BlueCrest Capital Management Ltd In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), BlueCrest Capital Management Ltd reported 40 stock positions worth $1.6 billion . Its top holding was iShares Core S&P 500 ETF (IVV) at 58.2% of the portfolio, followed by Xtrackers Harvest Csi 300 CH (ASHR, 10.3% ) and SS SPDR S&P Biotech ETF (XBI, 8.9% ). Compared with Q3 2024, it opened 23 new positions, sold out of 16, added to 5 and reduced 3. The biggest buy was a new position in iShares Core S&P 500 ETF (IVV) and the biggest sale Ishr Ibx Usd Invgd CB ETF-Ui (LQD, shares −60% ).
Location ST HELIER, Y9
CIK 0001610880
Portfolio Value $1.6B (Q4 2024) Holdings 40 stocks · $1.6B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 IVV iShares Core S&P 500 ETF 1,532,697 $902.3M New ASHR Xtrackers Harvest Csi 300 CH 6,035,556 $159.8M New XBI SS SPDR S&P Biotech ETF 1,532,882 $138.1M New CRTO Criteo SA-Spon 2,260,000 $89.4M No change IBIT iShares Bitcoin Trust ETF 1,181,027 $62.7M Add +1433.8% GEO The Geo Group Inc. 1,231,436 $34.5M New XLF SS Financial Select Sector 609,000 $29.4M Add +592.0% RITM Rithm Capital Corp. 2,134,661 $23.1M No change HYG Ishr Ibx Usd Hiyld CB ETF-Ui 258,772 $20.4M Add +293.3% GDXJ Vaneck Junior Gold Miners 461,823 $19.7M New KWEB Kranesh Csi China Internet 416,000 $12.2M No change LQD Ishr Ibx Usd Invgd CB ETF-Ui 100,000 $10.7M Reduce -60.0% MDY State Street SPDR S&P Midcap 16,200 $9.2M Add +29.6% RDDT Reddit Inc. Class A 30,000 $4.9M No change GDX Vaneck Gold Miners ETF 136,500 $4.6M New VCIT Vanguard Int-Term Corporate 45,697 $3.7M New JNPR Juniper Networks Inc. 69,420 $2.6M New CWB SS SPDR BB Conv Sec ETF 31,851 $2.5M New VCLT Vanguard Long-Term Corp. Bond 28,260 $2.1M New COIN Coinbase Global Inc. Class A 8,300 $2.1M New MFA Mfa Financial Inc. 167,160 $1.7M No change RBRK Rubrik Inc. Class A 25,000 $1.6M No change MSTR Strategy Inc. filed as MICROSTRATEGY INC 4,942 $1.4M New SNOW Snowflake Inc. 9,200 $1.4M New CME Cme Group Inc. 6,000 $1.4M Reduce -33.3% ON On Semiconductor 17,700 $1.1M No change CLMT Calumet Inc. 50,000 $1.1M Add +25.0% EDU New Oriental Educatio-SP ADR 15,800 $1.0M New XOP SS SPDR S&P Og Exp & Prod 7,500 $993K New IONS Ionis Pharmaceuticals Inc. 26,200 $916K New IWM iShares Russell 2000 ETF 3,100 $685K New USHY iShares Broad Usd High Yield 16,532 $608K New CBOE Cboe Global Markets Inc. 2,479 $484K New XLE SS Energy Select Sector 4,716 $404K New VRSN Verisign Inc. 1,666 $345K Reduce -44.5% V Visa Inc. Class A 1,073 $339K New DIS The Walt Disney Co. filed as DISNEY WALT CO 3,000 $334K No change GNRC Generac Holdings Inc. 2,019 $313K New OC Owens Corning 1,545 $263K New MSFT Microsoft Corp. 600 $253K No change
Options reported separately and not counted above: GLD puts ($399.5M), GLD calls ($339.0M), LQD calls ($267.1M), QQQ calls ($166.1M), ASHR calls ($166.1M), ASHR puts ($117.7M), IBIT calls ($53.0M), HYG puts ($47.2M), EMB puts ($35.6M), EWZ calls ($32.5M), XLE calls ($30.0M), EEM calls ($20.9M), and 17 more.
