Governors Lane LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Governors Lane LP reported 39 stock positions worth $449.2 million. Its top holding was Intra-Cellular Therapies (ITCI) at 11.1% of the portfolio, followed by Hess (HES, 6.5%) and Discover Financial Services (DFS, 6.5%). Compared with Q4 2024, it opened 22 new positions, sold out of 18, added to 2 and reduced 14. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Kellanova (K).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001644187
Portfolio Value
$449.2M (Q1 2025)
SEC Filing
0001644187-25-000006 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $614.5M Q1 2024 Q2 2024: $628.7M Q2 2024 Q3 2024: $621.9M Q3 2024 Q4 2024: $649.7M Q4 2024 Q1 2025: $449.2M $449.2M Q1 2025 Q2 2025: $723.9M Q2 2025 Q3 2025: $715.5M Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $797.2M Q1 2026 Q2 2026: $992.8M Q2 2026

Holdings 39 stocks · $449.2M
ITCI Intra-Cellular Therapies Inc. 11.09% 377,737 $49.8M New
HES Hess Corp. 6.49% 182,500 $29.2M Reduce -38.7%
DFS Discover Financial Services 6.46% 170,104 $29.0M Reduce -35.1%
TSM Taiwan Semiconductor-SP ADR 6.27% 169,731 $28.2M Add +21.1%
VTR Ventas Inc. 5.64% 368,800 $25.4M Reduce -50.0%
UBS UBS Group AG-Reg 4.72% 697,900 $21.2M Reduce -21.6%
AZEK The Azek Co. Inc. 4.44% 407,900 $19.9M New
AMZN Amazon.com Inc. 3.79% 89,400 $17.0M Reduce -56.4%
SNPS Synopsys Inc. 3.69% 38,700 $16.6M Reduce -16.1%
WDAY Workday Inc. Class A 3.12% 60,000 $14.0M New
ADSK Autodesk Inc. 3.11% 53,400 $14.0M New
WFC Wells Fargo & Co. 3.08% 192,700 $13.8M Reduce -20.3%
CHX Championx Corp. 2.65% 399,250 $11.9M New
AMD Advanced Micro Devices 2.48% 108,600 $11.2M Reduce -40.9%
KKR KKR & Co. Inc. 2.46% 95,700 $11.1M Reduce -62.9%
WBA Walgreens Boots Alliance Inc. 2.45% 987,200 $11.0M New
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.39% 257,600 $10.7M New
URI United Rentals Inc. 2.36% 16,900 $10.6M New
TDS Telephone and Data Systems 2.12% 246,163 $9.5M Reduce -13.3%
NKE Nike Inc. Class B 1.98% 140,400 $8.9M Add +27.8%
SLM SLM Corp. 1.91% 291,662 $8.6M New
FIS Fidelity National Info Serv 1.88% 112,800 $8.4M New
CNM Core & Main Inc. Class A 1.67% 154,900 $7.5M New
CEPO Cantor Equity Partners I-A 1.43% 625,000 $6.4M New
PLD Prologis Inc. 1.24% 49,900 $5.6M Reduce -32.0%
ANSS Ansys Inc. 1.23% 17,500 $5.5M Reduce -76.8%
OMC Omnicom Group 1.23% 66,600 $5.5M New
JPM JPMorgan Chase & Co. 1.23% 22,500 $5.5M New
SGRY Surgery Partners Inc. 1.23% 231,800 $5.5M New
OZK Bank Ozk 1.21% 125,195 $5.4M New
ALLY Ally Financial Inc. 1.20% 148,200 $5.4M New
JLL Jones Lang Lasalle Inc. 0.62% 11,200 $2.8M Reduce -88.7%
BX Blackstone Inc. 0.62% 19,800 $2.8M New
ICE Intercontinental Exchange Inc. 0.61% 15,800 $2.7M Reduce -87.6%
BEAG Bold Eagle Acquisition Cor-A 0.58% 257,201 $2.6M New
SWTX Springworks Therapeutics Inc. 0.45% 45,400 $2.0M New
SAGE Sage Therapeutics Inc. 0.36% 202,400 $1.6M New
LBRDK Liberty Broadband-C 0.31% 16,394 $1.4M No change
XRT SS SPDR S&P Retail ETF 0.20% 12,697 $877K New

Options reported separately and not counted above: HYG puts ($119.8M), AVGO puts ($32.6M), INTC calls ($30.7M), AMZN calls ($30.4M), KRE puts ($28.4M), ACN calls ($27.3M), ASML calls ($26.5M), AMD calls ($20.5M), CP calls ($19.7M), XHB puts ($16.5M), BHF puts ($13.5M), NKE calls ($11.7M), and 4 more.

