Cinctive Capital Management LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Cinctive Capital Management LP reported 285 stock positions worth $1.3 billion. Its top holding was Kellanova (K) at 2.9% of the portfolio, followed by Beacon Roofing Supply (BECN, 2.7%) and Vistra (VST, 2.4%). Compared with Q4 2024, it opened 141 new positions, sold out of 177, added to 53 and reduced 87. The biggest buy was a new position in Kinder Morgan (KMI) and the biggest sale an exit from Antero Midstream (AM).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001787258
Portfolio Value
$1.3B (Q1 2025)
SEC Filing
0001172661-25-002039 ↗ filed May 15, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $1.9B Q1 2024 Q2 2024: $1.9B Q2 2024 Q3 2024: $1.7B Q3 2024 Q4 2024: $1.9B Q4 2024 Q1 2025: $1.3B $1.3B Q1 2025 Q2 2025: $1.8B Q2 2025 Q3 2025: $2.0B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $1.5B Q1 2026 Q2 2026: $2.5B Q2 2026

Holdings 285 stocks · $1.3B
K Kellanova 2.86% 435,079 $35.9M Reduce -2.3%
BECN Beacon Roofing Supply Inc. 2.73% 276,950 $34.3M Add +277.0%
VST Vistra Corp. 2.40% 256,163 $30.1M Add +6.2%
KMI Kinder Morgan Inc. 2.35% 1,032,362 $29.5M New
CEG Constellation Energy 2.18% 135,769 $27.4M Reduce -39.6%
KD Kyndryl Holdings Inc. 1.97% 786,112 $24.7M Add +65.9%
ALGM Allegro Microsystems Inc. 1.89% 942,702 $23.7M New
HD Home Depot Inc. 1.76% 60,354 $22.1M Add +238.5%
TPR Tapestry Inc. 1.75% 311,341 $21.9M Reduce -14.2%
FYBR Frontier Communications Pare 1.60% 560,000 $20.1M Reduce -1.8%
DT Dynatrace Inc. 1.59% 421,763 $19.9M Add +120.5%
IEF iShares 7-10 Year Treasury B 1.56% 205,008 $19.6M New
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.48% 443,393 $18.5M Reduce -11.1%
ITCI Intra-Cellular Therapies Inc. 1.47% 140,000 $18.5M New
GTLB Gitlab Inc. Class A 1.43% 381,317 $17.9M Add +1584.2%
WFC Wells Fargo & Co. 1.31% 227,975 $16.4M Reduce -6.5%
CHDN Churchill Downs Inc. 1.27% 143,420 $15.9M Add +74.2%
LZM Lifezone Metals Ltd. 1.25% 3,752,920 $15.7M Add +19.1%
MS Morgan Stanley 1.20% 128,641 $15.0M Add +112.2%
ORLY O'reilly Automotive Inc. 0.93% 8,146 $11.7M Add +42.0%
COF Capital One Financial Corp. 0.92% 64,465 $11.6M New
CVS CVS Health Corp. 0.90% 166,290 $11.3M New
BBWI Bath & Body Works Inc. 0.87% 361,218 $11.0M Add +107.8%
LPLA LPL Financial Holdings Inc. 0.85% 32,584 $10.7M Reduce -52.6%
BURL Burlington Stores Inc. 0.85% 44,514 $10.6M Add +470.1%
BSX Boston Scientific Corp. 0.83% 103,559 $10.4M New
NEE Nextera Energy Inc. 0.82% 145,705 $10.3M Add +1227.4%
SHW The Sherwin-Williams Co. 0.74% 26,632 $9.3M New
MPC Marathon Petroleum Corp. 0.74% 63,281 $9.2M Add +44.0%
ROST Ross Stores Inc. 0.71% 70,121 $9.0M Add +6.3%
SRE Sempra 0.71% 125,011 $8.9M Reduce -31.7%
ALL Allstate Corp. 0.71% 42,788 $8.9M Add +74.7%
