BlueCrest Capital Management Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), BlueCrest Capital Management Ltd reported 95 stock positions worth $1.4 billion. Its top holding was iShares S&P 100 ETF (OEF) at 22.2% of the portfolio, followed by Nvidia (NVDA, 14.9%) and P G & E (PCG, 10.7%). Compared with Q2 2025, it opened 70 new positions, sold out of 30, added to 12 and reduced 5. The biggest buy was a new position in iShares S&P 100 ETF (OEF) and the biggest sale an exit from iShares Bitcoin Trust ETF (IBIT).
- Most Recent 13F
- Q2 2026
- Location
- ST HELIER, Y9
- CIK
- 0001610880
- Portfolio Value
- $1.4B (Q3 2025)
- SEC Filing
- 0000905148-25-004041 ↗ filed Nov 14, 2025
Holdings Value
Holdings 95 stocks · $1.4B
| OEF iShares S&P 100 ETF | 22.19% | 925,172 | $307.9M | New |
| NVDA Nvidia Corp. | 14.91% | 1,108,773 | $206.9M | Add +70.6% |
| PCG P G & E Corp. | 10.72% | 9,866,878 | $148.8M | New |
| KWEB Kranesh Csi China Internet | 6.44% | 2,127,701 | $89.4M | Add +922.9% |
| MSFT Microsoft Corp. | 5.31% | 142,323 | $73.7M | New |
| AMZN Amazon.com Inc. | 4.43% | 280,256 | $61.5M | New |
| CRTO Criteo SA-Spon | 3.68% | 2,260,000 | $51.1M | No change |
| LLY Eli Lilly & Co. | 2.78% | 50,503 | $38.5M | Add +440.9% |
| GTX Garrett Motion Inc. | 2.63% | 2,682,733 | $36.5M | New |
| GLD SPDR Gold Shares | 2.57% | 100,175 | $35.6M | Add +111.0% |
| RBRK Rubrik Inc. Class A | 1.87% | 315,000 | $25.9M | Add +1160.0% |
| ITB iShares U.S. Home Constructi | 1.76% | 227,500 | $24.4M | New |
| META Meta Platforms Inc. Class A | 1.38% | 25,991 | $19.1M | New |
| RITM Rithm Capital Corp. | 1.22% | 1,484,608 | $16.9M | Reduce -21.3% |
| NIQ Niq Global Intelligence PLC | 1.22% | 1,076,676 | $16.9M | New |
| FLY Firefly Aerospace Inc. | 1.01% | 478,698 | $14.0M | New |
| GOOGL Alphabet Inc. Class A | 0.91% | 51,763 | $12.6M | Add +100.9% |
| XRT SS SPDR S&P Retail ETF | 0.80% | 129,483 | $11.2M | New |
| HUMN Roundhill Humanoid Robotics | 0.77% | 355,728 | $10.7M | New |
| FCRS.U Futurecrest Acquisition Corp. | 0.76% | 1,000,000 | $10.6M | New |
| GOOG Alphabet Inc. Class C | 0.70% | 39,950 | $9.7M | New |
| AS Amer Sports Inc. | 0.63% | 250,000 | $8.7M | New |
| LTH Life Time Group Holdings Inc. | 0.60% | 300,000 | $8.3M | New |
| AEXA American Exceptionalism Class A | 0.54% | 686,219 | $7.5M | New |
| ASHR Xtrackers Harvest Csi 300 CH | 0.54% | 226,222 | $7.5M | New |
| V Visa Inc. Class A | 0.44% | 17,712 | $6.0M | New |
| INDA iShares MSCI India ETF | 0.44% | 116,000 | $6.0M | Add +213.5% |
| IGV iShares Expanded Tech-Softwa | 0.38% | 46,000 | $5.3M | New |
| GEV GE Vernova Inc. | 0.37% | 8,302 | $5.1M | New |
| EWJ iShares MSCI Japan ETF | 0.36% | 62,956 | $5.0M | New |
| NTSK Netskope Inc. Class A | 0.36% | 221,500 | $5.0M | New |
| EQT Eqt Corp. | 0.36% | 91,743 | $5.0M | New |
| XHB SS SPDR S&P Homebldrs ETF | 0.33% | 41,497 | $4.6M | New |
| BCSS.U Bain Capital GSS Investment | 0.33% | 450,000 | $4.5M | New |
| RTAC Renatus Tactical Acquisiti-A | 0.32% | 403,226 | $4.4M | New |
| GDX Vaneck Gold Miners ETF | 0.29% | 53,000 | $4.0M | New |
| BIDU Baidu Inc. - Spon ADR | 0.23% | 24,500 | $3.2M | No change |
| DDOG Datadog Inc. Class A | 0.19% | 18,249 | $2.6M | New |
| SEDG Solaredge Technologies Inc. | 0.18% | 68,832 | $2.5M | New |
