Cinctive Capital Management LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Cinctive Capital Management LP reported 374 stock positions worth $1.7 billion. Its top holding was Vistra (VST) at 3.1% of the portfolio, followed by Chevron (CVX, 2.1%) and Frontier Communications Pare (FYBR, 2.1%). Compared with Q3 2025, it opened 160 new positions, sold out of 158, added to 85 and reduced 127. The biggest buy was Exact Sciences (EXAS, shares +1359%) and the biggest sale an exit from Kellanova (K).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001787258
Portfolio Value
$1.7B (Q4 2025)
SEC Filing
0001172661-26-000866 ↗ filed Feb 17, 2026

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 Q1 2025 Q2 2025: $1.8B Q2 2025 Q3 2025: $2.0B Q3 2025 Q4 2025: $1.7B $1.7B Q4 2025 Q1 2026: $1.5B Q1 2026 Q2 2026: $2.5B Q2 2026

Holdings 374 stocks · $1.7B
VST Vistra Corp. 3.11% 333,724 $53.8M Add +69.9%
CVX Chevron Corp. 2.11% 239,885 $36.6M Add +448.1%
FYBR Frontier Communications Pare 2.10% 956,395 $36.4M Add +26.4%
EXAS Exact Sciences Corp. 1.93% 330,000 $33.5M Add +1359.3%
CYBR Cyberark Software Ltd./Israel 1.90% 73,823 $32.9M Add +11.7%
LZM Lifezone Metals Ltd. 1.71% 6,922,924 $29.6M Add +66.8%
KMI Kinder Morgan Inc. 1.50% 942,600 $25.9M Reduce -3.6%
SRE Sempra 1.49% 292,101 $25.8M Reduce -0.3%
TEAM Atlassian Corp. Class A 1.45% 154,988 $25.1M New
NVDA Nvidia Corp. 1.38% 127,931 $23.9M Add +63.0%
CEG Constellation Energy 1.32% 64,811 $22.9M Add +15.8%
ROST Ross Stores Inc. 1.26% 121,060 $21.8M Reduce -41.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.22% 383,251 $21.1M Reduce -21.6%
WBI Waterbridge Infrastruc Class A 1.20% 1,037,289 $20.8M Add +43.3%
EXE Expand Energy Corp. 1.17% 183,073 $20.2M Reduce -23.8%
VLO Valero Energy Corp. 1.15% 122,244 $19.9M Add +102.5%
CVLT Commvault Systems Inc. 1.14% 157,815 $19.8M New
HBAN Huntington Bancshares Inc. 1.05% 1,053,067 $18.3M Add +83.9%
HUBS HubSpot Inc. 1.02% 43,875 $17.6M Add +10.3%
KRSP Rice Acquisition Corp. 3-A 0.98% 1,654,849 $17.0M New
FFIV F5 Inc. 0.95% 64,186 $16.4M New
PEG Public Service Enterprise GP 0.92% 198,854 $16.0M Add +8.6%
HOLX Hologic Inc. 0.90% 210,000 $15.6M Add +216.3%
COF Capital One Financial Corp. 0.90% 64,491 $15.6M Add +10.0%
JBS JBS NV-A 0.89% 1,070,517 $15.4M Add +41.0%
C Citigroup Inc. 0.84% 124,253 $14.5M Reduce -29.2%
MS Morgan Stanley 0.83% 80,991 $14.4M Add +6003.3%
CFLT Confluent Inc. Class A 0.79% 450,000 $13.6M Add +265.1%
BIRK Birkenstock Holding PLC 0.78% 330,442 $13.5M Reduce -3.6%
TXRH Texas Roadhouse Inc. 0.78% 81,357 $13.5M Reduce -28.5%
ORLY O'reilly Automotive Inc. 0.76% 144,637 $13.2M Add +84.4%
CHDN Churchill Downs Inc. 0.72% 109,296 $12.4M Reduce -44.2%
HD Home Depot Inc. 0.71% 35,539 $12.2M Reduce -36.8%
FIVE Five Below 0.70% 64,084 $12.1M Add +44.4%
NSC Norfolk Southern Corp. 0.68% 40,745 $11.8M Reduce -38.5%
FHN First Horizon Corp. 0.66% 477,149 $11.4M Add +18.4%
EVR Evercore Inc. Class A 0.64% 32,661 $11.1M Add +32.7%
BL Blackline Inc. 0.64% 199,544 $11.0M Add +30.5%
MRCY Mercury Systems Inc. 0.62% 147,444 $10.8M New
RL Ralph Lauren Corp. 0.62% 30,161 $10.7M New
NIQ Niq Global Intelligence PLC 0.61% 639,269 $10.5M Reduce -20.6%
LLY Eli Lilly & Co. 0.60% 9,746 $10.5M New
APPN Appian Corp. Class A 0.60% 295,603 $10.5M Add +59.0%
TGT Target Corp. 0.60% 106,217 $10.4M New
MU Micron Technology Inc. 0.59% 35,981 $10.3M Reduce -41.1%
NEE Nextera Energy Inc. 0.57% 122,303 $9.8M Add +0.6%
DT Dynatrace Inc. 0.56% 224,666 $9.7M New
SF Stifel Financial Corp. 0.56% 77,411 $9.7M Add +1908.6%