BLK BlackRock Inc. 0.70% 9,309 $8.8M New
INTC Intel Corp. 0.70% 386,983 $8.8M Add +25.0%
H Hyatt Hotels Corp. Class A 0.70% 71,391 $8.7M New
MXL Maxlinear Inc. 0.69% 792,833 $8.6M New
VLO Valero Energy Corp. 0.68% 64,772 $8.6M New
JPM JPMorgan Chase & Co. 0.68% 34,566 $8.5M New
PSMT Pricesmart Inc. 0.66% 94,486 $8.3M New
BATRK Atlanta Braves Holdings in-C 0.66% 206,291 $8.3M New
PEG Public Service Enterprise GP 0.64% 97,003 $8.0M Reduce -69.9%
KDP Keurig Dr Pepper Inc. 0.63% 229,468 $7.9M New
META Meta Platforms Inc. Class A 0.63% 13,604 $7.8M Add +48.1%
FHN First Horizon Corp. 0.62% 397,954 $7.7M Add +103.3%
BIRK Birkenstock Holding PLC 0.61% 165,487 $7.6M Add +141.2%
CAH Cardinal Health Inc. 0.60% 54,566 $7.5M Reduce -62.1%
WELL Welltower Inc. 0.60% 48,884 $7.5M Reduce -43.4%
CHKP Check Point Software Tech 0.59% 32,448 $7.4M New
COR Cencora Inc. 0.59% 26,392 $7.3M New
ELV Elevance Health Inc. 0.57% 16,293 $7.1M New
EW Edwards Lifesciences Corp. 0.56% 96,950 $7.0M Reduce -34.9%
CDNS Cadence Design SYS Inc. 0.56% 27,583 $7.0M New
NVDA Nvidia Corp. 0.56% 64,656 $7.0M Add +815.2%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.55% 81,849 $6.9M New
ONON On Holding AG Class A filed as ON HLDG AG 0.54% 154,223 $6.8M New
VRTX Vertex Pharmaceuticals Inc. 0.54% 13,891 $6.7M New
ALNY Alnylam Pharmaceuticals Inc. 0.54% 24,862 $6.7M Add +36.3%
DKS Dick's Sporting Goods Inc. 0.52% 32,325 $6.5M Reduce -28.6%
GAP The Gap Inc. 0.52% 315,637 $6.5M Add +31.4%
AZN Astrazeneca PLC-Spons ADR 0.52% 88,446 $6.5M Add +4.5%
BL Blackline Inc. 0.51% 132,151 $6.4M Add +10.3%
TRU Transunion 0.51% 76,367 $6.3M Add +133.4%
BHF Brighthouse Financial Inc. 0.50% 109,136 $6.3M New
ISRG Intuitive Surgical Inc. 0.50% 12,706 $6.3M Reduce -56.6%
CNNE Cannae Holdings Inc. 0.50% 342,052 $6.3M New
FIVE Five Below 0.50% 82,969 $6.2M Reduce -4.1%
XOP SS SPDR S&P Og Exp & Prod 0.49% 47,038 $6.2M Add +1056.6%
AMT American Tower Corp. 0.48% 27,671 $6.0M New
DLTR Dollar Tree Inc. 0.48% 79,904 $6.0M Reduce -29.6%
DECK Deckers Outdoor Corp. 0.47% 52,808 $5.9M Reduce -12.9%
SCHW Schwab (charles) Corp. 0.47% 75,400 $5.9M New
ACI Albertsons Cos Inc. Class A 0.46% 261,772 $5.8M Add +31.1%
WAT Waters Corp. 0.46% 15,592 $5.7M New
PRVA Privia Health Group Inc. 0.45% 253,783 $5.7M Add +82.2%
PWR Quanta Services Inc. 0.45% 22,307 $5.7M Add +16.1%
CNK Cinemark Holdings Inc. 0.45% 224,980 $5.6M Add +20.3%
UNH Unitedhealth Group Inc. 0.44% 10,514 $5.5M Add +17.8%
KEY Keycorp 0.44% 344,111 $5.5M New
DAL Delta Air Lines Inc. 0.43% 124,730 $5.4M Reduce -25.0%
HCA HCA Healthcare Inc. 0.43% 15,448 $5.3M New
WTW Willis Towers Watson PLC 0.41% 15,241 $5.2M Add +46.6%
LVS Las Vegas Sands Corp. 0.39% 126,359 $4.9M New
CSCO Cisco Systems Inc. 0.39% 78,944 $4.9M New
KKR KKR & Co. Inc. 0.39% 41,885 $4.8M Reduce -47.4%
