Advent Capital Management

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Advent Capital Management reported 30 stock positions worth $83.2 million. Its top holding was Advent Convertible Bond ETF (ACVT) at 31.1% of the portfolio, followed by Meta Platforms Class A (META, 5.3%) and Amgen (AMGN, 5.0%). Compared with Q1 2025, it opened 22 new positions, sold out of 12 and reduced 6. The biggest buy was a new position in Advent Convertible Bond ETF (ACVT) and the biggest sale an exit from Northrop Grumman (NOC).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001097278
Portfolio Value: $83.2M (Q2 2025)
SEC Filing: 0001140361-25-030722 ↗ filed Aug 13, 2025

Holdings Value

Holdings 30 stocks · $83.2M


ACVT Advent Convertible Bond ETF	31.10%	990,000	$25.9M	New
META Meta Platforms Inc. Class A	5.32%	6,000	$4.4M	New
AMGN Amgen Inc.	5.04%	15,000	$4.2M	New
AVGO Broadcom Inc.	4.97%	15,000	$4.1M	Reduce -50.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	4.96%	14,000	$4.1M	New
RH RH	4.55%	20,000	$3.8M	New
WHR Whirlpool Corp.	4.27%	35,000	$3.5M	New
DXCM Dexcom Inc.	4.20%	40,000	$3.5M	Reduce -20.0%
FANG Diamondback Energy Inc.	4.13%	25,000	$3.4M	No change
MGM MGM Resorts International	3.93%	95,000	$3.3M	New
JPM JPMorgan Chase & Co.	3.49%	10,000	$2.9M	New
T AT&T Inc.	3.48%	100,000	$2.9M	New
TOL Toll Brothers Inc.	3.43%	25,000	$2.9M	New
NVDA Nvidia Corp.	2.85%	15,000	$2.4M	New
LOW Lowe's Cos Inc.	2.67%	10,000	$2.2M	Reduce -44.4%
AMZN Amazon.com Inc.	2.64%	10,000	$2.2M	New
ZTS Zoetis Inc.	1.88%	10,000	$1.6M	Reduce -50.0%
NOW ServiceNow Inc.	1.53%	1,238	$1.3M	New
LAZ Lazard Inc.	1.44%	25,000	$1.2M	New
ETN Eaton Corp. PLC	1.29%	3,000	$1.1M	Reduce -70.0%
QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC	0.98%	18,856	$818K	New
OPFI Oppfi Inc.	0.34%	20,000	$280K	New
CYBR Cyberark Software Ltd./Israel	0.25%	516	$210K	New
TVTX Travere Therapeutics Inc.	0.25%	14,000	$207K	New
SO The Southern Co.	0.24%	2,200	$202K	New
PENN Penn Entertainment Inc.	0.22%	10,386	$186K	Reduce -50.0%
BTG B2GOLD Corp.	0.20%	46,500	$168K	New
REAL The Realreal Inc. filed as THE REALREAL INC	0.14%	25,000	$120K	New
PMT Pennymac Mortgage Investment	0.12%	7,584	$98K	No change
PRAA Pra Group Inc.	0.10%	5,682	$84K	New

Options reported separately and not counted above: SPY puts ($72.6M), CSCO calls ($27.8M), HOOD puts ($9.4M), CORZ calls ($4.3M), NCLH calls ($4.1M), SOFI calls ($3.6M), AFRM calls ($2.8M), LYFT calls ($2.6M), BABA calls ($2.3M), RIOT calls ($2.3M), AMGN calls ($2.1M), SOFI puts ($1.8M), and 11 more.

Other holdings (178): bonds, preferreds, convertibles and warrants · $4.5B (not counted above)

