Lombard Odier Asset Management (Europe) Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Lombard Odier Asset Management (Europe) Ltd reported 123 stock positions worth $1.1 billion. Its top holding was Nvidia (NVDA) at 6.6% of the portfolio, followed by Amazon.com (AMZN, 5.1%) and Nexxen International (NEXN, 2.9%). Compared with Q1 2025, it opened 21 new positions, sold out of 19, added to 39 and reduced 62. The biggest buy was Nvidia (NVDA, shares +139%) and the biggest sale an exit from Eli Lilly (LLY).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001535784
- Portfolio Value
- $1.1B (Q2 2025)
- SEC Filing
- 0000908834-25-000251 ↗ filed Aug 14, 2025
Holdings Value
Holdings 123 stocks · $1.1B
| NVDA Nvidia Corp. | 6.56% | 470,943 | $74.4M | Add +139.4% |
| AMZN Amazon.com Inc. | 5.13% | 265,434 | $58.2M | Add +18.4% |
| NEXN Nexxen International Ltd. | 2.92% | 3,180,001 | $33.1M | New |
| AVGO Broadcom Inc. | 2.76% | 113,725 | $31.3M | New |
| XYL Xylem Inc. | 2.20% | 192,936 | $25.0M | Reduce -8.9% |
| NEE Nextera Energy Inc. | 2.17% | 354,510 | $24.6M | Reduce -0.9% |
| PTC PTC Inc. | 1.90% | 125,303 | $21.6M | Reduce -6.8% |
| ACM Aecom | 1.85% | 186,014 | $21.0M | Reduce -9.8% |
| ACN Accenture PLC Class A | 1.70% | 64,663 | $19.3M | Add +0.9% |
| SPGI S&P Global Inc. | 1.67% | 36,031 | $19.0M | Add +55.3% |
| ADSK Autodesk Inc. | 1.57% | 57,498 | $17.8M | Add +9.5% |
| VRT Vertiv Holdings Co. Class A | 1.55% | 136,732 | $17.6M | New |
| WPM Wheaton Precious Metals Corp. | 1.53% | 193,202 | $17.3M | Reduce -36.0% |
| SW Smurfit Westrock PLC | 1.50% | 393,242 | $17.0M | Add +8.2% |
| CSX CSX Corp. | 1.45% | 505,502 | $16.5M | Add +185.7% |
| GOOGL Alphabet Inc. Class A | 1.45% | 93,036 | $16.4M | New |
| STLD Steel Dynamics Inc. | 1.42% | 126,089 | $16.1M | Reduce -22.2% |
| UBER Uber Technologies Inc. | 1.36% | 165,947 | $15.5M | Add +65.2% |
| ECL Ecolab Inc. | 1.36% | 57,436 | $15.5M | Add +3.3% |
| LRCX Lam Research Corp. | 1.36% | 158,512 | $15.4M | Add +252.8% |
| CTVA Corteva Inc. | 1.31% | 199,875 | $14.9M | Reduce -23.3% |
| LIN Linde Inc. filed as LINDE PLC | 1.25% | 30,326 | $14.2M | Add +6.3% |
| PYPL PayPal Holdings Inc. | 1.23% | 187,829 | $14.0M | Add +68.8% |
| TMO Thermo Fisher Scientific Inc. | 1.21% | 33,814 | $13.7M | Reduce -9.8% |
| CCK Crown Holdings Inc. | 1.20% | 132,147 | $13.6M | Reduce -45.4% |
| WMS Advanced Drainage Systems Inc. | 1.18% | 116,811 | $13.4M | Reduce -8.0% |
| LKQ LKQ Corp. | 1.17% | 358,524 | $13.3M | Add +91.2% |
