Franklin Resources Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Franklin Resources Inc. reported 2,976 stock positions worth $402.0 billion. Its top holding was Microsoft (MSFT) at 4.8% of the portfolio, followed by Nvidia (NVDA, 4.5%) and Apple (AAPL, 3.2%). Compared with Q3 2025, it opened 176 new positions, sold out of 190, added to 1,392 and reduced 1,215. The biggest buy was Apple (AAPL, shares +4%) and the biggest sale Microsoft (MSFT, shares −1%).

Most Recent 13F
Q2 2026
Location
San Mateo, CA
CIK
0000038777
Portfolio Value
$402.0B (Q4 2025)
SEC Filing
0000038777-26-000055 ↗ filed Feb 11, 2026

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 Q3 2025 Q4 2025: $402.0B $402.0B Q4 2025 Q1 2026: $402.0B Q1 2026 Q2 2026: $454.5B Q2 2026

Holdings 2,976 stocks · $402.0B
MSFT Microsoft Corp. 4.81% 39,970,877 $19.3B Reduce -0.5%
NVDA Nvidia Corp. 4.49% 96,838,992 $18.1B Reduce -3.0%
AAPL Apple Inc. 3.21% 47,429,525 $12.9B Add +4.4%
AMZN Amazon.com Inc. 2.99% 52,044,270 $12.0B Reduce -2.6%
GOOGL Alphabet Inc. Class A 2.57% 32,976,377 $10.3B Reduce -6.5%
AVGO Broadcom Inc. 2.49% 28,943,655 $10.0B Reduce -1.9%
META Meta Platforms Inc. Class A 1.42% 8,657,997 $5.7B Add +1.9%
XOM Exxon Mobil Corp. 1.26% 41,987,339 $5.1B Add +8.4%
LLY Eli Lilly & Co. 1.23% 4,618,299 $5.0B Reduce -4.6%
GOOG Alphabet Inc. Class C 1.13% 14,429,070 $4.5B Reduce -9.2%
WMT Walmart Inc. 1.02% 36,820,550 $4.1B Add +2.6%
JPM JPMorgan Chase & Co. 1.00% 12,420,530 $4.0B Reduce -1.4%
C Citigroup Inc. 0.99% 34,196,783 $4.0B Add +4.0%
CSCO Cisco Systems Inc. 0.96% 50,320,905 $3.9B Add +18.0%
NEE Nextera Energy Inc. 0.92% 46,276,439 $3.7B Add +0.3%
TMO Thermo Fisher Scientific Inc. 0.91% 6,346,512 $3.7B Add +7.1%
MA Mastercard Inc. Class A 0.90% 6,305,667 $3.6B Reduce -15.5%
PG The Procter & Gamble Co. 0.85% 23,872,178 $3.4B Add +4.5%
ABBV Abbvie Inc. 0.85% 14,881,504 $3.4B Add +2.3%
TSLA Tesla Inc. 0.84% 7,474,486 $3.4B Add +10.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.78% 57,078,964 $3.1B Add +20.6%
V Visa Inc. Class A 0.77% 8,843,623 $3.1B Add +9.2%
COF Capital One Financial Corp. 0.75% 12,476,462 $3.0B Add +5.4%
SCHW Schwab (charles) Corp. 0.75% 30,184,369 $3.0B Add +0.3%
KO The Coca-Cola Co. 0.70% 40,289,857 $2.8B Add +3.1%
JCI Johnson Controls Internation 0.67% 22,655,105 $2.7B Add +3.3%
