Advent Capital Management

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Advent Capital Management reported 23 stock positions worth $52.2 million. Its top holding was United Parcel Service Class B (UPS) at 8.0% of the portfolio, followed by Expedia (EXPE, 7.1%) and Lowe's Cos (LOW, 7.1%). Compared with Q3 2024, it opened 14 new positions, sold out of 30, added to 5 and reduced 1. The biggest buy was a new position in United Parcel Service Class B (UPS) and the biggest sale an exit from Nvidia (NVDA).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001097278
Portfolio Value: $52.2M (Q4 2024)
SEC Filing: 0001140361-25-004367 ↗ filed Feb 13, 2025

Holdings Value

Holdings 23 stocks · $52.2M


UPS United Parcel Service Class B	7.97%	33,000	$4.2M	New
EXPE Expedia Group Inc.	7.14%	20,000	$3.7M	New
LOW Lowe's Cos Inc.	7.09%	15,000	$3.7M	New
X United States Steel Corp.	6.51%	100,000	$3.4M	Add +100.0%
ABBV Abbvie Inc.	6.13%	18,000	$3.2M	New
FANG Diamondback Energy Inc.	5.96%	19,000	$3.1M	Add +90.0%
OGN Organon & Co.	5.72%	200,000	$3.0M	Add +60.0%
DELL Dell Technologies -C	5.52%	25,000	$2.9M	New
C Citigroup Inc.	5.39%	40,000	$2.8M	New
CI The Cigna Group	5.29%	10,000	$2.8M	New
GE General Electric filed as GE AEROSPACE	5.11%	16,000	$2.7M	Add +33.3%
AMGN Amgen Inc.	4.99%	10,000	$2.6M	New
MRK Merck & Co. Inc.	4.76%	25,000	$2.5M	Add +400.0%
ZTS Zoetis Inc.	4.68%	15,000	$2.4M	New
VZ Verizon Communications Inc.	4.21%	55,000	$2.2M	No change
CPA Copa Holdings SA Class A	4.21%	25,000	$2.2M	New
MSFT Microsoft Corp.	4.04%	5,000	$2.1M	No change
TGT Target Corp.	3.88%	15,000	$2.0M	New
PENN Penn Entertainment Inc.	0.52%	13,721	$272K	Reduce -20.4%
AMC AMC Entertainment HLDS Class A	0.33%	42,800	$170K	New
RIOT Riot Platforms Inc.	0.29%	14,898	$152K	New
PMT Pennymac Mortgage Investment	0.18%	7,584	$95K	No change
TPICQ Tpi Composites Inc.	0.06%	17,700	$33K	New

Options reported separately and not counted above: SPY puts ($4.1M), PCG puts ($4.0M), M calls ($2.9M), UBER puts ($1.7M), HOUS calls ($990K), GAP calls ($945K), WULF calls ($849K), OPFI calls ($766K), UAL calls ($680K), LEU puts ($500K), LYFT calls ($452K), BBAI calls ($445K), and 9 more.

Other holdings (164): bonds, preferreds, convertibles and warrants · $4.3B (not counted above)

