Franklin Resources Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Franklin Resources Inc. reported 2,896 stock positions worth $372.2 billion. Its top holding was Microsoft (MSFT) at 5.4% of the portfolio, followed by Nvidia (NVDA, 4.2%) and Amazon.com (AMZN, 3.1%). Compared with Q1 2025, it opened 196 new positions, sold out of 138, added to 1,386 and reduced 1,112. The biggest buy was Microsoft (MSFT, shares +1%) and the biggest sale Unitedhealth (UNH, shares −45%).

Most Recent 13F
Q2 2026
Location
San Mateo, CA
CIK
0000038777
Portfolio Value
$372.2B (Q2 2025)
SEC Filing
0000038777-25-000153 ↗ filed Aug 12, 2025

Holdings Value

0$100.0B$200.0B$300.0B$400.0B$500.0B Q1 2024: $312.3B Q1 2024 Q2 2024: $321.9B Q2 2024 Q3 2024: $352.4B Q3 2024 Q4 2024: $353.5B Q4 2024 Q1 2025: $341.0B Q1 2025 Q2 2025: $372.2B $372.2B Q2 2025 Q3 2025: $395.6B Q3 2025 Q4 2025: $402.0B Q4 2025 Q1 2026: $402.0B Q1 2026 Q2 2026: $454.5B Q2 2026

Holdings 2,896 stocks · $372.2B
MSFT Microsoft Corp. 5.38% 40,273,466 $20.0B Add +1.0%
NVDA Nvidia Corp. 4.22% 99,316,291 $15.7B Reduce -2.1%
AMZN Amazon.com Inc. 3.06% 51,919,439 $11.4B Add +14.0%
AAPL Apple Inc. 2.44% 44,185,482 $9.1B Reduce -4.8%
AVGO Broadcom Inc. 2.10% 28,386,605 $7.8B Add +0.3%
META Meta Platforms Inc. Class A 1.71% 8,603,476 $6.4B Add +4.9%
GOOGL Alphabet Inc. Class A 1.51% 31,817,684 $5.6B Add +51.7%
MA Mastercard Inc. Class A 1.15% 7,614,875 $4.3B Reduce -2.4%
XOM Exxon Mobil Corp. 1.04% 36,067,733 $3.9B Reduce -0.7%
JPM JPMorgan Chase & Co. 1.01% 13,015,760 $3.8B Reduce -1.8%
LLY Eli Lilly & Co. 1.00% 4,766,865 $3.7B Add +13.4%
WMT Walmart Inc. 0.96% 36,570,356 $3.6B Reduce -7.8%
V Visa Inc. Class A 0.91% 9,515,713 $3.4B Reduce -1.2%
PG The Procter & Gamble Co. 0.90% 21,097,864 $3.4B Reduce -3.9%
NEE Nextera Energy Inc. 0.90% 48,073,227 $3.3B Add +23.3%
GOOG Alphabet Inc. Class C 0.86% 17,976,047 $3.2B Reduce -7.4%
CSCO Cisco Systems Inc. 0.76% 40,836,858 $2.8B Add +46.2%
ABBV Abbvie Inc. 0.75% 15,107,871 $2.8B Reduce -14.5%
C Citigroup Inc. 0.74% 32,290,532 $2.7B Add +2.1%
SCHW Schwab (charles) Corp. 0.74% 30,035,937 $2.7B Add +2.8%
NFLX Netflix Inc. 0.74% 2,046,261 $2.7B Add +6.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.72% 56,419,060 $2.7B Reduce -18.2%
JNJ Johnson & Johnson 0.72% 17,459,425 $2.7B Reduce -1.7%
NOW ServiceNow Inc. 0.70% 2,523,936 $2.6B Reduce -7.6%
