AQR Arbitrage LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), AQR Arbitrage LLC reported 209 stock positions worth $2.7 billion. Its top holding was Hess (HES) at 5.6% of the portfolio, followed by Allete (ALE, 3.6%) and Championx (CHX, 3.3%). Compared with Q1 2025, it opened 71 new positions, sold out of 69, added to 21 and reduced 84. The biggest buy was a new position in Springworks Therapeutics (SWTX) and the biggest sale an exit from Discover Financial Services (DFS).
- Most Recent 13F
- Q2 2026
- Location
- Greenwich, CT
- CIK
- 0001167456
- Portfolio Value
- $2.7B (Q2 2025)
- SEC Filing
- 0001085146-25-005296 ↗ filed Aug 14, 2025
Holdings Value
Holdings 209 stocks · $2.7B
| HES Hess Corp. | 5.59% | 1,089,382 | $150.9M | Add +75.0% |
| ALE Allete Inc. | 3.62% | 1,527,923 | $97.7M | Add +29.1% |
| CHX Championx Corp. | 3.32% | 3,611,153 | $89.7M | Add +24.4% |
| IPG Interpublic Group of Cos Inc. | 2.78% | 3,091,440 | $75.1M | Add +58.4% |
| K Kellanova | 2.67% | 911,710 | $72.2M | Add +59.5% |
| AMED Amedisys Inc. | 2.51% | 690,911 | $67.8M | Add +19.6% |
| SWTX Springworks Therapeutics Inc. | 2.30% | 1,319,782 | $62.0M | New |
| ESGR Enstar Group Ltd. | 2.19% | 175,605 | $59.1M | Add +1.0% |
| TXNM TXNM Energy Inc. | 2.05% | 982,760 | $55.3M | New |
| ANSS Ansys Inc. | 2.02% | 155,912 | $54.6M | Add +23.5% |
| EVRI Everi Holdings Inc. | 2.02% | 3,821,475 | $54.4M | Add +30.8% |
| AVDX Avidxchange Holdings Inc. | 1.64% | 4,510,390 | $44.2M | New |
| SKX Skechers USA Inc. Class A | 1.61% | 688,810 | $43.5M | New |
| DNB Dun & Bradstreet Holdings Inc. | 1.42% | 4,213,187 | $38.3M | Add +117.2% |
| JNPR Juniper Networks Inc. | 1.35% | 915,995 | $36.5M | Add +44.8% |
| SPR Spirit Aerosystems Hold Class A | 1.31% | 927,743 | $35.4M | Reduce -15.2% |
| FYBR Frontier Communications Pare | 1.24% | 916,825 | $33.4M | Add +48.7% |
| MAG Mag Silver Corp. | 1.13% | 1,445,955 | $30.6M | New |
| FL Foot Locker Inc. | 1.09% | 1,197,915 | $29.3M | New |
| LBRDK Liberty Broadband-C | 1.00% | 277,092 | $27.1M | Add +233.3% |
| TGI Triumph Group Inc. | 0.97% | 1,018,944 | $26.2M | Add +14.2% |
| FTW Eqv Ventures Acquisition C-A | 0.95% | 2,428,811 | $25.5M | Reduce -1.4% |
| NPACU New Providence Acquisition C | 0.85% | 2,200,000 | $23.0M | New |
| TACH Titan Acquisition Corp. Class A | 0.83% | 2,239,994 | $22.5M | New |
| ANSC Agriculture & Natural Soluti | 0.82% | 2,050,706 | $22.3M | Reduce -3.1% |
| ARES ACQUISITION CORP II | 0.79% | 1,875,229 | $21.2M | Reduce -34.7% |
| BEAG Bold Eagle Acquisition Cor-A | 0.78% | 2,022,363 | $21.2M | Reduce -2.4% |
| CHAC Crane Harbor Acqu Corp. Class A | 0.74% | 1,980,000 | $19.9M | New |
| BROOKLINE BANCORP INC | 0.73% | 1,880,357 | $19.8M | Add +46.1% |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 0.72% | 1,886,600 | $19.5M | Reduce -1.7% |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.71% | 1,847,486 | $19.1M | Reduce -2.1% |
| KCHVU Kochav Defense Acquisition C | 0.71% | 1,875,000 | $19.1M | New |
| ALF Centurion Acquisition Corp. | 0.70% | 1,784,642 | $18.9M | No change |
| TVACU Texas Ventures Acquisition I | 0.67% | 1,750,000 | $18.0M | New |
| ALDF Aldel Financial II Inc. | 0.64% | 1,657,866 | $17.4M | Reduce 0.0% |
| GPAT GP-Act III Acquisition-A | 0.62% | 1,585,119 | $16.7M | Reduce -1.6% |
| CUB Lionheart Holdings Class A | 0.61% | 1,572,344 | $16.6M | No change |
| LPAA Launch One Acquisition Corp. | 0.61% | 1,575,742 | $16.4M | No change |
| TACO Berto Acquisition Corp. | 0.59% | 1,537,996 | $16.0M | New |
| TONT Graf Global Corp. Class A | 0.59% | 1,513,378 | $15.8M | Reduce -1.3% |
| LPBB Launch Two Acquisition Class A | 0.58% | 1,514,683 | $15.8M | Reduce -0.2% |
| SZZL Sizzle Acquisition Corp. Class A | 0.58% | 1,556,600 | $15.6M | New |
| GTENU Gores Holdings X Inc. | 0.58% | 1,500,000 | $15.6M | New |
| DAAQ Digital Asset Acquisiti Class A | 0.58% | 1,484,994 | $15.5M | New |
| MLAC Mountain Lake Acquisition-A | 0.57% | 1,507,906 | $15.5M | Reduce -1.7% |
| SIMA Sim Acquisition Corp. I-A | 0.57% | 1,463,722 | $15.3M | No change |
| XRPNU Armada Acquisition Corp. II | 0.57% | 1,499,633 | $15.3M | New |
| RIO Rio Tinto PLC-Spon ADR | 0.56% | 261,000 | $15.2M | Reduce -27.7% |
| OACC Oaktree Acquisition Corp. I-A | 0.56% | 1,450,750 | $15.2M | No change |
| AACB Artius II Acquisition Inc. Class A | 0.56% | 1,502,205 | $15.2M | Reduce -24.1% |
| OYSEU Oyster Enterprises II Acquis | 0.56% | 1,495,000 | $15.1M | New |
| BLUWU Blue Water Acquisition III filed as BLUE WTR ACQUISITION CORP. I | 0.56% | 1,500,000 | $15.0M | New |
| LEGT Legato Merger Corp. III | 0.55% | 1,399,587 | $14.9M | Reduce -0.0% |
| RAAQ Real Asset Acquisiti Class A | 0.55% | 1,469,994 | $14.9M | New |
| RAC Rithm Acquisition Corp. Class A | 0.55% | 1,462,934 | $14.9M | Reduce -23.0% |
| CGCTU Cartesian Growth Corp. III | 0.55% | 1,460,000 | $14.8M | New |
| SBXDF Silverbox Corp. IV-A | 0.55% | 1,347,002 | $14.8M | Reduce -13.7% |
| VACH Voyager Acquisition Corp. | 0.55% | 1,418,939 | $14.7M | No change |
| IPCXU Inflection Point Acquisition | 0.55% | 1,400,000 | $14.7M | New |
| WBA Walgreens Boots Alliance Inc. | 0.54% | 1,273,107 | $14.6M | Add +45.5% |
| POLE Andretti Acquisition Corp. Class A | 0.54% | 1,402,933 | $14.6M | Reduce -0.2% |
