BTG Pactual Asset Management US LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), BTG Pactual Asset Management US LLC reported 233 stock positions worth $841.7 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 18.0% of the portfolio, followed by iShares Russell 1000 Growth (IWF, 10.4%) and Vngrd Mrgstr MG CP GR ETF-Ui (MGK, 4.1%). Compared with Q2 2025, it opened 72 new positions, sold out of 44, added to 76 and reduced 35. The biggest buy was Alphabet Class C (GOOG, shares +46%) and the biggest sale an exit from Sandisk (SNDK).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001569579
Portfolio Value
$841.7M (Q3 2025)
SEC Filing
0001569579-25-000003 ↗ filed Nov 13, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q2 2024: $399.1M Q2 2024 Q3 2024: $688.9M Q3 2024 Q4 2024: $773.0M Q4 2024 Q1 2025: $770.6M Q1 2025 Q2 2025: $741.4M Q2 2025 Q3 2025: $841.7M $841.7M Q3 2025 Q4 2025: $893.2M Q4 2025 Q1 2026: $1.0B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 233 stocks · $841.7M
SPY SS SPDR S&P 500 ETF Trust-US 17.99% 227,300 $151.4M Add +7.3%
IWF iShares Russell 1000 Growth 10.38% 205,824 $87.4M Add +20.5%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 4.09% 94,048 $34.4M Add +5.9%
MGV Vngrd Mrgstr MG CP VL ETF-Ui 3.17% 203,346 $26.7M Add +2.9%
NVDA Nvidia Corp. 2.94% 132,797 $24.8M Add +16.9%
VGK Vanguard Ftse Europe ETF 2.81% 304,732 $23.6M Add +4.8%
GOOG Alphabet Inc. Class C 2.61% 90,300 $22.0M Add +46.4%
JPM JPMorgan Chase & Co. 2.37% 63,337 $20.0M Add +9.6%
AMZN Amazon.com Inc. 2.33% 89,243 $19.6M Add +43.7%
MSFT Microsoft Corp. 2.16% 35,069 $18.2M Add +22.8%
GLD SPDR Gold Shares 1.99% 47,138 $16.8M Add +23.1%
BRK.B Berkshire Hathaway Inc. Class B 1.71% 29,622 $14.4M Reduce -35.8%
XLV SS Health Care Select Sector 1.63% 101,570 $13.7M Add +32.0%
VO Vngrd Mrngstr MD-Cap ETF-Usd 1.46% 43,839 $12.3M Add +12.0%
META Meta Platforms Inc. Class A 1.45% 16,565 $12.2M Add +27.4%
NOW ServiceNow Inc. 1.41% 12,933 $11.9M Add +47.1%
VWO Vanguard Ftse Emerging Marke 1.22% 206,870 $10.2M Reduce -2.4%
DUK Duke Energy Corp. 1.21% 82,176 $10.2M Add +6.0%
EWJ iShares MSCI Japan ETF 1.11% 117,776 $9.3M Add +3.1%
CYBR Cyberark Software Ltd./Israel 1.06% 18,437 $8.9M Add +2668.3%
V Visa Inc. Class A 1.02% 25,225 $8.6M Add +368.3%
LNT Alliant Energy Corp. 0.97% 121,268 $8.2M Reduce -6.6%
AEE Ameren Corporation 0.97% 78,295 $8.2M Add +3.5%
CEG Constellation Energy 0.96% 24,457 $8.0M Reduce -12.9%
GEV GE Vernova Inc. 0.92% 12,641 $7.8M Add +14.3%
VST Vistra Corp. 0.92% 39,566 $7.8M Reduce -27.9%
TSM Taiwan Semiconductor-SP ADR 0.91% 27,392 $7.7M Add +235.8%
EXC Exelon Corp. 0.86% 160,007 $7.2M Add +52.8%
OGE Oge Energy Corp. 0.85% 154,410 $7.1M New
VB Vanguard Most SM-Cap ETF-Usd 0.82% 29,252 $6.9M Add +0.5%
K Kellanova 0.81% 82,811 $6.8M Add +25.5%
XEL Xcel Energy Inc. 0.80% 83,462 $6.7M Add +13.8%
