Lombard Odier Asset Management (USA) Corp

Name: Lombard Odier Asset Management (USA) Corp 13F holdings, Q4 2024
Creator: Lombard Odier Asset Management (USA) Corp
Published: 2025-02-14

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Lombard Odier Asset Management (USA) Corp reported 208 stock positions worth $229.3 million. Its top holding was SS Energy Select Sector (XLE) at 5.0% of the portfolio, followed by Silence Therapeutics PLC-ADR (SLN, 4.4%) and Vaneck Gold Miners ETF (GDX, 2.4%). Compared with Q3 2024, it opened 110 new positions, sold out of 82, added to 49 and reduced 48. The biggest buy was SS Energy Select Sector (XLE, shares +193%) and the biggest sale Silence Therapeutics PLC-ADR (SLN, shares −30%).

Most Recent 13F: Q2 2026
Location: New York, NY
CIK: 0001491719
Portfolio Value: $229.3M (Q4 2024)
SEC Filing: 0000908834-25-000075 ↗ filed Feb 14, 2025

Holdings Value

Holdings 208 stocks · $229.3M


XLE SS Energy Select Sector	5.04%	135,000	$11.6M	Add +193.5%
SLN Silence Therapeutics PLC-ADR	4.45%	1,856,023	$10.2M	Reduce -30.3%
GDX Vaneck Gold Miners ETF	2.37%	160,000	$5.4M	Add +53.9%
VZ Verizon Communications Inc.	2.21%	126,500	$5.1M	Add +6.3%
EXPE Expedia Group Inc.	1.99%	24,500	$4.6M	Add +36.1%
NEM Newmont Corp.	1.75%	108,000	$4.0M	New
BERY Berry Global Group Inc.	1.73%	61,221	$4.0M	Add +182.7%
XOP SS SPDR S&P Og Exp & Prod	1.50%	26,000	$3.4M	Reduce -7.1%
FE Firstenergy Corp.	1.36%	78,654	$3.1M	Add +27.1%
AGO Assured Guaranty Ltd.	1.36%	34,670	$3.1M	Reduce -32.4%
CZR Caesars Entertainment Inc.	1.32%	90,631	$3.0M	Add +17.5%
DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN	1.32%	518,700	$3.0M	Add +7.0%
AAPL Apple Inc.	1.31%	12,000	$3.0M	Reduce -20.0%
REVG Rev Group Inc.	1.28%	92,000	$2.9M	New
OPCH Option Care Health Inc.	1.23%	121,842	$2.8M	Reduce -30.3%
GLD SPDR Gold Shares	1.21%	11,424	$2.8M	Add +57.4%
NBN Northeast Bank	1.20%	30,000	$2.8M	New
BWXT BWX Technologies Inc.	1.08%	22,168	$2.5M	Add +48.9%
NBR Nabors Industries Ltd.	1.07%	43,000	$2.5M	Add +41.0%
LAUR Laureate Education Inc.	1.05%	131,750	$2.4M	Reduce -34.7%
D Dominion Energy Inc.	1.05%	44,606	$2.4M	Add +43.1%
CCK Crown Holdings Inc.	1.05%	28,992	$2.4M	New
CLF Cleveland-Cliffs Inc.	0.96%	234,000	$2.2M	Add +30.0%
FTAI Ftai Aviation Ltd.	0.95%	15,144	$2.2M	New
TSM Taiwan Semiconductor-SP ADR	0.90%	10,496	$2.1M	Add +93.3%