| DMIIU Drugs Made in America Acquis | 0.18% | 250,000 | $2.5M | New |
| LGN Legence Corp. Class A | 0.18% | 79,913 | $2.5M | New |
| ETHA iShares Ethereum Trust ETF | 0.17% | 73,099 | $2.3M | Reduce -95.1% |
| BABA Alibaba Group Holding-SP ADR | 0.16% | 12,700 | $2.3M | Reduce -94.0% |
| LTM Latam Airlines Group SA-ADR | 0.16% | 50,000 | $2.3M | New |
| UMAC Unusual Machines Inc. | 0.16% | 143,588 | $2.2M | New |
| BILI Bilibili Inc.-Sponsored ADR | 0.15% | 75,000 | $2.1M | New |
| RIOT Riot Platforms Inc. | 0.15% | 109,200 | $2.1M | New |
| XLB SS Materials Select Sector | 0.15% | 23,000 | $2.1M | New |
| POWL Powell Industries Inc. | 0.15% | 6,641 | $2.0M | New |
| XOP SS SPDR S&P Og Exp & Prod | 0.14% | 15,051 | $2.0M | New |
| MCGAU Yorkville Acquisition Corp. | 0.14% | 176,991 | $2.0M | New |
| B Barrick Mining Corp. | 0.14% | 57,645 | $1.9M | New |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 0.13% | 110,644 | $1.8M | New |
| URA Global X Uranium ETF | 0.13% | 37,800 | $1.8M | New |
| DEC Diversified Energy Co. PLC | 0.13% | 125,000 | $1.8M | New |
| IONS Ionis Pharmaceuticals Inc. | 0.11% | 23,370 | $1.5M | New |
| APO Apollo Global Management Inc. | 0.11% | 11,470 | $1.5M | New |
| CCIIU Cohen Circle Acquisition Cor | 0.11% | 148,651 | $1.5M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.10% | 16,144 | $1.4M | Reduce -79.2% |
| FLYW Flywire Corp.-Voting | 0.10% | 100,000 | $1.4M | New |
| PINS Pinterest Inc. Class A | 0.10% | 41,324 | $1.3M | No change |
| ATHM Autohome Inc.-ADR | 0.09% | 45,500 | $1.3M | Add +468.8% |
| XLRE SS Real Estate Select Sector | 0.09% | 30,099 | $1.3M | Add +0.0% |
| XLP SS Consumer Staples Sel Sect | 0.09% | 15,644 | $1.2M | No change |
| EIS iShares MSCI Israel ETF | 0.09% | 12,000 | $1.2M | No change |
| XLV SS Health Care Select Sector | 0.09% | 8,636 | $1.2M | No change |
| DQ Daqo New Energy Corp.-ADR | 0.08% | 41,600 | $1.2M | New |
| KLAR Klarna Group PLC | 0.08% | 31,255 | $1.1M | New |
| INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X | 0.08% | 88,554 | $1.1M | New |
| FXI iShares China Large-Cap ETF | 0.08% | 27,000 | $1.1M | New |
| CLMT Calumet Inc. | 0.08% | 60,000 | $1.1M | Add +25.0% |
| EWZ iShares MSCI Brazil ETF | 0.08% | 35,000 | $1.1M | Reduce -50.0% |
| K Kellanova | 0.08% | 13,000 | $1.1M | Add +160.0% |
| GTERU Globa Terra Acquisition Corp. | 0.07% | 99,157 | $1.0M | New |
| TACO Berto Acquisition Corp. | 0.07% | 96,413 | $1.0M | New |
| BTDR Bitdeer Technologies Group-A | 0.07% | 56,700 | $969K | New |
| IREN Iren Ltd. filed as IREN LIMITED | 0.07% | 20,000 | $939K | New |
| KCHVU Kochav Defense Acquisition C | 0.07% | 90,528 | $927K | New |
| CEPT Cantor Equity Partners Class A | 0.07% | 87,260 | $917K | New |
| EDU New Oriental Educatio-SP ADR | 0.06% | 15,800 | $839K | No change |
| DAAQ Digital Asset Acquisiti Class A | 0.06% | 80,793 | $823K | New |
| CEPO Cantor Equity Partners I-A | 0.05% | 67,935 | $711K | New |
| BHP BHP Group Ltd.-Spon ADR | 0.05% | 12,541 | $699K | New |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 0.05% | 50,000 | $666K | New |
| ALNY Alnylam Pharmaceuticals Inc. | 0.04% | 1,231 | $561K | New |
| KNTK Kinetik Holdings Inc. | 0.04% | 12,000 | $513K | New |