AMZN Amazon.com Inc. 0.54% 40,667 $9.4M Reduce -0.8%
APO Apollo Global Management Inc. 0.54% 64,607 $9.4M New
BIIB Biogen Inc. 0.53% 52,173 $9.2M Reduce -20.8%
ADSK Autodesk Inc. 0.52% 30,606 $9.1M New
KEY Keycorp 0.51% 426,559 $8.8M New
ASML ASML Holding NV-NY Reg SHS 0.50% 8,048 $8.6M Add +64.5%
LULU Lululemon Athletica Inc. 0.49% 40,951 $8.5M New
SNV Synovus Financial Corp. 0.49% 169,341 $8.5M New
ESTC Elastic NV 0.47% 106,845 $8.1M Reduce -33.7%
CFG Citizens Financial Group 0.46% 135,527 $7.9M Reduce -43.4%
ASO Academy Sports & Outdoors Inc. 0.46% 157,962 $7.9M New
COLB Columbia Banking System Inc. 0.46% 282,188 $7.9M New
ALSN Allison Transmission Holding 0.45% 79,411 $7.8M New
DIOD Diodes Inc. 0.44% 156,060 $7.7M New
PWR Quanta Services Inc. 0.44% 18,235 $7.7M Add +193.5%
ICE Intercontinental Exchange Inc. 0.44% 47,454 $7.7M New
AKAM Akamai Technologies Inc. 0.43% 86,006 $7.5M New
AEO American Eagle Outfitters 0.42% 278,646 $7.3M New
COST Costco Wholesale Corp. 0.41% 8,329 $7.2M New
SMTC Semtech Corp. 0.40% 94,424 $7.0M New
TWLO Twilio Inc. Class A 0.40% 48,699 $6.9M Add +40.7%
BE Bloom Energy Corp. Class A 0.40% 78,817 $6.8M Add +12.2%
AVT Avnet Inc. 0.39% 142,265 $6.8M New
TFC Truist Financial Corp. 0.38% 133,908 $6.6M New
NTRS Northern Trust Corp. 0.37% 47,442 $6.5M Add +63.9%
MDB Mongodb Inc. 0.37% 15,413 $6.5M New
SLAB Silicon Laboratories Inc. 0.37% 49,232 $6.4M New
TPG TPG Inc. 0.36% 97,796 $6.2M Add +79.6%
ONON On Holding AG Class A filed as ON HLDG AG 0.36% 133,769 $6.2M Reduce -16.4%
LB Landbridge Co. LLC-A 0.36% 126,914 $6.2M Add +128.7%
BATRK Atlanta Braves Holdings in-C 0.36% 157,411 $6.2M Add +35.0%
ED Consolidated Edison Inc. 0.36% 62,232 $6.2M New
TER Teradyne Inc. 0.35% 31,725 $6.1M Reduce -29.1%
BEN Franklin Templeton Inc. 0.35% 256,361 $6.1M Add +216.4%
BBY Best Buy Co. Inc. 0.35% 90,894 $6.1M Reduce -51.6%
AM Antero Midstream Corp. 0.34% 333,639 $5.9M Add +235.9%
WMT Walmart Inc. 0.34% 52,235 $5.8M Reduce -36.2%
ANF Abercrombie & Fitch Co. Class A 0.33% 45,665 $5.7M Add +350.5%
DAY Dayforce Inc. 0.33% 82,330 $5.7M Add +1076.1%
KVYO Klaviyo Inc. Class A 0.33% 174,770 $5.7M Reduce -38.8%
CRM Salesforce Inc. 0.33% 21,317 $5.6M New
YUM Yum! Brands Inc. 0.33% 37,327 $5.6M Reduce -73.6%
B Barrick Mining Corp. 0.32% 128,571 $5.6M Reduce -47.5%
ARGX Argenx SE - ADR 0.32% 6,606 $5.6M Reduce -46.3%
WDC Western Digital Corp. 0.32% 32,099 $5.5M Reduce -18.4%
TMO Thermo Fisher Scientific Inc. 0.32% 9,480 $5.5M Add +36.6%
AS Amer Sports Inc. 0.32% 146,990 $5.5M Add +491.9%
ROG Rogers Corp. 0.32% 59,626 $5.5M Reduce -10.1%
BBIO Bridgebio Pharma Inc. 0.31% 70,175 $5.4M Reduce -26.6%
DHR Danaher Corp. 0.31% 23,298 $5.3M Add +90.7%
AVGO Broadcom Inc. 0.30% 15,088 $5.2M New
SOLS Solstice Adv Materials Inc. 0.30% 106,446 $5.2M Add +1706.1%
U Unity Software Inc. 0.30% 115,790 $5.1M Reduce -1.9%
MKSI MKS Inc. 0.29% 31,897 $5.1M New
MRK Merck & Co. Inc. 0.29% 47,706 $5.0M Reduce -46.1%
XLC SS Comm Select Sector SPDR 0.29% 42,383 $5.0M Reduce -33.2%
NMRK Newmark Group Inc. Class A 0.29% 287,140 $5.0M New
XLRE SS Real Estate Select Sector 0.29% 123,395 $5.0M New
KGC Kinross Gold Corp. 0.29% 176,626 $5.0M Add +85.1%
REGN Regeneron Pharmaceuticals 0.28% 6,343 $4.9M Add +227.5%
CMCSA Comcast Corp. Class A 0.27% 158,742 $4.7M New
IBKR Interactive Brokers Gro Class A 0.27% 72,686 $4.7M Reduce -50.9%
AMP Ameriprise Financial Inc. 0.27% 9,522 $4.7M New
NAVN Navan Inc. Class A 0.27% 273,306 $4.7M New
SEE Sealed Air Corp. 0.27% 112,400 $4.7M Add +247.5%
DUK Duke Energy Corp. 0.27% 39,509 $4.6M Reduce -70.7%
