Capstone Investment Advisors, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Capstone Investment Advisors, LLC reported 1,010 stock positions worth $9.4 billion. Its top holding was Nvidia (NVDA) at 13.4% of the portfolio, followed by Microsoft (MSFT, 11.8%) and Amazon.com (AMZN, 11.1%). Compared with Q2 2025, it opened 467 new positions, sold out of 203, added to 272 and reduced 242. The biggest buy was Microsoft (MSFT, shares +32%) and the biggest sale Apple (AAPL, shares −74%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001426196
- Portfolio Value
- $9.4B (Q3 2025)
- SEC Filing
- 0001426196-25-000006 ↗ filed Nov 14, 2025
Holdings Value
Holdings 1,010 stocks · $9.4B
| NVDA Nvidia Corp. | 13.36% | 6,701,468 | $1.3B | Reduce -29.3% |
| MSFT Microsoft Corp. | 11.85% | 2,141,021 | $1.1B | Add +31.9% |
| AMZN Amazon.com Inc. | 11.12% | 4,741,800 | $1.0B | Add +13.5% |
| TSLA Tesla Inc. | 9.11% | 1,917,393 | $852.7M | Reduce -55.0% |
| IVV iShares Core S&P 500 ETF | 6.88% | 962,339 | $644.1M | Add +0.3% |
| AMD Advanced Micro Devices | 4.64% | 2,683,559 | $434.2M | Reduce -14.8% |
| VOO Vanguard S&P 500 ETF | 4.02% | 614,021 | $376.0M | Add +202.8% |
| GOOGL Alphabet Inc. Class A | 3.33% | 1,281,781 | $311.6M | Reduce -53.5% |
| AAPL Apple Inc. | 2.65% | 974,127 | $248.0M | Reduce -74.5% |
| META Meta Platforms Inc. Class A | 1.86% | 236,807 | $173.9M | Add +345.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.60% | 224,202 | $149.4M | Add +187.9% |
| FOX Fox Corp. Class B | 0.93% | 1,515,956 | $86.8M | Add +658.0% |
| XLF SS Financial Select Sector | 0.89% | 1,550,644 | $83.5M | Add +146.9% |
| CORZ Core Scientific Inc. | 0.85% | 4,435,000 | $79.6M | Add +2977.7% |
| GOOG Alphabet Inc. Class C | 0.64% | 246,105 | $59.9M | Reduce -69.5% |
| C Citigroup Inc. | 0.62% | 570,723 | $57.9M | Reduce -14.1% |
| GXO Gxo Logistics Inc. | 0.53% | 944,109 | $49.9M | Reduce -2.0% |
| CYBR Cyberark Software Ltd./Israel | 0.52% | 100,000 | $48.3M | Add +3025.0% |
| WMT Walmart Inc. | 0.49% | 445,469 | $45.9M | Add +434.7% |
| COOP Mr Cooper Group Inc. | 0.48% | 212,000 | $44.7M | Add +182.7% |
| FLS Flowserve Corp. | 0.44% | 772,398 | $41.0M | Add +382.9% |
| VRNA Verona Pharma Ltd. | 0.43% | 375,000 | $40.0M | New |
| FCX Freeport-McMoran Inc. | 0.37% | 894,390 | $35.1M | New |
| KEX Kirby Corp. | 0.36% | 400,545 | $33.4M | Add +101.8% |
| UBER Uber Technologies Inc. | 0.35% | 332,644 | $32.6M | Add +280.5% |
| IWM iShares Russell 2000 ETF | 0.35% | 134,329 | $32.5M | Reduce -26.5% |
| FYBR Frontier Communications Pare | 0.34% | 850,000 | $31.7M | Reduce -67.9% |
| KBR KBR Inc. | 0.33% | 651,672 | $30.8M | New |
| R Ryder System Inc. | 0.31% | 156,025 | $29.4M | Add +22.9% |
| CSCO Cisco Systems Inc. | 0.31% | 429,431 | $29.4M | Add +4064.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.28% | 53,043 | $26.7M | Add +177.2% |
| GTLS Chart Industries Inc. | 0.26% | 120,000 | $24.0M | New |
| K Kellanova | 0.24% | 279,320 | $22.9M | Reduce -67.2% |
| ORCL Oracle Corp. | 0.22% | 74,833 | $21.0M | New |
| NSC Norfolk Southern Corp. | 0.22% | 70,000 | $21.0M | Add +2028.3% |
| EEM iShares MSCI Emerging Market | 0.22% | 377,444 | $20.2M | No change |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.21% | 177,936 | $19.8M | Add +146.4% |
| LULU Lululemon Athletica Inc. | 0.21% | 109,137 | $19.4M | Add +465.0% |
| CSTM Constellium SE | 0.20% | 1,261,854 | $18.8M | Reduce -10.7% |
| CRM Salesforce Inc. | 0.20% | 79,035 | $18.7M | Add +20.3% |
| SPR Spirit Aerosystems Hold Class A | 0.19% | 462,434 | $17.8M | Reduce -9.8% |
| COF Capital One Financial Corp. | 0.19% | 83,698 | $17.8M | Reduce -9.1% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.19% | 217,401 | $17.7M | Reduce -12.8% |
| WFRD Weatherford International PL | 0.18% | 250,257 | $17.1M | Reduce -1.6% |
| LLY Eli Lilly & Co. | 0.18% | 22,288 | $17.0M | Add +80.0% |