CVX Chevron Corp. 0.68% 17,764,589 $2.5B Add +2.1%
JCI Johnson Controls Internation 0.66% 23,223,902 $2.5B Add +3.0%
KO The Coca-Cola Co. 0.65% 33,959,078 $2.4B Reduce -10.7%
PM Philip Morris International 0.63% 12,780,818 $2.3B Reduce -20.8%
RTX RTX Corp. 0.61% 15,575,867 $2.3B Add +1.4%
COF Capital One Financial Corp. 0.60% 10,499,089 $2.2B Reduce -2.6%
ORCL Oracle Corp. 0.58% 9,865,028 $2.2B Reduce -38.1%
MRK Merck & Co. Inc. 0.57% 27,032,601 $2.1B Add +23.4%
BLK BlackRock Inc. 0.57% 2,005,358 $2.1B Add +72.5%
PEP Pepsico Inc. 0.55% 15,577,073 $2.1B Add +19.5%
TSLA Tesla Inc. 0.54% 6,368,596 $2.0B Reduce -5.1%
ACN Accenture PLC Class A 0.54% 6,754,721 $2.0B Add +3.0%
TMO Thermo Fisher Scientific Inc. 0.53% 4,897,546 $2.0B Add +11.3%
ISRG Intuitive Surgical Inc. 0.52% 3,557,787 $1.9B Reduce -6.8%
CRM Salesforce Inc. 0.51% 7,023,700 $1.9B Add +15.0%
MCK McKesson Corp. 0.51% 2,590,373 $1.9B Reduce -4.5%
HON Honeywell International Inc. 0.50% 7,919,309 $1.8B Reduce -1.1%
FLCB Franklin U.S. Core Bond ETF 0.47% 81,487,315 $1.8B Add +9.6%
LIN Linde PLC 0.47% 3,718,376 $1.7B Add +0.7%
TSM Taiwan Semiconductor-SP ADR 0.45% 7,359,821 $1.7B Reduce -0.4%
PNC PNC Financial Services Group 0.43% 8,601,245 $1.6B Reduce -10.8%
UNH Unitedhealth Group Inc. 0.41% 4,877,439 $1.5B Reduce -44.9%
FCX Freeport-McMoran Inc. 0.41% 34,991,350 $1.5B Reduce -4.1%
TMUS T-Mobile US Inc. 0.40% 6,298,934 $1.5B Add +5.2%
GM General Motors Co. 0.40% 30,333,569 $1.5B Reduce -1.3%
AZN Astrazeneca PLC-Spons ADR 0.40% 21,298,394 $1.5B Add +0.9%
TXN Texas Instruments Inc. 0.40% 7,142,448 $1.5B Reduce -10.0%
NOC Northrop Grumman Corp. 0.39% 2,933,061 $1.5B Add +11.8%
SNPS Synopsys Inc. 0.39% 2,844,337 $1.5B Reduce -2.5%
HLT Hilton Worldwide Holdings Inc. 0.39% 5,442,662 $1.4B Add +4.0%
AXON Axon Enterprise Inc. 0.38% 1,690,660 $1.4B Reduce -1.4%
CRH CRH PLC 0.37% 15,175,687 $1.4B Reduce -8.2%
UNP Union Pacific Corp. 0.37% 6,024,408 $1.4B Reduce -7.7%
COP Conocophillips 0.37% 15,315,650 $1.4B Reduce -1.4%
MS Morgan Stanley 0.36% 9,623,305 $1.4B Add +18.1%
NRG NRG Energy Inc. 0.36% 8,344,378 $1.3B Reduce -33.5%
SYK Stryker Corp. 0.36% 3,355,818 $1.3B Reduce -2.8%
CTVA Corteva Inc. 0.35% 17,680,238 $1.3B Add +4.9%
CDNS Cadence Design SYS Inc. 0.35% 4,243,427 $1.3B Reduce -0.7%
PHM Pultegroup Inc. 0.35% 12,290,631 $1.3B Add +0.8%
PPL PPL Corp. 0.35% 38,195,773 $1.3B Add +2.5%