| SPXC SPX Technologies Inc. | 0.04% | 2,699 | $504K | New |
| WTGUU Wintergreen Acquisition Corp. | 0.03% | 45,320 | $462K | New |
| WRD Weride Inc.-ADR | 0.03% | 46,175 | $457K | Add +147.2% |
| VNMEU Vendome Acquisition Corp. I | 0.03% | 41,594 | $415K | New |
| UPXI Upexi Inc. | 0.03% | 70,565 | $407K | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.02% | 3,000 | $344K | No change |
| VNET Vnet Group Inc.-ADR | 0.02% | 32,019 | $331K | New |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.02% | 7,724 | $299K | New |
| WLAC Willow Lane Acquisition Class A | 0.01% | 14,998 | $174K | New |
Options reported separately and not counted above: QQQ calls ($462.3M), GLD puts ($405.8M), GLD calls ($296.8M), SPY puts ($208.2M), QQQ puts ($199.7M), MSFT calls ($155.6M), CROX calls ($133.7M), GOOGL calls ($122.3M), XOP calls ($105.8M), HYG puts ($85.2M), ETHA puts ($62.4M), META calls ($55.1M), and 44 more.
Other holdings (26): bonds, preferreds, convertibles and warrants · $243.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 15,500,000 | $28.5M | Add +55.0% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 8,375,000 | $20.6M | New |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 17,756,000 | $18.8M | Add +26.1% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 15,826,000 | $18.2M | Add +163.8% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 323,219 | $17.8M | Add +210.7% |
| JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) | NOTE 2.500% 9/0 · principal | 15,820,000 | $16.4M | New |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 16,741,000 | $16.1M | Add +67.8% |
| WISDOMTREE INC (WT 3.25 08/15/29) | NOTE 3.250% 8/1 · principal | 9,044,000 | $11.8M | New |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 9,300,000 | $11.0M | Add +116.3% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 270,930 | $10.3M | Add +1187.4% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 8,500,000 | $9.7M | New |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | 101,464 | $9.6M | Reduce -32.4% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 119,614 | $8.3M | Add +33.0% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | 139,644 | $8.2M | New |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | 68,487 | $6.9M | Reduce -71.1% |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | 18,349 | $5.0M | New |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 97,805 | $4.9M | Reduce -64.9% |
| MARA HOLDINGS INC (MARA 2.125 09/01/31) | NOTE 2.125% 9/0 · principal | 3,700,000 | $4.5M | New |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 81,211 | $4.3M | Reduce -45.6% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 92,867 | $3.7M | Reduce -62.1% |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | 2,500,000 | $2.5M | New |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 38,046 | $1.9M | Reduce -78.3% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 27,317 | $1.9M | Reduce -86.9% |
| CIPHER DIGITAL INC (CIFR 1.75 05/15/30) | NOTE 1.750% 5/1 · principal | 414,000 | $1.2M | Reduce -58.6% |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | 1,000,000 | $992K | New |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | 8,329 | $592K | Reduce -89.0% |
Total filed on the 13F, all lines: $1.6B.
