Deutsche Bank AG

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Deutsche Bank AG reported 3,475 stock positions worth $271.1 billion. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Nvidia (NVDA, 5.1%) and Apple (AAPL, 3.8%). Compared with Q1 2025, it opened 191 new positions, sold out of 176, added to 1,014 and reduced 1,974. The biggest buy was Nvidia (NVDA, shares +3%) and the biggest sale Unitedhealth (UNH, shares −38%).

Most Recent 13F
Q2 2026
Location
FRANKFURT AM MAIN, 2M
CIK
0000948046
Portfolio Value
$271.1B (Q2 2025)
SEC Filing
0000948046-25-000112 ↗ filed Aug 12, 2025

Holdings Value

0$100.0B$200.0B$300.0B$400.0B Q1 2024: $215.0B Q1 2024 Q2 2024: $221.3B Q2 2024 Q3 2024: $245.2B Q3 2024 Q4 2024: $254.9B Q4 2024 Q1 2025: $251.9B Q1 2025 Q2 2025: $271.1B $271.1B Q2 2025 Q3 2025: $298.0B Q3 2025 Q4 2025: $306.7B Q4 2025 Q1 2026: $302.3B Q1 2026 Q2 2026: $343.9B Q2 2026

Holdings 3,475 stocks · $271.1B
MSFT Microsoft Corp. 5.69% 31,005,553 $15.4B Reduce -3.1%
NVDA Nvidia Corp. 5.11% 87,763,215 $13.9B Add +2.9%
AAPL Apple Inc. 3.77% 49,790,911 $10.2B Add +4.8%
GOOGL Alphabet Inc. Class A 2.51% 38,596,506 $6.8B Reduce -3.0%
AMZN Amazon.com Inc. 2.40% 29,711,408 $6.5B Reduce -0.3%
META Meta Platforms Inc. Class A 2.26% 8,291,585 $6.1B Add +0.7%
GOOG Alphabet Inc. Class C 1.52% 23,211,889 $4.1B Add +8.7%
AVGO Broadcom Inc. 1.48% 14,524,375 $4.0B Reduce -7.8%
TSLA Tesla Inc. 1.20% 10,276,129 $3.3B Add +2.0%
V Visa Inc. Class A 1.16% 8,859,653 $3.1B Reduce -7.4%
JPM JPMorgan Chase & Co. 1.06% 9,955,099 $2.9B Reduce -9.0%
LLY Eli Lilly & Co. 1.01% 3,502,473 $2.7B Reduce -0.0%
JNJ Johnson & Johnson 0.89% 15,845,626 $2.4B Add +3.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.73% 41,598,066 $2.0B Reduce -13.5%
DB Deutsche Bank AG-Registered 0.69% 64,146,431 $1.9B Add +34.6%
NFLX Netflix Inc. 0.66% 1,330,263 $1.8B Reduce -8.5%
ABBV Abbvie Inc. 0.63% 9,181,527 $1.7B Reduce -0.5%
BKNG Booking Holdings Inc. 0.62% 289,419 $1.7B Reduce -2.3%
MDT Medtronic PLC 0.61% 18,992,253 $1.7B Reduce -0.1%
ENB Enbridge Inc. 0.61% 36,490,791 $1.7B Add +3.0%
AMT American Tower Corp. 0.58% 7,166,339 $1.6B Reduce -2.9%
MA Mastercard Inc. Class A 0.58% 2,797,097 $1.6B Reduce -8.1%
ABT Abbott Laboratories 0.55% 11,010,559 $1.5B Reduce -2.4%