ABT Abbott Laboratories 0.35% 9,471,575 $1.3B Add +0.8%
SO The Southern Co. 0.35% 14,015,721 $1.3B Reduce -6.2%
GS Goldman Sachs Group Inc. 0.35% 1,815,660 $1.3B Add +2.8%
CHTR Charter Communications Inc. Class A 0.34% 3,103,904 $1.3B Reduce -4.1%
APH Amphenol Corp. Class A 0.33% 12,547,006 $1.2B Add +13.4%
WFC Wells Fargo & Co. 0.33% 15,405,632 $1.2B Reduce -0.2%
APO Apollo Global Management Inc. 0.33% 8,669,106 $1.2B Add +2.0%
ADI Analog Devices Inc. 0.33% 5,157,037 $1.2B Reduce -23.0%
REGN Regeneron Pharmaceuticals 0.33% 2,313,496 $1.2B Add +1.6%
STX Seagate Technology Holdings 0.32% 8,286,374 $1.2B Reduce -3.8%
AMT American Tower Corp. 0.32% 5,408,792 $1.2B Add +4.3%
SHOP Shopify Inc. Class A 0.32% 10,301,811 $1.2B Reduce -2.8%
INTU Intuit Inc. 0.32% 1,489,369 $1.2B Add +22.1%
BKNG Booking Holdings Inc. 0.31% 201,710 $1.2B Reduce -14.3%
LUV Southwest Airlines Co. 0.31% 35,324,632 $1.1B Add +2.7%
IR Ingersoll-Rand Inc. 0.30% 13,297,463 $1.1B Add +4.5%
AIG American International Group 0.29% 12,536,144 $1.1B Add +6.1%
APD Air Products & Chemicals Inc. 0.29% 3,794,781 $1.1B Add +13.3%
PLD Prologis Inc. 0.28% 10,050,843 $1.1B Add +216.0%
QCOM Qualcomm Inc. 0.28% 6,558,972 $1.0B Reduce -28.1%
FDX FedEx Corp. 0.28% 4,545,371 $1.0B Add +2.1%
MDT Medtronic PLC 0.28% 11,769,610 $1.0B Reduce -18.7%
ROP Roper Technologies Inc. 0.28% 1,809,632 $1.0B Reduce -1.1%
LOW Lowe's Cos Inc. 0.27% 4,581,399 $1.0B Reduce -1.1%
HD Home Depot Inc. 0.27% 2,765,731 $1.0B Reduce -16.8%
DASH DoorDash Inc. Class A 0.26% 3,985,079 $982.4M Reduce -3.6%
ARES Ares Management Corp. Class A 0.26% 5,617,916 $973.0M Add +34.4%
NDAQ Nasdaq Inc. 0.26% 10,739,907 $960.4M Reduce -5.1%
DHR Danaher Corp. 0.26% 4,822,442 $952.6M Add +4.0%
COST Costco Wholesale Corp. 0.26% 961,459 $951.8M Add +2.3%
ALL Allstate Corp. 0.25% 4,670,113 $940.1M Add +2.5%
MCD McDonald's Corp. 0.25% 3,217,593 $940.1M Reduce -21.2%
URI United Rentals Inc. 0.25% 1,231,108 $927.5M Add +6.1%
FERG Ferguson Enterprises Inc. 0.25% 4,255,661 $926.8M Add +39.3%
CME Cme Group Inc. 0.25% 3,360,920 $926.3M Reduce -2.4%

Show all 2,896 holdings

Options reported separately and not counted above: SPY puts ($160.6M), STX calls ($71.7M), AAPL puts ($16.1M), QQQ puts ($5.8M), DIA puts ($4.2M), NVDA puts ($3.3M), LUV calls ($2.8M), IWM puts ($1.6M), NFLX puts ($1.5M), DKS puts ($890K), BAC puts ($568K), AMZN puts ($439K), and 1 more.