Security	Class	Shares / Principal	Value	Change
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	174,486	$211.6M	Reduce -11.4%
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	173,866	$206.0M	Reduce -4.5%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	146,106,000	$161.4M	New
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	125,689,000	$113.0M	Reduce -7.6%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	103,506,000	$108.3M	Add +116.4%
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	87,270,000	$99.7M	Add +12.4%
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	88,531,000	$92.1M	Reduce -1.2%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	1,063,353	$92.0M	Reduce -27.2%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	83,748,000	$86.0M	Reduce -9.1%
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	72,743,000	$77.7M	Add +1.6%
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	70,220,000	$74.8M	New
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	1,182,833	$72.9M	New
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	83,926,000	$71.8M	Add +4.6%
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	69,290,000	$71.4M	Add +202.7%
NEXTERA ENERGY INC (NEE 6.926 09/01/25)	UNIT 09/01/2025	1,694,815	$69.5M	Add +11.9%
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	61,325,000	$67.5M	Add +32.4%
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	61,943,000	$67.5M	New
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25)	NOTE 0.750% 5/0 · principal	25,132,000	$66.4M	Reduce -5.9%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	64,257,000	$66.2M	Add +2.1%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	67,818,000	$64.1M	Add +12.9%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	67,748,000	$63.5M	Reduce -0.5%
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	62,299,000	$63.0M	Reduce -6.5%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	60,515,000	$61.9M	Add +165.4%
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	61,046,000	$60.9M	Add +70.7%
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	58,394,000	$52.1M	Reduce -4.9%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	52,011,000	$51.0M	Reduce -41.9%
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	51,544,000	$50.0M	Reduce -47.5%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	65,441,000	$47.9M	Reduce -11.4%
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	47,120,000	$47.6M	Add +61.8%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	51,829,000	$46.5M	New
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	41,231,000	$44.6M	Add +35753.0%
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	40,315,000	$44.4M	Add +18.6%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	43,757,000	$44.0M	Reduce -27.8%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	775,783	$43.6M	New
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	40,750,000	$42.4M	Reduce -19.5%
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	48,895,000	$41.6M	New
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	45,275,000	$40.6M	Add +144.8%
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	38,315,000	$40.2M	Reduce -2.9%
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	41,680,000	$39.2M	Add +19286.0%
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	36,843,000	$38.3M	Reduce -2.1%
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	28,746,000	$38.2M	New
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	43,462,000	$38.2M	Add +23.8%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	37,389,000	$37.1M	Reduce -31.2%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	34,727,000	$36.5M	Reduce -16.2%
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)	NOTE 7.500%10/1 · principal	35,157,000	$35.4M	Reduce -6.7%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	35,362,000	$34.9M	New
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	697,558	$33.9M	Add +130.5%
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	40,850,000	$33.5M	Reduce -6.6%
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	34,383,000	$31.0M	Add +7.4%
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	475,551	$29.6M	Reduce -44.0%
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	24,261,000	$28.6M	Add +545.1%
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	32,721,000	$28.2M	Reduce -7.9%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	26,389,000	$28.0M	New
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29)	NOTE 1.875%12/0 · principal	65,553,000	$27.5M	Reduce -16.8%
CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26)	NOTE 0.375% 6/1 · principal	25,732,000	$25.4M	Reduce -6.7%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	25,619,000	$25.0M	Reduce -14.6%