| NVT Nvent Electric PLC | 1.14% | 176,957 | $13.0M | Reduce -43.6% |
| INTU Intuit Inc. | 1.13% | 16,322 | $12.9M | Add +21.5% |
| SYY Sysco Corp. | 1.13% | 168,757 | $12.8M | Reduce -22.5% |
| AMD Advanced Micro Devices | 1.10% | 88,328 | $12.5M | Add +175.1% |
| CPRT Copart Inc. | 1.10% | 254,772 | $12.5M | Reduce -27.6% |
| ABT Abbott Laboratories | 1.07% | 89,278 | $12.1M | Reduce -7.8% |
| CDNS Cadence Design SYS Inc. | 1.04% | 38,331 | $11.8M | Reduce -63.3% |
| CLH Clean Harbors Inc. | 1.03% | 50,319 | $11.6M | Reduce -10.9% |
| CMG Chipotle Mexican Grill Inc. | 1.00% | 202,286 | $11.4M | New |
| CRM Salesforce Inc. | 0.98% | 40,603 | $11.1M | New |
| ZBRA Zebra Technologies Corp. Class A | 0.95% | 35,104 | $10.8M | Reduce -8.7% |
| BIRK Birkenstock Holding PLC | 0.88% | 202,489 | $10.0M | New |
| MSCI MSCI Inc. | 0.87% | 17,092 | $9.9M | New |
| BSX Boston Scientific Corp. | 0.85% | 89,290 | $9.6M | Add +248.3% |
| TREX Trex Company Inc. | 0.84% | 175,538 | $9.5M | Reduce -57.6% |
| MSFT Microsoft Corp. | 0.83% | 18,958 | $9.4M | Add +17.8% |
| MPWR Monolithic Power Systems Inc. | 0.82% | 12,716 | $9.3M | Reduce -38.1% |
| ZTS Zoetis Inc. | 0.81% | 58,901 | $9.2M | Reduce -16.3% |
| MRVL Marvell Technology Inc. | 0.80% | 117,494 | $9.1M | New |
| PWR Quanta Services Inc. | 0.80% | 23,991 | $9.1M | Reduce -50.8% |
| DHR Danaher Corp. | 0.78% | 44,548 | $8.8M | Add +26.9% |
| RMD Resmed Inc. | 0.77% | 34,053 | $8.8M | Reduce -0.1% |
| XYZ Block Inc. | 0.77% | 128,841 | $8.8M | Add +55.5% |
| PAAS Pan American Silver Corp. | 0.77% | 307,361 | $8.7M | Reduce -52.5% |
| AGCO Agco Corp. | 0.74% | 81,480 | $8.4M | Add +15.2% |
| CL Colgate-Palmolive Co. | 0.71% | 88,654 | $8.1M | Add +30.5% |
| PANW Palo Alto Networks Inc. | 0.71% | 39,098 | $8.0M | Add +157.6% |
| FISV Fiserv Inc. | 0.70% | 46,221 | $8.0M | Reduce -15.2% |
| NOMD Nomad Foods Ltd. | 0.68% | 454,632 | $7.7M | Reduce -14.8% |
| URI United Rentals Inc. | 0.68% | 10,239 | $7.7M | Reduce -56.5% |
| MRK Merck & Co. Inc. | 0.66% | 94,918 | $7.5M | Reduce -23.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.63% | 57,935 | $7.2M | Add +4.3% |
| IEX Idex Corp. | 0.62% | 40,168 | $7.1M | Add +1.2% |
| MTZ Mastec Inc. | 0.61% | 40,526 | $6.9M | Reduce -30.1% |
| ROK Rockwell Automation Inc. | 0.56% | 18,988 | $6.3M | Add +4.5% |
| FSLR First Solar Inc. | 0.54% | 37,096 | $6.1M | New |
| TSLA Tesla Inc. | 0.53% | 19,052 | $6.1M | Add +27.2% |
