Graham Capital Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Graham Capital Management, L.P. reported 1,197 stock positions worth $2.2 billion. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 4.8% of the portfolio, followed by St Sr Utl SL SE SPDR ETF-Usd (XLU, 1.3%) and Citigroup (C, 0.9%). Compared with Q4 2024, it opened 362 new positions, sold out of 316, added to 582 and reduced 247. The biggest buy was St Sr Utl SL SE SPDR ETF-Usd (XLU, shares +380%) and the biggest sale an exit from Strategy (MSTR).
- Most Recent 13F
- Q2 2026
- Location
- ROWAYTON, CT
- CIK
- 0001315421
- Portfolio Value
- $2.2B (Q1 2025)
- SEC Filing
- 0001041062-25-000122 ↗ filed May 15, 2025
Holdings Value
Holdings 1,197 stocks · $2.2B
| IBIT iShares Bitcoin Trust ETF | 4.81% | 2,211,852 | $103.5M | Reduce -5.8% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 1.30% | 355,000 | $28.0M | Add +379.7% |
| C Citigroup Inc. | 0.93% | 281,047 | $20.0M | Add +341.9% |
| CME Cme Group Inc. | 0.92% | 75,000 | $19.9M | No change |
| META Meta Platforms Inc. Class A | 0.92% | 34,465 | $19.9M | Reduce -9.2% |
| MMM 3M Co. | 0.89% | 130,090 | $19.1M | Add +19.7% |
| JNJ Johnson & Johnson | 0.88% | 114,555 | $19.0M | Add +2.9% |
| MA Mastercard Inc. Class A | 0.79% | 31,082 | $17.0M | New |
| ICOW Pacer Developed Markets Inte | 0.72% | 495,435 | $15.6M | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.68% | 184,200 | $14.5M | Reduce -42.7% |
| BA The Boeing Co. | 0.66% | 83,706 | $14.3M | Add +8.3% |
| MELI MercadoLibre Inc. | 0.65% | 7,214 | $14.1M | Add +1131.1% |
| AMZN Amazon.com Inc. | 0.64% | 72,052 | $13.7M | Reduce -27.9% |
| NVDA Nvidia Corp. | 0.64% | 126,065 | $13.7M | Reduce -37.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.60% | 1,264,296 | $12.9M | Add +147.8% |
| CNQ Canadian Natural Resources | 0.60% | 419,001 | $12.9M | Add +57.5% |
| RGA Reinsurance Group of America | 0.58% | 63,631 | $12.5M | Add +54.4% |
| CSCO Cisco Systems Inc. | 0.58% | 200,855 | $12.4M | Add +91.5% |
| DG Dollar General Corp. | 0.56% | 136,339 | $12.0M | Add +171.1% |
| GOOG Alphabet Inc. Class C | 0.55% | 75,600 | $11.8M | Add +26.9% |
| HD Home Depot Inc. | 0.53% | 31,293 | $11.5M | Add +115.8% |
| BP BP PLC-Spons ADR | 0.52% | 330,057 | $11.2M | Add +44.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.50% | 29,000 | $10.8M | New |
| CMS CMS Energy Corp. | 0.49% | 140,669 | $10.6M | Add +76.5% |
| EMBJ Embraer SA-Spon ADR | 0.49% | 227,859 | $10.5M | Reduce -16.8% |
| CARR Carrier Global Corp. | 0.49% | 165,826 | $10.5M | Add +16.3% |
| D Dominion Energy Inc. | 0.47% | 181,917 | $10.2M | New |
