Daiwa Securities Group Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Daiwa Securities Group Inc. reported 1,266 stock positions worth $23.6 billion. Its top holding was Apple (AAPL) at 4.6% of the portfolio, followed by Microsoft (MSFT, 4.1%) and Nvidia (NVDA, 3.8%). Compared with Q4 2024, it opened 53 new positions, sold out of 47, added to 718 and reduced 256. The biggest buy was Ventas (VTR, shares +879%) and the biggest sale Digital Realty Trust (DLR, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- CHIYODA-KU,TOKYO, M0
- CIK
- 0001481045
- Portfolio Value
- $23.6B (Q1 2025)
- SEC Filing
- 0001481045-25-000006 ↗ filed May 13, 2025
Holdings Value
Holdings 1,266 stocks · $23.6B
| AAPL Apple Inc. | 4.55% | 4,840,493 | $1.1B | Add +25.6% |
| MSFT Microsoft Corp. | 4.06% | 2,554,147 | $958.8M | Add +25.0% |
| NVDA Nvidia Corp. | 3.77% | 8,209,512 | $889.7M | Add +23.6% |
| WELL Welltower Inc. | 3.53% | 5,441,253 | $833.7M | Reduce -12.8% |
| AMZN Amazon.com Inc. | 3.20% | 3,974,329 | $756.2M | Add +29.7% |
| META Meta Platforms Inc. Class A | 2.70% | 1,107,148 | $638.1M | Add +27.6% |
| PLD Prologis Inc. | 2.53% | 5,338,887 | $596.8M | Reduce -8.9% |
| DLR Digital Realty Trust Inc. | 2.43% | 3,997,834 | $572.8M | Reduce -5.9% |
| GOOGL Alphabet Inc. Class A | 2.26% | 3,457,325 | $534.6M | Add +40.5% |
| AVGO Broadcom Inc. | 2.06% | 2,910,515 | $487.3M | Add +37.2% |
| NFLX Netflix Inc. | 2.06% | 520,914 | $485.8M | Add +26.4% |
| INVH Invitation Homes Inc. | 1.89% | 12,805,390 | $446.3M | Add +9.6% |
| CPTL GBL X MRST CP Alc LDR ETF-Ui | 1.84% | 11,675,330 | $435.1M | Add +0.0% |
| EQIX Equinix Inc. | 1.75% | 505,466 | $412.1M | Reduce -1.8% |
| EXR Extra Space Storage Inc. | 1.73% | 2,756,784 | $409.4M | Add +29.6% |
| NOW ServiceNow Inc. | 1.66% | 493,324 | $392.8M | Add +68.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.63% | 1,094,620 | $385.9M | Add +31.4% |
| PSA Public Storage | 1.54% | 1,218,051 | $364.6M | Add +11.6% |
| SPG Simon Property Group Inc. | 1.45% | 2,065,018 | $343.0M | Reduce -29.9% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 1.44% | 2,647,576 | $340.6M | Add +12.9% |
| UDR Udr Inc. | 1.37% | 7,160,287 | $323.4M | Add +2.3% |
| CCI Crown Castle Inc. | 1.17% | 2,659,885 | $277.2M | Add +22.4% |
| HST Host Hotels & Resorts Inc. | 1.03% | 17,124,509 | $243.3M | Add +7.7% |
| KIM Kimco Realty Corp. | 1.01% | 11,206,171 | $238.0M | Add +19.7% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.00% | 2,752,467 | $236.8M | Reduce -6.6% |
| ESS Essex Property Trust Inc. | 0.93% | 712,600 | $218.5M | Add +6.5% |
| HR Healthcare Realty Trust Inc. | 0.89% | 12,426,452 | $210.0M | Add +1.2% |
| IBN Icici Bank Ltd.-Spon ADR | 0.88% | 6,564,442 | $206.9M | Reduce -0.7% |
| OHI Omega Healthcare Investors | 0.86% | 5,350,355 | $203.7M | Add +10.5% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.85% | 6,126,860 | $199.9M | Reduce -47.9% |
| O Realty Income Corp. | 0.81% | 3,278,203 | $190.2M | Reduce -9.6% |