| RSG Republic Services Inc. | 0.51% | 23,595 | $5.8M | Reduce -68.8% |
| CYBR Cyberark Software Ltd./Israel | 0.50% | 13,850 | $5.6M | New |
| SSNC Ss&c Technologies Holdings | 0.49% | 67,500 | $5.6M | Add +400.0% |
| DE Deere & Co. | 0.49% | 10,895 | $5.5M | Reduce -9.5% |
| MKTX Marketaxess Holdings Inc. | 0.49% | 24,750 | $5.5M | New |
| DDOG Datadog Inc. Class A | 0.46% | 39,226 | $5.3M | Add +13.6% |
| IQV Iqvia Holdings Inc. | 0.46% | 33,161 | $5.2M | Reduce -22.9% |
| TTEK Tetra Tech Inc. | 0.46% | 145,323 | $5.2M | Reduce -21.5% |
| BRBR Bellring Brands Inc. | 0.45% | 88,436 | $5.1M | Add +3.3% |
| BR Broadridge Financial Solutio | 0.43% | 20,308 | $4.9M | Reduce -48.9% |
| RCL Royal Caribbean Cruises Ltd. | 0.43% | 15,500 | $4.9M | Reduce -11.4% |
| TPR Tapestry Inc. | 0.40% | 52,000 | $4.6M | Reduce -20.9% |
| ORLY O'reilly Automotive Inc. | 0.39% | 49,546 | $4.5M | Reduce -71.8% |
| V Visa Inc. Class A | 0.39% | 12,500 | $4.4M | New |
| PAYC Paycom Software Inc. | 0.39% | 19,000 | $4.4M | New |
| MFC Manulife Financial Corp. | 0.39% | 137,000 | $4.4M | Reduce -41.0% |
| SYK Stryker Corp. | 0.38% | 11,000 | $4.4M | New |
| EPAM Epam Systems Inc. | 0.38% | 24,500 | $4.3M | New |
| GPN Global Payments Inc. | 0.38% | 54,057 | $4.3M | Add +5.0% |
| EBAY eBay Inc. | 0.37% | 56,090 | $4.2M | Reduce -36.5% |
| A Agilent Technologies Inc. | 0.36% | 34,461 | $4.1M | Reduce -26.1% |
| VLTO Veralto Corp. | 0.35% | 39,152 | $4.0M | Reduce -20.8% |
| ATS Ats Corp. | 0.34% | 122,148 | $3.9M | Add +6.8% |
| BALL Ball Corp. | 0.33% | 66,812 | $3.7M | Reduce -23.1% |
| CP Canadian Pacific Kansas City | 0.32% | 46,034 | $3.7M | Reduce -77.0% |
| VIRT Virtu Financial Inc. Class A | 0.31% | 78,500 | $3.5M | Add +96.3% |
| NDAQ Nasdaq Inc. | 0.31% | 39,000 | $3.5M | Add +254.6% |
| ZWS Zurn Elkay Water Solutions C | 0.30% | 93,986 | $3.4M | Reduce -26.3% |
| EVTC Evertec Inc. | 0.30% | 94,000 | $3.4M | Add +198.4% |
| HPQ HP Inc. | 0.30% | 137,881 | $3.4M | New |
| PNR Pentair PLC | 0.29% | 32,399 | $3.3M | Reduce -71.5% |
| PSMT Pricesmart Inc. | 0.28% | 30,650 | $3.2M | Reduce -9.1% |
| DECK Deckers Outdoor Corp. | 0.28% | 31,000 | $3.2M | New |
| AWK American Water Works Co. Inc. | 0.28% | 22,648 | $3.2M | Reduce -74.3% |
| BSY Bentley Systems Inc. Class B | 0.27% | 57,189 | $3.1M | Add +15.2% |
| DSGX The Descartes Systems Grp | 0.27% | 30,161 | $3.1M | Reduce -28.3% |
Options reported separately and not counted above: MSFT calls ($20.1M), FOUR calls ($7.5M), CYTK calls ($1.7M).
