Crestline Management, L.P.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Crestline Management, L.P. reported 703 stock positions worth $2.9 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 13.1% of the portfolio, followed by Nvidia (NVDA, 3.3%) and Denali Therapeutics (DNLI, 3.1%). Compared with Q3 2024, it opened 374 new positions, sold out of 179, added to 214 and reduced 112. The biggest buy was a new position in iShares Core S&P 500 ETF (IVV) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).

Most Recent 13F
Q2 2026
Location
FORT WORTH, TX
CIK
0001536054
Portfolio Value
$2.9B (Q4 2024)
SEC Filing
0001315863-25-000167 ↗ filed Feb 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $1.1B Q1 2024 Q2 2024: $1.3B Q2 2024 Q3 2024: $1.8B Q3 2024 Q4 2024: $2.9B $2.9B Q4 2024 Q1 2025: $63.2M Q1 2025 Q2 2025: $62.6M Q2 2025 Q3 2025: $58.1M Q3 2025 Q4 2025: $53.3M Q4 2025 Q1 2026: $46.3M Q1 2026 Q2 2026: $53.5M Q2 2026

Holdings 703 stocks · $2.9B
IVV iShares Core S&P 500 ETF 13.11% 640,000 $376.8M New
NVDA Nvidia Corp. 3.29% 703,108 $94.4M Add +159.2%
DNLI Denali Therapeutics Inc. 3.06% 4,310,732 $87.9M Reduce -3.4%
QQQ Invesco QQQ Trust Series 1 2.67% 150,000 $76.7M Add +9736.1%
AMZN Amazon.com Inc. 1.89% 247,251 $54.2M Add +559.5%
GOOGL Alphabet Inc. Class A 1.54% 233,078 $44.1M Add +5584.8%
JNJ Johnson & Johnson 1.20% 238,615 $34.5M Add +2113.9%
CSCO Cisco Systems Inc. 1.07% 519,377 $30.7M Add +5466.7%
MSFT Microsoft Corp. 1.03% 70,464 $29.7M Add +168.2%
IWM iShares Russell 2000 ETF 0.92% 119,000 $26.3M New
TSM Taiwan Semiconductor-SP ADR 0.87% 127,108 $25.1M Add +25.6%
ADBE Adobe Inc. 0.83% 53,942 $24.0M Add +82.4%
SMTC Semtech Corp. 0.77% 358,363 $22.2M Add +63.6%
RMBS Rambus Inc. 0.75% 410,113 $21.7M Add +58.8%
KLAC KLA Corp. 0.73% 33,195 $20.9M Add +376.1%
COHR Coherent Corp. 0.71% 215,462 $20.4M Add +6.2%
TXN Texas Instruments Inc. 0.71% 108,633 $20.4M New
META Meta Platforms Inc. Class A 0.68% 33,610 $19.7M Add +48.3%
INTC Intel Corp. 0.68% 976,000 $19.6M Add +1672.5%
TER Teradyne Inc. 0.67% 152,441 $19.2M New
ETN Eaton Corp. PLC 0.66% 57,200 $19.0M Add +2502.4%
AMD Advanced Micro Devices 0.66% 157,000 $19.0M New
CRM Salesforce Inc. 0.66% 56,389 $18.9M Reduce -40.2%
RIO Rio Tinto PLC-Spon ADR 0.63% 306,116 $18.0M Add +3283.2%
MMM 3M Co. 0.60% 134,314 $17.3M Add +776.4%
UNP Union Pacific Corp. 0.60% 75,964 $17.3M New
TTWO Take-Two Interactive Softwre 0.60% 93,875 $17.3M Reduce -0.3%
ADSK Autodesk Inc. 0.60% 58,072 $17.2M Add +13.3%
NTRA Natera Inc. 0.56% 102,303 $16.2M Add +53.9%
EVRG Evergy Inc. 0.47% 220,579 $13.6M Reduce -17.7%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.46% 46,379 $13.2M New
LLY Eli Lilly & Co. 0.44% 16,241 $12.5M Add +638.2%
CYBR Cyberark Software Ltd./Israel 0.43% 36,891 $12.3M Add +10.6%
PH Parker Hannifin Corp. 0.42% 19,152 $12.2M Add +142.0%
MEOH Methanex Corp. 0.42% 241,553 $12.1M Reduce -16.8%
PEP Pepsico Inc. 0.42% 79,073 $12.0M Add +99.5%
KO The Coca-Cola Co. 0.42% 191,667 $11.9M Add +28.8%
HRL Hormel Foods Corp. 0.40% 368,887 $11.6M Add +74.7%
EXTR Extreme Networks Inc. 0.39% 662,249 $11.1M Add +65.5%
NFLX Netflix Inc. 0.38% 12,250 $10.9M Add +325.6%
