HBK Investments L P
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), HBK Investments L P reported 74 stock positions worth $5.0 billion. Its top holding was Hess (HES) at 23.5% of the portfolio, followed by Kellanova (K, 16.5%) and Intra-Cellular Therapies (ITCI, 11.6%). Compared with Q4 2024, it opened 38 new positions, sold out of 38, added to 15 and reduced 20. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Smartsheet Class A (SMAR).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001011443
- Portfolio Value
- $5.0B (Q1 2025)
- SEC Filing
- 0001011443-25-000022 ↗ filed May 15, 2025
Holdings Value
Holdings 74 stocks · $5.0B
| HES Hess Corp. | 23.48% | 7,355,900 | $1.2B | Add +1.6% |
| K Kellanova | 16.47% | 9,994,462 | $824.4M | Add +15.7% |
| ITCI Intra-Cellular Therapies Inc. | 11.56% | 4,385,000 | $578.5M | New |
| BERY Berry Global Group Inc. | 8.01% | 5,741,829 | $400.8M | Add +200.4% |
| BECN Beacon Roofing Supply Inc. | 7.58% | 3,065,000 | $379.1M | New |
| ESGR Enstar Group Ltd. | 4.89% | 735,752 | $244.5M | New |
| PYCR Paycor HCM Inc. | 4.01% | 8,952,865 | $200.9M | New |
| FYBR Frontier Communications Pare | 3.73% | 5,212,119 | $186.9M | New |
| DFS Discover Financial Services | 2.03% | 596,072 | $101.7M | New |
| HEES H&E Equipment Services Inc. | 1.79% | 944,173 | $89.5M | New |
| AZEK The Azek Co. Inc. | 1.72% | 1,763,986 | $86.2M | New |
| IPG Interpublic Group of Cos Inc. | 1.49% | 2,752,793 | $74.8M | New |
| ARKB ARK 21SHARES Bitcoin ETF | 1.34% | 817,168 | $67.2M | Reduce -41.6% |
| EVRI Everi Holdings Inc. | 0.99% | 3,633,557 | $49.7M | Add +68.9% |
| IWM iShares Russell 2000 ETF | 0.82% | 204,886 | $40.9M | Add +67.7% |
| UBER Uber Technologies Inc. | 0.68% | 464,883 | $33.9M | Add +33.4% |
| FBTC Fidelity Wise Origin Bitcoin | 0.63% | 440,666 | $31.7M | Reduce -84.3% |
| NWSA News Corp. Class A | 0.60% | 1,110,000 | $30.2M | Add +0.8% |
| SOLV Solventum Corp. | 0.53% | 347,654 | $26.4M | Add +0.0% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.51% | 412,652 | $25.4M | Reduce -21.0% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.49% | 584,769 | $24.4M | Add +82.8% |
| EWZ iShares MSCI Brazil ETF | 0.40% | 780,500 | $20.2M | New |
| WBD Warner Bros Discovery Inc. | 0.34% | 1,580,000 | $17.0M | New |
| QDEL Quidelortho Corp. | 0.34% | 482,701 | $16.9M | Reduce -23.4% |
| CON Concentra Group Holdings Par | 0.33% | 766,110 | $16.6M | Reduce -14.2% |
| FUN Six Flags Entertainment Corp. | 0.32% | 449,621 | $16.0M | Add +49.9% |
| BATRK Atlanta Braves Holdings in-C | 0.32% | 398,420 | $15.9M | Add +0.8% |
| VALE Vale SA-SP ADR | 0.30% | 1,510,000 | $15.1M | New |
| SIRI Sirius XM Holdings Inc. | 0.29% | 642,085 | $14.5M | Reduce -29.2% |
| BROS Dutch Bros Inc. Class A | 0.25% | 200,000 | $12.3M | Reduce -33.3% |
| PGRE Paramount Group Inc. | 0.24% | 2,791,774 | $12.0M | Add +16.5% |
| BITB Bitwise Bitcoin ETF | 0.23% | 260,222 | $11.7M | Reduce -70.1% |
| LLYVA Liberty Media Corp.-Liberty-A | 0.22% | 163,089 | $11.0M | New |