| INTU Intuit Inc. | 0.18% | 24,720 | $16.9M | Add +217.4% |
| CME Cme Group Inc. | 0.18% | 61,735 | $16.7M | Add +2.9% |
| J Jacobs Solutions Inc. | 0.18% | 109,502 | $16.4M | New |
| LBRDK Liberty Broadband-C | 0.17% | 254,300 | $16.2M | New |
| SJNK SS SPDR BB St Hi Yield ETF | 0.17% | 624,501 | $16.0M | Reduce -14.8% |
| NFLX Netflix Inc. | 0.16% | 12,654 | $15.2M | Add +81.2% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.16% | 273,601 | $14.8M | Reduce -18.3% |
| BMY Bristol-Myers Squibb Co. | 0.16% | 326,534 | $14.7M | Add +341.9% |
| MRUS Merus NV | 0.15% | 152,000 | $14.3M | New |
| TGNA Tegna Inc. | 0.15% | 675,000 | $13.7M | New |
| JNK SS SPDR BB High Yield Bond | 0.15% | 139,201 | $13.6M | Add +21.3% |
| AVGO Broadcom Inc. | 0.14% | 40,819 | $13.5M | Reduce -20.9% |
| SBUX Starbucks Corp. | 0.14% | 158,989 | $13.5M | Add +83.6% |
| ACN Accenture PLC Class A | 0.14% | 51,540 | $12.7M | Add +56.4% |
| MNST Monster Beverage Corp. | 0.13% | 186,582 | $12.6M | Reduce -2.2% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.13% | 284,601 | $12.3M | Add +21.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.12% | 19,108 | $11.5M | Reduce -75.9% |
| MUB iShares National Muni Bond E | 0.12% | 107,601 | $11.5M | New |
| PFF iShares Preferred & Income S | 0.12% | 354,301 | $11.2M | New |
| MA Mastercard Inc. Class A | 0.12% | 19,549 | $11.1M | Reduce -19.4% |
| MRVL Marvell Technology Inc. | 0.12% | 130,490 | $11.0M | Add +25.0% |
| TGT Target Corp. | 0.11% | 116,777 | $10.5M | Add +100.4% |
| ASA ASA Gold and Precious Metals | 0.11% | 227,782 | $10.4M | No change |
| PLTR Palantir Technologies Inc. Class A | 0.11% | 55,847 | $10.2M | Reduce -6.5% |
| INSP Inspire Medical Systems Inc. | 0.11% | 136,807 | $10.2M | Add +3027.0% |
| LTH Life Time Group Holdings Inc. | 0.11% | 363,101 | $10.0M | Add +3934.5% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.11% | 114,187 | $10.0M | New |
| FLR Fluor Corp. | 0.11% | 234,689 | $9.9M | Reduce -72.6% |
| CWB SS SPDR BB Conv Sec ETF | 0.10% | 106,801 | $9.7M | Reduce -18.4% |
| ZG Zillow Group Inc. Class A | 0.10% | 127,131 | $9.5M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.10% | 177,179 | $9.1M | Add +1.8% |
| NKE Nike Inc. Class B | 0.10% | 128,357 | $9.0M | Add +69.2% |
| MRK Merck & Co. Inc. | 0.09% | 105,878 | $8.9M | Reduce -1.5% |
| FLUT Flutter Entertainment PLC-Di | 0.09% | 34,565 | $8.8M | Add +156.7% |
| PM Philip Morris International | 0.09% | 53,487 | $8.7M | Reduce -2.8% |
| COST Costco Wholesale Corp. | 0.09% | 9,338 | $8.6M | Reduce -50.3% |
| ISRG Intuitive Surgical Inc. | 0.09% | 19,315 | $8.6M | Add +464.8% |
| HD Home Depot Inc. | 0.09% | 20,918 | $8.5M | Reduce -28.3% |
| UNH Unitedhealth Group Inc. | 0.09% | 23,866 | $8.2M | Reduce -57.3% |
| IGLB iShares 10+ Year Inv GR Corp. | 0.09% | 159,501 | $8.2M | New |
| DXCM Dexcom Inc. | 0.09% | 119,439 | $8.0M | Add +639.0% |
| CMCSA Comcast Corp. Class A | 0.09% | 253,125 | $8.0M | Add +461.8% |
| QCOM Qualcomm Inc. | 0.08% | 45,176 | $7.5M | Add +21.9% |
| PFE Pfizer Inc. | 0.08% | 288,848 | $7.4M | Add +6.5% |
| NBXG Neuberger Next Generation Co. | 0.08% | 477,748 | $7.3M | No change |
| FIVE Five Below | 0.08% | 47,007 | $7.3M | Add +77.4% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.08% | 82,092 | $7.2M | Reduce -28.1% |
| XGDVX Gabelli Dividend & Income TR | 0.08% | 262,242 | $7.1M | No change |
| SNOW Snowflake Inc. | 0.07% | 31,127 | $7.0M | Reduce -19.1% |
| BABA Alibaba Group Holding-SP ADR | 0.07% | 39,092 | $7.0M | Add +26.3% |
| SCHW Schwab (charles) Corp. | 0.07% | 72,727 | $6.9M | Reduce -66.1% |
| ADBE Adobe Inc. | 0.07% | 19,614 | $6.9M | Reduce -21.4% |
| EFA iShares MSCI Eafe ETF | 0.07% | 73,979 | $6.9M | Reduce -41.5% |
| WFC Wells Fargo & Co. | 0.07% | 81,866 | $6.9M | Reduce -56.3% |
| NFJ Virtus DVD Intrst & PRM STR | 0.07% | 526,672 | $6.9M | No change |