Other holdings (116): bonds, preferreds, convertibles and warrants · $4.7B (not counted above)
SecurityClassShares / PrincipalValueChange
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 8,796,319$598.1MAdd +1.2%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 10,373,066$333.0MAdd +12.1%
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 5,728,778$269.8MAdd +10.1%
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 5,929,577$262.4MAdd +17.7%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 3,661,097$194.0MReduce -0.9%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 2,419,394$181.1MAdd +4.7%
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal 72,000,000$85.3MNo change
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD 1,357,026$84.1MNew
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 1,395,861$82.2MReduce -4.6%
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal 69,512,000$79.4MNo change
INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal 52,500,000$73.9MReduce -17.4%
BURLINGTON STORES INC (BURL 1.25 12/15/27) NOTE 1.250%12/1 · principal 56,129,000$72.7MAdd +0.3%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 66,500,000$72.1MNo change
LYFT INC (LYFT 0.625 03/01/29) NOTE 0.625% 3/0 · principal 67,300,000$72.1MNo change
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 53,916,000$70.8MNo change
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) NOTE 1.500% 9/1 · principal 61,000,000$70.5MNo change
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 1,295,181$69.4MAdd +0.0%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 52,403,000$67.0MNew
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 1,682,244$66.9MReduce -47.7%
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 66,462,000$66.1MReduce -0.3%
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 35,632,000$65.6MNew
POST HOLDINGS INC (POST 2.5 08/15/27) NOTE 2.500% 8/1 · principal 57,078,000$65.3MAdd +2.6%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 71,720,000$64.4MNo change
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 63,224,000$62.6MNew
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal 66,475,000$61.7MNo change
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 47,878,000$60.0MNo change
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal 37,453,000$58.5MAdd +0.8%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 875,739$58.4MAdd +51.0%
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 59,568,000$53.2MNo change
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal 53,000,000$52.7MReduce -21.5%
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal 40,000,000$52.0MNew
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal 51,915,000$51.7MNo change
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 33,275,000$47.6MReduce -1.8%
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 50,165,000$47.3MAdd +2.0%
VAIL RESORTS INC (MTN 0 01/01/26) NOTE 1/0 · principal 48,000,000$46.8MReduce -23.8%
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 38,000,000$45.6MNo change
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal 44,761,000$45.4MNo change
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal 24,566,000$43.6MReduce -1.5%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 375,000$43.2MNew
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 39,583,000$42.6MReduce -19.4%
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal 41,034,000$40.5MNew
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal 37,355,000$37.3MNew
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal 29,000,000$36.1MNo change
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) NOTE 1.625% 3/1 · principal 35,081,000$35.5MNo change
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal 35,000,000$33.9MNo change
OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal 33,998,000$33.9MNo change
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal 31,000,000$30.5MNo change
AXON ENTERPRISE INC (AXON 0.5 12/15/27) NOTE 0.500%12/1 · principal 7,716,000$28.0MReduce -74.4%
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal 25,000,000$26.0MNo change
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 13,749,000$24.8MReduce -12.9%
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal 26,000,000$24.6MReduce -25.7%
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal 28,000,000$23.9MNew
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 542,865$20.4MReduce -3.4%
THE REALREAL INC (REAL 4 02/15/31) DEBT 4.000% 2/1 · principal 24,000,000$19.0MNo change
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal 20,000,000$17.3MReduce -20.0%
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 57,019,000$14.7MNo change
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 13,963,000$14.2MReduce -6.5%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 10,805,000$13.3MNo change
