BlueCrest Capital Management Ltd In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), BlueCrest Capital Management Ltd reported 31 stock positions worth $491.6 million . Its top holding was Xtrackers Harvest Csi 300 CH (ASHR) at 31.5% of the portfolio, followed by Criteo SA-Spon (CRTO, 16.3% ) and SS SPDR S&P 500 ETF Trust-US (SPY, 13.3% ). Compared with Q4 2024, it opened 15 new positions, sold out of 24, added to 3 and reduced 5. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from iShares Core S&P 500 ETF (IVV).
Location ST HELIER, Y9
CIK 0001610880
Portfolio Value $491.6M (Q1 2025) Holdings 31 stocks · $491.6M 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 Q4 2024 ASHR Xtrackers Harvest Csi 300 CH 5,829,592 $154.9M Reduce -3.4% CRTO Criteo SA-Spon 2,260,000 $80.0M No change SPY SS SPDR S&P 500 ETF Trust-US 117,163 $65.5M New TSM Taiwan Semiconductor-SP ADR 330,093 $54.8M New GLD SPDR Gold Shares 114,709 $33.1M New RITM Rithm Capital Corp. 2,134,661 $24.4M No change IBIT iShares Bitcoin Trust ETF 361,040 $16.9M Reduce -69.4% KWEB Kranesh Csi China Internet 441,000 $15.4M Add +6.0% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 64,800 $5.1M Reduce -75.0% KRMN Karman Holdings Inc. 150,000 $5.0M New XLF SS Financial Select Sector 88,000 $4.4M Reduce -85.5% XLU St Sr Utl SL SE SPDR ETF-Usd 55,288 $4.4M New RDDT Reddit Inc. Class A 30,000 $3.1M No change BABA Alibaba Group Holding-SP ADR 23,100 $3.1M New XLP SS Consumer Staples Sel Sect 31,290 $2.6M New XLV SS Health Care Select Sector 17,272 $2.5M New XLRE SS Real Estate Select Sector 60,198 $2.5M New XLY SS Consumer Disc Select Sect 11,418 $2.3M New IWM iShares Russell 2000 ETF 9,200 $1.8M Add +196.8% MFA Mfa Financial Inc. 167,160 $1.7M No change RBRK Rubrik Inc. Class A 25,000 $1.5M No change SARO Standardaero Inc. 50,000 $1.3M New PINS Pinterest Inc. Class A 41,324 $1.3M New CLMT Calumet Inc. 70,000 $888K Add +40.0% EDU New Oriental Educatio-SP ADR 15,800 $755K No change IONS Ionis Pharmaceuticals Inc. 24,800 $748K Reduce -5.3% ASML ASML Holding NV-NY Reg SHS 996 $660K New DIS The Walt Disney Co. filed as DISNEY WALT CO 3,000 $296K No change SIRI Sirius XM Holdings Inc. 10,000 $225K New MSFT Microsoft Corp. 600 $225K No change BTDR Bitdeer Technologies Group-A 22,300 $197K New
Options reported separately and not counted above: ASHR calls ($681.5M), GLD puts ($309.8M), QQQ calls ($208.7M), GLD calls ($187.3M), ASHR puts ($118.4M), DIA puts ($75.6M), SPY puts ($30.8M), QQQ puts ($23.4M), EWG puts ($14.8M), EEM puts ($12.0M), MSFT calls ($9.3M), IWM puts ($8.0M), and 10 more.
Other holdings (21): bonds, preferreds, convertibles and warrants · $135.2M (not counted above) Security Class Shares / Principal Value Change INTERDIGITAL INC (IDCC 3.5 06/01/27) NOTE 3.500% 6/0 · principal 12,400,000 $33.3M Reduce -2.0% NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 346,652 $16.6M Add +144.8% KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 278,155 $13.7M New BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 168,799 $11.0M Add +67.7% ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal 7,000,000 $7.2M Add +133.3% HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 149,373 $7.1M Add +196.4% AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal 6,945,000 $6.6M Reduce -44.2% STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF 70,438 $5.9M New NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 4,300,000 $5.0M New BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 78,376 $4.7M Reduce -63.1% CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 80,976 $4.4M Add +114.8% NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 86,790 $3.5M Reduce -34.4% DYNAVAX TECHNOLOGIES CORP DEBT 2.000% 3/1 · principal 3,500,000 $3.5M New AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 2,883,000 $2.8M Reduce -41.0% COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal 2,500,000 $2.7M No change AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal 2,388,000 $2.4M No change ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 37,610 $1.3M Reduce -73.8% APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 16,129 $1.2M Reduce -74.8% PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 20,138 $901K Reduce -95.7% INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal 1,383,000 $815K No change WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 2,500,000 $552K New
Total filed on the 13F, all lines: $626.9M.
