Daiwa Securities Group Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Daiwa Securities Group Inc. reported 1,286 stock positions worth $27.0 billion. Its top holding was Nvidia (NVDA) at 5.0% of the portfolio, followed by Microsoft (MSFT, 4.9%) and Apple (AAPL, 4.3%). Compared with Q1 2025, it opened 67 new positions, sold out of 48, added to 714 and reduced 274. The biggest buy was Nvidia (NVDA, shares +5%) and the biggest sale Omega Healthcare Investors (OHI, shares −69%).
- Most Recent 13F
- Q2 2026
- Location
- CHIYODA-KU,TOKYO, M0
- CIK
- 0001481045
- Portfolio Value
- $27.0B (Q2 2025)
- SEC Filing
- 0001481045-25-000007 ↗ filed Aug 14, 2025
Holdings Value
Holdings 1,286 stocks · $27.0B
| NVDA Nvidia Corp. | 5.02% | 8,581,093 | $1.4B | Add +4.5% |
| MSFT Microsoft Corp. | 4.91% | 2,663,396 | $1.3B | Add +4.3% |
| AAPL Apple Inc. | 4.29% | 5,643,060 | $1.2B | Add +16.6% |
| AMZN Amazon.com Inc. | 3.53% | 4,348,812 | $954.1M | Add +9.4% |
| META Meta Platforms Inc. Class A | 3.20% | 1,171,677 | $864.8M | Add +5.8% |
| WELL Welltower Inc. | 3.05% | 5,351,531 | $822.7M | Reduce -1.6% |
| AVGO Broadcom Inc. | 3.01% | 2,945,594 | $812.0M | Add +1.2% |
| DLR Digital Realty Trust Inc. | 2.67% | 4,130,927 | $720.1M | Add +3.3% |
| GOOGL Alphabet Inc. Class A | 2.56% | 3,921,058 | $691.0M | Add +13.4% |
| NFLX Netflix Inc. | 2.56% | 515,536 | $690.4M | Reduce -1.0% |
| PLD Prologis Inc. | 2.26% | 5,814,232 | $611.2M | Add +8.9% |
| CRWD CrowdStrike Holdings Inc. Class A | 2.02% | 1,068,776 | $544.3M | Reduce -2.4% |
| NOW ServiceNow Inc. | 2.02% | 529,299 | $544.2M | Add +7.3% |
| CPTL GBL X MRST CP Alc LDR ETF-Ui | 1.82% | 12,175,791 | $491.7M | Add +4.3% |
| INVH Invitation Homes Inc. | 1.62% | 13,319,490 | $436.9M | Add +4.0% |
| EXR Extra Space Storage Inc. | 1.45% | 2,658,747 | $392.0M | Reduce -3.6% |
| EQIX Equinix Inc. | 1.41% | 479,887 | $381.7M | Reduce -5.1% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 1.30% | 2,775,910 | $351.1M | Add +4.8% |
| SPG Simon Property Group Inc. | 1.22% | 2,047,409 | $329.1M | Reduce -0.8% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.12% | 2,954,927 | $303.1M | Add +7.4% |
| ESS Essex Property Trust Inc. | 1.11% | 1,056,887 | $299.5M | Add +48.3% |
| CCI Crown Castle Inc. | 1.05% | 2,763,126 | $283.9M | Add +3.9% |
| HST Host Hotels & Resorts Inc. | 0.97% | 16,992,714 | $261.0M | Reduce -0.8% |
| PSA Public Storage | 0.96% | 887,359 | $260.4M | Reduce -27.1% |
| KIM Kimco Realty Corp. | 0.94% | 12,132,059 | $255.0M | Add +8.3% |
| O Realty Income Corp. | 0.84% | 3,953,495 | $227.8M | Add +20.6% |
| IBN Icici Bank Ltd.-Spon ADR | 0.79% | 6,342,086 | $213.3M | Reduce -3.4% |
| UDR Udr Inc. | 0.79% | 5,218,884 | $213.1M | Reduce -27.1% |
| HR Healthcare Realty Trust Inc. | 0.72% | 12,280,355 | $194.8M | Reduce -1.2% |
| GOOG Alphabet Inc. Class C | 0.71% | 1,085,375 | $192.5M | Add +4.0% |
| TSLA Tesla Inc. | 0.68% | 579,963 | $184.2M | Add +3.8% |
| ADC Agree Realty Corp. | 0.64% | 2,347,007 | $171.5M | Reduce -0.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.62% | 305,706 | $168.6M | Add +60.6% |