| RDUS Radius Recycling Inc. Class A | 0.54% | 489,352 | $14.5M | Add +20.7% |
| FERA Fifth Era Acquisition Corp. Class A | 0.52% | 1,396,220 | $14.2M | Reduce -21.7% |
| LWACU Lightwave Acquisition Corp. | 0.52% | 1,400,000 | $14.1M | New |
| CRAQU Cal Redwood Acquisition Corp. | 0.52% | 1,368,923 | $14.0M | New |
| PCAPU Procap Acquisition Corp. | 0.49% | 1,246,808 | $13.4M | New |
| GTLS Chart Industries Inc. | 0.49% | 80,702 | $13.3M | New |
| SDHI Siddhi Acquisition Corp. Class A | 0.49% | 1,312,013 | $13.3M | New |
| FACT Fact II Acquisition Corp. | 0.49% | 1,277,639 | $13.2M | No change |
| SOUL Soulpower Acquisition Co. Class A | 0.49% | 1,312,022 | $13.2M | New |
| VCIC Vine Hill Capital Class A | 0.49% | 1,264,327 | $13.2M | Reduce -1.2% |
| ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII | 0.48% | 1,288,444 | $13.1M | No change |
| PACHU Pioneer Acquisition I Corp. | 0.48% | 1,293,025 | $12.9M | New |
| JACS Jackson Acquisition Co. Class A | 0.47% | 1,219,792 | $12.6M | Reduce -1.6% |
| EGHAU Egh Acquisition Corp. | 0.46% | 1,217,000 | $12.4M | New |
| GWRE Guidewire Software Inc. | 0.46% | 52,656 | $12.4M | Add +31.0% |
| AXINU Axiom Intelligence Acquisiti | 0.45% | 1,200,000 | $12.1M | New |
| DRDB Roman DBDR Acquisition Corp. | 0.44% | 1,145,577 | $11.8M | Reduce -4.6% |
| IBAC Ib Acquisition Corp. | 0.43% | 1,123,646 | $11.7M | Reduce -0.4% |
| TDAC Translational Development Ac | 0.42% | 1,099,989 | $11.3M | No change |
| DYNC Dynamix Corp. | 0.42% | 1,107,299 | $11.3M | Reduce -1.2% |
| SVCC Stellar V Capital Corp. Class A | 0.42% | 1,096,174 | $11.2M | Reduce -26.2% |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 0.41% | 992,006 | $11.2M | Reduce -33.0% |
| OBAWU Oxley Bridge Acquisition Ltd. | 0.41% | 1,100,000 | $11.0M | New |
| TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V | 0.40% | 1,020,682 | $10.9M | Reduce -21.5% |
| RDAGU Republic Digital Acquisition | 0.39% | 1,000,000 | $10.6M | New |
| MACI Melar Acquisition Corp. I-A | 0.39% | 1,006,179 | $10.6M | Reduce -1.2% |
| NHIC Newhold Investment Cor III-A | 0.39% | 1,033,008 | $10.5M | Reduce -26.2% |
| NTWO Newbury Street II Ac Class A | 0.39% | 1,017,744 | $10.5M | No change |
| AAM Aa Mission Acquisition Cor-A | 0.39% | 999,765 | $10.4M | No change |
| BRR Columbus Circle Capital Co. Class A | 0.39% | 978,916 | $10.4M | New |
| CCRN Cross Country Healthcare Inc. | 0.38% | 792,344 | $10.3M | Add +3.0% |
| BPMC Blueprint Medicines Corp. | 0.38% | 80,179 | $10.3M | New |
| KFII K&F Growth Acquisition Cor-A | 0.38% | 997,915 | $10.2M | Reduce -19.9% |
| ATII Archimedes Tech Spac Partner | 0.37% | 969,382 | $9.9M | Reduce -25.6% |
| PLMK Plum Acquisition Corp. IV | 0.37% | 960,428 | $9.9M | No change |
| WENNU Wen Acquisition Corp. | 0.35% | 897,500 | $9.5M | New |
| CTLP Cantaloupe Inc. | 0.35% | 854,589 | $9.4M | New |
| JENA.U Jena Acquisition Corp. II | 0.34% | 900,000 | $9.3M | New |
| TVAIU Thayer Ventures Acquisition | 0.34% | 890,200 | $9.1M | New |
| CEPO Cantor Equity Partners I-A | 0.33% | 755,913 | $9.0M | Reduce -37.0% |
| JAZZ Jazz Pharmaceuticals PLC | 0.32% | 81,020 | $8.6M | Reduce -10.1% |
| COPL.U Copley Acquisition Corp. | 0.31% | 830,000 | $8.4M | New |
| PRA Proassurance Corp. | 0.31% | 362,255 | $8.3M | Add +3.6% |
| RFAI RF Acquisition Corp. II | 0.30% | 775,982 | $8.2M | Reduce -1.0% |
| RANG Range Capital Acquisition Co. | 0.29% | 765,683 | $7.9M | No change |
| CCAQ Collective Acquisition Corp. filed as DUNE ACQUISITION CORP II | 0.29% | 779,980 | $7.8M | New |
| FG MERGER II CORP | 0.29% | 789,000 | $7.8M | Reduce -0.4% |
| FARO Faro Technologies Inc. | 0.29% | 177,276 | $7.8M | New |
| HAYMAKER ACQUISITION CORP 4 | 0.28% | 688,006 | $7.6M | Reduce -0.6% |
| TAVI Tavia Acquisition Corp. | 0.26% | 690,596 | $7.1M | Reduce -1.4% |
| STR Sitio Royalties Corp. Class A | 0.26% | 384,364 | $7.1M | New |
| BACCU Blue Acquisition Corp. | 0.26% | 700,000 | $7.0M | New |
| SPKLF Spark I Acquisition Corp. | 0.26% | 633,999 | $6.9M | No change |
| INFA Informatica Inc. Class A | 0.26% | 283,588 | $6.9M | New |
| AMRZ Amrize Ltd. | 0.24% | 133,000 | $6.6M | New |
| SPTN Spartannash Co. | 0.22% | 227,659 | $6.0M | New |
| NOEM CO2 Energy Transition Corp. | 0.22% | 588,000 | $5.9M | Reduce -0.3% |
| PPBI Pacific Premier Bancorp Inc. | 0.22% | 277,355 | $5.8M | New |
| STEW SRH Total Return Fund Inc. | 0.21% | 316,222 | $5.6M | Reduce -28.9% |
| CHAR Charlton Aria Acquisiti Class A | 0.21% | 539,891 | $5.6M | Reduce -0.1% |
| PGAC Pantages Capital Acquisition filed as AIFEEX NEXUS ACQUISITION COR | 0.20% | 542,607 | $5.5M | No change |
| CEPT Cantor Equity Partners Class A | 0.20% | 498,000 | $5.5M | New |
| BKHA Black Hawk Acquisition Cor-A | 0.20% | 504,523 | $5.4M | No change |
| NETD Nabors Energy Transition C-A | 0.19% | 471,798 | $5.2M | No change |
| CCCXU Churchill Capital Corp. X | 0.19% | 500,000 | $5.2M | New |
| TBMC Trailblazer Merger Corp. I | 0.19% | 437,674 | $5.1M | No change |
| ETWO E2OPEN Parent Holdings Inc. | 0.19% | 1,572,554 | $5.1M | New |
| KVACF Keen Vision Acquisition Corp. | 0.19% | 443,704 | $5.0M | Reduce -0.2% |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | 0.18% | 361,193 | $5.0M | Reduce -23.4% |
| DIAX Nuveen Dow 30 Dynamic Overwr | 0.18% | 350,287 | $5.0M | Reduce -12.2% |