RTX RTX Corp. 0.66% 14,472,709 $2.7B Reduce -6.1%
GM General Motors Co. 0.65% 32,158,403 $2.6B Add +2.7%
CVX Chevron Corp. 0.65% 17,019,506 $2.6B Reduce -5.5%
MCK McKesson Corp. 0.58% 2,825,954 $2.3B Add +5.4%
PM Philip Morris International 0.57% 14,401,706 $2.3B Add +6.2%
TSM Taiwan Semiconductor-SP ADR 0.57% 7,513,453 $2.3B Add +8.8%
JNJ Johnson & Johnson 0.56% 10,795,058 $2.2B Reduce -33.1%
BLK BlackRock Inc. 0.55% 2,070,468 $2.2B Add +13.9%
ACN Accenture PLC Class A 0.55% 8,173,338 $2.2B Add +15.9%
UNH Unitedhealth Group Inc. 0.53% 6,419,703 $2.1B Add +10.0%
PEP Pepsico Inc. 0.50% 14,129,784 $2.0B Reduce -6.2%
HON Honeywell International Inc. 0.50% 10,227,201 $2.0B Add +0.3%
REGN Regeneron Pharmaceuticals 0.49% 2,560,004 $2.0B Add +4.4%
FCX Freeport-McMoran Inc. 0.47% 37,353,852 $1.9B Add +31.2%
AZN Astrazeneca PLC-Spons ADR 0.46% 20,157,744 $1.9B Add +2.3%
HLT Hilton Worldwide Holdings Inc. 0.45% 6,294,665 $1.8B Add +4.7%
NOC Northrop Grumman Corp. 0.44% 3,125,139 $1.8B Add +4.3%
LRCX Lam Research Corp. 0.43% 10,110,560 $1.7B Add +57.0%
CRH CRH PLC 0.42% 13,682,872 $1.7B Reduce -2.3%
MRK Merck & Co. Inc. 0.42% 16,064,050 $1.7B Reduce -4.1%
FLCB Franklin U.S. Core Bond ETF 0.42% 77,826,313 $1.7B Reduce -2.7%
PNC PNC Financial Services Group 0.42% 8,031,778 $1.7B Add +0.9%
UNP Union Pacific Corp. 0.41% 7,198,449 $1.7B Add +0.5%
LUV Southwest Airlines Co. 0.41% 40,200,530 $1.7B Add +7.2%
GS Goldman Sachs Group Inc. 0.40% 1,848,575 $1.6B Add +5.7%
NFLX Netflix Inc. 0.40% 17,248,412 $1.6B Reduce -15.9%
PHM Pultegroup Inc. 0.40% 13,555,304 $1.6B Add +5.1%
TXN Texas Instruments Inc. 0.40% 9,153,622 $1.6B Add +26.9%
LIN Linde PLC 0.39% 3,705,073 $1.6B Reduce -4.9%
MS Morgan Stanley 0.39% 8,766,408 $1.6B Reduce -3.5%
ORCL Oracle Corp. 0.39% 7,957,274 $1.6B Reduce -13.9%
APH Amphenol Corp. Class A 0.39% 11,462,227 $1.5B Reduce -10.8%
FDX FedEx Corp. 0.37% 5,133,231 $1.5B Add +6.6%
PPL PPL Corp. 0.37% 42,338,049 $1.5B Add +2.2%
ISRG Intuitive Surgical Inc. 0.36% 2,559,933 $1.4B Reduce -17.4%
HD Home Depot Inc. 0.35% 4,093,346 $1.4B Add +7.5%
COP Conocophillips 0.35% 15,038,675 $1.4B Add +4.5%
ABT Abbott Laboratories 0.35% 11,155,088 $1.4B Add +8.3%
SHOP Shopify Inc. Class A 0.34% 8,544,645 $1.4B Reduce -9.5%
APO Apollo Global Management Inc. 0.34% 9,411,253 $1.4B Add +7.1%
