496 | $5.0M | Add +63.6% |
| MPC Marathon Petroleum Corp. | 0.47% | 30,603 | $5.0M | New |
| TXNM TXNM Energy Inc. | 0.46% | 84,026 | $4.9M | Add +50.0% |
| VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP | 0.41% | 144,358 | $4.4M | Add +148.8% |
| FRGE Forge Global Holdings Inc. | 0.39% | 94,553 | $4.2M | New |
| DRD Drdgold Ltd.-Sponsored ADR | 0.37% | 127,033 | $3.9M | Add +107.2% |
| RELX Relx PLC - Spon ADR | 0.37% | 96,740 | $3.9M | Reduce -84.8% |
| EQT Eqt Corp. | 0.33% | 65,439 | $3.5M | Add +581.7% |
| Z Zillow Group Inc. Class C | 0.32% | 49,616 | $3.4M | Add +1052.0% |
| GTLS Chart Industries Inc. | 0.32% | 16,351 | $3.4M | No change |
| GMAB Genmab A/S -SP ADR | 0.31% | 105,871 | $3.3M | New |
| EOG EOG Resources Inc. | 0.30% | 30,245 | $3.2M | Add +11.5% |
| TFC Truist Financial Corp. | 0.29% | 62,866 | $3.1M | New |
| INDA iShares MSCI India ETF | 0.27% | 54,083 | $2.9M | New |
| LNT Alliant Energy Corp. | 0.27% | 44,055 | $2.9M | New |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.26% | 38,512 | $2.8M | Reduce -68.3% |
| LEN Lennar Corp. Class A | 0.26% | 26,900 | $2.8M | Add +221.0% |
| IMXI International Money Express | 0.26% | 179,440 | $2.8M | No change |
| DTE DTE Energy Company | 0.26% | 21,214 | $2.7M | New |
| SMFG Sumitomo Mitsui-Spons ADR | 0.24% | 130,260 | $2.5M | Add +41.0% |
| BLFY Blue Foundry Bancorp | 0.23% | 200,781 | $2.5M | New |
| MAA Mid-America Apartment Comm | 0.23% | 17,930 | $2.5M | Add +122.6% |
| STLD Steel Dynamics Inc. | 0.23% | 14,681 | $2.5M | New |
| MRSH Marsh & McLennan Cos | 0.23% | 13,177 | $2.4M | Reduce -6.3% |
| PHM Pultegroup Inc. | 0.23% | 20,563 | $2.4M | New |
| AEP American Electric Power | 0.22% | 20,734 | $2.4M | New |
| ESS Essex Property Trust Inc. | 0.22% | 9,112 | $2.4M | New |
| HD Home Depot Inc. | 0.22% | 6,899 | $2.4M | New |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.21% | 19,513 | $2.3M | New |
| BFIN Bankfinancial Corp. | 0.20% | 174,785 | $2.1M | Add +14.6% |
| WMB Williams Cos Inc. | 0.20% | 34,815 | $2.1M | New |
| AMX America Movil Sab DE CV | 0.19% | 100,147 | $2.1M | New |
| FSFG First Savings Financial Grp | 0.19% | 63,227 | $2.0M | Add +234.1% |
| AMT American Tower Corp. | 0.18% | 11,022 | $1.9M | Reduce -48.2% |
| DVAX Dynavax Technologies Corp. | 0.18% | 122,779 | $1.9M | New |
| LEN.B Lennar Corp. Class B | 0.17% | 19,100 | $1.8M | Add +189.1% |
| AMAT Applied Materials Inc. | 0.17% | 7,007 | $1.8M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.16% | 31,048 | $1.7M | New |
| EVO Evotec SE - Spon ADR | 0.16% | 554,287 | $1.7M | Add +319.7% |
| IEUR iShares Core MSCI Europe ETF | 0.15% | 22,664 | $1.6M | Add +46.3% |
| L Loews Corp. | 0.15% | 14,867 | $1.6M | New |
| MA Mastercard Inc. Class A | 0.14% | 2,588 | $1.5M | Reduce -66.5% |
| DAL Delta Air Lines Inc. | 0.14% | 21,265 | $1.5M | New |
Other holdings (8): bonds, preferreds, convertibles and warrants · $33K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GIWWR GIGCAPITAL8 Corp.-RTS | RIGHT 09/30/2030 | 20,000 | $6K | New |
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | 40,000 | $6K | New |
| AI INFRASTRUCTURE ACQUISITIO | RIGHT 99/99/9999 | 20,000 | $5K | New |
| TDWDR Tailwind 2.0 Acquisition-RTS | RIGHT 11/07/2030 | 25,000 | $4K | New |
| APACR Stonebridge Acquisition II C | RIGHT 09/09/2030 | 20,000 | $3K | New |
| EMISR Emmis Acquisition Corp. | RIGHT 09/12/2030 | 20,000 | $3K | New |
| LAFAR Lafayette Acquisition Corp. | RIGHT 10/24/2030 | 20,000 | $3K | New |