| ACHR Archer Aviation Inc. Class A | 0.21% | 1,500,000 | $10.7M | Reduce -33.3% |
| MRP Millrose Properties | 0.21% | 400,000 | $10.6M | New |
| SGRY Surgery Partners Inc. | 0.21% | 434,915 | $10.3M | New |
| SNDK Sandisk Corp. | 0.20% | 209,121 | $10.0M | New |
| GPN Global Payments Inc. | 0.17% | 86,396 | $8.5M | Add +26.8% |
| WDC Western Digital Corp. | 0.15% | 185,946 | $7.5M | New |
| BTSG Brightspring Health Services | 0.14% | 400,000 | $7.2M | Reduce -20.0% |
| TRIP Tripadvisor Inc. | 0.14% | 500,000 | $7.1M | Add +50.5% |
| SAIL Sailpoint Inc. | 0.13% | 350,000 | $6.6M | New |
| FETH Fidelity Ethereum Fund | 0.12% | 316,793 | $5.8M | Reduce -54.3% |
| CRWV Coreweave Inc. Class A | 0.11% | 150,000 | $5.6M | New |
| ETHW Bitwise Ethereum ETF | 0.11% | 413,302 | $5.4M | Reduce -15.7% |
| BEAG Bold Eagle Acquisition Cor-A | 0.10% | 500,000 | $5.1M | No change |
| MAGN Magnera Corp. | 0.10% | 278,069 | $5.0M | Reduce -13.4% |
| AACBU Artius II Acquisition Inc. | 0.10% | 500,000 | $5.0M | New |
| SFD Smithfield Foods Inc. | 0.08% | 200,000 | $4.1M | New |
| LOKVU Live Oak Acquisition Corp. V | 0.08% | 400,000 | $4.0M | New |
| GTES Gates Industrial Corp. UK Ltd. | 0.07% | 200,000 | $3.7M | Reduce -42.9% |
| KRMN Karman Holdings Inc. | 0.07% | 100,000 | $3.3M | New |
| LPLA LPL Financial Holdings Inc. | 0.07% | 10,000 | $3.3M | New |
| LGF.B Lions Gate Entertainment-B | 0.06% | 379,163 | $3.0M | Reduce -36.3% |
| DDOG Datadog Inc. Class A | 0.06% | 27,864 | $2.8M | Add +79.8% |
| CEPO Cantor Equity Partners I-A | 0.05% | 250,000 | $2.6M | New |
| LCII Lci Industries | 0.04% | 23,580 | $2.1M | New |
| ED Consolidated Edison Inc. | 0.03% | 15,000 | $1.7M | New |
| FTRE Fortrea Holdings Inc. | 0.03% | 191,992 | $1.4M | New |
| BTX BlackRock Tech & Priv Eqty | 0.03% | 212,380 | $1.3M | Reduce -33.8% |
| ADT Adt Inc. | 0.03% | 160,000 | $1.3M | New |
| PTON Peloton Interactive Inc. Class A | 0.03% | 198,296 | $1.3M | Reduce -45.9% |
| MTH Meritage Homes Corp. | 0.02% | 17,266 | $1.2M | Reduce -58.4% |
| LTH Life Time Group Holdings Inc. | 0.02% | 40,000 | $1.2M | New |
| BSTZ BlackRock Sci & Tech TRM TR | 0.02% | 51,119 | $907K | Reduce -11.2% |
| TSLA Tesla Inc. | 0.01% | 2,502 | $648K | New |
| BBIO Bridgebio Pharma Inc. | 0.01% | 15,000 | $519K | New |
| NVDA Nvidia Corp. | 0.01% | 4,245 | $460K | New |
| BMEZ BlackRock HLTH Sci TRM TR II | 0.01% | 28,266 | $421K | Reduce -75.0% |
| META Meta Platforms Inc. Class A | 0.01% | 537 | $310K | New |
| AMZN Amazon.com Inc. | 0.01% | 1,519 | $289K | New |
| GOOGL Alphabet Inc. Class A | 0.01% | 1,858 | $287K | New |
| MSFT Microsoft Corp. | 0.00% | 622 | $233K | New |
| AAPL Apple Inc. | 0.00% | 1,017 | $226K | New |
Options reported separately and not counted above: SPY puts ($191.6M), IWM puts ($140.5M), META puts ($132.0M), GLD puts ($94.4M), SPY calls ($83.9M), MSTR puts ($78.1M), TSM puts ($59.1M), AGNC puts ($53.4M), CVX calls ($41.7M), X calls ($35.9M), CNK puts ($35.5M), XOP puts ($33.2M), and 64 more.