NXT Nextpower Inc. 0.27% 52,867 $4.6M New
CR Crane Co. 0.26% 24,797 $4.6M New
BURL Burlington Stores Inc. 0.26% 15,564 $4.5M Add +24.5%
CDTX Cidara Therapeutics Inc. 0.26% 20,000 $4.4M Add +65.8%
MTSI Macom Technology Solutions H 0.25% 25,439 $4.4M Reduce -48.5%
AVDL Avadel Pharmaceuticals Ltd. 0.25% 200,000 $4.3M New
TEVA Teva Pharmaceutical-SP ADR 0.25% 137,380 $4.3M Reduce -55.3%
CNP Centerpoint Energy Inc. 0.25% 110,822 $4.2M Reduce -59.6%
MKTX Marketaxess Holdings Inc. 0.24% 22,853 $4.1M Add +76.9%
TYL Tyler Technologies Inc. 0.24% 9,092 $4.1M New
UNH Unitedhealth Group Inc. 0.24% 12,359 $4.1M Add +117.2%
EWBC East West Bancorp Inc. 0.23% 36,188 $4.1M New
FICO Fair Isaac Corp. 0.23% 2,396 $4.1M New
TRP TC Energy Corp. 0.23% 73,515 $4.0M Reduce -31.5%
INTC Intel Corp. 0.23% 109,312 $4.0M Reduce -55.5%
STEP Stepstone Group Inc. Class A 0.23% 62,443 $4.0M New
PBF PBF Energy Inc. Class A 0.23% 147,325 $4.0M New
W Wayfair Inc. Class A 0.23% 39,413 $4.0M Add +355.4%
SCHW Schwab (charles) Corp. 0.23% 39,346 $3.9M New
GD General Dynamics Corp. 0.23% 11,665 $3.9M New
FOLD Amicus Therapeutics Inc. 0.23% 275,000 $3.9M New
NVT Nvent Electric PLC 0.22% 38,072 $3.9M Reduce -43.5%
SPGI S&P Global Inc. 0.22% 7,398 $3.9M Add +1250.0%
MCK McKesson Corp. 0.22% 4,664 $3.8M Reduce -8.8%
MCD McDonald's Corp. 0.22% 12,384 $3.8M Add +414.5%
LH Labcorp Holdings Inc. 0.22% 15,046 $3.8M Add +31.0%
CVS CVS Health Corp. 0.21% 46,754 $3.7M New
ON On Semiconductor 0.21% 67,641 $3.7M New
RNAM Avidity Biosciences Inc. 0.21% 50,000 $3.6M Add +66.2%
CPRI Capri Holdings Ltd. 0.21% 147,684 $3.6M Reduce -40.7%
ORCL Oracle Corp. 0.21% 18,459 $3.6M New
MRVL Marvell Technology Inc. 0.21% 42,058 $3.6M New
TW Tradeweb Markets Inc. Class A 0.21% 33,170 $3.6M New
PIPR Piper Sandler Cos 0.20% 10,381 $3.5M Reduce -15.9%
VTR Ventas Inc. 0.20% 45,121 $3.5M Reduce -37.2%
HLNE Hamilton Lane Inc. Class A 0.20% 25,628 $3.4M New
RVMD Revolution Medicines Inc. 0.20% 42,635 $3.4M New
TSLA Tesla Inc. 0.20% 7,538 $3.4M Add +6.9%
GSK GSK PLC-Spon ADR 0.19% 67,804 $3.3M New
VERA Vera Therapeutics Inc. 0.19% 64,617 $3.3M Reduce -33.1%
GAP The Gap Inc. 0.19% 126,783 $3.2M Reduce -69.7%
HLI Houlihan Lokey Inc. 0.18% 18,221 $3.2M Add +113.9%
KLIC Kulicke & Soffa Industries 0.18% 69,184 $3.2M New
INSM Insmed Inc. 0.18% 17,945 $3.1M Reduce -72.9%
IYT iShares US Transportation Et 0.18% 41,356 $3.1M New
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.18% 69,698 $3.1M New
PSMT Pricesmart Inc. 0.18% 25,047 $3.1M Reduce -78.4%
EME Emcor Group Inc. 0.18% 5,020 $3.1M New
ISRG Intuitive Surgical Inc. 0.18% 5,418 $3.1M Add +302.8%
JHX James Hardie Ind PLC 0.17% 144,960 $3.0M Reduce -27.3%
WTTR Select Water Solutions Inc. 0.17% 280,816 $3.0M Reduce -55.0%
BLDR Builders Firstsource Inc. 0.17% 28,686 $3.0M Add +122.9%
DAL Delta Air Lines Inc. 0.17% 41,356 $2.9M Reduce -85.9%
TERN Terns Pharmaceuticals Inc. 0.16% 70,159 $2.8M Reduce -9.5%
HR Healthcare Realty Trust Inc. 0.16% 164,667 $2.8M Reduce -13.1%
VIA Via Transportation Inc. Class A 0.16% 94,372 $2.7M Reduce -24.0%
COO The Cooper Cos Inc. 0.16% 33,350 $2.7M New
HSIC Henry Schein Inc. 0.15% 35,483 $2.7M New
WCC Wesco International Inc. 0.15% 10,876 $2.7M New
DNN Denison Mines Corp. 0.15% 994,608 $2.6M New
ECHO Echostar Corp. Class A 0.15% 24,166 $2.6M Reduce -52.7%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.15% 60,594 $2.6M New
APGE Apogee Therapeutics Inc. 0.14% 33,264 $2.5M New
VRNS Varonis Systems Inc. 0.14% 76,434 $2.5M New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.14% 21,584 $2.5M New
