Deutsche Bank AG

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Deutsche Bank AG reported 3,472 stock positions worth $298.0 billion. Its top holding was Nvidia (NVDA) at 5.7% of the portfolio, followed by Microsoft (MSFT, 5.6%) and Apple (AAPL, 4.0%). Compared with Q2 2025, it opened 150 new positions, sold out of 154, added to 2,138 and reduced 805. The biggest buy was Nvidia (NVDA, shares +3%) and the biggest sale Eli Lilly (LLY, shares −6%).

Most Recent 13F
Q2 2026
Location
FRANKFURT AM MAIN, 2M
CIK
0000948046
Portfolio Value
$298.0B (Q3 2025)
SEC Filing
0000948046-25-000141 ↗ filed Nov 13, 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 Q2 2025 Q3 2025: $298.0B $298.0B Q3 2025 Q4 2025: $306.7B Q4 2025 Q1 2026: $302.3B Q1 2026 Q2 2026: $343.9B Q2 2026

Holdings 3,472 stocks · $298.0B
NVDA Nvidia Corp. 5.66% 90,371,322 $16.9B Add +3.0%
MSFT Microsoft Corp. 5.59% 32,147,897 $16.7B Add +3.7%
AAPL Apple Inc. 4.02% 47,106,689 $12.0B Reduce -5.4%
GOOGL Alphabet Inc. Class A 3.03% 37,174,602 $9.0B Reduce -3.7%
AMZN Amazon.com Inc. 2.43% 32,973,194 $7.2B Add +11.0%
META Meta Platforms Inc. Class A 2.14% 8,692,661 $6.4B Add +4.8%
AVGO Broadcom Inc. 1.71% 15,418,374 $5.1B Add +6.2%
GOOG Alphabet Inc. Class C 1.54% 18,810,318 $4.6B Reduce -19.0%
TSLA Tesla Inc. 1.31% 8,800,014 $3.9B Reduce -14.4%
V Visa Inc. Class A 1.09% 9,543,156 $3.3B Add +7.7%
JPM JPMorgan Chase & Co. 1.05% 9,894,047 $3.1B Reduce -0.6%
DB Deutsche Bank AG-Registered 1.02% 85,969,043 $3.0B Add +34.0%
JNJ Johnson & Johnson 0.86% 13,888,618 $2.6B Reduce -12.3%
LLY Eli Lilly & Co. 0.84% 3,278,160 $2.5B Reduce -6.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.77% 44,560,713 $2.3B Add +7.1%
ABBV Abbvie Inc. 0.73% 9,456,032 $2.2B Add +3.0%
ENB Enbridge Inc. 0.67% 39,559,006 $2.0B Add +8.4%
NFLX Netflix Inc. 0.62% 1,552,645 $1.9B Add +16.7%
PLTR Palantir Technologies Inc. Class A 0.60% 9,877,337 $1.8B Add +12.5%
ORCL Oracle Corp. 0.59% 6,267,593 $1.8B Reduce -3.0%
MA Mastercard Inc. Class A 0.59% 3,086,671 $1.8B Add +10.3%
HD Home Depot Inc. 0.58% 4,283,306 $1.7B Add +5.2%
MDT Medtronic PLC 0.57% 17,736,697 $1.7B Reduce -6.6%
BRK.B Berkshire Hathaway Inc. Class B 0.53% 3,130,846 $1.6B Add +6.3%
BKNG Booking Holdings Inc. 0.51% 283,821 $1.5B Reduce -1.9%
AMD Advanced Micro Devices 0.49% 9,088,981 $1.5B Reduce -8.4%
AMT American Tower Corp. 0.49% 7,535,445 $1.4B Add +5.2%
ABT Abbott Laboratories 0.48% 10,644,655 $1.4B Reduce -3.3%
MRK Merck & Co. Inc. 0.47% 16,846,361 $1.4B Reduce -1.1%
AEM Agnico Eagle Mines Ltd. 0.47% 8,225,599 $1.4B Reduce -27.3%
ADBE Adobe Inc. 0.46% 3,848,965 $1.4B Add +3.3%
PGR Progressive Corp. 0.45% 5,462,073 $1.3B Add +4.8%
UBER Uber Technologies Inc. 0.45% 13,695,363 $1.3B Add +17.0%
AMAT Applied Materials Inc. 0.45% 6,540,039 $1.3B Reduce -2.1%
LIN Linde PLC 0.45% 2,811,718 $1.3B Add +2.6%
PEP Pepsico Inc. 0.45% 9,474,497 $1.3B Reduce -7.2%
WMT Walmart Inc. 0.44% 12,718,870 $1.3B Reduce -12.7%
NOW ServiceNow Inc. 0.43% 1,383,933 $1.3B Add +7.6%
NEE Nextera Energy Inc. 0.43% 16,795,503 $1.3B Add +4.5%
WMB Williams Cos Inc. 0.42% 19,796,966 $1.3B Add +7.5%
ANET Arista Networks Inc. 0.42% 8,584,708 $1.3B Reduce -7.3%
PG The Procter & Gamble Co. 0.39% 7,471,640 $1.1B Reduce -2.4%
XOM Exxon Mobil Corp. 0.38% 10,145,338 $1.1B Reduce -11.4%
KO The Coca-Cola Co. 0.38% 17,114,491 $1.1B Add +27.6%