SO The Southern Co. 0.33% 15,340,744 $1.3B Add +9.9%
AIG American International Group 0.33% 15,618,321 $1.3B Add +36.9%
CTVA Corteva Inc. 0.33% 19,537,500 $1.3B Add +4.3%
TMUS T-Mobile US Inc. 0.32% 6,395,890 $1.3B Add +3.6%
MCD McDonald's Corp. 0.32% 4,248,435 $1.3B Reduce -3.4%
QCOM Qualcomm Inc. 0.32% 7,556,359 $1.3B Add +27.4%
PLD Prologis Inc. 0.31% 9,886,938 $1.3B Add +6.1%
IR Ingersoll-Rand Inc. 0.31% 15,641,979 $1.2B Add +8.6%
APP AppLovin Corp. Class A 0.31% 1,834,448 $1.2B Reduce -24.9%
MDT Medtronic PLC 0.29% 12,267,759 $1.2B Add +6.8%
ADI Analog Devices Inc. 0.28% 4,223,547 $1.1B Reduce -32.1%
INTU Intuit Inc. 0.28% 1,706,327 $1.1B Add +15.3%
DHR Danaher Corp. 0.28% 4,931,303 $1.1B Add +14.8%
SYK Stryker Corp. 0.28% 3,198,521 $1.1B Reduce -2.8%
NRG NRG Energy Inc. 0.28% 7,000,155 $1.1B Reduce -11.1%
STX Seagate Technology Holdings 0.28% 4,026,126 $1.1B Reduce -50.1%
URI United Rentals Inc. 0.27% 1,343,981 $1.1B Add +2.2%
NOW ServiceNow Inc. 0.27% 7,037,379 $1.1B Reduce -35.6%
PH Parker Hannifin Corp. 0.26% 1,207,880 $1.1B Add +3.1%
ALL Allstate Corp. 0.26% 5,007,549 $1.0B Add +29.2%
ANET Arista Networks Inc. 0.26% 7,878,360 $1.0B Add +59.3%
NDAQ Nasdaq Inc. 0.26% 10,589,679 $1.0B Add +0.1%
BDX Becton Dickinson and Co. 0.25% 5,244,303 $1.0B Reduce -22.2%
AMD Advanced Micro Devices 0.25% 4,747,834 $1.0B Add +340.1%
MRVL Marvell Technology Inc. 0.24% 11,550,963 $981.6M Reduce -3.0%
FERG Ferguson Enterprises Inc. 0.24% 4,393,603 $978.0M Add +0.6%
WFC Wells Fargo & Co. 0.24% 10,424,477 $971.6M Reduce -24.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.24% 8,522,860 $969.6M Add +29.2%
DUK Duke Energy Corp. 0.24% 8,236,893 $965.4M Add +13.1%
CDNS Cadence Design SYS Inc. 0.24% 3,081,716 $963.3M Reduce -21.8%
MPWR Monolithic Power Systems Inc. 0.24% 1,049,409 $951.1M Reduce -0.3%
LOW Lowe's Cos Inc. 0.24% 3,943,504 $951.0M Reduce -0.1%
AMT American Tower Corp. 0.23% 5,338,399 $937.3M Reduce -0.7%
CME Cme Group Inc. 0.23% 3,399,414 $928.3M Add +0.5%

Show all 2,976 holdings

Options reported separately and not counted above: SPY puts ($100.9M), BDX calls ($44.2M), HYG puts ($25.8M), AAPL puts ($21.6M), GOOGL puts ($8.5M), NVDA puts ($5.4M), DIA puts ($4.6M), AMZN puts ($2.6M), META puts ($2.5M), QQQ puts ($2.5M), GOOG puts ($1.9M), IWM puts ($1.7M), and 17 more.

