Franklin Resources Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Franklin Resources Inc. reported 2,987 stock positions worth $395.6 billion. Its top holding was Microsoft (MSFT) at 5.3% of the portfolio, followed by Nvidia (NVDA, 4.7%) and Amazon.com (AMZN, 3.0%). Compared with Q2 2025, it opened 227 new positions, sold out of 136, added to 1,436 and reduced 1,078. The biggest buy was Alphabet Class A (GOOGL, shares +11%) and the biggest sale Salesforce (CRM, shares −54%).

Most Recent 13F
Q2 2026
Location
San Mateo, CA
CIK
0000038777
Portfolio Value
$395.6B (Q3 2025)
SEC Filing
0000038777-25-000239 ↗ filed Nov 13, 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 Q2 2025 Q3 2025: $395.6B $395.6B Q3 2025 Q4 2025: $402.0B Q4 2025 Q1 2026: $402.0B Q1 2026 Q2 2026: $454.5B Q2 2026

Holdings 2,987 stocks · $395.6B
MSFT Microsoft Corp. 5.26% 40,181,125 $20.8B Reduce -0.2%
NVDA Nvidia Corp. 4.71% 99,806,462 $18.6B Add +0.5%
AMZN Amazon.com Inc. 2.97% 53,429,120 $11.7B Add +2.9%
AAPL Apple Inc. 2.92% 45,437,042 $11.6B Add +2.8%
AVGO Broadcom Inc. 2.46% 29,511,195 $9.7B Add +4.0%
GOOGL Alphabet Inc. Class A 2.17% 35,262,355 $8.6B Add +10.8%
META Meta Platforms Inc. Class A 1.58% 8,500,110 $6.2B Reduce -1.2%
XOM Exxon Mobil Corp. 1.10% 38,728,643 $4.4B Add +7.4%
MA Mastercard Inc. Class A 1.07% 7,463,566 $4.2B Reduce -2.0%
JPM JPMorgan Chase & Co. 1.00% 12,597,279 $4.0B Reduce -3.2%
GOOG Alphabet Inc. Class C 0.98% 15,887,316 $3.9B Reduce -11.6%
WMT Walmart Inc. 0.94% 35,899,581 $3.7B Reduce -1.8%
LLY Eli Lilly & Co. 0.93% 4,840,188 $3.7B Add +1.5%
PG The Procter & Gamble Co. 0.89% 22,850,345 $3.5B Add +8.3%
NEE Nextera Energy Inc. 0.88% 46,162,443 $3.5B Reduce -4.0%
ABBV Abbvie Inc. 0.85% 14,551,400 $3.4B Reduce -3.7%
C Citigroup Inc. 0.84% 32,870,559 $3.3B Add +1.8%
TSLA Tesla Inc. 0.76% 6,737,089 $3.0B Add +5.8%
JNJ Johnson & Johnson 0.76% 16,137,501 $3.0B Reduce -7.6%
CSCO Cisco Systems Inc. 0.74% 42,641,483 $2.9B Add +4.4%
SCHW Schwab (charles) Corp. 0.73% 30,106,349 $2.9B Add +0.2%
TMO Thermo Fisher Scientific Inc. 0.73% 5,925,671 $2.9B Add +21.0%
CVX Chevron Corp. 0.71% 18,003,096 $2.8B Add +1.3%
V Visa Inc. Class A 0.70% 8,096,706 $2.8B Reduce -14.9%
ORCL Oracle Corp. 0.66% 9,246,588 $2.6B Reduce -6.3%
KO The Coca-Cola Co. 0.66% 39,094,276 $2.6B Add +15.1%