HD Home Depot Inc. 0.55% 4,073,468 $1.5B Reduce -3.8%
ADBE Adobe Inc. 0.53% 3,727,225 $1.4B Reduce -0.2%
BRK.B Berkshire Hathaway Inc. Class B 0.53% 2,945,739 $1.4B Reduce -13.2%
WMT Walmart Inc. 0.53% 14,564,632 $1.4B Add +6.4%
ORCL Oracle Corp. 0.52% 6,463,769 $1.4B Add +10.5%
AMD Advanced Micro Devices 0.52% 9,918,990 $1.4B Reduce -2.5%
PGR Progressive Corp. 0.51% 5,211,096 $1.4B Add +0.9%
MRK Merck & Co. Inc. 0.50% 17,042,622 $1.3B Reduce -11.1%
PEP Pepsico Inc. 0.50% 10,211,365 $1.3B Add +9.8%
AEM Agnico Eagle Mines Ltd. 0.50% 11,317,932 $1.3B Reduce -5.1%
NOW ServiceNow Inc. 0.49% 1,285,818 $1.3B Reduce -15.5%
LIN Linde PLC 0.47% 2,739,947 $1.3B Add +13.8%
COST Costco Wholesale Corp. 0.47% 1,285,786 $1.3B Reduce -13.5%
XOM Exxon Mobil Corp. 0.46% 11,450,244 $1.2B Reduce -5.2%
AMAT Applied Materials Inc. 0.45% 6,681,811 $1.2B Reduce -7.1%
PG The Procter & Gamble Co. 0.45% 7,658,750 $1.2B Reduce -4.2%
QCOM Qualcomm Inc. 0.45% 7,585,156 $1.2B Reduce -12.5%
PLTR Palantir Technologies Inc. Class A 0.44% 8,778,147 $1.2B Add +28.8%
INTU Intuit Inc. 0.43% 1,480,145 $1.2B Add +16.2%
WMB Williams Cos Inc. 0.43% 18,412,558 $1.2B Add +5.1%
NEE Nextera Energy Inc. 0.41% 16,066,261 $1.1B Add +4.8%
CRM Salesforce Inc. 0.40% 4,005,158 $1.1B Reduce -3.2%
UBER Uber Technologies Inc. 0.40% 11,702,178 $1.1B Add +10.4%
CSCO Cisco Systems Inc. 0.40% 15,689,099 $1.1B Reduce -1.9%
UNH Unitedhealth Group Inc. 0.38% 3,317,060 $1.0B Reduce -38.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.37% 3,385,133 $997.9M Reduce -10.7%
CB Chubb Ltd. 0.37% 3,441,443 $997.1M Reduce -1.7%
ACN Accenture PLC Class A 0.36% 3,292,781 $984.2M Add +5.0%
AXP American Express Co. 0.35% 2,983,059 $951.5M Add +3.0%
KO The Coca-Cola Co. 0.35% 13,410,733 $948.8M Add +0.3%
ANET Arista Networks Inc. 0.35% 9,263,236 $947.7M Add +14.8%
EXC Exelon Corp. 0.34% 20,981,373 $911.0M Add +10.0%
WFC Wells Fargo & Co. 0.34% 11,367,801 $910.8M Add +19.1%
SPOT Spotify Technology SA 0.34% 1,186,190 $910.2M Reduce -1.8%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.31% 25,076,135 $847.6M Reduce -8.0%
GE General Electric filed as GE AEROSPACE 0.31% 3,275,242 $843.0M Add +11.7%
ADP Automatic Data Processing 0.31% 2,691,223 $830.0M Add +1.0%
MDLZ Mondelez International Inc. Class A 0.30% 12,166,831 $820.5M Reduce -3.5%