Other holdings (27): bonds, preferreds, convertibles and warrants · $260.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 28,438,000 | $31.3M | New |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 25,490,000 | $26.6M | New |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 28,878,000 | $25.9M | Add +5.6% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 22,677,000 | $24.5M | Add +188.1% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 15,406,000 | $20.2M | New |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 16,917,000 | $19.2M | Add +4.6% |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 13,495,000 | $13.3M | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 10,065,000 | $11.9M | Add +98.8% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 7,850,000 | $9.4M | Add +5.4% |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 8,772,000 | $8.8M | No change |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 6,189,000 | $7.9M | New |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 7,345,000 | $7.3M | New |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | 6,412,000 | $6.9M | New |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 5,308,000 | $6.8M | Add +5.6% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 6,525,000 | $6.5M | Add +4.5% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 5,505,000 | $5.4M | New |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 4,496,000 | $4.8M | No change |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 3,124,000 | $3.7M | New |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 2,978,000 | $2.9M | New |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | 1,881,000 | $2.6M | New |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 2,390,000 | $2.6M | No change |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 2,500,000 | $2.5M | New |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 2,500,000 | $2.4M | Reduce -41.2% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 2,200,000 | $2.1M | No change |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 1,833,000 | $1.8M | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 1,400,000 | $1.6M | New |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 1,490,000 | $1.3M | No change |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q1 2025 → Q2 2025
| LLY Eli Lilly & Co. | Sold out | 0.00% | −1.78 |
| CP Canadian Pacific Kansas City | Reduce -77.0% | 0.32% | −1.52 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −1.45 |
| CDNS Cadence Design SYS Inc. | Reduce -63.3% | 1.04% | −1.38 |
| TREX Trex Company Inc. | Reduce -57.6% | 0.84% | −1.35 |
| GPK Graphic Packaging Holding Co. | Reduce -80.2% | 0.22% | −1.22 |
| TECK Teck Resources Ltd.-CLS B | Reduce -86.3% | 0.20% | −1.19 |
| RSG Republic Services Inc. | Reduce -68.8% | 0.51% | −1.16 |
| ORLY O'reilly Automotive Inc. | Reduce -71.8% | 0.39% | −1.14 |
| MFC Manulife Financial Corp. | Reduce -41.0% | 0.39% | −0.98 |
| CMS CMS Energy Corp. | Reduce -80.4% | 0.19% | −0.92 |
| AWK American Water Works Co. Inc. | Reduce -74.3% | 0.28% | −0.91 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −0.88 |
| HALO Halozyme Therapeutics Inc. | Sold out | 0.00% | −0.84 |
| CCK Crown Holdings Inc. | Reduce -45.4% | 1.20% | −0.77 |
| PAAS Pan American Silver Corp. | Reduce -52.5% | 0.77% | −0.75 |
| CPRT Copart Inc. | Reduce -27.6% | 1.10% | −0.71 |
| URI United Rentals Inc. | Reduce -56.5% | 0.68% | −0.66 |
| VRSK Verisk Analytics Inc. | Sold out | 0.00% | −0.65 |
| PNR Pentair PLC | Reduce -71.5% | 0.29% | −0.61 |
| WPM Wheaton Precious Metals Corp. | Reduce -36.0% | 1.53% | −0.61 |
