In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Governors Lane LP reported 35 stock positions worth $649.7 million . Its top holding was Discover Financial Services (DFS) at 7.0% of the portfolio, followed by Amazon.com (AMZN, 6.9% ) and Ventas (VTR, 6.7% ). Compared with Q3 2024, it opened 12 new positions, sold out of 10, added to 10 and reduced 13. The biggest buy was Amazon.com (AMZN, shares +265% ) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −50% ).
Location NEW YORK, NY
CIK 0001644187
Portfolio Value $649.7M (Q4 2024) Holdings 35 stocks · $649.7M Holdings quarter Q2 2026 Q1 2026 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 Q3 2024 DFS Discover Financial Services 262,082 $45.4M Add +1.3% AMZN Amazon.com Inc. 205,200 $45.0M Add +265.1% VTR Ventas Inc. 737,390 $43.4M Add +21.2% K Kellanova 491,708 $39.8M Add +35.9% HES Hess Corp. 297,700 $39.6M Add +55.5% KKR KKR & Co. Inc. 258,100 $38.2M Reduce -16.3% AZPN Aspen Technology Inc. 135,100 $33.7M New TSM Taiwan Semiconductor-SP ADR 140,200 $27.7M Reduce -50.1% UBS UBS Group AG-Reg 890,800 $27.2M New ANSS Ansys Inc. 75,300 $25.4M Reduce -2.7% JLL Jones Lang Lasalle Inc. 99,295 $25.1M Add +90.6% SNPS Synopsys Inc. 46,100 $22.4M New AMD Advanced Micro Devices 183,790 $22.2M Reduce -29.9% FUN Six Flags Entertainment Corp. 443,000 $21.3M Add +243.9% LULU Lululemon Athletica Inc. 49,900 $19.1M Add +26.3% ICE Intercontinental Exchange Inc. 127,100 $18.9M Add +88.0% BYD Boyd Gaming Corp. 239,669 $17.4M Add +1.2% WFC Wells Fargo & Co. 241,700 $17.0M New CP Canadian Pacific Kansas City 158,000 $11.4M Reduce -36.3% UNH Unitedhealth Group Inc. 22,600 $11.4M Reduce -22.9% CPT Camden Property Trust 97,600 $11.3M Reduce -34.7% ASML ASML Holding NV-NY Reg SHS 16,100 $11.2M New TDS Telephone and Data Systems 283,831 $9.7M New IBKR Interactive Brokers Gro Class A 48,331 $8.5M Reduce -71.0% NKE Nike Inc. Class B 109,900 $8.3M New PLD Prologis Inc. 73,400 $7.8M New CTVA Corteva Inc. 112,700 $6.4M New ANF Abercrombie & Fitch Co. Class A 40,300 $6.0M Reduce -48.7% ONON On Holding AG Class A filed as ON HLDG AG 105,800 $5.8M Reduce -59.9% CRBG Corebridge Financial Inc. 188,400 $5.6M New GS Goldman Sachs Group Inc. 9,400 $5.4M Reduce -13.8% BECN Beacon Roofing Supply Inc. 51,900 $5.3M New REXR Rexford Industrial Realty Inc. 71,922 $2.8M Reduce -66.4% BLCO Bausch + Lomb Corp. 145,958 $2.6M Reduce -45.8% LBRDK Liberty Broadband-C 16,394 $1.2M New
Options reported separately and not counted above: AAPL puts ($125.2M), AMZN calls ($66.4M), SNPS calls ($64.6M), IBM puts ($61.6M), TSM calls ($54.3M), BYD calls ($38.1M), X calls ($25.5M), NVDA puts ($23.5M), WFC calls ($20.5M), AMD calls ($20.5M), ASML calls ($18.4M), NKE calls ($16.3M), and 8 more.