CMG Chipotle Mexican Grill Inc. 0.14% 67,347 $2.5M New
IQV Iqvia Holdings Inc. 0.14% 11,009 $2.5M Reduce -16.7%
VIAV Viavi Solutions Inc. 0.14% 139,215 $2.5M New
CCL Carnival Corp. 0.14% 79,691 $2.4M Reduce -79.5%
BWXT BWX Technologies Inc. 0.14% 14,044 $2.4M Add +716.0%
ONTO Onto Innovation Inc. 0.14% 15,292 $2.4M Reduce -56.6%
JHG Janus Henderson Group PLC 0.14% 50,000 $2.4M New
MAN Manpowergroup Inc. 0.14% 79,642 $2.4M New
TARS Tarsus Pharmaceuticals Inc. 0.14% 28,838 $2.4M New
AMAT Applied Materials Inc. 0.14% 9,152 $2.4M Reduce -46.5%
INCY Incyte Corp. 0.14% 23,747 $2.3M New
UHS Universal Health Services-B 0.14% 10,758 $2.3M Reduce -81.2%
PZZA Papa John's Intl Inc. 0.13% 59,275 $2.3M New
OKE Oneok Inc. 0.13% 30,558 $2.2M New
CSX CSX Corp. 0.13% 60,897 $2.2M Reduce -88.9%
NXST Nexstar Media Group Inc. 0.13% 10,827 $2.2M Reduce -57.5%
BRZE Braze Inc. Class A 0.13% 63,711 $2.2M New
MDGL Madrigal Pharmaceuticals Inc. 0.12% 3,687 $2.1M Add +2.3%
MCHP Microchip Technology Inc. 0.12% 33,637 $2.1M New
MRNA Moderna Inc. 0.12% 72,376 $2.1M New
GLD SPDR Gold Shares 0.12% 5,274 $2.1M Reduce -46.2%
ROK Rockwell Automation Inc. 0.12% 5,363 $2.1M New
BFH Bread Financial Holdings Inc. 0.12% 28,064 $2.1M New
CL Colgate-Palmolive Co. 0.12% 25,930 $2.0M New
EHC Encompass Health Corp. 0.12% 19,182 $2.0M Reduce -71.3%
TNET Trinet Group Inc. 0.12% 34,430 $2.0M Reduce -70.4%
DECK Deckers Outdoor Corp. 0.12% 19,499 $2.0M Reduce -31.5%
MDT Medtronic PLC 0.12% 21,014 $2.0M New
ICHR Ichor Holdings Ltd. 0.11% 105,189 $1.9M Reduce -9.3%
VRDN Viridian Therapeutics Inc. 0.11% 61,769 $1.9M New
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 0.11% 50,000 $1.9M Reduce -44.4%
PRIM Primoris Services Corp. 0.11% 15,439 $1.9M New
RH RH 0.11% 10,655 $1.9M New
THC Tenet Healthcare Corp. 0.11% 9,594 $1.9M Reduce -11.4%
FND Floor & Decor Holdings Inc. Class A 0.11% 31,120 $1.9M New
DNTH Dianthus Therapeutics Inc. 0.11% 45,906 $1.9M New
KGS Kodiak Gas Services Inc. 0.11% 50,468 $1.9M New
OC Owens Corning 0.11% 16,799 $1.9M Reduce -11.6%
BRKR Bruker Corp. 0.11% 39,407 $1.9M Add +20.1%
AHL Aspen Insurance Holdings Class A 0.11% 50,000 $1.9M No change
STE Steris PLC 0.11% 7,304 $1.9M Reduce -60.8%
CNTA Centessa Pharmaceuticals Ltd. 0.11% 72,831 $1.8M Reduce -21.4%
ANNX Annexon Inc. 0.10% 358,986 $1.8M Add +448.4%
GPC Genuine Parts Co. 0.10% 13,926 $1.7M Reduce -57.1%
BLND Blend Labs Inc. Class A 0.10% 555,987 $1.7M Reduce -13.3%
GPRE Green Plains Inc. 0.10% 170,297 $1.7M Reduce -24.3%
AR Antero Resources Corp. 0.09% 46,595 $1.6M Reduce -86.3%
IDYA Ideaya Biosciences Inc. 0.09% 45,965 $1.6M Reduce -8.0%
COGT Cogent Biosciences Inc. 0.09% 44,665 $1.6M Reduce -59.8%
PODD Insulet Corp. 0.09% 5,546 $1.6M Reduce -74.4%
ELAN Elanco Animal Health Inc. 0.09% 69,323 $1.6M Reduce -41.4%
HXL Hexcel Corp. 0.09% 21,212 $1.6M New
H Hyatt Hotels Corp. Class A 0.09% 9,696 $1.6M Reduce -5.3%
CGON CG Oncology Inc. 0.09% 37,171 $1.5M Add +14.2%
URBN Urban Outfitters Inc. 0.09% 20,469 $1.5M Reduce -64.4%
WAY Waystar Holding Corp. 0.09% 46,315 $1.5M Reduce -37.1%
GGG Graco Inc. 0.09% 18,219 $1.5M New
EPAM Epam Systems Inc. 0.09% 7,275 $1.5M New
HBM Hudbay Minerals Inc. 0.09% 74,365 $1.5M Reduce -24.4%
BROS Dutch Bros Inc. Class A 0.08% 23,889 $1.5M New
LVS Las Vegas Sands Corp. 0.08% 21,754 $1.4M Reduce -87.5%
BBWI Bath & Body Works Inc. 0.08% 69,947 $1.4M Add +239.4%
ULTA Ulta Beauty Inc. 0.08% 2,315 $1.4M Reduce -84.4%
HSY The Hershey Co. 0.08% 7,632 $1.4M Add +36.1%
CRI Carter's Inc. 0.08% 41,506 $1.3M Add +50.3%