Portfolio Sells Q2 2025 → Q3 2025
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −14.84 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −14.40 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −6.01 |
| FISV Fiserv Inc. | Sold out | 0.00% | −4.32 |
| ETHA iShares Ethereum Trust ETF | Reduce -95.1% | 0.17% | −3.84 |
| BABA Alibaba Group Holding-SP ADR | Reduce -94.0% | 0.16% | −3.20 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −2.95 |
| GME Gamestop Corp. Class A | Sold out | 0.00% | −2.94 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −2.88 |
| ETOR Etoro Group Ltd. Class A | Sold out | 0.00% | −2.35 |
| RITM Rithm Capital Corp. | Reduce -21.3% | 1.22% | −1.76 |
| KRMN Karman Holdings Inc. | Sold out | 0.00% | −1.27 |
| CHYM Chime Financial Inc. Class A | Sold out | 0.00% | −1.09 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -79.2% | 0.10% | −0.79 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.78 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.65 |
| RDDT Reddit Inc. Class A | Sold out | 0.00% | −0.63 |
| XLY SS Consumer Disc Select Sect | Sold out | 0.00% | −0.63 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.53 |
| CRCL Circle Internet Group Inc. | Sold out | 0.00% | −0.51 |
| SJNK SS SPDR BB St Hi Yield ETF | Sold out | 0.00% | −0.46 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.35 |
| VST Vistra Corp. | Sold out | 0.00% | −0.33 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.31 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.24 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.21 |
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −0.21 |
| EWZ iShares MSCI Brazil ETF | Reduce -50.0% | 0.08% | −0.20 |
| CWB SS SPDR BB Conv Sec ETF | Sold out | 0.00% | −0.19 |
| MFA Mfa Financial Inc. | Sold out | 0.00% | −0.16 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.13 |
| GLXY Galaxy Digital Inc. Class A | Sold out | 0.00% | −0.10 |
| EIDO iShares MSCI Indonesia ETF | Sold out | 0.00% | −0.09 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.08 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| OEF iShares S&P 100 ETF | New | 22.19% | +22.19 |
| PCG P G & E Corp. | New | 10.72% | +10.72 |
| KWEB Kranesh Csi China Internet | Add +922.9% | 6.44% | +5.44 |
| MSFT Microsoft Corp. | New | 5.31% | +5.31 |
| AMZN Amazon.com Inc. | New | 4.43% | +4.43 |
| GTX Garrett Motion Inc. | New | 2.63% | +2.63 |
| ITB iShares U.S. Home Constructi | New | 1.76% | +1.76 |
| LLY Eli Lilly & Co. | Add +440.9% | 2.78% | +1.76 |
| RBRK Rubrik Inc. Class A | Add +1160.0% | 1.87% | +1.55 |
| META Meta Platforms Inc. Class A | New | 1.38% | +1.38 |
| NIQ Niq Global Intelligence PLC | New | 1.22% | +1.22 |
| FLY Firefly Aerospace Inc. | New | 1.01% | +1.01 |
| XRT SS SPDR S&P Retail ETF | New | 0.80% | +0.80 |
| HUMN Roundhill Humanoid Robotics | New | 0.77% | +0.77 |
| FCRS.U Futurecrest Acquisition Corp. | New | 0.76% | +0.76 |
| GOOG Alphabet Inc. Class C | New | 0.70% | +0.70 |
| AS Amer Sports Inc. | New | 0.63% | +0.63 |
| LTH Life Time Group Holdings Inc. | New | 0.60% | +0.60 |
| AEXA American Exceptionalism Class A | New | 0.54% | +0.54 |
| GLD SPDR Gold Shares | Add +111.0% | 2.57% | +0.54 |
| ASHR Xtrackers Harvest Csi 300 CH | New | 0.54% | +0.54 |
| NVDA Nvidia Corp. | Add +70.6% | 14.91% | +0.53 |
| V Visa Inc. Class A | New | 0.44% | +0.44 |
| IGV iShares Expanded Tech-Softwa | New | 0.38% | +0.38 |
| GEV GE Vernova Inc. | New | 0.37% | +0.37 |
| EWJ iShares MSCI Japan ETF | New | 0.36% | +0.36 |
| NTSK Netskope Inc. Class A | New | 0.36% | +0.36 |
| EQT Eqt Corp. | New | 0.36% | +0.36 |
| XHB SS SPDR S&P Homebldrs ETF | New | 0.33% | +0.33 |
| BCSS.U Bain Capital GSS Investment | New | 0.33% | +0.33 |