RTX RTX Corp. 0.65% 15,417,875 $2.6B Reduce -1.0%
COF Capital One Financial Corp. 0.64% 11,838,304 $2.5B Add +12.8%
NFLX Netflix Inc. 0.62% 2,052,094 $2.5B Add +0.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.62% 47,309,251 $2.4B Reduce -16.1%
JCI Johnson Controls Internation 0.61% 21,936,860 $2.4B Reduce -5.5%
PM Philip Morris International 0.56% 13,559,071 $2.2B Add +6.1%
HON Honeywell International Inc. 0.54% 10,196,543 $2.1B Add +28.8%
BLK BlackRock Inc. 0.54% 1,817,154 $2.1B Reduce -9.4%
PEP Pepsico Inc. 0.53% 15,060,657 $2.1B Reduce -3.3%
MCK McKesson Corp. 0.52% 2,681,321 $2.1B Add +3.5%
UNH Unitedhealth Group Inc. 0.51% 5,836,477 $2.0B Add +19.7%
NOW ServiceNow Inc. 0.51% 2,184,540 $2.0B Reduce -13.4%
TSM Taiwan Semiconductor-SP ADR 0.49% 6,908,197 $1.9B Reduce -6.1%
GM General Motors Co. 0.48% 31,322,758 $1.9B Add +3.3%
STX Seagate Technology Holdings 0.48% 8,067,216 $1.9B Reduce -2.6%
LIN Linde PLC 0.47% 3,895,026 $1.9B Add +4.8%
NOC Northrop Grumman Corp. 0.46% 2,996,284 $1.8B Add +2.2%
APP AppLovin Corp. Class A 0.44% 2,442,450 $1.8B Add +24.9%
ACN Accenture PLC Class A 0.44% 7,050,483 $1.7B Add +4.4%
FLCB Franklin U.S. Core Bond ETF 0.44% 79,994,411 $1.7B Reduce -1.8%
PHM Pultegroup Inc. 0.43% 12,900,271 $1.7B Add +5.0%
UNP Union Pacific Corp. 0.43% 7,164,334 $1.7B Add +18.9%
CRH CRH PLC 0.42% 14,009,528 $1.7B Reduce -7.7%
PNC PNC Financial Services Group 0.40% 7,960,172 $1.6B Reduce -7.5%
APH Amphenol Corp. Class A 0.40% 12,847,238 $1.6B Add +2.4%
HLT Hilton Worldwide Holdings Inc. 0.39% 6,010,313 $1.6B Add +10.4%
HD Home Depot Inc. 0.39% 3,806,308 $1.5B Add +37.6%
PPL PPL Corp. 0.39% 41,408,580 $1.5B Add +8.4%
ADI Analog Devices Inc. 0.39% 6,223,366 $1.5B Add +20.7%
AZN Astrazeneca PLC-Spons ADR 0.38% 19,712,730 $1.5B Reduce -7.4%
TMUS T-Mobile US Inc. 0.37% 6,173,287 $1.5B Reduce -2.0%
MS Morgan Stanley 0.37% 9,088,814 $1.4B Reduce -5.5%
MRK Merck & Co. Inc. 0.36% 16,746,990 $1.4B Reduce -38.0%
SHOP Shopify Inc. Class A 0.35% 9,438,528 $1.4B Reduce -8.4%
GS Goldman Sachs Group Inc. 0.35% 1,748,644 $1.4B Reduce -3.7%
ISRG Intuitive Surgical Inc. 0.35% 3,098,217 $1.4B Reduce -12.9%
CDNS Cadence Design SYS Inc. 0.35% 3,942,491 $1.4B Reduce -7.1%
REGN Regeneron Pharmaceuticals 0.35% 2,453,143 $1.4B Add +6.0%
ABT Abbott Laboratories 0.35% 10,303,321 $1.4B Add +8.8%