DRVN Driven Brands Holdings Inc. 0.08% 89,957 $1.3M Add +18.9%
KTOS Kratos Defense & Security 0.08% 17,238 $1.3M New
ABVX Abivax SA-ADR 0.08% 9,689 $1.3M New
ADUS Addus Homecare Corp. 0.07% 12,088 $1.3M Add +57.3%
SYY Sysco Corp. 0.07% 17,395 $1.3M Reduce -92.6%
TOL Toll Brothers Inc. 0.07% 9,463 $1.3M Reduce -65.9%
WBS Webster Financial Corp. 0.07% 20,330 $1.3M Reduce -64.4%
CVE Cenovus Energy Inc. 0.07% 74,823 $1.3M New
BTSG Brightspring Health Services 0.07% 33,700 $1.3M Add +53.4%
RGEN Repligen Corp. 0.07% 7,638 $1.3M Reduce -70.0%
PFGC Performance Food Group Co. 0.07% 13,809 $1.2M New
DKNG Draftkings Inc. Class A 0.07% 35,417 $1.2M Add +15.5%
RDDT Reddit Inc. Class A 0.07% 5,294 $1.2M New
MAZE Maze Therapeutics Inc. 0.07% 29,134 $1.2M New
BDX Becton Dickinson and Co. 0.07% 6,161 $1.2M Reduce -63.4%
NVO Novo-Nordisk A/S-Spons ADR 0.07% 23,154 $1.2M New
SYRE Spyre Therapeutics Inc. 0.07% 35,935 $1.2M New
GOOG Alphabet Inc. Class C 0.07% 3,709 $1.2M Reduce -90.8%
KRMN Karman Holdings Inc. 0.07% 15,405 $1.1M Reduce -46.2%
NTRA Natera Inc. 0.06% 4,830 $1.1M New
GH Guardant Health Inc. 0.06% 10,811 $1.1M Reduce -91.1%
MSFT Microsoft Corp. 0.06% 2,267 $1.1M Reduce -91.3%
IONS Ionis Pharmaceuticals Inc. 0.06% 13,726 $1.1M Reduce -92.1%
CDZI Cadiz Inc. 0.06% 193,002 $1.1M Add +85.8%
MEDP Medpace Holdings Inc. 0.06% 1,921 $1.1M New
JAZZ Jazz Pharmaceuticals PLC 0.06% 6,339 $1.1M New
AAOI Applied Optoelectronics Inc. 0.06% 30,743 $1.1M Reduce -0.3%
ARWR Arrowhead Pharmaceuticals Inc. 0.06% 16,110 $1.1M New
LASR Nlight Inc. 0.06% 28,206 $1.1M Add +98.5%
BLKB Blackbaud Inc. 0.06% 16,664 $1.1M New
WVE Wave Life Sciences Ltd. 0.06% 61,831 $1.1M Reduce -44.1%
XENE Xenon Pharmaceuticals Inc. 0.06% 23,317 $1.0M Add +1.1%
CZR Caesars Entertainment Inc. 0.06% 42,964 $1.0M New
VKTX Viking Therapeutics Inc. 0.06% 27,860 $980K Add +101.9%
BKD Brookdale Senior Living Inc. 0.06% 88,528 $955K Add +62.4%
ALHC Alignment Healthcare Inc. 0.05% 48,176 $951K Reduce -78.0%
CHE Chemed Corp. 0.05% 2,215 $948K Add +49.9%
XLV SS Health Care Select Sector 0.05% 6,000 $929K Reduce -69.3%
PHR Phreesia Inc. 0.05% 54,782 $927K New
RHP Ryman Hospitality Properties 0.05% 9,733 $921K New
PVLA Palvella Therapeutics Inc. 0.05% 8,707 $911K New
NRIX Nurix Therapeutics Inc. 0.05% 47,707 $905K Reduce -75.0%
HLT Hilton Worldwide Holdings Inc. 0.05% 3,120 $896K New
META Meta Platforms Inc. Class A 0.05% 1,357 $896K Add +157.5%
HQY Healthequity Inc. 0.05% 9,746 $893K New
TFX Teleflex Inc. 0.05% 7,296 $890K Reduce -77.5%
IRTC Irhythm Holdings Inc. 0.05% 4,974 $883K Reduce -82.3%
LIVN Livanova PLC 0.05% 14,321 $881K New
SIBN Si-Bone Inc. 0.05% 44,528 $878K New
XLP SS Consumer Staples Sel Sect 0.05% 11,182 $869K New
RKT Rocket Cos Inc. Class A 0.05% 44,857 $868K New
VTRS Viatris Inc. 0.05% 66,148 $824K New
EAT Brinker International Inc. 0.05% 5,498 $789K New
CC The Chemours Co. 0.04% 65,851 $776K Reduce -11.6%
MASI Masimo Corp. 0.04% 5,681 $739K New
WH Wyndham Hotels & Resorts Inc. 0.04% 9,724 $735K New
CWH Camping World Holdings Inc. Class A 0.04% 74,501 $725K Add +53.9%
COHR Coherent Corp. 0.04% 3,711 $685K Reduce -94.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 6,008 $684K New
TDOC Teladoc Health Inc. 0.04% 97,096 $680K Add +66.7%
LQDA Liquidia Corp. 0.04% 19,653 $678K Add +47.2%
GDRX Goodrx Holdings Inc. Class A 0.04% 246,934 $669K Reduce -2.0%
UTZ Utz Brands Inc. 0.04% 64,370 $668K New
FCX Freeport-McMoran Inc. 0.04% 12,838 $652K Reduce -59.9%
F Ford Motor Co. filed as FORD MTR CO 0.04% 49,219 $646K Add +317.5%