Options reported separately and not counted above: SPY puts ($16.1B), NVDA puts ($2.4B), IWM puts ($2.1B), MSFT puts ($1.7B), TSLA puts ($1.5B), AMZN puts ($1.4B), QQQ puts ($1.2B), SPY calls ($1.1B), AAPL puts ($1.0B), GOOGL puts ($599.5M), NVDA calls ($594.5M), AMD puts ($557.5M), and 786 more.
Other holdings (81): bonds, preferreds, convertibles and warrants · $2.1B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 54,500,000 | $174.9M | New |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | 22,532,000 | $100.8M | No change |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 69,926,000 | $87.3M | Reduce -2.1% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | 69,949,000 | $86.1M | Add +7.7% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 81,483,000 | $80.9M | No change |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 52,418,000 | $71.8M | Add +51.9% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 70,181,000 | $68.8M | No change |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 26,774,000 | $64.7M | New |
| XERIS BIOPHARMA HOLDINGS (XERS 8 07/15/28) | NOTE 8.000% 7/1 · principal | 23,074,000 | $62.1M | No change |
| CNX RESOURCES CORP (CNX 2.25 05/01/26) | NOTE 2.250% 5/0 · principal | 23,604,000 | $59.1M | Add +17.4% |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 56,349,000 | $58.0M | Add +37.0% |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 49,019,000 | $49.1M | Add +133.4% |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 48,940,000 | $47.1M | Add +60.5% |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 47,146,000 | $46.2M | Add +11.9% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 46,408,000 | $45.9M | Add +12.1% |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 19,000,000 | $45.7M | New |
| CYTOKINETICS INC (CYTK 4 11/15/26) | NOTE 4.000%11/1 · principal | 8,631,000 | $44.9M | No change |
| IMAX CORP (IMAX 0.5 04/01/26) | NOTE 0.500% 4/0 · principal | 34,607,000 | $40.7M | Add +114.9% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 26,371,000 | $38.8M | Add +8.2% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 26,200,000 | $37.9M | Add +29.7% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 39,500,000 | $37.7M | Add +88.1% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 39,000,000 | $36.7M | Add +8.3% |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | 35,604,000 | $34.6M | Add +16.3% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 24,000,000 | $33.7M | New |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 35,110,000 | $33.7M | Reduce -22.2% |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | 15,000,000 | $33.7M | New |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 33,990,000 | $31.9M | Add +41.9% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 30,000,000 | $28.5M | Add +140.0% |
| MARA HOLDINGS INC (MARA 2.125 09/01/31) | NOTE 2.125% 9/0 · principal | 22,900,000 | $27.8M | New |
| PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) | NOTE 1.500% 9/1 · principal | 20,000,000 | $25.7M | Add +166.7% |
| STRATEGY INC (MSTR 2.25 06/15/32) | NOTE 2.250% 6/1 · principal | 14,000,000 | $25.0M | Add +16.7% |
| MAKEMYTRIP LIMITED (MMYT 0 02/15/28) | NOTE 2/1 · principal | 10,000,000 | $24.3M | Add +150.0% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 17,750,000 | $24.2M | Add +129.0% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 24,252,000 | $22.9M | Add +44.8% |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 10,000,000 | $20.8M | Reduce -50.0% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 16,000,000 | $20.1M | No change |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 15,000,000 | $16.9M | New |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 16,000,000 | $16.6M | No change |