SITM Sitime Corp. 0.39% 31,643 $4.8M New
TXRH Texas Roadhouse Inc. 0.38% 28,933 $4.8M Add +239.4%
DD Dupont DE Nemours Inc. 0.38% 64,296 $4.8M New
IVZ Invesco Ltd. 0.37% 307,455 $4.7M New
GEO The Geo Group Inc. 0.37% 158,847 $4.6M New
XOM Exxon Mobil Corp. 0.36% 37,758 $4.5M New
PFE Pfizer Inc. 0.36% 176,738 $4.5M Reduce -2.5%
DTM DT Midstream Inc. 0.35% 45,890 $4.4M New
BBY Best Buy Co. Inc. 0.35% 60,123 $4.4M Add +1754.5%
APO Apollo Global Management Inc. 0.35% 32,077 $4.4M Reduce -55.5%
ANF Abercrombie & Fitch Co. Class A 0.34% 56,292 $4.3M New
PAGP Plains GP Holdings LP 0.34% 196,638 $4.2M Reduce -81.2%
VRNA Verona Pharma Ltd. 0.33% 65,375 $4.2M New
FRT Federal Realty Invs Trust 0.33% 42,304 $4.1M Reduce -7.0%
PGR Progressive Corp. 0.33% 14,537 $4.1M New
GH Guardant Health Inc. 0.32% 93,686 $4.0M New
NFLX Netflix Inc. 0.31% 4,222 $3.9M New
IRTC Irhythm Holdings Inc. 0.31% 37,260 $3.9M Add +357.7%
CRH CRH PLC 0.31% 43,515 $3.8M New
TEAM Atlassian Corp. Class A 0.30% 17,721 $3.8M New
FOXA Fox Corp. Class A 0.30% 66,298 $3.8M New
STT State Street Corp. 0.30% 41,882 $3.7M Reduce -35.4%
DHR Danaher Corp. 0.30% 18,095 $3.7M New
SMPL The Simply Good Foods Co. 0.29% 106,534 $3.7M New
MTB M & T Bank Corp. filed as M & T BK CORP 0.29% 20,279 $3.6M New
XYZ Block Inc. 0.29% 65,969 $3.6M Add +87.4%
LRCX Lam Research Corp. 0.28% 47,879 $3.5M New
SFD Smithfield Foods Inc. 0.27% 167,768 $3.4M New
BXP BXP Inc. 0.27% 50,853 $3.4M Reduce -64.4%
UNM Unum Group 0.27% 41,098 $3.3M New
VRN Veren Inc. 0.26% 500,000 $3.3M New
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.26% 68,322 $3.3M New
LASR Nlight Inc. 0.26% 412,555 $3.2M Add +228.8%
TECK Teck Resources Ltd.-CLS B 0.25% 87,461 $3.2M Add +33.1%
TXN Texas Instruments Inc. 0.25% 17,559 $3.2M New
WTTR Select Water Solutions Inc. 0.25% 300,209 $3.2M Add +287.4%
MKTX Marketaxess Holdings Inc. 0.25% 14,519 $3.1M Add +48.9%
LEVI Levi Strauss & Co. Class A 0.25% 199,073 $3.1M New
EQT Eqt Corp. 0.25% 57,849 $3.1M New
CRBG Corebridge Financial Inc. 0.25% 97,418 $3.1M Reduce -61.2%
EQH Equitable Holdings Inc. 0.24% 58,939 $3.1M Reduce -26.4%
SNY Sanofi-ADR 0.24% 54,394 $3.0M Reduce -49.8%
NTRA Natera Inc. 0.24% 21,295 $3.0M New
WAY Waystar Holding Corp. 0.23% 78,216 $2.9M New
GOOGL Alphabet Inc. Class A 0.23% 18,689 $2.9M New
DIOD Diodes Inc. 0.23% 66,677 $2.9M New
SPGI S&P Global Inc. 0.23% 5,569 $2.8M New
ADPT Adaptive Biotechnologies 0.22% 376,736 $2.8M Add +56.1%
RARE Ultragenyx Pharmaceutical Inc. 0.22% 77,261 $2.8M Add +22.7%
BPMC Blueprint Medicines Corp. 0.22% 31,194 $2.8M Reduce -67.5%
IPG Interpublic Group of Cos Inc. 0.22% 100,000 $2.7M No change
GPC Genuine Parts Co. 0.21% 22,114 $2.6M Reduce -71.4%
CLS Celestica Inc. 0.20% 32,486 $2.6M New
NXST Nexstar Media Group Inc. 0.20% 14,197 $2.5M New
