In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), EHP Funds Inc. reported 34 stock positions worth $87.1 million . Its top holding was Invesco QQQ Trust Series 1 (QQQ) at 11.3% of the portfolio, followed by Ishr Ibx Usd Hiyld CB ETF-Ui (HYG, 10.2% ) and Vaneck Semiconductor ETF (SMH, 8.1% ). Compared with Q1 2025, it opened 20 new positions, sold out of 19, added to 2 and reduced 12. The biggest buy was a new position in Ishr Ibx Usd Hiyld CB ETF-Ui (HYG) and the biggest sale an exit from iShares 20+ Year Treasury BD (TLT).
Location TORONTO, Z4
CIK 0001927881
Portfolio Value $87.1M (Q2 2025) Holdings 34 stocks · $87.1M Holdings quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 QQQ Invesco QQQ Trust Series 1 17,800 $9.8M Reduce -15.6% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 110,000 $8.9M New SMH Vaneck Semiconductor ETF 25,400 $7.1M Reduce -45.7% CRWV Coreweave Inc. Class A 41,000 $6.7M New NVDA Nvidia Corp. 41,800 $6.6M New GOOGL Alphabet Inc. Class A 37,200 $6.6M Add +588.9% AMZN Amazon.com Inc. 29,500 $6.5M New XLE SS Energy Select Sector 58,200 $4.9M Reduce -50.3% XLF SS Financial Select Sector 93,400 $4.9M Reduce -37.6% XLB SS Materials Select Sector 38,300 $3.4M Reduce -59.7% SE Sea Ltd.-ADR 20,600 $3.3M New AMD Advanced Micro Devices 22,900 $3.2M New XLY SS Consumer Disc Select Sect 12,800 $2.8M New SPHB Invesco S&P 500 High Beta Et 21,300 $2.1M Reduce -38.8% XME SS SPDR S&P Metals Mining 23,800 $1.6M Reduce -48.5% SVIX -1X Short Vix Futures ETF 79,500 $1.2M Add +4.7% ESOA Energy Services of America 111,917 $1.1M New CTAS Cintas Corp. 2,700 $602K New BX Blackstone Inc. 3,700 $553K New GE General Electric filed as GE AEROSPACE 2,000 $515K New COST Costco Wholesale Corp. 500 $495K New ETR Entergy Corp. 5,300 $441K New ADP Automatic Data Processing 1,300 $401K Reduce -38.1% DGX Quest Diagnostics Inc. 2,200 $395K Reduce -42.1% APH Amphenol Corp. Class A 4,000 $395K New INTU Intuit Inc. 500 $394K New DAL Delta Air Lines Inc. 7,000 $344K Reduce -54.3% CEG Constellation Energy 1,000 $323K Reduce -9.1% MRVL Marvell Technology Inc. 4,100 $317K New QCOM Qualcomm Inc. 1,900 $303K Reduce -42.4% BMY Bristol-Myers Squibb Co. 6,500 $301K New CVS CVS Health Corp. 3,700 $255K New ALL Allstate Corp. 1,200 $242K New GEV GE Vernova Inc. 400 $212K New
Options reported separately and not counted above: MASTERCARD INCORPORATED puts ($59.3M), VISA INC puts ($53.9M), APPLOVIN CORP calls ($40.4M), ISHARES TR calls ($33.7M), INVESCO DB US DLR INDEX TR calls ($7.8M), INVESCO QQQ TR puts ($5.5M).
