In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Converium Capital Inc. reported 16 stock positions worth $107.5 million . Its top holding was Dauch (DCH) at 21.0% of the portfolio, followed by Delek US (DK, 16.3% ) and Tripadvisor (TRIP, 15.7% ). Compared with Q1 2026, it opened 9 new positions, added to 4 and reduced 1. The biggest buy was a new position in Ziff Davis (ZD) and the biggest sale Sinclair (SBGI, shares −27% ).
Location MONTREAL, A8
CIK 0002043653
Portfolio Value $107.5M (Q2 2026) Holdings 16 stocks · $107.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 DCH Dauch Corporation 4,159,556 $22.5M Add +16.7% DK Delek US Holdings Inc. 345,043 $17.5M Add +57.8% TRIP Tripadvisor Inc. 1,229,142 $16.9M Add +14.3% ZD Ziff Davis Inc. 250,000 $13.1M New SBGI Sinclair Inc. 770,615 $11.0M Reduce -27.5% PPLI People Inc. 142,000 $6.6M New WEN The Wendy's Co. 500,000 $4.1M New FSP Franklin Street Properties C 6,608,478 $3.4M No change GTM Zoominfo Technologies Inc. 1,084,600 $3.2M New OI O-I Glass Inc. 225,000 $2.2M No change XRX Xerox Holdings Corp. 575,000 $1.8M New TROX Tronox Holdings PLC 240,000 $1.5M Add +20.0% CHTR Charter Communications Inc. Class A 10,000 $1.4M New SOC Sable Offshore Corp. 425,000 $1.3M New OPTU Optimum Communications Inc. Class A 581,302 $843K New SEAT Vivid Seats Inc. Class A 24,245 $158K New
Options reported separately and not counted above: SPY puts ($170.3M), IWM puts ($155.9M), XRT puts ($44.7M), DCH calls ($21.7M), VALE calls ($18.0M), KMB calls ($13.2M), NRG calls ($13.1M), BABA calls ($13.0M), ITB calls ($10.4M), NEM calls ($9.3M), MCO puts ($9.1M), CAE calls ($8.8M), and 8 more.
Other holdings (8): bonds, preferreds, convertibles and warrants · $142.4M (not counted above) Security Class Shares / Principal Value Change PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 36,000,000 $36.8M Add +44.0% SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 25,500,000 $24.4M Add +18.6% GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 25,000,000 $22.5M Add +150.0% KOSMOS ENERGY LTD (KOS 3.125 03/15/30) NOTE 3.125% 3/1 · principal 28,300,000 $21.4M No change DOORDASH INC (DASH 0 05/15/30) NOTE 5/1 · principal 18,500,000 $18.2M New RUBRIK INC (RBRK 0 06/15/30) NOTE 6/1 · principal 11,000,000 $11.3M New XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 21,300,000 $7.6M No change XRXDW Xerox Holdings Corp. *W EXP 02/11/202 511,097 $141K No change
Total filed on the 13F, all lines: $249.9M.
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ SBGI Sinclair Inc. Reduce -27.5% 10.22% −10.96
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ ZD Ziff Davis Inc. New 12.18% +12.18 PPLI People Inc. New 6.10% +6.10 WEN The Wendy's Co. New 3.86% +3.86 GTM Zoominfo Technologies Inc. New 2.96% +2.96 XRX Xerox Holdings Corp. New 1.67% +1.67 CHTR Charter Communications Inc. Class A New 1.32% +1.32 SOC Sable Offshore Corp. New 1.22% +1.22 DK Delek US Holdings Inc. Add +57.8% 16.31% +1.13 OPTU Optimum Communications Inc. Class A New 0.78% +0.78 SEAT Vivid Seats Inc. Class A New 0.15% +0.15 TROX Tronox Holdings PLC Add +20.0% 1.41% −1.60 TRIP Tripadvisor Inc. Add +14.3% 15.68% −1.98 DCH Dauch Corporation Add +16.7% 20.97% −11.59
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -8.8% 228,000 $170.3M IWM iShares Russell 2000 ETF put Add +116.3% 519,000 $155.9M XRT SS SPDR S&P Retail ETF put New 510,000 $44.7M GLD SPDR Gold Shares call Sold out 75,000 $32.3Mbefore exit DCH Dauch Corporation call Add +15.9% 4,000,000 $21.7M NRG NRG Energy Inc. call New 90,000 $13.1M GDX Vaneck Gold Miners ETF call Sold out 142,500 $13.1Mbefore exit BABA Alibaba Group Holding-SP ADR call New 135,000 $13.0M YPF YPF S.A.-Sponsored ADR put Sold out 190,000 $8.8Mbefore exit FCX Freeport-McMoran Inc. call Reduce -13.3% 130,000 $8.2M INTC Intel Corp. call Sold out 140,000 $6.2Mbefore exit AAL American Airlines Group Inc. call Sold out 380,000 $4.1Mbefore exit FLR Fluor Corp. call Reduce -50.0% 75,000 $3.9M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2026 → Q2 2026 Security Class Change vs Q1 2026 Shares / Principal Value ▼ PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Add +44.0% 36,000,000 $36.8M SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal Add +18.6% 25,500,000 $24.4M GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal Add +150.0% 25,000,000 $22.5M DOORDASH INC (DASH 0 05/15/30) NOTE 5/1 · principal New 18,500,000 $18.2M ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Sold out 15,000,000 $14.7Mbefore exit RUBRIK INC (RBRK 0 06/15/30) NOTE 6/1 · principal New 11,000,000 $11.3M
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 16 $107.5M DCH, DK, TRIP, ZD, SBGI Q1 2026 Amended 7 $64.9M DCH, SBGI, TRIP, DK, FSP Q4 2025 Amended 5 $38.8M DCH, SBGI, FSP, FUN, TROX