CBOE Cboe Global Markets Inc. 0.20% 11,088 $2.5M New
U Unity Software Inc. 0.20% 126,977 $2.5M New
HIG Hartford Insurance Group Inc. 0.19% 19,576 $2.4M New
SNX TD Synnex Corp. 0.19% 22,990 $2.4M New
ARGX Argenx SE - ADR 0.19% 4,036 $2.4M Reduce -32.9%
STE Steris PLC 0.19% 10,438 $2.4M New
RL Ralph Lauren Corp. 0.18% 10,337 $2.3M New
HBM Hudbay Minerals Inc. 0.18% 295,947 $2.2M New
RH RH 0.18% 9,385 $2.2M Reduce -13.1%
CC The Chemours Co. 0.17% 160,932 $2.2M Reduce -61.0%
DRVN Driven Brands Holdings Inc. 0.17% 123,421 $2.1M Add +36.0%
AMKR Amkor Technology Inc. 0.17% 116,586 $2.1M New
CYTK Cytokinetics Inc. 0.17% 52,321 $2.1M New
CCJ Cameco Corp. 0.16% 49,840 $2.1M New
BMRN Biomarin Pharmaceutical Inc. 0.16% 28,736 $2.0M New
FAST Fastenal Co. 0.16% 25,933 $2.0M New
SHEL Shell PLC-ADR 0.16% 26,878 $2.0M Reduce -64.9%
DVA Davita Inc. 0.15% 12,614 $1.9M Reduce -72.8%
SLV iShares Silver Trust 0.15% 60,000 $1.9M New
INSM Insmed Inc. 0.14% 23,553 $1.8M Reduce -6.7%
LSCC Lattice Semiconductor Corp. 0.14% 34,251 $1.8M New
TDG Transdigm Group Inc. 0.14% 1,268 $1.8M Reduce -82.7%
DOV Dover Corp. 0.14% 9,858 $1.7M Reduce -53.4%
HUBS HubSpot Inc. 0.14% 3,026 $1.7M Reduce -83.7%
CIEN Ciena Corp. 0.14% 28,282 $1.7M New
PRMB Primo Brands Corp. 0.14% 47,735 $1.7M Reduce -89.3%
ARES Ares Management Corp. Class A 0.13% 11,197 $1.6M Add +145.6%
CNMD Conmed Corp. 0.13% 26,549 $1.6M New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.13% 4,641 $1.6M Reduce -94.7%
TTI Tetra Technologies Inc. 0.13% 475,000 $1.6M Add +13.6%
W Wayfair Inc. Class A 0.13% 49,334 $1.6M Reduce -52.7%
CBRE CBRE Group Inc. Class A 0.13% 12,030 $1.6M New
EVR Evercore Inc. Class A 0.12% 7,824 $1.6M New
LLY Eli Lilly & Co. 0.12% 1,880 $1.6M New
JEF Jefferies Financial Group Inc. 0.12% 28,353 $1.5M Reduce -59.6%
EHC Encompass Health Corp. 0.12% 14,855 $1.5M Reduce -84.1%
CWAN Clearwater Analytics HDS-A 0.12% 56,048 $1.5M New
GILD Gilead Sciences Inc. 0.12% 13,202 $1.5M Reduce -87.5%
EXE Expand Energy Corp. 0.11% 12,879 $1.4M Reduce -71.3%
GLD SPDR Gold Shares 0.11% 4,951 $1.4M New
PPC Pilgrim's Pride Corp. 0.11% 26,073 $1.4M New
SBRA Sabra Health Care REIT Inc. 0.11% 80,504 $1.4M Reduce -53.9%
ICHR Ichor Holdings Ltd. 0.11% 59,957 $1.4M New
S Sentinelone Inc. Class A 0.11% 74,025 $1.3M Reduce -70.3%
LH Labcorp Holdings Inc. 0.11% 5,752 $1.3M Reduce -77.1%
MC Moelis & Co. Class A 0.10% 22,217 $1.3M Reduce -63.3%
KGC Kinross Gold Corp. 0.10% 102,357 $1.3M Reduce -56.4%
ATI Ati Inc. 0.10% 24,435 $1.3M Add +69.0%
XYL Xylem Inc. 0.10% 10,461 $1.2M New
WTFC Wintrust Financial Corp. 0.10% 10,795 $1.2M Reduce -59.6%
CARR Carrier Global Corp. 0.10% 19,000 $1.2M New
ASND Ascendis Pharma A/S 0.10% 7,640 $1.2M New
VKTX Viking Therapeutics Inc. 0.09% 48,919 $1.2M Add +644.0%
WBS Webster Financial Corp. 0.09% 22,474 $1.2M Reduce -78.2%
