Advent Capital Management

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

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Advent Capital Management reported 20 stock positions worth $52.4 million. Its top holding was Broadcom (AVGO) at 9.6% of the portfolio, followed by Lowe's Cos (LOW, 8.0%) and Diamondback Energy (FANG, 7.6%). Compared with Q4 2024, it opened 12 new positions, sold out of 15, added to 4 and reduced 1. The biggest buy was a new position in Broadcom (AVGO) and the biggest sale an exit from United Parcel Service Class B (UPS).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001097278
Portfolio Value: $52.4M (Q1 2025)
SEC Filing: 0001140361-25-018377 ↗ filed May 12, 2025

Holdings Value

Holdings 20 stocks · $52.4M


AVGO Broadcom Inc.	9.59%	30,000	$5.0M	New
LOW Lowe's Cos Inc.	8.01%	18,000	$4.2M	Add +20.0%
FANG Diamondback Energy Inc.	7.63%	25,000	$4.0M	Add +31.6%
NOC Northrop Grumman Corp.	6.84%	7,000	$3.6M	New
DXCM Dexcom Inc.	6.52%	50,000	$3.4M	New
ZTS Zoetis Inc.	6.29%	20,000	$3.3M	Add +33.3%
NFLX Netflix Inc.	6.23%	3,500	$3.3M	New
GE General Electric filed as GE AEROSPACE	6.11%	16,000	$3.2M	No change
OGN Organon & Co.	5.68%	200,000	$3.0M	No change
LLY Eli Lilly & Co.	5.52%	3,500	$2.9M	New
ETN Eaton Corp. PLC	5.19%	10,000	$2.7M	New
VLO Valero Energy Corp.	5.04%	20,000	$2.6M	New
PH Parker Hannifin Corp.	4.64%	4,000	$2.4M	New
SRPT Sarepta Therapeutics Inc.	4.50%	36,900	$2.4M	New
MTB M & T Bank Corp. filed as M & T BK CORP	4.09%	12,000	$2.1M	New
C Citigroup Inc.	4.07%	30,000	$2.1M	Reduce -25.0%
PCG P G & E Corp.	2.60%	79,368	$1.4M	New
PENN Penn Entertainment Inc.	0.65%	20,771	$339K	Add +51.4%
GME Gamestop Corp. Class A	0.59%	13,900	$310K	New
PMT Pennymac Mortgage Investment	0.21%	7,584	$111K	No change

Options reported separately and not counted above: SPY puts ($95.1M), SPY calls ($69.9M), BABA calls ($15.9M), TJX calls ($4.9M), ATEN puts ($3.3M), SOFI calls ($2.3M), HUBS calls ($571K), OPFI puts ($465K), FTAI calls ($333K), LYFT calls ($237K), AFRM calls ($226K), LUMN calls ($196K), and 1 more.

Other holdings (177): bonds, preferreds, convertibles and warrants · $4.3B (not counted above)