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	28,679,000	$24.9M	Reduce -11.7%
NEOGENOMICS INC (NEO 0.25 01/15/28)	NOTE 0.250% 1/1 · principal	29,178,000	$24.6M	Reduce -7.8%
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	493,304	$24.4M	New
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	29,096,000	$24.1M	Add +9.9%
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	22,763,000	$23.3M	Reduce -34.0%
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	31,208,000	$22.7M	Add +0.4%
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25)	NOTE 6.500% 7/0 · principal	19,371,000	$22.7M	Reduce -50.4%
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26)	NOTE 1.750%12/1 · principal	23,033,000	$21.5M	Add +129.7%
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	16,319,000	$21.4M	New
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	21,344,000	$20.7M	Add +276.5%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	19,865,000	$19.0M	Reduce -0.7%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	18,384,000	$18.9M	Reduce -11.2%
CABLE ONE INC (CABO 0 03/15/26)	NOTE 3/1 · principal	20,000,000	$18.7M	Reduce -18.1%
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	19,336,000	$18.4M	New
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	21,963,000	$18.1M	Reduce -42.4%
REDFIN CORP (RDFN 0.5 04/01/27)	NOTE 0.500% 4/0 · principal	23,139,000	$18.0M	Add +406.4%
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	17,207,000	$17.7M	Reduce -10.3%
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	18,797,000	$17.4M	Reduce -28.6%
PDD HOLDINGS INC (PDD 0 12/01/25)	NOTE 12/0 · principal	17,715,000	$17.0M	Add +96.8%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	12,324,000	$16.8M	Reduce -19.9%
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	12,607,000	$15.9M	New
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	12,650,000	$15.8M	Reduce -60.3%
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	14,847,000	$15.6M	Add +21.4%
PAGERDUTY INC. (PD 1.5 10/15/28 *)	NOTE 1.500%10/1 · principal	14,804,000	$14.5M	New
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28)	NOTE 0.250% 2/1 · principal	30,370,000	$14.1M	New
BURLINGTON STORES INC (BURL 1.25 12/15/27)	NOTE 1.250%12/1 · principal	9,292,000	$13.9M	New
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	10,534,000	$12.7M	Add +17.9%
HERBALIFE LTD (HLF 4.25 06/15/28)	NOTE 4.250% 6/1 · principal	16,023,000	$12.5M	Reduce -5.4%
SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28)	NOTE 2.625% 2/1 · principal	31,683,000	$12.0M	Reduce -32.1%
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26)	NOTE 1.625% 3/1 · principal	11,564,000	$11.9M	Add +585.1%
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	11,000,000	$11.7M	Reduce -25.3%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	10,287,000	$11.1M	Reduce -35.4%
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	269,216	$10.9M	Add +41.7%
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	8,798,000	$10.7M	Reduce -15.4%
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49)	NOTE 0.750% 3/1 · principal	10,546,000	$10.5M	No change
PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28)	NOTE 3.250% 4/0 · principal	4,061,000	$10.2M	Add +22.7%
MICROSTRATEGY INC (MSTR 0 02/15/27)	NOTE 2/1 · principal	4,630,000	$9.6M	Reduce -65.1%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	9,550,000	$9.2M	New
SNAP INC (SNAP 0.75 08/01/26)	NOTE 0.750% 8/0 · principal	9,349,000	$9.1M	Reduce -32.8%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	6,386,000	$8.5M	Add +42.2%
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	7,464,000	$7.9M	Reduce -24.8%
TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28)	NOTE 1.500% 6/0 · principal	7,094,000	$7.3M	New
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27)	NOTE 1.750% 1/1 · principal	8,993,000	$6.9M	Reduce -5.9%
BLOOM ENERGY CORP (BE 3 06/01/28)	NOTE 3.000% 6/0 · principal	4,520,000	$6.2M	Reduce -89.3%
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27)	NOTE 5.500% 3/1 · principal	6,398,000	$6.2M	No change
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	6,603,000	$6.0M	Add +3.2%
SEMTECH CORP (SMTC 1.625 11/01/27)	NOTE 1.625%11/0 · principal	3,285,000	$5.8M	New
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	6,057,000	$5.6M	Add +30.3%
ETSY INC (ETSY 0.125 10/01/26)	NOTE 0.125%10/0 · principal	5,769,000	$5.6M	Reduce -81.3%
HUBSPOT INC (HUBS 0.375 06/01/25)	NOTE 0.375% 6/0 · principal	2,224,000	$5.5M	Reduce -71.1%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	5,147,000	$5.3M	Reduce -76.8%
PROS HOLDINGS INC (PRO 2.25 09/15/27)	NOTE 2.250% 9/1 · principal	5,515,000	$5.3M	Add +160.8%
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	82,717	$5.1M	Reduce -50.4%
BOX INC (BOX 0 01/15/26)	NOTE 1/1 · principal	3,950,000	$5.0M	No change