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 8,362,000$12.9MReduce -0.3%
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 10,665,000$12.7MNew
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 10,255$12.4MNo change
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 11,274,000$11.7MNo change
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal 8,762,000$11.7MAdd +1.9%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 12,317,000$11.4MNo change
SHAKE SHACK INC (SHAK 0 03/01/28) NOTE 3/0 · principal 9,741,000$10.5MReduce -26.9%
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 7,861,000$10.3MReduce -15.9%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal 8,723,000$10.1MAdd +1.9%
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 9,449,000$10.1MAdd +2.0%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal 8,704,000$9.9MAdd +1.2%
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) NOTE 0.250% 2/1 · principal 38,000,000$9.8MNo change
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 9,022,000$9.8MNo change
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal 9,340,000$9.1MNew
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 10,000,000$9.0MReduce -60.0%
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal 6,849,000$8.9MAdd +1.7%
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 5,547,000$8.4MAdd +9.3%
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 7,354,000$8.1MNew
BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) NOTE 1.250% 5/1 · principal 8,416,000$8.0MReduce -6.7%
BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 8,371,000$7.9MNo change
WORKIVA INC (WK 1.125 08/15/26) NOTE 1.125% 8/1 · principal 7,000,000$7.6MNo change
PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) NOTE 1.750%12/0 · principal 4,648,000$6.9MAdd +4.4%
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 6,469,000$6.8MNew
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 7,752,000$6.7MReduce -23.6%
SPECTRUM BRANDS INC (SPB 3.375 06/01/29) NOTE 3.375% 6/0 · principal 7,095,000$6.5MNew
OKTA INC (OKTA 0.375 06/15/26) NOTE 0.375% 6/1 · principal 6,068,000$5.8MReduce -9.4%
VERTEX INC (VERX 0.75 05/01/29) NOTE 0.750% 5/0 · principal 4,768,000$5.7MNew
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 5,021,000$5.7MNew
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal 7,231,000$5.5MReduce -34.8%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal 4,964,000$5.2MNo change
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal 4,059,000$5.2MNo change
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal 4,800,000$5.1MNo change
BILL HOLDINGS INC (BILL 0 12/01/25) NOTE 12/0 · principal 4,676,000$4.5MNo change
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal 5,000,000$4.4MNo change
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal 2,195,000$4.1MReduce -52.0%
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal 3,983,000$3.7MNo change
IMPINJ INC (PI 1.125 05/15/27) NOTE 1.125% 5/1 · principal 2,676,000$3.3MNo change
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) NOTE 3/1 · principal 3,062,000$2.8MNo change
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) NOTE 1.750% 6/1 · principal 2,819,000$1.6MReduce -50.3%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 1,575,000$1.5MNo change
BLOCK INC (XYZ 0.25 11/01/27) NOTE 0.250%11/0 · principal 1,598,000$1.4MNo change
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) NOTE 1.250% 9/1 · principal 1,836,000$1.3MReduce -54.2%
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal 1,254,000$1.3MNo change
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 1,093,000$1.2MNo change
ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal 1,124,000$914KNo change
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal 750,000$714KNo change
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 31,588$654KNo change
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal 532,000$589KNo change
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal 250,000$445KNo change
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 2,201$239KAdd +0.6%
NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 266,666$72KNo change
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 70,000$65KNo change
RINGCENTRAL INC (RNG 0 03/15/26) NOTE 3/1 · principal 62,000$60KNo change
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 48$56KNo change
HECLA MINING CO (HL 7 PERP B) PFD CV SER B 760$39KNew
EXACT SCIENCES CORP (EXAS 0.375 03/01/28) NOTE 0.375% 3/0 · principal 19,000$17KNo change
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 67,534$7KReduce -10.0%
GRABW Grab Holdings Ltd.-CW 26 *W EXP 99/99/999 10,001$4KNo change

Total filed on the 13F, all lines: $376.9B.