CVS CVS Health Corp.	0.88%	45,000	$2.0M	Add +42.9%
DMRC Digimarc Corp.	0.87%	53,500	$2.0M	New
PM Philip Morris International	0.87%	16,500	$2.0M	New
TMHC Taylor Morrison Home Corp.	0.86%	32,343	$2.0M	Reduce -9.8%
FLUT Flutter Entertainment PLC-Di	0.86%	7,600	$2.0M	New
BKR Baker Hughes Co.	0.84%	46,989	$1.9M	Add +42.4%
APO Apollo Global Management Inc.	0.83%	11,500	$1.9M	New
BBW Build-A-Bear Workshop Inc.	0.81%	40,454	$1.9M	Add +289.1%
PFGC Performance Food Group Co.	0.81%	22,000	$1.9M	New
APTV Aptiv PLC	0.80%	30,405	$1.8M	Add +107.7%
HWM Howmet Aerospace Inc.	0.79%	16,615	$1.8M	New
BMI Badger Meter Inc.	0.77%	8,321	$1.8M	Add +38.7%
MAN Manpowergroup Inc.	0.73%	29,170	$1.7M	Reduce -1.2%
WEN The Wendy's Co.	0.71%	100,073	$1.6M	New
VVV Valvoline Inc.	0.71%	44,832	$1.6M	Add +68.7%
TAC Transalta Corp.	0.70%	114,120	$1.6M	Reduce -12.2%
PRGO Perrigo Co. PLC	0.70%	62,239	$1.6M	Reduce -52.3%
GLNG Golar LNG Ltd.	0.69%	37,500	$1.6M	Add +15.4%
AN Autonation Inc.	0.69%	9,253	$1.6M	New
UAL United Airlines Holdings Inc.	0.68%	16,000	$1.6M	Add +220.0%
ACA Arcosa Inc.	0.66%	15,567	$1.5M	New
LPX Louisiana-Pacific Corp.	0.63%	14,000	$1.4M	New
ITRI Itron Inc.	0.63%	13,327	$1.4M	Add +16.8%
BLDR Builders Firstsource Inc.	0.62%	9,928	$1.4M	Reduce -13.1%
GT Goodyear Tire & Rubber Co.	0.61%	155,155	$1.4M	Add +11.6%
WPM Wheaton Precious Metals Corp.	0.59%	24,227	$1.4M	Add +34.6%
CRC California Resources Corp.	0.59%	26,000	$1.3M	Add +44.4%
CNH CNH Industrial NV	0.58%	117,848	$1.3M	Add +24.6%
SFM Sprouts Farmers Market Inc.	0.58%	10,492	$1.3M	Add +58.3%
SLV iShares Silver Trust	0.58%	50,568	$1.3M	New
STKL Sunopta Inc.	0.55%	162,960	$1.3M	Add +16.3%
NRG NRG Energy Inc.	0.54%	13,607	$1.2M	Reduce -4.5%
GSM Ferroglobe PLC	0.53%	318,449	$1.2M	Add +40.7%
CDW CDW Corp.	0.53%	6,945	$1.2M	New
NMIH Nmi Holdings Inc. filed as NMI HLDGS INC	0.51%	32,057	$1.2M	Add +36.0%
NUE Nucor Corp.	0.51%	10,000	$1.2M	Add +17.6%
MUR Murphy Oil Corp.	0.50%	38,000	$1.1M	Add +11.8%
STLD Steel Dynamics Inc.	0.50%	10,000	$1.1M	Add +21.9%
CARR Carrier Global Corp.	0.49%	16,570	$1.1M	New
CEG Constellation Energy	0.49%	5,018	$1.1M	New
TKO Tko Group Holdings Inc.	0.49%	7,865	$1.1M	New
LOW Lowe's Cos Inc.	0.49%	4,522	$1.1M	New
DAR Darling Ingredients Inc.	0.47%	31,962	$1.1M	New
ALLE Allegion PLC	0.47%	8,200	$1.1M	New
LB Landbridge Co. LLC-A	0.47%	16,575	$1.1M	Reduce -54.4%
CCJ Cameco Corp.	0.45%	20,000	$1.0M	Add +11.1%