APH Amphenol Corp. Class A 0.38% 156,210 $10.8M Reduce -0.6%
KRC Kilroy Realty Corp. 0.38% 268,146 $10.8M New
KMB Kimberly-Clark Corp. 0.37% 80,786 $10.6M Add +102.6%
STLD Steel Dynamics Inc. 0.37% 92,125 $10.5M Add +728.7%
NI Nisource Inc. 0.36% 283,302 $10.4M Reduce -36.7%
WPM Wheaton Precious Metals Corp. 0.34% 173,993 $9.8M New
PKG Packaging Corp. of America 0.34% 42,897 $9.7M Reduce -6.0%
KNX Knight-Swift Transportation 0.34% 181,564 $9.6M Add +176.5%
LW Lamb Weston Holdings Inc. 0.33% 142,882 $9.5M New
V Visa Inc. Class A 0.33% 30,175 $9.5M Reduce -27.0%
PPL PPL Corp. 0.33% 293,377 $9.5M Reduce -37.6%
SNDX Syndax Pharmaceuticals Inc. 0.33% 713,205 $9.4M Add +66.4%
AMH American Homes 4 Rent- A 0.33% 250,794 $9.4M New
OC Owens Corning 0.32% 54,457 $9.3M New
XEL Xcel Energy Inc. 0.32% 136,449 $9.2M Add +752.8%
UPS United Parcel Service Class B 0.32% 72,981 $9.2M Add +390.7%
DD Dupont DE Nemours Inc. 0.32% 119,566 $9.1M Add +35.7%
BA The Boeing Co. 0.31% 50,279 $8.9M Add +1674.1%
TXNM TXNM Energy Inc. 0.31% 179,861 $8.8M New
TFC Truist Financial Corp. 0.31% 203,309 $8.8M New
MRK Merck & Co. Inc. 0.31% 88,644 $8.8M Add +905.3%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.31% 79,958 $8.8M Add +34.3%
SPGI S&P Global Inc. 0.31% 17,635 $8.8M New
DOV Dover Corp. 0.31% 46,753 $8.8M Add +348.5%
CMS CMS Energy Corp. 0.30% 128,797 $8.6M Reduce -24.2%
ASML ASML Holding NV-NY Reg SHS 0.30% 12,266 $8.5M Add +127.4%
RGLD Royal Gold Inc. 0.29% 63,339 $8.4M Reduce -32.5%
TEAM Atlassian Corp. Class A 0.29% 34,192 $8.3M Add +2121.7%
PCVX Vaxcyte Inc. 0.29% 101,035 $8.3M Add +88.6%
DHI D.R. Horton Inc. 0.29% 58,948 $8.2M Add +2512.9%
MKSI MKS Inc. filed as MKS INSTRS INC 0.29% 78,938 $8.2M Add +85.1%
MSCI MSCI Inc. 0.28% 13,530 $8.1M Reduce -2.4%
PCG P G & E Corp. 0.28% 400,140 $8.1M Add +195.6%
PHM Pultegroup Inc. 0.28% 73,469 $8.0M New
CCJ Cameco Corp. 0.28% 155,628 $8.0M Add +147.0%
KEX Kirby Corp. 0.28% 75,313 $8.0M Reduce -2.2%
CENX Century Aluminum Company 0.28% 436,997 $8.0M Reduce -15.2%
MDB Mongodb Inc. 0.27% 33,194 $7.7M New
CNI Canadian Natl Railway Co. 0.27% 76,020 $7.7M New
CSX CSX Corp. 0.26% 235,907 $7.6M New
CP Canadian Pacific Kansas City 0.26% 104,802 $7.6M New
CVX Chevron Corp. 0.26% 52,327 $7.6M Add +253.6%
DAL Delta Air Lines Inc. 0.26% 124,109 $7.5M Add +147.6%
URI United Rentals Inc. 0.26% 10,646 $7.5M Add +372.9%
CLDX Celldex Therapeutics Inc. 0.26% 295,354 $7.5M Add +114.0%
AEE Ameren Corporation 0.25% 82,000 $7.3M Reduce -44.8%
ETR Entergy Corp. 0.25% 95,459 $7.2M Add +173.3%
PCH Potlatchdeltic Corp. 0.25% 184,139 $7.2M New
WFG West Fraser Timber Co. Ltd. 0.25% 82,781 $7.2M New
RRX Regal Rexnord Corp. 0.24% 45,219 $7.0M New
ADP Automatic Data Processing 0.24% 23,889 $7.0M Add +16.2%
GPN Global Payments Inc. 0.24% 62,279 $7.0M New
AZO AutoZone Inc. 0.24% 2,164 $6.9M New
NOW ServiceNow Inc. 0.24% 6,518 $6.9M New
PEG Public Service Enterprise GP 0.24% 81,676 $6.9M New
TRU Transunion 0.24% 74,422 $6.9M New
VERA Vera Therapeutics Inc. 0.24% 160,347 $6.8M Add +97.2%
SYF Synchrony Financial 0.23% 103,781 $6.7M New
WDC Western Digital Corp. 0.23% 112,982 $6.7M Reduce -8.4%
MS Morgan Stanley 0.23% 53,364 $6.7M Add +2670.7%

