Income Research & Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 17, 2025), Income Research & Management reported 38 stock positions worth $373.4 million. Its top holding was Vanguard Long-Term Bond ETF (BLV) at 13.4% of the portfolio, followed by Vanguard Long-Term Treasury (VGLT, 10.6%) and Vanguard Extended Dur Treas (EDV, 7.3%). Compared with Q1 2025, it opened 13 new positions, sold out of 2, added to 19 and reduced 1. The biggest buy was a new position in Vanguard Long-Term Bond ETF (BLV) and the biggest sale an exit from Southwest Airlines Co. (luv 1.25 05/01/25).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001165830
- Portfolio Value
- $373.4M (Q2 2025)
- SEC Filing
- 0001214659-25-010512 ↗ filed Jul 17, 2025
Holdings Value
Holdings 38 stocks · $373.4M
| BLV Vanguard Long-Term Bond ETF | 13.43% | 720,997 | $50.1M | New |
| VGLT Vanguard Long-Term Treasury | 10.61% | 705,962 | $39.6M | New |
| EDV Vanguard Extended Dur Treas | 7.28% | 403,862 | $27.2M | New |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | 3.65% | 14,037,000 | $13.6M | Add +1.9% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | 3.51% | 12,146,000 | $13.1M | Add +2.1% |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) filed as NEW MTN FIN CORP | 3.29% | 12,241,000 | $12.3M | Add +1.6% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | 3.25% | 10,155,000 | $12.1M | Add +1.6% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | 3.24% | 11,374,000 | $12.1M | Add +2.5% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | 3.12% | 11,023,000 | $11.7M | Add +2.5% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | 2.97% | 10,246,000 | $11.1M | Add +2.5% |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | 2.77% | 12,112,000 | $10.3M | No change |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | 2.76% | 10,268,000 | $10.3M | Add +2.7% |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | 2.43% | 9,242,000 | $9.1M | Add +2.7% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | 2.41% | 9,303,000 | $9.0M | Add +2.2% |
| FORD MOTOR COMPANY (F 0 03/15/26) filed as FORD MTR CO | 2.37% | 8,953,000 | $8.8M | Add +2.3% |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | 2.36% | 9,008,000 | $8.8M | Add +2.6% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | 2.29% | 9,250,000 | $8.5M | Add +3.2% |
| ETSY INC (ETSY 0.25 06/15/28) | 2.22% | 9,692,000 | $8.3M | Add +1.5% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | 2.16% | 8,693,000 | $8.1M | Add +2.3% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | 2.04% | 6,715,000 | $7.6M | Add +3.3% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | 1.97% | 8,255,000 | $7.4M | Add +3.2% |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | 1.95% | 7,413,000 | $7.3M | New |
| BLOCK INC (XYZ 0.25 11/01/27) | 1.79% | 7,470,000 | $6.7M | New |
| EVERGY INC (EVRG 4.5 12/15/27) | 1.61% | 5,127,000 | $6.0M | Add +2.5% |
| DEXCOM INC (DXCM 0.375 05/15/28) | 1.56% | 6,226,000 | $5.8M | New |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | 1.52% | 5,509,000 | $5.7M | Reduce -55.5% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | 1.43% | 3,735,000 | $5.3M | Add +4.3% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | 1.40% | 5,380,000 | $5.2M | New |
| TAXX BBLX Irm Tax-Aware S Dur ETF | 1.37% | 100,000 | $5.1M | No change |
| TXXI BBLX Irm Tax-Aware I Dur ETF | 1.33% | 100,000 | $5.0M | No change |
| TAXM Bondbloxx Ir+m Tax-Aware Mas | 1.32% | 100,000 | $4.9M | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | 1.28% | 4,147,000 | $4.8M | New |
| SOUTHERN CO (SO 4.5 06/15/27) | 1.18% | 4,002,000 | $4.4M | New |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | 0.79% | 2,985,000 | $3.0M | New |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | 0.76% | 2,611,000 | $2.8M | New |
| AGGS Harbor Disciplined Bond ETF | 0.55% | 50,000 | $2.1M | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | 0.03% | 85,000 | $96K | New |
| CABLE ONE INC (CABO 1.125 03/15/28) | 0.01% | 35,000 | $27K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $851K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 355 | $431K | New |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 358 | $420K | New |
Total filed on the 13F, all lines: $374.2M.
Portfolio Sells Q1 2025 → Q2 2025
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | Sold out | 0.00% | −5.07 |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | Reduce -55.5% | 1.52% | −4.12 |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | Sold out | 0.00% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
Notes & Other Activity Q1 2025 → Q2 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | New | 355 | $431K |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | New | 358 | $420K |
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 | 28 | $183.1M | BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN), EURONET WORLDWIDE INC (EEFT 0.75 03/15/49), UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028), ALLIANT ENERGY CORP (LNT 3.25 05/30/28), WEC ENERGY GROUP INC (WEC 3.375 06/01/28) |
| Q1 2026 | 24 | $167.3M | BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN), AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27), CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028), EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) |
| Q4 2025 | 30 | $189.0M | BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN), EURONET WORLDWIDE INC (EEFT 0.75 03/15/49), AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27), CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) |
| Q3 2025 | 33 | $203.6M | EURONET WORLDWIDE INC (EEFT 0.75 03/15/49), CMS ENERGY CORP (CMS 3.375 05/01/28), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29), EXPEDIA GROUP INC (EXPE 0 02/15/26) |
| Q2 2025 | 38 | $373.4M | BLV, VGLT, EDV, EXPEDIA GROUP INC (EXPE 0 02/15/26), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) |
| Q1 2025 | 27 | $234.8M | EXPEDIA GROUP INC (EXPE 0 02/15/26), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), ALLIANT ENERGY CORP (LNT 3.875 03/15/26), VENTAS REALTY LP (VTR 3.75 06/01/26), CMS ENERGY CORP (CMS 3.375 05/01/28) |
| Q4 2024 | 25 | $209.6M | EXPEDIA GROUP INC (EXPE 0 02/15/26), ALLIANT ENERGY CORP (LNT 3.875 03/15/26), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25), NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) |
| Q3 2024 | 21 | $207.5M | VENTAS REALTY LP (VTR 3.75 06/01/26), EXPEDIA GROUP INC (EXPE 0 02/15/26), ALLIANT ENERGY CORP (LNT 3.875 03/15/26), BOOKING HOLDINGS INC (BKNG 0.75 05/01/25), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) |
| Q2 2024 | 18 | $173.4M | EXPEDIA GROUP INC (EXPE 0 02/15/26), ALLIANT ENERGY CORP (LNT 3.875 03/15/26), NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25), SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25), BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) |
| Q1 2024 | 15 | $148.0M | ALLIANT ENERGY CORP (LNT 3.875 03/15/26), EURONET WORLDWIDE INC (EEFT 0.75 03/15/49), NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25), SOUTHERN CO (SO 3.875 12/15/25), EXPEDIA GROUP INC (EXPE 0 02/15/26) |