| DSGX The Descartes Systems Grp | Reduce -28.3% | 0.27% | −0.53 |
| ALB Albemarle Corp. | Sold out | 0.00% | −0.50 |
| TMO Thermo Fisher Scientific Inc. | Reduce -9.8% | 1.21% | −0.49 |
| BR Broadridge Financial Solutio | Reduce -48.9% | 0.43% | −0.44 |
| SCI Service Corp. International | Sold out | 0.00% | −0.44 |
| DOV Dover Corp. | Sold out | 0.00% | −0.43 |
| STLD Steel Dynamics Inc. | Reduce -22.2% | 1.42% | −0.42 |
| PRU Prudential Financial Inc. | Sold out | 0.00% | −0.41 |
| FISV Fiserv Inc. | Reduce -15.2% | 0.70% | −0.39 |
| EXPE Expedia Group Inc. | Sold out | 0.00% | −0.38 |
| SYY Sysco Corp. | Reduce -22.5% | 1.13% | −0.36 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.36 |
| NVT Nvent Electric PLC | Reduce -43.6% | 1.14% | −0.36 |
| MRK Merck & Co. Inc. | Reduce -23.6% | 0.66% | −0.35 |
| PWR Quanta Services Inc. | Reduce -50.8% | 0.80% | −0.33 |
| OPCH Option Care Health Inc. | Reduce -58.8% | 0.19% | −0.32 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.29 |
| AB Alliancebernstein Holding LP | Sold out | 0.00% | −0.28 |
| NOMD Nomad Foods Ltd. | Reduce -14.8% | 0.68% | −0.28 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.27 |
| MPWR Monolithic Power Systems Inc. | Reduce -38.1% | 0.82% | −0.27 |
| AVY Avery Dennison Corp. | Reduce -45.7% | 0.27% | −0.25 |
| ZTS Zoetis Inc. | Reduce -16.3% | 0.81% | −0.25 |
| SGRY Surgery Partners Inc. | Reduce -52.3% | 0.19% | −0.24 |
| ON On Semiconductor | Sold out | 0.00% | −0.24 |
| IQV Iqvia Holdings Inc. | Reduce -22.9% | 0.46% | −0.23 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −0.22 |
| CAG Conagra Brands Inc. | Sold out | 0.00% | −0.20 |
| BC Brunswick Corp. | Sold out | 0.00% | −0.20 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +139.4% | 6.56% | +4.61 |
| NEXN Nexxen International Ltd. | New | 2.92% | +2.92 |
| AVGO Broadcom Inc. | New | 2.76% | +2.76 |
| VRT Vertiv Holdings Co. Class A | New | 1.55% | +1.55 |
| GOOGL Alphabet Inc. Class A | New | 1.45% | +1.45 |
| AMZN Amazon.com Inc. | Add +18.4% | 5.13% | +1.24 |
| LRCX Lam Research Corp. | Add +252.8% | 1.36% | +1.06 |
| CMG Chipotle Mexican Grill Inc. | New | 1.00% | +1.00 |
| CSX CSX Corp. | Add +185.7% | 1.45% | +0.98 |
| CRM Salesforce Inc. | New | 0.98% | +0.98 |
| BIRK Birkenstock Holding PLC | New | 0.88% | +0.88 |
| MSCI MSCI Inc. | New | 0.87% | +0.87 |
| AMD Advanced Micro Devices | Add +175.1% | 1.10% | +0.80 |
| MRVL Marvell Technology Inc. | New | 0.80% | +0.80 |
| UBER Uber Technologies Inc. | Add +65.2% | 1.36% | +0.70 |
| BSX Boston Scientific Corp. | Add +248.3% | 0.85% | +0.61 |
| SPGI S&P Global Inc. | Add +55.3% | 1.67% | +0.60 |
| PYPL PayPal Holdings Inc. | Add +68.8% | 1.23% | +0.57 |
| FSLR First Solar Inc. | New | 0.54% | +0.54 |
| CYBR Cyberark Software Ltd./Israel | New | 0.50% | +0.50 |
| MKTX Marketaxess Holdings Inc. | New | 0.49% | +0.49 |
| PANW Palo Alto Networks Inc. | Add +157.6% | 0.71% | +0.47 |
| LKQ LKQ Corp. | Add +91.2% | 1.17% | +0.44 |
| V Visa Inc. Class A | New | 0.39% | +0.39 |
| SSNC Ss&c Technologies Holdings | Add +400.0% | 0.49% | +0.39 |
| PAYC Paycom Software Inc. | New | 0.39% | +0.39 |
| SYK Stryker Corp. | New | 0.38% | +0.38 |
| EPAM Epam Systems Inc. | New | 0.38% | +0.38 |
| INTU Intuit Inc. | Add +21.5% | 1.13% | +0.38 |
| XYZ Block Inc. | Add +55.5% | 0.77% | +0.36 |
| ADSK Autodesk Inc. | Add +9.5% | 1.57% | +0.32 |
| HPQ HP Inc. | New | 0.30% | +0.30 |
| DECK Deckers Outdoor Corp. | New | 0.28% | +0.28 |
| MSFT Microsoft Corp. | Add +17.8% | 0.83% | +0.28 |
| WAY Waystar Holding Corp. | New | 0.25% | +0.25 |
| NDAQ Nasdaq Inc. | Add +254.6% | 0.31% | +0.23 |
| PAGS Pagseguro Digital Ltd. Class A | Add +315.8% | 0.27% | +0.22 |