Other holdings (35): bonds, preferreds, convertibles and warrants · $728.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | 35,109,000 | $71.5M | New |
| HCI GROUP INC (HCI 4.75 06/01/42) | NOTE 4.750% 6/0 · principal | 34,539,000 | $65.1M | Add +8.8% |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 58,122,000 | $57.9M | No change |
| INFINERA CORP (INFN 2.5 03/01/27) | NOTE 2.500% 3/0 · principal | 43,131,000 | $52.2M | Reduce -30.9% |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 36,408,000 | $36.9M | No change |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 25,645,000 | $36.3M | No change |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 25,000,000 | $35.4M | No change |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | 40,000,000 | $30.6M | New |
| IMPINJ INC (PI 1.125 05/15/27) | NOTE 1.125% 5/1 · principal | 24,130,000 | $27.4M | Reduce -33.2% |
| SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) | NOTE 3.250%11/0 · principal | 19,000,000 | $26.0M | Add +65.2% |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 24,957,000 | $23.4M | Add +8.6% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 21,840,000 | $21.7M | New |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | 20,000,000 | $21.6M | No change |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | 19,882,000 | $21.3M | Reduce -40.4% |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 19,805,000 | $21.2M | Reduce -34.0% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 14,500,000 | $18.7M | Add +16.0% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 19,500,000 | $18.0M | No change |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 23,300,000 | $16.2M | No change |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 14,600,000 | $15.1M | No change |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | 15,000,000 | $15.1M | Reduce -18.9% |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | 14,250,000 | $13.0M | Reduce -43.1% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 13,868,000 | $11.8M | Reduce -2.1% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 11,295,000 | $11.1M | Reduce -82.7% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 9,920,000 | $9.9M | No change |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 9,056,000 | $9.0M | No change |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 150,000 | $7.2M | No change |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 150,000 | $7.2M | Reduce -40.0% |
| PAR TECHNOLOGY CORP (PAR 2.875 04/15/26) | NOTE 2.875% 4/1 · principal | 4,830,000 | $7.1M | Add +141.5% |
| SNAP INC (SNAP 0.25 05/01/25) | NOTE 0.250% 5/0 · principal | 6,232,000 | $6.2M | No change |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 100,000 | $4.4M | No change |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | 5,000,000 | $3.4M | No change |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 2,500,000 | $2.5M | No change |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 44,000 | $2.2M | New |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 7,150,000 | $1.6M | Add +60.7% |
| BEAGR Bold Eagle Acquisition Corp. | RIGHT 10/11/2029 | 500,000 | $125K | No change |
Total filed on the 13F, all lines: $5.7B.