Security	Class	Shares / Principal	Value	Change
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	179,720	$215.4M	Add +3.4%
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	173,455	$214.9M	Reduce -0.6%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	138,352,000	$169.1M	Reduce -5.3%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	162,251,000	$153.7M	New
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	92,984,000	$119.9M	Add +6.5%
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	78,625,000	$87.2M	Reduce -11.2%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	79,838,000	$86.6M	Add +24.3%
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	93,392,000	$83.7M	Reduce -25.7%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	1,104,271	$80.4M	Add +3.9%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	81,640,000	$78.0M	Add +57.0%
NEXTERA ENERGY INC (NEE 6.926 09/01/25)	UNIT 09/01/2025	1,777,321	$72.2M	Add +4.9%
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	76,922,000	$71.8M	Add +31.7%
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	71,608,000	$70.7M	Add +17.3%
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	66,507,000	$70.4M	Add +7.4%
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	77,015,000	$67.4M	Reduce -8.2%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	58,861,000	$66.0M	Reduce -43.1%
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	1,026,537	$60.7M	Reduce -13.2%
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25)	NOTE 0.750% 5/0 · principal	23,212,000	$57.1M	Reduce -7.6%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	48,540,000	$56.1M	New
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	57,105,000	$55.6M	Add +55.0%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	1,136,551	$55.4M	New
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	62,244,000	$53.8M	Reduce -8.2%
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	49,860,000	$48.4M	New
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	46,282,000	$47.7M	Add +13.6%
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	44,431,000	$47.2M	Reduce -28.7%
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	50,602,000	$46.8M	New
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	41,753,000	$45.3M	Reduce -50.1%
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	47,667,000	$44.4M	Reduce -22.3%
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	44,703,000	$42.8M	Add +7.3%
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	890,515	$42.7M	Add +27.7%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	881,034	$42.2M	Add +13.6%
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	40,739,000	$41.8M	Add +1.1%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	42,415,000	$39.3M	Reduce -37.4%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	39,858,000	$38.7M	New
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	38,732,000	$37.9M	Reduce -17.8%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	51,130,000	$37.7M	Reduce -21.9%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	38,879,000	$37.6M	Add +51.8%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	40,145,000	$37.0M	Reduce -7.6%
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	37,493,000	$36.7M	Reduce -48.5%
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	37,017,000	$36.3M	Reduce -3.4%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	37,072,000	$36.2M	Reduce -15.3%
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	27,950,000	$36.0M	Reduce -2.8%
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	33,928,000	$36.0M	Add +107.9%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	34,777,000	$35.7M	Reduce -7.0%
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	38,443,000	$35.6M	Add +80.1%
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	36,512,000	$33.8M	Add +6.2%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	38,454,000	$33.4M	Reduce -25.8%
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	30,543,000	$32.8M	Add +2954.3%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	640,000	$32.1M	New
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	29,653,000	$30.7M	Add +22.2%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	30,814,000	$30.0M	Reduce -12.9%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	29,148,000	$29.6M	Add +183.3%
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30)	NOTE 3.250% 1/1 · principal	32,111,000	$28.2M	New
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	31,669,000	$27.9M	Reduce -3.2%
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	34,083,000	$27.9M	Reduce -30.3%
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	27,394,000	$27.8M	Add +622.2%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	31,220,000	$27.7M	Reduce -31.0%
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	24,756,000	$25.8M	New
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	24,594,000	$24.7M	New
NEOGENOMICS INC (NEO 0.25 01/15/28)	NOTE 0.250% 1/1 · principal	27,984,000	$24.3M	Reduce -4.1%