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ IVV iShares Core S&P 500 ETF Sold out 0.00% −58.19 XBI SS SPDR S&P Biotech ETF Sold out 0.00% −8.90 GEO The Geo Group Inc. Sold out 0.00% −2.22 GDXJ Vaneck Junior Gold Miners Sold out 0.00% −1.27 XLF SS Financial Select Sector Reduce -85.5% 0.89% −1.01 LQD Ishr Ibx Usd Invgd CB ETF-Ui Sold out 0.00% −0.69 IBIT iShares Bitcoin Trust ETF Reduce -69.4% 3.44% −0.60 MDY State Street SPDR S&P Midcap Sold out 0.00% −0.60 GDX Vaneck Gold Miners ETF Sold out 0.00% −0.30 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -75.0% 1.04% −0.27 VCIT Vanguard Int-Term Corporate Sold out 0.00% −0.24 JNPR Juniper Networks Inc. Sold out 0.00% −0.17 CWB SS SPDR BB Conv Sec ETF Sold out 0.00% −0.16 VCLT Vanguard Long-Term Corp. Bond Sold out 0.00% −0.14 COIN Coinbase Global Inc. Class A Sold out 0.00% −0.13 MSTR Strategy Inc. Sold out 0.00% −0.09 SNOW Snowflake Inc. Sold out 0.00% −0.09 CME Cme Group Inc. Sold out 0.00% −0.09 ON On Semiconductor Sold out 0.00% −0.07 XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.06 USHY iShares Broad Usd High Yield Sold out 0.00% −0.04 CBOE Cboe Global Markets Inc. Sold out 0.00% −0.03 XLE SS Energy Select Sector Sold out 0.00% −0.03 VRSN Verisign Inc. Sold out 0.00% −0.02 V Visa Inc. Class A Sold out 0.00% −0.02 GNRC Generac Holdings Inc. Sold out 0.00% −0.02 OC Owens Corning Sold out 0.00% −0.02 IONS Ionis Pharmaceuticals Inc. Reduce -5.3% 0.15% +0.09 ASHR Xtrackers Harvest Csi 300 CH Reduce -3.4% 31.50% +21.20
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ SPY SS SPDR S&P 500 ETF Trust-US New 13.33% +13.33 TSM Taiwan Semiconductor-SP ADR New 11.15% +11.15 GLD SPDR Gold Shares New 6.72% +6.72 KWEB Kranesh Csi China Internet Add +6.0% 3.13% +2.35 KRMN Karman Holdings Inc. New 1.02% +1.02 XLU St Sr Utl SL SE SPDR ETF-Usd New 0.89% +0.89 BABA Alibaba Group Holding-SP ADR New 0.62% +0.62 XLP SS Consumer Staples Sel Sect New 0.52% +0.52 XLV SS Health Care Select Sector New 0.51% +0.51 XLRE SS Real Estate Select Sector New 0.51% +0.51 XLY SS Consumer Disc Select Sect New 0.46% +0.46 IWM iShares Russell 2000 ETF Add +196.8% 0.37% +0.33 SARO Standardaero Inc. New 0.27% +0.27 PINS Pinterest Inc. Class A New 0.26% +0.26 ASML ASML Holding NV-NY Reg SHS New 0.13% +0.13 CLMT Calumet Inc. Add +40.0% 0.18% +0.11 SIRI Sirius XM Holdings Inc. New 0.05% +0.05 BTDR Bitdeer Technologies Group-A New 0.04% +0.04
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ ASHR Xtrackers Harvest Csi 300 CH call Add +308.8% 25,650,000 $681.5M GLD SPDR Gold Shares put Reduce -34.9% 1,075,000 $309.8M LQD Ishr Ibx Usd Invgd CB ETF-Ui call Sold out 2,500,000 $267.1Mbefore exit QQQ Invesco QQQ Trust Series 1 call Add +36.9% 445,000 $208.7M GLD SPDR Gold Shares call Reduce -53.6% 650,000 $187.3M ASHR Xtrackers Harvest Csi 300 CH put Add +0.2% 4,455,100 $118.4M DIA SS SPDR Dow Jones Indus Avg put New 180,000 $75.6M IBIT iShares Bitcoin Trust ETF call Sold out 1,000,000 $53.0Mbefore exit EMB iShares JP Morgan Usd Emergi put Sold out 400,000 $35.6Mbefore exit EWZ iShares MSCI Brazil ETF call Sold out 1,445,000 $32.5Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Add +83.3% 55,000 $30.8M XLE SS Energy Select Sector call Sold out 350,000 $30.0Mbefore exit QQQ Invesco QQQ Trust Series 1 put Add +100.0% 50,000 $23.4M EEM iShares MSCI Emerging Market call Sold out 500,000 $20.9Mbefore exit XLF SS Financial Select Sector call Sold out 250,000 $12.1Mbefore exit EEM iShares MSCI Emerging Market put Add +83.3% 275,000 $12.0M IWM iShares Russell 2000 ETF put