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

0$500.0M$1.0B$1.5B Q4 2024: $697.3M Q4 2024 Q1 2025: $538.1M Q1 2025 Q2 2025: $875.2M Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $1.1B $1.1B Q4 2025 Q1 2026: $751.9M Q1 2026 Q2 2026: $925.7M Q2 2026

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
RJF Raymond James Financial Inc. 0.14% 9,052 $1.5M New
OKE Oneok Inc. 0.14% 19,649 $1.4M New
FANG Diamondback Energy Inc. 0.13% 9,122 $1.4M New
EWH iShares MSCI Hong Kong ETF 0.12% 59,791 $1.3M New
GIFI Gulf Island Fabrication Inc. 0.12% 105,421 $1.3M New
BF.B Brown-Forman Corp. Class B 0.11% 44,236 $1.2M New
LNKB Linkbancorp Inc. 0.10% 131,583 $1.1M New
TWO Two Harbors Investment Corp. filed as TWO HBRS INVT CORP 0.10% 98,398 $1.0M New
KOF Coca-Cola Femsa Sab-SP ADR 0.09% 10,386 $984K Add +112.3%
UDMY Udemy Inc. 0.09% 161,881 $947K New
VECO Veeco Instruments Inc. 0.09% 32,148 $919K New
MCHI iShares MSCI China ETF 0.09% 15,295 $919K Add +391.3%
EQNR Equinor ASA-Spon ADR 0.08% 38,085 $900K Reduce -92.6%
TXN Texas Instruments Inc. 0.08% 5,056 $877K New
BIDU Baidu Inc. - Spon ADR 0.08% 6,681 $873K Add +47.5%
DUK Duke Energy Corp. 0.08% 7,187 $842K Reduce -55.2%
WDS Woodside Energy Group-ADR 0.08% 53,374 $832K Reduce -83.1%
AMWD American Woodmark Corp. 0.08% 15,382 $829K No change
HLT Hilton Worldwide Holdings Inc. 0.07% 2,678 $769K Reduce -68.0%
MCD McDonald's Corp. 0.07% 2,384 $729K New
CMS CMS Energy Corp. 0.07% 10,213 $714K Reduce -76.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.07% 2,405 $712K New
WOW Wideopenwest Inc. 0.06% 122,802 $639K New
WMT Walmart Inc. 0.06% 5,709 $636K New
NXE Nexgen Energy Ltd. 0.06% 68,904 $634K New
CWEN Clearway Energy Inc. Class C 0.06% 18,634 $620K Reduce -14.4%
PEP Pepsico Inc. 0.06% 4,306 $618K New
UNP Union Pacific Corp. 0.05% 2,527 $585K New
PAYX Paychex Inc. 0.05% 5,026 $564K Reduce -82.2%
MKC.V McCormick & Co. Inc. VTG Com 0.05% 7,921 $539K New
GOOG Alphabet Inc. Class C 0.05% 1,660 $521K Reduce -86.5%
UAA Under Armour Inc. Class A 0.05% 103,266 $513K New
ADBE Adobe Inc. 0.05% 1,452 $508K New
PANW Palo Alto Networks Inc. 0.05% 2,691 $496K Add +86.2%
ALV Autoliv Inc. 0.05% 4,091 $486K New
STZ Constellation Brands Inc. Class A 0.04% 3,448 $476K Add +47.1%
CASY Casey's General Stores Inc. 0.04% 860 $475K New
LPLA LPL Financial Holdings Inc. 0.04% 1,330 $475K New
CHD Church & Dwight Co. Inc. 0.04% 5,661 $475K New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.04% 3,090 $475K New
CME Cme Group Inc. 0.04% 1,737 $474K New
WELL Welltower Inc. 0.04% 2,515 $467K New
CHRW C.H. Robinson Worldwide Inc. 0.04% 2,830 $455K New
HCA HCA Healthcare Inc. 0.04% 937 $437K New
FFIC Flushing Financial Corp. 0.04% 28,342 $430K New
ITW Illinois Tool Works 0.04% 1,744 $430K Add +121.0%
GD General Dynamics Corp. 0.04% 1,274 $429K New
KO The Coca-Cola Co. 0.04% 6,073 $425K New
UPS United Parcel Service Class B 0.04% 4,139 $411K New
AXP American Express Co. 0.04% 1,103 $408K New
CVX Chevron Corp. 0.04% 2,670 $407K Reduce -69.1%
WENN Wen Acquisition Corp. Class A 0.04% 40,000 $404K New