BSX Boston Scientific Corp. 0.30% 7,548,798 $810.8M Add +38.1%
UNP Union Pacific Corp. 0.30% 3,515,399 $808.8M Add +2.4%
T AT&T Inc. 0.30% 27,783,038 $804.0M Add +15.6%
MCD McDonald's Corp. 0.29% 2,694,247 $787.2M Add +8.1%
TXN Texas Instruments Inc. 0.29% 3,775,145 $783.8M Reduce -7.3%
EQIX Equinix Inc. 0.29% 977,167 $777.3M Add +1.4%
UBS UBS Group AG-Reg 0.29% 22,950,153 $776.2M Reduce -26.8%
PYPL PayPal Holdings Inc. 0.29% 10,432,436 $775.3M Reduce -7.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.29% 6,234,493 $773.1M Reduce -4.9%
BLK BlackRock Inc. 0.28% 715,872 $751.1M Add +50.9%
ISRG Intuitive Surgical Inc. 0.27% 1,371,451 $745.3M Add +11.6%
VZ Verizon Communications Inc. 0.27% 16,956,104 $733.7M Reduce -0.9%
WELL Welltower Inc. 0.27% 4,699,009 $722.4M Reduce -8.3%
PLD Prologis Inc. 0.26% 6,731,694 $707.6M Add +14.9%
AMGN Amgen Inc. 0.26% 2,528,210 $705.9M Reduce -22.6%
GS Goldman Sachs Group Inc. 0.26% 979,342 $693.1M Add +14.1%
MRSH Marsh & McLennan Cos 0.25% 3,154,512 $689.7M Reduce -2.3%
GILD Gilead Sciences Inc. 0.25% 6,181,039 $685.3M Reduce -7.3%
PFE Pfizer Inc. 0.25% 28,121,306 $681.7M Reduce -0.4%
TMUS T-Mobile US Inc. 0.25% 2,854,322 $680.1M Add +11.1%
ETN Eaton Corp. PLC 0.25% 1,895,758 $676.8M Reduce -7.2%
C Citigroup Inc. 0.25% 7,850,987 $668.3M Add +18.1%
INTC Intel Corp. 0.25% 29,742,234 $666.2M Add +6.3%
PANW Palo Alto Networks Inc. 0.24% 3,186,919 $652.2M Add +4.7%
ADI Analog Devices Inc. 0.24% 2,731,242 $650.1M Add +74.7%
MS Morgan Stanley 0.24% 4,584,245 $645.7M Add +4.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.24% 5,173,727 $638.9M Add +5.4%
CL Colgate-Palmolive Co. 0.23% 6,995,744 $635.9M Reduce -2.5%
APH Amphenol Corp. Class A 0.23% 6,432,935 $635.3M Add +13.8%
CNI Canadian Natl Railway Co. 0.23% 6,054,629 $629.9M Reduce -1.6%
VRTX Vertex Pharmaceuticals Inc. 0.23% 1,407,634 $626.7M Add +4.5%
SPGI S&P Global Inc. 0.23% 1,188,105 $626.5M Add +5.6%
PCG P G & E Corp. 0.22% 43,341,502 $604.2M Add +2.7%
ZTS Zoetis Inc. 0.22% 3,842,232 $599.2M Add +27.3%
CAT Caterpillar Inc. 0.22% 1,517,385 $589.1M Add +7.8%
ALL Allstate Corp. 0.21% 2,890,514 $581.9M Add +2.9%
WEC WEC Energy Group Inc. 0.21% 5,582,381 $581.7M Add +2.1%
SCHW Schwab (charles) Corp. 0.21% 6,338,971 $578.4M Add +23.6%
ADSK Autodesk Inc. 0.21% 1,864,319 $577.1M Add +10.3%