| RTAC Renatus Tactical Acquisiti-A | New | 0.32% | +0.32 |
| GDX Vaneck Gold Miners ETF | New | 0.29% | +0.29 |
| GOOGL Alphabet Inc. Class A | Add +100.9% | 0.91% | +0.27 |
| DDOG Datadog Inc. Class A | New | 0.19% | +0.19 |
| SEDG Solaredge Technologies Inc. | New | 0.18% | +0.18 |
| DMIIU Drugs Made in America Acquis | New | 0.18% | +0.18 |
| LGN Legence Corp. Class A | New | 0.18% | +0.18 |
| LTM Latam Airlines Group SA-ADR | New | 0.16% | +0.16 |
| UMAC Unusual Machines Inc. | New | 0.16% | +0.16 |
| BILI Bilibili Inc.-Sponsored ADR | New | 0.15% | +0.15 |
| RIOT Riot Platforms Inc. | New | 0.15% | +0.15 |
| XLB SS Materials Select Sector | New | 0.15% | +0.15 |
| INDA iShares MSCI India ETF | Add +213.5% | 0.44% | +0.15 |
| POWL Powell Industries Inc. | New | 0.15% | +0.15 |
| XOP SS SPDR S&P Og Exp & Prod | New | 0.14% | +0.14 |
| MCGAU Yorkville Acquisition Corp. | New | 0.14% | +0.14 |
| B Barrick Mining Corp. | New | 0.14% | +0.14 |
| IMSR Terrestrial Energy Inc. | New | 0.13% | +0.13 |
| URA Global X Uranium ETF | New | 0.13% | +0.13 |
| DEC Diversified Energy Co. PLC | New | 0.13% | +0.13 |
Options Activity Q2 2025 → Q3 2025
| QQQ Invesco QQQ Trust Series 1 | call | Add +38.7% | 770,000 | $462.3M |
| GLD SPDR Gold Shares | put | Add +14.2% | 1,141,500 | $405.8M |
| GLD SPDR Gold Shares | call | Reduce -33.2% | 835,000 | $296.8M |
| MSTR Strategy Inc. | call | Sold out | 540,000 | $218.3Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +1120.7% | 312,500 | $208.2M |
| QQQ Invesco QQQ Trust Series 1 | put | Add +232.6% | 332,600 | $199.7M |
| MSFT Microsoft Corp. | call | New | 300,400 | $155.6M |
| GOOG Alphabet Inc. Class C | call | Sold out | 800,000 | $141.9Mbefore exit |
| CROX Crocs Inc. | call | New | 1,600,000 | $133.7M |
| GOOGL Alphabet Inc. Class A | call | New | 503,000 | $122.3M |
| XOP SS SPDR S&P Og Exp & Prod | call | New | 800,000 | $105.8M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Add +2069.4% | 1,050,000 | $85.2M |
| ETHA iShares Ethereum Trust ETF | put | New | 1,980,000 | $62.4M |
| BABA Alibaba Group Holding-SP ADR | call | Sold out | 490,000 | $55.6Mbefore exit |
| META Meta Platforms Inc. Class A | call | Add +66.7% | 75,000 | $55.1M |
| IBIT iShares Bitcoin Trust ETF | call | Reduce -66.9% | 800,000 | $52.0M |
| AMZN Amazon.com Inc. | call | New | 200,000 | $43.9M |
| GDX Vaneck Gold Miners ETF | call | New | 480,000 | $36.7M |
| VRT Vertiv Holdings Co. Class A | call | New | 200,000 | $30.2M |
| CIEN Ciena Corp. | call | New | 170,000 | $24.8M |
| AMD Advanced Micro Devices | call | Add +1400.0% | 150,000 | $24.3M |
| NVDA Nvidia Corp. | call | New | 122,400 | $22.8M |
| FSLR First Solar Inc. | call | New | 100,000 | $22.1M |
| POWL Powell Industries Inc. | call | New | 66,200 | $20.2M |
| EWZ iShares MSCI Brazil ETF | call | Add +100.0% | 500,000 | $15.5M |
| TSM Taiwan Semiconductor-SP ADR | call | New | 54,000 | $15.1M |
| KRE SS SPDR S&P Regional Bank | call | New | 230,000 | $14.6M |
| RIOT Riot Platforms Inc. | call | New | 750,000 | $14.3M |
| SERV Serve Robotics Inc. | call | New | 1,190,000 | $13.8M |
| KVUE Kenvue Inc. | call | New | 800,000 | $13.0M |
| HUT Hut 8 Corp. | call | New | 346,400 | $12.1M |
| RRX Regal Rexnord Corp. | call | New | 81,700 | $11.7M |
| TSLA Tesla Inc. | call | New | 25,200 | $11.2M |
| RGTI Rigetti Computing Inc. | put | New | 319,900 | $9.5M |
| BIDU Baidu Inc. - Spon ADR | call | New | 72,000 | $9.5M |
| QUBT Quantum Computing Inc. | put | New | 500,000 | $9.2M |
| CIFR Cipher Digital Inc. | call | New | 600,000 | $7.6M |
| KWEB Kranesh Csi China Internet | call | Sold out | 200,000 | $6.9Mbefore exit |