| CIPHER DIGITAL INC (CIFR 1.75 05/15/30) | NOTE 1.750% 5/1 · principal | 5,500,000 | $16.2M | Add +37.5% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 12,500,000 | $16.2M | Reduce -16.7% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 15,000,000 | $16.1M | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 12,000,000 | $12.9M | No change |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 11,500,000 | $12.8M | No change |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | 13,000,000 | $12.7M | Add +30.0% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 11,000,000 | $12.4M | Reduce -12.0% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 11,151,000 | $12.3M | Add +28.9% |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 9,968,000 | $10.4M | Add +140.2% |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 10,500,000 | $10.3M | No change |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 9,500,000 | $9.1M | No change |
| MANNKIND CORP (MNKD 2.5 03/01/26) | NOTE 2.500% 3/0 · principal | 6,729,000 | $7.7M | No change |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 6,500,000 | $7.3M | New |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 5,000,000 | $6.5M | Reduce -28.6% |
| CARDLYTICS INC (CDLX 4.25 04/01/29) | NOTE 4.250% 4/0 · principal | 10,145,000 | $5.4M | Reduce -16.5% |
| JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) | NOTE 2.500% 9/0 · principal | 5,000,000 | $5.2M | New |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | 5,000,000 | $5.1M | No change |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | 5,000,000 | $5.0M | No change |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 5,000,000 | $4.9M | No change |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 3,500,000 | $4.7M | New |
| PORCH GROUP INC (PRCH 9 05/15/30) | DEBT 9.000% 5/1 · principal | 3,000,000 | $4.5M | Reduce -40.0% |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 4,700,000 | $4.5M | Reduce -34.7% |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 5,000,000 | $4.4M | Reduce -70.6% |
| ACCURAY INC (ARAY 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 4,500,000 | $4.3M | No change |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 5,000,000 | $4.3M | Reduce -16.7% |
| OMEROS CORP (OMER 9.5 06/15/29) | NOTE 9.500% 6/1 · principal | 5,000,000 | $4.3M | Add +233.3% |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 4,000,000 | $4.2M | Reduce -27.3% |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 4,000,000 | $3.7M | Add +100.0% |
| DISH NETWORK CORP (DISH 0 12/15/25) | NOTE 12/1 · principal | 3,540,000 | $3.5M | No change |
| OMEROS CORP (OMER 5.25 02/15/26) | NOTE 5.250% 2/1 · principal | 3,560,000 | $3.3M | Reduce -19.3% |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | 3,680,000 | $3.2M | Reduce -40.5% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 3,708,000 | $3.2M | No change |
| GOSSAMER BIO INC (GOSS 5 06/01/27) | NOTE 5.000% 6/0 · principal | 4,000,000 | $2.8M | Reduce -45.1% |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 2,800,000 | $2.7M | No change |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 2,550,000 | $2.5M | No change |
| CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) | NOTE 2.750% 5/0 · principal | 1,530,000 | $2.5M | No change |
| INOTIV INC (NOTV 3.25 10/15/27) | NOTE 3.250%10/1 · principal | 9,510,000 | $2.3M | No change |
| ZYNEX INC (ZYXI 5 05/15/26) | NOTE 5.000% 5/1 · principal | 4,000,000 | $2.3M | No change |
| VERITONE INC (VERI 1.75 11/15/26) | NOTE 1.750%11/1 · principal | 3,000,000 | $2.2M | Reduce -25.0% |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 2,000,000 | $2.0M | No change |
| DYNAVAX TECHNOLOGIES CORP | DEBT 2.000% 3/1 · principal | 2,000,000 | $1.9M | Reduce -50.0% |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | 1,500,000 | $1.5M | No change |
| CLEARBRIDGE ENERGY MI-RT | RIGHT 10/10/2025 | 19,074 | $362 | No change |
Total filed on the 13F, all lines: $11.4B.