Show all 703 holdings

Options reported separately and not counted above: SPY calls ($73.3M), SPY puts ($61.0M).

Portfolio Sells Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −8.00
DNLI Denali Therapeutics Inc. Reduce -3.4% 3.06% −4.34
AA Alcoa Corp. Sold out 0.00% −1.06
NSC Norfolk Southern Corp. Sold out 0.00% −1.01
AVGO Broadcom Inc. Reduce -79.2% 0.18% −0.88
GLNG Golar LNG Ltd. Sold out 0.00% −0.84
PRGO Perrigo Co. PLC Reduce -97.0% 0.02% −0.82
CRM Salesforce Inc. Reduce -40.2% 0.66% −0.81
MU Micron Technology Inc. Sold out 0.00% −0.78
NEM Newmont Corp. Sold out 0.00% −0.72
VYX NCR Voyix Corp. Sold out 0.00% −0.68
SAP Sap SE-Sponsored ADR Sold out 0.00% −0.68
TECK Teck Resources Ltd.-CLS B Reduce -61.1% 0.14% −0.64
HUBS HubSpot Inc. Sold out 0.00% −0.62
AER Aercap Holdings NV Sold out 0.00% −0.60
MIR Mirion Technologies Inc. Sold out 0.00% −0.59
DK Delek US Holdings Inc. Sold out 0.00% −0.59
SANA Sana Biotechnology Inc. Reduce -7.3% 0.16% −0.57
DDOG Datadog Inc. Class A Sold out 0.00% −0.55
PPL PPL Corp. Reduce -37.6% 0.33% −0.55
ACA Arcosa Inc. Sold out 0.00% −0.55
FE Firstenergy Corp. Sold out 0.00% −0.54
NI Nisource Inc. Reduce -36.7% 0.36% −0.52
BARNES GROUP INC Sold out 0.00% −0.51
MRCY Mercury Systems Inc. Reduce -86.9% 0.05% −0.50
AEE Ameren Corporation Reduce -44.8% 0.25% −0.49
SIL Global X Silver Miners ETF Sold out 0.00% −0.48
WM Waste Management Inc. Sold out 0.00% −0.47
EVRG Evergy Inc. Reduce -17.7% 0.47% −0.47
RGLD Royal Gold Inc. Reduce -32.5% 0.29% −0.46
LNT Alliant Energy Corp. Sold out 0.00% −0.46
HSY The Hershey Co. Reduce -93.8% 0.02% −0.46
CHRW C.H. Robinson Worldwide Inc. Sold out 0.00% −0.43
ZS Zscaler Inc. Sold out 0.00% −0.43
CPAY Corpay Inc. Reduce -95.9% 0.01% −0.42
ORCL Oracle Corp. Sold out 0.00% −0.41
STNG Scorpio Tankers Inc. Sold out 0.00% −0.41
NDAQ Nasdaq Inc. Reduce -90.2% 0.03% −0.40
BUR Burford Capital Ltd. Sold out 0.00% −0.39
CMS CMS Energy Corp. Reduce -24.2% 0.30% −0.38
IP International Paper Co. Reduce -63.4% 0.13% −0.38
SHW The Sherwin-Williams Co. Sold out 0.00% −0.38
MDLZ Mondelez International Inc. Class A Sold out 0.00% −0.37
TALO Talos Energy Inc. Sold out 0.00% −0.37
SNOW Snowflake Inc. Reduce -68.3% 0.13% −0.37
SMH Vaneck Semiconductor ETF Sold out 0.00% −0.36
PANW Palo Alto Networks Inc. Reduce -43.2% 0.21% −0.36
INSW International Seaways Inc. Reduce -90.5% 0.02% −0.36
DHR Danaher Corp. Sold out 0.00% −0.35
IGV iShares Expanded Tech-Softwa Reduce -86.9% 0.03% −0.35