| CHPGU Championsgate Acquisition Co. | 0.18% | 485,000 | $4.9M | New |
| SRDX Surmodics Inc. | 0.17% | 156,174 | $4.6M | Reduce -24.2% |
| MCGAU Yorkville Acquisition Corp. | 0.17% | 400,000 | $4.5M | New |
| CAEP Cantor Equity Partners III-A | 0.17% | 425,000 | $4.5M | New |
| HSPT Horizon Space Acquisition II | 0.16% | 421,761 | $4.3M | Reduce -0.7% |
| FORL Four Leaf Acquisition Cor-A | 0.16% | 366,532 | $4.2M | No change |
| DTSQ DT Cloud Star Acquisition Co. | 0.16% | 405,725 | $4.2M | Reduce -1.0% |
| PMTRU Perimeter Acquisition Corp. I | 0.16% | 400,000 | $4.2M | New |
| AZEK The Azek Co. Inc. | 0.15% | 72,300 | $3.9M | No change |
| DMAA Drugs Made in America Acquis | 0.14% | 376,314 | $3.8M | Reduce -1.1% |
| QETA Quetta Acquisition Corp. | 0.14% | 351,475 | $3.8M | No change |
| IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP | 0.14% | 374,917 | $3.8M | Reduce -0.8% |
| QSEA Quartzsea Acquisition Corp. | 0.14% | 377,339 | $3.8M | Reduce -24.5% |
| GMS GMS Inc. | 0.14% | 34,837 | $3.8M | New |
| CCIX Churchill Capital Corp. Ix | 0.14% | 357,581 | $3.8M | Reduce -8.0% |
| SAGE Sage Therapeutics Inc. | 0.14% | 409,055 | $3.7M | New |
| PELI Pelican Acquisition Corp. | 0.14% | 370,000 | $3.7M | New |
| CAPN Cayson Acquisition Corp. | 0.14% | 357,891 | $3.7M | Reduce 0.0% |
| RDAC Rising Dragon Acquisition Co. | 0.13% | 347,804 | $3.6M | Reduce -1.1% |
| FVN Future Vision II Acquisition | 0.13% | 338,408 | $3.5M | No change |
| YHNA YHN Acquisition I Ltd. | 0.13% | 333,272 | $3.4M | No change |
| MKSI MKS Inc. | 0.12% | 33,499 | $3.3M | Add +10.9% |
| MRC MRC Global Inc. | 0.12% | 231,905 | $3.2M | New |
| FIGXU Figx Capital Acquisition Cor | 0.11% | 305,884 | $3.1M | New |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 0.11% | 116,834 | $3.1M | Reduce -45.1% |
| LCCCU Lakeshore Acquisition III Co. | 0.11% | 300,000 | $3.1M | New |
| RA Brookfield Real Assets Incom | 0.11% | 227,234 | $3.0M | Reduce -36.5% |
| FLR Fluor Corp. | 0.11% | 59,015 | $3.0M | New |
| FSHP Flag Ship Acquisition Corp. | 0.11% | 284,591 | $3.0M | No change |
| HTD John Hancock Tax Adv DVD Inc. filed as HANCOCK JOHN TAX-ADVANTAGED | 0.10% | 119,615 | $2.8M | Reduce -24.4% |
| GSRT GSR III Acquisition Corp. | 0.10% | 256,832 | $2.8M | Reduce -82.5% |
| CET Central Securities Corp. | 0.10% | 54,852 | $2.6M | Reduce -15.7% |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.09% | 292,139 | $2.5M | Reduce -50.5% |
| SNAP Snap Inc. Class A | 0.09% | 281,375 | $2.4M | Reduce -30.3% |
| VERV Verve Therapeutics Inc. | 0.09% | 208,700 | $2.3M | New |
| COLA Columbus Acquisition Corp. | 0.09% | 228,304 | $2.3M | New |
| XFFCX Flaherty & Crumrine Pref Inc. | 0.08% | 140,043 | $2.3M | Reduce -37.4% |
| ETG Eaton Vance T/A GL DVD Incm | 0.08% | 106,749 | $2.2M | Reduce -54.1% |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | 0.08% | 89,732 | $2.2M | Reduce -52.6% |
| CHW Calamos Global Dynamic Incom | 0.08% | 299,786 | $2.1M | Reduce -13.4% |
| RIBB Ribbon Acquisition Corp. | 0.07% | 189,895 | $1.9M | No change |
| ASPC A Spac III Acquisition Class A | 0.07% | 186,212 | $1.9M | Reduce -0.0% |
| EURK Eureka Acquisition Corp. | 0.07% | 179,141 | $1.9M | Reduce -55.6% |
| EMCGF Embrace Change Acquisition C | 0.07% | 150,000 | $1.8M | No change |
| OAKU Oak Woods Acquisition Corp. Class A | 0.07% | 153,269 | $1.8M | No change |
| ALPHAVEST ACQUISITION CORP | 0.07% | 149,997 | $1.8M | No change |
| BULL Webull Corp. | 0.06% | 146,070 | $1.7M | New |
| BSAAU Best Spac I Acquisition Corp. | 0.06% | 150,000 | $1.5M | New |
| EMF Templeton Emerging Markets | 0.05% | 101,323 | $1.5M | Reduce -8.3% |
| PSN Parsons Corp. | 0.05% | 20,401 | $1.4M | Reduce -32.1% |
| PARAA Paramount Global Class A | 0.05% | 59,877 | $1.4M | No change |
| UYSC Uy Scuti Acquisition Corp. | 0.05% | 133,588 | $1.3M | New |
| HEQ John Hancock Divers Inc. Fund | 0.05% | 123,901 | $1.3M | Reduce -7.6% |
| FLC Flaherty & Crumrine TTL RTRN | 0.05% | 75,697 | $1.3M | Reduce -12.8% |
| MAC COPPER LTD | 0.05% | 100,972 | $1.2M | New |
| FUND Sprott Focus Trust Inc. | 0.04% | 160,024 | $1.2M | Reduce -2.3% |
| WTGUU Wintergreen Acquisition Corp. | 0.04% | 113,381 | $1.1M | New |
| ISRLF Israel Acquisitions Corp. Class A | 0.04% | 90,000 | $1.1M | No change |
| GRX Gabelli Healthcare & Well | 0.04% | 110,100 | $1.0M | Reduce -10.7% |
| PFD Flaherty & Crumrin Pre&inc F | 0.04% | 91,021 | $1.0M | Reduce -8.5% |
| ALCYF Alchemy Investments Acquisit | 0.04% | 89,619 | $1.0M | No change |
| XGLQX Clough Global Equity Fund | 0.04% | 134,208 | $956K | Reduce -16.3% |
| XMHIX Pioneer Muni High Inc. TR | 0.03% | 97,296 | $891K | Reduce -32.1% |
| XEXGX Eaton Vance Tax-Managed Glob | 0.03% | 88,564 | $775K | Reduce -86.6% |
| GF The New Germany Fund Inc. | 0.03% | 59,335 | $708K | Reduce -23.4% |
| ETO Eaton Vance T/A GLBL DVD Opp | 0.02% | 23,412 | $637K | Reduce -51.2% |
| ESHA Esh Acquisition Corp. Class A | 0.02% | 54,000 | $600K | No change |
| XBOEX BlackRock Enh GLBL DVD TR | 0.02% | 51,257 | $582K | Reduce -71.3% |
| ECF Ellsworth Growth and Income | 0.02% | 51,831 | $531K | Reduce -27.6% |
| XPMAX Pioneer Municipal High Inc. | 0.01% | 44,974 | $373K | Reduce -57.5% |
| BASE Couchbase Inc. | 0.01% | 13,426 | $327K | New |
| BZAI Blaize Holdings Inc. | 0.01% | 100,000 | $298K | New |