URI United Rentals Inc. 0.79% 6,930 $6.6M Add +106.6%
VGT Vanguard Info Tech ETF 0.74% 9,421 $6.2M Add +1.0%
PNW Pinnacle West Capital 0.74% 69,322 $6.2M New
VFH Vanguard Financials ETF 0.70% 46,079 $5.9M Add +4.6%
CRWD CrowdStrike Holdings Inc. Class A 0.68% 11,388 $5.7M Add +22.8%
CNP Centerpoint Energy Inc. 0.66% 143,619 $5.6M Add +190.8%
AEP American Electric Power 0.66% 49,334 $5.6M Reduce -19.4%
ABBV Abbvie Inc. 0.65% 23,662 $5.5M Add +131.5%
MLPX Global X MLP & Energy Infras 0.65% 86,878 $5.4M Add +0.5%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.64% 49,372 $5.4M Add +45.9%
FYBR Frontier Communications Pare 0.64% 144,348 $5.4M Add +174.3%
VHT Vanguard Health Care ETF 0.63% 21,361 $5.3M Add +6.5%
STIP iShares 0-5 Year Tips Bond E 0.57% 46,391 $4.8M Add +18.4%
LLY Eli Lilly & Co. 0.55% 6,034 $4.6M Add +109.9%
EPP iShares MSCI Pacific Ex Japa 0.49% 82,961 $4.1M Add +4.4%
VTEB Vanguard Tax-Exempt Bond ETF 0.46% 78,706 $3.9M Add +33.1%
AWK American Water Works Co. Inc. 0.42% 25,265 $3.5M New
VNQ Vanguard Real Estate ETF 0.41% 39,163 $3.5M Reduce -4.1%
AMLP Alerian MLP ETF 0.39% 67,040 $3.3M Add +29.7%
IHS Ihs Holding Ltd. 0.38% 464,505 $3.2M New
SYK Stryker Corp. 0.34% 7,781 $2.9M Add +28.5%
KMI Kinder Morgan Inc. 0.32% 95,896 $2.7M Add +25.3%
MUNI PIMCO Intermediate Municipal 0.31% 50,877 $2.6M Add +17.4%
NEE Nextera Energy Inc. 0.31% 34,432 $2.6M New
SRE Sempra 0.30% 28,143 $2.5M New
HCA HCA Healthcare Inc. 0.29% 7,140 $2.5M Add +23.1%
TIGO Millicom Intl Cellular S.A. 0.28% 63,937 $2.4M Add +0.8%
OKE Oneok Inc. 0.26% 30,478 $2.2M New
FE Firstenergy Corp. 0.26% 48,336 $2.2M Reduce -74.7%
JBS JBS NV-A 0.26% 145,953 $2.2M Reduce -57.1%
RPRX Royalty Pharma PLC Class A 0.26% 61,131 $2.2M New
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.25% 16,220 $2.1M New
BKH Black Hills Corp. 0.25% 34,012 $2.1M New
IBB iShares Biotechnology ETF 0.25% 16,554 $2.1M Add +5.9%
ES Eversource Energy 0.24% 28,414 $2.0M New
EMLP First Trust North American E 0.23% 52,035 $2.0M Reduce -0.4%
BSX Boston Scientific Corp. 0.22% 18,630 $1.8M New
USHY iShares Broad Usd High Yield 0.21% 47,757 $1.8M Add +39.7%
SU Suncor Energy Inc. 0.20% 39,773 $1.7M New
VTI VG Morningstar TS MKT ETF-US 0.19% 5,279 $1.6M No change
WTRG Essential Utilities Inc. 0.19% 40,112 $1.6M Reduce -59.7%
JMUB JPMorgan Municipal ETF 0.18% 31,053 $1.5M Add +61.8%
XBI SS SPDR S&P Biotech ETF 0.16% 15,790 $1.3M Add +110.0%
SPR Spirit Aerosystems Hold Class A 0.15% 32,400 $1.3M Add +2.6%
STNE Stoneco Ltd. Class A 0.15% 65,792 $1.2M New
AVGO Broadcom Inc. 0.15% 3,723 $1.2M Add +6.7%
PSX Phillips 66 0.15% 9,011 $1.2M New
VIG Vanguard Dividend Apprec ETF 0.15% 5,985 $1.2M No change
BABA Alibaba Group Holding-SP ADR 0.14% 6,710 $1.2M New
FLUT Flutter Entertainment PLC-Di 0.14% 4,174 $1.2M No change
KWEB Kranesh Csi China Internet 0.14% 27,762 $1.2M Add +317.3%
XOM Exxon Mobil Corp. 0.13% 10,023 $1.1M New