COP Conocophillips 0.34% 14,390,243 $1.4B Reduce -6.0%
MCD McDonald's Corp. 0.34% 4,396,837 $1.3B Add +36.6%
TXN Texas Instruments Inc. 0.34% 7,214,834 $1.3B Add +1.0%
SO The Southern Co. 0.33% 13,963,021 $1.3B Reduce -0.4%
NRG NRG Energy Inc. 0.32% 7,870,756 $1.3B Reduce -5.7%
CTVA Corteva Inc. 0.32% 18,731,627 $1.3B Add +6.0%
BDX Becton Dickinson and Co. 0.32% 6,737,604 $1.3B Add +150.8%
APD Air Products & Chemicals Inc. 0.32% 4,616,305 $1.3B Add +21.6%
URI United Rentals Inc. 0.32% 1,315,086 $1.3B Add +6.8%
SNPS Synopsys Inc. 0.32% 2,544,172 $1.3B Reduce -10.6%
SYK Stryker Corp. 0.31% 3,291,736 $1.2B Reduce -1.9%
LUV Southwest Airlines Co. 0.30% 37,487,566 $1.2B Add +6.1%
IR Ingersoll-Rand Inc. 0.30% 14,404,452 $1.2B Add +8.3%
APO Apollo Global Management Inc. 0.30% 8,785,693 $1.2B Add +1.3%
WFC Wells Fargo & Co. 0.29% 13,726,203 $1.2B Reduce -10.9%
FDX FedEx Corp. 0.29% 4,814,938 $1.1B Add +5.9%
FCX Freeport-McMoran Inc. 0.28% 28,462,109 $1.1B Reduce -18.7%
MDT Medtronic PLC 0.28% 11,492,577 $1.1B Reduce -2.4%
AXON Axon Enterprise Inc. 0.28% 1,517,169 $1.1B Reduce -10.3%
PLD Prologis Inc. 0.27% 9,318,952 $1.1B Reduce -7.3%
AMT American Tower Corp. 0.26% 5,375,430 $1.0B Reduce -0.6%
DASH DoorDash Inc. Class A 0.26% 3,785,430 $1.0B Reduce -5.0%
INTU Intuit Inc. 0.26% 1,479,713 $1.0B Reduce -0.7%
BKNG Booking Holdings Inc. 0.25% 185,714 $1.0B Reduce -7.9%
MRVL Marvell Technology Inc. 0.25% 11,903,051 $1.0B Add +47.0%
LOW Lowe's Cos Inc. 0.25% 3,948,492 $992.3M Reduce -13.8%
QCOM Qualcomm Inc. 0.25% 5,931,870 $986.8M Reduce -9.6%
FERG Ferguson Enterprises Inc. 0.25% 4,367,818 $980.9M Add +2.6%
MELI MercadoLibre Inc. 0.25% 418,002 $976.8M Add +28.9%
MPWR Monolithic Power Systems Inc. 0.24% 1,052,053 $968.6M Reduce -3.3%
RBLX Roblox Corp. Class A 0.24% 6,963,693 $964.6M Add +9.8%
NDAQ Nasdaq Inc. 0.24% 10,582,893 $936.1M Reduce -1.5%
ROP Roper Technologies Inc. 0.23% 1,847,398 $921.3M Add +2.1%
CME Cme Group Inc. 0.23% 3,381,133 $913.5M Add +0.6%
DUK Duke Energy Corp. 0.23% 7,281,986 $901.1M Add +4.1%

Show all 2,987 holdings

Options reported separately and not counted above: BDX calls ($38.6M), AAPL puts ($24.1M), HYG puts ($16.4M), QQQ puts ($12.8M), BUR puts ($12.4M), GOOGL puts ($8.2M), DIA puts ($4.4M), BELFB calls ($4.1M), NVDA puts ($3.9M), LUV calls ($2.7M), AMZN puts ($2.4M), IWM puts ($1.8M), and 9 more.