GOOGL Alphabet Inc. Class A	0.45%	5,400	$1.0M	New
M Macy's Inc.	0.44%	60,000	$1.0M	Reduce -10.0%
GEV GE Vernova Inc.	0.44%	3,062	$1.0M	Reduce -30.0%
INTC Intel Corp.	0.44%	50,000	$1.0M	Reduce -3.9%
DAL Delta Air Lines Inc.	0.44%	16,500	$998K	Add +230.0%
AGX Argan Inc.	0.43%	7,266	$996K	Reduce -47.4%
AMZN Amazon.com Inc.	0.43%	4,500	$987K	New
DIN Dine Brands Global Inc.	0.40%	30,823	$928K	New
EAT Brinker International Inc.	0.40%	6,989	$925K	Reduce -56.2%
FSLR First Solar Inc.	0.40%	5,194	$915K	Add +39.9%
HAL Halliburton Co.	0.40%	33,500	$911K	Reduce -46.0%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.39%	23,500	$901K	New
MGM MGM Resorts International	0.39%	26,000	$901K	Add +20.9%
GO Grocery Outlet Holding Corp.	0.37%	54,051	$844K	New
SAH Sonic Automotive Inc. Class A	0.36%	13,160	$834K	Add +45.1%
MMS Maximus Inc.	0.36%	10,972	$819K	New
NXT Nextpower Inc. filed as NEXTRACKER INC	0.36%	22,314	$815K	New
DBRG Digitalbridge Group Inc.	0.36%	72,211	$815K	Reduce -19.5%
ALRM Alarm.com Holdings Inc.	0.35%	13,334	$811K	New
BABA Alibaba Group Holding-SP ADR	0.35%	9,500	$806K	New
COHR Coherent Corp.	0.35%	8,500	$805K	Reduce -11.5%
LEN Lennar Corp. Class A	0.35%	5,835	$796K	Reduce -52.7%
WSO Watsco Inc.	0.34%	1,649	$781K	New
AMPS Altus Power Inc.	0.34%	190,774	$776K	New
EFOR Everforth Inc. filed as ASGN INC	0.34%	9,234	$770K	New
NPWR Net Power Inc.	0.33%	72,204	$765K	New
TRU Transunion	0.33%	8,185	$759K	Reduce -5.2%
ADM Archer-Daniels-Midland Co.	0.33%	15,000	$758K	No change
LUMN Lumen Technologies Inc.	0.32%	140,000	$743K	Add +41.4%
ALIT Alight Inc. Class A	0.32%	107,300	$743K	Add +30.5%
CLX Clorox Company	0.32%	4,569	$742K	New
VST Vistra Corp.	0.32%	5,371	$741K	Reduce -50.4%
MRVL Marvell Technology Inc.	0.31%	6,500	$718K	New
INVZ Innoviz Technologies Ltd.	0.31%	425,000	$714K	New
SNX TD Synnex Corp.	0.31%	6,000	$704K	New
TTEK Tetra Tech Inc.	0.31%	17,627	$702K	New
SN Sharkninja Inc.	0.30%	7,157	$697K	New
UDMY Udemy Inc.	0.30%	84,453	$695K	Reduce -6.9%
MBLY Mobileye Global Inc. Class A	0.30%	34,705	$691K	Reduce -22.9%
URBN Urban Outfitters Inc.	0.30%	12,550	$689K	New
CENX Century Aluminum Company	0.30%	37,579	$685K	New
ALB Albemarle Corp.	0.30%	7,871	$678K	Reduce -3.6%
RL Ralph Lauren Corp.	0.29%	2,926	$676K	New
ICFI Icf International Inc.	0.29%	5,554	$662K	Reduce -57.3%
DECK Deckers Outdoor Corp.	0.29%	3,229	$656K	New