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B)	6.75DP CNV PFD B	66,804	$4.7M	Reduce -91.0%
MIDDLEBY CORP (MIDD 1 09/01/25)	NOTE 1.000% 9/0 · principal	4,160,000	$4.7M	No change
ROYAL CARIBBEAN CRUISES (RCL 6 08/15/25)	NOTE 6.000% 8/1 · principal	983,000	$4.6M	Reduce -19.6%
XOMETRY INC (XMTR 1 02/01/27)	NOTE 1.000% 2/0 · principal	4,229,000	$4.5M	Add +20.0%
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	4,449,000	$3.9M	Reduce -35.7%
INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	3,100,000	$3.9M	Reduce -89.7%
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	3,793,000	$3.8M	New
Q2 HOLDINGS INC (QTWO 0.125 11/15/25)	NOTE 0.125%11/1 · principal	3,712,000	$3.7M	Reduce -36.0%
BURLINGTON STORES INC (BURL 2.25 04/15/25)	NOTE 2.250% 4/1 · principal	2,600,000	$3.4M	No change
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	3,348,000	$3.3M	Reduce -4.5%
VAIL RESORTS INC (MTN 0 01/01/26)	NOTE 1/0 · principal	3,373,000	$3.2M	New
ENPHASE ENERGY INC (ENPH 0.25 03/01/25)	NOTE 0.250% 3/0 · principal	2,986,000	$3.0M	Reduce -56.0%
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	1,954,000	$3.0M	Reduce -63.2%
UNITED STATES STEEL CORP (X 5 11/01/26)	NOTE 5.000%11/0 · principal	1,145,000	$2.9M	Reduce -23.7%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	2,886,000	$2.9M	No change
COMMERCE.COM INC (CMRC 0.25 10/01/26)	NOTE 0.250%10/0 · principal	3,225,000	$2.9M	No change
RINGCENTRAL INC (RNG 0 03/01/25)	NOTE 3/0 · principal	2,891,000	$2.9M	No change
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	3,000,000	$2.8M	New
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28)	NOTE 1.750% 8/1 · principal	3,044,000	$2.7M	No change
MGP INGREDIENTS INC (MGPI 1.875 11/15/41)	NOTE 1.875%11/1 · principal	2,900,000	$2.7M	No change
BANDWIDTH INC (BAND 0.5 04/01/28)	NOTE 0.500% 4/0 · principal	3,300,000	$2.6M	No change
DROPBOX INC (DBX 0 03/01/26)	NOTE 3/0 · principal	2,604,000	$2.6M	No change
GROUPON INC (GRPN 6.25 03/15/27 *)	NOTE 6.250% 3/1 · principal	2,468,000	$2.4M	New
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	2,688,000	$2.3M	Reduce -85.8%
DATADOG INC (DDOG 0.125 06/15/25)	NOTE 0.125% 6/1 · principal	1,442,000	$2.2M	Reduce -86.8%
NCL CORPORATION LTD (NCLH 5.375 08/01/25)	NOTE 5.375% 8/0 · principal	1,437,000	$2.1M	Reduce -41.0%
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	2,175,000	$2.0M	No change
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25)	NOTE 11/0 · principal	2,070,000	$2.0M	No change
BITDEER TECHNOLOGIES GRP (BTDR 8.5 08/15/29)	NOTE 8.500% 8/1 · principal	705,000	$2.0M	Reduce -50.0%
FIVE9 INC (FIVN 0.5 06/01/25)	NOTE 0.500% 6/0 · principal	1,963,000	$1.9M	No change
BLOCK INC (XYZ 0.125 03/01/25)	NOTE 0.125% 3/0 · principal	1,838,000	$1.8M	Reduce -83.5%
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	1,980,000	$1.8M	Reduce -47.4%
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	2,115,000	$1.7M	No change
THE REALREAL INC (REAL 1 03/01/28)	NOTE 1.000% 3/0 · principal	2,114,000	$1.7M	New
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	1,713,000	$1.6M	Reduce -63.7%
BILL HOLDINGS INC (BILL 0 12/01/25)	NOTE 12/0 · principal	1,550,000	$1.5M	No change
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27)	NOTE 0.375% 1/1 · principal	1,410,000	$1.3M	New
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	1,000,000	$1.3M	New
BLACKLINE INC (BL 0 03/15/26)	NOTE 3/1 · principal	1,160,000	$1.1M	No change
SSR MINING INC (SSRMCN 2.5 04/01/39)	NOTE 2.500% 4/0 · principal	1,058,000	$1.0M	New
CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26)	NOTE 0.625% 6/1 · principal	1,058,000	$1000K	No change
LYFT INC (LYFT 1.5 05/15/25)	NOTE 1.500% 5/1 · principal	979,000	$971K	No change
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	928,000	$872K	Reduce -0.5%
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28)	NOTE 3.250%11/0 · principal	600,000	$815K	New
ZILLOW GROUP INC (Z 2.75 05/15/25)	NOTE 2.750% 5/1 · principal	583,000	$677K	No change
NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25)	NOTE 2.500% 5/1 · principal	679,000	$669K	Reduce -15.3%
VERITONE INC (VERI 1.75 11/15/26)	NOTE 1.750%11/1 · principal	1,057,000	$433K	New
TPI COMPOSITES INC (TPIC 5.25 03/15/28)	NOTE 5.250% 3/1 · principal	1,072,000	$273K	Reduce -91.6%
CUTERA INC (CUTR 2.25 06/01/28)	NOTE 2.250% 6/0 · principal	2,105,000	$189K	Reduce -29.8%
PROGRESS SOFTWARE CORP (PRGS 1 04/15/26)	NOTE 1.000% 4/1 · principal	153,000	$184K	Reduce -3.2%
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	100,000	$124K	Reduce -2.0%
BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27)	NOTE 1.250% 5/1 · principal	106,000	$99K	Reduce -1.9%
ENVISTA HOLDINGS CORP (NVST 2.375 06/01/25)	NOTE 2.375% 6/0 · principal	90,000	$97K	Reduce -3.2%
AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29)	NOTE 3.875% 8/1 · principal	92,000	$91K	Reduce -99.7%