| RMT Royce Micro-Cap Trust Inc. | 0.01% | 29,271 | $269K | Reduce -47.1% |
| LEO BNY Mellon Strategic Muni | 0.01% | 42,438 | $251K | Reduce -79.0% |
| CVAC Curevac NV | 0.01% | 44,159 | $240K | New |
| XPCQX PIMCO California Muni Inc. FD | 0.01% | 25,397 | $217K | Reduce -37.8% |
| JHS John Hancock Income Sec TR | 0.01% | 12,688 | $143K | Reduce -24.6% |
| ABPRO HLDGS INC | 0.00% | 87,500 | $19K | No change |
Options reported separately and not counted above: MSTR puts ($88.3M).
Other holdings (180): bonds, preferreds, convertibles and warrants · $1.6B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | 52,745,000 | $146.9M | Add +3.9% |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | 40,302,000 | $117.5M | No change |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 82,530,000 | $92.8M | New |
| MAKEMYTRIP LIMITED (MMYT 0 02/15/28) | NOTE 2/1 · principal | 32,425,000 | $82.7M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 53,150,000 | $81.8M | Add +51.9% |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | 44,387,000 | $65.8M | Add +1.4% |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 71,384,000 | $65.2M | Add +8.3% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 34,440,000 | $62.0M | New |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 41,805,000 | $59.8M | Add +32057.7% |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 63,402,000 | $57.0M | Add +274.4% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 55,500,000 | $52.3M | Add +48.0% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 54,125,000 | $51.2M | Add +23.0% |
| TRANSOCEAN INTERNTNL LTD (RIG 4.625 09/30/29 *) | DEB 4.625% 9/3 · principal | 36,150,000 | $38.4M | No change |
| ROYAL CARIBBEAN CRUISES (RCL 6 08/15/25) | NOTE 6.000% 8/1 · principal | 6,000,000 | $37.9M | Reduce -30.8% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 37,475,000 | $36.3M | Reduce -8.5% |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 35,870,000 | $36.1M | Add +237.6% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 38,500,000 | $34.6M | New |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | 26,450,000 | $27.7M | Reduce -32.8% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 30,000,000 | $27.1M | Add +9900.0% |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | 22,175,000 | $25.8M | Reduce -26.0% |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 26,253,000 | $25.1M | Reduce -29.1% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 26,310,000 | $25.0M | Add +4213.1% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 23,880,000 | $24.3M | Reduce -28.6% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 23,325,000 | $21.6M | Reduce -28.4% |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 23,944,000 | $20.8M | Reduce -14.3% |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 19,175,000 | $20.5M | Add +581.4% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 22,609,000 | $20.3M | No change |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | 20,275,000 | $19.9M | No change |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 19,765,000 | $18.7M | No change |
| DYNAVAX TECHNOLOGIES CORP | DEBT 2.000% 3/1 · principal | 19,100,000 | $17.4M | Add +8.5% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 8,490,000 | $15.3M | New |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 21,000,000 | $15.2M | New |
| BLOOM ENERGY CORP (BE 3 06/01/29) | NOTE 3.000% 6/0 · principal | 10,010,000 | $14.1M | New |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 10,000,000 | $14.0M | Reduce -18.4% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 204,250 | $14.0M | New |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 14,908,000 | $13.1M | Add +48.5% |
| PARSONS CORP (PSN 0.25 08/15/25) | NOTE 0.250% 8/1 · principal | 6,600,000 | $10.5M | New |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 10,087,000 | $8.7M | Reduce -47.4% |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | 3,500,000 | $4.6M | New |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 4,600,000 | $4.4M | No change |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | 4,063,000 | $4.0M | Reduce -6.9% |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 1,116,928 | $2.5M | No change |
| CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) | NOTE 4.500% 8/1 · principal | 1,000,000 | $2.1M | New |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 1,212,065 | $2.1M | No change |
| GSRTR GSR III Acquisition Corp. | RIGHT 99/99/9999 | 297,167 | $2.0M | No change |
| Colombier Acquisition - 29 | *W EXP 11/24/202 | 423,634 | $1.6M | No change |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | 680,309 | $1.3M | No change |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 1,099,999 | $1.2M | No change |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 1,000,000 | $1.0M | Reduce -97.4% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,000,000 | $966K | New |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 744,526 | $893K | No change |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | 2,828,981 | $849K | No change |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 1,146,815 | $842K | No change |
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | 2,462,563 | $841K | No change |