Other holdings (119): bonds, preferreds, convertibles and warrants · $5.3B (not counted above)
SecurityClassShares / PrincipalValueChange
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 8,940,106$626.3MAdd +1.6%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 8,272,129$430.3MAdd +80564.4%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 9,258,097$350.7MReduce -10.8%
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 6,150,803$289.3MAdd +3.7%
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 5,575,870$278.1MReduce -2.7%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 3,677,554$182.7MAdd +0.5%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 2,421,029$170.1MAdd +0.1%
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal 67,861,000$103.6MReduce -2.4%
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 1,427,496$96.9MAdd +2.3%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 52,309,000$96.2MReduce -0.2%
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal 72,000,000$89.9MNo change
LYFT INC (LYFT 0.625 03/01/29) NOTE 0.625% 3/0 · principal 67,300,000$87.1MNo change
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal 51,250,000$80.3MNew
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 35,684,000$80.0MAdd +0.1%
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal 66,500,000$79.1MNew
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) NOTE 1.500% 9/1 · principal 61,000,000$78.5MNo change
BURLINGTON STORES INC (BURL 1.25 12/15/27) NOTE 1.250%12/1 · principal 56,669,000$76.6MAdd +1.0%
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD 1,380,419$75.9MAdd +1.7%
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 1,425,622$74.6MAdd +10.1%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 66,500,000$74.0MNo change
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 68,775,000$69.7MAdd +3.5%
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 62,360,000$68.4MReduce -1.4%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 71,986,000$66.1MAdd +0.4%
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal 66,475,000$65.7MNo change
POST HOLDINGS INC (POST 2.5 08/15/27) NOTE 2.500% 8/1 · principal 57,791,000$65.0MAdd +1.3%
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 47,348,000$64.6MReduce -1.1%
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 53,916,000$64.1MNo change
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal 24,376,000$58.7MReduce -0.8%
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 59,568,000$55.0MNo change
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A 200,000$54.4MNew
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal 36,668,000$53.1MReduce -2.1%
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal 52,372,000$52.8MAdd +0.9%
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal 40,000,000$52.3MNo change
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 882,269$52.1MAdd +0.8%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 32,760,000$48.2MReduce -1.6%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal 44,761,000$47.7MNo change
VAIL RESORTS INC (MTN 0 01/01/26) NOTE 1/0 · principal 48,000,000$47.4MNo change
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal 38,000,000$46.4MNo change
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 50,346,000$46.0MAdd +0.4%
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal 41,523,000$40.4MAdd +1.2%
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 40,014,000$39.5MAdd +1.1%
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) NOTE 1.625% 3/1 · principal 35,081,000$37.0MNo change
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 375,000$35.6MNo change
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal 37,355,000$34.7MNo change
OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal 33,998,000$34.0MNo change
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal 29,000,000$32.7MNo change
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 11,056,000$31.9MReduce -19.6%
THE REALREAL INC (REAL 4 02/15/31) DEBT 4.000% 2/1 · principal 24,000,000$30.8MNo change
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal 31,000,000$30.8MNo change
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal 25,000,000$26.1MNo change
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal 25,500,000$25.1MReduce -27.1%
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal 28,000,000$24.1MNo change
AXON ENTERPRISE INC (AXON 0.5 12/15/27) NOTE 0.500%12/1 · principal 7,020,000$22.0MReduce -9.0%
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 45,000,000$20.9MReduce -21.1%
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 484,271$19.1MReduce -10.8%
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal 20,000,000$18.1MNo change
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) NOTE 0.250% 2/1 · principal 38,000,000$17.7MNo change
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 12,706,000$15.0MAdd +153.1%
