Compass Rose Asset Management, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Compass Rose Asset Management, LP reported 15 stock positions worth $197.8 million. Its top holding was Vale SA-SP ADR (VALE) at 20.7% of the portfolio, followed by Paramount Global Class B (PARAA, 18.1%) and Barrick Gold (B, 14.7%). Compared with Q4 2024, it opened 5 new positions, sold out of 3, added to 4 and reduced 5. The biggest buy was a new position in iShares Russell 2000 ETF (IWM) and the biggest sale an exit from Invesco Senior Loan ETF (BKLN).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001758811
Portfolio Value
$197.8M (Q1 2025)
SEC Filing
0001758811-25-000003 ↗ filed May 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $83.3M Q1 2024 Q2 2024: $44.7M Q2 2024 Q3 2024: $85.9M Q3 2024 Q4 2024: $204.2M Q4 2024 Q1 2025: $197.8M $197.8M Q1 2025 Q2 2025: $107.9M Q2 2025 Q3 2025: $104.3M Q3 2025 Q4 2025: $156.7M Q4 2025 Q1 2026: $115.8M Q1 2026 Q2 2026: $173.2M Q2 2026

Holdings 15 stocks · $197.8M
VALE Vale SA-SP ADR 20.68% 4,100,000 $40.9M Add +36.7%
PARAA Paramount Global Class B 18.14% 3,000,000 $35.9M Add +100.0%
B Barrick Gold Corp. 14.74% 1,500,000 $29.2M Add +50.0%
IWM iShares Russell 2000 ETF 12.60% 125,000 $24.9M New
BLCO Bausch + Lomb Corp. 6.01% 820,000 $11.9M New
EQX Equinox Gold Corp. 5.22% 1,500,000 $10.3M Reduce -6.3%
JNPR Juniper Networks Inc. 5.12% 280,000 $10.1M New
INTC Intel Corp. 3.90% 340,000 $7.7M Reduce -57.5%
MCY Mercury General Corp. 3.53% 125,000 $7.0M New
NBIS Nebius Group NV 2.13% 200,000 $4.2M Reduce -42.9%
VG Venture Global Inc. Class A 2.08% 400,000 $4.1M New
IHS Ihs Holding Ltd. 1.98% 749,906 $3.9M Reduce -33.6%
BHC Bausch Health Cos Inc. 1.96% 600,000 $3.9M Reduce -71.4%
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 1.68% 1,250,000 $3.3M Add +25.0%
SANA Sana Biotechnology Inc. 0.21% 250,000 $420K No change

Options reported separately and not counted above: WBD calls ($21.5M), QQQ calls ($15.2M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $85.4M (not counted above)
SecurityClassShares / PrincipalValueChange
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 45,000,000$47.7MNew
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal 25,000,000$25.4MNew
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 12,500,000$12.3MNew

Total filed on the 13F, all lines: $283.2M.

Portfolio Sells Q4 2024 → Q1 2025
BKLN Invesco Senior Loan ETF Sold out 0.00% −24.77
EWZ iShares MSCI Brazil ETF Sold out 0.00% −9.92
EWW iShares MSCI Mexico ETF Sold out 0.00% −9.17
BHC Bausch Health Cos Inc. Reduce -71.4% 1.96% −6.33
INTC Intel Corp. Reduce -57.5% 3.90% −3.95
NBIS Nebius Group NV Reduce -42.9% 2.13% −2.61
IHS Ihs Holding Ltd. Reduce -33.6% 1.98% +0.36
EQX Equinox Gold Corp. Reduce -6.3% 5.22% +1.28

Portfolio Buys Q4 2024 → Q1 2025
IWM iShares Russell 2000 ETF New 12.60% +12.60
PARAA Paramount Global Class B Add +100.0% 18.14% +10.45
VALE Vale SA-SP ADR Add +36.7% 20.68% +7.65
B Barrick Gold Corp. Add +50.0% 14.74% +7.15
BLCO Bausch + Lomb Corp. New 6.01% +6.01
JNPR Juniper Networks Inc. New 5.12% +5.12
MCY Mercury General Corp. New 3.53% +3.53
VG Venture Global Inc. Class A New 2.08% +2.08
OPTU Optimum Communications Inc. Class A Add +25.0% 1.68% +0.50

Options Activity Q4 2024 → Q1 2025
QQQ Invesco QQQ Trust Series 1 call New 32,500 $15.2M
VALE Vale SA-SP ADR call Sold out 1,500,000 $13.3Mbefore exit
EWZ iShares MSCI Brazil ETF call Sold out 500,000 $11.3Mbefore exit

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
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal New 45,000,000 $47.7M
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal New 25,000,000 $25.4M
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal New 12,500,000 $12.3M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 14$173.2MWBD, KWEB, CMCSA, MSTR, CHTR
Q1 2026 11$115.8MKWEB, RKT, NVT, KMB, SUZ
Q4 2025 13$156.7MKVUE, KMB, KWEB, CMCSA, BLCO
Q3 2025 11$104.3MKHC, KRE, BLCO, WBD, RDN
Q2 2025 9$107.9MPARAA, UNH, INTC, VALE, BLCO
Q1 2025 15$197.8MVALE, PARAA, B, IWM, BLCO
Q4 2024 13$204.2MBKLN, VALE, EWZ, EWW, BHC
Q3 2024 9$85.9MPARAA, ACI, WBD, INTC, BHC
Q2 2024 5$44.7MWBD, PARAA, IHS, VISN, OPTU
Q1 2024 4$83.3MWBD, FXI, BABA, PARAA