CSCO Cisco Systems Inc. 0.37% 16,006,397 $1.1B Add +2.0%
WFC Wells Fargo & Co. 0.36% 12,954,101 $1.1B Add +13.9%
COST Costco Wholesale Corp. 0.35% 1,125,249 $1.0B Reduce -12.5%
QCOM Qualcomm Inc. 0.35% 6,216,433 $1.0B Reduce -18.0%
INTC Intel Corp. 0.35% 30,689,215 $1.0B Add +3.2%
AXP American Express Co. 0.35% 3,096,309 $1.0B Add +3.8%
UBS UBS Group AG-Reg 0.34% 24,860,799 $1.0B Add +8.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.34% 3,609,446 $1.0B Add +6.6%
GILD Gilead Sciences Inc. 0.33% 8,955,289 $994.0M Add +44.9%
UNH Unitedhealth Group Inc. 0.32% 2,803,494 $968.0M Reduce -15.5%
CRM Salesforce Inc. 0.32% 4,028,313 $954.7M Add +0.6%
ADP Automatic Data Processing 0.32% 3,233,052 $948.9M Add +20.1%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.31% 26,808,491 $921.4M Add +6.9%
EXC Exelon Corp. 0.31% 20,369,081 $916.8M Reduce -2.9%
INTU Intuit Inc. 0.31% 1,341,929 $916.4M Reduce -9.3%
SPOT Spotify Technology SA 0.30% 1,284,841 $896.8M Add +8.3%
NEM Newmont Corp. 0.29% 10,385,046 $875.6M Add +22.2%
UNP Union Pacific Corp. 0.29% 3,669,906 $867.5M Add +4.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.29% 7,430,836 $850.8M Add +19.2%
SRE Sempra 0.28% 9,398,552 $845.7M Add +57.7%
WELL Welltower Inc. 0.28% 4,746,752 $845.6M Add +1.0%
PFE Pfizer Inc. 0.28% 33,131,090 $844.2M Add +17.8%
GE General Electric filed as GE AEROSPACE 0.28% 2,759,058 $830.0M Reduce -15.8%
PLD Prologis Inc. 0.27% 7,090,511 $812.0M Add +5.3%
VZ Verizon Communications Inc. 0.27% 18,192,954 $799.6M Add +7.3%
MDLZ Mondelez International Inc. Class A 0.27% 12,763,920 $797.4M Add +4.9%
BSX Boston Scientific Corp. 0.26% 7,938,207 $775.0M Add +5.2%
MCD McDonald's Corp. 0.26% 2,537,864 $771.2M Reduce -5.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.26% 5,332,438 $770.8M Add +3.1%
APH Amphenol Corp. Class A 0.26% 6,211,298 $768.6M Reduce -3.5%
T AT&T Inc. 0.26% 27,203,803 $768.2M Reduce -2.1%
AMGN Amgen Inc. 0.25% 2,638,230 $744.5M Add +4.3%
CNI Canadian Natl Railway Co. 0.25% 7,815,995 $737.0M Add +29.1%
ETN Eaton Corp. PLC 0.25% 1,969,090 $736.9M Add +3.9%
CSX CSX Corp. 0.25% 20,588,514 $731.1M Add +200.5%
A Agilent Technologies Inc. 0.24% 5,577,410 $715.9M Add +15.7%
CRH CRH PLC 0.23% 5,827,784 $698.8M Reduce -0.2%
TXN Texas Instruments Inc. 0.23% 3,793,311 $696.9M Add +0.5%
LRCX Lam Research Corp. 0.23% 5,120,589 $685.6M Add +5.3%
WEC WEC Energy Group Inc. 0.23% 5,965,571 $683.6M Add +6.9%
ZTS Zoetis Inc. 0.23% 4,666,262 $682.8M Add +21.4%
MU Micron Technology Inc. 0.23% 4,073,619 $681.6M Reduce -1.2%
GS Goldman Sachs Group Inc. 0.23% 855,300 $681.1M Reduce -12.7%
ACN Accenture PLC Class A 0.23% 2,724,499 $671.9M Reduce -17.3%
LMT Lockheed Martin Corp. 0.22% 1,341,437 $669.7M Add +127.4%
ALL Allstate Corp. 0.22% 3,100,996 $665.6M Add +7.3%
MRSH Marsh & McLennan Cos 0.22% 3,288,422 $662.7M Add +4.3%
PANW Palo Alto Networks Inc. 0.22% 3,239,327 $659.6M Add +1.6%
EQIX Equinix Inc. 0.22% 841,844 $659.4M Reduce -13.8%
CL Colgate-Palmolive Co. 0.22% 8,098,937 $647.4M Add +15.8%
APP AppLovin Corp. Class A 0.22% 897,133 $644.6M Reduce -0.8%
CAT Caterpillar Inc. 0.22% 1,348,179 $643.3M Reduce -11.2%
PYPL PayPal Holdings Inc. 0.21% 9,555,851 $640.8M Reduce -8.4%
MS Morgan Stanley 0.21% 4,010,721 $637.5M Reduce -12.5%
DELL Dell Technologies -C 0.21% 4,426,734 $627.6M Add +30.0%
VRTX Vertex Pharmaceuticals Inc. 0.21% 1,600,456 $626.8M Add +13.7%