Portfolio Sells Q2 2025 → Q3 2025
| AAPL Apple Inc. | Reduce -74.5% | 2.65% | −5.47 |
| TSLA Tesla Inc. | Reduce -55.0% | 9.11% | −4.91 |
| NVDA Nvidia Corp. | Reduce -29.3% | 13.36% | −2.16 |
| GOOGL Alphabet Inc. Class A | Reduce -53.5% | 3.33% | −1.71 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −1.07 |
| GOOG Alphabet Inc. Class C | Reduce -69.5% | 0.64% | −0.84 |
| FYBR Frontier Communications Pare | Reduce -67.9% | 0.34% | −0.66 |
| CAT Caterpillar Inc. | Reduce -99.4% | 0.00% | −0.49 |
| GLD SPDR Gold Shares | Reduce -92.9% | 0.04% | −0.47 |
| K Kellanova | Reduce -67.2% | 0.24% | −0.46 |
| TS Tenaris SA-ADR | Sold out | 0.00% | −0.36 |
| KNX Knight-Swift Transportation | Reduce -96.9% | 0.01% | −0.36 |
| FLR Fluor Corp. | Reduce -72.6% | 0.11% | −0.35 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -75.9% | 0.12% | −0.33 |
| SLB SLB Ltd. | Reduce -88.5% | 0.05% | −0.33 |
| AA Alcoa Corp. | Reduce -96.5% | 0.01% | −0.28 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.28 |
| DY Dycom Industries Inc. | Sold out | 0.00% | −0.23 |
| QXO Qxo Inc. | Sold out | 0.00% | −0.22 |
| AJG Arthur J Gallagher & Co. | Reduce -96.8% | 0.01% | −0.18 |
| FL Foot Locker Inc. | Sold out | 0.00% | −0.17 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.16 |
| GS Goldman Sachs Group Inc. | Reduce -88.4% | 0.02% | −0.15 |
| CC The Chemours Co. | Sold out | 0.00% | −0.14 |
| KRE SS SPDR S&P Regional Bank | Reduce -74.8% | 0.05% | −0.13 |
| SCHW Schwab (charles) Corp. | Reduce -66.1% | 0.07% | −0.13 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -97.5% | 0.00% | −0.11 |
| INTC Intel Corp. | Reduce -97.4% | 0.00% | −0.10 |
| JPM JPMorgan Chase & Co. | Reduce -80.7% | 0.03% | −0.10 |
| COST Costco Wholesale Corp. | Reduce -50.3% | 0.09% | −0.10 |
| TMUS T-Mobile US Inc. | Reduce -63.3% | 0.06% | −0.10 |
| UNH Unitedhealth Group Inc. | Reduce -57.3% | 0.09% | −0.09 |
| FICO Fair Isaac Corp. | Reduce -86.4% | 0.01% | −0.09 |
| WFC Wells Fargo & Co. | Reduce -56.3% | 0.07% | −0.08 |
| NDAQ Nasdaq Inc. | Reduce -84.5% | 0.01% | −0.08 |
| COIN Coinbase Global Inc. Class A | Reduce -95.2% | 0.00% | −0.07 |
| DIS The Walt Disney Co. | Reduce -47.4% | 0.07% | −0.07 |
| USMV iShares MSCI USA Min Vol Fac | Sold out | 0.00% | −0.07 |
| CELH Celsius Holdings Inc. | Reduce -70.9% | 0.04% | −0.07 |
| XOP SS SPDR S&P Og Exp & Prod | Sold out | 0.00% | −0.07 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.07 |
| TJX TJX Companies Inc. | Reduce -80.3% | 0.02% | −0.06 |
| DAL Delta Air Lines Inc. | Reduce -76.4% | 0.03% | −0.06 |
| HOOD Robinhood Markets Inc. Class A | Reduce -95.8% | 0.00% | −0.06 |
| UAL United Airlines Holdings Inc. | Reduce -68.6% | 0.04% | −0.06 |
| IWM iShares Russell 2000 ETF | Reduce -26.5% | 0.35% | −0.06 |
| LPX Louisiana-Pacific Corp. | Sold out | 0.00% | −0.06 |
| TTAN Servicetitan Inc. Class A | Sold out | 0.00% | −0.06 |
| AAON Aaon Inc. | Sold out | 0.00% | −0.05 |
| OS Onestream Inc. | Sold out | 0.00% | −0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | Add +31.9% | 11.85% | +3.48 |
| VOO Vanguard S&P 500 ETF | Add +202.8% | 4.02% | +2.82 |