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 13,963,000$14.5MNo change
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal 8,882,000$12.5MAdd +2.0%
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 10,279,000$11.8MReduce -3.6%
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal 8,267,000$11.0MReduce -5.7%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 9,431,000$10.8MAdd +4.5%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 6,487,000$10.5MReduce -22.4%
SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal 6,889,000$10.5MNew
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 9,449,000$10.4MNo change
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal 9,583,000$9.9MAdd +2.6%
AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal 7,749,000$9.6MNew
BLOOM ENERGY CORP (BE 3 06/01/29) NOTE 3.000% 6/0 · principal 2,240,000$9.3MNew
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 10,000,000$9.2MNo change
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 7,083,000$8.9MReduce -9.9%
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal 8,318,000$8.4MNew
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 7,503,000$8.4MAdd +2.0%
WORKIVA INC (WK 1.125 08/15/26) NOTE 1.125% 8/1 · principal 7,000,000$8.3MNo change
OSI SYSTEMS INC (OSIS 2.25 08/01/29) NOTE 2.250% 8/0 · principal 5,464,000$7.9MNew
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 8,463,000$7.8MReduce -31.3%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 6,765,000$7.4MReduce -37.4%
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 6,469,000$7.0MNo change
SPECTRUM BRANDS INC (SPB 3.375 06/01/29) NOTE 3.375% 6/0 · principal 7,282,000$6.8MAdd +2.6%
PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) NOTE 1.750%12/0 · principal 4,129,000$6.7MReduce -11.2%
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal 7,679,000$6.6MAdd +6.2%
JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) NOTE 2.500% 9/0 · principal 6,000,000$6.5MNew
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 2,575,000$6.3MNew
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 6,674,000$5.9MReduce -13.9%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal 5,673,000$5.7MAdd +14.3%
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal 4,800,000$5.5MNo change
BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) NOTE 1.250% 5/1 · principal 5,705,000$5.4MReduce -32.2%
VERTEX INC (VERX 0.75 05/01/29) NOTE 0.750% 5/0 · principal 4,768,000$4.9MNo change
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal 2,899,000$4.8MReduce -57.7%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal 4,536,000$4.6MReduce -48.0%
STRIDE INC (LRN 1.125 09/01/27) NOTE 1.125% 9/0 · principal 1,302,000$3.7MNew
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) NOTE 1.750% 6/1 · principal 2,668,000$2.1MReduce -5.4%
STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal 1,198,000$1.9MReduce -45.4%
BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 1,801,000$1.7MReduce -78.5%
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) NOTE 5.500% 3/1 · principal 1,700,000$1.6MNew
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 1,575,000$1.5MNo change
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) NOTE 3.625% 6/1 · principal 1,254,000$1.3MNo change
BLOCK INC (XYZ 0.25 11/01/27) NOTE 0.250%11/0 · principal 1,356,000$1.2MReduce -15.1%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 1,093,000$1.2MNo change
OKTA INC (OKTA 0.375 06/15/26) NOTE 0.375% 6/1 · principal 1,105,000$1.1MReduce -81.8%
STRATEGY INC (MSTR 0.625 09/15/28) NOTE 0.625% 9/1 · principal 540,000$1.1MNew
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 31,588$805KNo change
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal 750,000$705KNo change
SOUTHERN CO (SO 3.875 12/15/25) NOTE 3.875%12/1 · principal 532,000$599KNo change
UNITI GROUP INC (UNIT 7.5 12/01/27) NOTE 7.500%12/0 · principal 500,000$566KNew
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal 202,000$399KReduce -19.2%
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 2,201$215KNo change
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal 70,000$67KReduce -98.2%
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 70,000$66KNo change
RINGCENTRAL INC (RNG 0 03/15/26) NOTE 3/1 · principal 62,000$61KNo change
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 48$59KNo change
NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 266,666$54KNo change
HECLA MINING CO (HL 7 PERP B) PFD CV SER B 760$43KNo change
EXACT SCIENCES CORP (EXAS 0.375 03/01/28) NOTE 0.375% 3/0 · principal 19,000$18KNo change
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 67,534$6KNo change
GRABW Grab Holdings Ltd.-CW 26 *W EXP 99/99/999 10,001$5KNo change
NE.WS Noble Corp. PLC-28 *W EXP 02/04/202 61$949New
NOBLE CORP PLC-28 *W EXP 02/04/202 61$448New
VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 3$8New

Total filed on the 13F, all lines: $400.9B.