Other holdings (112): bonds, preferreds, convertibles and warrants · $5.3B (not counted above)
SecurityClassShares / PrincipalValueChange
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 9,177,400$633.8MAdd +2.6%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 8,362,645$496.7MReduce -9.7%
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 6,374,769$310.8MAdd +3.6%
SOUTHERN CO (SO 7.125 12/15/28 A) UNIT 12/15/2028 5,985,717$301.4MNew
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 5,597,527$289.8MAdd +0.4%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 5,156,929$259.9MAdd +40.2%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 2,366,710$178.7MReduce -2.2%
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 1,427,895$95.2MAdd +0.0%
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal 56,775,000$94.6MReduce -16.3%
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26) NOTE 1.500% 9/1 · principal 61,000,000$90.6MNo change
BURLINGTON STORES INC (BURL 1.25 12/15/27) NOTE 1.250%12/1 · principal 56,669,000$84.2MNo change
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 52,309,000$81.4MNo change
LYFT INC (LYFT 0.625 03/01/29) NOTE 0.625% 3/0 · principal 67,300,000$81.2MNo change
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 61,859,000$79.1MReduce -0.8%
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD 1,380,419$76.1MNo change
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal 64,000,000$75.3MReduce -11.1%
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 1,432,594$74.3MAdd +0.5%
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal 47,750,000$74.0MReduce -6.8%
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A 200,000$73.2MNo change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 66,500,000$72.9MNo change
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 66,118,000$68.1MReduce -3.9%
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 47,320,000$67.2MReduce -0.1%
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal 65,950,000$65.2MReduce -0.8%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 70,124,000$63.1MReduce -2.6%
POST HOLDINGS INC (POST 2.5 08/15/27) NOTE 2.500% 8/1 · principal 57,484,000$62.0MReduce -0.5%
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 53,321,000$60.9MReduce -1.1%
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 35,684,000$59.5MNo change
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal 53,186,000$58.4MAdd +1.6%
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal 36,635,000$55.7MReduce -0.1%
TXNM ENERGY INC (TXNM 5.75 06/01/54) NOTE 5.750% 6/0 · principal 40,000,000$53.8MNo change
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 876,994$51.1MReduce -0.6%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal 44,000,000$51.0MReduce -1.7%
DATADOG INC (DDOG 0 12/01/29) NOTE 12/0 · principal 49,463,000$49.5MNew
VAIL RESORTS INC (MTN 0 01/01/26) NOTE 1/0 · principal 48,000,000$48.0MNo change
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 32,511,000$42.2MReduce -0.8%
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) NOTE 2.875% 1/1 · principal 39,902,000$42.0MNew
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 44,568,000$41.3MReduce -25.2%
THE REALREAL INC (REAL 4 02/15/31) DEBT 4.000% 2/1 · principal 24,000,000$40.9MNo change
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) NOTE 1.625% 3/1 · principal 29,915,000$40.4MReduce -14.7%
NUTANIX INC (NTNX 0.5 12/15/29) NOTE 0.500%12/1 · principal 40,182,000$38.9MNew
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal 38,758,000$38.1MReduce -6.7%
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal 36,000,000$37.5MReduce -3.6%
BILL HOLDINGS INC (BILL 0 04/01/30) NOTE 4/0 · principal 38,500,000$35.5MNew
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal 26,022,000$34.7MReduce -60.9%
OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal 33,998,000$34.1MNo change
FRESHPET INC (FRPT 3 04/01/28) NOTE 3.000% 4/0 · principal 29,000,000$34.0MNo change