| ADC Agree Realty Corp. | 0.77% | 2,358,979 | $182.1M | Add +5.6% |
| GOOG Alphabet Inc. Class C | 0.69% | 1,043,623 | $163.0M | Add +7.5% |
| WY Weyerhaeuser Co. | 0.65% | 5,259,636 | $154.0M | Add +7.7% |
| LAMR Lamar Advertising Co. Class A | 0.62% | 1,294,339 | $147.3M | Add +43.0% |
| TSLA Tesla Inc. | 0.61% | 558,725 | $144.8M | Add +11.7% |
| VTR Ventas Inc. | 0.59% | 2,013,833 | $138.5M | Add +879.3% |
| AMT American Tower Corp. | 0.58% | 630,828 | $137.3M | Reduce -43.9% |
| EGP Eastgroup Properties Inc. | 0.58% | 773,274 | $136.2M | Add +9.3% |
| IVV iShares Core S&P 500 ETF | 0.56% | 236,962 | $133.1M | Add +61.9% |
| V Visa Inc. Class A | 0.54% | 362,239 | $127.0M | Add +12.0% |
| COST Costco Wholesale Corp. | 0.52% | 129,845 | $122.8M | Add +17.9% |
| LLY Eli Lilly & Co. | 0.52% | 147,440 | $121.8M | Add +7.9% |
| JPM JPMorgan Chase & Co. | 0.51% | 493,505 | $121.1M | Add +8.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.50% | 220,888 | $117.6M | Add +9.7% |
| UNH Unitedhealth Group Inc. | 0.49% | 219,104 | $114.8M | Add +2.9% |
| COLD Americold Realty Trust Inc. | 0.45% | 4,999,682 | $107.3M | Reduce -0.0% |
| INFY Infosys Ltd.-SP ADR | 0.43% | 5,611,500 | $102.4M | Reduce -2.3% |
| AVB Avalonbay Communities Inc. | 0.39% | 433,669 | $93.1M | Reduce -21.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.38% | 190,342 | $90.6M | Add +50.8% |
| HD Home Depot Inc. | 0.36% | 230,398 | $84.4M | Add +8.4% |
| XOM Exxon Mobil Corp. | 0.34% | 680,027 | $80.9M | Add +15.4% |
| MA Mastercard Inc. Class A | 0.34% | 144,657 | $79.3M | Add +6.2% |
| PG The Procter & Gamble Co. | 0.33% | 459,381 | $78.3M | Add +14.7% |
| JNJ Johnson & Johnson | 0.32% | 459,517 | $76.2M | Add +9.3% |
| CSCO Cisco Systems Inc. | 0.31% | 1,177,191 | $72.6M | Add +9.0% |
| GS Goldman Sachs Group Inc. | 0.30% | 128,335 | $70.1M | Add +9.4% |
| AMGN Amgen Inc. | 0.29% | 218,519 | $68.1M | Add +5.0% |
| WMT Walmart Inc. | 0.28% | 761,065 | $66.8M | Add +3.3% |
| HIW Highwoods Properties Inc. | 0.27% | 2,182,413 | $64.7M | Add +1.2% |
| LINE Lineage Inc. | 0.27% | 1,072,022 | $62.9M | Add +0.1% |
| ELS Equity Lifestyle Properties | 0.26% | 927,263 | $61.8M | Reduce -58.7% |
| RHP Ryman Hospitality Properties | 0.26% | 666,507 | $60.9M | Add +3099.8% |
| CRM Salesforce Inc. | 0.26% | 225,109 | $60.4M | Add +8.0% |
| CVX Chevron Corp. | 0.25% | 357,913 | $59.9M | Add +18.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.25% | 237,005 | $58.9M | Add +18.1% |
| MCD McDonald's Corp. | 0.25% | 185,489 | $57.9M | Add +5.5% |
| ABBV Abbvie Inc. | 0.24% | 273,499 | $57.3M | Add +8.2% |
| PM Philip Morris International | 0.24% | 355,400 | $56.4M | Add +2.1% |
| QCOM Qualcomm Inc. | 0.24% | 362,270 | $55.6M | Add +16.8% |
| LIN Linde PLC | 0.23% | 115,920 | $54.0M | Add +2.2% |
| CURB Curbline Properties Corp. | 0.23% | 2,208,406 | $53.4M | Add +8.6% |
| CAT Caterpillar Inc. | 0.23% | 161,873 | $53.4M | Add +8.9% |
| PEP Pepsico Inc. | 0.22% | 351,024 | $52.6M | Add +6.5% |