Portfolio Sells Q2 2025 → Q3 2025
CRM Salesforce Inc. Reduce -54.2% 0.19% −0.32
MRK Merck & Co. Inc. Reduce -38.0% 0.36% −0.22
V Visa Inc. Class A Reduce -14.9% 0.70% −0.21
NOW ServiceNow Inc. Reduce -13.4% 0.51% −0.19
ISRG Intuitive Surgical Inc. Reduce -12.9% 0.35% −0.17
KVUE Kenvue Inc. Reduce -81.2% 0.03% −0.16
CHTR Charter Communications Inc. Class A Reduce -3.1% 0.21% −0.13
META Meta Platforms Inc. Class A Reduce -1.2% 1.58% −0.13
CMG Chipotle Mexican Grill Inc. Reduce -46.4% 0.07% −0.13
FCX Freeport-McMoran Inc. Reduce -18.7% 0.28% −0.13
MSFT Microsoft Corp. Reduce -0.2% 5.26% −0.12
UPS United Parcel Service Class B Reduce -78.3% 0.02% −0.12
AXON Axon Enterprise Inc. Reduce -10.3% 0.28% −0.10
BAC Bank of America Corp. Reduce -16.1% 0.62% −0.10
ARMK Aramark Reduce -99.0% 0.00% −0.09
MNDY Monday.com Ltd. Reduce -72.9% 0.02% −0.08
MA Mastercard Inc. Class A Reduce -2.0% 1.07% −0.08
CP Canadian Pacific Kansas City Reduce -21.4% 0.17% −0.08
SNPS Synopsys Inc. Reduce -10.6% 0.32% −0.07
BP BP PLC-Spons ADR Reduce -68.7% 0.04% −0.07
CI The Cigna Group Reduce -51.4% 0.05% −0.07
HUBS HubSpot Inc. Reduce -16.5% 0.13% −0.07
MCHP Microchip Technology Inc. Reduce -73.3% 0.02% −0.07
PGR Progressive Corp. Reduce -28.0% 0.11% −0.06
CNH CNH Industrial NV Reduce -19.6% 0.11% −0.06
AIG American International Group Reduce -9.0% 0.23% −0.06
FIS Fidelity National Info Serv Reduce -69.3% 0.02% −0.06
BKNG Booking Holdings Inc. Reduce -7.9% 0.25% −0.06
COST Costco Wholesale Corp. Reduce -13.1% 0.20% −0.06
AMT American Tower Corp. Reduce -0.6% 0.26% −0.06
INTU Intuit Inc. Reduce -0.7% 0.26% −0.06
TGT Target Corp. Reduce -18.2% 0.14% −0.06
RIO Rio Tinto PLC-Spon ADR Reduce -68.4% 0.03% −0.06
ELV Elevance Health Inc. Reduce -19.5% 0.08% −0.06
DKNG Draftkings Inc. Class A Reduce -99.8% 0.00% −0.05
TW Tradeweb Markets Inc. Class A Reduce -6.1% 0.10% −0.05
CRWD CrowdStrike Holdings Inc. Class A Reduce -21.0% 0.12% −0.05
JCI Johnson Controls Internation Reduce -5.5% 0.61% −0.05
BSX Boston Scientific Corp. Reduce -9.3% 0.17% −0.05
SYK Stryker Corp. Reduce -1.9% 0.31% −0.05
FTNT Fortinet Inc. Reduce -75.1% 0.01% −0.05
GTLS Chart Industries Inc. Reduce -99.3% 0.00% −0.05
ARES Ares Management Corp. Class A Reduce -5.7% 0.21% −0.05
GPN Global Payments Inc. Reduce -44.1% 0.06% −0.05
TT Trane Technologies PLC Reduce -10.8% 0.19% −0.05
KR Kroger Co. Reduce -51.7% 0.03% −0.05
FICO Fair Isaac Corp. Reduce -26.2% 0.06% −0.04
TYL Tyler Technologies Inc. Reduce -13.8% 0.11% −0.04
HES Hess Corp. Sold out 0.00% −0.04
ICE Intercontinental Exchange Inc. Reduce -8.1% 0.17% −0.04

Portfolio Buys Q2 2025 → Q3 2025
GOOGL Alphabet Inc. Class A Add +10.8% 2.17% +0.66
NVDA Nvidia Corp. Add +0.5% 4.71% +0.49
AAPL Apple Inc. Add +2.8% 2.92% +0.49
AVGO Broadcom Inc. Add +4.0% 2.46% +0.36
APP AppLovin Corp. Class A Add +24.9% 0.44% +0.26
TSLA Tesla Inc. Add +5.8% 0.76% +0.21
BDX Becton Dickinson and Co. Add +150.8% 0.32% +0.19
TMO Thermo Fisher Scientific Inc. Add +21.0% 0.73% +0.19
NVO Novo-Nordisk A/S-Spons ADR Add +4190.8% 0.20% +0.19
GEV GE Vernova Inc. Add +170.0% 0.18% +0.12
HD Home Depot Inc. Add +37.6% 0.39% +0.12
C Citigroup Inc. Add +1.8% 0.84% +0.10
UNH Unitedhealth Group Inc. Add +19.7% 0.51% +0.10
MCD McDonald's Corp. Add +36.6% 0.34% +0.09
MRVL Marvell Technology Inc. Add +47.0% 0.25% +0.08
TDG Transdigm Group Inc. Add +161.7% 0.16% +0.08
PHM Pultegroup Inc. Add +5.0% 0.43% +0.08