| SLV iShares Silver Trust | call | Sold out | 200,000 | $6.6Mbefore exit |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | Sold out | 50,000 | $5.5Mbefore exit |
| ROOT Root Inc./Oh Class A | call | New | 57,600 | $5.2M |
| IWM iShares Russell 2000 ETF | put | Sold out | 23,800 | $5.1Mbefore exit |
| INDY iShares India 50 ETF | call | New | 100,000 | $5.1M |
| UBER Uber Technologies Inc. | call | New | 50,000 | $4.9M |
| PYPL PayPal Holdings Inc. | call | New | 72,000 | $4.8M |
| CCJ Cameco Corp. | call | New | 55,800 | $4.7M |
| MRVL Marvell Technology Inc. | call | New | 54,000 | $4.5M |
| NU Nu Holdings Ltd./Cayman Isl-A | call | Sold out | 330,000 | $4.5Mbefore exit |
| IWM iShares Russell 2000 ETF | call | Sold out | 20,000 | $4.3Mbefore exit |
| LUNR Intuitive Machines Inc. | call | New | 360,000 | $3.8M |
Showing the first 50 of 75.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Add +55.0% | 15,500,000 | $28.5M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | New | 8,375,000 | $20.6M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Add +26.1% | 17,756,000 | $18.8M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Add +163.8% | 15,826,000 | $18.2M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | Add +210.7% | 323,219 | $17.8M |
| JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) | NOTE 2.500% 9/0 · principal | New | 15,820,000 | $16.4M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +67.8% | 16,741,000 | $16.1M |
| WISDOMTREE INC (WT 3.25 08/15/29) | NOTE 3.250% 8/1 · principal | New | 9,044,000 | $11.8M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Add +116.3% | 9,300,000 | $11.0M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Sold out | 143,239 | $10.7Mbefore exit |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Add +1187.4% | 270,930 | $10.3M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | New | 8,500,000 | $9.7M |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | Reduce -32.4% | 101,464 | $9.6M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Add +33.0% | 119,614 | $8.3M |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | New | 139,644 | $8.2M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Sold out | 8,054,000 | $8.0Mbefore exit |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | Reduce -71.1% | 68,487 | $6.9M |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 153,583 | $6.1Mbefore exit |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | New | 18,349 | $5.0M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Reduce -64.9% | 97,805 | $4.9M |
| MARA HOLDINGS INC (MARA 2.125 09/01/31) | NOTE 2.125% 9/0 · principal | New | 3,700,000 | $4.5M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Reduce -45.6% | 81,211 | $4.3M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Reduce -62.1% | 92,867 | $3.7M |
| COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) | NOTE 2.875% 2/1 · principal | Sold out | 2,500,000 | $2.7Mbefore exit |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 · principal | New | 2,500,000 | $2.5M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Reduce -78.3% | 38,046 | $1.9M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -86.9% | 27,317 | $1.9M |
| CIPHER DIGITAL INC (CIFR 1.75 05/15/30) | NOTE 1.750% 5/1 · principal | Reduce -58.6% | 414,000 | $1.2M |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | New | 1,000,000 | $992K |
| INNOVATE CORP (VATE 7.5 08/01/26 *) | NOTE 7.500% 8/0 · principal | Sold out | 1,383,000 | $724Kbefore exit |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Reduce -89.0% | 8,329 | $592K |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | Sold out | 1,500,000 | $381Kbefore 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 2025Amended | 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 |