| IVV iShares Core S&P 500 ETF | 0.61% | 266,592 | $165.5M | Add +12.5% |
| LAMR Lamar Advertising Co. Class A | 0.58% | 1,299,419 | $157.7M | Add +0.4% |
| WY Weyerhaeuser Co. | 0.56% | 5,874,092 | $150.9M | Add +11.7% |
| JPM JPMorgan Chase & Co. | 0.55% | 513,265 | $148.8M | Add +4.0% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.54% | 4,445,762 | $144.9M | Reduce -27.4% |
| COST Costco Wholesale Corp. | 0.49% | 133,432 | $132.1M | Add +2.8% |
| V Visa Inc. Class A | 0.48% | 363,222 | $129.0M | Add +0.3% |
| SBAC SBA Communications Corp. | 0.45% | 522,215 | $122.6M | Add +1328.4% |
| KRC Kilroy Realty Corp. | 0.45% | 3,562,992 | $122.2M | Add +168.6% |
| EGP Eastgroup Properties Inc. | 0.44% | 708,328 | $118.4M | Reduce -8.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.42% | 235,665 | $114.5M | Add +6.7% |
| MAA Mid-America Apartment Comm | 0.40% | 721,418 | $106.8M | Add +461.9% |
| LLY Eli Lilly & Co. | 0.38% | 133,210 | $103.8M | Reduce -9.7% |
| INFY Infosys Ltd.-SP ADR | 0.38% | 5,511,800 | $102.1M | Reduce -1.8% |
| GS Goldman Sachs Group Inc. | 0.34% | 131,456 | $93.0M | Add +2.4% |
| HD Home Depot Inc. | 0.33% | 245,786 | $90.1M | Add +6.7% |
| RHP Ryman Hospitality Properties | 0.33% | 899,139 | $88.7M | Add +34.9% |
| MA Mastercard Inc. Class A | 0.31% | 150,149 | $84.4M | Add +3.8% |
| CSCO Cisco Systems Inc. | 0.30% | 1,156,562 | $80.2M | Reduce -1.8% |
| WMT Walmart Inc. | 0.29% | 809,965 | $79.2M | Add +6.4% |
| XOM Exxon Mobil Corp. | 0.28% | 713,598 | $76.9M | Add +4.9% |
| BXP BXP Inc. | 0.28% | 1,138,083 | $76.8M | Add +70.9% |
| JNJ Johnson & Johnson | 0.28% | 502,314 | $76.7M | Add +9.3% |
| CRM Salesforce Inc. | 0.28% | 277,804 | $75.8M | Add +23.4% |
| PG The Procter & Gamble Co. | 0.27% | 462,464 | $73.7M | Add +0.7% |
| PLTR Palantir Technologies Inc. Class A | 0.27% | 530,876 | $72.4M | Add +6.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.27% | 244,714 | $72.1M | Add +3.3% |
| COLD Americold Realty Trust Inc. | 0.26% | 4,260,928 | $70.9M | Reduce -14.8% |
| UNH Unitedhealth Group Inc. | 0.26% | 223,981 | $69.9M | Add +2.2% |
| HIW Highwoods Properties Inc. | 0.25% | 2,190,938 | $68.1M | Add +0.4% |
| INTU Intuit Inc. | 0.24% | 82,349 | $64.9M | Add +7.8% |
| AMGN Amgen Inc. | 0.24% | 229,666 | $64.1M | Add +5.1% |
| CAT Caterpillar Inc. | 0.23% | 162,260 | $63.0M | Add +0.2% |
| AMD Advanced Micro Devices | 0.23% | 443,864 | $63.0M | Add +3.5% |
| PM Philip Morris International | 0.23% | 344,246 | $62.7M | Reduce -3.1% |
| OHI Omega Healthcare Investors | 0.22% | 1,656,965 | $60.7M | Reduce -69.0% |
| VTR Ventas Inc. | 0.22% | 936,149 | $59.1M | Reduce -53.5% |
| BKNG Booking Holdings Inc. | 0.22% | 10,195 | $59.0M | Add +1.4% |
| ABBV Abbvie Inc. | 0.21% | 312,361 | $58.0M | Add +14.2% |
| ORCL Oracle Corp. | 0.21% | 264,554 | $57.8M | Add +7.1% |
| ADBE Adobe Inc. | 0.21% | 146,738 | $56.8M | Add +10.1% |
| LIN Linde PLC | 0.21% | 120,304 | $56.4M | Add +3.8% |