Show all 3,475 holdings

Options reported separately and not counted above: PANW puts ($40.9M), LRCX puts ($21.9M), MIDD calls ($13.6M), GPN calls ($11.2M), SE puts ($6.4M), ECHO calls ($6.3M), JD.COM INC (JD 0.25 06/01/29) puts ($6.1M), ASTS puts ($5.8M), F calls ($1.5M), BFH puts ($1.4M), TMUS calls ($381K), RIVN puts ($120K), and 21 more.

Other holdings (92): bonds, preferreds, convertibles and warrants · $341.2M (not counted above)
SecurityClassShares / PrincipalValueChange
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 24,498,000$25.9MAdd +980.2%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 18,499,000$23.6MNew
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 21,688,000$21.4MNo change
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 16,033,000$20.9MAdd +269.7%
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal 17,513,000$20.2MReduce -19.8%
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 9,562,000$17.5MNew
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 13,985,000$16.7MAdd +66.5%
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 11,494,000$11.7MAdd +15.0%
GUESS INC (GES 3.75 04/15/28) NOTE 3.750% 4/1 · principal 10,400,000$9.9MAdd +7.8%
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal 10,000,000$9.8MNew
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) NOTE 3.125% 3/1 · principal 13,067,000$8.7MAdd +18.8%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 5,779,000$8.2MReduce -3.5%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 7,983,000$7.4MAdd +32.0%
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 7,500,000$6.7MReduce -28.3%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal 5,785,000$6.6MReduce -25.4%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 5,576,000$6.0MAdd +11.5%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal 5,654,000$5.9MNew
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 5,937,000$5.4MNo change
FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal 5,237,000$5.1MAdd +1.6%
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal 4,401,000$5.1MNew
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 5,202,000$4.7MAdd +16.7%
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 4,797,000$4.5MAdd +285.3%
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal 5,150,000$4.0MNo change
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 2,623,000$4.0MReduce -32.5%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 4,241,000$3.8MReduce -9.3%
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 3,486,000$3.7MAdd +5.4%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 3,612,000$3.6MAdd +8.0%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 2,933,000$3.2MAdd +2.9%
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal 2,986,000$3.2MAdd +30.6%
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 3,118,000$3.1MNew
XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 5,100,000$2.9MNo change
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal 2,120,000$2.5MNew
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal 1,527,000$2.3MReduce -11.7%
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal 1,660,000$2.2MNo change
MIDDLEBY CORP (MIDD 1 09/01/25) NOTE 1.000% 9/0 · principal 1,793,000$2.0MAdd +52.0%
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal 1,844,000$1.8MReduce -29.6%
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal 1,700,000$1.7MReduce -53.5%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 1,420,000$1.7MNo change
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 1,430,000$1.7MNew
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 1,735,000$1.7MReduce -38.1%
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal 1,190,000$1.6MNew
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal 1,339,000$1.6MAdd +10.3%
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 1,289,000$1.5MNew
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 1,290,000$1.5MAdd +4.5%
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) NOTE 1.500% 9/0 · principal 1,179,000$1.5MAdd +20.3%
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) NOTE 2.250% 6/0 · principal 1,515,000$1.5MNew
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 1,469,000$1.5MReduce -42.6%
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 1,385,000$1.4MReduce -33.7%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 1,120,000$1.3MNo change
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 1,139,000$1.3MNew
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal 1,214,000$1.2MReduce -27.3%
BLACKLINE INC (BL 1 06/01/29) NOTE 1.000% 6/0 · principal 1,114,000$1.2MNew
TETRA TECH INC (TTEK 2.25 08/15/28) DBCV 2.250% 8/1 · principal 1,050,000$1.2MNo change
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 1,158,000$1.2MNo change
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 911,000$1.1MReduce -16.8%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 1,024,000$1.1MAdd +31.1%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal 942,000$1.1MNo change
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 780,000$1.1MReduce -18.6%
POST HOLDINGS INC (POST 2.5 08/15/27) NOTE 2.500% 8/1 · principal 883,000$1.0MNo change
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal 1,325,000$940KNew
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal 847,000$924KReduce -71.8%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal 876,000$919KAdd +27.7%
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal 850,000$904KNew
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 473,000$851KReduce -81.9%
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal 846,000$845KNo change
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 708,000$828KNew
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal 614,000$816KReduce -44.9%
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal 821,000$813KReduce -11.9%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 730,000$810KNew
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal 774,000$807KAdd +40.7%
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal 768,000$762KNew
LYFT INC (LYFT 0.625 03/01/29) NOTE 0.625% 3/0 · principal 709,000$756KAdd +6.3%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal 522,000$649KReduce -13.9%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal 488,000$490KReduce -26.7%
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 375,000$469KNo change
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal 330,000$419KNew
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal 375,000$406KNew
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal 360,000$406KNew
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 347,000$311KReduce -75.4%
CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal 270,000$287KReduce -69.3%
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal 310,000$287KReduce -76.3%
GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal 187,000$218KNew
ENOVIS CORP (ENOV 3.875 10/15/28) NOTE 3.875%10/1 · principal 190,000$187KReduce -67.8%
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 120,000$157KNo change
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal 117,000$89KNo change
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) NOTE 0.750% 8/0 · principal 53,000$53KNew
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 19$22KNew
XOMETRY INC (XMTR 1 02/01/27) NOTE 1.000% 2/0 · principal 19,000$19KNew
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 2,386$19KNew
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 14$17KNew
RFAIR RF Acquisition Corp. II RIGHT 05/01/2026 240,000$17KNo change
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) NOTE 0.500% 8/1 · principal 5,000$5KNo change

Total filed on the 13F, all lines: $271.5B.