| AMZN Amazon.com Inc. | Add +13.5% | 11.12% | +1.62 |
| META Meta Platforms Inc. Class A | Add +345.1% | 1.86% | +1.45 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +187.9% | 1.60% | +1.10 |
| CORZ Core Scientific Inc. | Add +2977.7% | 0.85% | +0.82 |
| FOX Fox Corp. Class B | Add +658.0% | 0.93% | +0.82 |
| IVV iShares Core S&P 500 ETF | Add +0.3% | 6.88% | +0.71 |
| XLF SS Financial Select Sector | Add +146.9% | 0.89% | +0.55 |
| CYBR Cyberark Software Ltd./Israel | Add +3025.0% | 0.52% | +0.50 |
| VRNA Verona Pharma Ltd. | New | 0.43% | +0.43 |
| WMT Walmart Inc. | Add +434.7% | 0.49% | +0.41 |
| FCX Freeport-McMoran Inc. | New | 0.37% | +0.37 |
| COOP Mr Cooper Group Inc. | Add +182.7% | 0.48% | +0.36 |
| FLS Flowserve Corp. | Add +382.9% | 0.44% | +0.35 |
| KBR KBR Inc. | New | 0.33% | +0.33 |
| CSCO Cisco Systems Inc. | Add +4064.0% | 0.31% | +0.31 |
| UBER Uber Technologies Inc. | Add +280.5% | 0.35% | +0.26 |
| GTLS Chart Industries Inc. | New | 0.26% | +0.26 |
| ORCL Oracle Corp. | New | 0.22% | +0.22 |
| NSC Norfolk Southern Corp. | Add +2028.3% | 0.22% | +0.22 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +177.2% | 0.28% | +0.19 |
| J Jacobs Solutions Inc. | New | 0.18% | +0.18 |
| LBRDK Liberty Broadband-C | New | 0.17% | +0.17 |
| LULU Lululemon Athletica Inc. | Add +465.0% | 0.21% | +0.16 |
| MRUS Merus NV | New | 0.15% | +0.15 |
| TGNA Tegna Inc. | New | 0.15% | +0.15 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +146.4% | 0.21% | +0.13 |
| KEX Kirby Corp. | Add +101.8% | 0.36% | +0.12 |
| MUB iShares National Muni Bond E | New | 0.12% | +0.12 |
| BMY Bristol-Myers Squibb Co. | Add +341.9% | 0.16% | +0.12 |
| PFF iShares Preferred & Income S | New | 0.12% | +0.12 |
| INTU Intuit Inc. | Add +217.4% | 0.18% | +0.12 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.11% | +0.11 |
| R Ryder System Inc. | Add +22.9% | 0.31% | +0.11 |
| LTH Life Time Group Holdings Inc. | Add +3934.5% | 0.11% | +0.10 |
| INSP Inspire Medical Systems Inc. | Add +3027.0% | 0.11% | +0.10 |
| ZG Zillow Group Inc. Class A | New | 0.10% | +0.10 |
| IGLB iShares 10+ Year Inv GR Corp. | New | 0.09% | +0.09 |
| LLY Eli Lilly & Co. | Add +80.0% | 0.18% | +0.08 |
| ISRG Intuitive Surgical Inc. | Add +464.8% | 0.09% | +0.07 |
| DXCM Dexcom Inc. | Add +639.0% | 0.09% | +0.07 |
| CMCSA Comcast Corp. Class A | Add +461.8% | 0.09% | +0.07 |
| SAND Sandstorm Gold Ltd. | New | 0.07% | +0.07 |
| NFLX Netflix Inc. | Add +81.2% | 0.16% | +0.07 |
| VEEV Veeva Systems Inc. Class A | Add +772.3% | 0.07% | +0.06 |
| KO The Coca-Cola Co. | Add +913.4% | 0.07% | +0.06 |
| CRWV Coreweave Inc. Class A | New | 0.06% | +0.06 |
| SBUX Starbucks Corp. | Add +83.6% | 0.14% | +0.06 |
| UAA Under Armour Inc. Class A | New | 0.06% | +0.06 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +29.6% | 24,162,500 | $16.1B |
| NVDA Nvidia Corp. | put | Add +2.5% | 13,116,900 | $2.4B |
| IWM iShares Russell 2000 ETF | put | Add +185.2% | 8,624,500 | $2.1B |
| MSFT Microsoft Corp. | put | Add +43.5% | 3,224,000 | $1.7B |
| TSLA Tesla Inc. | put | Reduce -38.6% | 3,272,200 | $1.5B |
| AMZN Amazon.com Inc. | put | Add +23.8% | 6,230,000 | $1.4B |