Portfolio Sells Q1 2025 → Q2 2025
UNH Unitedhealth Group Inc. Reduce -44.9% 0.41% −0.95
AAPL Apple Inc. Reduce -4.8% 2.44% −0.59
ABBV Abbvie Inc. Reduce -14.5% 0.75% −0.33
XOM Exxon Mobil Corp. Reduce -0.7% 1.04% −0.22
PG The Procter & Gamble Co. Reduce -3.9% 0.90% −0.19
CI The Cigna Group Reduce -56.3% 0.11% −0.17
GLPI Gaming and Leisure Propertie Reduce -88.2% 0.02% −0.17
KO The Coca-Cola Co. Reduce -10.7% 0.65% −0.15
JNJ Johnson & Johnson Reduce -1.7% 0.72% −0.15
QCOM Qualcomm Inc. Reduce -28.1% 0.28% −0.13
BAC Bank of America Corp. Reduce -18.2% 0.72% −0.13
PM Philip Morris International Reduce -20.8% 0.63% −0.13
MCD McDonald's Corp. Reduce -21.2% 0.25% −0.12
MDLZ Mondelez International Inc. Class A Reduce -50.9% 0.09% −0.11
COP Conocophillips Reduce -1.4% 0.37% −0.11
MDT Medtronic PLC Reduce -18.7% 0.28% −0.11
MA Mastercard Inc. Class A Reduce -2.4% 1.15% −0.10
EG Everest Group Ltd. Reduce -82.1% 0.02% −0.10
AMGN Amgen Inc. Reduce -14.0% 0.22% −0.09
KVUE Kenvue Inc. Reduce -15.2% 0.19% −0.09
CMCSA Comcast Corp. Class A Reduce -22.4% 0.19% −0.09
HD Home Depot Inc. Reduce -16.8% 0.27% −0.09
V Visa Inc. Class A Reduce -1.2% 0.91% −0.08
UNP Union Pacific Corp. Reduce -7.7% 0.37% −0.08
UPS United Parcel Service Class B Reduce -23.9% 0.14% −0.08
ORCL Oracle Corp. Reduce -38.1% 0.58% −0.07
ADI Analog Devices Inc. Reduce -23.0% 0.33% −0.07
PNC PNC Financial Services Group Reduce -10.8% 0.43% −0.07
EMN Eastman Chemical Co. Reduce -22.9% 0.09% −0.06
WMT Walmart Inc. Reduce -7.8% 0.96% −0.06
TGT Target Corp. Reduce -11.3% 0.20% −0.06
VOYA Voya Financial Inc. Reduce -51.0% 0.05% −0.06
ITW Illinois Tool Works Reduce -50.3% 0.05% −0.06
SO The Southern Co. Reduce -6.2% 0.35% −0.06
SBUX Starbucks Corp. Reduce -31.7% 0.08% −0.06
NXPI NXP Semiconductors NV Reduce -41.0% 0.09% −0.05
EOG EOG Resources Inc. Reduce -13.2% 0.15% −0.05
CRH CRH PLC Reduce -8.2% 0.37% −0.05
MKC McCormick & Co.-Non VTG SHRS Reduce -31.8% 0.07% −0.05
SPYV SS SPDR P S&P 500 Value ETF Reduce -82.5% 0.01% −0.05
OTIS Otis Worldwide Corp. Reduce -9.0% 0.19% −0.05
KEY Keycorp Reduce -38.2% 0.07% −0.04
LOW Lowe's Cos Inc. Reduce -1.1% 0.27% −0.04
IT Gartner Inc. Reduce -40.3% 0.05% −0.04
PGR Progressive Corp. Reduce -7.3% 0.17% −0.04
WSC Willscot Holdings Corp. Reduce -41.9% 0.05% −0.04
ROP Roper Technologies Inc. Reduce -1.1% 0.28% −0.04
ELV Elevance Health Inc. Reduce -4.7% 0.14% −0.04
GPN Global Payments Inc. Reduce -2.9% 0.10% −0.04
DUK Duke Energy Corp. Reduce -3.8% 0.22% −0.04

Portfolio Buys Q1 2025 → Q2 2025
MSFT Microsoft Corp. Add +1.0% 5.38% +0.99
AVGO Broadcom Inc. Add +0.3% 2.10% +0.71
GOOGL Alphabet Inc. Class A Add +51.7% 1.51% +0.56
AMZN Amazon.com Inc. Add +14.0% 3.06% +0.52
META Meta Platforms Inc. Class A Add +4.9% 1.71% +0.32
CSCO Cisco Systems Inc. Add +46.2% 0.76% +0.26
BLK BlackRock Inc. Add +72.5% 0.57% +0.24
NFLX Netflix Inc. Add +6.9% 0.74% +0.21
PLD Prologis Inc. Add +216.0% 0.28% +0.18
JCI Johnson Controls Internation Add +3.0% 0.66% +0.13
APH Amphenol Corp. Class A Add +13.4% 0.33% +0.12
FERG Ferguson Enterprises Inc. Add +39.3% 0.25% +0.11
SPOT Spotify Technology SA Add +41.8% 0.23% +0.10
MRVL Marvell Technology Inc. Add +112.4% 0.17% +0.10
INTU Intuit Inc. Add +22.1% 0.32% +0.10
NEE Nextera Energy Inc. Add +23.3% 0.90% +0.09
MS Morgan Stanley Add +18.1% 0.36% +0.09
ARES Ares Management Corp. Class A Add +34.4% 0.26% +0.08
RBLX Roblox Corp. Class A Add +9.9% 0.18% +0.08
C Citigroup Inc. Add +2.1% 0.74% +0.08