KVUE Kenvue Inc. 0.04% 36,448 $629K New
JEF Jefferies Financial Group Inc. 0.04% 10,000 $620K Reduce -83.6%
TTI Tetra Technologies Inc. 0.04% 65,409 $613K Reduce -86.0%
BILL Bill Holdings Inc. 0.04% 11,237 $613K Add +37.7%
SES Ses AI Corp. 0.03% 335,826 $604K Reduce -34.8%
UTHR United Therapeutics Corp. 0.03% 1,237 $603K Reduce -83.5%
ALK Alaska Air Group Inc. 0.03% 11,766 $592K New
THO Thor Industries Inc. 0.03% 5,749 $590K Add +50.5%
VOYA Voya Financial Inc. 0.03% 7,832 $583K Reduce -90.0%
GFS Globalfoundries Inc. 0.03% 16,691 $583K Reduce -95.9%
UAL United Airlines Holdings Inc. 0.03% 5,092 $569K Reduce -97.0%
TXG 10X Genomics Inc. Class A 0.03% 34,019 $555K Reduce -22.9%
BTU Peabody Energy Corp. 0.03% 17,739 $527K Reduce -83.7%
AVAV Aerovironment Inc. 0.03% 2,160 $522K New
UBER Uber Technologies Inc. 0.03% 6,257 $511K New
CNR Core Natural Resources Inc. 0.03% 5,597 $495K New
MLTX Moonlake Immunotherapeutics 0.03% 37,194 $490K New
SVCO Silvaco Group Inc. 0.03% 115,000 $466K Add +27.8%
COLM Columbia Sportswear Co. 0.03% 8,226 $453K Reduce -51.2%
TBN Tamboran Resources Corp. 0.03% 16,569 $451K New
VMC Vulcan Materials Co. 0.03% 1,564 $446K New
OI O-I Glass Inc. 0.03% 30,000 $443K Reduce -92.0%
DXCM Dexcom Inc. 0.02% 6,507 $432K Reduce -90.2%
CYTK Cytokinetics Inc. 0.02% 6,562 $417K Reduce -93.8%
TVTX Travere Therapeutics Inc. 0.02% 10,849 $415K Reduce -88.5%
URGN Urogen Pharma Ltd. 0.02% 16,991 $398K New
BEAM Beam Therapeutics Inc. 0.02% 14,318 $397K New
DJT Trump Media & Technology Gro 0.02% 28,972 $384K New
FDX FedEx Corp. 0.02% 1,318 $381K New
AZN Astrazeneca PLC-Spons ADR 0.02% 4,079 $375K Reduce -96.7%
WST West Pharmaceutical Services 0.02% 1,350 $371K Reduce -90.6%
COP Conocophillips 0.02% 3,841 $360K New
ADBE Adobe Inc. 0.02% 1,025 $359K New
PEP Pepsico Inc. 0.02% 2,474 $355K New
PSN Parsons Corp. 0.02% 5,600 $346K New
RYTM Rhythm Pharmaceuticals Inc. 0.02% 3,225 $345K Reduce -90.8%
BG Bunge Global SA 0.02% 3,810 $339K New
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 0.02% 21,435 $334K New
WING Wingstop Inc. 0.02% 1,400 $334K New
ORA Ormat Technologies Inc. 0.02% 2,933 $324K New
AA Alcoa Corp. 0.02% 5,972 $317K New
ALB Albemarle Corp. 0.02% 2,175 $308K New
BRCB Black Rock Coffee Bar Inc. Class A 0.02% 13,551 $302K New
TEL Te Connectivity PLC 0.02% 1,323 $301K New
ALL Allstate Corp. 0.02% 1,434 $298K New
A Agilent Technologies Inc. 0.02% 1,993 $271K Reduce -97.3%
CLH Clean Harbors Inc. 0.02% 1,155 $271K New
MLYS Mineralys Therapeutics Inc. 0.01% 7,037 $255K Reduce -90.2%
WWD Woodward Inc. 0.01% 816 $247K New
PLTR Palantir Technologies Inc. Class A 0.01% 1,352 $240K New
DD Dupont DE Nemours Inc. 0.01% 5,705 $229K Reduce -91.0%
AAL American Airlines Group Inc. 0.01% 14,909 $229K New
PRU Prudential Financial Inc. 0.01% 1,981 $224K New
PRMB Primo Brands Corp. 0.01% 13,000 $213K Reduce -71.5%
MET Metlife Inc. 0.01% 2,689 $212K New
FTV Fortive Corp. 0.01% 3,724 $206K New
RYAM Rayonier Advanced Materials 0.01% 31,755 $187K New
BW Babcock & Wilcox Enterpr 0.01% 28,798 $183K New
WOLF Wolfspeed Inc. 0.01% 10,120 $176K New
VIR Vir Biotechnology Inc. 0.01% 27,755 $167K Add +14.8%
SBH Sally Beauty Holdings Inc. 0.01% 11,471 $164K New
BHVN Biohaven Ltd. 0.01% 13,639 $154K New
PCT Purecycle Technologies Inc. 0.01% 14,000 $120K New
ADTN Adtran Holdings Inc. 0.01% 13,522 $118K No change
TIC Tic Solutions Inc. 0.01% 11,575 $117K New

Options reported separately and not counted above: SPY puts ($95.5M), NRG puts ($12.7M), SLV calls ($3.2M), DBC calls ($2.2M), QURE calls ($838K).