Portfolio Sells Q4 2024 → Q1 2025
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −8.93 |
| ALTR Altair Engineering Inc. Class A | Sold out | 0.00% | −7.04 |
| EDR Endeavor Group Hold Class A | Sold out | 0.00% | −6.17 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −5.35 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -84.3% | 0.63% | −4.68 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −4.63 |
| ROIC Retail Opportunity Investmen | Sold out | 0.00% | −2.55 |
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −2.06 |
| ARKB ARK 21SHARES Bitcoin ETF | Reduce -41.6% | 1.34% | −1.69 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −1.03 |
| BITB Bitwise Bitcoin ETF | Reduce -70.1% | 0.23% | −0.79 |
| FETH Fidelity Ethereum Fund | Reduce -54.3% | 0.12% | −0.42 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.35 |
| QDEL Quidelortho Corp. | Reduce -23.4% | 0.34% | −0.31 |
| ACHR Archer Aviation Inc. Class A | Reduce -33.3% | 0.21% | −0.30 |
| ETH Grayscale Ethereum Staking M | Sold out | 0.00% | −0.25 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.22 |
| SIRI Sirius XM Holdings Inc. | Reduce -29.2% | 0.29% | −0.19 |
| ETHW Bitwise Ethereum ETF | Reduce -15.7% | 0.11% | −0.16 |
| UMBF Umb Financial Corp. | Sold out | 0.00% | −0.13 |
| BROS Dutch Bros Inc. Class A | Reduce -33.3% | 0.25% | −0.12 |
| TEM Tempus AI Inc. Class A | Sold out | 0.00% | −0.12 |
| IP International Paper Co. | Sold out | 0.00% | −0.11 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -21.0% | 0.51% | −0.10 |
| OS Onestream Inc. | Sold out | 0.00% | −0.10 |
| GTES Gates Industrial Corp. UK Ltd. | Reduce -42.9% | 0.07% | −0.09 |
| IBTA Ibotta Inc. Class A | Sold out | 0.00% | −0.09 |
| ETHA iShares Ethereum Trust ETF | Sold out | 0.00% | −0.09 |
| RPD RAPID7 Inc. | Sold out | 0.00% | −0.08 |
| CON Concentra Group Holdings Par | Reduce -14.2% | 0.33% | −0.08 |
| BTSG Brightspring Health Services | Reduce -20.0% | 0.14% | −0.05 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.05 |
| MTH Meritage Homes Corp. | Reduce -58.4% | 0.02% | −0.05 |
| PTON Peloton Interactive Inc. Class A | Reduce -45.9% | 0.03% | −0.05 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.05 |
| LGF.B Lions Gate Entertainment-B | Reduce -36.3% | 0.06% | −0.04 |
| ETHV Vaneck Ethereum ETF | Sold out | 0.00% | −0.04 |
| SOFI Sofi Technologies Inc. | Sold out | 0.00% | −0.04 |
| MAGN Magnera Corp. | Reduce -13.4% | 0.10% | −0.03 |
| HTLF Heartland Financial USA Inc. | Sold out | 0.00% | −0.03 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −0.03 |
| BMEZ BlackRock HLTH Sci TRM TR II | Reduce -75.0% | 0.01% | −0.03 |
| BTX BlackRock Tech & Priv Eqty | Reduce -33.8% | 0.03% | −0.03 |
| RIVN Rivian Automotive Inc. Class A | Sold out | 0.00% | −0.03 |
| EVGO Evgo Inc. | Sold out | 0.00% | −0.02 |
| PCG P G & E Corp. | Sold out | 0.00% | −0.02 |
| ESTC Elastic NV | Sold out | 0.00% | −0.02 |
| KMT Kennametal Inc. | Sold out | 0.00% | −0.02 |
| PACS Pacs Group Inc. | Sold out | 0.00% | −0.02 |
| PLGO Pelagos Insurance Capital LT | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| ITCI Intra-Cellular Therapies Inc. | New | 11.56% | +11.56 |