| MKLYR McKinley Acquisition Corp. | RIGHT 07/25/2030 | 20,000 | $3K | New |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q3 2025 → Q4 2025
| AZN Astrazeneca PLC-Spons ADR | Reduce -79.4% | 1.21% | −3.94 |
| TS Tenaris SA-ADR | Sold out | 0.00% | −2.73 |
| RELX Relx PLC - Spon ADR | Reduce -84.8% | 0.37% | −2.63 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Reduce -56.6% | 2.33% | −2.13 |
| STM Stmicroelectronics NV-NY SHS | Sold out | 0.00% | −1.73 |
| PUK Prudential PLC-ADR | Reduce -68.8% | 0.69% | −1.40 |
| EQNR Equinor ASA-Spon ADR | Reduce -92.6% | 0.08% | −1.15 |
| GFI Gold Fields Ltd.-Spons ADR | Sold out | 0.00% | −0.87 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -38.2% | 1.46% | −0.85 |
| TAK Takeda Pharmaceutic-SP ADR | Sold out | 0.00% | −0.82 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.72 |
| HBI Hanesbrands Inc. | Sold out | 0.00% | −0.71 |
| HONE Harborone Bancorp Inc. | Sold out | 0.00% | −0.71 |
| SCS Steelcase Inc. Class A | Sold out | 0.00% | −0.68 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −0.66 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.66 |
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −0.66 |
| STAA Staar Surgical Co. | Sold out | 0.00% | −0.65 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −0.65 |
| VTLE Vital Energy Inc. | Sold out | 0.00% | −0.60 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.49 |
| BRY Berry Corp. | Sold out | 0.00% | −0.48 |
| ALE Allete Inc. | Sold out | 0.00% | −0.48 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -68.3% | 0.26% | −0.46 |
| WDS Woodside Energy Group-ADR | Reduce -83.1% | 0.08% | −0.39 |
| NUE Nucor Corp. | Sold out | 0.00% | −0.37 |
| SPGI S&P Global Inc. | Sold out | 0.00% | −0.37 |
| HIG Hartford Insurance Group Inc. | Sold out | 0.00% | −0.36 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.36 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -39.8% | 0.50% | −0.35 |
| FXI iShares China Large-Cap ETF | Reduce -10.9% | 1.30% | −0.35 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.33 |
| PRU Prudential Financial Inc. | Sold out | 0.00% | −0.33 |
| KEY Keycorp | Sold out | 0.00% | −0.33 |
| K Kellanova | Sold out | 0.00% | −0.33 |
| UDR Udr Inc. | Sold out | 0.00% | −0.33 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −0.31 |
| GNTY Guaranty Bancshares Inc. | Sold out | 0.00% | −0.31 |
| PAYX Paychex Inc. | Reduce -82.2% | 0.05% | −0.30 |
| MA Mastercard Inc. Class A | Reduce -66.5% | 0.14% | −0.29 |
| MLM Martin Marietta Materials | Sold out | 0.00% | −0.29 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.29 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.26 |
| CMS CMS Energy Corp. | Reduce -76.5% | 0.07% | −0.25 |
| GOOG Alphabet Inc. Class C | Reduce -86.5% | 0.05% | −0.25 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.23 |
| LYG Lloyds Banking Group PLC-ADR | Sold out | 0.00% | −0.22 |
| AMT American Tower Corp. | Reduce -48.2% | 0.18% | −0.22 |
| IHG Intercontinental Hotels-ADR | Reduce -22.0% | 1.35% | −0.22 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -86.8% | 0.03% | −0.22 |
Portfolio Buys Q3 2025 → Q4 2025
| HMY Harmony Gold MNG-Spon ADR | Add +143.7% | 4.64% | +2.81 |
| GSK GSK PLC-Spon ADR | Add +653.1% | 2.66% | +2.33 |
| NVS Novartis AG-Sponsored ADR | New | 2.28% | +2.28 |
| BCS Barclays PLC-Spons ADR | Add +61.0% | 3.69% | +1.73 |
| ERIC Ericsson (lm) Tel-SP ADR | Add +36.7% | 3.97% | +1.35 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +47.6% | 2.65% | +0.95 |
| SHEL Shell PLC-ADR | Add +77.9% | 2.21% | +0.94 |