| MCD McDonald's Corp. | 0.21% | 193,178 | $56.4M | Add +4.2% |
| AXP American Express Co. | 0.21% | 176,905 | $56.4M | Add +3.5% |
| ELS Equity Lifestyle Properties | 0.20% | 889,749 | $54.9M | Reduce -4.0% |
| QCOM Qualcomm Inc. | 0.20% | 333,155 | $53.1M | Reduce -8.0% |
| KO The Coca-Cola Co. | 0.20% | 748,241 | $52.9M | Add +12.9% |
| HON Honeywell International Inc. | 0.20% | 227,031 | $52.9M | Add +3.9% |
| ISRG Intuitive Surgical Inc. | 0.19% | 95,479 | $51.9M | Reduce -6.0% |
| CURB Curbline Properties Corp. | 0.19% | 2,216,074 | $50.6M | Add +0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.18% | 1,055,767 | $50.0M | Add +3.4% |
| PEP Pepsico Inc. | 0.18% | 371,396 | $49.0M | Add +5.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.18% | 387,523 | $48.1M | Add +6.2% |
| CVX Chevron Corp. | 0.18% | 330,697 | $47.4M | Reduce -7.6% |
| TXN Texas Instruments Inc. | 0.17% | 225,483 | $46.8M | Add +3.9% |
| TT Trane Technologies PLC | 0.17% | 106,351 | $46.5M | Reduce -0.3% |
| CTRE Caretrust REIT Inc. | 0.17% | 1,510,264 | $46.2M | Add +2245.5% |
| GE General Electric filed as GE AEROSPACE | 0.17% | 179,122 | $46.1M | Reduce -9.6% |
| T AT&T Inc. | 0.17% | 1,569,484 | $45.4M | Reduce -1.6% |
| UBER Uber Technologies Inc. | 0.16% | 473,353 | $44.3M | Add +20.5% |
| MRK Merck & Co. Inc. | 0.16% | 556,980 | $44.1M | Add +5.2% |
| TMUS T-Mobile US Inc. | 0.15% | 173,068 | $41.2M | Add +4.6% |
| VZ Verizon Communications Inc. | 0.15% | 948,706 | $41.0M | Add +1.0% |
| BA The Boeing Co. | 0.15% | 194,951 | $40.8M | Add +5.5% |
| SHW The Sherwin-Williams Co. | 0.15% | 117,398 | $40.3M | Add +5.0% |
| GILD Gilead Sciences Inc. | 0.15% | 362,899 | $40.2M | Reduce -1.2% |
| WFC Wells Fargo & Co. | 0.15% | 492,097 | $39.4M | Add +3.4% |
Other holdings (15): bonds, preferreds, convertibles and warrants · $93.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 12,500,000 | $14.4M | New |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 15,000,000 | $14.3M | New |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 9,125,000 | $8.8M | New |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 7,500,000 | $8.8M | New |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 9,100,000 | $8.7M | New |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 7,500,000 | $8.0M | New |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 7,500,000 | $7.2M | New |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 7,500,000 | $7.0M | Add +275.0% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 5,000,000 | $5.0M | New |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 5,000,000 | $5.0M | New |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 100,000 | $4.0M | New |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 1,342,000 | $1.2M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 21,704 | $381K | Add +47.6% |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 2,048 | $95K | No change |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 4,000 | $95K | Add +60.0% |
Total filed on the 13F, all lines: $27.1B.