| BECN Beacon Roofing Supply Inc. | New | 7.58% | +7.58 |
| BERY Berry Global Group Inc. | Add +200.4% | 8.01% | +5.14 |
| ESGR Enstar Group Ltd. | New | 4.89% | +4.89 |
| PYCR Paycor HCM Inc. | New | 4.01% | +4.01 |
| FYBR Frontier Communications Pare | New | 3.73% | +3.73 |
| DFS Discover Financial Services | New | 2.03% | +2.03 |
| HEES H&E Equipment Services Inc. | New | 1.79% | +1.79 |
| AZEK The Azek Co. Inc. | New | 1.72% | +1.72 |
| IPG Interpublic Group of Cos Inc. | New | 1.49% | +1.49 |
| HES Hess Corp. | Add +1.6% | 23.48% | +1.13 |
| EWZ iShares MSCI Brazil ETF | New | 0.40% | +0.40 |
| WBD Warner Bros Discovery Inc. | New | 0.34% | +0.34 |
| EVRI Everi Holdings Inc. | Add +68.9% | 0.99% | +0.32 |
| VALE Vale SA-SP ADR | New | 0.30% | +0.30 |
| K Kellanova | Add +15.7% | 16.47% | +0.24 |
| LLYVA Liberty Media Corp.-Liberty-A | New | 0.22% | +0.22 |
| MRP Millrose Properties | New | 0.21% | +0.21 |
| SGRY Surgery Partners Inc. | New | 0.21% | +0.21 |
| SLB SLB Ltd. | Add +82.8% | 0.49% | +0.20 |
| SNDK Sandisk Corp. | New | 0.20% | +0.20 |
| IWM iShares Russell 2000 ETF | Add +67.7% | 0.82% | +0.19 |
| UBER Uber Technologies Inc. | Add +33.4% | 0.68% | +0.19 |
| WDC Western Digital Corp. | New | 0.15% | +0.15 |
| SAIL Sailpoint Inc. | New | 0.13% | +0.13 |
| CRWV Coreweave Inc. Class A | New | 0.11% | +0.11 |
| AACBU Artius II Acquisition Inc. | New | 0.10% | +0.10 |
| SFD Smithfield Foods Inc. | New | 0.08% | +0.08 |
| LOKVU Live Oak Acquisition Corp. V | New | 0.08% | +0.08 |
| KRMN Karman Holdings Inc. | New | 0.07% | +0.07 |
| LPLA LPL Financial Holdings Inc. | New | 0.07% | +0.07 |
| CEPO Cantor Equity Partners I-A | New | 0.05% | +0.05 |
| LCII Lci Industries | New | 0.04% | +0.04 |
| ED Consolidated Edison Inc. | New | 0.03% | +0.03 |
| FTRE Fortrea Holdings Inc. | New | 0.03% | +0.03 |
| TRIP Tripadvisor Inc. | Add +50.5% | 0.14% | +0.03 |
| ADT Adt Inc. | New | 0.03% | +0.03 |
| LTH Life Time Group Holdings Inc. | New | 0.02% | +0.02 |
| TSLA Tesla Inc. | New | 0.01% | +0.01 |
| BBIO Bridgebio Pharma Inc. | New | 0.01% | +0.01 |
| NVDA Nvidia Corp. | New | 0.01% | +0.01 |
| META Meta Platforms Inc. Class A | New | 0.01% | +0.01 |
| AMZN Amazon.com Inc. | New | 0.01% | +0.01 |
| GOOGL Alphabet Inc. Class A | New | 0.01% | +0.01 |
| MSFT Microsoft Corp. | New | 0.00% | +0.00 |
| AAPL Apple Inc. | New | 0.00% | +0.00 |
| DDOG Datadog Inc. Class A | Add +79.8% | 0.06% | +0.00 |
| SOLV Solventum Corp. | Add +0.0% | 0.53% | −0.00 |
| GPN Global Payments Inc. | Add +26.8% | 0.17% | −0.01 |
| FUN Six Flags Entertainment Corp. | Add +49.9% | 0.32% | −0.01 |
Options Activity Q4 2024 → Q1 2025
| TKO Tko Group Holdings Inc. | put | Sold out | 1,400,000 | $199.0Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -59.2% | 342,600 | $191.6M |
| IWM iShares Russell 2000 ETF | put | Reduce -34.7% | 704,400 | $140.5M |
| META Meta Platforms Inc. Class A | put | New | 229,000 | $132.0M |
| GLD SPDR Gold Shares | put | Add +6.5% | 327,600 | $94.4M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -90.4% | 150,000 | $83.9M |