Other holdings (26): bonds, preferreds, convertibles and warrants · $215.2M (not counted above) Security Class Shares / Principal Value Change INTERDIGITAL INC (IDCC 3.5 06/01/27) NOTE 3.500% 6/0 · principal 12,650,000 $31.9M No change NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 550,919 $25.1M New PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 468,706 $23.3M New ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 304,460 $16.8M New INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal 8,666,000 $13.9M Add +13.0% BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 212,160 $12.9M New AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal 12,445,000 $12.2M Add +65.9% PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 9,660,000 $10.5M New ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal 7,722,000 $7.6M Reduce -48.3% NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 141,584 $6.9M Reduce -74.7% BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 100,653 $6.3M Add +79.0% ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 143,272 $5.8M Reduce -34.7% APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 64,115 $5.6M Reduce -19.6% NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 132,314 $5.4M New AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 4,883,000 $4.9M Reduce -42.5% CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal 5,000,000 $4.8M New HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 50,398 $3.2M Reduce -85.1% SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) NOTE 0.250%12/0 · principal 5,250,000 $3.1M Reduce -12.5% ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal 3,000,000 $3.1M New CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 37,704 $2.7M Add +160.6% COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal 2,500,000 $2.6M Reduce -61.5% AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal 2,388,000 $2.4M Reduce -7.7% ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal 2,000,000 $2.0M No change CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 1,500,000 $1.5M New INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal 1,383,000 $480K No change SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) NOTE 2.625% 2/1 · principal 500,000 $197K No change
Total filed on the 13F, all lines: $1.8B.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ LQD Ishr Ibx Usd Invgd CB ETF-Ui Reduce -60.0% 0.69% −13.41 EMB iShares JP Morgan Usd Emergi Sold out 0.00% −2.33 VRNS Varonis Systems Inc. Sold out 0.00% −1.43 CME Cme Group Inc. Reduce -33.3% 0.09% −0.90 EDN Emp Distrib Y Comerc Nor-ADR Sold out 0.00% −0.55 GOOGL Alphabet Inc. Class A Sold out 0.00% −0.50 BRNS Barinthus Biotherapeutics PL Sold out 0.00% −0.32 SO The Southern Co. Sold out 0.00% −0.27 VRSN Verisign Inc. Reduce -44.5% 0.02% −0.26 BKH Black Hills Corp. Sold out 0.00% −0.20 PCG P G & E Corp. Sold out 0.00% −0.18 NEE Nextera Energy Inc. Sold out 0.00% −0.17 POR Portland General Electric Co. Sold out 0.00% −0.15 LHX L3HARRIS Technologies Inc. Sold out 0.00% −0.14 NFG National Fuel Gas Co. Sold out 0.00% −0.13 KHC The Kraft Heinz Co. Sold out 0.00% −0.12 ATHM Autohome Inc.-ADR Sold out 0.00% −0.11 ETSY Etsy Inc. Sold out 0.00% −0.11 WBD Warner Bros Discovery Inc. Sold out 0.00% −0.08
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ IVV iShares Core S&P 500 ETF New 58.19% +58.19 ASHR Xtrackers Harvest Csi 300 CH New 10.30% +10.30 XBI SS SPDR S&P Biotech ETF New 8.90% +8.90 IBIT iShares Bitcoin Trust ETF Add +1433.8% 4.04% +2.65 GEO The Geo Group Inc. New 2.22% +2.22 GDXJ Vaneck Junior Gold Miners New 1.27% +1.27 GDX Vaneck Gold Miners ETF New 0.30% +0.30 VCIT Vanguard Int-Term Corporate New 0.24% +0.24 JNPR Juniper Networks Inc. New 0.17% +0.17 CWB SS SPDR BB Conv Sec ETF New 0.16% +0.16 VCLT Vanguard Long-Term Corp. Bond New 0.14% +0.14 COIN Coinbase Global Inc. Class A New 0.13% +0.13 MSTR Strategy Inc. New 0.09% +0.09 SNOW Snowflake Inc. New 0.09% +0.09 EDU New Oriental Educatio-SP ADR New 0.07% +0.07 XOP SS SPDR S&P Og Exp & Prod New 0.06% +0.06 IONS Ionis Pharmaceuticals Inc. New 0.06% +0.06 IWM iShares Russell 2000 ETF New 0.04% +0.04 USHY iShares Broad Usd High Yield New 0.04% +0.04 CBOE Cboe Global Markets Inc. New 0.03% +0.03 XLE SS Energy Select Sector New 0.03% +0.03 V Visa Inc. Class A New 0.02% +0.02 GNRC Generac Holdings Inc. New 0.02% +0.02 OC Owens Corning New 0.02% +0.02 XLF SS Financial Select Sector Add +592.0% 1.90% −0.09 CLMT Calumet Inc. Add +25.0% 0.07% −0.28 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +293.3% 1.31% −1.32 MDY State Street SPDR S&P Midcap Add +29.6% 0.60% −2.96