| BRRWW Columbus Circle Capital -30 | *W EXP 05/16/203 | 499,997 | $830K | New |
| HVIIR Hennessy Capital Investment | RIGHT 01/17/2030 | 1,732,500 | $572K | No change |
| DAAQW Digital Asset Acquisition-30 | *W EXP 04/01/203 | 742,497 | $557K | New |
| AACBR Artius II Acquisition Inc. | RIGHT 11/27/2029 | 1,980,000 | $554K | No change |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 67,329 | $549K | New |
| CHACR Crane Harbor Acquisition-RTS | RIGHT 04/17/2030 | 1,980,000 | $535K | New |
| ALDFW Aldel Financial II Inc. - 29 | *W EXP 09/26/203 | 1,131,592 | $518K | No change |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 774,998 | $504K | New |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | 1,782,582 | $501K | No change |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 1,116,602 | $499K | No change |
| TMSWW Live Oak Acquisition Co.-CW29 | *W EXP 99/99/999 | 649,998 | $455K | No change |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 1,600,000 | $448K | No change |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 1,396,615 | $433K | No change |
| RTACW Renatus Tactical Acqu - 30 | *W EXP 05/15/203 | 224,998 | $425K | New |
| DRDBW Roman DBDR Acquisition -30 | *W EXP 10/31/203 | 799,998 | $400K | No change |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | 2,366,816 | $391K | No change |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | 1,134,417 | $386K | No change |
| TACHW Titan Acquisition Corp -30 | *W EXP 05/16/203 | 1,119,997 | $381K | New |
| SDHIR Siddhi Acquisition Corp. | RIGHT 09/15/2029 | 1,750,000 | $364K | New |
| SZZLR Sizzle Acquisition Corp. -RTS | RIGHT 04/02/2030 | 1,750,000 | $350K | New |
| SOULPOWER ACQUISITION CORP | RIGHT 99/99/9999 | 1,750,000 | $350K | New |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 396,057 | $339K | No change |
| MLACR Mountain Lake Acquisition Co. | RIGHT 11/15/2028 | 1,980,000 | $337K | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 250,000 | $328K | Reduce -98.8% |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 1,104,700 | $321K | No change |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 280,000 | $319K | No change |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 1,063,637 | $319K | No change |
| RAAQW REAL ASSET AQC Corp -30 | *W EXP 04/24/203 | 742,497 | $312K | New |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 1,118,532 | $306K | No change |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 1,115,848 | $301K | No change |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 300,000 | $297K | No change |
| RAC.WS Rithm Acquisition Corp. - 30 | *W EXP 99/99/999 | 633,332 | $266K | No change |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 724,998 | $261K | No change |
| FACTW Fact II Acquisition Corp. -29 | *W EXP 11/26/203 | 850,000 | $255K | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 250,000 | $248K | Reduce -99.8% |
| RANGR Range Capital Acquisition Co. | RIGHT 99/99/9999 | 990,000 | $248K | No change |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | 495,238 | $238K | No change |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 981,818 | $237K | No change |
| IROHR Iron Horse Acquisitions Righ | RIGHT 99/99/9999 | 455,257 | $226K | No change |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 836,589 | $226K | No change |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 699,999 | $224K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 190 | $224K | No change |
| WLACW Willow Lane Acquisition - 29 | *W EXP 10/31/203 | 620,913 | $224K | No change |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | 1,114,616 | $208K | No change |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 205,000 | $208K | No change |
| TBMCR Trailblazer Merger Corp.-RTS | RIGHT 04/21/2028 | 538,763 | $201K | No change |
| SVCCW Stellar V Capital Corp.-Class-29 | *W EXP 10/15/202 | 742,500 | $200K | New |
| TDACW Translational Dev -A -CW26 | *W EXP 12/18/202 | 742,497 | $186K | No change |
| TGE.WS Generation Essentials - 30 | *W EXP 02/15/202 | 460,084 | $184K | New |
| ATIIW Archimedes Tech-30 | *W EXP 10/15/202 | 651,618 | $182K | No change |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | 727,364 | $182K | No change |
| JVSAR Jvspac Acquisition Corp.-RTS | RIGHT 11/26/2026 | 201,049 | $175K | No change |
| MACIW Melar Acquisition Corp. I -29 | *W EXP 06/01/203 | 542,398 | $168K | No change |
| GSHRW Gesher Acquisition Corp. I-30 | *W EXP 10/31/203 | 499,999 | $160K | No change |
| TAVIR Tavia Acquisition Corp. | RIGHT 11/26/2029 | 950,000 | $157K | No change |
| PGACR Pantages Capital Acquis-RT | RIGHT 11/15/2029 | 700,000 | $154K | No change |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 494,096 | $153K | No change |
| FGMCR FG Merger II Corp. | RIGHT 02/11/2030 | 792,000 | $151K | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 130,000 | $150K | New |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 125,000 | $150K | No change |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 105,000 | $138K | New |
| IPEXR Inflection Point Acquisition | RIGHT 99/99/9999 | 500,000 | $136K | No change |
| BKHAR Black Hawk Acquisition C-RTS | RIGHT 06/20/2025 | 87,245 | $131K | No change |