Show all 3,472 holdings

Options reported separately and not counted above: CAH puts ($17.5M), GPN calls ($6.9M), ARES puts ($6.3M), ASTS puts ($6.1M), JD.COM INC (JD 0.25 06/01/29) puts ($5.6M), ALNY puts ($3.7M), BOX puts ($3.1M), UNIT calls ($3.1M), VOYA puts ($3.0M), ECHO puts ($2.9M), GME calls ($2.9M), HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) calls ($2.9M), and 39 more.

Other holdings (77): bonds, preferreds, convertibles and warrants · $319.1M (not counted above)
SecurityClassShares / PrincipalValueChange
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 15,356,000$28.2MReduce -17.0%
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 21,439,000$23.0MReduce -12.5%
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 22,312,000$22.6MAdd +2.9%
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 9,562,000$21.4MNo change
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal 18,200,000$20.2MAdd +3.9%
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 13,960,000$18.0MReduce -0.2%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 12,576,000$13.3MAdd +125.5%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 13,627,000$12.6MAdd +70.7%
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal 10,000,000$10.1MNo change
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 7,363,000$9.2MReduce -54.1%
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) NOTE 3.125% 3/1 · principal 13,567,000$8.4MAdd +3.8%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 9,050,000$8.1MNew
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal 5,266,000$7.4MReduce -9.0%
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal 5,448,000$6.7MAdd +23.8%
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 6,373,000$6.6MReduce -44.5%
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 6,767,000$6.2MAdd +41.1%
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal 7,290,000$6.0MNew
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 6,494,000$6.0MAdd +9.4%
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 3,903,000$5.4MAdd +181.8%
GUESS INC (GES 3.75 04/15/28) NOTE 3.750% 4/1 · principal 5,400,000$5.3MReduce -48.1%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal 4,654,000$4.9MReduce -17.7%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 2,514,000$3.7MReduce -56.5%
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal 2,986,000$3.3MNo change
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 3,611,000$3.3MReduce -14.8%
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 2,731,000$3.0MReduce -21.7%
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 3,039,000$2.8MReduce -41.6%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 2,203,000$2.4MReduce -24.9%
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 2,151,000$2.4MReduce -31.0%
XEROX HOLDINGS CORP (XRX 3.75 03/15/30) NOTE 3.750% 3/1 · principal 5,100,000$2.3MNo change
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 1,987,000$2.3MReduce -45.0%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 1,770,000$2.0MNew
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 1,597,000$1.8MAdd +11.7%
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF 18,313$1.7MNew
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal 1,339,000$1.7MNo change
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 1,289,000$1.6MNo change
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal 1,305,000$1.5MNew
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal 1,163,000$1.5MReduce -2.3%
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 1,269,000$1.4MReduce -1.6%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 982,000$1.4MReduce -30.9%
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal 876,000$1.3MNew
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 1,120,000$1.3MNo change
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal 826,000$1.3MNew
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal 1,134,000$1.2MReduce -6.6%
TETRA TECH INC (TTEK 2.25 08/15/28) DBCV 2.250% 8/1 · principal 1,124,000$1.2MAdd +7.0%
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal 1,010,000$1.2MAdd +18.8%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal 1,146,000$1.1MAdd +48.1%
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 1,032,000$1.1MReduce -9.4%
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) NOTE 1.500% 9/0 · principal 833,000$1.1MReduce -29.4%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal 793,000$1.1MAdd +51.9%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 1,087,000$1.1MAdd +6.2%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 911,000$1000KNo change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal 720,000$995KReduce -17.8%
POST HOLDINGS INC (POST 2.5 08/15/27) NOTE 2.500% 8/1 · principal 883,000$991KNo change
GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal 761,000$989KAdd +306.9%
BLACKLINE INC (BL 1 06/01/29) NOTE 1.000% 6/0 · principal 901,000$935KReduce -19.1%
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 888,000$916KReduce -23.3%
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal 747,000$899KReduce -11.8%
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 708,000$890KNo change
LYFT INC (LYFT 0.625 03/01/29) NOTE 0.625% 3/0 · principal 617,000$796KReduce -13.0%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 832,000$796KReduce -52.0%
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal 761,000$763KReduce -7.3%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) NOTE 0.125% 1/1 · principal 729,000$718KNew
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) NOTE 2.250% 6/0 · principal 708,000$679KReduce -53.3%
AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal 520,000$644KNew
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 533,000$632KAdd +344.2%
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal 575,000$578KNew
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal 385,000$511KReduce -37.3%
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 375,000$510KNo change
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 458,000$463KReduce -68.8%
WEC ENERGY GROUP INC (WEC 4.375 06/01/27) NOTE 4.375% 6/0 · principal 360,000$431KNo change
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) NOTE 4.750% 6/1 · principal 375,000$403KNo change
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal 330,000$347KNo change
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal 310,000$305KNo change
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 19$23KNo change
RFAIR RF Acquisition Corp. II RIGHT 05/01/2026 240,000$19KNo change
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 14$18KNo change
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 2,386$18KNo change

Total filed on the 13F, all lines: $298.3B.