Other holdings (4): bonds, preferreds, convertibles and warrants · $483K (not counted above)
SecurityClassShares / PrincipalValueChange
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 550,000$226KNo change
KRSP.WS Rice Acquisition Corp. 3 *W EXP 99/99/999 275,808$221KNew
FBYDW Falcon's Beyond Global-27 *W EXP 10/06/202 11,747$24KNo change
SESCW Ivanhoe Capital Class A -CW27 *W EXP 12/10/202 67,024$13KNo change

Total filed on the 13F, all lines: $1.7B.

Portfolio Sells Q3 2025 → Q4 2025
K Kellanova Sold out 0.00% −1.52
FLR Fluor Corp. Sold out 0.00% −1.34
VRNA Verona Pharma Ltd. Sold out 0.00% −1.18
INFA Informatica Inc. Class A Sold out 0.00% −1.04
MPC Marathon Petroleum Corp. Sold out 0.00% −0.92
SYY Sysco Corp. Reduce -92.6% 0.07% −0.90
CSX CSX Corp. Reduce -88.9% 0.13% −0.85
UAL United Airlines Holdings Inc. Reduce -97.0% 0.03% −0.79
YUM Yum! Brands Inc. Reduce -73.6% 0.33% −0.75
GFS Globalfoundries Inc. Reduce -95.9% 0.03% −0.69
DAL Delta Air Lines Inc. Reduce -85.9% 0.17% −0.66
FROG Jfrog Ltd. Sold out 0.00% −0.66
CHKP Check Point Software Tech Sold out 0.00% −0.65
STT State Street Corp. Sold out 0.00% −0.63
CBOE Cboe Global Markets Inc. Sold out 0.00% −0.63
MSFT Microsoft Corp. Reduce -91.3% 0.06% −0.61
AON Aon PLC Class A Sold out 0.00% −0.60
PFE Pfizer Inc. Sold out 0.00% −0.59
DUK Duke Energy Corp. Reduce -70.7% 0.27% −0.57
ENTG Entegris Inc. Sold out 0.00% −0.55
PSMT Pricesmart Inc. Reduce -78.4% 0.18% −0.52
IONS Ionis Pharmaceuticals Inc. Reduce -92.1% 0.06% −0.51
AR Antero Resources Corp. Reduce -86.3% 0.09% −0.48
WNS WNS Holdings Ltd. Sold out 0.00% −0.48
ABBV Abbvie Inc. Sold out 0.00% −0.46
LPLA LPL Financial Holdings Inc. Sold out 0.00% −0.45
A Agilent Technologies Inc. Reduce -97.3% 0.02% −0.45
UHS Universal Health Services-B Reduce -81.2% 0.14% −0.45
AZN Astrazeneca PLC-Spons ADR Reduce -96.7% 0.02% −0.45
SNAP Snap Inc. Class A Sold out 0.00% −0.44
CNC Centene Corp. Sold out 0.00% −0.44
HD Home Depot Inc. Reduce -36.8% 0.71% −0.43
MANH Manhattan Associates Inc. Sold out 0.00% −0.43
GOOG Alphabet Inc. Class C Reduce -90.8% 0.07% −0.43
CCL Carnival Corp. Reduce -79.5% 0.14% −0.42
NCNO Ncino Inc. Sold out 0.00% −0.40
CAH Cardinal Health Inc. Sold out 0.00% −0.39
LVS Las Vegas Sands Corp. Reduce -87.5% 0.08% −0.38
XLK SS Technology Select Sector Sold out 0.00% −0.38
SFD Smithfield Foods Inc. Sold out 0.00% −0.37
SIMO Silicon Motion Technol-ADR Sold out 0.00% −0.37
BBY Best Buy Co. Inc. Reduce -51.6% 0.35% −0.36
SPOT Spotify Technology SA Sold out 0.00% −0.35
NDAQ Nasdaq Inc. Sold out 0.00% −0.34
MNST Monster Beverage Corp. Sold out 0.00% −0.34
ULTA Ulta Beauty Inc. Reduce -84.4% 0.08% −0.32
NTGR Netgear Inc. Sold out 0.00% −0.32
NSC Norfolk Southern Corp. Reduce -38.5% 0.68% −0.31
GH Guardant Health Inc. Reduce -91.1% 0.06% −0.31
ROST Ross Stores Inc. Reduce -41.4% 1.26% −0.31

Portfolio Buys Q3 2025 → Q4 2025
EXAS Exact Sciences Corp. Add +1359.3% 1.93% +1.87
CVX Chevron Corp. Add +448.1% 2.11% +1.77
TEAM Atlassian Corp. Class A New 1.45% +1.45
VST Vistra Corp. Add +69.9% 3.11% +1.18
CVLT Commvault Systems Inc. New 1.14% +1.14
KRSP Rice Acquisition Corp. 3-A New 0.98% +0.98
FFIV F5 Inc. New 0.95% +0.95
MS Morgan Stanley Add +6003.3% 0.83% +0.82
FYBR Frontier Communications Pare Add +26.4% 2.10% +0.69