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ TLT iShares 20+ Year Treasury BD Sold out 0.00% −13.69 XLE SS Energy Select Sector Reduce -50.3% 5.67% −6.53 XLB SS Materials Select Sector Reduce -59.7% 3.86% −5.24 BNO United States Brent Oil Fund Sold out 0.00% −4.90 USO United States Oil Fund LP Sold out 0.00% −3.53 SMH Vaneck Semiconductor ETF Reduce -45.7% 8.13% −2.90 XLF SS Financial Select Sector Reduce -37.6% 5.61% −2.69 XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −1.80 IYH iShares U.S. Healthcare ETF Sold out 0.00% −1.78 XLC SS Comm Select Sector SPDR Sold out 0.00% −1.72 UGA United States Gas Fund LP Sold out 0.00% −1.43 MCK McKesson Corp. Sold out 0.00% −1.05 XME SS SPDR S&P Metals Mining Reduce -48.5% 1.84% −1.05 VLTO Veralto Corp. Sold out 0.00% −1.01 MSI Motorola Solutions Inc. Sold out 0.00% −0.98 CRM Salesforce Inc. Sold out 0.00% −0.96 WAB Wabtec Corp. Sold out 0.00% −0.93 UNH Unitedhealth Group Inc. Sold out 0.00% −0.88 SPHB Invesco S&P 500 High Beta Et Reduce -38.8% 2.38% −0.65 DIS The Walt Disney Co. Sold out 0.00% −0.57 KLAC KLA Corp. Sold out 0.00% −0.38 DAL Delta Air Lines Inc. Reduce -54.3% 0.40% −0.35 NXST Nexstar Media Group Inc. Sold out 0.00% −0.32 TMUS T-Mobile US Inc. Sold out 0.00% −0.30 PAYX Paychex Inc. Sold out 0.00% −0.29 GILD Gilead Sciences Inc. Sold out 0.00% −0.27 DGX Quest Diagnostics Inc. Reduce -42.1% 0.45% −0.26 ADP Automatic Data Processing Reduce -38.1% 0.46% −0.25 QCOM Qualcomm Inc. Reduce -42.4% 0.35% −0.22 CEG Constellation Energy Reduce -9.1% 0.37% +0.12 QQQ Invesco QQQ Trust Series 1 Reduce -15.6% 11.27% +0.25
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 10.18% +10.18 CRWV Coreweave Inc. Class A New 7.67% +7.67 NVDA Nvidia Corp. New 7.58% +7.58 AMZN Amazon.com Inc. New 7.43% +7.43 GOOGL Alphabet Inc. Class A Add +588.9% 7.53% +6.59 SE Sea Ltd.-ADR New 3.78% +3.78 AMD Advanced Micro Devices New 3.73% +3.73 XLY SS Consumer Disc Select Sect New 3.19% +3.19 ESOA Energy Services of America New 1.28% +1.28 CTAS Cintas Corp. New 0.69% +0.69 BX Blackstone Inc. New 0.64% +0.64 GE General Electric New 0.59% +0.59 COST Costco Wholesale Corp. New 0.57% +0.57 ETR Entergy Corp. New 0.51% +0.51 APH Amphenol Corp. Class A New 0.45% +0.45 INTU Intuit Inc. New 0.45% +0.45 MRVL Marvell Technology Inc. New 0.36% +0.36 BMY Bristol-Myers Squibb Co. New 0.35% +0.35 CVS CVS Health Corp. New 0.29% +0.29 ALL Allstate Corp. New 0.28% +0.28 GEV GE Vernova Inc. New 0.24% +0.24 SVIX -1X Short Vix Futures ETF Add +4.7% 1.42% −0.30
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ MASTERCARD INCORPORATED put New 105,500 $59.3M VISA INC put New 151,800 $53.9M APPLOVIN CORP call New 115,500 $40.4M ISHARES TR call New 156,000 $33.7M INVESCO DB US DLR INDEX TR call New 289,700 $7.8M INVESCO QQQ TR put Reduce -86.7% 10,000 $5.5M ROBINHOOD MKTS INC call Sold out 52,500 $2.2Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q4 2025 25 $43.6M XLF, XLB, XLY, XLI, HYG Q3 2025 95 $76.0M SMH, QQQ, HYG, CPER, AAPL Q2 2025 34 $87.1M QQQ, HYG, SMH, CRWV, NVDA Q1 2025 33 $89.7M TLT, XLE, SMH, QQQ, XLB Q4 2024 49 $96.9M SMH, QQQ, IYT, SPHB, XOP Q3 2024 41 $142.6M IEF, HYG, QQQ, SMH, PROSHARES VIX SHORT-TERM FUT Q2 2024 83 $202.3M SMH, XME, QQQ, HYG, XLE Q1 2024 111 $144.6M IEF, HYG, PROSHARES VIX SHORT-TERM FUT, XLE, XLB