Total filed on the 13F, all lines: $4.3B.

Portfolio Sells Q3 2024 → Q4 2024


NVDA Nvidia Corp.	Sold out	0.00%	−5.17
WHR Whirlpool Corp.	Sold out	0.00%	−5.10
HD Home Depot Inc.	Sold out	0.00%	−4.83
VLO Valero Energy Corp.	Sold out	0.00%	−4.60
ETN Eaton Corp. PLC	Sold out	0.00%	−4.51
AVGO Broadcom Inc.	Sold out	0.00%	−4.40
EQT Eqt Corp.	Sold out	0.00%	−4.36
GOOG Alphabet Inc. Class C	Sold out	0.00%	−4.27
TTWO Take-Two Interactive Softwre	Sold out	0.00%	−4.18
MU Micron Technology Inc.	Sold out	0.00%	−3.88
BA The Boeing Co.	Sold out	0.00%	−3.88
ENPH Enphase Energy Inc.	Sold out	0.00%	−3.85
MGM MGM Resorts International	Sold out	0.00%	−3.66
AMZN Amazon.com Inc.	Sold out	0.00%	−3.17
DLTR Dollar Tree Inc.	Sold out	0.00%	−2.39
LRCX Lam Research Corp.	Sold out	0.00%	−2.08
IMAX Imax Corp.	Sold out	0.00%	−1.71
PINS Pinterest Inc. Class A	Sold out	0.00%	−1.65
ULTA Ulta Beauty Inc.	Sold out	0.00%	−1.32
ITRI Itron Inc.	Sold out	0.00%	−1.28
PGY Pagaya Technologies Ltd. Class A	Sold out	0.00%	−1.26
CNK Cinemark Holdings Inc.	Sold out	0.00%	−1.10
HCAT Health Catalyst Inc.	Sold out	0.00%	−0.90
ANIP Ani Pharmaceuticals Inc.	Sold out	0.00%	−0.87
VRT Vertiv Holdings Co. Class A	Sold out	0.00%	−0.85
IONS Ionis Pharmaceuticals Inc.	Sold out	0.00%	−0.68
DXCM Dexcom Inc.	Sold out	0.00%	−0.30
AMCX AMC Global Media Inc.	Sold out	0.00%	−0.21
SMCI Super Micro Computer Inc.	Sold out	0.00%	−0.06
WOLF Wolfspeed Inc.	Sold out	0.00%	−0.04
PENN Penn Entertainment Inc.	Reduce -20.4%	0.52%	−0.03

Portfolio Buys Q3 2024 → Q4 2024


UPS United Parcel Service Class B	New	7.97%	+7.97
EXPE Expedia Group Inc.	New	7.14%	+7.14
LOW Lowe's Cos Inc.	New	7.09%	+7.09
ABBV Abbvie Inc.	New	6.13%	+6.13
DELL Dell Technologies -C	New	5.52%	+5.52
C Citigroup Inc.	New	5.39%	+5.39
CI The Cigna Group	New	5.29%	+5.29
AMGN Amgen Inc.	New	4.99%	+4.99
ZTS Zoetis Inc.	New	4.68%	+4.68
CPA Copa Holdings SA Class A	New	4.21%	+4.21
TGT Target Corp.	New	3.88%	+3.88
MRK Merck & Co. Inc.	Add +400.0%	4.76%	+3.80
X United States Steel Corp.	Add +100.0%	6.51%	+3.51
FANG Diamondback Energy Inc.	Add +90.0%	5.96%	+3.03
OGN Organon & Co.	Add +60.0%	5.72%	+1.65
GE General Electric	Add +33.3%	5.11%	+1.26
AMC AMC Entertainment HLDS Class A	New	0.33%	+0.33
RIOT Riot Platforms Inc.	New	0.29%	+0.29
TPICQ Tpi Composites Inc.	New	0.06%	+0.06