Portfolio Sells Q1 2025 → Q2 2025
UNH Unitedhealth Group Inc. Reduce -38.4% 0.38% −0.74
BRK.B Berkshire Hathaway Inc. Class B Reduce -13.2% 0.53% −0.19
MRK Merck & Co. Inc. Reduce -11.1% 0.50% −0.19
V Visa Inc. Class A Reduce -7.4% 1.16% −0.17
OKE Oneok Inc. Reduce -33.0% 0.17% −0.16
AMGN Amgen Inc. Reduce -22.6% 0.26% −0.14
LLY Eli Lilly & Co. Reduce -0.0% 1.01% −0.14
SLB SLB Ltd. Reduce -8.0% 0.31% −0.14
ABBV Abbvie Inc. Reduce -0.5% 0.63% −0.14
XOM Exxon Mobil Corp. Reduce -5.2% 0.46% −0.12
GD General Dynamics Corp. Reduce -72.8% 0.04% −0.10
UBS UBS Group AG-Reg Reduce -26.8% 0.29% −0.10
ZS Zscaler Inc. Reduce -76.8% 0.05% −0.09
PG The Procter & Gamble Co. Reduce -4.2% 0.45% −0.09
COST Costco Wholesale Corp. Reduce -13.5% 0.47% −0.09
AVB Avalonbay Communities Inc. Reduce -61.9% 0.04% −0.09
BKR Baker Hughes Co. Reduce -51.2% 0.06% −0.09
QCOM Qualcomm Inc. Reduce -12.5% 0.45% −0.08
MA Mastercard Inc. Class A Reduce -8.1% 0.58% −0.08
COP Conocophillips Reduce -19.1% 0.14% −0.08
DFS Discover Financial Services Sold out 0.00% −0.08
BMY Bristol-Myers Squibb Co. Reduce -2.4% 0.16% −0.07
BAC Bank of America Corp. Reduce -13.5% 0.73% −0.07
AZO AutoZone Inc. Reduce -25.2% 0.15% −0.07
SPG Simon Property Group Inc. Reduce -25.7% 0.14% −0.07
MDT Medtronic PLC Reduce -0.1% 0.61% −0.07
HD Home Depot Inc. Reduce -3.8% 0.55% −0.07
DDOG Datadog Inc. Class A Reduce -64.6% 0.05% −0.06
FLUT Flutter Entertainment PLC-Di Reduce -48.6% 0.10% −0.06
MRSH Marsh & McLennan Cos Reduce -2.3% 0.25% −0.06
PBA Pembina Pipeline Corp. Reduce -16.0% 0.15% −0.06
AMT American Tower Corp. Reduce -2.9% 0.58% −0.05
NOC Northrop Grumman Corp. Reduce -41.7% 0.06% −0.05
CVX Chevron Corp. Reduce -2.0% 0.19% −0.05
CB Chubb Ltd. Reduce -1.7% 0.37% −0.05
TRGP Targa Resources Corp. Reduce -27.6% 0.07% −0.05
SW Smurfit Westrock PLC Reduce -26.4% 0.09% −0.05
WELL Welltower Inc. Reduce -8.3% 0.27% −0.05
DOC Healthpeak Properties Inc. Reduce -57.5% 0.02% −0.04
CCI Crown Castle Inc. Reduce -12.0% 0.18% −0.04
GILD Gilead Sciences Inc. Reduce -7.3% 0.25% −0.04
COR Cencora Inc. Reduce -31.7% 0.09% −0.04
ABT Abbott Laboratories Reduce -2.4% 0.55% −0.04
SRPT Sarepta Therapeutics Inc. Reduce -91.9% 0.00% −0.04
MET Metlife Inc. Reduce -44.2% 0.04% −0.04
VNO Vornado Realty Trust Reduce -92.9% 0.00% −0.04
UPS United Parcel Service Class B Reduce -19.3% 0.09% −0.04
CPRT Copart Inc. Reduce -15.6% 0.08% −0.04
LMT Lockheed Martin Corp. Reduce -25.2% 0.10% −0.04
INDA iShares MSCI India ETF Reduce -94.1% 0.00% −0.04