| NI Nisource Inc. | 0.45% | 243,814 | $9.8M | New |
| HBAN Huntington Bancshares Inc. | 0.45% | 644,586 | $9.7M | Add +99.2% |
| NFLX Netflix Inc. | 0.44% | 10,258 | $9.6M | Reduce -58.1% |
| ALL Allstate Corp. | 0.43% | 45,007 | $9.3M | Add +43.4% |
| FAST Fastenal Co. | 0.43% | 120,140 | $9.3M | New |
| MFC Manulife Financial Corp. | 0.43% | 298,623 | $9.3M | Add +49.0% |
| PG The Procter & Gamble Co. | 0.43% | 54,370 | $9.3M | Add +32.6% |
| RRC Range Resources Corp. | 0.43% | 232,045 | $9.3M | Add +41.0% |
| NWSA News Corp. Class A | 0.43% | 337,779 | $9.2M | Add +48.6% |
| FLG Flagstar Bank NA | 0.42% | 782,465 | $9.1M | Reduce -16.4% |
| RSP Invesco S&P 500 Equal Weight | 0.42% | 52,000 | $9.0M | Add +121.3% |
| MU Micron Technology Inc. | 0.41% | 102,319 | $8.9M | Reduce -6.6% |
| PYPL PayPal Holdings Inc. | 0.41% | 135,901 | $8.9M | Add +90.5% |
| MRK Merck & Co. Inc. | 0.40% | 96,589 | $8.7M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.40% | 87,262 | $8.6M | Add +466.3% |
| KO The Coca-Cola Co. | 0.40% | 118,718 | $8.5M | New |
| DUOL Duolingo | 0.39% | 27,313 | $8.5M | Reduce -20.5% |
| XME SS SPDR S&P Metals Mining | 0.37% | 142,000 | $8.0M | New |
| PRU Prudential Financial Inc. | 0.37% | 70,511 | $7.9M | Add +824.1% |
| GLW Corning Inc. | 0.36% | 169,523 | $7.8M | Add +22.6% |
| COHR Coherent Corp. | 0.35% | 117,329 | $7.6M | Add +16.0% |
| NOC Northrop Grumman Corp. | 0.35% | 14,873 | $7.6M | Reduce -5.1% |
| MUR Murphy Oil Corp. | 0.35% | 262,157 | $7.4M | New |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.34% | 132,425 | $7.3M | New |
| NTRS Northern Trust Corp. | 0.33% | 72,973 | $7.2M | Add +87.6% |
| UBER Uber Technologies Inc. | 0.33% | 96,500 | $7.0M | Reduce -0.9% |
| DD Dupont DE Nemours Inc. | 0.33% | 94,027 | $7.0M | Add +2223.4% |
| LRCX Lam Research Corp. | 0.32% | 95,093 | $6.9M | Add +681.5% |
| JWN Nordstrom Inc. | 0.32% | 282,420 | $6.9M | New |
| TVTX Travere Therapeutics Inc. | 0.32% | 379,900 | $6.8M | Add +2056.7% |
| SFM Sprouts Farmers Market Inc. | 0.31% | 44,275 | $6.8M | Reduce -22.4% |
| TSLA Tesla Inc. | 0.31% | 26,005 | $6.7M | New |
| TRV The Travelers Cos Inc. | 0.31% | 25,474 | $6.7M | New |
| EAT Brinker International Inc. | 0.31% | 45,011 | $6.7M | Add +93.6% |
| AEE Ameren Corporation | 0.31% | 65,846 | $6.6M | New |
| LNG Cheniere Energy Inc. | 0.30% | 28,082 | $6.5M | No change |
| EXC Exelon Corp. | 0.30% | 140,346 | $6.5M | Reduce -40.5% |
| ED Consolidated Edison Inc. | 0.30% | 58,352 | $6.5M | New |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.29% | 80,778 | $6.3M | Add +20.5% |