Reduce -55.6% 40,000 $8.0M TLT iShares 20+ Year Treasury BD call New 75,000 $6.8M KRE SS SPDR S&P Regional Bank call Sold out 100,000 $6.0Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -91.7% 50,000 $3.9M JNPR Juniper Networks Inc. put Sold out 62,000 $2.3Mbefore exit IBIT iShares Bitcoin Trust ETF put Add +160.0% 39,000 $1.8M SIRI Sirius XM Holdings Inc. put New 75,000 $1.7M JNPR Juniper Networks Inc. call Sold out 32,400 $1.2Mbefore exit PDD PDD Holdings Inc. put Sold out 10,000 $970Kbefore exit ETSY Etsy Inc. call New 20,000 $944K CPRI Capri Holdings Ltd. call Sold out 22,500 $474Kbefore exit BA The Boeing Co. call New 2,500 $426K INTC Intel Corp. call New 15,000 $341K JBLU Jetblue Airways Corp. put Sold out 40,000 $314Kbefore exit INDI Indie Semiconductor Inc. Class A call Sold out 74,400 $301Kbefore exit ZIM Zim Integrated Shipping Serv call New 20,000 $292K OSCR Oscar Health Inc. Class A call New 10,000 $131K F Ford Motor Co. put Sold out 10,000 $99Kbefore 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 Security Class Change vs Q4 2024 Shares / Principal Value ▼ INTERDIGITAL INC (IDCC 3.5 06/01/27) NOTE 3.500% 6/0 · principal Reduce -2.0% 12,400,000 $33.3M NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 Sold out 550,919 $25.1Mbefore exit ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Sold out 304,460 $16.8Mbefore exit NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Add +144.8% 346,652 $16.6M INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal Sold out 8,666,000 $13.9Mbefore exit KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D New 278,155 $13.7M BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 Add +67.7% 168,799 $11.0M PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Sold out 9,660,000 $10.5Mbefore exit ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal Sold out 7,722,000 $7.6Mbefore exit ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal Add +133.3% 7,000,000 $7.2M HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Add +196.4% 149,373 $7.1M AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal Reduce -44.2% 6,945,000 $6.6M STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF New 70,438 $5.9M NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal New 4,300,000 $5.0M CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal Sold out 5,000,000 $4.8Mbefore exit BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Reduce -63.1% 78,376 $4.7M CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B Add +114.8% 80,976 $4.4M NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Reduce -34.4% 86,790 $3.5M DYNAVAX TECHNOLOGIES CORP DEBT 2.000% 3/1 · principal New 3,500,000 $3.5M SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) NOTE 0.250%12/0 · principal Sold out 5,250,000 $3.1Mbefore exit AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal Reduce -41.0% 2,883,000 $2.8M ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal Sold out 2,000,000 $2.0Mbefore exit CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal Sold out 1,500,000 $1.5Mbefore exit ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -73.8% 37,610 $1.3M APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Reduce -74.8% 16,129 $1.2M PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Reduce -95.7% 20,138 $901K WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal New 2,500,000 $552K SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) NOTE 2.625% 2/1 · principal Sold out 500,000 $197Kbefore 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