HOLX Hologic Inc. Add +216.3% 0.90% +0.68
CFLT Confluent Inc. Class A Add +265.1% 0.79% +0.66
NVDA Nvidia Corp. Add +63.0% 1.38% +0.65
VLO Valero Energy Corp. Add +102.5% 1.15% +0.64
MRCY Mercury Systems Inc. New 0.62% +0.62
RL Ralph Lauren Corp. New 0.62% +0.62
LLY Eli Lilly & Co. New 0.60% +0.60
TGT Target Corp. New 0.60% +0.60
LZM Lifezone Metals Ltd. Add +66.8% 1.71% +0.57
DT Dynatrace Inc. New 0.56% +0.56
HBAN Huntington Bancshares Inc. Add +83.9% 1.05% +0.56
APO Apollo Global Management Inc. New 0.54% +0.54
SF Stifel Financial Corp. Add +1908.6% 0.56% +0.54
ADSK Autodesk Inc. New 0.52% +0.52
KEY Keycorp New 0.51% +0.51
LULU Lululemon Athletica Inc. New 0.49% +0.49
SNV Synovus Financial Corp. New 0.49% +0.49
ASO Academy Sports & Outdoors Inc. New 0.46% +0.46
COLB Columbia Banking System Inc. New 0.46% +0.46
ALSN Allison Transmission Holding New 0.45% +0.45
DIOD Diodes Inc. New 0.44% +0.44
ICE Intercontinental Exchange Inc. New 0.44% +0.44
AKAM Akamai Technologies Inc. New 0.43% +0.43
AEO American Eagle Outfitters New 0.42% +0.42
COST Costco Wholesale Corp. New 0.41% +0.41
SMTC Semtech Corp. New 0.40% +0.40
CEG Constellation Energy Add +15.8% 1.32% +0.40
AVT Avnet Inc. New 0.39% +0.39
TFC Truist Financial Corp. New 0.38% +0.38
MDB Mongodb Inc. New 0.37% +0.37
SLAB Silicon Laboratories Inc. New 0.37% +0.37
ED Consolidated Edison Inc. New 0.36% +0.36
FIVE Five Below Add +44.4% 0.70% +0.35
ORLY O'reilly Automotive Inc. Add +84.4% 0.76% +0.34
CRM Salesforce Inc. New 0.33% +0.33
JBS JBS NV-A Add +41.0% 0.89% +0.32
APPN Appian Corp. Class A Add +59.0% 0.60% +0.32
PWR Quanta Services Inc. Add +193.5% 0.44% +0.32
DAY Dayforce Inc. Add +1076.1% 0.33% +0.30
CYBR Cyberark Software Ltd./Israel Add +11.7% 1.90% +0.30
AVGO Broadcom Inc. New 0.30% +0.30

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put New 140,000 $95.5M
NRG NRG Energy Inc. put New 80,000 $12.7M
CVS CVS Health Corp. put Sold out 156,000 $11.8Mbefore exit
CI The Cigna Group put Sold out 34,000 $9.8Mbefore exit
S Sentinelone Inc. Class A call Sold out 471,700 $8.3Mbefore exit
CFLT Confluent Inc. Class A call Sold out 400,000 $7.9Mbefore exit
QRVO Qorvo Inc. call Sold out 80,000 $7.3Mbefore exit
VST Vistra Corp. call Sold out 25,000 $4.9Mbefore exit
FLR Fluor Corp. call Sold out 103,600 $4.4Mbefore exit
PTON Peloton Interactive Inc. Class A call Sold out 400,000 $3.6Mbefore exit
NKE Nike Inc. Class B put Sold out 50,000 $3.5Mbefore exit
SLV iShares Silver Trust call Reduce -75.0% 50,000 $3.2M
LUV Southwest Airlines Co. put Sold out 100,000 $3.2Mbefore exit
ONON On Holding AG Class A call Sold out 75,000 $3.2Mbefore exit
FUN Six Flags Entertainment Corp. call Sold out 125,000 $2.8Mbefore exit
HUM Humana Inc. call Sold out 9,800 $2.5Mbefore exit
TGT Target Corp. call Sold out 25,000 $2.2Mbefore exit
DBC Invesco DB Commodity Index T call New 100,000 $2.2M
SEE Sealed Air Corp. call Sold out 50,000 $1.8Mbefore exit
WBD Warner Bros Discovery Inc. call Sold out 75,000 $1.5Mbefore exit
PFE Pfizer Inc. call Sold out 50,000 $1.3Mbefore exit
QURE Uniqure NV call New 35,000 $838K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 Sold out 181,700 $2.2Mbefore exit
KRSP.WS Rice Acquisition Corp. 3 *W EXP 99/99/999 New 275,808 $221K

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