| MCO Moody's Corp. | 0.28% | 13,099 | $6.1M | Add +87.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.28% | 107,248 | $6.0M | New |
| TEAM Atlassian Corp. Class A | 0.28% | 28,450 | $6.0M | New |
| EWU iShares MSCI United Kingdom | 0.28% | 160,969 | $6.0M | New |
| GOOGL Alphabet Inc. Class A | 0.28% | 38,596 | $6.0M | Reduce -57.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.28% | 10,600 | $5.9M | New |
| EWW iShares MSCI Mexico ETF | 0.27% | 113,563 | $5.8M | Add +7.1% |
| ETHA iShares Ethereum Trust ETF | 0.27% | 415,000 | $5.7M | Add +38.3% |
| EWBC East West Bancorp Inc. | 0.27% | 63,861 | $5.7M | Add +13.8% |
| LUMN Lumen Technologies Inc. | 0.27% | 1,458,867 | $5.7M | Add +156.9% |
| ZBRA Zebra Technologies Corp. Class A | 0.27% | 20,229 | $5.7M | Reduce -15.5% |
| FTI Technipfmc PLC | 0.26% | 179,737 | $5.7M | Add +12.7% |
| BX Blackstone Inc. | 0.26% | 40,450 | $5.7M | New |
| VRN Veren Inc. | 0.26% | 853,385 | $5.6M | Add +15.1% |
| BSX Boston Scientific Corp. | 0.26% | 55,788 | $5.6M | Add +2036.7% |
| MSCI MSCI Inc. | 0.26% | 9,865 | $5.6M | Add +64.9% |
| TSN Tyson Foods Inc. Class A | 0.26% | 86,315 | $5.5M | Add +31.1% |
| SKYW Skywest Inc. | 0.26% | 62,955 | $5.5M | Add +71.0% |
| WBS Webster Financial Corp. | 0.25% | 105,608 | $5.4M | New |
| FYBR Frontier Communications Pare | 0.25% | 151,760 | $5.4M | New |
| FXI iShares China Large-Cap ETF | 0.25% | 150,000 | $5.4M | New |
| WEN The Wendy's Co. | 0.25% | 361,891 | $5.3M | Add +315.0% |
| SPGI S&P Global Inc. | 0.24% | 10,374 | $5.3M | Reduce -63.2% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.24% | 150,221 | $5.3M | Add +1933.0% |
| FOUR SHIFT4 Payments Inc. Class A | 0.24% | 64,215 | $5.2M | No change |
| SPLV Invesco S&P 500 Low Volatili | 0.24% | 70,000 | $5.2M | New |
| XLK SS Technology Select Sector | 0.24% | 25,000 | $5.2M | New |
| OKTA Okta Inc. | 0.24% | 49,011 | $5.2M | Add +333.7% |
| EWJ iShares MSCI Japan ETF | 0.24% | 74,229 | $5.1M | New |
| COST Costco Wholesale Corp. | 0.24% | 5,359 | $5.1M | New |
| IBKR Interactive Brokers Gro Class A | 0.23% | 30,192 | $5.0M | Add +10.8% |
| WMT Walmart Inc. | 0.23% | 56,641 | $5.0M | Reduce -32.4% |
| XLI SS Industrial Select Sector | 0.23% | 37,500 | $4.9M | New |
| CMG Chipotle Mexican Grill Inc. | 0.23% | 97,006 | $4.9M | New |
Options reported separately and not counted above: MSTR puts ($1.3B), IWM puts ($528.0M), HYG puts ($262.1M), IBIT puts ($107.7M), TLT puts ($70.5M), BITO puts ($45.8M), MARA puts ($31.4M), GDX calls ($30.5M), SPY calls ($28.4M), SPY puts ($25.4M), CLMT puts ($25.4M), GLD calls ($10.7M), and 24 more.