| ADBE Adobe Inc. | 0.22% | 133,271 | $51.1M | Add +14.9% |
| ISRG Intuitive Surgical Inc. | 0.22% | 101,534 | $50.8M | Add +27.1% |
| MRK Merck & Co. Inc. | 0.20% | 529,526 | $47.5M | Add +21.1% |
| KO The Coca-Cola Co. | 0.20% | 662,799 | $47.5M | Add +0.4% |
| INTU Intuit Inc. | 0.20% | 76,396 | $46.9M | Add +4.8% |
| BKNG Booking Holdings Inc. | 0.20% | 10,057 | $46.3M | Add +17.4% |
| HON Honeywell International Inc. | 0.20% | 218,446 | $46.3M | Add +7.3% |
| AXP American Express Co. | 0.19% | 170,887 | $46.0M | Add +13.3% |
| T AT&T Inc. | 0.19% | 1,594,199 | $45.1M | Add +19.0% |
| BXP BXP Inc. | 0.19% | 665,862 | $44.7M | Add +845.9% |
| TMUS T-Mobile US Inc. | 0.19% | 165,463 | $44.1M | Add +12.6% |
| AMD Advanced Micro Devices | 0.19% | 428,885 | $44.1M | Add +8.8% |
| KRC Kilroy Realty Corp. | 0.18% | 1,326,453 | $43.5M | Add +781.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.18% | 1,021,122 | $42.6M | Add +8.8% |
| VZ Verizon Communications Inc. | 0.18% | 938,981 | $42.6M | Add +39.5% |
| PLTR Palantir Technologies Inc. Class A | 0.18% | 498,184 | $42.0M | Add +3.6% |
| GILD Gilead Sciences Inc. | 0.17% | 367,460 | $41.2M | Add +6.6% |
| GE General Electric filed as GE AEROSPACE | 0.17% | 198,171 | $39.7M | Add +33.8% |
| SHW The Sherwin-Williams Co. | 0.17% | 111,774 | $39.0M | Add +5.7% |
| TXN Texas Instruments Inc. | 0.17% | 216,974 | $39.0M | Add +10.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.15% | 365,057 | $36.0M | Add +14.8% |
| TT Trane Technologies PLC | 0.15% | 106,672 | $35.9M | Add +9.1% |
| PGR Progressive Corp. | 0.15% | 124,402 | $35.2M | Add +12.9% |
| CMCSA Comcast Corp. Class A | 0.15% | 944,498 | $34.9M | Add +17.1% |
| ORCL Oracle Corp. | 0.15% | 247,099 | $34.5M | Add +12.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.15% | 71,232 | $34.5M | Add +8.4% |
Other holdings (13): bonds, preferreds, convertibles and warrants · $45.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 20,000,000 | $19.9M | New |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 7,500,000 | $8.4M | Reduce -31.8% |
| GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) | NOTE 3.750% 5/1 · principal | 2,500,000 | $4.3M | New |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | 4,250,000 | $3.5M | New |
| CNX RESOURCES CORP (CNX 2.25 05/01/26) | NOTE 2.250% 5/0 · principal | 1,200,000 | $3.0M | New |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 3,000,000 | $2.2M | New |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 9,000,000 | $2.0M | Add +350.0% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 2,000,000 | $1.9M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 14,704 | $252K | New |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 2,048 | $93K | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 4,000 | $70K | New |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 1,127 | $68K | Reduce -30.7% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 2,500 | $61K | Reduce -10.8% |
Total filed on the 13F, all lines: $23.7B.