Portfolio Sells Q2 2025 → Q3 2025
LLY Eli Lilly & Co. Reduce -6.4% 0.84% −0.17
CB Chubb Ltd. Reduce -38.0% 0.20% −0.17
PSA Public Storage Reduce -72.5% 0.05% −0.14
ACN Accenture PLC Class A Reduce -17.3% 0.23% −0.14
INTU Intuit Inc. Reduce -9.3% 0.31% −0.12
COST Costco Wholesale Corp. Reduce -12.5% 0.35% −0.12
BKNG Booking Holdings Inc. Reduce -1.9% 0.51% −0.10
QCOM Qualcomm Inc. Reduce -18.0% 0.35% −0.10
ED Consolidated Edison Inc. Reduce -55.3% 0.06% −0.09
WMT Walmart Inc. Reduce -12.7% 0.44% −0.09
BLK BlackRock Inc. Reduce -28.4% 0.20% −0.08
ABT Abbott Laboratories Reduce -3.3% 0.48% −0.07
FLUT Flutter Entertainment PLC-Di Reduce -65.8% 0.03% −0.07
XOM Exxon Mobil Corp. Reduce -11.4% 0.38% −0.07
PYPL PayPal Holdings Inc. Reduce -8.4% 0.21% −0.07
EQIX Equinix Inc. Reduce -13.8% 0.22% −0.07
PG The Procter & Gamble Co. Reduce -2.4% 0.39% −0.06
JCI Johnson Controls Internation Reduce -35.4% 0.10% −0.06
PM Philip Morris International Reduce -14.3% 0.14% −0.06
NSC Norfolk Southern Corp. Reduce -47.8% 0.08% −0.06
UNH Unitedhealth Group Inc. Reduce -15.5% 0.32% −0.06
C Citigroup Inc. Reduce -29.0% 0.19% −0.06
PBA Pembina Pipeline Corp. Reduce -35.7% 0.10% −0.06
ADI Analog Devices Inc. Reduce -17.2% 0.19% −0.05
VST Vistra Corp. Reduce -52.9% 0.04% −0.05
PEP Pepsico Inc. Reduce -7.2% 0.45% −0.05
VOO Vanguard S&P 500 ETF Reduce -72.2% 0.02% −0.05
TMUS T-Mobile US Inc. Reduce -11.9% 0.20% −0.05
MCO Moody's Corp. Reduce -14.6% 0.13% −0.05
LBRDK Liberty Broadband-C Reduce -80.9% 0.01% −0.04
HES Hess Corp. Sold out 0.00% −0.04
MDT Medtronic PLC Reduce -6.6% 0.57% −0.04
EPR Epr Properties Reduce -95.2% 0.00% −0.04
ESS Essex Property Trust Inc. Reduce -38.8% 0.05% −0.04
GDDY GoDaddy Inc. Class A Reduce -36.5% 0.03% −0.04
SPGI S&P Global Inc. Reduce -2.6% 0.19% −0.04
ANSS Ansys Inc. Sold out 0.00% −0.04
T AT&T Inc. Reduce -2.1% 0.26% −0.04
TD Toronto-Dominion Bank Reduce -18.4% 0.16% −0.04
SPY SS SPDR S&P 500 ETF Trust-US Reduce -29.7% 0.08% −0.04
CNP Centerpoint Energy Inc. Reduce -14.5% 0.17% −0.04
STLA Stellantis NV Reduce -19.7% 0.08% −0.04
JNPR Juniper Networks Inc. Sold out 0.00% −0.04
EQT Eqt Corp. Reduce -41.7% 0.03% −0.03
EPRT Essential Properties Realty Reduce -42.7% 0.03% −0.03
CVS CVS Health Corp. Reduce -26.3% 0.09% −0.03
OKE Oneok Inc. Reduce -1.0% 0.14% −0.03
NI Nisource Inc. Reduce -13.9% 0.17% −0.03
GE General Electric Reduce -15.8% 0.28% −0.03