Other holdings (20): bonds, preferreds, convertibles and warrants · $1.0B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28) | NOTE 3.250% 4/0 · principal | 67,381,000 | $165.4M | Add +0.3% |
| BLOOM ENERGY CORP (BE 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | 86,144,000 | $110.8M | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 75,500,000 | $74.0M | No change |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 62,179,000 | $63.9M | No change |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 55,741,000 | $63.6M | No change |
| NOVAVAX INC (NVAX 5 12/15/27) | NOTE 5.000%12/1 · principal | 67,827,000 | $63.2M | No change |
| TILRAY BRANDS INC (TLRY 5.2 06/15/27) | NOTE 5.200% 6/1 · principal | 64,500,000 | $60.7M | Reduce -27.1% |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 69,794,000 | $60.6M | No change |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | 36,170,000 | $47.5M | New |
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | DEB 4.000%12/1 · principal | 39,076,000 | $39.9M | Reduce -6.0% |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 35,500,000 | $37.3M | Add +69.0% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 33,000,000 | $36.9M | Add +53.5% |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | 40,517,000 | $33.5M | Add +9.3% |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 37,803,000 | $31.7M | Reduce -27.0% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 29,510,000 | $30.6M | Reduce -55.0% |
| PLUG POWER INC (PLUG 3.75 06/01/25) | NOTE 3.750% 6/0 · principal | 27,459,000 | $27.1M | Reduce -2.8% |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 20,762,000 | $20.7M | Reduce -45.7% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 15,888,000 | $15.5M | Reduce -37.4% |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | 12,100,000 | $10.1M | New |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 9,213,000 | $9.2M | Reduce -67.9% |
Total filed on the 13F, all lines: $3.2B.
Portfolio Sells Q4 2024 → Q1 2025
| MSTR Strategy Inc. | Sold out | 0.00% | −1.68 |
| IBIT iShares Bitcoin Trust ETF | Reduce -5.8% | 4.81% | −1.30 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −0.91 |
| PEP Pepsico Inc. | Sold out | 0.00% | −0.89 |
| TIP iShares Tips Bond ETF | Sold out | 0.00% | −0.77 |
| SO The Southern Co. | Sold out | 0.00% | −0.74 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.72 |
| NVDA Nvidia Corp. | Reduce -37.4% | 0.64% | −0.69 |
| NFLX Netflix Inc. | Reduce -58.1% | 0.44% | −0.63 |
| PPL PPL Corp. | Sold out | 0.00% | −0.57 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -42.7% | 0.68% | −0.57 |
| GOOGL Alphabet Inc. Class A | Reduce -57.1% | 0.28% | −0.56 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Sold out | 0.00% | −0.55 |
| XLF SS Financial Select Sector | Reduce -77.2% | 0.14% | −0.50 |
| EEM iShares MSCI Emerging Market | Sold out | 0.00% | −0.49 |
| CIEN Ciena Corp. | Sold out | 0.00% | −0.49 |
| MNKD Mannkind Corp. | Reduce -94.4% | 0.02% | −0.48 |
| SPGI S&P Global Inc. | Reduce -63.2% | 0.24% | −0.44 |
| AMZN Amazon.com Inc. | Reduce -27.9% | 0.64% | −0.44 |
| TXRH Texas Roadhouse Inc. | Sold out | 0.00% | −0.39 |
| TOL Toll Brothers Inc. | Reduce -94.7% | 0.02% | −0.36 |
| CEG Constellation Energy | Reduce -92.8% | 0.02% | −0.36 |