| GILD Gilead Sciences Inc. | New | 0.20% | +0.20 |
| EVTC Evertec Inc. | Add +198.4% | 0.30% | +0.19 |
| TSLA Tesla Inc. | Add +27.2% | 0.53% | +0.18 |
| VIRT Virtu Financial Inc. Class A | Add +96.3% | 0.31% | +0.17 |
| DDOG Datadog Inc. Class A | Add +13.6% | 0.46% | +0.15 |
| AGCO Agco Corp. | Add +15.2% | 0.74% | +0.14 |
| CL Colgate-Palmolive Co. | Add +30.5% | 0.71% | +0.13 |
| ROK Rockwell Automation Inc. | Add +4.5% | 0.56% | +0.13 |
| DHR Danaher Corp. | Add +26.9% | 0.78% | +0.12 |
| BSY Bentley Systems Inc. Class B | Add +15.2% | 0.27% | +0.09 |
| FOUR SHIFT4 Payments Inc. Class A | New | 0.09% | +0.09 |
| ECL Ecolab Inc. | Add +3.3% | 1.36% | +0.08 |
| LIN Linde Inc. | Add +6.3% | 1.25% | +0.04 |
Options Activity Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | call | New | 40,500 | $20.1M |
| FOUR SHIFT4 Payments Inc. Class A | call | New | 75,800 | $7.5M |
| CORZ Core Scientific Inc. | call | Sold out | 30,000 | $217Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | New | 28,438,000 | $31.3M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | New | 25,490,000 | $26.6M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Add +5.6% | 28,878,000 | $25.9M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Add +188.1% | 22,677,000 | $24.5M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Sold out | 21,472,000 | $21.5Mbefore exit |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Sold out | 21,131,000 | $21.1Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | New | 15,406,000 | $20.2M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Add +4.6% | 16,917,000 | $19.2M |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | New | 13,495,000 | $13.3M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +98.8% | 10,065,000 | $11.9M |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | Add +5.4% | 7,850,000 | $9.4M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | New | 6,189,000 | $7.9M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | New | 7,345,000 | $7.3M |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | New | 6,412,000 | $6.9M |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | Add +5.6% | 5,308,000 | $6.8M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Add +4.5% | 6,525,000 | $6.5M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | New | 5,505,000 | $5.4M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | New | 3,124,000 | $3.7M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | New | 2,978,000 | $2.9M |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | New | 1,881,000 | $2.6M |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | New | 2,500,000 | $2.5M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Reduce -41.2% | 2,500,000 | $2.4M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | New | 1,400,000 | $1.6M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 1,250,000 | $1.3Mbefore exit |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | Sold out | 709,000 | $793Kbefore exit |
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 | 131 | $1.3B | NVDA, GOOGL, AMZN, MU, WM |
| Q1 2026Amended | 134 | $1.2B | NVDA, GOOGL, NEE, MRK, TMO |
| Q4 2025 | 124 | $1.3B | NVDA, GOOGL, AMZN, NEE, ECL |
| Q3 2025 | 102 | $1.4B | NVDA, GOOG, ASCENDIS PHARMA A/S (ASND 2.25 04/01/28), SPGI, XYL |
| Q2 2025 | 123 | $1.1B | NVDA, AMZN, NEXN, AVGO, XYL |
| Q1 2025 | 121 | $1.1B | AMZN, CDNS, NEE, XYL, TREX |
| Q4 2024 | 179 | $1.5B | NVDA, AMZN, MSFT, AAPL, TSLA |
| Q3 2024 | 176 | $1.5B | NVDA, MSFT, AMZN, UNH, TMO |
| Q2 2024 | 209 | $1.5B | MSFT, NVDA, AMZN, GOOGL, UNH |
| Q1 2024 | 156 | $1.0B | MSFT, SLN, NVDA, AMZN, GOOGL |