| MSTR Strategy Inc. | put | Add +155.5% | 270,800 | $78.1M |
| DASH DoorDash Inc. Class A | put | Sold out | 345,200 | $57.9Mbefore exit |
| AGNC AGNC Investment Corp. | put | Add +7.7% | 5,570,000 | $53.4M |
| IWM iShares Russell 2000 ETF | call | Sold out | 200,000 | $44.2Mbefore exit |
| X United States Steel Corp. | call | Add +45.7% | 850,000 | $35.9M |
| CNK Cinemark Holdings Inc. | put | Add +13.1% | 1,424,300 | $35.5M |
| RSP Invesco S&P 500 Equal Weight | call | Sold out | 200,000 | $35.0Mbefore exit |
| CVLT Commvault Systems Inc. | put | Add +91.0% | 209,900 | $33.1M |
| IBIT iShares Bitcoin Trust ETF | put | Add +304.4% | 531,400 | $24.9M |
| TCOM Trip.com Group Ltd.-ADR | put | Reduce -47.0% | 363,600 | $23.1M |
| CNK Cinemark Holdings Inc. | call | Reduce -2.0% | 921,400 | $22.9M |
| EWZ iShares MSCI Brazil ETF | put | New | 780,500 | $20.2M |
| QQQE Dirx Nasdaq-100EQ Wi ETF-Usd | put | Sold out | 198,100 | $17.8Mbefore exit |
| GOOG Alphabet Inc. Class C | put | New | 105,600 | $16.5M |
| VALE Vale SA-SP ADR | put | New | 1,510,000 | $15.1M |
| BSY Bentley Systems Inc. Class B | call | Sold out | 300,000 | $14.0Mbefore exit |
| NVDA Nvidia Corp. | put | New | 118,000 | $12.8M |
| LDOS Leidos Holdings Inc. | put | New | 90,800 | $12.3M |
| RITM Rithm Capital Corp. | put | Sold out | 1,124,200 | $12.2Mbefore exit |
| PMT Pennymac Mortgage Investment | put | Reduce -26.5% | 811,700 | $11.9M |
| BATRK Atlanta Braves Holdings in-C | call | Sold out | 300,000 | $11.5Mbefore exit |
| JETS US Global Jets ETF | put | Reduce -78.2% | 536,500 | $11.1M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 22,100 | $10.4M |
| NLY Annaly Capital Management Inc. | put | New | 500,000 | $10.2M |
| RSP Invesco S&P 500 Equal Weight | put | Sold out | 52,000 | $9.1Mbefore exit |
| EQIX Equinix Inc. | put | Add +4.0% | 10,400 | $8.5M |
| SIRI Sirius XM Holdings Inc. | put | Sold out | 369,000 | $8.4Mbefore exit |
| SAIC Science Applications Inte | put | New | 72,300 | $8.1M |
| W Wayfair Inc. Class A | put | Sold out | 164,600 | $7.3Mbefore exit |
| TRIP Tripadvisor Inc. | put | Add +51.7% | 504,000 | $7.1M |
| LEN Lennar Corp. Class A | put | New | 59,100 | $6.8M |
| BA The Boeing Co. | call | Sold out | 34,500 | $6.1Mbefore exit |
| ACI Albertsons Cos Inc. Class A | call | Sold out | 300,000 | $5.9Mbefore exit |
| CACI Caci International Inc. Class A | put | New | 15,200 | $5.6M |
| SGRY Surgery Partners Inc. | put | New | 230,900 | $5.5M |
| UBER Uber Technologies Inc. | put | Add +30.8% | 75,200 | $5.5M |
| BAH Booz Allen Hamilton Holdings | put | New | 51,200 | $5.4M |
| TWO Two Harbors Investment Corp. | call | Add +60.0% | 400,000 | $5.3M |
| UAL United Airlines Holdings Inc. | put | Sold out | 49,300 | $4.8Mbefore exit |
| SKT Tanger Inc. | put | Sold out | 130,000 | $4.4Mbefore exit |
| SPG Simon Property Group Inc. | put | Sold out | 25,500 | $4.4Mbefore exit |
| SIRI Sirius XM Holdings Inc. | call | Reduce -48.0% | 192,100 | $4.3M |
| UBER Uber Technologies Inc. | call | Reduce -8.3% | 52,700 | $3.8M |
| INFN Infinera Corp. | put | Sold out | 556,400 | $3.7Mbefore exit |
Showing the first 50 of 100.