| SCHW Schwab (charles) Corp. | Reduce -83.3% | 0.07% | −0.34 |
| EQH Equitable Holdings Inc. | Reduce -83.2% | 0.07% | −0.31 |
| SU Suncor Energy Inc. | Reduce -66.9% | 0.16% | −0.30 |
| VICI Vici Properties Inc. | Sold out | 0.00% | −0.30 |
| CRH CRH PLC | Reduce -82.3% | 0.06% | −0.30 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.30 |
| NYT New York Times Co. Class A | Sold out | 0.00% | −0.29 |
| STT State Street Corp. | Reduce -95.1% | 0.01% | −0.29 |
| GEV GE Vernova Inc. | Reduce -54.6% | 0.19% | −0.29 |
| NCLH Norwegian Cruise Line Holdin | Reduce -85.8% | 0.03% | −0.28 |
| ICE Intercontinental Exchange Inc. | Reduce -90.0% | 0.03% | −0.28 |
| STX Seagate Technology Holdings | Sold out | 0.00% | −0.27 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −0.25 |
| TXT Textron Inc. | Sold out | 0.00% | −0.25 |
| MET Metlife Inc. | Sold out | 0.00% | −0.25 |
| GM General Motors Co. | Reduce -95.1% | 0.01% | −0.24 |
| TWLO Twilio Inc. Class A | Reduce -81.6% | 0.04% | −0.23 |
| TD Toronto-Dominion Bank | Sold out | 0.00% | −0.21 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.21 |
| SYF Synchrony Financial | Reduce -77.3% | 0.04% | −0.21 |
| IEX Idex Corp. | Sold out | 0.00% | −0.21 |
| MAR Marriott International Class A | Reduce -90.9% | 0.02% | −0.20 |
| USFD US Foods Holding Corp. | Sold out | 0.00% | −0.20 |
| VIK Viking Holdings Ltd. | Reduce -76.3% | 0.05% | −0.20 |
| X United States Steel Corp. | Sold out | 0.00% | −0.20 |
| SHEL Shell PLC-ADR | Reduce -93.1% | 0.02% | −0.19 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.19 |
| EFX Equifax Inc. | Sold out | 0.00% | −0.19 |
Portfolio Buys Q4 2024 → Q1 2025
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +379.7% | 1.30% | +1.03 |
| MA Mastercard Inc. Class A | New | 0.79% | +0.79 |
| ICOW Pacer Developed Markets Inte | New | 0.72% | +0.72 |
| C Citigroup Inc. | Add +341.9% | 0.93% | +0.71 |
| MELI MercadoLibre Inc. | Add +1131.1% | 0.65% | +0.61 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.50% | +0.50 |
| D Dominion Energy Inc. | New | 0.47% | +0.47 |
| NI Nisource Inc. | New | 0.45% | +0.45 |
| FAST Fastenal Co. | New | 0.43% | +0.43 |
| MRK Merck & Co. Inc. | New | 0.40% | +0.40 |
| KO The Coca-Cola Co. | New | 0.40% | +0.40 |
| DG Dollar General Corp. | Add +171.1% | 0.56% | +0.37 |
| XME SS SPDR S&P Metals Mining | New | 0.37% | +0.37 |
| MUR Murphy Oil Corp. | New | 0.35% | +0.35 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +147.8% | 0.60% | +0.34 |
| EMXC iShares MSCI Emr MRK Ex Chna | New | 0.34% | +0.34 |
| PRU Prudential Financial Inc. | Add +824.1% | 0.37% | +0.32 |
| JWN Nordstrom Inc. | New | 0.32% | +0.32 |
| DIS The Walt Disney Co. | Add +466.3% | 0.40% | +0.32 |
| TSLA Tesla Inc. | New | 0.31% | +0.31 |
| TRV The Travelers Cos Inc. | New | 0.31% | +0.31 |
| DD Dupont DE Nemours Inc. | Add +2223.4% | 0.33% | +0.31 |
| AEE Ameren Corporation | New | 0.31% | +0.31 |
| TVTX Travere Therapeutics Inc. | Add +2056.7% | 0.32% | +0.30 |
| ED Consolidated Edison Inc. | New | 0.30% | +0.30 |
| TEAM Atlassian Corp. Class A | New | 0.28% | +0.28 |
| CM Can Imperial BK of Commerce | New | 0.28% | +0.28 |
| EWU iShares MSCI United Kingdom | New | 0.28% | +0.28 |