| QSEAR Quartzsea Acquisition Corp. | RIGHT 02/18/2030 | 500,000 | $130K | New |
| PLMKW Plum Acquisition Corp. IV-30 | *W EXP 08/19/202 | 649,999 | $126K | No change |
| CCAQW Dune Acquisition Corp. II -30 | *W EXP 04/04/203 | 599,985 | $114K | New |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 740,550 | $111K | No change |
| CHARR Charlton Aria Acquisi-Rights | RIGHT 12/31/2026 | 737,999 | $111K | No change |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 100,000 | $107K | New |
| ATMVR Alphavest Acquisition Co.-RT | RIGHT 01/22/2026 | 344,586 | $103K | No change |
| NOEMR CO2 Energy Transition Co.-RTS | RIGHT 10/15/2028 | 590,000 | $103K | No change |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 397,864 | $89K | No change |
| RDACR Rising Dragon Acquisition Co. | RIGHT 11/15/2028 | 491,982 | $84K | No change |
| FVNNR Future Vision II Acquisi-RTS | RIGHT 06/29/2029 | 489,295 | $83K | No change |
| NAMMW Namib Minerals | *W EXP 06/05/203 | 422,574 | $82K | New |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 85,000 | $81K | No change |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 80,000 | $79K | New |
| HSPTR Horizon Space Acquisition II | RIGHT 03/30/2026 | 550,000 | $77K | No change |
| YHNAR YHN Acquisition I Ltd. | RIGHT 08/15/2029 | 535,136 | $74K | No change |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 744,772 | $73K | No change |
| DTSQR DT Cloud Star Acquisition Co. | RIGHT 07/09/2029 | 589,854 | $72K | No change |
| PELIR Pelican Acquisition Corp.-RTS | RIGHT 05/02/2030 | 370,000 | $70K | New |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 75,000 | $68K | No change |
| RFAIR RF Acquisition Corp. II | RIGHT 05/01/2026 | 741,123 | $67K | No change |
| CAPNR Cayson Acquisition Corp. | RIGHT 99/99/9999 | 472,387 | $66K | No change |
| COLAR Columbus Acquisition Corp. | RIGHT 99/99/9999 | 300,000 | $66K | No change |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 459,084 | $63K | No change |
| DMAAR Drugs Made in America Ac-RTS | RIGHT 12/09/2029 | 500,000 | $62K | No change |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | 40,000 | $59K | New |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | 292,331 | $56K | No change |
| RIBBR Ribbon Acquisition Corp. | RIGHT 12/31/2026 | 250,000 | $55K | No change |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 148,621 | $54K | No change |
| NOEMW CO2 Energy Transition -28 | *W EXP 08/17/202 | 590,000 | $53K | No change |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 49,400 | $49K | No change |
| ASPCR A Spac III Acquisition Corp. | RIGHT 01/02/2026 | 249,459 | $45K | No change |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | 523,991 | $45K | No change |
| HSPRF Horizon Space Acquisition-RT | RIGHT 12/27/2024 | 246,133 | $44K | No change |
| DMYYW DMY Squared Technology GR-27 | *W EXP 99/99/999 | 22,759 | $43K | No change |
| DISTR Distoken Acquisition Corp. | RIGHT 99/99/9999 | 125,000 | $35K | No change |
| UYSCR Uy Scuti Acquisition Corp. | RIGHT 03/03/2030 | 175,000 | $35K | No change |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | 229,541 | $32K | No change |
| BOWNR Bowen Acquisition Corp.-RTS | RIGHT 99/99/9999 | 148,626 | $31K | No change |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | 741,594 | $30K | No change |
| UCFIW Iron Horse Acquisition Co.-29 | *W EXP 09/30/203 | 449,726 | $27K | Reduce -1.2% |
| CHEB.WS Chenghe Acquisition II - 29 | *W EXP 05/30/203 | 406,650 | $24K | Reduce -2.5% |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | 118,227 | $22K | New |
| EMCRF Embrace Change Acq-Rights | RIGHT 10/25/2026 | 193,214 | $22K | No change |
| EURKR Eureka Acquisition Corp.-RTS | RIGHT 07/03/2026 | 99,076 | $22K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 201,748 | $21K | No change |
| OAKUR Oak Woods Acquisition Cor-RT | RIGHT 03/23/2028 | 95,000 | $19K | No change |
| CYCUW Cycurion Inc.-CW27 | *W EXP 02/13/203 | 314,189 | $19K | Reduce -6.0% |
| EUDAW 8I Acquisition 2 Corp. -CW22 | *W EXP 11/22/202 | 108,967 | $14K | Reduce -0.4% |
| FORLW Four Leaf Acquisition Cor-28 | *W EXP 03/15/202 | 437,027 | $13K | No change |
| DISTW Distoken Acquisition Corp.-28 | *W EXP 11/30/202 | 117,869 | $13K | Reduce -5.7% |
| ABPWW Atlantic Coast Acq -CW23 | *W EXP 11/12/202 | 579,134 | $12K | Reduce -8.3% |
| HSPWF Horizon Space Acquisition-28 | *W EXP 12/27/202 | 246,133 | $10K | No change |
| FOXXW 1OXX | *W EXP 09/26/202 | 77,053 | $9K | Reduce -0.6% |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | 86,043 | $7K | New |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | 123,850 | $7K | No change |
| EMCWF Embrace Change Acquisitio-26 | *W EXP 10/25/202 | 193,214 | $4K | No change |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | 95,000 | $3K | No change |
| VSEEW Digital Health Acquist-CW23 | *W EXP 99/99/999 | 60,688 | $3K | Reduce -11.1% |
| ABLVW Able View Global Inc.-28 | *W EXP 08/18/202 | 155,652 | $3K | Reduce -4.0% |
| RAINW Rain Enhancement-CW 29 | *W EXP 12/31/202 | 22,919 | $2K | Reduce -55.7% |
| XAGEW Alpha Healthcare Acquis-CW27 | *W EXP 07/12/202 | 45,575 | $1K | Reduce -25.4% |
| RMCOW American Acq Class A -CW26 | *W EXP 10/31/202 | 40,141 | $883 | Reduce -2.3% |
Total filed on the 13F, all lines: $4.3B.