Portfolio Sells Q4 2024 → Q1 2025
| DLR Digital Realty Trust Inc. | Reduce -5.9% | 2.43% | −0.97 |
| SPG Simon Property Group Inc. | Reduce -29.9% | 1.45% | −0.83 |
| VICI Vici Properties Inc. | Reduce -47.9% | 0.85% | −0.70 |
| EQIX Equinix Inc. | Reduce -1.8% | 1.75% | −0.44 |
| ELS Equity Lifestyle Properties | Reduce -58.7% | 0.26% | −0.41 |
| IRM Iron Mountain Inc. | Reduce -6.6% | 1.00% | −0.39 |
| AMT American Tower Corp. | Reduce -43.9% | 0.58% | −0.35 |
| PLD Prologis Inc. | Reduce -8.9% | 2.53% | −0.26 |
| AVB Avalonbay Communities Inc. | Reduce -21.8% | 0.39% | −0.15 |
| INFY Infosys Ltd.-SP ADR | Reduce -2.3% | 0.43% | −0.13 |
| SRET Global X Superdividend REIT | Sold out | 0.00% | −0.09 |
| O Realty Income Corp. | Reduce -9.6% | 0.81% | −0.07 |
| ETN Eaton Corp. PLC | Reduce -12.3% | 0.12% | −0.06 |
| APP AppLovin Corp. Class A | Reduce -28.8% | 0.07% | −0.06 |
| AIQ Global X Art Intel & Tech | Reduce -22.3% | 0.09% | −0.04 |
| ANET Arista Networks Inc. | Reduce -6.8% | 0.06% | −0.04 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -27.4% | 0.07% | −0.03 |
| STAG Stag Industrial Inc. | Reduce -67.8% | 0.01% | −0.03 |
| HUBB Hubbell Inc. | Reduce -11.4% | 0.05% | −0.03 |
| COLD Americold Realty Trust Inc. | Reduce -0.0% | 0.45% | −0.03 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Reduce -68.3% | 0.01% | −0.03 |
| TTD Trade Desk Inc./the Class A | Reduce -14.0% | 0.02% | −0.03 |
| NVR NVR Inc. | Reduce -58.0% | 0.01% | −0.02 |
| VRT Vertiv Holdings Co. Class A | Reduce -5.0% | 0.03% | −0.02 |
| SNOW Snowflake Inc. | Reduce -27.6% | 0.03% | −0.02 |
| CTRE Caretrust REIT Inc. | Reduce -70.5% | 0.01% | −0.02 |
| MSI Motorola Solutions Inc. | Reduce -11.2% | 0.07% | −0.02 |
| KKR KKR & Co. Inc. | Reduce -0.3% | 0.05% | −0.02 |
| REG Regency Centers Corp. | Reduce -14.1% | 0.07% | −0.02 |
| RKLB Rocket Lab USA Inc. | Reduce -98.0% | 0.00% | −0.02 |
| URI United Rentals Inc. | Reduce -3.0% | 0.06% | −0.01 |
| NVT Nvent Electric PLC | Reduce -85.3% | 0.00% | −0.01 |
| SO The Southern Co. | Reduce -22.7% | 0.06% | −0.01 |
| ALAB Astera Labs Inc. | Reduce -96.1% | 0.00% | −0.01 |
| AXON Axon Enterprise Inc. | Reduce -12.4% | 0.04% | −0.01 |
| P Everpure Inc. Class A | Reduce -61.6% | 0.00% | −0.01 |
| CSL Carlisle Cos Inc. | Reduce -30.4% | 0.02% | −0.01 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -0.7% | 0.88% | −0.01 |
| RDDT Reddit Inc. Class A | Reduce -9.4% | 0.02% | −0.01 |
| TTEK Tetra Tech Inc. | Reduce -14.2% | 0.02% | −0.01 |
| PXH Inves Rafi Emer MRKT-Usd Inc. | Reduce -14.5% | 0.07% | −0.01 |
| EPRT Essential Properties Realty | Reduce -23.7% | 0.04% | −0.01 |
| MAC The Macerich Co. | Reduce -57.9% | 0.01% | −0.01 |
| SMTC Semtech Corp. | Reduce -45.2% | 0.00% | −0.01 |
| NTAP Netapp Inc. | Reduce -0.0% | 0.03% | −0.01 |
| AR Antero Resources Corp. | Reduce -69.4% | 0.01% | −0.01 |
| WELL Welltower Inc. | Reduce -12.8% | 3.53% | −0.01 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.01 |
| CLOU Global X Cloud Computing ETF | Reduce -80.0% | 0.00% | −0.01 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -17.5% | 0.01% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| VTR Ventas Inc. | Add +879.3% | 0.59% | +0.53 |