Portfolio Sells Q1 2025 → Q2 2025
| OHI Omega Healthcare Investors | Reduce -69.0% | 0.22% | −0.64 |
| UDR Udr Inc. | Reduce -27.1% | 0.79% | −0.58 |
| PSA Public Storage | Reduce -27.1% | 0.96% | −0.58 |
| AMT American Tower Corp. | Reduce -84.8% | 0.08% | −0.50 |
| WELL Welltower Inc. | Reduce -1.6% | 3.05% | −0.48 |
| VTR Ventas Inc. | Reduce -53.5% | 0.22% | −0.37 |
| AVB Avalonbay Communities Inc. | Reduce -83.3% | 0.05% | −0.34 |
| EQIX Equinix Inc. | Reduce -5.1% | 1.41% | −0.33 |
| VICI Vici Properties Inc. | Reduce -27.4% | 0.54% | −0.31 |
| EXR Extra Space Storage Inc. | Reduce -3.6% | 1.45% | −0.28 |
| SPG Simon Property Group Inc. | Reduce -0.8% | 1.22% | −0.23 |
| COLD Americold Realty Trust Inc. | Reduce -14.8% | 0.26% | −0.19 |
| HR Healthcare Realty Trust Inc. | Reduce -1.2% | 0.72% | −0.17 |
| LINE Lineage Inc. | Reduce -27.9% | 0.12% | −0.14 |
| EGP Eastgroup Properties Inc. | Reduce -8.4% | 0.44% | −0.14 |
| ADC Agree Realty Corp. | Reduce -0.5% | 0.64% | −0.14 |
| LLY Eli Lilly & Co. | Reduce -9.7% | 0.38% | −0.13 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -3.4% | 0.79% | −0.09 |
| CVX Chevron Corp. | Reduce -7.6% | 0.18% | −0.08 |
| HST Host Hotels & Resorts Inc. | Reduce -0.8% | 0.97% | −0.06 |
| ELS Equity Lifestyle Properties | Reduce -4.0% | 0.20% | −0.06 |
| INFY Infosys Ltd.-SP ADR | Reduce -1.8% | 0.38% | −0.06 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -70.5% | 0.02% | −0.05 |
| REG Regency Centers Corp. | Reduce -60.8% | 0.02% | −0.04 |
| AGG iShares Core U.S. Aggregate | Sold out | 0.00% | −0.04 |
| QCOM Qualcomm Inc. | Reduce -8.0% | 0.20% | −0.04 |
| SPGI S&P Global Inc. | Reduce -14.1% | 0.10% | −0.03 |
| BDX Becton Dickinson and Co. | Reduce -16.6% | 0.03% | −0.03 |
| AAON Aaon Inc. | Reduce -77.8% | 0.01% | −0.03 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.03 |
| GILD Gilead Sciences Inc. | Reduce -1.2% | 0.15% | −0.03 |
| CPRT Copart Inc. | Reduce -17.4% | 0.04% | −0.03 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -65.0% | 0.02% | −0.02 |
| ISRG Intuitive Surgical Inc. | Reduce -6.0% | 0.19% | −0.02 |
| ACN Accenture PLC Class A | Reduce -1.1% | 0.11% | −0.02 |
| T AT&T Inc. | Reduce -1.6% | 0.17% | −0.02 |
| UNP Union Pacific Corp. | Reduce -3.7% | 0.09% | −0.02 |
| AEP American Electric Power | Reduce -3.4% | 0.08% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -0.6% | 0.11% | −0.02 |
| MSI Motorola Solutions Inc. | Reduce -13.3% | 0.05% | −0.02 |
| VNQ Vanguard Real Estate ETF | Reduce -14.4% | 0.05% | −0.02 |
| ECL Ecolab Inc. | Reduce -17.0% | 0.05% | −0.02 |
| EBIZ Global X E-Commerce ETF | Reduce -16.6% | 0.06% | −0.02 |
| DUK Duke Energy Corp. | Reduce -0.8% | 0.08% | −0.01 |
| TJX TJX Companies Inc. | Reduce -3.0% | 0.09% | −0.01 |
| WM Waste Management Inc. | Reduce -4.2% | 0.07% | −0.01 |
| AVAV Aerovironment Inc. | Sold out | 0.00% | −0.01 |
| CNC Centene Corp. | Reduce -18.4% | 0.02% | −0.01 |
| STT State Street Corp. | Reduce -46.5% | 0.02% | −0.01 |
| MCO Moody's Corp. | Reduce -15.8% | 0.05% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +4.5% | 5.02% | +1.25 |
| AVGO Broadcom Inc. | Add +1.2% | 3.01% | +0.94 |
| MSFT Microsoft Corp. | Add +4.3% | 4.91% | +0.85 |
| META Meta Platforms Inc. Class A | Add +5.8% | 3.20% | +0.50 |
| SBAC SBA Communications Corp. | Add +1328.4% | 0.45% | +0.42 |
| NOW ServiceNow Inc. | Add +7.3% | 2.02% | +0.35 |
| AMZN Amazon.com Inc. | Add +9.4% | 3.53% | +0.33 |
| MAA Mid-America Apartment Comm | Add +461.9% | 0.40% | +0.30 |
| GOOGL Alphabet Inc. Class A | Add +13.4% | 2.56% | +0.29 |
| KRC Kilroy Realty Corp. | Add +168.6% | 0.45% | +0.27 |
| QQQ Invesco QQQ Trust Series 1 | Add +60.6% | 0.62% | +0.24 |
| DLR Digital Realty Trust Inc. | Add +3.3% | 2.67% | +0.24 |
| ESS Essex Property Trust Inc. | Add +48.3% | 1.11% | +0.18 |
| CTRE Caretrust REIT Inc. | Add +2245.5% | 0.17% | +0.16 |
| IRM Iron Mountain Inc. | Add +7.4% | 1.12% | +0.12 |
| BXP BXP Inc. | Add +70.9% | 0.28% | +0.09 |
| PLTR Palantir Technologies Inc. Class A | Add +6.6% | 0.27% | +0.09 |