GM General Motors Co. Add +3.3% 0.48% +0.08
URI United Rentals Inc. Add +6.8% 0.32% +0.07
ANET Arista Networks Inc. Add +22.5% 0.18% +0.07
NOC Northrop Grumman Corp. Add +2.2% 0.46% +0.07
APH Amphenol Corp. Class A Add +2.4% 0.40% +0.07
RBLX Roblox Corp. Class A Add +9.8% 0.24% +0.06
DELL Dell Technologies -C Add +541.9% 0.07% +0.06
XOM Exxon Mobil Corp. Add +7.4% 1.10% +0.06
PLTR Palantir Technologies Inc. Class A Add +19.3% 0.18% +0.06
AII American Integrity Insurance Add +1840.0% 0.06% +0.06
ADI Analog Devices Inc. Add +20.7% 0.39% +0.06
UNP Union Pacific Corp. Add +18.9% 0.43% +0.06
AMR Alpha Metallurgical Resource Add +5096.1% 0.06% +0.06
BLDR Builders Firstsource Inc. Add +2498.8% 0.06% +0.05
SW Smurfit Westrock PLC Add +94.4% 0.12% +0.05
LRCX Lam Research Corp. Add +1.3% 0.22% +0.05
PFE Pfizer Inc. Add +47.8% 0.16% +0.05
IBM Intl Business Machines Corp. Add +64.7% 0.15% +0.05
HOOD Robinhood Markets Inc. Class A Add +61.8% 0.08% +0.05
CEG Constellation Energy Add +49.5% 0.16% +0.05
HON Honeywell International Inc. Add +28.8% 0.54% +0.05
VLO Valero Energy Corp. Add +5.0% 0.23% +0.05
KLAC KLA Corp. Add +12.1% 0.21% +0.04
ALC Alcon Inc. Add +120.7% 0.10% +0.04
SRE Sempra Add +12.0% 0.22% +0.04
CLS Celestica Inc. Add +4.8% 0.12% +0.04
ICLR Icon PLC Add +35.4% 0.12% +0.04
PPL PPL Corp. Add +8.4% 0.39% +0.04
USPX Franklin U.S. Equity Index E Add +30.9% 0.17% +0.04
BBDO Banco Bradesco-ADR Add +659843.0% 0.04% +0.04
GE General Electric Add +22.7% 0.16% +0.04
RACE Ferrari NV Add +1265.5% 0.04% +0.04
XEL Xcel Energy Inc. Add +22.8% 0.14% +0.04

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 260,000 $160.6Mbefore exit
STX Seagate Technology Holdings call Sold out 497,031 $71.7Mbefore exit
BDX Becton Dickinson and Co. call New 206,000 $38.6M
AAPL Apple Inc. put Add +20.7% 94,600 $24.1M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 202,500 $16.4M
QQQ Invesco QQQ Trust Series 1 put Add +101.9% 21,400 $12.8M
BUR Burford Capital Ltd. put New 1,040,000 $12.4M
GOOGL Alphabet Inc. Class A put New 33,800 $8.2M
BELFB Bel Fuse Inc. Class B call New 21,700 $4.1M
AMZN Amazon.com Inc. put Add +455.0% 11,100 $2.4M
VTI VG Morningstar TS MKT ETF-US put New 4,900 $1.6M
ACWI iShares MSCI Acwi ETF call New 10,000 $1.4M
INTU Intuit Inc. put New 1,300 $888K
EFA iShares MSCI Eafe ETF put New 2,600 $243K
EEM iShares MSCI Emerging Market put New 2,400 $128K

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
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +1.6% 8,940,106 $626.3M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Add +80564.4% 8,272,129 $430.3M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -10.8% 9,258,097 $350.7M
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 Add +3.7% 6,150,803 $289.3M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Reduce -2.7% 5,575,870 $278.1M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Add +0.5% 3,677,554 $182.7M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Add +0.1% 2,421,029 $170.1M
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal Reduce -2.4% 67,861,000 $103.6M
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Add +2.3% 1,427,496 $96.9M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Reduce -0.2% 52,309,000 $96.2M
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal New 51,250,000 $80.3M
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal Add +0.1% 35,684,000 $80.0M