MUFG Mitsubishi Ufj Finl-Spon ADR 0.04% 25,442 $404K New
SAC.U Safeguard Acquisition Corp. 0.04% 40,000 $403K New
CRANU Crane Harbor Acquisition Cor 0.04% 40,000 $403K New
KBONU Karbon Capital Partners Corp. 0.04% 40,000 $403K New
EFX Equifax Inc. 0.04% 1,855 $402K New
SBXE.U Silverbox Corp. V 0.04% 40,000 $402K New
EVAC Eqv Ventures Acquisition C-A 0.04% 40,000 $401K New
IGACU Invest Green Acquisition Cor 0.04% 40,000 $401K New
VHCPU Vine Hill Capital Investment 0.04% 40,000 $401K New
GPACU General Purpose Acquisition 0.04% 40,000 $400K New
SSEA Starry Sea Acquisition Corp. 0.04% 40,000 $400K New
LFACU Leapfrog Acquisition Corp. 0.04% 40,000 $400K New
BLRKU Bluerock Acquisition Corp. 0.04% 40,000 $400K New
MESHU Meshflow Acquisition Corp. 0.04% 40,000 $400K New
OTGA Otg Acquisition Corp. I Class A 0.04% 40,000 $400K New
SCPQU Social Commerce Partners Cor 0.04% 40,000 $400K New
LPCVU Launchpad Cadenza Acquisitio 0.04% 40,000 $399K New
ITHAU Ithax Acquisition Corp. III 0.04% 40,000 $399K New
ADACU American Drive Acquisition C 0.04% 40,000 $399K New
YCY Aa Mission Acquisition-A 0.04% 40,000 $398K New
BIXIU Bitcoin Infrastructure Acqui 0.04% 40,000 $398K New
KOYN CSLM Digital Asset Acqu - A 0.04% 40,000 $398K New
EMIS Emmis Acquisition Corp. Class A 0.04% 40,000 $398K New
TWLVU Twelve Seas Investment Co. II 0.04% 40,000 $398K New
SVAQU Silicon Valley Acquisition C 0.04% 40,000 $398K New
BEBE.U Tge Value Creative Solutions 0.04% 40,000 $398K New
GPN Global Payments Inc. 0.04% 5,133 $397K New
DMII Drugs Made in America Acquis 0.04% 40,000 $396K New
GIW GIGCAPITAL8 Corp. Class A 0.04% 40,000 $396K New
TDWD Tailwind 2.0 Acquisitio Class A 0.04% 40,000 $394K New
FAST Fastenal Co. 0.04% 9,502 $381K New
TMUS T-Mobile US Inc. 0.04% 1,854 $376K New
KMB Kimberly-Clark Corp. 0.03% 3,636 $367K Reduce -53.7%
OBA Oxley Bridge Acquisitio Class A 0.03% 36,204 $365K New
SPCE Virgin Galactic Holdings Inc. 0.03% 113,035 $363K Add +91.0%
ORLY O'reilly Automotive Inc. 0.03% 3,887 $355K New
AXIN Axiom Intelligence Class A 0.03% 35,000 $352K New
INAC Indigo Acquisition Corp. 0.03% 35,000 $352K New
BIO Bio-Rad Laboratories-A 0.03% 1,160 $351K New
BCAR D. Boral Arc Acquisit Class A 0.03% 35,000 $351K New
LWAC Lightwave Acquisition Corp. Class A 0.03% 35,000 $351K New
HVMC Highview Merger Corp. Class A 0.03% 35,000 $350K New
VRSN Verisign Inc. 0.03% 1,437 $349K New
DG Dollar General Corp. 0.03% 2,599 $345K New
PCAR Paccar Inc. 0.03% 3,148 $345K New
JNJ Johnson & Johnson 0.03% 1,655 $343K New
VTR Ventas Inc. 0.03% 4,419 $342K New
CPNG Coupang Inc. 0.03% 14,446 $341K New
BRO Brown & Brown Inc. 0.03% 4,266 $340K New
NEE Nextera Energy Inc. 0.03% 4,170 $335K New
NWS News Corp. Class B 0.03% 11,233 $333K New
BDX Becton Dickinson and Co. 0.03% 1,715 $333K Reduce -72.3%
HTHT H World Group Ltd.-ADR 0.03% 6,851 $322K New
ALF Centurion Acquisition Corp. 0.03% 30,000 $320K New
PWR Quanta Services Inc. 0.03% 757 $319K New
TRV The Travelers Cos Inc. 0.03% 1,098 $318K New
FTNT Fortinet Inc. 0.03% 3,966 $315K New
MKLY McKinley Acquisition Co. Class A 0.03% 31,092 $310K New