ADBE Adobe Inc. Add +68.9% 0.20% +0.07
PLTR Palantir Technologies Inc. Class A Add +75.5% 0.12% +0.07
NET Cloudflare Inc. Class A Add +1.9% 0.19% +0.07
CP Canadian Pacific Kansas City Add +31.3% 0.25% +0.07
SCHW Schwab (charles) Corp. Add +2.8% 0.74% +0.07
GS Goldman Sachs Group Inc. Add +2.8% 0.35% +0.06
UBER Uber Technologies Inc. Add +41.0% 0.14% +0.05
PANW Palo Alto Networks Inc. Add +15.6% 0.22% +0.05
KLAC KLA Corp. Add +13.9% 0.16% +0.04
VMC Vulcan Materials Co. Add +598.5% 0.05% +0.04
CLS Celestica Inc. Add +25.8% 0.08% +0.04
CEG Constellation Energy Add +12.2% 0.11% +0.04
CTVA Corteva Inc. Add +4.9% 0.35% +0.04
BMY Bristol-Myers Squibb Co. Add +142.8% 0.10% +0.04
HLT Hilton Worldwide Holdings Inc. Add +4.0% 0.39% +0.04
IBM Intl Business Machines Corp. Add +45.8% 0.10% +0.04
URI United Rentals Inc. Add +6.1% 0.25% +0.04
CRM Salesforce Inc. Add +15.0% 0.51% +0.03
TTAN Servicetitan Inc. Class A Add +148.4% 0.05% +0.03
HIG Hartford Insurance Group Inc. Add +51.5% 0.11% +0.03
BP BP PLC-Spons ADR Add +79.8% 0.11% +0.03
LRCX Lam Research Corp. Add +1.1% 0.17% +0.03
COO The Cooper Cos Inc. Add +7723.3% 0.03% +0.03
SE Sea Ltd.-ADR Add +33.7% 0.09% +0.03
HOOD Robinhood Markets Inc. Class A Add +163.7% 0.04% +0.03
KTOS Kratos Defense & Security Add +29.6% 0.06% +0.03
GE General Electric Add +12.8% 0.12% +0.03
CSGP Costar Group Inc. Add +70.3% 0.07% +0.03
PH Parker Hannifin Corp. Add +7.9% 0.23% +0.03
ARM Arm Holdings PLC-ADR Add +27.9% 0.06% +0.03

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US call Sold out 3,686,864 $2.1Bbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Add +2995.2% 260,000 $160.6M
STX Seagate Technology Holdings call Reduce -36.0% 497,031 $71.7M
TLT iShares 20+ Year Treasury BD put Sold out 275,000 $25.0Mbefore exit
AAPL Apple Inc. put Add +0.1% 78,400 $16.1M
QQQ Invesco QQQ Trust Series 1 put Add +130.4% 10,600 $5.8M
LUV Southwest Airlines Co. call Add +7.0% 86,111 $2.8M
NFLX Netflix Inc. put New 1,100 $1.5M
BAC Bank of America Corp. put New 12,000 $568K
SHOP Shopify Inc. Class A put New 3,100 $358K

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
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +1.2% 8,796,319 $598.1M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Add +12.1% 10,373,066 $333.0M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Add +10.1% 5,728,778 $269.8M
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 Add +17.7% 5,929,577 $262.4M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Reduce -0.9% 3,661,097 $194.0M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Add +4.7% 2,419,394 $181.1M
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD New 1,357,026 $84.1M
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Reduce -4.6% 1,395,861 $82.2M
INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal Reduce -17.4% 52,500,000 $73.9M
BURLINGTON STORES INC (BURL 1.25 12/15/27) NOTE 1.250%12/1 · principal Add +0.3% 56,129,000 $72.7M
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Add +0.0% 1,295,181 $69.4M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 52,403,000 $67.0M
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Reduce -47.7% 1,682,244 $66.9M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Reduce -0.3% 66,462,000 $66.1M
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal New 35,632,000 $65.6M
POST HOLDINGS INC (POST 2.5 08/15/27) NOTE 2.500% 8/1 · principal Add +2.6% 57,078,000 $65.3M
INSMED INC (INSM 0.75 06/01/28) NOTE 0.750% 6/0 · principal Sold out 27,500,000 $65.3Mbefore exit