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 34,777,000$33.5MReduce -13.1%
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal 29,918,000$33.0MNew
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 32,850,000$30.2MReduce -34.8%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 375,000$30.0MNo change
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal 25,500,000$25.3MNo change
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal 25,000,000$25.2MNo change
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal 28,000,000$24.5MNo change
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 5,839,000$19.6MReduce -47.2%
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal 20,000,000$18.2MNo change
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 12,987,000$16.1MAdd +2.2%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 10,899$13.6MReduce -99.9%
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 12,970,000$13.0MNew
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 10,713,000$12.0MAdd +7.1%
SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal 7,638,000$11.4MAdd +10.9%
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal 8,938,000$11.3MAdd +8.1%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal 8,100,000$10.8MReduce -8.8%
AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal 9,702,000$10.6MAdd +25.2%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 7,188,000$10.5MAdd +10.8%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 9,386,000$10.3MReduce -0.5%
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 9,182,000$9.3MReduce -10.7%
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 8,488,000$9.1MReduce -10.2%
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal 8,876,000$8.8MReduce -7.4%
WOLFSPEED INC (WOLF 2.5 06/15/31) NOTE 2.500% 6/1 · principal 5,893,000$8.8MNew
WORKIVA INC (WK 1.125 08/15/26) NOTE 1.125% 8/1 · principal 7,000,000$8.1MNo change
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) NOTE 0.750%12/1 · principal 7,307,000$8.1MNew
SOUTHERN CO (SO 4.5 06/15/27) NOTE 4.500% 6/1 · principal 7,503,000$8.0MNo change
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal 1,644,000$7.5MNew
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal 7,440,000$7.3MReduce -10.6%
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 7,031,000$7.1MAdd +3.9%
PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) NOTE 1.750%12/0 · principal 4,129,000$7.0MNo change
SPECTRUM BRANDS INC (SPB 3.375 06/01/29) NOTE 3.375% 6/0 · principal 7,280,000$6.9MReduce -0.0%
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 5,013$6.1MAdd +10343.8%
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal 5,826,000$6.0MAdd +21.4%
MARA HOLDINGS INC (MARA 0 03/01/30) NOTE 3/0 · principal 7,394,000$5.8MNew
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal 1,876,000$4.8MReduce -92.3%
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 4,401,000$4.4MReduce -32.0%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 4,655,000$4.4MReduce -45.0%
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal 5,329,000$4.4MReduce -30.6%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal 3,604,000$3.7MReduce -20.6%
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 1,029,724$3.4MReduce -60.0%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 3,750,000$3.3MNew
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal 2,235,000$3.3MReduce -22.9%
TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) NOTE 1.500% 6/0 · principal 2,028,000$3.0MNew
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 2,127,000$2.7MReduce -84.8%
NABORS INDUSTRIES INC (NBR 1.75 06/15/29) NOTE 1.750% 6/1 · principal 2,668,000$2.2MNo change
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) NOTE 5.500% 3/1 · principal 2,000,000$2.0MAdd +17.6%
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal 1,500,000$1.5MNew
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 1,473,000$1.5MReduce -6.5%