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	27,244,000	$24.1M	Reduce -5.0%
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	22,399,000	$23.8M	Add +77.7%
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26)	NOTE 1.750%12/1 · principal	24,901,000	$23.3M	Add +8.1%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	24,935,000	$23.1M	Add +35.6%
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	24,203,000	$22.6M	Add +120.0%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	20,801,000	$21.3M	Reduce -21.2%
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	20,378,000	$20.4M	Reduce -70.6%
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	429,682	$18.8M	Reduce -12.9%
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	15,355,000	$18.5M	Add +45.8%
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	18,682,000	$18.3M	Reduce -63.8%
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	21,513,000	$18.3M	Reduce -2.0%
REDFIN CORP (RDFN 0.5 04/01/27)	NOTE 0.500% 4/0 · principal	20,776,000	$18.3M	Reduce -10.2%
TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28)	NOTE 1.500% 6/0 · principal	16,872,000	$18.1M	Add +137.8%
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	369,799	$17.6M	Reduce -22.2%
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	25,892,000	$17.4M	Reduce -17.0%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	16,045,000	$17.1M	Reduce -19.2%
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024)	NOTE 1.500% 3/1 · principal	17,062,000	$16.1M	New
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	11,191,000	$15.6M	Reduce -9.2%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	16,798,000	$15.1M	Add +524.9%
BURLINGTON STORES INC (BURL 1.25 12/15/27)	NOTE 1.250%12/1 · principal	11,199,000	$14.8M	Add +20.5%
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29)	NOTE 1.875%12/0 · principal	65,475,000	$14.7M	Reduce -0.1%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	11,220,000	$14.4M	Reduce -72.8%
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	16,551,000	$14.2M	New
PAGERDUTY INC. (PD 1.5 10/15/28 *)	NOTE 1.500%10/1 · principal	14,167,000	$14.1M	Reduce -4.3%
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	11,420,000	$13.6M	Reduce -83.7%
DATADOG INC (DDOG 0.125 06/15/25)	NOTE 0.125% 6/1 · principal	12,089,000	$13.6M	Add +738.4%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	11,100,000	$13.6M	New
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	15,822,000	$12.6M	Reduce -45.6%
NCL CORPORATION LTD (NCLH 5.375 08/01/25)	NOTE 5.375% 8/0 · principal	11,042,000	$12.6M	Add +668.4%
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	11,680,000	$12.5M	Reduce -32.1%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	12,700,000	$12.4M	Add +33.0%
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	9,787,000	$11.5M	New
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	13,373,000	$11.5M	Reduce -30.8%
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	11,010,000	$11.0M	New
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25)	NOTE 6.500% 7/0 · principal	10,105,000	$10.1M	Reduce -47.8%
SHOPIFY INC (SHOPCN 0.125 11/01/25)	NOTE 0.125%11/0 · principal	9,895,000	$9.9M	New
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B)	6.75DP CNV PFD B	177,618	$9.8M	Add +165.9%
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	7,143,000	$9.5M	Reduce -18.8%
CABLE ONE INC (CABO 0 03/15/26)	NOTE 3/1 · principal	10,000,000	$9.5M	Reduce -50.0%
HERBALIFE LTD (HLF 4.25 06/15/28)	NOTE 4.250% 6/1 · principal	10,955,000	$9.5M	Reduce -31.6%
XOMETRY INC (XMTR 1 02/01/27)	NOTE 1.000% 2/0 · principal	9,578,000	$9.3M	Add +126.5%
BOX INC (BOX 0 01/15/26)	NOTE 1/1 · principal	7,280,000	$9.0M	Add +84.3%
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	247,871	$8.8M	Reduce -7.9%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	8,805,000	$8.8M	Reduce -85.5%
PDD HOLDINGS INC (PDD 0 12/01/25)	NOTE 12/0 · principal	8,490,000	$8.4M	Reduce -52.1%
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	6,285,000	$8.3M	Reduce -50.3%
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	8,702,000	$8.1M	Add +31.8%
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	6,847,000	$7.6M	Reduce -53.9%
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	6,872,000	$7.5M	Add +6772.0%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	7,101,000	$7.5M	New
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	6,689,000	$7.5M	Reduce -10.4%
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28)	NOTE 0.250% 2/1 · principal	29,750,000	$7.4M	Reduce -2.0%
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)	NOTE 7.500%10/1 · principal	7,233,000	$7.3M	Reduce -79.4%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	4,933,000	$7.0M	Reduce -22.8%
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26)	NOTE 1.625% 3/1 · principal	6,109,000	$6.6M	Reduce -47.2%
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	99,321	$6.5M	Add +20.1%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27)	NOTE 1.750% 1/1 · principal	7,787,000	$6.4M	Reduce -13.4%