WST West Pharmaceutical Services 0.09% 5,140 $1.2M Reduce -68.0%
FLR Fluor Corp. 0.09% 31,359 $1.1M Add +36.7%
RJF Raymond James Financial Inc. 0.09% 8,052 $1.1M New
NOC Northrop Grumman Corp. 0.09% 2,180 $1.1M New
CRWV Coreweave Inc. Class A 0.09% 30,000 $1.1M New
BIIB Biogen Inc. 0.09% 7,894 $1.1M New
HWM Howmet Aerospace Inc. 0.09% 8,221 $1.1M Add +64.4%
SBGI Sinclair Inc. 0.08% 66,432 $1.1M New
ETN Eaton Corp. PLC 0.08% 3,891 $1.1M Add +529.6%
EWW iShares MSCI Mexico ETF 0.08% 20,000 $1.0M New
PNR Pentair PLC 0.08% 11,154 $976K New
TGNA Tegna Inc. 0.08% 53,343 $972K New
ATR Aptargroup Inc. 0.08% 6,545 $971K New
CDRE Cadre Holdings Inc. 0.08% 32,658 $967K New
XLC SS Comm Select Sector SPDR 0.08% 10,000 $965K New
PLNT Planet Fitness Inc. Class A 0.07% 9,694 $937K New
THC Tenet Healthcare Corp. 0.07% 6,884 $926K Reduce -64.6%
AEM Agnico Eagle Mines Ltd. 0.07% 8,529 $925K Reduce -92.7%
CRDO Credo Technology Group Holdi 0.07% 23,004 $924K New
CSL Carlisle Cos Inc. 0.07% 2,657 $905K New
APH Amphenol Corp. Class A 0.07% 13,709 $899K Reduce -76.5%
LQDA Liquidia Corp. 0.07% 60,499 $892K Reduce -1.7%
KTB Kontoor Brands Inc. 0.07% 13,741 $881K New
BX Blackstone Inc. 0.07% 6,061 $847K New
USFD US Foods Holding Corp. 0.07% 12,884 $843K New
ACH Accendra Health Inc. filed as OWENS & MINOR INC NEW 0.07% 92,197 $833K New
RNR Renaissancere Holdings Ltd. 0.07% 3,450 $828K New
NVCR Novocure Ltd. 0.07% 46,415 $827K Reduce -57.7%
DPZ Domino's Pizza Inc. 0.06% 1,724 $792K New
AN Autonation Inc. 0.06% 4,866 $788K New
CLDX Celldex Therapeutics Inc. 0.06% 43,395 $788K Reduce -46.6%
DGX Quest Diagnostics Inc. 0.06% 4,488 $759K Reduce -94.9%
SF Stifel Financial Corp. 0.06% 7,890 $744K Reduce -88.7%
ABBV Abbvie Inc. 0.06% 3,536 $741K New
IOT Samsara Inc. Class A 0.06% 19,084 $731K Reduce -91.3%
FUN Six Flags Entertainment Corp. 0.06% 20,000 $713K Reduce -89.8%
AIT Applied Industrial Tech Inc. 0.06% 3,135 $706K Reduce -58.8%
MSFT Microsoft Corp. 0.05% 1,820 $683K Reduce -93.6%
AMCR Amcor PLC 0.05% 66,639 $646K New
KYMR Kymera Therapeutics Inc. 0.05% 23,492 $643K Reduce -34.8%
LEGN Legend Biotech Corp.-ADR 0.05% 18,825 $639K Reduce -38.7%
VERA Vera Therapeutics Inc. 0.05% 26,364 $633K Reduce -76.8%
CART Maplebear Inc. 0.05% 15,623 $623K New
EBAY eBay Inc. 0.05% 9,050 $613K New
WM Waste Management Inc. 0.05% 2,570 $595K New
FTV Fortive Corp. 0.04% 7,650 $560K New
TGTX TG Therapeutics Inc. 0.04% 14,145 $558K New
NYT New York Times Co. Class A 0.04% 11,137 $552K New
BOW Bowhead Specialty Holdings I 0.04% 13,561 $551K Reduce -80.0%
VIR Vir Biotechnology Inc. 0.04% 84,398 $547K New
FWONK Liberty Media Corp. Class C 0.04% 6,026 $542K New
KR Kroger Co. 0.04% 7,891 $534K Reduce -62.5%
LAD Lithia Motors Inc. 0.04% 1,796 $527K New