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 31,559$608KReduce -0.1%
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 3,646$362KAdd +65.7%
STRATEGY INC (MSTR 0 12/01/29) NOTE 12/0 · principal 226,000$186KNew
NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 266,666$88KNo change
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal 70,000$68KNo change
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 70,000$67KNo change
RINGCENTRAL INC (RNG 0 03/15/26) NOTE 3/1 · principal 62,000$61KNo change
HECLA MINING CO (HL 7 PERP B) PFD CV SER B 760$54KNo change
EXACT SCIENCES CORP (EXAS 0.375 03/01/28) NOTE 0.375% 3/0 · principal 19,000$20KNo change
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 20,000$18KReduce -99.7%
GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) NOTE 3.750% 5/1 · principal 2,000$5KNew
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 67,389$5KReduce -0.2%
GRABW Grab Holdings Ltd.-CW 26 *W EXP 99/99/999 10,001$3KNo change
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal 2,000$3KNew
NE.WS Noble Corp. PLC-28 *W EXP 02/04/202 61$1KNo change
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 1,000$1KNew
NOBLE CORP PLC-28 *W EXP 02/04/202 61$508No change
VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 3$5No change

Total filed on the 13F, all lines: $407.4B.

Portfolio Sells Q3 2025 → Q4 2025
MSFT Microsoft Corp. Reduce -0.5% 4.81% −0.45
ORCL Oracle Corp. Reduce -13.9% 0.39% −0.27
NOW ServiceNow Inc. Reduce -35.6% 0.27% −0.24
NFLX Netflix Inc. Reduce -15.9% 0.40% −0.22
NVDA Nvidia Corp. Reduce -3.0% 4.49% −0.22
STX Seagate Technology Holdings Reduce -50.1% 0.28% −0.21
JNJ Johnson & Johnson Reduce -33.1% 0.56% −0.20
MA Mastercard Inc. Class A Reduce -15.5% 0.90% −0.18
APP AppLovin Corp. Class A Reduce -24.9% 0.31% −0.14
RBLX Roblox Corp. Class A Reduce -12.9% 0.12% −0.12
SNPS Synopsys Inc. Reduce -32.4% 0.20% −0.12
AXON Axon Enterprise Inc. Reduce -25.7% 0.16% −0.12
CDNS Cadence Design SYS Inc. Reduce -21.8% 0.24% −0.11
PINS Pinterest Inc. Class A Reduce -78.9% 0.02% −0.11
ADI Analog Devices Inc. Reduce -32.1% 0.28% −0.10
BKNG Booking Holdings Inc. Reduce -37.4% 0.15% −0.10
DASH DoorDash Inc. Class A Reduce -24.0% 0.16% −0.10
APD Air Products & Chemicals Inc. Reduce -21.7% 0.22% −0.10
VEEV Veeva Systems Inc. Class A Reduce -62.6% 0.04% −0.09
ROP Roper Technologies Inc. Reduce -31.9% 0.14% −0.09
HUBS HubSpot Inc. Reduce -66.9% 0.04% −0.09
T AT&T Inc. Reduce -57.0% 0.05% −0.09
ICE Intercontinental Exchange Inc. Reduce -49.6% 0.08% −0.09
CHTR Charter Communications Inc. Class A Reduce -14.2% 0.13% −0.08
LIN Linde PLC Reduce -4.9% 0.39% −0.07
PANW Palo Alto Networks Inc. Reduce -26.2% 0.14% −0.07
DD Dupont DE Nemours Inc. Reduce -1.7% 0.07% −0.07
K Kellanova Sold out 0.00% −0.07
SPOT Spotify Technology SA Reduce -20.7% 0.12% −0.07
BDX Becton Dickinson and Co. Reduce -22.2% 0.25% −0.07
CVS CVS Health Corp. Reduce -47.8% 0.07% −0.06
CVX Chevron Corp. Reduce -5.5% 0.65% −0.06
CMG Chipotle Mexican Grill Inc. Reduce -88.3% 0.01% −0.06
TEL Te Connectivity PLC Reduce -48.0% 0.07% −0.06
CSGP Costar Group Inc. Reduce -68.9% 0.02% −0.06
APTV Aptiv PLC Reduce -76.3% 0.02% −0.06
AII American Integrity Insurance Sold out 0.00% −0.06
SW Smurfit Westrock PLC Reduce -39.8% 0.07% −0.06
MELI MercadoLibre Inc. Reduce -8.9% 0.19% −0.06
AMR Alpha Metallurgical Resource Reduce -98.6% 0.00% −0.06
CNH CNH Industrial NV Reduce -37.5% 0.06% −0.05
WFC Wells Fargo & Co. Reduce -24.1% 0.24% −0.05
CPRT Copart Inc. Reduce -89.8% 0.00% −0.05
ALB Albemarle Corp. Reduce -82.2% 0.02% −0.05
DOCS Doximity Inc. Class A Reduce -57.6% 0.02% −0.05
NRG NRG Energy Inc. Reduce -11.1% 0.28% −0.04
TW Tradeweb Markets Inc. Class A Reduce -39.9% 0.06% −0.04
BBDO Banco Bradesco-ADR Reduce -100.0% 0.00% −0.04
TYL Tyler Technologies Inc. Reduce -25.0% 0.07% −0.04
VST Vistra Corp. Reduce -9.1% 0.11% −0.04

Portfolio Buys Q3 2025 → Q4 2025
AAPL Apple Inc. Add +4.4% 3.21% +0.28
CSCO Cisco Systems Inc. Add +18.0% 0.96% +0.23