Other holdings (5): bonds, preferreds, convertibles and warrants · $20.4M (not counted above) Security Class Shares / Principal Value Change ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 9,000,000 $7.4M Reduce -25.0% VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 5,000,000 $5.7M No change RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal 5,000,000 $4.8M New RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal 2,500,000 $2.3M New BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 1,500,000 $235K No change
Total filed on the 13F, all lines: $670.1M.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ TSM Taiwan Semiconductor-SP ADR Reduce -50.1% 4.26% −3.58 AMD Advanced Micro Devices Reduce -29.9% 3.42% −3.50 ALE Allete Inc. Sold out 0.00% −3.33 MRO Marathon Oil Corp. Sold out 0.00% −3.06 CTLT Catalent Inc. Sold out 0.00% −2.65 V Visa Inc. Class A Sold out 0.00% −2.64 WDAY Workday Inc. Class A Sold out 0.00% −2.53 IBKR Interactive Brokers Gro Class A Reduce -71.0% 1.31% −2.43 ADSK Autodesk Inc. Sold out 0.00% −1.97 CDNS Cadence Design SYS Inc. Sold out 0.00% −1.83 DD Dupont DE Nemours Inc. Sold out 0.00% −1.75 SMAR Smartsheet Inc. Class A Sold out 0.00% −1.73 CP Canadian Pacific Kansas City Reduce -36.3% 1.76% −1.65 WAL Western Alliance Bancorp Sold out 0.00% −1.40 REXR Rexford Industrial Realty Inc. Reduce -66.4% 0.43% −1.30 ONON On Holding AG Class A Reduce -59.9% 0.89% −1.23 CPT Camden Property Trust Reduce -34.7% 1.74% −1.23 UNH Unitedhealth Group Inc. Reduce -22.9% 1.76% −0.99 ANF Abercrombie & Fitch Co. Class A Reduce -48.7% 0.93% −0.84 KKR KKR & Co. Inc. Reduce -16.3% 5.88% −0.60 BLCO Bausch + Lomb Corp. Reduce -45.8% 0.41% −0.43 ANSS Ansys Inc. Reduce -2.7% 3.91% −0.06 GS Goldman Sachs Group Inc. Reduce -13.8% 0.83% −0.04
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ AMZN Amazon.com Inc. Add +265.1% 6.93% +5.25 AZPN Aspen Technology Inc. New 5.19% +5.19 UBS UBS Group AG-Reg New 4.19% +4.19 SNPS Synopsys Inc. New 3.44% +3.44 WFC Wells Fargo & Co. New 2.61% +2.61 FUN Six Flags Entertainment Corp. Add +243.9% 3.29% +2.45 HES Hess Corp. Add +55.5% 6.09% +1.91 ASML ASML Holding NV-NY Reg SHS New 1.72% +1.72 JLL Jones Lang Lasalle Inc. Add +90.6% 3.87% +1.61 TDS Telephone and Data Systems New 1.49% +1.49 K Kellanova Add +35.9% 6.13% +1.43 NKE Nike Inc. Class B New 1.28% +1.28 LULU Lululemon Athletica Inc. Add +26.3% 2.94% +1.21 PLD Prologis Inc. New 1.19% +1.19 ICE Intercontinental Exchange Inc. Add +88.0% 2.91% +1.17 DFS Discover Financial Services Add +1.3% 6.99% +1.15 CTVA Corteva Inc. New 0.99% +0.99 CRBG Corebridge Financial Inc. New 0.87% +0.87 BECN Beacon Roofing Supply Inc. New 0.81% +0.81 VTR Ventas Inc. Add +21.2% 6.68% +0.41 BYD Boyd Gaming Corp. Add +1.2% 2.68% +0.21 LBRDK Liberty Broadband-C New 0.19% +0.19
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 265,000 $152.0Mbefore exit AAPL Apple Inc. put Reduce -19.4% 500,000 $125.2M AMZN Amazon.com Inc. call New 302,500 $66.4M SNPS Synopsys Inc. call New 133,000 $64.6M IBM Intl Business Machines Corp. put New 280,000 $61.6M CBOE Cboe Global Markets Inc. put Sold out 212,500 $43.5Mbefore exit BYD Boyd Gaming Corp. call Add +70.5% 525,000 $38.1M J Jacobs Solutions Inc. call Sold out 274,500 $35.9Mbefore exit SMCI Super Micro Computer Inc. put Sold out 64,500 $26.9Mbefore exit DD Dupont DE Nemours Inc. call Sold out 270,000 $24.1Mbefore exit NVDA Nvidia Corp. put New 175,000 $23.5M WFC Wells Fargo & Co. call New 292,500 $20.5M AMD Advanced Micro Devices call Add +17.2% 170,000 $20.5M ULTA Ulta Beauty Inc. put Sold out 51,500 $20.0Mbefore exit JBHT Hunt (jb) Transprt SVCS Inc. call Sold out 109,000 $18.8Mbefore exit NKE Nike Inc. Class B call New 215,000 $16.3M FUN Six Flags Entertainment Corp. call New 279,100 $13.4M VTR Ventas Inc. call New 202,500 $11.9M CPRI Capri Holdings Ltd. call Sold out 280,200 $11.9Mbefore exit HUM Humana Inc. call Reduce -11.1% 40,000 $10.1M MA Mastercard Inc. Class A call New 19,000 $10.0M TDS Telephone and Data Systems call Sold out 397,500 $9.2Mbefore exit AMTM Amentum Holdings Inc. call Sold out 274,500 $8.9Mbefore exit CRBG Corebridge Financial Inc. call New 290,000 $8.7M KNSL Kinsale Capital Group Inc. put New 18,400 $8.6M SPR Spirit Aerosystems Hold Class A call New 235,000 $8.0M FTAI Ftai Aviation Ltd. put New 53,500 $7.7M GM General Motors Co. put Sold out 150,000 $6.7Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 125 $992.8M NSC, TXNM, WBD, EA, SHW Q1 2026 110 $797.2M NSC, WBD, EA, JHG, TXNM Q4 2025 114 $1.1B WBD, NSC, TXNM, EA, TSM Q3 2025 94 $715.5M NSC, TXNM, VTR, BAC, TSM Q2 2025 84 $723.9M GMS, UBS, AMZN, KKR, JLL Q1 2025 39 $449.2M ITCI, HES, DFS, TSM, VTR Q4 2024 35 $649.7M DFS, AMZN, VTR, K, HES Q3 2024 33 $621.9M TSM, AMD, KKR, VTR, DFS Q2 2024 34 $628.7M ANSS, TSM, KKR, VTR, WDAY Q1 2024 34 $614.5M ANSS, TSM, WDAY, KKR, RTX