SEZL Sezzle Inc. 0.04% 15,110 $527K Reduce -20.6%
MRUS Merus NV 0.04% 12,361 $520K New
MSCI MSCI Inc. 0.04% 894 $506K New
RKT Rocket Cos Inc. Class A 0.04% 41,442 $500K Reduce -88.2%
PHM Pultegroup Inc. 0.04% 4,820 $495K New
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.04% 5,142 $472K New
GKOS Glaukos Corp. 0.04% 4,765 $469K Reduce -53.6%
CGON CG Oncology Inc. 0.04% 18,955 $464K Reduce -16.2%
AVNT Avient Corp. 0.04% 12,487 $464K New
NRIX Nurix Therapeutics Inc. 0.04% 38,770 $461K Reduce -75.6%
AMD Advanced Micro Devices 0.03% 4,218 $433K Add +35.6%
EPAM Epam Systems Inc. 0.03% 2,552 $431K Reduce -88.8%
CMRX Chimerix Inc. 0.03% 50,000 $426K New
ADSK Autodesk Inc. 0.03% 1,600 $419K New
AXP American Express Co. 0.03% 1,525 $410K New
RVMD Revolution Medicines Inc. 0.03% 11,343 $401K Reduce -67.4%
MTSI Macom Technology Solutions H 0.03% 3,827 $384K Reduce -89.1%
TNET Trinet Group Inc. 0.03% 4,805 $381K New
BLD Topbuild Corp. 0.03% 1,220 $372K New
MDGL Madrigal Pharmaceuticals Inc. 0.03% 1,091 $361K Reduce -79.8%
OTIS Otis Worldwide Corp. 0.03% 3,400 $351K New
SBUX Starbucks Corp. 0.03% 3,440 $337K Reduce -95.7%
ITT Itt Inc. 0.03% 2,557 $330K Add +46.2%
TEL Te Connectivity PLC 0.03% 2,267 $320K New
GTES Gates Industrial Corp. UK Ltd. 0.02% 16,815 $310K Reduce -78.8%
CRS Carpenter Technology 0.02% 1,700 $308K Reduce -83.5%
TERN Terns Pharmaceuticals Inc. 0.02% 109,997 $304K No change
EME Emcor Group Inc. 0.02% 813 $301K Reduce -63.0%
CRL Charles River Laboratories 0.02% 1,988 $299K Reduce -83.8%
HEES H&E Equipment Services Inc. 0.02% 3,000 $284K New
IR Ingersoll-Rand Inc. 0.02% 3,400 $272K New
ANNX Annexon Inc. 0.02% 135,466 $261K No change
DG Dollar General Corp. 0.02% 2,972 $261K New
RGEN Repligen Corp. 0.02% 1,974 $251K Reduce -96.8%
CME Cme Group Inc. 0.02% 903 $240K New
OC Owens Corning 0.02% 1,663 $238K New
RYTM Rhythm Pharmaceuticals Inc. 0.02% 4,356 $231K Reduce -94.7%
MLYS Mineralys Therapeutics Inc. 0.02% 14,219 $226K New
ADTN Adtran Holdings Inc. 0.01% 13,522 $118K No change
CSTM Constellium SE 0.01% 11,535 $116K New

Options reported separately and not counted above: IEF calls ($19.1M), DLTR calls ($11.3M), HUM calls ($6.5M), XLC puts ($4.8M), CC calls ($2.7M), DKS puts ($2.0M), ALGM calls ($2.0M), SLV calls ($1.5M), PAAS calls ($646K), CSTM calls ($505K), SLNO calls ($357K).

Other holdings (4): bonds, preferreds, convertibles and warrants · $2.0M (not counted above)
SecurityClassShares / PrincipalValueChange
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 181,700$1.7MNo change
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 550,000$253KNo change
FBYDW Falcon's Beyond Global-27 *W EXP 10/06/202 11,747$12KNo change
SESCW Ivanhoe Capital Class A -CW27 *W EXP 12/10/202 67,024$4KReduce -5.6%

Total filed on the 13F, all lines: $1.3B.