| LRCX Lam Research Corp. | Add +681.5% | 0.32% | +0.28 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.28% | +0.28 |
| CSCO Cisco Systems Inc. | Add +91.5% | 0.58% | +0.27 |
| BX Blackstone Inc. | New | 0.26% | +0.26 |
| HD Home Depot Inc. | Add +115.8% | 0.53% | +0.26 |
| WBS Webster Financial Corp. | New | 0.25% | +0.25 |
| FYBR Frontier Communications Pare | New | 0.25% | +0.25 |
| BSX Boston Scientific Corp. | Add +2036.7% | 0.26% | +0.25 |
| FXI iShares China Large-Cap ETF | New | 0.25% | +0.25 |
| SPLV Invesco S&P 500 Low Volatili | New | 0.24% | +0.24 |
| XLK SS Technology Select Sector | New | 0.24% | +0.24 |
| EWJ iShares MSCI Japan ETF | New | 0.24% | +0.24 |
| COST Costco Wholesale Corp. | New | 0.24% | +0.24 |
| CMS CMS Energy Corp. | Add +76.5% | 0.49% | +0.23 |
| YPF YPF S.A.-Sponsored ADR | Add +1933.0% | 0.24% | +0.23 |
| XLI SS Industrial Select Sector | New | 0.23% | +0.23 |
| CMG Chipotle Mexican Grill Inc. | New | 0.23% | +0.23 |
| YUM Yum! Brands Inc. | New | 0.22% | +0.22 |
| INTC Intel Corp. | New | 0.22% | +0.22 |
| RSP Invesco S&P 500 Equal Weight | Add +121.3% | 0.42% | +0.22 |
| MRVL Marvell Technology Inc. | New | 0.21% | +0.21 |
| EWZ iShares MSCI Brazil ETF | New | 0.21% | +0.21 |
Options Activity Q4 2024 → Q1 2025
| MSTR Strategy Inc. | put | Reduce -40.2% | 4,618,100 | $1.3B |
| IWM iShares Russell 2000 ETF | put | Reduce -19.6% | 2,646,900 | $528.0M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 3,322,900 | $262.1M |
| IBIT iShares Bitcoin Trust ETF | put | Add +12.2% | 2,300,300 | $107.7M |
| TLT iShares 20+ Year Treasury BD | put | New | 774,100 | $70.5M |
| BITO Proshares Bitcoin ETF-Usd | put | Reduce 0.0% | 2,499,900 | $45.8M |
| GDX Vaneck Gold Miners ETF | call | Add +195.0% | 663,700 | $30.5M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 50,800 | $28.4M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -58.7% | 45,400 | $25.4M |
| CLMT Calumet Inc. | put | New | 1,999,400 | $25.4M |
| BBIO Bridgebio Pharma Inc. | put | Sold out | 698,900 | $19.2Mbefore exit |
| SPCE Virgin Galactic Holdings Inc. | put | Sold out | 3,093,200 | $18.2Mbefore exit |
| IWM iShares Russell 2000 ETF | call | Sold out | 75,000 | $16.6Mbefore exit |
| RIVN Rivian Automotive Inc. Class A | put | Sold out | 963,800 | $12.8Mbefore exit |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | Sold out | 110,000 | $11.8Mbefore exit |
| GLD SPDR Gold Shares | call | Add +85.0% | 37,000 | $10.7M |
| QQQ Invesco QQQ Trust Series 1 | call | New | 20,000 | $9.4M |
| GDXJ Vaneck Junior Gold Miners | call | Sold out | 200,000 | $8.6Mbefore exit |
| PCT Purecycle Technologies Inc. | put | Reduce -7.1% | 1,165,800 | $8.1M |
| EWG iShares MSCI Germany ETF | put | New | 200,000 | $7.4M |
| ABR Arbor Realty Trust Inc. | put | Reduce -50.0% | 628,800 | $7.4M |
| BTU Peabody Energy Corp. | put | Sold out | 327,100 | $6.8Mbefore exit |
| XLV SS Health Care Select Sector | call | Sold out | 44,000 | $6.1Mbefore exit |
| LCID Lucid Group Inc. | put | Reduce -20.8% | 2,335,200 | $5.7M |
| V Visa Inc. Class A | put | New | 15,000 | $5.3M |
| PLUG Plug Power Inc. | put | Reduce -5.3% | 2,823,600 | $3.8M |
| NVDA Nvidia Corp. | call | Add +6400.0% | 26,000 | $2.8M |
| OPK Opko Health Inc. | put | Sold out | 1,577,900 | $2.3Mbefore exit |