ALC Alcon Inc. Reduce -3.1% 0.09% −0.03

Portfolio Buys Q2 2025 → Q3 2025
NVDA Nvidia Corp. Add +3.0% 5.66% +0.54
DB Deutsche Bank AG-Registered Add +34.0% 1.02% +0.33
AVGO Broadcom Inc. Add +6.2% 1.71% +0.23
PLTR Palantir Technologies Inc. Class A Add +12.5% 0.60% +0.16
CSX CSX Corp. Add +200.5% 0.25% +0.16
LMT Lockheed Martin Corp. Add +127.4% 0.22% +0.12
SRE Sempra Add +57.7% 0.28% +0.12
NEM Newmont Corp. Add +22.2% 0.29% +0.11
ABBV Abbvie Inc. Add +3.0% 0.73% +0.11
INTC Intel Corp. Add +3.2% 0.35% +0.10
AU Anglogold Ashanti PLC Add +145.4% 0.12% +0.08
GILD Gilead Sciences Inc. Add +44.9% 0.33% +0.08
XEL Xcel Energy Inc. Add +103.8% 0.14% +0.08
WDC Western Digital Corp. Add +38.3% 0.12% +0.07
EXR Extra Space Storage Inc. Add +194.6% 0.11% +0.07
FNV Franco-Nevada Corp. Add +104.2% 0.11% +0.07
GFI Gold Fields Ltd.-Spons ADR Add +113.0% 0.09% +0.06
ENB Enbridge Inc. Add +8.4% 0.67% +0.06
GD General Dynamics Corp. Add +143.6% 0.10% +0.06
DASH DoorDash Inc. Class A Add +51.8% 0.17% +0.06
DELL Dell Technologies -C Add +30.0% 0.21% +0.06
UBS UBS Group AG-Reg Add +8.3% 0.34% +0.06
LRCX Lam Research Corp. Add +5.3% 0.23% +0.06
TRP TC Energy Corp. Add +44.8% 0.17% +0.06
RTX RTX Corp. Add +39.8% 0.16% +0.05
SPG Simon Property Group Inc. Add +27.5% 0.19% +0.05
IT Gartner Inc. Add +255.7% 0.09% +0.05
UBER Uber Technologies Inc. Add +17.0% 0.45% +0.05
BAC Bank of America Corp. Add +7.1% 0.77% +0.05
SE Sea Ltd.-ADR Add +46.9% 0.13% +0.04
NOC Northrop Grumman Corp. Add +54.5% 0.10% +0.04
WBD Warner Bros Discovery Inc. Add +23.2% 0.08% +0.04
EME Emcor Group Inc. Add +144.8% 0.06% +0.04
SR Spire Inc. Add +95.1% 0.07% +0.04
ES Eversource Energy Add +93.7% 0.07% +0.04
SHOP Shopify Inc. Class A Add +9.1% 0.16% +0.03
HST Host Hotels & Resorts Inc. Add +168.5% 0.05% +0.03
CMI Cummins Inc. Add +35.6% 0.09% +0.03
ASML ASML Holding NV-NY Reg SHS Add +352.0% 0.04% +0.03
EXPE Expedia Group Inc. Add +87.7% 0.06% +0.03
GEV GE Vernova Inc. Add +16.1% 0.17% +0.03
PFE Pfizer Inc. Add +17.8% 0.28% +0.03
HD Home Depot Inc. Add +5.2% 0.58% +0.03
FAST Fastenal Co. Add +46.2% 0.09% +0.03
KO The Coca-Cola Co. Add +27.6% 0.38% +0.03
KRC Kilroy Realty Corp. Add +3356.0% 0.03% +0.03
A Agilent Technologies Inc. Add +15.7% 0.24% +0.03
IBKR Interactive Brokers Gro Class A Add +184.0% 0.04% +0.03
XYL Xylem Inc. Add +27.7% 0.12% +0.03
WFC Wells Fargo & Co. Add +13.9% 0.36% +0.03