PBR Petroleo Brasileiro-Spon ADR 0.03% 25,949 $307K Reduce -86.8%
BLK BlackRock Inc. 0.03% 286 $306K New
UNH Unitedhealth Group Inc. 0.03% 927 $306K New
TACO Berto Acquisition Corp. 0.03% 30,000 $304K New
CRAQ Cal Redwood Acquisit Class A 0.03% 30,000 $304K New
EGHA Egh Acquisition Co. Class A 0.03% 30,000 $304K New
SCIIU SC II Acquisition Corp. 0.03% 30,000 $302K New
FIGX Figx Capital Acquisition C-A 0.03% 30,000 $302K New
VNME Vendome Acquisition Corp. Class A 0.03% 30,000 $301K New
GSRF GSR IV Acquisition Corp. Class A 0.03% 30,000 $300K New
QSR Restaurant Brands Intern 0.03% 4,344 $296K New
AVB Avalonbay Communities Inc. 0.03% 1,625 $295K New
VZ Verizon Communications Inc. 0.03% 7,230 $294K New
GDDY GoDaddy Inc. Class A 0.03% 2,350 $292K New
QCOM Qualcomm Inc. 0.03% 1,703 $291K New
PYPL PayPal Holdings Inc. 0.03% 4,876 $285K Reduce -54.3%
TKO Tko Group Holdings Inc. 0.03% 1,359 $284K New
RKT Rocket Cos Inc. Class A 0.03% 14,530 $281K New
CRWD CrowdStrike Holdings Inc. Class A 0.03% 600 $281K New
CFG Citizens Financial Group 0.03% 4,813 $281K New
UTHR United Therapeutics Corp. 0.03% 567 $276K New
ETR Entergy Corp. 0.03% 2,970 $275K New
CDLR Cadeler A/S-ADR 0.03% 14,617 $272K New
HON Honeywell International Inc. 0.03% 1,390 $271K Reduce -76.8%
KFII K&F Growth Acquisition Cor-A 0.02% 25,000 $259K New
HPQ HP Inc. 0.02% 11,598 $258K New
SDHI Siddhi Acquisition Corp. Class A 0.02% 25,000 $257K New
NFLX Netflix Inc. 0.02% 2,739 $257K New
COPL Copley Acquisition Corp. Class A 0.02% 25,000 $257K New
CDW CDW Corp. 0.02% 1,885 $257K New
CHPG Championsgate Acquisitio-A 0.02% 25,000 $255K New
LCCC Lakeshore Acquisition III Co. 0.02% 25,000 $255K New
WTG Wintergreen Acquisition Corp. 0.02% 25,000 $255K New
DAAQ Digital Asset Acquisiti Class A 0.02% 25,000 $254K New
KCHV Kochav Defense Acquisition-A 0.02% 25,000 $254K New
MTSI Macom Technology Solutions H 0.02% 1,479 $253K New
OYSE Oyster Enterprises II Acq-A 0.02% 25,000 $253K New
BPACU Blueport Acquisition Ltd. 0.02% 25,000 $252K New
EDU New Oriental Educatio-SP ADR 0.02% 4,580 $252K Reduce -34.7%
PAII Pyrophyte Acquisition Corp. Class A 0.02% 25,000 $252K New
PACH Pioneer Acquisition I Class A 0.02% 25,000 $251K New
SOCA Solarius Capital Acquis Class A 0.02% 25,000 $251K New
NMP NMP Acquisition Corp. Class A 0.02% 25,000 $251K New
MBVI M3-Brigade Acquisition Class A 0.02% 25,000 $250K New
NSTR Northstar Earth & Space Ente filed as VIKING ACQUISITION CORP I 0.02% 25,000 $248K New
TVAI Thayer Ventures Acquis Class A 0.02% 23,300 $236K New
BBY Best Buy Co. Inc. 0.02% 3,461 $232K New
MSCI MSCI Inc. 0.02% 398 $228K New
FIS Fidelity National Info Serv 0.02% 3,426 $228K New
CPAY Corpay Inc. 0.02% 751 $226K New
ATO Atmos Energy Corp. 0.02% 1,339 $224K New
MET Metlife Inc. 0.02% 2,831 $223K New
WDAY Workday Inc. Class A 0.02% 1,027 $221K New
TSCO Tractor Supply Company 0.02% 4,389 $219K New
BNTX Biontech SE-ADR 0.02% 2,295 $218K Reduce -45.7%
ZTO Zto Express Cayman Inc.-ADR 0.02% 10,397 $217K New
CTSH Cognizant Tech Solutions-A 0.02% 2,612 $217K New
TYL Tyler Technologies Inc. 0.02% 471 $214K New