HAS Hasbro Inc.	0.28%	11,354	$635K	Reduce -13.6%
DRVN Driven Brands Holdings Inc.	0.26%	37,610	$607K	Add +87.0%
ITGR Integer Holdings Corp.	0.26%	4,529	$600K	Add +144.9%
PCT Purecycle Technologies Inc.	0.26%	57,713	$592K	Reduce -23.5%
SKX Skechers USA Inc. Class A	0.26%	8,782	$591K	Reduce -48.3%
ASPN Aspen Aerogels Inc.	0.26%	49,398	$587K	Add +67.3%
PARAA Paramount Global Class B	0.25%	54,477	$570K	New
ADT Adt Inc.	0.25%	82,109	$567K	New
VSXY Victoria's Secret & Co.	0.24%	13,500	$559K	New
RAMP Liveramp Holdings Inc.	0.24%	17,984	$546K	New
UAA Under Armour Inc. Class A	0.23%	63,763	$528K	Add +349.4%
HZO Marinemax Inc.	0.23%	18,202	$527K	New
LZB La-Z-Boy Inc.	0.23%	11,877	$517K	Reduce -76.5%
FWRD Forward Air Corp.	0.23%	16,000	$516K	New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.22%	1,745	$495K	New
AZO AutoZone Inc.	0.22%	154	$493K	New
MCW Mister Car Wash Inc.	0.20%	64,339	$469K	Reduce -39.0%
DK Delek US Holdings Inc.	0.20%	25,000	$463K	New
OLO Olo Inc. Class A	0.20%	59,538	$457K	New
FRSH Freshworks Inc. Class A	0.20%	27,975	$452K	New
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.20%	4,029	$449K	Reduce -82.0%
TDAY USA Today Co. Inc. filed as GANNETT CO INC	0.19%	88,302	$447K	New
EWCZ European Wax Center Inc. Class A	0.19%	65,713	$438K	Reduce -10.8%
COR Cencora Inc.	0.19%	1,941	$436K	New
TRI Thomson Reuters Corp.	0.19%	2,670	$428K	New
RIOT Riot Platforms Inc.	0.19%	41,955	$428K	New
DASH DoorDash Inc. Class A	0.18%	2,523	$423K	New
VVX V2X Inc.	0.18%	8,682	$415K	New
KHC The Kraft Heinz Co.	0.18%	13,454	$413K	New
SHAK Shake Shack Inc. Class A	0.17%	3,085	$400K	New
CYH Community Health Systems Inc.	0.17%	133,000	$398K	Add +104.6%
ZK Zeekr Intelligent Techno-ADR	0.17%	14,000	$397K	New
JAMF Jamf Holding Corp. filed as JAMF HLDG CORP	0.17%	28,135	$395K	Add +51.9%
MRCY Mercury Systems Inc.	0.17%	9,224	$387K	Reduce -24.5%
ZGN Ermenegildo Zegna NV	0.17%	46,289	$382K	New
RPD RAPID7 Inc.	0.17%	9,433	$379K	New
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC	0.16%	4,216	$377K	New
WSC Willscot Holdings Corp.	0.16%	11,151	$373K	Reduce -50.2%
LTH Life Time Group Holdings Inc.	0.16%	16,559	$366K	Add +68.3%
CNNE Cannae Holdings Inc.	0.16%	18,349	$364K	Reduce -12.0%
EAF Graftech International Ltd.	0.16%	210,113	$363K	Reduce -6.6%
RBLX Roblox Corp. Class A	0.16%	6,152	$356K	Reduce -60.7%
DLTR Dollar Tree Inc.	0.16%	4,749	$356K	Add +26.3%