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
| ALTAIR ENGINEERING INC (ALTR 1.75 06/15/27) | NOTE 1.750% 6/1 · principal | Sold out | 56,288,000 | $87.9Mbefore exit |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | New | 35,109,000 | $71.5M |
| HCI GROUP INC (HCI 4.75 06/01/42) | NOTE 4.750% 6/0 · principal | Add +8.8% | 34,539,000 | $65.1M |
| INFINERA CORP (INFN 2.5 03/01/27) | NOTE 2.500% 3/0 · principal | Reduce -30.9% | 43,131,000 | $52.2M |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | New | 40,000,000 | $30.6M |
| IMPINJ INC (PI 1.125 05/15/27) | NOTE 1.125% 5/1 · principal | Reduce -33.2% | 24,130,000 | $27.4M |
| SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) | NOTE 3.250%11/0 · principal | Add +65.2% | 19,000,000 | $26.0M |
| LIVENT CORP (LTHM 4.125 07/15/25) | NOTE 4.125% 7/1 · principal | Sold out | 16,801,000 | $24.5Mbefore exit |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Sold out | 18,025,000 | $23.7Mbefore exit |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Add +8.6% | 24,957,000 | $23.4M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Sold out | 23,800,000 | $22.3Mbefore exit |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | New | 21,840,000 | $21.7M |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | Reduce -40.4% | 19,882,000 | $21.3M |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Reduce -34.0% | 19,805,000 | $21.2M |
| TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) | NOTE 12/1 · principal | Sold out | 20,000,000 | $19.9Mbefore exit |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Add +16.0% | 14,500,000 | $18.7M |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Reduce -18.9% | 15,000,000 | $15.1M |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | Sold out | 16,250,000 | $14.5Mbefore exit |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | Reduce -43.1% | 14,250,000 | $13.0M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Reduce -2.1% | 13,868,000 | $11.8M |
| MICROSTRATEGY INC (MSTR 0 02/15/27) | NOTE 2/1 · principal | Sold out | 5,500,000 | $11.4Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Reduce -82.7% | 11,295,000 | $11.1M |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | Sold out | 10,352,000 | $8.0Mbefore exit |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -40.0% | 150,000 | $7.2M |
| PAR TECHNOLOGY CORP (PAR 2.875 04/15/26) | NOTE 2.875% 4/1 · principal | Add +141.5% | 4,830,000 | $7.1M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Sold out | 5,000,000 | $4.8Mbefore exit |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | Sold out | 3,000,000 | $2.8Mbefore exit |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | New | 44,000 | $2.2M |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | Add +60.7% | 7,150,000 | $1.6M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 128 | $7.8B | BLD, EA, PEN, NSC, KVUE |
| Q1 2026 | 160 | $7.3B | HOLX, EA, PEN, NSC, MASI |
| Q4 2025 | 112 | $8.5B | CYBR, EXAS, HOLX, NSC, DAY |
| Q3 2025Amended | 105 | $6.0B | CYBR, VRNA, GTLS, NSC, LBRDK |
| Q2 2025Amended | 91 | $5.0B | HES, K, BPMC, AZEK, ESGR |
| Q1 2025Amended | 74 | $5.0B | HES, K, ITCI, BERY, BECN |
| Q4 2024Amended | 74 | $4.3B | HES, K, SMAR, ALTR, EDR |
| Q3 2024Amended | 69 | $4.6B | HES, MRO, K, SWN, SRCL |
| Q2 2024Amended | 70 | $3.6B | HES, WRK, EDR, MRO, ETRN |
| Q1 2024Amended | 61 | $3.5B | PXD, HES, WRK, FBTC, AXONICS INC |