| META Meta Platforms Inc. Class A | Add +27.6% | 2.70% | +0.42 |
| NFLX Netflix Inc. | Add +26.4% | 2.06% | +0.40 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +31.4% | 1.63% | +0.35 |
| EXR Extra Space Storage Inc. | Add +29.6% | 1.73% | +0.30 |
| CCI Crown Castle Inc. | Add +22.4% | 1.17% | +0.29 |
| NOW ServiceNow Inc. | Add +68.5% | 1.66% | +0.27 |
| RHP Ryman Hospitality Properties | Add +3099.8% | 0.26% | +0.25 |
| AAPL Apple Inc. | Add +25.6% | 4.55% | +0.21 |
| INVH Invitation Homes Inc. | Add +9.6% | 1.89% | +0.21 |
| MSFT Microsoft Corp. | Add +25.0% | 4.06% | +0.18 |
| IVV iShares Core S&P 500 ETF | Add +61.9% | 0.56% | +0.18 |
| AMZN Amazon.com Inc. | Add +29.7% | 3.20% | +0.17 |
| GOOGL Alphabet Inc. Class A | Add +40.5% | 2.26% | +0.17 |
| BXP BXP Inc. | Add +845.9% | 0.19% | +0.17 |
| KRC Kilroy Realty Corp. | Add +781.8% | 0.18% | +0.16 |
| SUI Sun Communities Inc. | Add +12.9% | 1.44% | +0.14 |
| LAMR Lamar Advertising Co. Class A | Add +43.0% | 0.62% | +0.13 |
| QQQ Invesco QQQ Trust Series 1 | Add +50.8% | 0.38% | +0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +9.7% | 0.50% | +0.09 |
| V Visa Inc. Class A | Add +12.0% | 0.54% | +0.08 |
| PSA Public Storage | Add +11.6% | 1.54% | +0.07 |
| COST Costco Wholesale Corp. | Add +17.9% | 0.52% | +0.07 |
| EGP Eastgroup Properties Inc. | Add +9.3% | 0.58% | +0.07 |
| ESS Essex Property Trust Inc. | Add +6.5% | 0.93% | +0.07 |
| ADC Agree Realty Corp. | Add +5.6% | 0.77% | +0.06 |
| VZ Verizon Communications Inc. | Add +39.5% | 0.18% | +0.06 |
| XOM Exxon Mobil Corp. | Add +15.4% | 0.34% | +0.06 |
| CVX Chevron Corp. | Add +18.6% | 0.25% | +0.06 |
| GE General Electric | Add +33.8% | 0.17% | +0.06 |
| T AT&T Inc. | Add +19.0% | 0.19% | +0.05 |
| MAA Mid-America Apartment Comm | Add +131.6% | 0.09% | +0.05 |
| IBM Intl Business Machines Corp. | Add +18.1% | 0.25% | +0.05 |
| PM Philip Morris International | Add +2.1% | 0.24% | +0.05 |
| SPOT Spotify Technology SA | Add +81.4% | 0.09% | +0.05 |
| JNJ Johnson & Johnson | Add +9.3% | 0.32% | +0.05 |
| AMGN Amgen Inc. | Add +5.0% | 0.29% | +0.04 |
| FR First Industrial Realty TR | Add +337.7% | 0.05% | +0.04 |
| LLY Eli Lilly & Co. | Add +7.9% | 0.52% | +0.04 |
| TMUS T-Mobile US Inc. | Add +12.6% | 0.19% | +0.04 |
| DUK Duke Energy Corp. | Add +70.7% | 0.09% | +0.04 |
| ABBV Abbvie Inc. | Add +8.2% | 0.24% | +0.04 |
| MO Altria Group Inc. | Add +60.5% | 0.09% | +0.04 |
| AIG American International Group | Add +88.4% | 0.07% | +0.04 |
| OHI Omega Healthcare Investors | Add +10.5% | 0.86% | +0.04 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +798.5% | 0.04% | +0.04 |
| ALV Autoliv Inc. | New | 0.03% | +0.03 |
| MSTR Strategy Inc. | Add +92.0% | 0.07% | +0.03 |
| WY Weyerhaeuser Co. | Add +7.7% | 0.65% | +0.03 |
| MDT Medtronic PLC | Add +43.9% | 0.10% | +0.03 |
Notes & Other Activity Q4 2024 → Q1 2025
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | Sold out | 15,000,000 | $37.7Mbefore exit |