AR Antero Resources Corp. 0.13% 33,375 $1.1M New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.13% 3,444 $1.1M Reduce -53.6%
AAPL Apple Inc. 0.13% 4,153 $1.1M Add +207.9%
NI Nisource Inc. 0.12% 23,650 $1.0M Reduce -47.4%
DD Dupont DE Nemours Inc. 0.12% 13,086 $1.0M New
HIW Highwoods Properties Inc. 0.12% 30,164 $979K New
VTV Vanguard Mrngstr Val ETF-Aui 0.11% 5,221 $923K Add +64.0%
DIREXION SHARES ETF TRUST 0.10% 29,000 $882K New
FCX Freeport-McMoran Inc. 0.10% 22,233 $872K New
GS Goldman Sachs Group Inc. 0.10% 1,056 $841K Add +547.9%
XHB SS SPDR S&P Homebldrs ETF 0.10% 7,342 $813K Add +584.9%
ACWI iShares MSCI Acwi ETF 0.09% 5,930 $796K New
VOX Vanguard Communication Servi 0.09% 4,637 $793K Add +199.2%
GE General Electric filed as GE AEROSPACE 0.09% 2,566 $772K Add +96.5%
SBLK Star Bulk Carriers Corp. 0.09% 41,306 $768K New
DTM DT Midstream Inc. 0.09% 6,789 $768K New
TAC Transalta Corp. 0.08% 51,478 $703K Reduce -38.6%
IEMG iShares Core MSCI Emerging 0.08% 11,330 $680K Add +26.0%
IWM iShares Russell 2000 ETF 0.08% 2,780 $673K Reduce -82.5%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.08% 8,191 $661K Add +66.7%
VBIL Vanguard 0-3M T-Bill ETF 0.08% 8,585 $649K New
CFG Citizens Financial Group 0.07% 11,603 $617K New
VIST Vista Energy Sab DE CV 0.07% 17,561 $604K New
APP AppLovin Corp. Class A 0.07% 835 $600K Reduce -34.8%
IVV iShares Core S&P 500 ETF 0.07% 959 $595K Reduce -6.2%
IBIT iShares Bitcoin Trust ETF 0.07% 9,105 $592K New
TFC Truist Financial Corp. 0.07% 12,835 $587K New
MTB M & T Bank Corp. filed as M & T BK CORP 0.07% 2,956 $584K New
HBAN Huntington Bancshares Inc. 0.07% 33,644 $581K New
SPSM SS SPDR P S&P 600 Small Cap 0.07% 14,746 $580K New
RF Regions Financial Corp. 0.07% 21,784 $574K New
PREF Pri Spe Pre Sec Acti-Usd Inc. 0.07% 30,136 $572K Add +7.5%
GOOGL Alphabet Inc. Class A 0.07% 2,308 $561K Add +53.6%
C Citigroup Inc. 0.06% 5,109 $519K Add +382.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.06% 4,548 $496K New
XLF SS Financial Select Sector 0.05% 8,458 $456K Reduce -96.1%
SRDX Surmodics Inc. 0.05% 14,944 $447K New
HD Home Depot Inc. 0.05% 1,058 $431K No change
VRT Vertiv Holdings Co. Class A 0.05% 2,855 $431K New
WFC Wells Fargo & Co. 0.05% 4,872 $408K New
MUE BlackRock Munihold QLT FD II 0.05% 40,757 $390K Reduce -27.6%
UBER Uber Technologies Inc. 0.04% 3,825 $375K Reduce -32.3%
TSLA Tesla Inc. 0.04% 816 $363K New
OXY Occidental Petroleum Corp. 0.04% 7,530 $356K Add +22.8%
ILF iShares Latin America 40 ETF 0.04% 11,893 $344K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.04% 6,407 $338K No change
SMH Vaneck Semiconductor ETF 0.04% 1,001 $327K Add +37.9%
IGIB iShares 5-10Y Inv Grade Corp. 0.04% 5,942 $317K No change
AAXJ iShares MSCI All Country Asi 0.04% 3,765 $311K Add +751.8%
JFLX JPMorgan Flexible Debt ETF 0.04% 6,164 $310K New