Portfolio Buys Q3 2024 → Q4 2024
IVV iShares Core S&P 500 ETF New 13.11% +13.11
QQQ Invesco QQQ Trust Series 1 Add +9736.1% 2.67% +2.63
GOOGL Alphabet Inc. Class A Add +5584.8% 1.54% +1.50
AMZN Amazon.com Inc. Add +559.5% 1.89% +1.49
NVDA Nvidia Corp. Add +159.2% 3.29% +1.41
JNJ Johnson & Johnson Add +2113.9% 1.20% +1.10
CSCO Cisco Systems Inc. Add +5466.7% 1.07% +1.04
IWM iShares Russell 2000 ETF New 0.92% +0.92
TXN Texas Instruments Inc. New 0.71% +0.71
TER Teradyne Inc. New 0.67% +0.67
AMD Advanced Micro Devices New 0.66% +0.66
ETN Eaton Corp. PLC Add +2502.4% 0.66% +0.62
INTC Intel Corp. Add +1672.5% 0.68% +0.61
UNP Union Pacific Corp. New 0.60% +0.60
RIO Rio Tinto PLC-Spon ADR Add +3283.2% 0.63% +0.59
MMM 3M Co. Add +776.4% 0.60% +0.48
AJG Arthur J Gallagher & Co. New 0.46% +0.46
KLAC KLA Corp. Add +376.1% 0.73% +0.42
MSFT Microsoft Corp. Add +168.2% 1.03% +0.39
KRC Kilroy Realty Corp. New 0.38% +0.38
WPM Wheaton Precious Metals Corp. New 0.34% +0.34
LW Lamb Weston Holdings Inc. New 0.33% +0.33
AMH American Homes 4 Rent- A New 0.33% +0.33
LLY Eli Lilly & Co. Add +638.2% 0.44% +0.33
OC Owens Corning New 0.32% +0.32
TXNM TXNM Energy Inc. New 0.31% +0.31
TFC Truist Financial Corp. New 0.31% +0.31
SPGI S&P Global Inc. New 0.31% +0.31
STLD Steel Dynamics Inc. Add +728.7% 0.37% +0.29
BA The Boeing Co. Add +1674.1% 0.31% +0.29
PHM Pultegroup Inc. New 0.28% +0.28
TEAM Atlassian Corp. Class A Add +2121.7% 0.29% +0.28
MDB Mongodb Inc. New 0.27% +0.27
CNI Canadian Natl Railway Co. New 0.27% +0.27
CSX CSX Corp. New 0.26% +0.26
CP Canadian Pacific Kansas City New 0.26% +0.26
NFLX Netflix Inc. Add +325.6% 0.38% +0.26
DHI D.R. Horton Inc. Add +2512.9% 0.29% +0.26
XEL Xcel Energy Inc. Add +752.8% 0.32% +0.26
PCH Potlatchdeltic Corp. New 0.25% +0.25
MRK Merck & Co. Inc. Add +905.3% 0.31% +0.25
WFG West Fraser Timber Co. Ltd. New 0.25% +0.25
RRX Regal Rexnord Corp. New 0.24% +0.24
GPN Global Payments Inc. New 0.24% +0.24
AZO AutoZone Inc. New 0.24% +0.24
NOW ServiceNow Inc. New 0.24% +0.24
PEG Public Service Enterprise GP New 0.24% +0.24
TRU Transunion New 0.24% +0.24
SYF Synchrony Financial New 0.23% +0.23
MS Morgan Stanley Add +2670.7% 0.23% +0.22

Options Activity Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US call New 125,000 $73.3M
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -59.9% 104,000 $61.0M
IWM iShares Russell 2000 ETF put Sold out 50,000 $11.0Mbefore exit
EEM iShares MSCI Emerging Market put Sold out 50,000 $2.3Mbefore exit
EEM iShares MSCI Emerging Market call Sold out 50,000 $2.3Mbefore exit
VYX NCR Voyix Corp. call Sold out 135,400 $1.8Mbefore exit
GT Goodyear Tire & Rubber Co. call Sold out 200,000 $1.8Mbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 3$53.5MDNLI, SANA, EGHT
Q1 2026Amended 3$46.3MDNLI, SANA, EGHT
Q4 2025 3$53.3MDNLI, SANA, EGHT
Q3 2025 3$58.1MDNLI, SANA, EGHT
Q2 2025 3$62.6MDNLI, SANA, EGHT
Q1 2025 3$63.2MDNLI, SANA, EGHT
Q4 2024 703$2.9BIVV, NVDA, DNLI, QQQ, AMZN
Q3 2024 508$1.8BSPY, DNLI, NVDA, CRM, AA
Q2 2024 158$1.3BIVV, DNLI, NVDA, IWM, AAPL
Q1 2024 155$1.1BDNLI, SANA, SPY, ASML, NI