Security	Class	Shares / Principal	Value	Change
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	180,009	$210.8M	Add +0.2%
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	172,838	$207.1M	Reduce -0.4%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	120,067,000	$171.9M	Reduce -13.2%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	153,650,000	$138.0M	Reduce -5.3%
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	93,417,000	$111.9M	Add +0.5%
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	104,661,000	$101.9M	New
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	91,793,000	$97.2M	Add +15.0%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	1,731,820	$92.6M	Add +52.4%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	1,175,194	$87.7M	Add +6.4%
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	68,845,000	$73.4M	Reduce -12.4%
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	78,967,000	$71.0M	Add +2.5%
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	74,589,000	$70.3M	Reduce -20.1%
NEXTERA ENERGY INC (NEE 6.926 09/01/25)	UNIT 09/01/2025	1,766,596	$69.9M	Reduce -0.6%
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	71,435,000	$66.9M	Reduce -7.1%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	58,448,000	$63.3M	Reduce -0.7%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	58,720,000	$63.1M	Add +101.5%
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	52,283,000	$62.1M	Add +54.1%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	62,377,000	$59.4M	Reduce -23.6%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	51,705,000	$58.9M	Add +6.5%
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	59,189,000	$58.6M	New
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	60,131,000	$58.6M	Reduce -16.0%
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	798,119	$53.9M	Reduce -22.3%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	46,696,000	$49.2M	Add +51.5%
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	47,413,000	$47.2M	Reduce -28.7%
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	43,612,000	$46.6M	Add +296.1%
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	44,401,000	$46.2M	Add +9.0%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	828,550	$45.3M	Reduce -6.0%
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	46,267,000	$44.7M	Add +3.5%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	41,183,000	$44.7M	Reduce -1.4%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	47,646,000	$44.5M	Add +12.3%
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	944,551	$44.4M	Add +6.1%
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	47,716,000	$44.3M	Add +97.2%
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	36,346,000	$43.6M	Reduce -18.2%
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	38,557,000	$43.6M	Reduce -16.7%
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	37,162,000	$43.0M	Add +0.4%
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	44,455,000	$41.1M	Add +21.8%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	41,079,000	$41.0M	Add +5.7%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	42,941,000	$39.8M	Reduce -31.0%
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	34,774,000	$39.7M	Reduce -7.3%
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	34,235,000	$38.6M	Add +15.4%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	36,760,000	$38.5M	Reduce -7.8%
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	44,811,000	$38.2M	New
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	42,572,000	$37.3M	Add +157.2%
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	34,519,000	$35.2M	Reduce -10.9%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	28,311,000	$34.9M	Add +155.1%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	35,186,000	$31.7M	Add +12.7%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	29,880,000	$31.3M	Add +320.8%
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	31,004,000	$30.9M	New
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	27,502,000	$30.4M	New
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	30,802,000	$30.3M	Reduce -46.1%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	29,846,000	$30.1M	Reduce -14.2%
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	35,263,000	$30.1M	Add +3.5%
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	28,552,000	$29.6M	Reduce -25.7%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	441,925	$29.4M	Reduce -30.9%
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	31,819,000	$28.4M	Add +0.5%
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	26,590,000	$27.8M	New
TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024)	NOTE 1.500% 3/1 · principal	28,183,000	$27.2M	Add +65.2%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	21,305,000	$27.1M	Add +331.9%
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30)	NOTE 3.250% 1/1 · principal	31,217,000	$27.0M	Reduce -2.8%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	20,740,000	$26.5M	New