| QQQ Invesco QQQ Trust Series 1 | put | Add +18.3% | 1,968,700 | $1.2B |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Add +35.8% | 1,630,000 | $1.1B |
| AAPL Apple Inc. | put | Reduce -20.1% | 3,945,800 | $1.0B |
| GOOGL Alphabet Inc. Class A | put | Reduce -24.8% | 2,466,100 | $599.5M |
| NVDA Nvidia Corp. | call | Add +103.0% | 3,186,100 | $594.5M |
| AMD Advanced Micro Devices | put | Add +2.1% | 3,446,000 | $557.5M |
| META Meta Platforms Inc. Class A | put | Add +112.4% | 621,800 | $456.6M |
| EEM iShares MSCI Emerging Market | put | Add +7.5% | 7,847,100 | $419.0M |
| QQQ Invesco QQQ Trust Series 1 | call | Add +69.4% | 663,000 | $398.0M |
| TSLA Tesla Inc. | call | Add +29.1% | 849,200 | $377.7M |
| XLF SS Financial Select Sector | put | Add +270.2% | 6,937,800 | $373.7M |
| AVGO Broadcom Inc. | put | Add +99.7% | 1,038,800 | $342.7M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Add +43.5% | 3,379,300 | $274.4M |
| GOOG Alphabet Inc. Class C | put | Reduce -14.1% | 1,046,500 | $254.9M |
| BRK.B Berkshire Hathaway Inc. Class B | put | Add +53.0% | 391,200 | $196.7M |
| AAPL Apple Inc. | call | Add +124.8% | 755,200 | $192.3M |
| IBIT iShares Bitcoin Trust ETF | put | Add +25.9% | 2,799,900 | $182.0M |
| JPM JPMorgan Chase & Co. | put | Add +77.8% | 524,300 | $165.4M |
| XOP SS SPDR S&P Og Exp & Prod | put | Add +127.8% | 1,246,800 | $164.8M |
| MSFT Microsoft Corp. | call | Add +70.7% | 313,700 | $162.5M |
| FXI iShares China Large-Cap ETF | call | Add +234.5% | 3,893,600 | $160.2M |
| FXI iShares China Large-Cap ETF | put | Add +65.2% | 3,800,100 | $156.3M |
| ORCL Oracle Corp. | put | Add +224.1% | 517,000 | $145.4M |
| IBM Intl Business Machines Corp. | put | Add +288.8% | 448,700 | $126.6M |
| CSCO Cisco Systems Inc. | put | Add +377.9% | 1,835,600 | $125.6M |
| META Meta Platforms Inc. Class A | call | Add +185.3% | 168,300 | $123.6M |
| AMZN Amazon.com Inc. | call | Add +285.1% | 558,800 | $122.7M |
| PLTR Palantir Technologies Inc. Class A | put | Add +102.2% | 656,900 | $119.8M |
| EFA iShares MSCI Eafe ETF | put | Add +652.8% | 1,198,400 | $111.9M |
| XLE SS Energy Select Sector | put | Add +78.4% | 1,249,700 | $111.6M |
| XOP SS SPDR S&P Og Exp & Prod | call | Add +148.5% | 835,100 | $110.4M |
| WMT Walmart Inc. | put | Add +204.1% | 1,028,000 | $105.9M |
| C Citigroup Inc. | put | Add +24.1% | 1,022,200 | $103.8M |
| EFA iShares MSCI Eafe ETF | call | Add +541.7% | 1,103,700 | $103.1M |
| IBM Intl Business Machines Corp. | call | Add +1136.2% | 362,200 | $102.2M |
| INTC Intel Corp. | put | Add +154.8% | 2,973,500 | $99.8M |
| XME SS SPDR S&P Metals Mining | call | Add +182.3% | 1,054,700 | $98.3M |
| XME SS SPDR S&P Metals Mining | put | Add +182.3% | 1,054,700 | $98.3M |
| NFLX Netflix Inc. | put | Add +100.5% | 77,800 | $93.3M |
| SMH Vaneck Semiconductor ETF | put | Add +429.9% | 281,400 | $91.8M |
| LLY Eli Lilly & Co. | put | Add +60.9% | 119,900 | $91.5M |
| V Visa Inc. Class A | put | Add +95.9% | 261,100 | $89.1M |
| AVGO Broadcom Inc. | call | Add +230.7% | 268,500 | $88.6M |
| MA Mastercard Inc. Class A | put | Add +93.4% | 150,500 | $85.6M |
Showing the first 50 of 812.