| ROYAL CARIBBEAN CRUISES (RCL 6 08/15/25) | NOTE 6.000% 8/1 · principal | Sold out | 7,000,000 | $32.5Mbefore exit |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Sold out | 25,110,000 | $24.5Mbefore exit |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | New | 20,000,000 | $19.9M |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 03/15/25) | NOTE 1.250% 3/1 · principal | Sold out | 9,035,000 | $13.4Mbefore exit |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Sold out | 11,500,000 | $11.8Mbefore exit |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | Sold out | 10,000,000 | $8.6Mbefore exit |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Reduce -31.8% | 7,500,000 | $8.4M |
| ALTAIR ENGINEERING INC (ALTR 1.75 06/15/27) | NOTE 1.750% 6/1 · principal | Sold out | 5,000,000 | $7.8Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Sold out | 5,000,000 | $6.7Mbefore exit |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 150,000 | $6.2Mbefore exit |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | Sold out | 5,000,000 | $4.3Mbefore exit |
| GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) | NOTE 3.750% 5/1 · principal | New | 2,500,000 | $4.3M |
| MICROSTRATEGY INC (MSTR 0 02/15/27) | NOTE 2/1 · principal | Sold out | 2,000,000 | $4.1Mbefore exit |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | Sold out | 4,749,000 | $4.1Mbefore exit |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | New | 4,250,000 | $3.5M |
| CNX RESOURCES CORP (CNX 2.25 05/01/26) | NOTE 2.250% 5/0 · principal | New | 1,200,000 | $3.0M |
| BITDEER TECHNOLOGIES GRP (BTDR 8.5 08/15/29) | NOTE 8.500% 8/1 · principal | Sold out | 1,000,000 | $2.7Mbefore exit |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | Sold out | 2,500,000 | $2.3Mbefore exit |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | New | 3,000,000 | $2.2M |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | Add +350.0% | 9,000,000 | $2.0M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | New | 2,000,000 | $1.9M |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | Sold out | 1,899,000 | $1.8Mbefore exit |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Sold out | 1,786,000 | $1.6Mbefore exit |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | New | 14,704 | $252K |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | Sold out | 4,000 | $83Kbefore exit |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | New | 4,000 | $70K |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | Reduce -30.7% | 1,127 | $68K |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Reduce -10.8% | 2,500 | $61K |
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 | 1,113 | $44.1B | NVDA, MSFT, AAPL, GOOGL, AVGO |
| Q1 2026 | 1,094 | $34.5B | NVDA, MSFT, AAPL, GOOGL, AVGO |
| Q4 2025 | 1,322 | $30.8B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q3 2025 | 1,318 | $29.5B | NVDA, MSFT, AAPL, AMZN, AVGO |
| Q2 2025 | 1,286 | $27.0B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 1,266 | $23.6B | AAPL, MSFT, NVDA, WELL, AMZN |
| Q4 2024 | 1,259 | $22.2B | AAPL, NVDA, MSFT, WELL, DLR |
| Q3 2024 | 1,259 | $21.4B | WELL, AAPL, DLR, MSFT, PLD |
| Q2 2024 | 1,296 | $18.5B | PLD, WELL, DLR, MSFT, AAPL |
| Q1 2024 | 1,294 | $17.4B | PLD, WELL, SPG, DLR, MSFT |