Portfolio Buys Q1 2025 → Q2 2025
NVDA Nvidia Corp. Add +2.9% 5.11% +1.44
META Meta Platforms Inc. Class A Add +0.7% 2.26% +0.37
DB Deutsche Bank AG-Registered Add +34.6% 0.69% +0.24
PLTR Palantir Technologies Inc. Class A Add +28.8% 0.44% +0.21
ORCL Oracle Corp. Add +10.5% 0.52% +0.20
GOOG Alphabet Inc. Class C Add +8.7% 1.52% +0.19
TSLA Tesla Inc. Add +2.0% 1.20% +0.17
INTU Intuit Inc. Add +16.2% 0.43% +0.12
ADI Analog Devices Inc. Add +74.7% 0.24% +0.11
SRE Sempra Add +206.0% 0.17% +0.11
ANET Arista Networks Inc. Add +14.8% 0.35% +0.10
BLK BlackRock Inc. Add +50.9% 0.28% +0.10
UBER Uber Technologies Inc. Add +10.4% 0.40% +0.10
APH Amphenol Corp. Class A Add +13.8% 0.23% +0.09
COF Capital One Financial Corp. Add +89.6% 0.16% +0.08
BSX Boston Scientific Corp. Add +38.1% 0.30% +0.08
AMRZ Amrize Ltd. New 0.08% +0.08
GE General Electric Add +11.7% 0.31% +0.08
VMRK Vivmark Residential Add +256.3% 0.11% +0.07
JCI Johnson Controls Internation Add +50.8% 0.16% +0.07
GS Goldman Sachs Group Inc. Add +14.1% 0.26% +0.07
WFC Wells Fargo & Co. Add +19.1% 0.34% +0.06
NEM Newmont Corp. Add +34.8% 0.18% +0.06
VST Vistra Corp. Add +92.6% 0.09% +0.06
CEG Constellation Energy Add +21.0% 0.14% +0.06
NTR Nutrien Ltd. Add +29.3% 0.21% +0.06
PH Parker Hannifin Corp. Add +36.4% 0.19% +0.06
C Citigroup Inc. Add +18.1% 0.25% +0.06
LRCX Lam Research Corp. Add +20.9% 0.17% +0.06
MU Micron Technology Inc. Add +8.2% 0.19% +0.06
SCHW Schwab (charles) Corp. Add +23.6% 0.21% +0.05
APP AppLovin Corp. Class A Add +50.0% 0.12% +0.05
WMT Walmart Inc. Add +6.4% 0.53% +0.05
SHOP Shopify Inc. Class A Add +44.7% 0.12% +0.05
NET Cloudflare Inc. Class A Add +10.9% 0.11% +0.05
HWM Howmet Aerospace Inc. Add +18.3% 0.12% +0.05
AXP American Express Co. Add +3.0% 0.35% +0.04
MRVL Marvell Technology Inc. Add +31.0% 0.12% +0.04
DLR Digital Realty Trust Inc. Add +13.4% 0.18% +0.04
HOOD Robinhood Markets Inc. Class A Add +12.1% 0.07% +0.04
MSTR Strategy Inc. Add +27.2% 0.10% +0.04
RCL Royal Caribbean Cruises Ltd. Add +27.0% 0.08% +0.04
NSC Norfolk Southern Corp. Add +37.9% 0.14% +0.04
ADSK Autodesk Inc. Add +10.3% 0.21% +0.04
FIX Comfort Systems USA Inc. Add +335.2% 0.04% +0.04
PANW Palo Alto Networks Inc. Add +4.7% 0.24% +0.03
VRT Vertiv Holdings Co. Class A Add +11.2% 0.08% +0.03
TD Toronto-Dominion Bank Add +6.0% 0.20% +0.03
MS Morgan Stanley Add +4.0% 0.24% +0.03
ISRG Intuitive Surgical Inc. Add +11.6% 0.27% +0.03