Portfolio Sells Q1 2025 → Q2 2025
| DFS Discover Financial Services | Sold out | 0.00% | −3.40 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −2.37 |
| BECN Beacon Roofing Supply Inc. | Sold out | 0.00% | −1.62 |
| HEES H&E Equipment Services Inc. | Sold out | 0.00% | −1.46 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −1.45 |
| PYCR Paycor HCM Inc. | Sold out | 0.00% | −1.43 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −1.41 |
| PDCO Patterson Cos Inc. | Sold out | 0.00% | −1.25 |
| JWN Nordstrom Inc. | Sold out | 0.00% | −1.20 |
| ATSG Air Transport Services Group | Sold out | 0.00% | −1.15 |
| PLYA Playa Hotels & Resorts NV | Sold out | 0.00% | −0.92 |
| FBMS First Bancshares Inc. | Sold out | 0.00% | −0.86 |
| PTVE Pactiv Evergreen Inc. | Sold out | 0.00% | −0.82 |
| SASR Sandy Spring Bancorp Inc. | Sold out | 0.00% | −0.65 |
| ML Moneylion Inc. | Sold out | 0.00% | −0.61 |
| ARES ACQUISITION CORP II | Reduce -34.7% | 0.79% | −0.61 |
| IMSR Terrestrial Energy Inc. | Sold out | 0.00% | −0.59 |
| GSRT GSR III Acquisition Corp. | Reduce -82.5% | 0.10% | −0.54 |
| CMRX Chimerix Inc. | Sold out | 0.00% | −0.52 |
| ACCD Accolade Inc. | Sold out | 0.00% | −0.51 |
| SWI Solarwinds Corp. | Sold out | 0.00% | −0.45 |
| GSHRU Gesher Acquisition Corp. II | Sold out | 0.00% | −0.44 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -27.7% | 0.56% | −0.38 |
| SPR Spirit Aerosystems Hold Class A | Reduce -15.2% | 1.31% | −0.33 |
| W Wayfair Inc. Class A | Sold out | 0.00% | −0.32 |
| AACB Artius II Acquisition Inc. Class A | Reduce -24.1% | 0.56% | −0.31 |
| RAC Rithm Acquisition Corp. Class A | Reduce -23.0% | 0.55% | −0.28 |
| FERA Fifth Era Acquisition Corp. Class A | Reduce -21.7% | 0.52% | −0.26 |
| VLOS Velos Acquisition I Corp. | Reduce -33.0% | 0.41% | −0.25 |
| UCFI CN Healthy Food Tech Group C | Sold out | 0.00% | −0.24 |
| SVCC Stellar V Capital Corp. Class A | Reduce -26.2% | 0.42% | −0.24 |
| CHEB Chenghe Acquisition II Co. | Sold out | 0.00% | −0.23 |
| NHIC Newhold Investment Cor III-A | Reduce -26.2% | 0.39% | −0.23 |
| ATII Archimedes Tech Spac Partner | Reduce -25.6% | 0.37% | −0.21 |
| CEPO Cantor Equity Partners I-A | Reduce -37.0% | 0.33% | −0.20 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.20 |
| XEXGX Eaton Vance Tax-Managed Glob | Reduce -86.6% | 0.03% | −0.20 |
| JVSA Jvspac Acquisition Corp. Class A | Sold out | 0.00% | −0.19 |
| FNA Paragon 28 Inc. | Sold out | 0.00% | −0.17 |
| TMS Teamshares Inc. | Reduce -21.5% | 0.40% | −0.17 |
| KFII K&F Growth Acquisition Cor-A | Reduce -19.9% | 0.38% | −0.16 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -10.1% | 0.32% | −0.16 |
| ANSC Agriculture & Natural Soluti | Reduce -3.1% | 0.82% | −0.16 |
| SBXDF Silverbox Corp. IV-A | Reduce -13.7% | 0.55% | −0.15 |
| FTW Eqv Ventures Acquisition C-A | Reduce -1.4% | 0.95% | −0.14 |
| BTT BlackRock 2030 Muni TRGT TRM | Sold out | 0.00% | −0.14 |
| GPN Global Payments Inc. | Sold out | 0.00% | −0.14 |
| CEP Cantor Equity Partners Inc. | Sold out | 0.00% | −0.14 |
| BEAG Bold Eagle Acquisition Cor-A | Reduce -2.4% | 0.78% | −0.13 |
| HCVI Hennessy Capital Invest Class A | Sold out | 0.00% | −0.13 |
Portfolio Buys Q1 2025 → Q2 2025
| SWTX Springworks Therapeutics Inc. | New | 2.30% | +2.30 |
| TXNM TXNM Energy Inc. | New | 2.05% | +2.05 |
| AVDX Avidxchange Holdings Inc. | New | 1.64% | +1.64 |
| SKX Skechers USA Inc. Class A | New | 1.61% | +1.61 |
| HES Hess Corp. | Add +75.0% | 5.59% | +1.25 |
| MAG Mag Silver Corp. | New | 1.13% | +1.13 |
| FL Foot Locker Inc. | New | 1.09% | +1.09 |
| NPACU New Providence Acquisition C | New | 0.85% | +0.85 |
| TACH Titan Acquisition Corp. Class A | New | 0.83% | +0.83 |
| CHAC Crane Harbor Acqu Corp. Class A | New | 0.74% | +0.74 |
| KCHVU Kochav Defense Acquisition C | New | 0.71% | +0.71 |
| LBRDK Liberty Broadband-C | Add +233.3% | 1.00% | +0.70 |
| TVACU Texas Ventures Acquisition I | New | 0.67% | +0.67 |
| DNB Dun & Bradstreet Holdings Inc. | Add +117.2% | 1.42% | +0.66 |
| K Kellanova | Add +59.5% | 2.67% | +0.62 |
| TACO Berto Acquisition Corp. | New | 0.59% | +0.59 |
| SZZL Sizzle Acquisition Corp. Class A | New | 0.58% | +0.58 |
| GTENU Gores Holdings X Inc. | New | 0.58% | +0.58 |
| DAAQ Digital Asset Acquisiti Class A | New | 0.58% | +0.58 |
| XRPNU Armada Acquisition Corp. II | New | 0.57% | +0.57 |
| OYSEU Oyster Enterprises II Acquis | New | 0.56% | +0.56 |
| BLUWU Blue Water Acquisition III | New | 0.56% | +0.56 |
| RAAQ Real Asset Acquisiti Class A | New | 0.55% | +0.55 |
| CGCTU Cartesian Growth Corp. III | New | 0.55% | +0.55 |
| IPCXU Inflection Point Acquisition | New | 0.55% | +0.55 |
| LWACU Lightwave Acquisition Corp. | New | 0.52% | +0.52 |
| CRAQU Cal Redwood Acquisition Corp. | New | 0.52% | +0.52 |
| PCAPU Procap Acquisition Corp. | New | 0.49% | +0.49 |
| GTLS Chart Industries Inc. | New | 0.49% | +0.49 |
| SDHI Siddhi Acquisition Corp. Class A | New | 0.49% | +0.49 |
| IPG Interpublic Group of Cos Inc. | Add +58.4% | 2.78% | +0.49 |
| SOUL Soulpower Acquisition Co. Class A | New | 0.49% | +0.49 |
| PACHU Pioneer Acquisition I Corp. | New | 0.48% | +0.48 |
| EGHAU Egh Acquisition Corp. | New | 0.46% | +0.46 |
| AXINU Axiom Intelligence Acquisiti | New | 0.45% | +0.45 |
| OBAWU Oxley Bridge Acquisition Ltd. | New | 0.41% | +0.41 |
| RDAGU Republic Digital Acquisition | New | 0.39% | +0.39 |
| BRR Columbus Circle Capital Co. Class A | New | 0.39% | +0.39 |
| BPMC Blueprint Medicines Corp. | New | 0.38% | +0.38 |
| JNPR Juniper Networks Inc. | Add +44.8% | 1.35% | +0.36 |
| WENNU Wen Acquisition Corp. | New | 0.35% | +0.35 |
| CTLP Cantaloupe Inc. | New | 0.35% | +0.35 |
| JENA.U Jena Acquisition Corp. II | New | 0.34% | +0.34 |
| TVAIU Thayer Ventures Acquisition | New | 0.34% | +0.34 |