LRCX Lam Research Corp. Add +57.0% 0.43% +0.21
AMD Advanced Micro Devices Add +340.1% 0.25% +0.21
FCX Freeport-McMoran Inc. Add +31.2% 0.47% +0.19
TMO Thermo Fisher Scientific Inc. Add +7.1% 0.91% +0.19
GM General Motors Co. Add +2.7% 0.65% +0.17
BAC Bank of America Corp. Add +20.6% 0.78% +0.16
XOM Exxon Mobil Corp. Add +8.4% 1.26% +0.15
C Citigroup Inc. Add +4.0% 0.99% +0.15
REGN Regeneron Pharmaceuticals Add +4.4% 0.49% +0.14
COF Capital One Financial Corp. Add +5.4% 0.75% +0.12
LUV Southwest Airlines Co. Add +7.2% 0.41% +0.11
ACN Accenture PLC Class A Add +15.9% 0.55% +0.11
AIG American International Group Add +36.9% 0.33% +0.11
WMT Walmart Inc. Add +2.6% 1.02% +0.09
FDX FedEx Corp. Add +6.6% 0.37% +0.08
TSM Taiwan Semiconductor-SP ADR Add +8.8% 0.57% +0.08
AZN Astrazeneca PLC-Spons ADR Add +2.3% 0.46% +0.08
TSLA Tesla Inc. Add +10.9% 0.84% +0.08
ANET Arista Networks Inc. Add +59.3% 0.26% +0.08
V Visa Inc. Class A Add +9.2% 0.77% +0.07
QCOM Qualcomm Inc. Add +27.4% 0.32% +0.07
HUM Humana Inc. Add +914.5% 0.08% +0.07
SNOW Snowflake Inc. Add +124.6% 0.13% +0.07
DHR Danaher Corp. Add +14.8% 0.28% +0.07
JCI Johnson Controls Internation Add +3.3% 0.67% +0.07
CAT Caterpillar Inc. Add +70.2% 0.12% +0.06
TXN Texas Instruments Inc. Add +26.9% 0.40% +0.06
HLT Hilton Worldwide Holdings Inc. Add +4.7% 0.45% +0.06
JAZZ Jazz Pharmaceuticals PLC Add +164.0% 0.08% +0.05
PPG PPG Industries Inc. Add +48.9% 0.18% +0.05
MCK McKesson Corp. Add +5.4% 0.58% +0.05
WEC WEC Energy Group Inc. Add +175.0% 0.09% +0.05
GS Goldman Sachs Group Inc. Add +5.7% 0.40% +0.05
SLB SLB Ltd. Add +23.0% 0.20% +0.05
CVNA Carvana Co. Add +87.7% 0.10% +0.05
DIS The Walt Disney Co. Add +29.2% 0.24% +0.05
IP International Paper Co. Add +81.6% 0.15% +0.05
ALL Allstate Corp. Add +29.2% 0.26% +0.05
COO The Cooper Cos Inc. Add +108.2% 0.08% +0.05
CLS Celestica Inc. Add +18.6% 0.17% +0.05
MSI Motorola Solutions Inc. Add +150.3% 0.09% +0.05
AKRE Akre Focus ETF New 0.05% +0.05
KO The Coca-Cola Co. Add +3.1% 0.70% +0.05
PLD Prologis Inc. Add +6.1% 0.31% +0.04
NEE Nextera Energy Inc. Add +0.3% 0.92% +0.04
APO Apollo Global Management Inc. Add +7.1% 0.34% +0.04
ODFL Old Dominion Freight Line Add +122.9% 0.07% +0.04
INSM Insmed Inc. Add +28.8% 0.12% +0.04

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put New 147,900 $100.9M
BDX Becton Dickinson and Co. call Add +10.5% 227,700 $44.2M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +58.0% 320,000 $25.8M
AAPL Apple Inc. put Reduce -16.1% 79,400 $21.6M
BUR Burford Capital Ltd. put Sold out 1,040,000 $12.4Mbefore exit
GOOGL Alphabet Inc. Class A put Reduce -19.8% 27,100 $8.5M
NVDA Nvidia Corp. put Add +38.6% 29,100 $5.4M
BELFB Bel Fuse Inc. Class B call Sold out 21,700 $4.1Mbefore exit
LUV Southwest Airlines Co. call Sold out 86,111 $2.7Mbefore exit
META Meta Platforms Inc. Class A put New 3,800 $2.5M
QQQ Invesco QQQ Trust Series 1 put Reduce -81.3% 4,000 $2.5M
GOOG Alphabet Inc. Class C put New 6,100 $1.9M
IWM iShares Russell 2000 ETF put Reduce -9.2% 6,900 $1.7M
TSLA Tesla Inc. put New 2,600 $1.2M
UPS United Parcel Service Class B put New 10,800 $1.1M
JPM JPMorgan Chase & Co. put New 1,200 $387K
EFA iShares MSCI Eafe ETF put Add +19.2% 3,100 $298K
PLTR Palantir Technologies Inc. Class A put New 1,500 $267K
EEM iShares MSCI Emerging Market put Add +37.5% 3,300 $181K
XOM Exxon Mobil Corp. put New 1,000 $120K
IBM Intl Business Machines Corp. put New 400 $118K
RKLB Rocket Lab Corp. put New 1,000 $70K
INTC Intel Corp. put New 1,000 $37K

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

Notes & Other Activity Q3 2025 → Q4 2025
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +2.6% 9,177,400 $633.8M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -9.7% 8,362,645 $496.7M
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 Add +3.6% 6,374,769 $310.8M
SOUTHERN CO (SO 7.125 12/15/28 A) UNIT 12/15/2028 New 5,985,717 $301.4M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Add +0.4% 5,597,527 $289.8M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Add +40.2% 5,156,929 $259.9M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Reduce -2.2% 2,366,710 $178.7M