Options Activity Q3 2024 → Q4 2024


IWM iShares Russell 2000 ETF	put	Sold out	300,000	$66.3Mbefore exit
QQQ Invesco QQQ Trust Series 1	put	Sold out	15,000	$7.3Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US	put	New	7,000	$4.1M
PCG P G & E Corp.	put	New	200,000	$4.0M
HPE Hewlett Packard Enterprise	put	Sold out	150,000	$3.1Mbefore exit
M Macy's Inc.	call	Add +750.0%	170,000	$2.9M
SOFI Sofi Technologies Inc.	call	Sold out	300,000	$2.4Mbefore exit
SNOW Snowflake Inc.	put	Sold out	15,000	$1.7Mbefore exit
UBER Uber Technologies Inc.	put	New	28,000	$1.7M
UPST Upstart Holdings Inc.	put	Sold out	40,000	$1.6Mbefore exit
BTDR Bitdeer Technologies Group-A	put	Sold out	200,000	$1.6Mbefore exit
DLTR Dollar Tree Inc.	put	Sold out	20,000	$1.4Mbefore exit
CNK Cinemark Holdings Inc.	put	Sold out	50,000	$1.4Mbefore exit
NEM Newmont Corp.	call	Sold out	22,000	$1.2Mbefore exit
ENPH Enphase Energy Inc.	call	Sold out	10,000	$1.1Mbefore exit
IMAX Imax Corp.	put	Sold out	50,000	$1.0Mbefore exit
HOUS Anywhere Real Estate Inc.	call	New	300,000	$990K
COIN Coinbase Global Inc. Class A	put	Sold out	5,500	$980Kbefore exit
GAP The Gap Inc.	call	New	40,000	$945K
FIVN FIVE9 Inc.	put	Sold out	30,000	$862Kbefore exit
WULF Terawulf Inc.	call	New	150,000	$849K
CAKE The Cheesecake Factory Inc.	call	Sold out	20,000	$811Kbefore exit
RIVN Rivian Automotive Inc. Class A	put	Sold out	70,000	$785Kbefore exit
ULTA Ulta Beauty Inc.	put	Sold out	2,000	$778Kbefore exit
OPFI Oppfi Inc.	call	New	100,000	$766K
UAL United Airlines Holdings Inc.	call	New	7,000	$680K
YUMC Yum China Holdings Inc.	call	Sold out	15,000	$675Kbefore exit
SRPT Sarepta Therapeutics Inc.	put	Sold out	5,000	$624Kbefore exit
TJX TJX Companies Inc.	call	Sold out	4,500	$529Kbefore exit
LEU Centrus Energy Corp. Class A	put	New	7,500	$500K
LYFT LYFT Inc. Class A	call	New	35,000	$452K
BBAI Bigbear.ai Holdings Inc.	call	New	100,000	$445K
HCAT Health Catalyst Inc.	put	Sold out	50,000	$407Kbefore exit
INDI Indie Semiconductor Inc. Class A	call	New	100,000	$405K
KOS Kosmos Energy Ltd.	call	Sold out	100,000	$403Kbefore exit
JBLU Jetblue Airways Corp.	call	New	50,000	$393K
WOLF Wolfspeed Inc.	call	Add +185.7%	50,000	$333K
COIN Coinbase Global Inc. Class A	call	New	1,300	$323K
CNK Cinemark Holdings Inc.	call	New	10,000	$310K
NOVAQ Sunnova Energy International	call	Sold out	30,000	$292Kbefore exit
WCC Wesco International Inc.	call	Sold out	1,700	$286Kbefore exit
OPEN Opendoor Technologies Inc.	call	Sold out	100,000	$200Kbefore exit
HLF Herbalife Ltd.	put	Sold out	25,000	$180Kbefore exit
RDFN Redfin Corp.	call	New	20,000	$157K
ANF Abercrombie & Fitch Co. Class A	call	New	1,000	$149K
TPICQ Tpi Composites Inc.	call	New	35,000	$66K
LUMN Lumen Technologies Inc.	call	New	7,200	$38K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024


BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Reduce -11.4%	174,486	$211.6M
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	Reduce -4.5%	173,866	$206.0M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	New	146,106,000	$161.4M
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	Reduce -7.6%	125,689,000	$113.0M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Add +116.4%	103,506,000	$108.3M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Add +12.4%	87,270,000	$99.7M
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	Reduce -1.2%	88,531,000	$92.1M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Reduce -27.2%	1,063,353	$92.0M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	Reduce -9.1%	83,748,000	$86.0M
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	Add +1.6%	72,743,000	$77.7M
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	New	70,220,000	$74.8M
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	New	1,182,833	$72.9M
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	Add +4.6%	83,926,000	$71.8M
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	Add +202.7%	69,290,000	$71.4M
NEXTERA ENERGY INC (NEE 6.926 09/01/25)	UNIT 09/01/2025	Add +11.9%	1,694,815	$69.5M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	Add +32.4%	61,325,000	$67.5M
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	New	61,943,000	$67.5M
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25)	NOTE 0.750% 5/0 · principal	Reduce -5.9%	25,132,000	$66.4M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Add +2.1%	64,257,000	$66.2M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	Add +12.9%	67,818,000	$64.1M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	Reduce -0.5%	67,748,000	$63.5M
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	Reduce -6.5%	62,299,000	$63.0M
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	Add +165.4%	60,515,000	$61.9M
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	Add +70.7%	61,046,000	$60.9M
AFFIRM HOLDINGS INC (AFRM 0 11/15/26)	NOTE 11/1 · principal	Sold out	62,134,000	$55.3Mbefore exit
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	Reduce -4.9%	58,394,000	$52.1M
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	Reduce -41.9%	52,011,000	$51.0M
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	Reduce -47.5%	51,544,000	$50.0M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	Reduce -11.4%	65,441,000	$47.9M
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	Add +61.8%	47,120,000	$47.6M
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	New	51,829,000	$46.5M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	Add +35753.0%	41,231,000	$44.6M
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	Add +18.6%	40,315,000	$44.4M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	Reduce -27.8%	43,757,000	$44.0M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	New	775,783	$43.6M
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	Reduce -19.5%	40,750,000	$42.4M
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	New	48,895,000	$41.6M
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	Add +144.8%	45,275,000	$40.6M
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	Reduce -2.9%	38,315,000	$40.2M
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	Add +19286.0%	41,680,000	$39.2M
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	Reduce -2.1%	36,843,000	$38.3M
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	New	28,746,000	$38.2M
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	Add +23.8%	43,462,000	$38.2M
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	Reduce -31.2%	37,389,000	$37.1M
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	Reduce -16.2%	34,727,000	$36.5M
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)	NOTE 7.500%10/1 · principal	Reduce -6.7%	35,157,000	$35.4M
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	New	35,362,000	$34.9M
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	Add +130.5%	697,558	$33.9M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	Sold out	34,355,000	$33.9Mbefore exit
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	Reduce -6.6%	40,850,000	$33.5M

Showing the first 50 of 166.

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	23	$91.9M	ACVT, STM, GLW, ETN, NOW
Q1 2026	28	$91.3M	ACVT, GM, UAL, NOW, ETN
Q4 2025	15	$60.9M	ACVT, ETN, NOC, ABBV, GM
Q3 2025	19	$71.8M	ACVT, AMGN, FANG, AMZN, ETN
Q2 2025	30	$83.2M	ACVT, META, AMGN, AVGO, IBM
Q1 2025	20	$52.4M	AVGO, LOW, FANG, NOC, DXCM
Q4 2024	23	$52.2M	UPS, EXPE, LOW, X, ABBV
Q3 2024	39	$58.8M	NVDA, WHR, HD, VLO, ETN
Q2 2024	23	$55.8M	ZTS, ABBV, HD, AMZN, GOOG
Q1 2024	30	$69.9M	GOOG, UPS, ABBV, MDB, SLB