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	28,355,000	$26.2M	Reduce -29.4%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	26,414,000	$26.1M	Add +27.0%
PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	25,659,000	$26.0M	New
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	29,051,000	$26.0M	Add +6.6%
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26)	NOTE 1.750%12/1 · principal	26,001,000	$24.6M	Add +4.4%
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	18,753,000	$24.6M	Reduce -16.3%
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	13,089,000	$23.5M	Reduce -53.2%
WEC ENERGY GROUP INC (WEC 4.375 06/01/29)	NOTE 4.375% 6/0 · principal	19,948,000	$23.1M	New
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	17,568,000	$23.0M	Reduce -65.3%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	22,720,000	$23.0M	Add +473.6%
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	22,606,000	$22.4M	Add +21.0%
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30)	NOTE 0.750% 6/0 · principal	22,218,000	$21.9M	New
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	21,650,000	$21.6M	New
NEOGENOMICS INC (NEO 0.25 01/15/28)	NOTE 0.250% 1/1 · principal	23,995,000	$20.6M	Reduce -14.3%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28)	6 SER A CNV PREF	174,538	$20.0M	New
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	16,497,000	$19.7M	Add +140.1%
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	20,379,000	$19.5M	Add +671.9%
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	17,654,000	$18.9M	Reduce -64.6%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	16,209,000	$18.1M	New
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	21,513,000	$17.5M	No change
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	17,623,000	$17.1M	Reduce -52.5%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	16,930,000	$16.9M	Add +5.5%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	15,677,000	$16.8M	Reduce -37.1%
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	15,700,000	$15.5M	Add +23.6%
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	394,260	$14.8M	Reduce -8.2%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	15,340,000	$14.4M	Reduce -8.7%
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B)	6.75DP CNV PFD B	236,552	$14.3M	Add +33.2%
PAGERDUTY INC. (PD 1.5 10/15/28 *)	NOTE 1.500%10/1 · principal	14,406,000	$13.8M	Add +1.7%
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29)	NOTE 2.250% 6/0 · principal	13,969,000	$13.6M	New
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	8,869,000	$13.5M	Reduce -22.3%
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	226,056	$13.2M	Reduce -38.9%
FIRSTENERGY CORP (FE 4 05/01/26)	NOTE 4.000% 5/0 · principal	12,593,000	$12.7M	Reduce -54.0%
WORKIVA INC (WK 1.125 08/15/26)	NOTE 1.125% 8/1 · principal	11,287,000	$12.2M	New
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	11,680,000	$12.0M	No change
PEABODY ENERGY CORP (BTU 3.25 03/01/28)	NOTE 3.250% 3/0 · principal	11,231,000	$11.6M	New
CABLE ONE INC (CABO 0 03/15/26)	NOTE 3/1 · principal	12,074,000	$11.5M	Add +20.7%
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	9,550,000	$11.3M	Reduce -61.4%
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25)	NOTE 6.500% 7/0 · principal	11,131,000	$11.1M	Add +10.2%
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29)	NOTE 5.500%12/0 · principal	5,494,000	$10.1M	New
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	6,545,000	$10.1M	Reduce -33.1%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	8,764,000	$10.0M	Reduce -21.9%
BURLINGTON STORES INC (BURL 1.25 12/15/27)	NOTE 1.250%12/1 · principal	7,645,000	$9.9M	Reduce -31.7%
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	12,145,000	$9.3M	Reduce -23.2%
TXNM ENERGY INC (TXNM 5.75 06/01/54)	NOTE 5.750% 6/0 · principal	6,925,000	$9.0M	New
NABORS INDUSTRIES INC (NBR 1.75 06/15/29)	NOTE 1.750% 6/1 · principal	15,442,000	$8.9M	Reduce -40.4%
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	6,550,000	$8.9M	Reduce -78.5%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	5,749,000	$8.8M	Reduce -48.6%
SHOPIFY INC (SHOPCN 0.125 11/01/25)	NOTE 0.125%11/0 · principal	8,535,000	$8.7M	Reduce -13.7%
NCL CORPORATION LTD (NCLH 2.5 02/15/27)	NOTE 2.500% 2/1 · principal	8,636,000	$8.6M	Add +154.0%
PDD HOLDINGS INC (PDD 0 12/01/25)	NOTE 12/0 · principal	8,490,000	$8.3M	No change
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	8,702,000	$8.1M	No change
NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25)	NOTE 7.500%10/1 · principal	7,404,000	$7.4M	Add +2.4%
HERBALIFE LTD (HLF 4.25 06/15/28)	NOTE 4.250% 6/1 · principal	7,709,000	$7.0M	Reduce -29.6%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	6,805,000	$6.7M	Reduce -22.7%
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27)	NOTE 5.500% 3/1 · principal	6,398,000	$6.2M	No change
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	4,975,000	$5.9M	New
UGI CORP (UGI 5 06/01/28)	NOTE 5.000% 6/0 · principal	4,279,000	$5.9M	New
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	6,057,000	$5.7M	No change