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ GLD SPDR Gold Shares call Reduce -21.1% 1,400,000 $339.0M LQD Ishr Ibx Usd Invgd CB ETF-Ui call New 2,500,000 $267.1M QQQ Invesco QQQ Trust Series 1 call Reduce -39.3% 325,000 $166.1M ASHR Xtrackers Harvest Csi 300 CH call New 6,275,000 $166.1M ASHR Xtrackers Harvest Csi 300 CH put New 4,445,100 $117.7M IBIT iShares Bitcoin Trust ETF call New 1,000,000 $53.0M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -40.0% 600,400 $47.2M EMB iShares JP Morgan Usd Emergi put Add +300.0% 400,000 $35.6M EWZ iShares MSCI Brazil ETF call Add +863.3% 1,445,000 $32.5M XLE SS Energy Select Sector call Reduce -53.3% 350,000 $30.0M EEM iShares MSCI Emerging Market call Add +150.0% 500,000 $20.9M IWM iShares Russell 2000 ETF put Reduce -37.9% 90,000 $19.9M SPY SS SPDR S&P 500 ETF Trust-US put Add +5.3% 30,000 $17.6M QQQ Invesco QQQ Trust Series 1 put Reduce -80.0% 25,000 $12.8M EWG iShares MSCI Germany ETF put New 400,000 $12.7M XLF SS Financial Select Sector call Add +150.0% 250,000 $12.1M XLE SS Energy Select Sector put Sold out 120,000 $10.5Mbefore exit CME Cme Group Inc. put Sold out 30,000 $6.6Mbefore exit FXI iShares China Large-Cap ETF call Sold out 200,000 $6.4Mbefore exit EEM iShares MSCI Emerging Market put Add +50.0% 150,000 $6.3M KRE SS SPDR S&P Regional Bank call New 100,000 $6.0M FXI iShares China Large-Cap ETF put Sold out 130,000 $4.1Mbefore exit INDA iShares MSCI India ETF put Sold out 50,000 $2.9Mbefore exit JNPR Juniper Networks Inc. put New 62,000 $2.3M WBD Warner Bros Discovery Inc. put Sold out 250,000 $2.1Mbefore exit JNPR Juniper Networks Inc. call New 32,400 $1.2M TCOM Trip.com Group Ltd.-ADR put Sold out 20,000 $1.2Mbefore exit PDD PDD Holdings Inc. put New 10,000 $970K IBIT iShares Bitcoin Trust ETF put New 15,000 $796K CPRI Capri Holdings Ltd. call Reduce -8.9% 22,500 $474K INTC Intel Corp. put Sold out 20,000 $469Kbefore exit ACI Albertsons Cos Inc. Class A call Sold out 25,000 $462Kbefore exit HPE Hewlett Packard Enterprise call Sold out 20,000 $409Kbefore exit JBLU Jetblue Airways Corp. put Add +33.3% 40,000 $314K INDI Indie Semiconductor Inc. Class A call New 74,400 $301K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ INSIGHT ENTERPRS (NSIT 0.75 02/15/25) NOTE 0.750% 2/1 · principal Sold out 15,069,000 $47.5Mbefore exit NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 New 550,919 $25.1M PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A New 468,706 $23.3M ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD New 304,460 $16.8M BROGW Brooge Holdings Ltd. *W EXP 12/20/202 Sold out 11,149,777 $15.5Mbefore exit INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal Add +13.0% 8,666,000 $13.9M BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A New 212,160 $12.9M AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal Add +65.9% 12,445,000 $12.2M PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal New 9,660,000 $10.5M ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal Reduce -48.3% 7,722,000 $7.6M NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Reduce -74.7% 141,584 $6.9M BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 Add +79.0% 100,653 $6.3M EXPEDIA GROUP INC (EXPE 0 02/15/26) NOTE 2/1 · principal Sold out 6,505,000 $6.2Mbefore exit ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -34.7% 143,272 $5.8M APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Reduce -19.6% 64,115 $5.6M NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 New 132,314 $5.4M AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal Reduce -42.5% 4,883,000 $4.9M CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal New 5,000,000 $4.8M CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) NOTE 2.750% 5/0 · principal Sold out 3,187,000 $3.6Mbefore exit DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Sold out 3,700,000 $3.3Mbefore exit PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal Sold out 3,462,000 $3.2Mbefore exit HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Reduce -85.1% 50,398 $3.2M SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) NOTE 0.250%12/0 · principal Reduce -12.5% 5,250,000 $3.1M ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal New 3,000,000 $3.1M CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B Add +160.6% 37,704 $2.7M COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal Reduce -61.5% 2,500,000 $2.6M AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal Reduce -7.7% 2,388,000 $2.4M CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal New 1,500,000 $1.5M NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Sold out 800,000 $706Kbefore exit
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 213 $2.1B RSP, SPCX, SPYM, SMH, AMZN Q1 2026 152 $728.7M WIX, CRTO, BAC, PFSI, C Q4 2025 114 $2.4B IVV, VST, WFC, C, BAC Q3 2025 Amended 95 $1.4B OEF, NVDA, PCG, KWEB, MSFT Q2 2025 55 $714.2M IBIT, HYG, NVDA, CRTO, UNH Q1 2025 31 $491.6M ASHR, CRTO, SPY, TSM, GLD Q4 2024 40 $1.6B IVV, ASHR, XBI, CRTO, IBIT Q3 2024 33 $200.4M CRTO, LQD, RITM, KWEB, MDY Q2 2024 50 $356.9M CRTO, GDXJ, MSFT, HYG, GLD Q1 2024 60 $199.1M CRTO, RITM, EMB, SPY, XLF