MA Mastercard Inc. Class A 0.04% 535 $304K Reduce -44.7%
CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS 0.04% 23,073 $298K Add +57.4%
T AT&T Inc. 0.04% 10,539 $298K New
VTRS Viatris Inc. 0.04% 29,970 $297K Add +198.8%
BLW BlackRock Ltd. Durat Inc. TR 0.03% 20,578 $292K Reduce -45.3%
ABEV Ambev SA-ADR 0.03% 118,472 $286K Add +21.3%
ABT Abbott Laboratories 0.03% 2,053 $275K New
DIREXION DL TECH BR3X ETF-UI 0.03% 14,200 $275K New
NXDT Nexpoint Diversified Real Es 0.03% 63,767 $267K Reduce -23.9%
VXUS Vanguard Total Intl Stock 0.03% 3,849 $266K No change
KKR KKR & Co. Inc. 0.03% 2,020 $262K New
SQQQ Proshares TR 0.03% 14,600 $260K New
EQIX Equinix Inc. 0.03% 328 $258K No change
HYEM Vaneck Emrg MKTS Hi YLD 0.03% 12,821 $254K No change
BOND PIMCO Active Bond Exchange-T 0.03% 2,729 $252K No change
PFE Pfizer Inc. 0.03% 10,314 $250K New
VZ Verizon Communications Inc. 0.03% 5,668 $249K New
RTX RTX Corp. 0.03% 1,478 $247K New
BGB Blackstone Strategic Credit 0.03% 20,251 $245K Reduce -3.0%
FXI iShares China Large-Cap ETF 0.03% 5,667 $233K New
SPHD Invesco S&P 500 High Dividen 0.03% 4,877 $232K No change
URTH iShares MSCI World ETF 0.03% 1,470 $225K No change
DVY iShares Select Dividend ETF 0.03% 1,672 $222K Reduce -18.0%
VT Vanguard Tot World STK ETF 0.03% 1,717 $221K Reduce -6.4%
MDY State Street SPDR S&P Midcap 0.03% 410 $219K No change
ESLT Elbit Systems Ltd. 0.02% 410 $208K New
SHOP Shopify Inc. Class A 0.02% 1,372 $204K New
DVA Davita Inc. 0.02% 1,422 $203K New
STZ Constellation Brands Inc. Class A 0.02% 1,087 $202K New
IYH iShares U.S. Healthcare ETF 0.02% 3,530 $199K Add +42.6%
HDV iShares Core High Dividend E 0.02% 1,672 $196K Reduce -21.2%
JEPI JPMorgan Equity Premium Inco 0.02% 3,259 $185K Add +503.5%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.02% 11,455 $183K Reduce -91.3%
SCS Steelcase Inc. Class A 0.02% 10,000 $172K New
TK Teekay Corp. Ltd. 0.02% 20,430 $169K New
USMV iShares MSCI USA Min Vol Fac 0.02% 1,760 $165K No change
DIREXION DAILY SEMI BEAR 3X 0.02% 31,900 $165K New
EWY iShares MSCI South Korea ETF 0.02% 2,291 $164K No change
VCR Vanguard Consumer Discre ETF 0.02% 440 $159K No change
JNK SS SPDR BB High Yield Bond 0.02% 1,636 $159K No change
SGML Sigma Lithium Corp. 0.02% 11,150 $153K New
STLA Stellantis NV 0.02% 14,995 $138K New
IYF iShares US Financials ETF 0.02% 1,108 $134K No change
PFF iShares Preferred & Income S 0.02% 4,223 $130K Add +56.9%
APLE Apple Hospitality REIT Inc. 0.01% 10,515 $126K Reduce -8.7%
BKLN Invesco Senior Loan ETF 0.01% 5,870 $123K No change
IWB iShares Russell 1000 ETF 0.01% 353 $120K No change
VOO Vanguard S&P 500 ETF 0.01% 211 $120K No change
VDE Vanguard Energy ETF 0.01% 967 $115K Reduce -2.2%
XME SS SPDR S&P Metals Mining 0.01% 1,225 $114K New
WEN The Wendy's Co. 0.01% 12,370 $113K Add +23.0%
UTES Virtus Reaves Utilities ETF 0.01% 1,333 $111K New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.01% 1,263 $110K New