Portfolio Sells Q4 2024 → Q1 2025
AM Antero Midstream Corp. Sold out 0.00% −2.02
WMB Williams Cos Inc. Sold out 0.00% −1.98
DFS Discover Financial Services Sold out 0.00% −1.95
DUK Duke Energy Corp. Sold out 0.00% −1.86
SUM Summit Materials Inc. Class A Sold out 0.00% −1.58
AJG Arthur J Gallagher & Co. Reduce -94.7% 0.13% −1.20
OKE Oneok Inc. Sold out 0.00% −1.07
HCP Hashicorp Inc. Class A Sold out 0.00% −0.95
PEG Public Service Enterprise GP Reduce -69.9% 0.64% −0.83
BKV BKV Corporation Sold out 0.00% −0.78
PODD Insulet Corp. Sold out 0.00% −0.73
BE Bloom Energy Corp. Class A Sold out 0.00% −0.72
NET Cloudflare Inc. Class A Sold out 0.00% −0.71
AMZN Amazon.com Inc. Sold out 0.00% −0.70
PAGP Plains GP Holdings LP Reduce -81.2% 0.34% −0.70
MDB Mongodb Inc. Sold out 0.00% −0.70
A Agilent Technologies Inc. Sold out 0.00% −0.70
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.70
CNP Centerpoint Energy Inc. Sold out 0.00% −0.66
DGX Quest Diagnostics Inc. Reduce -94.9% 0.06% −0.65
FDX FedEx Corp. Sold out 0.00% −0.64
UAL United Airlines Holdings Inc. Sold out 0.00% −0.61
PRMB Primo Brands Corp. Reduce -89.3% 0.14% −0.60
MSFT Microsoft Corp. Reduce -93.6% 0.05% −0.59
FITB Fifth Third Bancorp Sold out 0.00% −0.58
BA The Boeing Co. Sold out 0.00% −0.58
HUBS HubSpot Inc. Reduce -83.7% 0.14% −0.56
TER Teradyne Inc. Sold out 0.00% −0.54
INFA Informatica Inc. Class A Sold out 0.00% −0.53
CEG Constellation Energy Reduce -39.6% 2.18% −0.53
CG The Carlyle Group Inc. Sold out 0.00% −0.52
DTE DTE Energy Company Sold out 0.00% −0.49
TRP TC Energy Corp. Sold out 0.00% −0.49
GPI Group 1 Automotive Inc. Sold out 0.00% −0.48
WYNN WYNN Resorts Ltd. Sold out 0.00% −0.48
HBAN Huntington Bancshares Inc. Sold out 0.00% −0.46
IOT Samsara Inc. Class A Reduce -91.3% 0.06% −0.46
BDX Becton Dickinson and Co. Sold out 0.00% −0.46
RGEN Repligen Corp. Reduce -96.8% 0.02% −0.46
FUN Six Flags Entertainment Corp. Reduce -89.8% 0.06% −0.46
SMAR Smartsheet Inc. Class A Sold out 0.00% −0.45
TJX TJX Companies Inc. Sold out 0.00% −0.45
AMED Amedisys Inc. Sold out 0.00% −0.44
ESTC Elastic NV Sold out 0.00% −0.42
ICUI Icu Medical Inc. Sold out 0.00% −0.42
AER Aercap Holdings NV Sold out 0.00% −0.42
AEM Agnico Eagle Mines Ltd. Reduce -92.7% 0.07% −0.42
SHAK Shake Shack Inc. Class A Sold out 0.00% −0.41
GILD Gilead Sciences Inc. Reduce -87.5% 0.12% −0.41
MCO Moody's Corp. Sold out 0.00% −0.37

Portfolio Buys Q4 2024 → Q1 2025
KMI Kinder Morgan Inc. New 2.35% +2.35
BECN Beacon Roofing Supply Inc. Add +277.0% 2.73% +2.33
ALGM Allegro Microsystems Inc. New 1.89% +1.89
IEF iShares 7-10 Year Treasury B New 1.56% +1.56
ITCI Intra-Cellular Therapies Inc. New 1.47% +1.47
HD Home Depot Inc. Add +238.5% 1.76% +1.39
GTLB Gitlab Inc. Class A Add +1584.2% 1.43% +1.36
KD Kyndryl Holdings Inc. Add +65.9% 1.97% +1.08
DT Dynatrace Inc. Add +120.5% 1.59% +1.03
COF Capital One Financial Corp. New 0.92% +0.92
CVS CVS Health Corp. New 0.90% +0.90
BSX Boston Scientific Corp. New 0.83% +0.83
MS Morgan Stanley Add +112.2% 1.20% +0.79
NEE Nextera Energy Inc. Add +1227.4% 0.82% +0.78
SHW The Sherwin-Williams Co. New 0.74% +0.74
BURL Burlington Stores Inc. Add +470.1% 0.85% +0.73
BLK BlackRock Inc. New 0.70% +0.70
H Hyatt Hotels Corp. Class A New 0.70% +0.70
MXL Maxlinear Inc. New 0.69% +0.69