BOX INC (BOX 0 01/15/26)	NOTE 1/1 · principal	4,200,000	$5.6M	Reduce -42.3%
VERTEX INC (VERX 0.75 05/01/29)	NOTE 0.750% 5/0 · principal	4,669,000	$5.6M	New
MGP INGREDIENTS INC (MGPI 1.875 11/15/41)	NOTE 1.875%11/1 · principal	5,900,000	$5.6M	No change
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	5,147,000	$5.4M	No change
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	158,738	$5.1M	Reduce -36.0%
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26)	NOTE 1.625% 3/1 · principal	4,972,000	$5.0M	Reduce -18.6%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27)	NOTE 1.750% 1/1 · principal	6,114,000	$5.0M	Reduce -21.5%
QXO INC (QXO 5.5 05/15/28 B)	5.50 DEP PFD	80,000	$4.9M	New
STRATEGY INC (MSTR 8 PERP)	SERIES A PERP PF	39,818	$4.8M	Add +11.2%
MIDDLEBY CORP (MIDD 1 09/01/25)	NOTE 1.000% 9/0 · principal	4,160,000	$4.7M	No change
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	4,933,000	$4.4M	Reduce -87.2%
PORCH GROUP INC (PRCH 9 05/15/30)	DEBT 9.000% 5/1 · principal	3,500,000	$4.4M	New
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	4,660,000	$4.3M	No change
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	4,850,000	$4.2M	No change
SEMTECH CORP (SMTC 1.625 11/01/27)	NOTE 1.625%11/0 · principal	2,912,000	$4.2M	Reduce -8.8%
SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30)	NOTE 4.750% 5/0 · principal	3,106,000	$4.2M	New
FRESHPET INC (FRPT 3 04/01/28)	NOTE 3.000% 4/0 · principal	3,289,000	$4.1M	Reduce -9.0%
XOMETRY INC (XMTR 1 02/01/27)	NOTE 1.000% 2/0 · principal	3,979,000	$4.0M	Reduce -58.5%
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	3,914,000	$4.0M	Add +12.9%
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	4,077,000	$3.7M	Add +4.9%
Q2 HOLDINGS INC (QTWO 0.125 11/15/25)	NOTE 0.125%11/1 · principal	3,712,000	$3.7M	No change
BLOOM ENERGY CORP (BE 3 06/01/29)	NOTE 3.000% 6/0 · principal	2,500,000	$3.5M	New
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	3,058,000	$3.0M	Add +4.2%
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	3,235,000	$2.9M	Reduce -75.8%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	3,209,000	$2.8M	Add +5.8%
BANDWIDTH INC (BAND 0.5 04/01/28)	NOTE 0.500% 4/0 · principal	3,300,000	$2.8M	No change
APPLIED OPTOELECTRONICS INC	NOTE 2.750% 1/1 · principal	2,800,000	$2.8M	New
DROPBOX INC (DBX 0 03/01/26)	NOTE 3/0 · principal	2,604,000	$2.6M	No change
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25)	NOTE 12/1 · principal	2,000,000	$2.5M	New
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	1,329,000	$2.4M	Reduce -7.2%
THE REALREAL INC (REAL 1 03/01/28)	NOTE 1.000% 3/0 · principal	2,814,000	$2.2M	Add +33.1%
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	1,950,000	$2.2M	Reduce -71.5%
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	2,175,000	$2.1M	No change
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	2,140,000	$2.0M	No change
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	1,126,000	$2.0M	Reduce -92.7%
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	1,772,000	$1.9M	Reduce -73.5%
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	1,980,000	$1.9M	No change
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	1,800,000	$1.8M	No change
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	21,023	$1.7M	Reduce -78.8%
CERENCE INC (CRNC 1.5 07/01/28)	NOTE 1.500% 7/0 · principal	2,115,000	$1.6M	Reduce -21.8%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27)	NOTE 6.750% 7/1 · principal	1,500,000	$1.6M	No change
BILL HOLDINGS INC (BILL 0 12/01/25)	NOTE 12/0 · principal	1,550,000	$1.5M	No change
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	741,000	$1.4M	New
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27)	NOTE 0.375% 1/1 · principal	1,410,000	$1.3M	No change
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
NCL CORPORATION LTD (NCLH 5.375 08/01/25)	NOTE 5.375% 8/0 · principal	944,000	$1.1M	Reduce -91.5%
CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26)	NOTE 0.625% 6/1 · principal	1,058,000	$1.0M	No change
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	1,174,000	$934K	Reduce -97.7%
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28)	NOTE 1.750% 8/1 · principal	859,000	$799K	No change
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	775,000	$739K	No change
GOSSAMER BIO INC (GOSS 5 06/01/27)	NOTE 5.000% 6/0 · principal	1,000,000	$526K	New
VERITONE INC (VERI 1.75 11/15/26)	NOTE 1.750%11/1 · principal	1,057,000	$468K	No change
AMC GLOBAL MEDIA INC (AMCX 4.25 02/15/29 *)	NOTE 4.250% 2/1 · principal	476,000	$402K	New
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	200,000	$350K	No change
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	223,000	$278K	Add +7333.3%
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28)	NOTE 2.125% 2/1 · principal	175,000	$263K	New
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	173,000	$205K	Reduce -99.3%
AUROW Aurora Innovation Inc. -CW28	*W EXP 11/03/202	61,500	$54K	No change
BBAI.WS Bigbear.ai Holdings -CW28	*W EXP 12/08/202	18,260	$44K	No change