AVAL Grupo Aval Acciones Y Valore 0.01% 35,147 $99K No change
SPXS Dirx Dai S&P500 B 3X ETF-Usd 0.01% 5,780 $93K New
TELFY Telefonica SA-Spon ADR 0.01% 17,404 $91K No change
QUAL iShares MSCI USA Quality Fac 0.01% 492 $90K No change
PFFA Virtus Infracap US Pref STCK 0.01% 4,136 $86K New
XLI SS Industrial Select Sector 0.01% 558 $86K Reduce -94.0%
MIN Aberdeen Intermediate Inc. FD 0.01% 28,615 $78K No change
XLK SS Technology Select Sector 0.01% 282 $75K Reduce -35.8%
ALIT Alight Inc. Class A 0.01% 20,140 $66K New
IEV iShares Europe ETF 0.01% 988 $62K Reduce -9.4%
ACP Abrdn Income Credit Strat 0.01% 10,360 $61K No change
XLY SS Consumer Disc Select Sect 0.01% 238 $57K New
XRX Xerox Holdings Corp. 0.01% 12,693 $48K Add +21.4%
AMZA Infracap MLP ETF 0.01% 1,045 $45K New
CEMB iShares JP Morgan Em Corpora 0.01% 991 $44K New
VPL Vanguard Ftse Pacific ETF 0.00% 481 $40K Add +0.6%
ENFR Alerian Energy Infrastructur 0.00% 1,009 $33K No change
EEM iShares MSCI Emerging Market 0.00% 571 $30K New
GOVT iShares US Treasury Bond ETF 0.00% 1,180 $27K New
IHAK iShares Cybersecurity & Tech 0.00% 500 $27K No change
IXC iShares Global Energy ETF 0.00% 489 $19K No change
XLB SS Materials Select Sector 0.00% 205 $18K No change
XLRE SS Real Estate Select Sector 0.00% 353 $15K No change
JPXN iShares JPX-Nikkei 400 ETF 0.00% 166 $13K Reduce -29.7%
EZU iShares MSCI Eurozone ETF 0.00% 213 $13K No change
IJR iShares Core S&P Small-Cap E 0.00% 108 $12K No change
VXF Vanguard Extended Market ETF 0.00% 54 $10K No change
EFA iShares MSCI Eafe ETF 0.00% 110 $10K No change
EWL iShares MSCI Switzerland ETF 0.00% 176 $10K No change
GDX Vaneck Gold Miners ETF 0.00% 126 $10K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.00% 172 $9K No change
KBE SS SPDR S&P Bank ETF 0.00% 128 $7K No change
SHY iShares 1-3 Year Treasury Bo 0.00% 85 $7K New
IJH iShares Core S&P Midcap ETF 0.00% 105 $7K No change
MTUM iShares MSCI USA Momentum Fa 0.00% 24 $6K No change
BBAX JPMorgan Betabuilders Develo 0.00% 108 $6K Reduce -39.3%
IHE iShares US Pharmaceuticals E 0.00% 87 $6K No change
IJJ iShares S&P Mid-Cap 400 Valu 0.00% 40 $5K No change
IWR iShares Russell Mid-Cap ETF 0.00% 49 $5K No change
URA Global X Uranium ETF 0.00% 75 $4K New
MCHI iShares MSCI China ETF 0.00% 58 $3K No change
VOE Vngrd Mrngstr MD-Cap Val ETF 0.00% 15 $2K No change
IWP iShares Russell Mid-Cap Grow 0.00% 11 $2K No change
EFAV iShares MSCI Eafe Min Vol Fa 0.00% 12 $1K No change
TAN Invesco Solar ETF 0.00% 19 $651 No change
IREN Iren Ltd. filed as IREN LIMITED 0.00% 3 $141 New

Options reported separately and not counted above: SPY calls ($1.1B), SPY puts ($49.0M), HUT calls ($33.9M), IREN calls ($32.4M), CIFR calls ($30.2M), AAPL puts ($10.6M), AAPL calls ($10.6M), K puts ($6.6M), KWEB calls ($6.3M), IWM calls ($5.8M), EWT calls ($1.8M), EWT puts ($1.8M), and 2 more.