CUB Lionheart Holdings Class A 0.02% 20,000 $213K New
MACI Melar Acquisition Corp. I-A 0.02% 20,000 $213K New
CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II 0.02% 20,733 $212K New
MU Micron Technology Inc. 0.02% 737 $210K New
IBAC Ib Acquisition Corp. 0.02% 20,000 $210K New
LPBB Launch Two Acquisition Class A 0.02% 20,000 $210K New
CHAR Charlton Aria Acquisiti Class A 0.02% 20,000 $209K New
NTWO Newbury Street II Ac Class A 0.02% 20,000 $209K New
AACB Artius II Acquisition Inc. Class A 0.02% 20,000 $206K New
AHL Aspen Insurance Holdings Class A 0.02% 5,545 $206K No change
CEPV Cantor Equity Partners Class A 0.02% 20,000 $205K New
CCXIU Churchill Capital Corp. Xi 0.02% 20,000 $204K New
PCAP Procap Acquisition Corp. Class A 0.02% 20,000 $203K New
RDAG Republic Digital Acquis Class A 0.02% 20,000 $203K New
TLNC Talon Capital Corp. Class A 0.02% 20,000 $202K New
MSTR Strategy Inc. 0.02% 1,330 $202K New
ALUB.U Alussa Energy Acquisition Co. 0.02% 20,000 $202K New
SPEG Silver Pegasus Acquisition-A 0.02% 20,000 $201K New
APXTU Apex Treasury Corp. 0.02% 20,000 $201K New
DNMXU Dynamix Corp. III 0.02% 20,000 $201K New
HCMA HCM III Acquisition Cor Class A 0.02% 20,000 $201K New
D Dominion Energy Inc. 0.02% 3,420 $200K New
BDCI BTC Development Corp. Class A 0.02% 20,000 $200K New
BLZR Trailblazer Acquisition Class A 0.02% 20,000 $200K New
RNGT Range Capital Acquisit Class A 0.02% 20,000 $200K New
LATA Galata Acqu Corp. II Class A 0.02% 20,000 $199K New
APAC Stonebridge Acquisition Class A 0.02% 20,000 $199K New
AIIA AI Infrastructure Ac-A 0.02% 20,000 $199K New
LKSP Lake Superior Acquisiti Class A 0.02% 20,000 $198K New
DYOR Insight Digital Partners I-A 0.02% 20,000 $198K New
LAFA Lafayette Acquisition Corp. 0.02% 20,000 $198K New
EVOX Evolution Global Acquis Class A 0.02% 20,000 $197K New
DEC Diversified Energy Co. 0.02% 11,333 $164K New
TAVI Tavia Acquisition Corp. 0.02% 15,654 $163K New
PLMK Plum Acquisition Corp. IV 0.01% 15,000 $157K New
JACS Jackson Acquisition Co. Class A 0.01% 15,000 $156K New
OWL Blue Owl Capital Inc. 0.01% 10,336 $154K New
Other holdings (8): bonds, preferreds, convertibles and warrants · $33K (not counted above)
SecurityClassShares / PrincipalValueChange
GIWWR GIGCAPITAL8 Corp.-RTS RIGHT 09/30/2030 20,000$6KNew
DMIIR Drugs Made in America Acq-RT RIGHT 09/16/2030 40,000$6KNew
AI INFRASTRUCTURE ACQUISITIO RIGHT 99/99/9999 20,000$5KNew
TDWDR Tailwind 2.0 Acquisition-RTS RIGHT 11/07/2030 25,000$4KNew
APACR Stonebridge Acquisition II C RIGHT 09/09/2030 20,000$3KNew
EMISR Emmis Acquisition Corp. RIGHT 09/12/2030 20,000$3KNew
LAFAR Lafayette Acquisition Corp. RIGHT 10/24/2030 20,000$3KNew
MKLYR McKinley Acquisition Corp. RIGHT 07/25/2030 20,000$3KNew

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 313$925.7MDEO, BTI, RIO, LYG, NWG
Q1 2026 325$751.9MVOD, DEO, SHEL, BP, NGG
Q4 2025 305$1.1BBTI, HMY, DEO, VOD, ERIC
Q3 2025 199$1.0BAZN, SBSW, VOD, BTI, DEO
Q2 2025 196$875.2MERIC, BTI, VOD, DEO, RELX
Q1 2025 191$538.1MERIC, AZN, BTI, DEO, RIO
Q4 2024 192$697.3MDEO, TS, BTI, BP, VOD