Total filed on the 13F, all lines: $4.6B.

Portfolio Sells Q1 2025 → Q2 2025


NOC Northrop Grumman Corp.	Sold out	0.00%	−6.84
NFLX Netflix Inc.	Sold out	0.00%	−6.23
GE General Electric	Sold out	0.00%	−6.11
OGN Organon & Co.	Sold out	0.00%	−5.68
LLY Eli Lilly & Co.	Sold out	0.00%	−5.52
LOW Lowe's Cos Inc.	Reduce -44.4%	2.67%	−5.35
VLO Valero Energy Corp.	Sold out	0.00%	−5.04
PH Parker Hannifin Corp.	Sold out	0.00%	−4.64
AVGO Broadcom Inc.	Reduce -50.0%	4.97%	−4.62
SRPT Sarepta Therapeutics Inc.	Sold out	0.00%	−4.50
ZTS Zoetis Inc.	Reduce -50.0%	1.88%	−4.41
MTB M & T Bank Corp.	Sold out	0.00%	−4.09
C Citigroup Inc.	Sold out	0.00%	−4.07
ETN Eaton Corp. PLC	Reduce -70.0%	1.29%	−3.90
PCG P G & E Corp.	Sold out	0.00%	−2.60
DXCM Dexcom Inc.	Reduce -20.0%	4.20%	−2.32
GME Gamestop Corp. Class A	Sold out	0.00%	−0.59
PENN Penn Entertainment Inc.	Reduce -50.0%	0.22%	−0.42

Portfolio Buys Q1 2025 → Q2 2025


ACVT Advent Convertible Bond ETF	New	31.10%	+31.10
META Meta Platforms Inc. Class A	New	5.32%	+5.32
AMGN Amgen Inc.	New	5.04%	+5.04
IBM Intl Business Machines Corp.	New	4.96%	+4.96
RH RH	New	4.55%	+4.55
WHR Whirlpool Corp.	New	4.27%	+4.27
MGM MGM Resorts International	New	3.93%	+3.93
JPM JPMorgan Chase & Co.	New	3.49%	+3.49
T AT&T Inc.	New	3.48%	+3.48
TOL Toll Brothers Inc.	New	3.43%	+3.43
NVDA Nvidia Corp.	New	2.85%	+2.85
AMZN Amazon.com Inc.	New	2.64%	+2.64
NOW ServiceNow Inc.	New	1.53%	+1.53
LAZ Lazard Inc.	New	1.44%	+1.44
QFIN Qfin Holdings Inc.-ADR	New	0.98%	+0.98
OPFI Oppfi Inc.	New	0.34%	+0.34
CYBR Cyberark Software Ltd./Israel	New	0.25%	+0.25
TVTX Travere Therapeutics Inc.	New	0.25%	+0.25
SO The Southern Co.	New	0.24%	+0.24
BTG B2GOLD Corp.	New	0.20%	+0.20
REAL The Realreal Inc.	New	0.14%	+0.14
PRAA Pra Group Inc.	New	0.10%	+0.10