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
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | New | 54,500,000 | $174.9M |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Sold out | 66,500,000 | $136.1Mbefore exit |
| NOVA LTD (NVMI 0 10/15/25) | NOTE 10/1 · principal | Sold out | 35,702,000 | $131.5Mbefore exit |
| VARONIS SYSTEM INC (VRNS 1.25 08/15/25) | NOTE 1.250% 8/1 · principal | Sold out | 61,779,000 | $102.3Mbefore exit |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Reduce -2.1% | 69,926,000 | $87.3M |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | Add +7.7% | 69,949,000 | $86.1M |
| INNOVIVA INC (INVA 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | Sold out | 67,929,000 | $79.9Mbefore exit |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Sold out | 85,326,000 | $79.9Mbefore exit |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Add +51.9% | 52,418,000 | $71.8M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | New | 26,774,000 | $64.7M |
| CNX RESOURCES CORP (CNX 2.25 05/01/26) | NOTE 2.250% 5/0 · principal | Add +17.4% | 23,604,000 | $59.1M |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Add +37.0% | 56,349,000 | $58.0M |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | Add +133.4% | 49,019,000 | $49.1M |
| CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) | NOTE 4.500% 8/1 · principal | Sold out | 22,658,000 | $48.1Mbefore exit |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | Add +60.5% | 48,940,000 | $47.1M |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +11.9% | 47,146,000 | $46.2M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Add +12.1% | 46,408,000 | $45.9M |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | New | 19,000,000 | $45.7M |
| ENCORE CAPITAL GROUP INC (ECPG 3.25 10/01/25) | NOTE 3.250%10/0 · principal | Sold out | 42,989,000 | $45.2Mbefore exit |
| PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28) | NOTE 3.250% 4/0 · principal | Sold out | 17,607,000 | $42.6Mbefore exit |
| IMAX CORP (IMAX 0.5 04/01/26) | NOTE 0.500% 4/0 · principal | Add +114.9% | 34,607,000 | $40.7M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +8.2% | 26,371,000 | $38.8M |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | Add +29.7% | 26,200,000 | $37.9M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Add +88.1% | 39,500,000 | $37.7M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +8.3% | 39,000,000 | $36.7M |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | Add +16.3% | 35,604,000 | $34.6M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | New | 24,000,000 | $33.7M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Reduce -22.2% | 35,110,000 | $33.7M |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | New | 15,000,000 | $33.7M |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | Add +41.9% | 33,990,000 | $31.9M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Add +140.0% | 30,000,000 | $28.5M |
| MARA HOLDINGS INC (MARA 2.125 09/01/31) | NOTE 2.125% 9/0 · principal | New | 22,900,000 | $27.8M |
| PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) | NOTE 1.500% 9/1 · principal | Add +166.7% | 20,000,000 | $25.7M |
| STRATEGY INC (MSTR 2.25 06/15/32) | NOTE 2.250% 6/1 · principal | Add +16.7% | 14,000,000 | $25.0M |
| MAKEMYTRIP LIMITED (MMYT 0 02/15/28) | NOTE 2/1 · principal | Add +150.0% | 10,000,000 | $24.3M |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Add +129.0% | 17,750,000 | $24.2M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Add +44.8% | 24,252,000 | $22.9M |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Reduce -50.0% | 10,000,000 | $20.8M |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | New | 15,000,000 | $16.9M |
| OMNICELL INC (OMCL 0.25 09/15/25) | NOTE 0.250% 9/1 · principal | Sold out | 16,853,000 | $16.7Mbefore exit |
| CIPHER DIGITAL INC (CIFR 1.75 05/15/30) | NOTE 1.750% 5/1 · principal | Add +37.5% | 5,500,000 | $16.2M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -16.7% | 12,500,000 | $16.2M |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | Add +30.0% | 13,000,000 | $12.7M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Reduce -12.0% | 11,000,000 | $12.4M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +28.9% | 11,151,000 | $12.3M |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | Sold out | 10,907,000 | $10.8Mbefore exit |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | Add +140.2% | 9,968,000 | $10.4M |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | Sold out | 9,116,000 | $9.1Mbefore exit |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | New | 6,500,000 | $7.3M |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Reduce -28.6% | 5,000,000 | $6.5M |
Showing the first 50 of 75.
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 | 854 | $10.9B | MSFT, NVDA, IVV, AMZN, VOO |
| Q1 2026 | 782 | $9.0B | AMZN, MSFT, IVV, NVDA, TSLA |
| Q4 2025 | 719 | $9.9B | NVDA, IVV, GOOGL, AMZN, AMD |
| Q3 2025 | 1,010 | $9.4B | NVDA, MSFT, AMZN, TSLA, IVV |
| Q2 2025 | 746 | $9.7B | NVDA, TSLA, AMZN, MSFT, AAPL |
| Q1 2025 | 441 | $8.7B | TSLA, AMZN, NVDA, MSFT, IVV |
| Q4 2024 | 652 | $7.9B | MSFT, VOO, AMZN, IVV, NVDA |
| Q3 2024 | 741 | $2.9B | SPY, VOO, IVV, XOP, IWM |
| Q2 2024 | 907 | $2.2B | SPY, IVV, QQQ, TSLA, USMV |
| Q1 2024 | 1,181 | $2.9B | SPY, IVV, TSLA, HDB, ARM |