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27)	NOTE 5.500% 3/1 · principal	6,398,000	$6.2M	No change
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	6,057,000	$5.7M	No change
MGP INGREDIENTS INC (MGPI 1.875 11/15/41)	NOTE 1.875%11/1 · principal	5,900,000	$5.6M	Add +103.5%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	5,147,000	$5.3M	No change
FRESHPET INC (FRPT 3 04/01/28)	NOTE 3.000% 4/0 · principal	3,615,000	$5.1M	New
MIDDLEBY CORP (MIDD 1 09/01/25)	NOTE 1.000% 9/0 · principal	4,160,000	$5.0M	No change
HUBSPOT INC (HUBS 0.375 06/01/25)	NOTE 0.375% 6/0 · principal	2,476,000	$5.0M	Add +11.3%
PROS HOLDINGS INC (PRO 2.25 09/15/27)	NOTE 2.250% 9/1 · principal	5,074,000	$4.8M	Reduce -8.0%
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	4,660,000	$4.3M	Reduce -75.2%
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	4,850,000	$4.1M	Reduce -88.1%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	3,961,000	$4.1M	Add +37.3%
SEMTECH CORP (SMTC 1.625 11/01/27)	NOTE 1.625%11/0 · principal	3,193,000	$3.9M	Reduce -2.8%
INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	3,100,000	$3.9M	No change
BLOOM ENERGY CORP (BE 3 06/01/28)	NOTE 3.000% 6/0 · principal	2,820,000	$3.7M	Reduce -37.6%
Q2 HOLDINGS INC (QTWO 0.125 11/15/25)	NOTE 0.125%11/1 · principal	3,712,000	$3.6M	No change
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	3,468,000	$3.4M	Reduce -84.8%
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	3,888,000	$3.4M	Reduce -12.6%
NCL CORPORATION LTD (NCLH 2.5 02/15/27)	NOTE 2.500% 2/1 · principal	3,400,000	$3.4M	New
VAIL RESORTS INC (MTN 0 01/01/26)	NOTE 1/0 · principal	3,400,000	$3.3M	Add +0.8%
STRATEGY INC (MSTR 8 PERP)	SERIES A PERP PF	35,818	$3.0M	New
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	2,934,000	$2.9M	Reduce -12.4%
AXON ENTERPRISE INC (AXON 0.5 12/15/27)	NOTE 0.500%12/1 · principal	1,209,000	$2.8M	New
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	3,032,000	$2.7M	New
BANDWIDTH INC (BAND 0.5 04/01/28)	NOTE 0.500% 4/0 · principal	3,300,000	$2.7M	No change
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	2,640,000	$2.6M	New
PALO ALTO NETWORKS (PANW 0.375 06/01/25)	NOTE 0.375% 6/0 · principal	765,000	$2.6M	New
DROPBOX INC (DBX 0 03/01/26)	NOTE 3/0 · principal	2,604,000	$2.6M	No change
ROYAL CARIBBEAN CRUISES (RCL 6 08/15/25)	NOTE 6.000% 8/1 · principal	612,000	$2.5M	Reduce -37.7%
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29)	NOTE 1.500% 9/0 · principal	2,327,000	$2.4M	New
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	1,432,000	$2.3M	Reduce -26.7%
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	2,175,000	$2.1M	No change
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25)	NOTE 11/0 · principal	2,070,000	$2.0M	No change
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	2,140,000	$2.0M	Add +24.9%
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	2,705,000	$1.9M	New
GROUPON INC (GRPN 6.25 03/15/27 *)	NOTE 6.250% 3/1 · principal	1,788,000	$1.9M	Reduce -27.6%
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	2,115,000	$1.8M	No change
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	1,980,000	$1.8M	No change
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	1,800,000	$1.8M	New
THE REALREAL INC (REAL 1 03/01/28)	NOTE 1.000% 3/0 · principal	2,114,000	$1.6M	No change
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27)	NOTE 6.750% 7/1 · principal	1,500,000	$1.6M	New
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	No change
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28)	NOTE 3.250%11/0 · principal	850,000	$1.2M	Add +41.7%
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	$1.1M	No change
CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26)	NOTE 0.375% 6/1 · principal	1,045,000	$1.0M	Reduce -95.9%
CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26)	NOTE 0.625% 6/1 · principal	1,058,000	$1.0M	No change
LYFT INC (LYFT 1.5 05/15/25)	NOTE 1.500% 5/1 · principal	979,000	$979K	No change
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28)	NOTE 1.750% 8/1 · principal	859,000	$776K	Reduce -71.8%
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	775,000	$730K	Reduce -16.5%
NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25)	NOTE 2.500% 5/1 · principal	679,000	$676K	No change
ZILLOW GROUP INC (Z 2.75 05/15/25)	NOTE 2.750% 5/1 · principal	583,000	$608K	No change
SNAP INC (SNAP 0.75 08/01/26)	NOTE 0.750% 8/0 · principal	610,000	$589K	Reduce -93.5%
VERITONE INC (VERI 1.75 11/15/26)	NOTE 1.750%11/1 · principal	1,057,000	$441K	No change
VARONIS SYSTEM INC (VRNS 1.25 08/15/25)	NOTE 1.250% 8/1 · principal	200,000	$267K	New
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	200,000	$255K	New
PROGRESS SOFTWARE CORP (PRGS 1 04/15/26)	NOTE 1.000% 4/1 · principal	145,000	$156K	Reduce -5.2%
AUROW Aurora Innovation Inc. -CW28	*W EXP 11/03/202	61,500	$87K	New
BBAI.WS Bigbear.ai Holdings -CW28	*W EXP 12/08/202	18,260	$15K	New
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	3,000	$3K	Reduce -100.0%