MUSA Murphy USA Inc.	0.15%	693	$348K	New
UPWK Upwork Inc.	0.15%	21,231	$347K	New
J Jacobs Solutions Inc.	0.15%	2,595	$347K	New
ORLY O'reilly Automotive Inc.	0.15%	292	$346K	New
BIRK Birkenstock Holding PLC	0.15%	6,106	$346K	New
WEAV Weave Communications Inc.	0.15%	21,515	$343K	New
COUR Coursera Inc.	0.15%	39,608	$337K	Reduce -28.9%
SHCO Soho House & Co. Inc.	0.14%	43,554	$324K	New
NABL N-Able Inc.	0.14%	34,607	$323K	Reduce -52.9%
LAD Lithia Motors Inc.	0.14%	880	$315K	New
SPNS Sapiens International Corp.	0.14%	11,523	$310K	New
GH Guardant Health Inc.	0.13%	9,954	$304K	New
UNFI United Natural Foods Inc.	0.13%	11,029	$301K	Reduce -57.6%
ZS Zscaler Inc.	0.13%	1,666	$301K	New
NTGR Netgear Inc.	0.13%	10,433	$291K	New
PINS Pinterest Inc. Class A	0.12%	9,740	$282K	Reduce -37.9%
OKTA Okta Inc.	0.12%	3,583	$282K	New
DUOL Duolingo	0.12%	865	$280K	New
UI Ubiquiti Inc.	0.12%	812	$270K	New
CART Maplebear Inc.	0.12%	6,372	$264K	New
NUS Nu Skin Enterprises Inc. Class A	0.11%	37,591	$259K	New
PLTK Playtika Holding Corp.	0.11%	37,174	$258K	New
CHWY Chewy Inc. Class A	0.11%	7,612	$255K	New
NYT New York Times Co. Class A	0.11%	4,740	$247K	New
INTA Intapp Inc.	0.10%	3,618	$232K	New
FIVE Five Below	0.10%	2,188	$230K	Reduce -35.9%
BMBL Bumble Inc. Class A	0.10%	28,133	$229K	New
NTCT Netscout Systems Inc.	0.10%	10,567	$229K	New
TXRH Texas Roadhouse Inc.	0.10%	1,230	$222K	Reduce -85.6%
JELD Jeld-Wen Holding Inc.	0.10%	26,935	$221K	New
BASE Couchbase Inc.	0.09%	13,802	$215K	New
DESP Despegar.com Corp.	0.09%	11,151	$215K	New
SMAR Smartsheet Inc. Class A	0.09%	3,808	$213K	New
GLBE Global-E Online Ltd.	0.09%	3,684	$201K	New
WOOF Petco Health and Wellness Co.	0.09%	51,820	$197K	New
ARLO Arlo Technologies Inc.	0.08%	16,180	$181K	New
PGNY Progyny Inc.	0.08%	10,320	$178K	New
CLOV Clover Health Investments Co.	0.08%	56,143	$177K	New
INMD Inmode Ltd.	0.08%	10,486	$175K	New
ENFN Enfusion Inc. Class A	0.07%	15,917	$164K	New
BLMN Bloomin' Brands Inc.	0.07%	12,543	$153K	New
UIS Unisys Corp.	0.06%	23,104	$146K	New
GOGO Gogo Inc.	0.06%	16,970	$137K	New
CNDT Conduent Inc.	0.05%	27,742	$112K	New
TALK Talkspace Inc.	0.05%	34,024	$105K	New
GRAB Grab Holdings Ltd. Class A	0.04%	21,605	$102K	New
EVGO Evgo Inc.	0.04%	22,671	$92K	Reduce -62.6%
VMEO Vimeo Inc.	0.03%	12,191	$78K	Reduce -88.0%
PACB Pacific Biosciences of Calif	0.03%	31,819	$58K	New