Options Activity Q1 2025 → Q2 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	Reduce -30.9%	117,500	$72.6M
SPY SS SPDR S&P 500 ETF Trust-US	call	Sold out	125,000	$69.9Mbefore exit
CSCO Cisco Systems Inc.	call	New	400,000	$27.8M
HOOD Robinhood Markets Inc. Class A	put	New	100,000	$9.4M
TJX TJX Companies Inc.	call	Sold out	40,000	$4.9Mbefore exit
CORZ Core Scientific Inc.	call	New	250,000	$4.3M
NCLH Norwegian Cruise Line Holdin	call	New	200,000	$4.1M
ATEN A10 Networks Inc.	put	Sold out	200,000	$3.3Mbefore exit
AFRM Affirm Holdings Inc.	call	Add +700.0%	40,000	$2.8M
LYFT LYFT Inc. Class A	call	Add +725.0%	165,000	$2.6M
BABA Alibaba Group Holding-SP ADR	call	Reduce -83.3%	20,000	$2.3M
RIOT Riot Platforms Inc.	call	New	200,000	$2.3M
AMGN Amgen Inc.	call	New	7,500	$2.1M
SOFI Sofi Technologies Inc.	put	New	100,000	$1.8M
ALB Albemarle Corp.	call	New	26,000	$1.6M
AGNC AGNC Investment Corp.	call	New	100,000	$919K
DKNG Draftkings Inc. Class A	call	New	20,000	$858K
MARA Mara Holdings Inc.	call	New	50,000	$784K
UNH Unitedhealth Group Inc.	call	New	2,500	$780K
GME Gamestop Corp. Class A	call	New	30,000	$732K
HUBS HubSpot Inc.	call	Sold out	1,000	$571Kbefore exit
CLSK Cleanspark Inc.	call	New	50,000	$552K
CFLT Confluent Inc. Class A	call	New	20,000	$499K
OPFI Oppfi Inc.	put	Sold out	50,000	$465Kbefore exit
BBAI Bigbear.ai Holdings Inc.	call	New	50,000	$340K
FTAI Ftai Aviation Ltd.	call	Sold out	3,000	$333Kbefore exit
SPCE Virgin Galactic Holdings Inc.	call	New	100,000	$273K
LUNR Intuitive Machines Inc.	call	New	25,000	$272K
LUMN Lumen Technologies Inc.	call	Sold out	50,000	$196Kbefore exit
OPFI Oppfi Inc.	call	Sold out	10,000	$93Kbefore exit

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

Notes & Other Activity Q1 2025 → Q2 2025


WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	Add +0.2%	180,009	$210.8M
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Reduce -0.4%	172,838	$207.1M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Reduce -13.2%	120,067,000	$171.9M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	Reduce -5.3%	153,650,000	$138.0M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Add +0.5%	93,417,000	$111.9M
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	New	104,661,000	$101.9M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Add +15.0%	91,793,000	$97.2M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	Add +52.4%	1,731,820	$92.6M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Add +6.4%	1,175,194	$87.7M
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	Reduce -12.4%	68,845,000	$73.4M
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	Add +2.5%	78,967,000	$71.0M
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	Reduce -20.1%	74,589,000	$70.3M
NEXTERA ENERGY INC (NEE 6.926 09/01/25)	UNIT 09/01/2025	Reduce -0.6%	1,766,596	$69.9M
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	Reduce -7.1%	71,435,000	$66.9M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Reduce -0.7%	58,448,000	$63.3M
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	Add +101.5%	58,720,000	$63.1M
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	Add +54.1%	52,283,000	$62.1M
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	Reduce -23.6%	62,377,000	$59.4M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	Add +6.5%	51,705,000	$58.9M
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	New	59,189,000	$58.6M
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	Reduce -16.0%	60,131,000	$58.6M
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25)	NOTE 0.750% 5/0 · principal	Sold out	23,212,000	$57.1Mbefore exit
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Reduce -22.3%	798,119	$53.9M
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	Add +51.5%	46,696,000	$49.2M
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	Reduce -28.7%	47,413,000	$47.2M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	Add +296.1%	43,612,000	$46.6M
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26)	NOTE 2.750% 5/1 · principal	Add +9.0%	44,401,000	$46.2M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Reduce -6.0%	828,550	$45.3M
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	Add +3.5%	46,267,000	$44.7M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	Reduce -1.4%	41,183,000	$44.7M
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	Add +12.3%	47,646,000	$44.5M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	Sold out	47,667,000	$44.4Mbefore exit
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	Add +6.1%	944,551	$44.4M
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	Add +97.2%	47,716,000	$44.3M
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	Reduce -18.2%	36,346,000	$43.6M
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	Reduce -16.7%	38,557,000	$43.6M
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	Add +0.4%	37,162,000	$43.0M
CONFLUENT INC (CFLT 0 01/15/27)	NOTE 1/1 · principal	Add +21.8%	44,455,000	$41.1M
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	Add +5.7%	41,079,000	$41.0M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	Reduce -31.0%	42,941,000	$39.8M
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	Reduce -7.3%	34,774,000	$39.7M
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	Add +15.4%	34,235,000	$38.6M
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	Reduce -7.8%	36,760,000	$38.5M
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	New	44,811,000	$38.2M
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	Add +157.2%	42,572,000	$37.3M
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	Reduce -10.9%	34,519,000	$35.2M
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	Add +155.1%	28,311,000	$34.9M
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	Add +12.7%	35,186,000	$31.7M
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	Add +320.8%	29,880,000	$31.3M
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	New	31,004,000	$30.9M

Showing the first 50 of 178.

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