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal New 63,224,000 $62.6M
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) NOTE 0.750% 5/0 · principal Sold out 24,500,000 $60.3Mbefore exit
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal Add +0.8% 37,453,000 $58.5M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG Add +51.0% 875,739 $58.4M
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal Reduce -21.5% 53,000,000 $52.7M
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal New 40,000,000 $52.0M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal Reduce -1.8% 33,275,000 $47.6M
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Add +2.0% 50,165,000 $47.3M
VAIL RESORTS INC (MTN 0 01/01/26) NOTE 1/0 · principal Reduce -23.8% 48,000,000 $46.8M
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal Reduce -1.5% 24,566,000 $43.6M
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF New 375,000 $43.2M
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal Reduce -19.4% 39,583,000 $42.6M
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal New 41,034,000 $40.5M
HUBSPOT INC (HUBS 0.375 06/01/25) NOTE 0.375% 6/0 · principal Sold out 19,500,000 $39.3Mbefore exit
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal New 37,355,000 $37.3M
ZILLOW GROUP INC (Z 2.75 05/15/25) NOTE 2.750% 5/1 · principal Sold out 31,500,000 $32.9Mbefore exit
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) NOTE 12/1 · principal Sold out 27,000,000 $31.0Mbefore exit
AXON ENTERPRISE INC (AXON 0.5 12/15/27) NOTE 0.500%12/1 · principal Reduce -74.4% 7,716,000 $28.0M
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal Reduce -12.9% 13,749,000 $24.8M
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal Reduce -25.7% 26,000,000 $24.6M
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal New 28,000,000 $23.9M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Reduce -3.4% 542,865 $20.4M
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal Reduce -20.0% 20,000,000 $17.3M
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Reduce -6.5% 13,963,000 $14.2M
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal Reduce -0.3% 8,362,000 $12.9M
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal New 10,665,000 $12.7M
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal Add +1.9% 8,762,000 $11.7M
SHAKE SHACK INC (SHAK 0 03/01/28) NOTE 3/0 · principal Reduce -26.9% 9,741,000 $10.5M
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal Reduce -15.9% 7,861,000 $10.3M
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal Add +1.9% 8,723,000 $10.1M
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal Add +2.0% 9,449,000 $10.1M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal Add +1.2% 8,704,000 $9.9M
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal New 9,340,000 $9.1M

Showing the first 50 of 77.

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 3,067$454.5BAAPL, NVDA, MSFT, AMZN, AVGO
Q1 2026 3,028$402.0BNVDA, MSFT, AAPL, AMZN, GOOGL
Q4 2025 2,976$402.0BMSFT, NVDA, AAPL, AMZN, GOOGL
Q3 2025 2,987$395.6BMSFT, NVDA, AMZN, AAPL, AVGO
Q2 2025 2,896$372.2BMSFT, NVDA, AMZN, AAPL, AVGO
Q1 2025 2,837$341.0BMSFT, NVDA, AAPL, AMZN, AVGO
Q4 2024 2,795$353.5BMSFT, NVDA, AAPL, AMZN, AVGO
Q3 2024Amended 2,785$352.4BMSFT, NVDA, AAPL, AMZN, UNH
Q2 2024 2,733$321.9BMSFT, NVDA, AMZN, AAPL, GOOGL
Q1 2024 2,724$312.3BMSFT, NVDA, AMZN, AAPL, GOOGL