VLO Valero Energy Corp. New 0.68% +0.68
CHDN Churchill Downs Inc. Add +74.2% 1.27% +0.68
JPM JPMorgan Chase & Co. New 0.68% +0.68
PSMT Pricesmart Inc. New 0.66% +0.66
BATRK Atlanta Braves Holdings in-C New 0.66% +0.66
KDP Keurig Dr Pepper Inc. New 0.63% +0.63
VST Vistra Corp. Add +6.2% 2.40% +0.61
CHKP Check Point Software Tech New 0.59% +0.59
COR Cencora Inc. New 0.59% +0.59
ELV Elevance Health Inc. New 0.57% +0.57
ORLY O'reilly Automotive Inc. Add +42.0% 0.93% +0.56
CDNS Cadence Design SYS Inc. New 0.56% +0.56
BNY Bank of New York Mellon Corp. New 0.55% +0.55
ONON On Holding AG Class A New 0.54% +0.54
VRTX Vertex Pharmaceuticals Inc. New 0.54% +0.54
BBWI Bath & Body Works Inc. Add +107.8% 0.87% +0.51
NVDA Nvidia Corp. Add +815.2% 0.56% +0.51
BHF Brighthouse Financial Inc. New 0.50% +0.50
CNNE Cannae Holdings Inc. New 0.50% +0.50
AMT American Tower Corp. New 0.48% +0.48
SCHW Schwab (charles) Corp. New 0.47% +0.47
XOP SS SPDR S&P Og Exp & Prod Add +1056.6% 0.49% +0.47
WAT Waters Corp. New 0.46% +0.46
ALL Allstate Corp. Add +74.7% 0.71% +0.45
KEY Keycorp New 0.44% +0.44
HCA HCA Healthcare Inc. New 0.43% +0.43
MPC Marathon Petroleum Corp. Add +44.0% 0.74% +0.40
FHN First Horizon Corp. Add +103.3% 0.62% +0.40
BIRK Birkenstock Holding PLC Add +141.2% 0.61% +0.40
LVS Las Vegas Sands Corp. New 0.39% +0.39
CSCO Cisco Systems Inc. New 0.39% +0.39

Options Activity Q4 2024 → Q1 2025
KMI Kinder Morgan Inc. put Sold out 800,000 $21.9Mbefore exit
IEF iShares 7-10 Year Treasury B call New 200,000 $19.1M
AAPL Apple Inc. put Sold out 75,000 $18.8Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 28,500 $16.7Mbefore exit
DLTR Dollar Tree Inc. call New 150,000 $11.3M
INTC Intel Corp. call Sold out 450,000 $9.0Mbefore exit
TLT iShares 20+ Year Treasury BD put Sold out 100,000 $8.7Mbefore exit
SGI Somnigroup International Inc. call Sold out 150,000 $8.5Mbefore exit
SAIC Science Applications Inte put Sold out 70,000 $7.8Mbefore exit
HUM Humana Inc. call New 24,500 $6.5M
XLC SS Comm Select Sector SPDR put New 50,000 $4.8M
M Macy's Inc. call Sold out 200,000 $3.4Mbefore exit
SNAP Snap Inc. Class A call Sold out 200,000 $2.2Mbefore exit
DKS Dick's Sporting Goods Inc. put New 10,000 $2.0M
ALGM Allegro Microsystems Inc. call New 80,000 $2.0M
FWRD Forward Air Corp. call Sold out 50,000 $1.6Mbefore exit
SLV iShares Silver Trust call Add +25.0% 50,000 $1.5M
RNAM Avidity Biosciences Inc. put Sold out 50,000 $1.5Mbefore exit
HIMS Hims & Hers Health Inc. put Sold out 50,000 $1.2Mbefore exit
AMTM Amentum Holdings Inc. call Sold out 50,000 $1.1Mbefore exit
CENX Century Aluminum Company call Sold out 50,000 $911Kbefore exit
PAAS Pan American Silver Corp. call New 25,000 $646K
SLNO Soleno Therapeutics Inc. call New 5,000 $357K

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
SESCW Ivanhoe Capital Class A -CW27 *W EXP 12/10/202 Reduce -5.6% 67,024 $4K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 396$2.5BVST, IWM, APGE, PKG, HD
Q1 2026 345$1.5BVST, VLO, FPS, HD, LZM
Q4 2025 374$1.7BVST, CVX, FYBR, EXAS, CYBR
Q3 2025 371$2.0BVST, CYBR, ROST, K, FYBR
Q2 2025 336$1.8BVST, FLR, CEG, K, BPMC
Q1 2025 285$1.3BK, BECN, VST, KMI, CEG
Q4 2024 321$1.9BCEG, AM, WMB, DFS, K
Q3 2024 340$1.7BVST, AM, SRCL, BKV, KD
Q2 2024 349$1.9BVST, AM, MPC, WFC, ARES
Q1 2024 357$1.9BGE, AES, PI, NEE, VST