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal New 66,500,000 $79.1M
BURLINGTON STORES INC (BURL 1.25 12/15/27) NOTE 1.250%12/1 · principal Add +1.0% 56,669,000 $76.6M
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD Add +1.7% 1,380,419 $75.9M
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Add +10.1% 1,425,622 $74.6M
INSULET CORPORATION (PODD 0.375 09/01/26) NOTE 0.375% 9/0 · principal Sold out 52,500,000 $73.9Mbefore exit
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Add +3.5% 68,775,000 $69.7M
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal Reduce -1.4% 62,360,000 $68.4M
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Sold out 1,682,244 $66.9Mbefore exit
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal Add +0.4% 71,986,000 $66.1M
POST HOLDINGS INC (POST 2.5 08/15/27) NOTE 2.500% 8/1 · principal Add +1.3% 57,791,000 $65.0M
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal Reduce -1.1% 47,348,000 $64.6M
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal Reduce -0.8% 24,376,000 $58.7M
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A New 200,000 $54.4M
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal Reduce -2.1% 36,668,000 $53.1M
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal Add +0.9% 52,372,000 $52.8M
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal Sold out 53,000,000 $52.7Mbefore exit
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG Add +0.8% 882,269 $52.1M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal Reduce -1.6% 32,760,000 $48.2M
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Add +0.4% 50,346,000 $46.0M
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal Add +1.2% 41,523,000 $40.4M
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal Add +1.1% 40,014,000 $39.5M
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal Reduce -19.6% 11,056,000 $31.9M
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal Reduce -27.1% 25,500,000 $25.1M
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal Sold out 26,000,000 $24.6Mbefore exit
AXON ENTERPRISE INC (AXON 0.5 12/15/27) NOTE 0.500%12/1 · principal Reduce -9.0% 7,020,000 $22.0M
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Reduce -21.1% 45,000,000 $20.9M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Reduce -10.8% 484,271 $19.1M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Add +153.1% 12,706,000 $15.0M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal Add +2.0% 8,882,000 $12.5M
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal Reduce -3.6% 10,279,000 $11.8M
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal Sold out 11,274,000 $11.7Mbefore exit
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal Reduce -5.7% 8,267,000 $11.0M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal Add +4.5% 9,431,000 $10.8M
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal Reduce -22.4% 6,487,000 $10.5M
SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal New 6,889,000 $10.5M
SHAKE SHACK INC (SHAK 0 03/01/28) NOTE 3/0 · principal Sold out 9,741,000 $10.5Mbefore exit
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal Add +2.6% 9,583,000 $9.9M
AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal New 7,749,000 $9.6M

Showing the first 50 of 89.

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