Options Activity Q2 2025 → Q3 2025
PANW Palo Alto Networks Inc. put Sold out 200,000 $40.9Mbefore exit
LRCX Lam Research Corp. put Sold out 225,000 $21.9Mbefore exit
CAH Cardinal Health Inc. put New 111,600 $17.5M
MIDD Middleby Corp. call Sold out 94,400 $13.6Mbefore exit
GPN Global Payments Inc. call Reduce -40.7% 83,000 $6.9M
SE Sea Ltd.-ADR put Sold out 40,000 $6.4Mbefore exit
ECHO Echostar Corp. Class A call Sold out 228,400 $6.3Mbefore exit
ARES Ares Management Corp. Class A put New 39,400 $6.3M
JD.COM INC (JD 0.25 06/01/29) put Reduce -10.8% 5,230,000 $5.6M
ALNY Alnylam Pharmaceuticals Inc. put New 8,200 $3.7M
BOX Box Inc. Class A put New 95,400 $3.1M
UNIT Uniti Group Inc. call New 500,000 $3.1M
VOYA Voya Financial Inc. put New 39,600 $3.0M
ECHO Echostar Corp. Class A put New 37,900 $2.9M
GME Gamestop Corp. Class A call New 105,000 $2.9M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) call New 2,035,000 $2.9M
NET Cloudflare Inc. Class A put New 12,800 $2.7M
HAE Haemonetics Corp. call New 53,200 $2.6M
PG The Procter & Gamble Co. put New 15,000 $2.3M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) put New 1,168,000 $2.1M
AAPL Apple Inc. put New 8,100 $2.1M
LI AUTO INC (LI 0.25 05/01/28) put New 1,791,000 $2.0M
EL Estee Lauder Companies Class A put New 23,000 $2.0M
NVDA Nvidia Corp. put New 9,100 $1.7M
HASI Ha Sustainable Infrastructur call New 44,000 $1.4M
ATEC Alphatec Holdings Inc. call New 90,000 $1.3M
PRO Pros Holdings Inc. call New 50,000 $1.1M
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) put New 1,105,000 $1.1M
FIVN FIVE9 Inc. call New 40,000 $968K
BFH Bread Financial Holdings Inc. put Reduce -38.4% 15,400 $859K
GPRO Gopro Inc. Class A call New 400,000 $848K
NIO INC (NIO 4.625 10/15/30) put New 742,000 $776K
NIO INC (NIO 3.875 10/15/29) put New 726,000 $773K
PRGS Progress Software Corp. call New 9,000 $395K
TMUS T-Mobile US Inc. call Sold out 1,600 $381Kbefore exit
RPD RAPID7 Inc. call New 5,000 $94K
COR Cencora Inc. put Sold out 300 $90Kbefore exit
CMI Cummins Inc. put New 200 $84K
LEGT.WS Legato Merger Corp. III-29 call Sold out 246,500 $57Kbefore exit
SPKWF Spark I Acquisition Corp.-28 call Sold out 145,000 $29Kbefore exit
FBYDW Falcon's Beyond Global-27 call Reduce -77.9% 6,040 $10K
UWM HOLDINGS CORPORATION call New 37,000 $5K
LAKESHORE BIOPHARMA CO LTD call Sold out 75,000 $3Kbefore exit
POLESTAR AUTOMOTIVE HLDG UK call Sold out 18,200 $3Kbefore exit