Options reported separately and not counted above: AAL puts ($130.7M), SPY puts ($111.6M), CCL puts ($97.9M), XOP puts ($66.2M), AAPL puts ($62.6M), GDX puts ($33.9M), X puts ($33.5M), Z puts ($33.3M), XLE puts ($32.1M), KBH puts ($30.9M), BMY calls ($26.9M), MET puts ($26.6M), and 62 more.

Other holdings (2): bonds, preferreds, convertibles and warrants · $30.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	15,000,000	$15.8M	No change
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	14,500,000	$15.1M	No change

Total filed on the 13F, all lines: $260.2M.

Portfolio Sells Q3 2024 → Q4 2024


SLN Silence Therapeutics PLC-ADR	Reduce -30.3%	4.45%	−11.21
BHC Bausch Health Cos Inc.	Sold out	0.00%	−1.41
WCC Wesco International Inc.	Sold out	0.00%	−1.34
OPCH Option Care Health Inc.	Reduce -30.3%	1.23%	−1.13
HOG Harley-Davidson Inc.	Sold out	0.00%	−0.93
WK Workiva Inc.	Sold out	0.00%	−0.92
INTU Intuit Inc.	Sold out	0.00%	−0.92
PRGO Perrigo Co. PLC	Reduce -52.3%	0.70%	−0.78
DIS The Walt Disney Co.	Reduce -82.0%	0.20%	−0.73
LZB La-Z-Boy Inc.	Reduce -76.5%	0.23%	−0.71
AWK American Water Works Co. Inc.	Sold out	0.00%	−0.71
LEN Lennar Corp. Class A	Reduce -52.7%	0.35%	−0.65
ICFI Icf International Inc.	Reduce -57.3%	0.29%	−0.65
EL Estee Lauder Companies Class A	Sold out	0.00%	−0.64
PWR Quanta Services Inc.	Sold out	0.00%	−0.56
TXRH Texas Roadhouse Inc.	Reduce -85.6%	0.10%	−0.56
APPF Appfolio Inc. Class A	Sold out	0.00%	−0.54
HUBS HubSpot Inc.	Sold out	0.00%	−0.48
DELL Dell Technologies -C	Sold out	0.00%	−0.47
AES AES Corp.	Sold out	0.00%	−0.46
CARG Cargurus Inc.	Sold out	0.00%	−0.46
PLYA Playa Hotels & Resorts NV	Sold out	0.00%	−0.44
CPRT Copart Inc.	Sold out	0.00%	−0.44
LDOS Leidos Holdings Inc.	Sold out	0.00%	−0.42
MASI Masimo Corp.	Sold out	0.00%	−0.41
AGO Assured Guaranty Ltd.	Reduce -32.4%	1.36%	−0.40
LAUR Laureate Education Inc.	Reduce -34.7%	1.05%	−0.40
AEO American Eagle Outfitters	Sold out	0.00%	−0.40
PYCR Paycor HCM Inc.	Sold out	0.00%	−0.40
TLN Talen Energy Corp.	Sold out	0.00%	−0.39
TJX TJX Companies Inc.	Sold out	0.00%	−0.39
HAL Halliburton Co.	Reduce -46.0%	0.40%	−0.38
ZUO Zuora Inc. Class A	Sold out	0.00%	−0.38
MCS Marcus Corporation	Sold out	0.00%	−0.38
KMX Carmax Inc.	Sold out	0.00%	−0.37
DNB Dun & Bradstreet Holdings Inc.	Sold out	0.00%	−0.36
SWK Stanley Black & Decker Inc.	Sold out	0.00%	−0.36
HEES H&E Equipment Services Inc.	Sold out	0.00%	−0.36
WDAY Workday Inc. Class A	Sold out	0.00%	−0.36
BFAM Bright Horizons Family Solut	Sold out	0.00%	−0.35
BLDR Builders Firstsource Inc.	Reduce -13.1%	0.62%	−0.34
CXM Sprinklr Inc. Class A	Sold out	0.00%	−0.33
CNC Centene Corp.	Sold out	0.00%	−0.33
NXE Nexgen Energy Ltd.	Sold out	0.00%	−0.32
ALGT Allegiant Travel Co.	Sold out	0.00%	−0.32
LKQ LKQ Corp.	Sold out	0.00%	−0.31
GIII G-III Apparel Group Ltd.	Sold out	0.00%	−0.28
BURL Burlington Stores Inc.	Sold out	0.00%	−0.28
CAL Caleres Inc.	Sold out	0.00%	−0.28
NABL N-Able Inc.	Reduce -52.9%	0.14%	−0.27