| SLV iShares Silver Trust | call | New | 60,000 | $1.9M |
| BBAI Bigbear.ai Holdings Inc. | put | Reduce -53.8% | 600,000 | $1.7M |
| PCT Purecycle Technologies Inc. | call | New | 241,000 | $1.7M |
| WOLF Wolfspeed Inc. | put | New | 440,700 | $1.3M |
| RVNC Revance Therapeutics Inc. | call | Sold out | 400,000 | $1.2Mbefore exit |
| FXI iShares China Large-Cap ETF | call | New | 25,000 | $896K |
| KWEB Kranesh Csi China Internet | call | New | 20,000 | $698K |
| AMD Advanced Micro Devices | call | New | 5,000 | $514K |
| NOVAQ Sunnova Energy International | call | New | 991,300 | $369K |
| GOOG Alphabet Inc. Class C | call | New | 2,000 | $312K |
| SMCI Super Micro Computer Inc. | call | Reduce -98.8% | 600 | $21K |
| PLTR Palantir Technologies Inc. Class A | put | New | 200 | $17K |
| COMP Compass Inc. Class A | call | New | 1,900 | $17K |
| RKLB Rocket Lab USA Inc. | call | New | 900 | $16K |
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
| PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28) | NOTE 3.250% 4/0 · principal | Add +0.3% | 67,381,000 | $165.4M |
| MICROSTRATEGY INC (MSTR 0 02/15/27) | NOTE 2/1 · principal | Sold out | 48,250,000 | $100.1Mbefore exit |
| TILRAY BRANDS INC (TLRY 5.2 06/15/27) | NOTE 5.200% 6/1 · principal | Reduce -27.1% | 64,500,000 | $60.7M |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | New | 36,170,000 | $47.5M |
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | DEB 4.000%12/1 · principal | Reduce -6.0% | 39,076,000 | $39.9M |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | Add +69.0% | 35,500,000 | $37.3M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Add +53.5% | 33,000,000 | $36.9M |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | Add +9.3% | 40,517,000 | $33.5M |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | Reduce -27.0% | 37,803,000 | $31.7M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Reduce -55.0% | 29,510,000 | $30.6M |
| PLUG POWER INC (PLUG 3.75 06/01/25) | NOTE 3.750% 6/0 · principal | Reduce -2.8% | 27,459,000 | $27.1M |
| REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27) | NOTE 1.750% 2/1 · principal | Sold out | 26,429,000 | $25.4Mbefore exit |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Reduce -45.7% | 20,762,000 | $20.7M |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Reduce -37.4% | 15,888,000 | $15.5M |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | New | 12,100,000 | $10.1M |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | Reduce -67.9% | 9,213,000 | $9.2M |
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 | 1,134 | $2.6B | NVDA, AMZN, GOOG, C, HYG |
| Q1 2026 | 1,056 | $2.2B | AMZN, NVDA, GOOG, EWY, C |
| Q4 2025 | 1,139 | $2.0B | IBIT, AMZN, META, EWC, NVDA |
| Q3 2025 | 1,146 | $1.8B | IBIT, GDX, XLU, AMZN, VTV |
| Q2 2025 | 1,220 | $3.3B | PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28), IBIT, COINBASE GLOBAL INC (COIN 0.5 06/01/26), PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30), NOVAVAX INC (NVAX 5 12/15/27) |
| Q1 2025 | 1,197 | $2.2B | IBIT, XLU, C, CME, META |
| Q4 2024 | 1,151 | $2.0B | IBIT, MSTR, NVDA, HYG, META |
| Q3 2024 | 1,008 | $1.9B | IBIT, META, MSFT, NVDA, WMT |
| Q2 2024 | 952 | $1.6B | IBIT, MSTR, META, HES, KO |
| Q1 2024 | 976 | $1.9B | IBIT, DG, AMZN, MSFT, MSTR |