Isabella Capital Management LLP In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Isabella Capital Management LLP reported 1 stock position worth $13.9 million . Its top holding was Ishr Ibx Usd Hiyld CB ETF-Ui (HYG) at 100.0% of the portfolio. Compared with Q4 2025, it reduced 1. The biggest sale was Ishr Ibx Usd Hiyld CB ETF-Ui (HYG, shares −26% ).
Location LONDON, X0
CIK 0002134988
Portfolio Value $13.9M (Q1 2026) Holdings 1 stocks · $13.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 HYG Ishr Ibx Usd Hiyld CB ETF-Ui 175,000 $13.9M Reduce -25.5%
Options reported separately and not counted above: HYG puts ($39.8M), SMCI puts ($1.1M).
Other holdings (6): bonds, preferreds, convertibles and warrants · $80.1M (not counted above) Security Class Shares / Principal Value Change ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 27,500,000 $38.2M Add +14.6% MARA HOLDINGS INC (MARA 2.125 09/01/31) NOTE 2.125% 9/0 · principal 13,500,000 $11.5M Add +35.0% STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal 10,000,000 $9.7M Reduce -13.8% STRATEGY INC (MSTR 0 12/01/29) NOTE 12/0 · principal 11,000,000 $9.2M No change STRATEGY INC (MSTR 0 03/01/30) NOTE 3/0 · principal 10,000,000 $8.7M New STRATEGY INC (MSTR 0.625 09/15/28) NOTE 0.625% 9/1 · principal 2,500,000 $2.8M No change
Total filed on the 13F, all lines: $94.0M.
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -25.5% 100.00% 0.00
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ None this quarter.
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ SMCI Super Micro Computer Inc. put New 50,000 $1.1M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Add +14.6% 27,500,000 $38.2M EQUINOX GOLD CORP (EQXCN 4.75 10/15/28) NOTE 4.750%10/1 · principal Sold out 5,000,000 $11.8Mbefore exit MARA HOLDINGS INC (MARA 2.125 09/01/31) NOTE 2.125% 9/0 · principal Add +35.0% 13,500,000 $11.5M STRATEGY INC (MSTR 0.875 03/15/31) NOTE 0.875% 3/1 · principal Reduce -13.8% 10,000,000 $9.7M STRATEGY INC (MSTR 0 03/01/30) NOTE 3/0 · principal New 10,000,000 $8.7M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.