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Add +0.0% 1,427,895 $95.2M
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal Reduce -16.3% 56,775,000 $94.6M
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal Reduce -0.8% 61,859,000 $79.1M
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal Reduce -11.1% 64,000,000 $75.3M
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Add +0.5% 1,432,594 $74.3M
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal Reduce -6.8% 47,750,000 $74.0M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Reduce -3.9% 66,118,000 $68.1M
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal Reduce -0.1% 47,320,000 $67.2M
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal Reduce -0.8% 65,950,000 $65.2M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal Reduce -2.6% 70,124,000 $63.1M
POST HOLDINGS INC (POST 2.5 08/15/27) NOTE 2.500% 8/1 · principal Reduce -0.5% 57,484,000 $62.0M
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal Reduce -1.1% 53,321,000 $60.9M
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal Add +1.6% 53,186,000 $58.4M
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal Reduce -0.1% 36,635,000 $55.7M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG Reduce -0.6% 876,994 $51.1M
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal Reduce -1.7% 44,000,000 $51.0M
DATADOG INC (DDOG 0 12/01/29) NOTE 12/0 · principal New 49,463,000 $49.5M
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal Sold out 38,000,000 $46.4Mbefore exit
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal Reduce -0.8% 32,511,000 $42.2M
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) NOTE 2.875% 1/1 · principal New 39,902,000 $42.0M
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal Reduce -25.2% 44,568,000 $41.3M
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) NOTE 1.625% 3/1 · principal Reduce -14.7% 29,915,000 $40.4M
NUTANIX INC (NTNX 0.5 12/15/29) NOTE 0.500%12/1 · principal New 40,182,000 $38.9M
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal Reduce -6.7% 38,758,000 $38.1M
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal Reduce -3.6% 36,000,000 $37.5M
BILL HOLDINGS INC (BILL 0 04/01/30) NOTE 4/0 · principal New 38,500,000 $35.5M
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal Reduce -60.9% 26,022,000 $34.7M
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal Reduce -13.1% 34,777,000 $33.5M
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal New 29,918,000 $33.0M
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal Sold out 31,000,000 $30.8Mbefore exit
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Reduce -34.8% 32,850,000 $30.2M
AXON ENTERPRISE INC (AXON 0.5 12/15/27) NOTE 0.500%12/1 · principal Sold out 7,020,000 $22.0Mbefore exit
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Sold out 45,000,000 $20.9Mbefore exit
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal Reduce -47.2% 5,839,000 $19.6M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Sold out 484,271 $19.1Mbefore exit
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) NOTE 0.250% 2/1 · principal Sold out 38,000,000 $17.7Mbefore exit
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Add +2.2% 12,987,000 $16.1M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Reduce -99.9% 10,899 $13.6M
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal New 12,970,000 $13.0M
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Add +7.1% 10,713,000 $12.0M
SNOWFLAKE INC (SNOW 0 10/01/27) NOTE 10/0 · principal Add +10.9% 7,638,000 $11.4M
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal Add +8.1% 8,938,000 $11.3M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal Reduce -8.8% 8,100,000 $10.8M

Showing the first 50 of 105.

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