Other holdings (3): bonds, preferreds, convertibles and warrants · $13.1M (not counted above)
SecurityClassShares / PrincipalValueChange
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal 7,500,000$6.5MAdd +50.0%
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 5,000,000$6.4MNo change
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 1,500,000$173KNo change

Total filed on the 13F, all lines: $462.3M.

Portfolio Sells Q4 2024 → Q1 2025
K Kellanova Sold out 0.00% −6.13
AZPN Aspen Technology Inc. Sold out 0.00% −5.19
KKR KKR & Co. Inc. Reduce -62.9% 2.46% −3.41
FUN Six Flags Entertainment Corp. Sold out 0.00% −3.29
JLL Jones Lang Lasalle Inc. Reduce -88.7% 0.62% −3.25
AMZN Amazon.com Inc. Reduce -56.4% 3.79% −3.14
LULU Lululemon Athletica Inc. Sold out 0.00% −2.94
ANSS Ansys Inc. Reduce -76.8% 1.23% −2.68
BYD Boyd Gaming Corp. Sold out 0.00% −2.68
ICE Intercontinental Exchange Inc. Reduce -87.6% 0.61% −2.31
CP Canadian Pacific Kansas City Sold out 0.00% −1.76
UNH Unitedhealth Group Inc. Sold out 0.00% −1.76
CPT Camden Property Trust Sold out 0.00% −1.74
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −1.72
IBKR Interactive Brokers Gro Class A Sold out 0.00% −1.31
VTR Ventas Inc. Reduce -50.0% 5.64% −1.04
CTVA Corteva Inc. Sold out 0.00% −0.99
AMD Advanced Micro Devices Reduce -40.9% 2.48% −0.93
ANF Abercrombie & Fitch Co. Class A Sold out 0.00% −0.93
ONON On Holding AG Class A Sold out 0.00% −0.89
CRBG Corebridge Financial Inc. Sold out 0.00% −0.87
GS Goldman Sachs Group Inc. Sold out 0.00% −0.83
BECN Beacon Roofing Supply Inc. Sold out 0.00% −0.81
DFS Discover Financial Services Reduce -35.1% 6.46% −0.52
REXR Rexford Industrial Realty Inc. Sold out 0.00% −0.43
BLCO Bausch + Lomb Corp. Sold out 0.00% −0.41
PLD Prologis Inc. Reduce -32.0% 1.24% +0.05
SNPS Synopsys Inc. Reduce -16.1% 3.69% +0.25
HES Hess Corp. Reduce -38.7% 6.49% +0.39
WFC Wells Fargo & Co. Reduce -20.3% 3.08% +0.47
UBS UBS Group AG-Reg Reduce -21.6% 4.72% +0.53
TDS Telephone and Data Systems Reduce -13.3% 2.12% +0.63

Portfolio Buys Q4 2024 → Q1 2025
ITCI Intra-Cellular Therapies Inc. New 11.09% +11.09
AZEK The Azek Co. Inc. New 4.44% +4.44
WDAY Workday Inc. Class A New 3.12% +3.12
ADSK Autodesk Inc. New 3.11% +3.11
CHX Championx Corp. New 2.65% +2.65
WBA Walgreens Boots Alliance Inc. New 2.45% +2.45
BAC Bank of America Corp. New 2.39% +2.39
URI United Rentals Inc. New 2.36% +2.36
TSM Taiwan Semiconductor-SP ADR Add +21.1% 6.27% +2.01
SLM SLM Corp. New 1.91% +1.91
FIS Fidelity National Info Serv New 1.88% +1.88
CNM Core & Main Inc. Class A New 1.67% +1.67
CEPO Cantor Equity Partners I-A New 1.43% +1.43
OMC Omnicom Group New 1.23% +1.23
JPM JPMorgan Chase & Co. New 1.23% +1.23
SGRY Surgery Partners Inc. New 1.23% +1.23
OZK Bank Ozk New 1.21% +1.21
ALLY Ally Financial Inc. New 1.20% +1.20
NKE Nike Inc. Class B Add +27.8% 1.98% +0.70
BX Blackstone Inc. New 0.62% +0.62
BEAG Bold Eagle Acquisition Cor-A New 0.58% +0.58
SWTX Springworks Therapeutics Inc. New 0.45% +0.45
SAGE Sage Therapeutics Inc. New 0.36% +0.36
XRT SS SPDR S&P Retail ETF New 0.20% +0.20