Other holdings (1): bonds, preferreds, convertibles and warrants · $6.8M (not counted above)
SecurityClassShares / PrincipalValueChange
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) NOTE 3.125% 3/1 · principal 10,705,000$6.8MNew

Total filed on the 13F, all lines: $848.5M.

Portfolio Sells Q2 2025 → Q3 2025
SNDK Sandisk Corp. Sold out 0.00% −2.45
XLF SS Financial Select Sector Reduce -96.1% 0.05% −1.47
PPL PPL Corp. Sold out 0.00% −1.34
BRK.B Berkshire Hathaway Inc. Class B Reduce -35.8% 1.71% −1.31
FE Firstenergy Corp. Reduce -74.7% 0.26% −0.77
HES Hess Corp. Sold out 0.00% −0.66
SLV iShares Silver Trust Sold out 0.00% −0.57
VST Vistra Corp. Reduce -27.9% 0.92% −0.51
PEG Public Service Enterprise GP Sold out 0.00% −0.49
DIA SS SPDR Dow Jones Indus Avg Sold out 0.00% −0.43
JBS JBS NV-A Reduce -57.1% 0.26% −0.41
IWM iShares Russell 2000 ETF Reduce -82.5% 0.08% −0.38
EVRG Evergy Inc. Sold out 0.00% −0.36
WTRG Essential Utilities Inc. Reduce -59.7% 0.19% −0.31
LNG Cheniere Energy Inc. Sold out 0.00% −0.30
RY Royal Bank of Canada Sold out 0.00% −0.30
CEG Constellation Energy Reduce -12.9% 0.96% −0.27
SPGI S&P Global Inc. Sold out 0.00% −0.25
NU Nu Holdings Ltd./Cayman Isl-A Reduce -91.3% 0.02% −0.22
DHR Danaher Corp. Sold out 0.00% −0.20
VWO Vanguard Ftse Emerging Marke Reduce -2.4% 1.22% −0.20
AEP American Electric Power Reduce -19.4% 0.66% −0.20
UNH Unitedhealth Group Inc. Sold out 0.00% −0.20
AJG Arthur J Gallagher & Co. Reduce -53.6% 0.13% −0.19
MRK Merck & Co. Inc. Sold out 0.00% −0.19
PCG P G & E Corp. Sold out 0.00% −0.18
WMB Williams Cos Inc. Sold out 0.00% −0.18
JNPR Juniper Networks Inc. Sold out 0.00% −0.17
XLI SS Industrial Select Sector Reduce -94.0% 0.01% −0.17
COPX Global X Copper Miners ETF Sold out 0.00% −0.14
FL Foot Locker Inc. Sold out 0.00% −0.14
NI Nisource Inc. Reduce -47.4% 0.12% −0.12
AROC Archrock Inc. Sold out 0.00% −0.12
ANSS Ansys Inc. Sold out 0.00% −0.11
MELI MercadoLibre Inc. Sold out 0.00% −0.10
LNT Alliant Energy Corp. Reduce -6.6% 0.97% −0.09
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.09
SKX Skechers USA Inc. Class A Sold out 0.00% −0.09
KNTK Kinetik Holdings Inc. Sold out 0.00% −0.08
VNQ Vanguard Real Estate ETF Reduce -4.1% 0.41% −0.08
STNG Scorpio Tankers Inc. Sold out 0.00% −0.07
GGAL Grupo Financiero Galicia-ADR Sold out 0.00% −0.06
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.06
BYM BlackRock Muni Inc. QLTY Sold out 0.00% −0.06
BKNG Booking Holdings Inc. Sold out 0.00% −0.04
SPOT Spotify Technology SA Sold out 0.00% −0.04
TJX TJX Companies Inc. Sold out 0.00% −0.04
CHX Championx Corp. Sold out 0.00% −0.04
TLN Talen Energy Corp. Sold out 0.00% −0.04
TAC Transalta Corp. Reduce -38.6% 0.08% −0.04

Portfolio Buys Q2 2025 → Q3 2025
GOOG Alphabet Inc. Class C Add +46.4% 2.61% +1.14
CYBR Cyberark Software Ltd./Israel Add +2668.3% 1.06% +1.02