Options Activity Q1 2025 → Q2 2025
GE General Electric put Sold out 279,200 $55.9Mbefore exit
PANW Palo Alto Networks Inc. put Reduce -4.2% 200,000 $40.9M
DDOG Datadog Inc. Class A call Sold out 347,400 $34.5Mbefore exit
LRCX Lam Research Corp. put New 225,000 $21.9M
ZS Zscaler Inc. put Sold out 105,600 $21.0Mbefore exit
MIDD Middleby Corp. call Add +529.3% 94,400 $13.6M
GPN Global Payments Inc. call Add +40.9% 140,000 $11.2M
ZS Zscaler Inc. call Sold out 48,700 $9.7Mbefore exit
SE Sea Ltd.-ADR put New 40,000 $6.4M
ECHO Echostar Corp. Class A call New 228,400 $6.3M
JD.COM INC (JD 0.25 06/01/29) put New 5,860,000 $6.1M
DDOG Datadog Inc. Class A put Sold out 47,700 $4.7Mbefore exit
VRNS Varonis Systems Inc. put Sold out 90,700 $3.7Mbefore exit
DLR Digital Realty Trust Inc. put Sold out 24,400 $3.5Mbefore exit
LI AUTO INC (LI 0.25 05/01/28) put Sold out 2,694,000 $3.2Mbefore exit
FSLR First Solar Inc. put Sold out 22,500 $2.8Mbefore exit
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) call Sold out 2,213,000 $2.8Mbefore exit
NET Cloudflare Inc. Class A call Sold out 20,000 $2.3Mbefore exit
PRGS Progress Software Corp. call Sold out 41,900 $2.2Mbefore exit
UNIT Uniti Group LLC Com SHS call Sold out 386,500 $1.9Mbefore exit
WPM Wheaton Precious Metals Corp. put Sold out 22,000 $1.7Mbefore exit
NEE Nextera Energy Inc. put Sold out 24,000 $1.7Mbefore exit
NIO INC (NIO 3.875 10/15/29) put Sold out 2,309,000 $1.7Mbefore exit
SNOW Snowflake Inc. put Sold out 10,000 $1.5Mbefore exit
BFH Bread Financial Holdings Inc. put Reduce -3.1% 25,000 $1.4M
INN Summit Hotel Properties Inc. call Sold out 169,100 $915Kbefore exit
TMUS T-Mobile US Inc. call New 1,600 $381K
PRO Pros Holdings Inc. call Sold out 8,700 $166Kbefore exit
SKGRW SK Growth Opportunities -29 call Sold out 150,000 $98Kbefore exit
COR Cencora Inc. put Reduce -96.0% 300 $90K
SMCI Super Micro Computer Inc. call Sold out 2,500 $86Kbefore exit
SPWRW Sunpower Inc.-CW27 call Reduce -30.7% 100,000 $33K
HYAC.WS Haymaker Acquisition Corp.-28 call Sold out 145,000 $30Kbefore exit
GPATW GP-Act III Acq Class A -CW27 call Sold out 145,000 $28Kbefore exit
FBYDW Falcon's Beyond Global-27 call Reduce -5.5% 27,352 $14K
UCFIW Iron Horse Acquisition Co.-29 call Sold out 293,000 $9Kbefore exit
PIIIW P3 Health Partne -CW27 call Reduce -33.3% 50,000 $500