Options Activity Q4 2024 → Q1 2025
AAPL Apple Inc. put Sold out 500,000 $125.2Mbefore exit
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 1,518,300 $119.8M
SNPS Synopsys Inc. call Sold out 133,000 $64.6Mbefore exit
IBM Intl Business Machines Corp. put Sold out 280,000 $61.6Mbefore exit
TSM Taiwan Semiconductor-SP ADR call Sold out 275,000 $54.3Mbefore exit
BYD Boyd Gaming Corp. call Sold out 525,000 $38.1Mbefore exit
AVGO Broadcom Inc. put New 195,000 $32.6M
INTC Intel Corp. call New 1,350,000 $30.7M
AMZN Amazon.com Inc. call Reduce -47.1% 160,000 $30.4M
KRE SS SPDR S&P Regional Bank put New 500,000 $28.4M
ACN Accenture PLC Class A call New 87,500 $27.3M
ASML ASML Holding NV-NY Reg SHS call Add +50.9% 40,000 $26.5M
X United States Steel Corp. call Sold out 750,000 $25.5Mbefore exit
NVDA Nvidia Corp. put Sold out 175,000 $23.5Mbefore exit
AMD Advanced Micro Devices call Add +17.6% 200,000 $20.5M
WFC Wells Fargo & Co. call Sold out 292,500 $20.5Mbefore exit
CP Canadian Pacific Kansas City call New 280,000 $19.7M
XHB SS SPDR S&P Homebldrs ETF put New 170,000 $16.5M
BHF Brighthouse Financial Inc. put New 232,500 $13.5M
FUN Six Flags Entertainment Corp. call Sold out 279,100 $13.4Mbefore exit
VTR Ventas Inc. call Sold out 202,500 $11.9Mbefore exit
NKE Nike Inc. Class B call Reduce -13.9% 185,000 $11.7M
ATI Ati Inc. call New 200,000 $10.4M
CNM Core & Main Inc. Class A call New 215,000 $10.4M
LVS Las Vegas Sands Corp. call New 267,500 $10.3M
HUM Humana Inc. call Sold out 40,000 $10.1Mbefore exit
MA Mastercard Inc. Class A call Sold out 19,000 $10.0Mbefore exit
CRBG Corebridge Financial Inc. call Sold out 290,000 $8.7Mbefore exit
KNSL Kinsale Capital Group Inc. put Sold out 18,400 $8.6Mbefore exit
FTAI Ftai Aviation Ltd. put Sold out 53,500 $7.7Mbefore exit

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

Notes & Other Activity Q4 2024 → Q1 2025
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal Sold out 9,000,000 $7.4Mbefore exit
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal Add +50.0% 7,500,000 $6.5M
RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal Sold out 2,500,000 $2.3Mbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 125$992.8MNSC, TXNM, WBD, EA, SHW
Q1 2026 110$797.2MNSC, WBD, EA, JHG, TXNM
Q4 2025 114$1.1BWBD, NSC, TXNM, EA, TSM
Q3 2025 94$715.5MNSC, TXNM, VTR, BAC, TSM
Q2 2025 84$723.9MGMS, UBS, AMZN, KKR, JLL
Q1 2025 39$449.2MITCI, HES, DFS, TSM, VTR
Q4 2024 35$649.7MDFS, AMZN, VTR, K, HES
Q3 2024 33$621.9MTSM, AMD, KKR, VTR, DFS
Q2 2024 34$628.7MANSS, TSM, KKR, VTR, WDAY
Q1 2024 34$614.5MANSS, TSM, WDAY, KKR, RTX