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

Notes & Other Activity Q2 2025 → Q3 2025
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Reduce -17.0% 15,356,000 $28.2M
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Reduce -12.5% 21,439,000 $23.0M
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal Add +2.9% 22,312,000 $22.6M
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal Add +3.9% 18,200,000 $20.2M
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal Reduce -0.2% 13,960,000 $18.0M
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal Add +125.5% 12,576,000 $13.3M
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal Add +70.7% 13,627,000 $12.6M
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Reduce -54.1% 7,363,000 $9.2M
KOSMOS ENERGY LTD (KOS 3.125 03/15/30) NOTE 3.125% 3/1 · principal Add +3.8% 13,567,000 $8.4M
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal New 9,050,000 $8.1M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal Reduce -9.0% 5,266,000 $7.4M
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal Sold out 7,500,000 $6.7Mbefore exit
WEC ENERGY GROUP INC (WEC 4.375 06/01/29) NOTE 4.375% 6/0 · principal Add +23.8% 5,448,000 $6.7M
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Reduce -44.5% 6,373,000 $6.6M
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Add +41.1% 6,767,000 $6.2M
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal New 7,290,000 $6.0M
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal Add +9.4% 6,494,000 $6.0M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal Add +181.8% 3,903,000 $5.4M
GUESS INC (GES 3.75 04/15/28) NOTE 3.750% 4/1 · principal Reduce -48.1% 5,400,000 $5.3M
FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal Sold out 5,237,000 $5.1Mbefore exit
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal Reduce -17.7% 4,654,000 $4.9M
THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal Sold out 5,150,000 $4.0Mbefore exit
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Sold out 2,623,000 $4.0Mbefore exit
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal Reduce -56.5% 2,514,000 $3.7M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal Reduce -14.8% 3,611,000 $3.3M
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal Reduce -21.7% 2,731,000 $3.0M
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Reduce -41.6% 3,039,000 $2.8M
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal Sold out 2,120,000 $2.5Mbefore exit
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal Reduce -24.9% 2,203,000 $2.4M
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal Reduce -31.0% 2,151,000 $2.4M
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal Sold out 1,527,000 $2.3Mbefore exit
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal Reduce -45.0% 1,987,000 $2.3M
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal Sold out 1,660,000 $2.2Mbefore exit
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal New 1,770,000 $2.0M
MIDDLEBY CORP (MIDD 1 09/01/25) NOTE 1.000% 9/0 · principal Sold out 1,793,000 $2.0Mbefore exit
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal Add +11.7% 1,597,000 $1.8M
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal Sold out 1,844,000 $1.8Mbefore exit
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal Sold out 1,700,000 $1.7Mbefore exit
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF New 18,313 $1.7M
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal New 1,305,000 $1.5M
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal Reduce -2.3% 1,163,000 $1.5M
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal Reduce -1.6% 1,269,000 $1.4M
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal Reduce -30.9% 982,000 $1.4M
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal New 876,000 $1.3M
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal New 826,000 $1.3M
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal Reduce -6.6% 1,134,000 $1.2M
TETRA TECH INC (TTEK 2.25 08/15/28) DBCV 2.250% 8/1 · principal Add +7.0% 1,124,000 $1.2M
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal Add +18.8% 1,010,000 $1.2M
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal Add +48.1% 1,146,000 $1.1M
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal Reduce -9.4% 1,032,000 $1.1M

Showing the first 50 of 83.

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