| RHP Ryman Hospitality Properties | Add +34.9% | 0.33% | +0.07 |
| TSLA Tesla Inc. | Add +3.8% | 0.68% | +0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +277.0% | 0.09% | +0.07 |
| ORCL Oracle Corp. | Add +7.1% | 0.21% | +0.07 |
| SHOP Shopify Inc. Class A | Add +202.3% | 0.09% | +0.06 |
| IVV iShares Core S&P 500 ETF | Add +12.5% | 0.61% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +2.4% | 0.34% | +0.05 |
| AMD Advanced Micro Devices | Add +3.5% | 0.23% | +0.05 |
| SMA Smartstop Self Storage REIT | New | 0.04% | +0.04 |
| UBER Uber Technologies Inc. | Add +20.5% | 0.16% | +0.04 |
| INTU Intuit Inc. | Add +7.8% | 0.24% | +0.04 |
| MELI MercadoLibre Inc. | Add +18.6% | 0.14% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +4.0% | 0.55% | +0.04 |
| O Realty Income Corp. | Add +20.6% | 0.84% | +0.04 |
| COF Capital One Financial Corp. | Add +61.9% | 0.09% | +0.04 |
| MU Micron Technology Inc. | Add +8.0% | 0.14% | +0.03 |
| VMRK Vivmark Residential | Add +93.8% | 0.08% | +0.03 |
| APP AppLovin Corp. Class A | Add +23.9% | 0.10% | +0.03 |
| COIN Coinbase Global Inc. Class A | Add +91.7% | 0.04% | +0.03 |
| TOST Toast Inc. Class A | Add +252.8% | 0.04% | +0.03 |
| BRX Brixmor Property Group Inc. | Add +282.7% | 0.04% | +0.03 |
| SNOW Snowflake Inc. | Add +31.8% | 0.06% | +0.03 |
| DIS The Walt Disney Co. | Add +6.2% | 0.18% | +0.03 |
| KRMN Karman Holdings Inc. | New | 0.03% | +0.03 |
| CRM Salesforce Inc. | Add +23.4% | 0.28% | +0.02 |
| ROK Rockwell Automation Inc. | Add +78.9% | 0.05% | +0.02 |
| IEMG iShares Core MSCI Emerging | Add +79.7% | 0.05% | +0.02 |
| JCI Johnson Controls Internation | Add +9.8% | 0.11% | +0.02 |
| GOOG Alphabet Inc. Class C | Add +4.0% | 0.71% | +0.02 |
| BKNG Booking Holdings Inc. | Add +1.4% | 0.22% | +0.02 |
| CYBR Cyberark Software Ltd./Israel | Add +296.5% | 0.03% | +0.02 |
| VRT Vertiv Holdings Co. Class A | Add +14.6% | 0.05% | +0.02 |
| EA Electronic Arts Inc. | Add +62.6% | 0.06% | +0.02 |
Notes & Other Activity Q1 2025 → Q2 2025
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | Sold out | 20,000,000 | $19.9Mbefore exit |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | New | 12,500,000 | $14.4M |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | New | 15,000,000 | $14.3M |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | New | 9,125,000 | $8.8M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | New | 7,500,000 | $8.8M |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | New | 9,100,000 | $8.7M |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Sold out | 7,500,000 | $8.4Mbefore exit |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | New | 7,500,000 | $8.0M |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | New | 7,500,000 | $7.2M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Add +275.0% | 7,500,000 | $7.0M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | New | 5,000,000 | $5.0M |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | New | 5,000,000 | $5.0M |
| GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) | NOTE 3.750% 5/1 · principal | Sold out | 2,500,000 | $4.3Mbefore exit |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | New | 100,000 | $4.0M |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | Sold out | 4,250,000 | $3.5Mbefore exit |
| CNX RESOURCES CORP (CNX 2.25 05/01/26) | NOTE 2.250% 5/0 · principal | Sold out | 1,200,000 | $3.0Mbefore exit |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | Sold out | 3,000,000 | $2.2Mbefore exit |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | Sold out | 9,000,000 | $2.0Mbefore exit |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | New | 1,342,000 | $1.2M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | Add +47.6% | 21,704 | $381K |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +60.0% | 4,000 | $95K |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | Sold out | 4,000 | $70Kbefore exit |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | Sold out | 1,127 | $68Kbefore exit |
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 |