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

Notes & Other Activity Q1 2025 → Q2 2025
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Add +980.2% 24,498,000 $25.9M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 18,499,000 $23.6M
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Add +269.7% 16,033,000 $20.9M
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal Reduce -19.8% 17,513,000 $20.2M
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal New 9,562,000 $17.5M
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal Add +66.5% 13,985,000 $16.7M
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) NOTE 1.250% 5/0 · principal Sold out 16,561,000 $16.5Mbefore exit
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Add +15.0% 11,494,000 $11.7M
GUESS INC (GES 3.75 04/15/28) NOTE 3.750% 4/1 · principal Add +7.8% 10,400,000 $9.9M
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal New 10,000,000 $9.8M
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) NOTE 3.125% 3/1 · principal Add +18.8% 13,067,000 $8.7M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal Reduce -3.5% 5,779,000 $8.2M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Add +32.0% 7,983,000 $7.4M
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal Reduce -28.3% 7,500,000 $6.7M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal Reduce -25.4% 5,785,000 $6.6M
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal Add +11.5% 5,576,000 $6.0M
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal New 5,654,000 $5.9M
FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal Add +1.6% 5,237,000 $5.1M
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal New 4,401,000 $5.1M
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Add +16.7% 5,202,000 $4.7M
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Add +285.3% 4,797,000 $4.5M
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Reduce -32.5% 2,623,000 $4.0M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal Reduce -9.3% 4,241,000 $3.8M
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal Add +5.4% 3,486,000 $3.7M
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal Add +8.0% 3,612,000 $3.6M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal Add +2.9% 2,933,000 $3.2M
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal Add +30.6% 2,986,000 $3.2M
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal New 3,118,000 $3.1M
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal Sold out 2,932,000 $2.8Mbefore exit
INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal Sold out 2,060,000 $2.6Mbefore exit
ZSCALER INC. (ZS 0.125 07/01/25) NOTE 0.125% 7/0 · principal Sold out 1,950,000 $2.6Mbefore exit
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal New 2,120,000 $2.5M
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal Reduce -11.7% 1,527,000 $2.3M
MIDDLEBY CORP (MIDD 1 09/01/25) NOTE 1.000% 9/0 · principal Add +52.0% 1,793,000 $2.0M
THE REALREAL INC (REAL 3 06/15/25) NOTE 3.000% 6/1 · principal Sold out 2,000,000 $2.0Mbefore exit
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal Reduce -29.6% 1,844,000 $1.8M
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal Reduce -53.5% 1,700,000 $1.7M
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal New 1,430,000 $1.7M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal Reduce -38.1% 1,735,000 $1.7M
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal New 1,190,000 $1.6M
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Sold out 1,469,000 $1.6Mbefore exit
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal Add +10.3% 1,339,000 $1.6M
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal New 1,289,000 $1.5M
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal Add +4.5% 1,290,000 $1.5M
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) NOTE 1.500% 9/0 · principal Add +20.3% 1,179,000 $1.5M
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) NOTE 2.250% 6/0 · principal New 1,515,000 $1.5M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Reduce -42.6% 1,469,000 $1.5M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal Reduce -33.7% 1,385,000 $1.4M
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal New 1,139,000 $1.3M
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal Reduce -27.3% 1,214,000 $1.2M

Showing the first 50 of 90.

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 3,581$343.9BNVDA, AAPL, MSFT, GOOGL, AMZN
Q1 2026 3,503$302.3BNVDA, MSFT, AAPL, GOOGL, AMZN
Q4 2025 3,499$306.7BNVDA, MSFT, AAPL, GOOGL, AMZN
Q3 2025 3,472$298.0BNVDA, MSFT, AAPL, GOOGL, AMZN
Q2 2025 3,475$271.1BMSFT, NVDA, AAPL, GOOGL, AMZN
Q1 2025 3,460$251.9BMSFT, AAPL, NVDA, GOOGL, AMZN
Q4 2024Amended 3,444$254.9BMSFT, NVDA, AAPL, GOOGL, AMZN
Q3 2024Amended 3,476$245.2BMSFT, AAPL, NVDA, GOOGL, AMZN
Q2 2024Amended 3,433$221.3BMSFT, NVDA, AAPL, GOOGL, AMZN
Q1 2024Amended 3,484$215.0BMSFT, NVDA, AAPL, GOOGL, AMZN