Total filed on the 13F, all lines: $4.4B.

Portfolio Sells Q4 2024 → Q1 2025


UPS United Parcel Service Class B	Sold out	0.00%	−7.97
EXPE Expedia Group Inc.	Sold out	0.00%	−7.14
X United States Steel Corp.	Sold out	0.00%	−6.51
ABBV Abbvie Inc.	Sold out	0.00%	−6.13
DELL Dell Technologies -C	Sold out	0.00%	−5.52
CI The Cigna Group	Sold out	0.00%	−5.29
AMGN Amgen Inc.	Sold out	0.00%	−4.99
MRK Merck & Co. Inc.	Sold out	0.00%	−4.76
VZ Verizon Communications Inc.	Sold out	0.00%	−4.21
CPA Copa Holdings SA Class A	Sold out	0.00%	−4.21
MSFT Microsoft Corp.	Sold out	0.00%	−4.04
TGT Target Corp.	Sold out	0.00%	−3.88
C Citigroup Inc.	Reduce -25.0%	4.07%	−1.33
AMC AMC Entertainment HLDS Class A	Sold out	0.00%	−0.33
RIOT Riot Platforms Inc.	Sold out	0.00%	−0.29
TPICQ Tpi Composites Inc.	Sold out	0.00%	−0.06

Portfolio Buys Q4 2024 → Q1 2025


AVGO Broadcom Inc.	New	9.59%	+9.59
NOC Northrop Grumman Corp.	New	6.84%	+6.84
DXCM Dexcom Inc.	New	6.52%	+6.52
NFLX Netflix Inc.	New	6.23%	+6.23
LLY Eli Lilly & Co.	New	5.52%	+5.52
ETN Eaton Corp. PLC	New	5.19%	+5.19
VLO Valero Energy Corp.	New	5.04%	+5.04
PH Parker Hannifin Corp.	New	4.64%	+4.64
SRPT Sarepta Therapeutics Inc.	New	4.50%	+4.50
MTB M & T Bank Corp.	New	4.09%	+4.09
PCG P G & E Corp.	New	2.60%	+2.60
FANG Diamondback Energy Inc.	Add +31.6%	7.63%	+1.67
ZTS Zoetis Inc.	Add +33.3%	6.29%	+1.60
LOW Lowe's Cos Inc.	Add +20.0%	8.01%	+0.92
GME Gamestop Corp. Class A	New	0.59%	+0.59
PENN Penn Entertainment Inc.	Add +51.4%	0.65%	+0.13

Options Activity Q4 2024 → Q1 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	Add +2328.6%	170,000	$95.1M
SPY SS SPDR S&P 500 ETF Trust-US	call	New	125,000	$69.9M
BABA Alibaba Group Holding-SP ADR	call	New	120,000	$15.9M
TJX TJX Companies Inc.	call	New	40,000	$4.9M
PCG P G & E Corp.	put	Sold out	200,000	$4.0Mbefore exit
ATEN A10 Networks Inc.	put	New	200,000	$3.3M
M Macy's Inc.	call	Sold out	170,000	$2.9Mbefore exit
SOFI Sofi Technologies Inc.	call	New	200,000	$2.3M
UBER Uber Technologies Inc.	put	Sold out	28,000	$1.7Mbefore exit
HOUS Anywhere Real Estate Inc.	call	Sold out	300,000	$990Kbefore exit
GAP The Gap Inc.	call	Sold out	40,000	$945Kbefore exit
WULF Terawulf Inc.	call	Sold out	150,000	$849Kbefore exit
UAL United Airlines Holdings Inc.	call	Sold out	7,000	$680Kbefore exit
HUBS HubSpot Inc.	call	New	1,000	$571K
LEU Centrus Energy Corp. Class A	put	Sold out	7,500	$500Kbefore exit
OPFI Oppfi Inc.	put	New	50,000	$465K
BBAI Bigbear.ai Holdings Inc.	call	Sold out	100,000	$445Kbefore exit
INDI Indie Semiconductor Inc. Class A	call	Sold out	100,000	$405Kbefore exit
JBLU Jetblue Airways Corp.	call	Sold out	50,000	$393Kbefore exit
FTAI Ftai Aviation Ltd.	call	New	3,000	$333K
WOLF Wolfspeed Inc.	call	Sold out	50,000	$333Kbefore exit
COIN Coinbase Global Inc. Class A	call	Sold out	1,300	$323Kbefore exit
CNK Cinemark Holdings Inc.	call	Sold out	10,000	$310Kbefore exit
LYFT LYFT Inc. Class A	call	Reduce -42.9%	20,000	$237K
AFRM Affirm Holdings Inc.	call	New	5,000	$226K
LUMN Lumen Technologies Inc.	call	Add +594.4%	50,000	$196K
RDFN Redfin Corp.	call	Sold out	20,000	$157Kbefore exit
ANF Abercrombie & Fitch Co. Class A	call	Sold out	1,000	$149Kbefore exit
OPFI Oppfi Inc.	call	Reduce -90.0%	10,000	$93K
TPICQ Tpi Composites Inc.	call	Sold out	35,000	$66Kbefore exit