OGE Oge Energy Corp. New 0.85% +0.85
V Visa Inc. Class A Add +368.3% 1.02% +0.77
PNW Pinnacle West Capital New 0.74% +0.74
TSM Taiwan Semiconductor-SP ADR Add +235.8% 0.91% +0.66
IWF iShares Russell 1000 Growth Add +20.5% 10.38% +0.60
NVDA Nvidia Corp. Add +16.9% 2.94% +0.52
AMZN Amazon.com Inc. Add +43.7% 2.33% +0.49
URI United Rentals Inc. Add +106.6% 0.79% +0.45
AWK American Water Works Co. Inc. New 0.42% +0.42
CNP Centerpoint Energy Inc. Add +190.8% 0.66% +0.42
GLD SPDR Gold Shares Add +23.1% 1.99% +0.42
ABBV Abbvie Inc. Add +131.5% 0.65% +0.40
FYBR Frontier Communications Pare Add +174.3% 0.64% +0.38
IHS Ihs Holding Ltd. New 0.38% +0.38
SPY SS SPDR S&P 500 ETF Trust-US Add +7.3% 17.99% +0.35
NEE Nextera Energy Inc. New 0.31% +0.31
SRE Sempra New 0.30% +0.30
OKE Oneok Inc. New 0.26% +0.26
RPRX Royalty Pharma PLC Class A New 0.26% +0.26
BMO Bank of Montreal New 0.25% +0.25
BKH Black Hills Corp. New 0.25% +0.25
LLY Eli Lilly & Co. Add +109.9% 0.55% +0.24
MSFT Microsoft Corp. Add +22.8% 2.16% +0.24
EXC Exelon Corp. Add +52.8% 0.86% +0.24
ES Eversource Energy New 0.24% +0.24
XLV SS Health Care Select Sector Add +32.0% 1.63% +0.23
BSX Boston Scientific Corp. New 0.22% +0.22
SU Suncor Energy Inc. New 0.20% +0.20
NOW ServiceNow Inc. Add +47.1% 1.41% +0.20
META Meta Platforms Inc. Class A Add +27.4% 1.45% +0.15
STNE Stoneco Ltd. Class A New 0.15% +0.15
PSX Phillips 66 New 0.15% +0.15
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +45.9% 0.64% +0.14
BABA Alibaba Group Holding-SP ADR New 0.14% +0.14
XOM Exxon Mobil Corp. New 0.13% +0.13
GEV GE Vernova Inc. Add +14.3% 0.92% +0.13
AR Antero Resources Corp. New 0.13% +0.13
XEL Xcel Energy Inc. Add +13.8% 0.80% +0.13
DD Dupont DE Nemours Inc. New 0.12% +0.12
HIW Highwoods Properties Inc. New 0.12% +0.12
JPM JPMorgan Chase & Co. Add +9.6% 2.37% +0.11
KWEB Kranesh Csi China Internet Add +317.3% 0.14% +0.11
DIREXION SHARES ETF TRUST New 0.10% +0.10
FCX Freeport-McMoran Inc. New 0.10% +0.10
K Kellanova Add +25.5% 0.81% +0.10
ACWI iShares MSCI Acwi ETF New 0.09% +0.09
DTM DT Midstream Inc. New 0.09% +0.09
SBLK Star Bulk Carriers Corp. New 0.09% +0.09

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US call New 1,642,700 $1.1B
SPY SS SPDR S&P 500 ETF Trust-US put Add +75.4% 73,500 $49.0M
HUT Hut 8 Corp. call New 975,000 $33.9M
IREN Iren Ltd. call New 690,000 $32.4M
CIFR Cipher Digital Inc. call New 2,400,000 $30.2M
AAPL Apple Inc. put New 41,500 $10.6M
AAPL Apple Inc. call Add +2666.7% 41,500 $10.6M
MSFT Microsoft Corp. call Sold out 20,000 $9.9Mbefore exit
MSFT Microsoft Corp. put Sold out 20,000 $9.9Mbefore exit
C Citigroup Inc. put Sold out 87,800 $7.5Mbefore exit
C Citigroup Inc. call Sold out 87,800 $7.5Mbefore exit
K Kellanova put Add +15900.0% 80,000 $6.6M
KWEB Kranesh Csi China Internet call Reduce -50.6% 150,000 $6.3M