| COPL.U Copley Acquisition Corp. | New | 0.31% | +0.31 |
| ANSS Ansys Inc. | Add +23.5% | 2.02% | +0.29 |
| CCAQ Collective Acquisition Corp. | New | 0.29% | +0.29 |
| FARO Faro Technologies Inc. | New | 0.29% | +0.29 |
| EVRI Everi Holdings Inc. | Add +30.8% | 2.02% | +0.27 |
| FYBR Frontier Communications Pare | Add +48.7% | 1.24% | +0.27 |
Options Activity Q1 2025 → Q2 2025
| MSTR Strategy Inc. | put | Reduce -16.7% | 225,600 | $88.3M |
| F Ford Motor Co. | put | Sold out | 3,515,700 | $34.6Mbefore 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
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | Add +3.9% | 52,745,000 | $146.9M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | New | 82,530,000 | $92.8M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Sold out | 86,660,000 | $86.7Mbefore exit |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Add +51.9% | 53,150,000 | $81.8M |
| LIVONGO HEALTH (TDOC 0.875 06/01/25) | NOTE 0.875% 6/0 · principal | Sold out | 68,000,000 | $67.5Mbefore exit |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | Add +1.4% | 44,387,000 | $65.8M |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | Add +8.3% | 71,384,000 | $65.2M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | New | 34,440,000 | $62.0M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +32057.7% | 41,805,000 | $59.8M |
| ZILLOW GROUP INC (Z 2.75 05/15/25) | NOTE 2.750% 5/1 · principal | Sold out | 56,460,000 | $58.9Mbefore exit |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | Add +274.4% | 63,402,000 | $57.0M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +48.0% | 55,500,000 | $52.3M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Add +23.0% | 54,125,000 | $51.2M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | Sold out | 42,300,000 | $42.2Mbefore exit |
| ROYAL CARIBBEAN CRUISES (RCL 6 08/15/25) | NOTE 6.000% 8/1 · principal | Reduce -30.8% | 6,000,000 | $37.9M |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Sold out | 33,050,000 | $37.1Mbefore exit |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Reduce -8.5% | 37,475,000 | $36.3M |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | Add +237.6% | 35,870,000 | $36.1M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 38,500,000 | $34.6M |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Sold out | 31,545,000 | $31.5Mbefore exit |
| NCL CORPORATION LTD (NCLH 5.375 08/01/25) | NOTE 5.375% 8/0 · principal | Sold out | 26,500,000 | $30.2Mbefore exit |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Sold out | 407,000 | $29.9Mbefore exit |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | Sold out | 31,127,000 | $28.9Mbefore exit |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Sold out | 29,660,000 | $28.9Mbefore exit |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | Reduce -32.8% | 26,450,000 | $27.7M |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | Add +9900.0% | 30,000,000 | $27.1M |
| BURLINGTON STORES INC (BURL 2.25 04/15/25) | NOTE 2.250% 4/1 · principal | Sold out | 23,932,000 | $26.2Mbefore exit |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | Reduce -26.0% | 22,175,000 | $25.8M |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | Reduce -29.1% | 26,253,000 | $25.1M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +4213.1% | 26,310,000 | $25.0M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Reduce -28.6% | 23,880,000 | $24.3M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Reduce -28.4% | 23,325,000 | $21.6M |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | Sold out | 20,020,000 | $21.5Mbefore exit |
| ACCOLADE INC (ACCD 0.5 04/01/26) | NOTE 0.500% 4/0 · principal | Sold out | 21,750,000 | $21.4Mbefore exit |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | Reduce -14.3% | 23,944,000 | $20.8M |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | Add +581.4% | 19,175,000 | $20.5M |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | Sold out | 19,550,000 | $20.3Mbefore exit |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | Sold out | 17,795,000 | $17.8Mbefore exit |
| DYNAVAX TECHNOLOGIES CORP | DEBT 2.000% 3/1 · principal | Add +8.5% | 19,100,000 | $17.4M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | New | 8,490,000 | $15.3M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | New | 21,000,000 | $15.2M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Sold out | 16,045,000 | $14.9Mbefore exit |
| BLOOM ENERGY CORP (BE 3 06/01/29) | NOTE 3.000% 6/0 · principal | New | 10,010,000 | $14.1M |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | Reduce -18.4% | 10,000,000 | $14.0M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | New | 204,250 | $14.0M |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Add +48.5% | 14,908,000 | $13.1M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Sold out | 9,374,000 | $11.0Mbefore exit |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | Sold out | 11,600,000 | $10.9Mbefore exit |
| PARSONS CORP (PSN 0.25 08/15/25) | NOTE 0.250% 8/1 · principal | New | 6,600,000 | $10.5M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Reduce -47.4% | 10,087,000 | $8.7M |
Showing the first 50 of 131.
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 | 335 | $5.8B | EA, AES, WBS, NSC, PEN |
| Q1 2026 | 311 | $5.1B | EA, PEN, QRVO, GTLS, NSC |
| Q4 2025 | 269 | $3.7B | QRVO, TECK, NSC, CYBR, AL |
| Q3 2025 | 234 | $2.8B | IPG, ALE, SAND, GTLS, K |
| Q2 2025 | 209 | $2.7B | HES, ALE, CHX, IPG, K |
| Q1 2025 | 209 | $2.3B | HES, CHX, DFS, ALE, ESGR |
| Q4 2024 | 238 | $2.4B | EDR, CHX, HES, HCP, ALE |
| Q3 2024 | 262 | $2.4B | EDR, SWN, CHX, AXONICS INC, HES |
| Q2 2024 | 280 | $2.2B | ETRN, SWN, AXONICS INC, EDR, CHX |
| Q1 2024 | 281 | $1.9B | SWN, ETRN, AXONICS INC, PXD, MGRC |