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

Notes & Other Activity Q4 2024 → Q1 2025


WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	Add +3.4%	179,720	$215.4M
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Reduce -0.6%	173,455	$214.9M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Reduce -5.3%	138,352,000	$169.1M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	New	162,251,000	$153.7M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Add +6.5%	92,984,000	$119.9M
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	Reduce -11.2%	78,625,000	$87.2M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Add +24.3%	79,838,000	$86.6M
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	Reduce -25.7%	93,392,000	$83.7M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Add +3.9%	1,104,271	$80.4M
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	Add +57.0%	81,640,000	$78.0M
NEXTERA ENERGY INC (NEE 6.926 09/01/25)	UNIT 09/01/2025	Add +4.9%	1,777,321	$72.2M
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	Add +31.7%	76,922,000	$71.8M
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	Add +17.3%	71,608,000	$70.7M
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	Add +7.4%	66,507,000	$70.4M
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	Reduce -8.2%	77,015,000	$67.4M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Reduce -43.1%	58,861,000	$66.0M
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Reduce -13.2%	1,026,537	$60.7M
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25)	NOTE 0.750% 5/0 · principal	Reduce -7.6%	23,212,000	$57.1M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	New	48,540,000	$56.1M
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	Add +55.0%	57,105,000	$55.6M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	New	1,136,551	$55.4M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	Reduce -8.2%	62,244,000	$53.8M
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	New	49,860,000	$48.4M
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	Add +13.6%	46,282,000	$47.7M
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	Reduce -28.7%	44,431,000	$47.2M
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	New	50,602,000	$46.8M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	Reduce -50.1%	41,753,000	$45.3M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	Reduce -22.3%	47,667,000	$44.4M
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	Add +7.3%	44,703,000	$42.8M
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	Add +27.7%	890,515	$42.7M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Add +13.6%	881,034	$42.2M
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	Add +1.1%	40,739,000	$41.8M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	Reduce -37.4%	42,415,000	$39.3M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	New	39,858,000	$38.7M
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	Reduce -17.8%	38,732,000	$37.9M
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	Reduce -21.9%	51,130,000	$37.7M
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	Add +51.8%	38,879,000	$37.6M
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	Reduce -7.6%	40,145,000	$37.0M
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	Reduce -48.5%	37,493,000	$36.7M
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	Reduce -3.4%	37,017,000	$36.3M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	Reduce -15.3%	37,072,000	$36.2M
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	Reduce -2.8%	27,950,000	$36.0M
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	Add +107.9%	33,928,000	$36.0M
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	Reduce -7.0%	34,777,000	$35.7M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	Add +80.1%	38,443,000	$35.6M
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	Add +6.2%	36,512,000	$33.8M
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	Reduce -25.8%	38,454,000	$33.4M
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	Add +2954.3%	30,543,000	$32.8M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	New	640,000	$32.1M
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	Add +22.2%	29,653,000	$30.7M

Showing the first 50 of 174.

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