| BTI British American Tob-SP ADR | Add +19.1% | 4.87% | +0.84 |
| NWG Natwest Group PLC -Spon ADR | Add +29.2% | 2.34% | +0.80 |
| CADE Cadence Bank | New | 0.70% | +0.70 |
| CMA Comerica Inc. | New | 0.66% | +0.66 |
| HTBK Heritage Commerce Corp. | New | 0.65% | +0.65 |
| ATXS Astria Therapeutics Inc. | New | 0.63% | +0.63 |
| FOLD Amicus Therapeutics Inc. | New | 0.63% | +0.63 |
| RNAM Avidity Biosciences Inc. | New | 0.63% | +0.63 |
| ZEUS Olympic Steel Inc. | New | 0.63% | +0.63 |
| DBRG Digitalbridge Group Inc. | New | 0.63% | +0.63 |
| FFWM First Foundation Inc. | New | 0.63% | +0.63 |
| CDTX Cidara Therapeutics Inc. | New | 0.62% | +0.62 |
| CFLT Confluent Inc. Class A | New | 0.61% | +0.61 |
| EXAS Exact Sciences Corp. | New | 0.61% | +0.61 |
| CSGS CSG Systems Intl Inc. | New | 0.60% | +0.60 |
| MOFG Midwestone Financial Group I | New | 0.60% | +0.60 |
| DEO Diageo PLC-Sponsored ADR | Add +33.7% | 4.53% | +0.59 |
| WTRG Essential Utilities Inc. | New | 0.58% | +0.58 |
| VPL Vanguard Ftse Pacific ETF | New | 0.57% | +0.57 |
| NGG National Grid PLC-SP ADR | Add +30.3% | 2.26% | +0.55 |
| SEMR Semrush Holdings Inc. Class A | New | 0.55% | +0.55 |
| VMC Vulcan Materials Co. | New | 0.55% | +0.55 |
| PSA Public Storage | New | 0.53% | +0.53 |
| FMS Fresenius Medical Care-ADR | Add +1136.0% | 0.56% | +0.50 |
| RSG Republic Services Inc. | New | 0.50% | +0.50 |
| WPP WPP PLC-Sponsored ADR | New | 0.49% | +0.49 |
| MPC Marathon Petroleum Corp. | New | 0.47% | +0.47 |
| FRGE Forge Global Holdings Inc. | New | 0.39% | +0.39 |
| CDNS Cadence Design SYS Inc. | Add +402.6% | 0.49% | +0.38 |
| GMAB Genmab A/S -SP ADR | New | 0.31% | +0.31 |
| TFC Truist Financial Corp. | New | 0.29% | +0.29 |
| Z Zillow Group Inc. Class C | Add +1052.0% | 0.32% | +0.28 |
| EQT Eqt Corp. | Add +581.7% | 0.33% | +0.28 |
| INDA iShares MSCI India ETF | New | 0.27% | +0.27 |
| CUK Carnival PLC-ADR | Add +1.2% | 2.87% | +0.27 |
| LNT Alliant Energy Corp. | New | 0.27% | +0.27 |
| DTE DTE Energy Company | New | 0.26% | +0.26 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Add +148.8% | 0.41% | +0.25 |
| BLFY Blue Foundry Bancorp | New | 0.23% | +0.23 |
| STLD Steel Dynamics Inc. | New | 0.23% | +0.23 |
| HLN Haleon PLC-ADR | Add +2.3% | 2.64% | +0.23 |
| PHM Pultegroup Inc. | New | 0.23% | +0.23 |
| AEP American Electric Power | New | 0.22% | +0.22 |
Notes & Other Activity Q3 2025 → Q4 2025
| LGL.WS LGL Group Inc./the -CW25 | *W EXP 11/16/202 | Sold out | 47,147 | $15Kbefore exit |
| GIWWR GIGCAPITAL8 Corp.-RTS | RIGHT 09/30/2030 | New | 20,000 | $6K |
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | New | 40,000 | $6K |
| AI INFRASTRUCTURE ACQUISITIO | RIGHT 99/99/9999 | New | 20,000 | $5K |
| TDWDR Tailwind 2.0 Acquisition-RTS | RIGHT 11/07/2030 | New | 25,000 | $4K |
| APACR Stonebridge Acquisition II C | RIGHT 09/09/2030 | New | 20,000 | $3K |
| EMISR Emmis Acquisition Corp. | RIGHT 09/12/2030 | New | 20,000 | $3K |
| LAFAR Lafayette Acquisition Corp. | RIGHT 10/24/2030 | New | 20,000 | $3K |
| MKLYR McKinley Acquisition Corp. | RIGHT 07/25/2030 | New | 20,000 | $3K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 313 | $925.7M | DEO, BTI, RIO, LYG, NWG |
| Q1 2026 | 325 | $751.9M | VOD, DEO, SHEL, BP, NGG |
| Q4 2025 | 305 | $1.1B | BTI, HMY, DEO, VOD, ERIC |
| Q3 2025 | 199 | $1.0B | AZN, SBSW, VOD, BTI, DEO |
| Q2 2025 | 196 | $875.2M | ERIC, BTI, VOD, DEO, RELX |
| Q1 2025 | 191 | $538.1M | ERIC, AZN, BTI, DEO, RIO |
| Q4 2024 | 192 | $697.3M | DEO, TS, BTI, BP, VOD |