EEM iShares MSCI Emerging Market put Sold out 127,400 $6.1Mbefore exit
DIS The Walt Disney Co. put Sold out 48,200 $6.0Mbefore exit
DIS The Walt Disney Co. call Sold out 48,200 $6.0Mbefore exit
BAC Bank of America Corp. put Sold out 123,400 $5.8Mbefore exit
BAC Bank of America Corp. call Sold out 123,400 $5.8Mbefore exit
IWM iShares Russell 2000 ETF call New 24,000 $5.8M
KRE SS SPDR S&P Regional Bank call Sold out 94,500 $5.6Mbefore exit
MDT Medtronic PLC put Sold out 63,500 $5.5Mbefore exit
MDT Medtronic PLC call Sold out 63,500 $5.5Mbefore exit
QQQ Invesco QQQ Trust Series 1 put Sold out 10,000 $5.5Mbefore exit
QQQ Invesco QQQ Trust Series 1 call Sold out 10,000 $5.5Mbefore exit
EEM iShares MSCI Emerging Market call Sold out 81,900 $4.0Mbefore exit
FXE Invesco Currencyshares Euro call Sold out 29,900 $3.3Mbefore exit
FXE Invesco Currencyshares Euro put Sold out 29,900 $3.3Mbefore exit
USO United States Oil Fund LP put Sold out 42,000 $3.1Mbefore exit
MS Morgan Stanley put Sold out 20,600 $2.9Mbefore exit
MS Morgan Stanley call Sold out 20,600 $2.9Mbefore exit
FEZ State Street SPDR Euro Stoxx put Sold out 45,500 $2.7Mbefore exit
WBA Walgreens Boots Alliance Inc. call Sold out 199,600 $2.3Mbefore exit
WBA Walgreens Boots Alliance Inc. put Sold out 199,600 $2.3Mbefore exit
XLC SS Comm Select Sector SPDR call Sold out 21,000 $2.3Mbefore exit
GS Goldman Sachs Group Inc. call Sold out 2,600 $1.8Mbefore exit
GS Goldman Sachs Group Inc. put Sold out 2,600 $1.8Mbefore exit
INDA iShares MSCI India ETF call Sold out 24,500 $1.4Mbefore exit
ARGT Global X MSCI Argentina ETF call New 13,500 $942K
EWC iShares MSCI Canada ETF call Sold out 17,600 $813Kbefore exit
EWC iShares MSCI Canada ETF put Sold out 17,600 $813Kbefore exit
EQT Eqt Corp. call New 12,000 $653K
COST Costco Wholesale Corp. call Sold out 500 $495Kbefore exit
ADBE Adobe Inc. call Sold out 1,200 $464Kbefore exit
MCD McDonald's Corp. call Sold out 1,200 $351Kbefore exit
CRM Salesforce Inc. call Sold out 700 $191Kbefore exit
PARAA Paramount Global Class B put Sold out 10,400 $134Kbefore exit
ABBV Abbvie Inc. call Sold out 600 $111Kbefore exit
NVDA Nvidia Corp. call Sold out 700 $111Kbefore exit

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
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) NOTE 3.125% 3/1 · principal New 10,705,000 $6.8M
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Sold out 3,000,000 $1.9Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 412$1.3BVOO, IWF, MGK, NVDA, AMZN
Q1 2026 302$1.0BVOO, IWF, MGK, MGV, NVDA
Q4 2025 221$893.2MSPY, IWF, MGK, MGV, GOOG
Q3 2025 233$841.7MSPY, IWF, MGK, MGV, NVDA
Q2 2025 205$741.4MSPY, IWF, MGK, MGV, VGK
Q1 2025 212$770.6MSPY, IWF, GOOG, BRK.B, MGV
Q4 2024 246$773.0MSPY, IWF, GOOG, BRK.B, MGV
Q3 2024 192$688.9MSPY, IWF, BRK.B, GOOG, MGV
Q2 2024 111$399.1MSPY, IWF, BRK.B, FLUT, LQD