Compass Rose Asset Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Compass Rose Asset Management, LP reported 11 stock positions worth $104.3 million. Its top holding was Kraft Heinz (KHC) at 22.5% of the portfolio, followed by SS SPDR S&P Regional Bank (KRE, 18.1%) and Bausch + Lomb (BLCO, 14.4%). Compared with Q2 2025, it opened 8 new positions, sold out of 6, added to 1 and reduced 2. The biggest buy was a new position in Kraft Heinz (KHC) and the biggest sale an exit from Paramount Global Class B (PARAA).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001758811
Portfolio Value
$104.3M (Q3 2025)
SEC Filing
0001758811-25-000009 ↗ filed Nov 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 Q1 2025 Q2 2025: $107.9M Q2 2025 Q3 2025: $104.3M $104.3M Q3 2025 Q4 2025: $156.7M Q4 2025 Q1 2026: $115.8M Q1 2026 Q2 2026: $173.2M Q2 2026

Holdings 11 stocks · $104.3M
KHC The Kraft Heinz Co. 22.46% 900,000 $23.4M New
KRE SS SPDR S&P Regional Bank 18.08% 298,000 $18.9M New
BLCO Bausch + Lomb Corp. 14.44% 1,000,000 $15.1M Add +21.9%
WBD Warner Bros Discovery Inc. 10.29% 550,000 $10.7M New
RDN Radian Group Inc. 9.55% 275,000 $10.0M New
SUZ Suzano SA - Spon ADR 9.50% 1,055,000 $9.9M New
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 5.77% 2,500,000 $6.0M Reduce -3.9%
KVUE Kenvue Inc. 4.36% 280,000 $4.5M New
LION Lionsgate Studios Corp. 3.31% 500,000 $3.5M New
BHC Bausch Health Cos Inc. 1.55% 250,000 $1.6M Reduce -50.0%
VBNK Versabank 0.69% 59,000 $720K New

Options reported separately and not counted above: KRE calls ($177.2M), WBD calls ($71.8M), SPY calls ($36.1M), KVUE calls ($28.4M), EWZ puts ($23.3M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $157.0M (not counted above)
SecurityClassShares / PrincipalValueChange
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 75,000,000$81.2MAdd +25.0%
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 50,000,000$50.8MAdd +100.0%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal 25,000,000$25.1MNo change

Total filed on the 13F, all lines: $261.3M.

Portfolio Sells Q2 2025 → Q3 2025
PARAA Paramount Global Class B Sold out 0.00% −35.87
UNH Unitedhealth Group Inc. Sold out 0.00% −24.00
INTC Intel Corp. Sold out 0.00% −10.80
VALE Vale SA-SP ADR Sold out 0.00% −9.95
BHC Bausch Health Cos Inc. Reduce -50.0% 1.55% −1.54
NXE Nexgen Energy Ltd. Sold out 0.00% −0.64
WVE Wave Life Sciences Ltd. Sold out 0.00% −0.60
OPTU Optimum Communications Inc. Class A Reduce -3.9% 5.77% +0.62

Portfolio Buys Q2 2025 → Q3 2025
KHC The Kraft Heinz Co. New 22.46% +22.46
KRE SS SPDR S&P Regional Bank New 18.08% +18.08
WBD Warner Bros Discovery Inc. New 10.29% +10.29
RDN Radian Group Inc. New 9.55% +9.55
SUZ Suzano SA - Spon ADR New 9.50% +9.50
BLCO Bausch + Lomb Corp. Add +21.9% 14.44% +4.55
KVUE Kenvue Inc. New 4.36% +4.36
LION Lionsgate Studios Corp. New 3.31% +3.31
VBNK Versabank New 0.69% +0.69

Options Activity Q2 2025 → Q3 2025
KRE SS SPDR S&P Regional Bank call New 2,800,000 $177.2M
WBD Warner Bros Discovery Inc. call New 3,675,000 $71.8M
QQQ Invesco QQQ Trust Series 1 put Sold out 100,000 $55.2Mbefore exit
ISHARES TR put Sold out 500,000 $54.8Mbefore exit
ISHARES TR put Sold out 500,000 $40.3Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US call New 54,200 $36.1M
MSTR Strategy Inc. put Sold out 77,500 $31.3Mbefore exit
KVUE Kenvue Inc. call New 1,750,000 $28.4M
KRANESHARES TRUST call Sold out 800,000 $27.5Mbefore exit
EWZ iShares MSCI Brazil ETF put New 750,000 $23.3M
PARAA Paramount Global Class B put Sold out 1,531,100 $19.8Mbefore 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
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal Add +25.0% 75,000,000 $81.2M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Add +100.0% 50,000,000 $50.8M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Sold out 30,000,000 $38.3Mbefore exit
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal Sold out 12,500,000 $12.3Mbefore exit

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