Portfolio Buys Q3 2024 → Q4 2024


XLE SS Energy Select Sector	Add +193.5%	5.04%	+3.30
NEM Newmont Corp.	New	1.75%	+1.75
REVG Rev Group Inc.	New	1.28%	+1.28
NBN Northeast Bank	New	1.20%	+1.20
BERY Berry Global Group Inc.	Add +182.7%	1.73%	+1.09
CCK Crown Holdings Inc.	New	1.05%	+1.05
FTAI Ftai Aviation Ltd.	New	0.95%	+0.95
DMRC Digimarc Corp.	New	0.87%	+0.87
PM Philip Morris International	New	0.87%	+0.87
FLUT Flutter Entertainment PLC-Di	New	0.86%	+0.86
EXPE Expedia Group Inc.	Add +36.1%	1.99%	+0.84
APO Apollo Global Management Inc.	New	0.83%	+0.83
PFGC Performance Food Group Co.	New	0.81%	+0.81
HWM Howmet Aerospace Inc.	New	0.79%	+0.79
WEN The Wendy's Co.	New	0.71%	+0.71
AN Autonation Inc.	New	0.69%	+0.69
BBW Build-A-Bear Workshop Inc.	Add +289.1%	0.81%	+0.66
ACA Arcosa Inc.	New	0.66%	+0.66
LPX Louisiana-Pacific Corp.	New	0.63%	+0.63
SLV iShares Silver Trust	New	0.58%	+0.58
GDX Vaneck Gold Miners ETF	Add +53.9%	2.37%	+0.58
UAL United Airlines Holdings Inc.	Add +220.0%	0.68%	+0.55
CDW CDW Corp.	New	0.53%	+0.53
TSM Taiwan Semiconductor-SP ADR	Add +93.3%	0.90%	+0.50
CARR Carrier Global Corp.	New	0.49%	+0.49
CEG Constellation Energy	New	0.49%	+0.49
TKO Tko Group Holdings Inc.	New	0.49%	+0.49
LOW Lowe's Cos Inc.	New	0.49%	+0.49
DAR Darling Ingredients Inc.	New	0.47%	+0.47
ALLE Allegion PLC	New	0.47%	+0.47
GOOGL Alphabet Inc. Class A	New	0.45%	+0.45
GLD SPDR Gold Shares	Add +57.4%	1.21%	+0.44
AMZN Amazon.com Inc.	New	0.43%	+0.43
DIN Dine Brands Global Inc.	New	0.40%	+0.40
SLB SLB Ltd.	New	0.39%	+0.39
BWXT BWX Technologies Inc.	Add +48.9%	1.08%	+0.38
GO Grocery Outlet Holding Corp.	New	0.37%	+0.37
MMS Maximus Inc.	New	0.36%	+0.36
NXT Nextpower Inc.	New	0.36%	+0.36
ALRM Alarm.com Holdings Inc.	New	0.35%	+0.35
BABA Alibaba Group Holding-SP ADR	New	0.35%	+0.35
APTV Aptiv PLC	Add +107.7%	0.80%	+0.35
WSO Watsco Inc.	New	0.34%	+0.34
AMPS Altus Power Inc.	New	0.34%	+0.34
EFOR Everforth Inc.	New	0.34%	+0.34
NPWR Net Power Inc.	New	0.33%	+0.33
DAL Delta Air Lines Inc.	Add +230.0%	0.44%	+0.33
BKR Baker Hughes Co.	Add +42.4%	0.84%	+0.32
CLX Clorox Company	New	0.32%	+0.32
MRVL Marvell Technology Inc.	New	0.31%	+0.31

Options Activity Q3 2024 → Q4 2024


AAL American Airlines Group Inc.	put	Reduce -38.8%	7,500,000	$130.7M
SPY SS SPDR S&P 500 ETF Trust-US	put	Reduce -31.9%	190,500	$111.6M
BHC Bausch Health Cos Inc.	put	Sold out	6,100,000	$49.8Mbefore exit
NCLH Norwegian Cruise Line Holdin	put	Sold out	1,500,000	$30.8Mbefore exit
BMY Bristol-Myers Squibb Co.	call	Add +18.8%	475,000	$26.9M
TLT iShares 20+ Year Treasury BD	put	Add +366.7%	280,000	$24.5M
IBM Intl Business Machines Corp.	call	Reduce -16.7%	75,000	$16.5M
CAR Avis Budget Group Inc.	put	Sold out	188,000	$16.5Mbefore exit
UAL United Airlines Holdings Inc.	put	Reduce -85.0%	125,000	$12.1M
MRK Merck & Co. Inc.	call	New	105,000	$10.4M
SPG Simon Property Group Inc.	call	Reduce -33.3%	60,000	$10.3M
GILD Gilead Sciences Inc.	put	New	100,000	$9.2M
LUMN Lumen Technologies Inc.	put	Reduce -44.4%	1,500,000	$8.0M
BMY Bristol-Myers Squibb Co.	put	New	125,000	$7.1M
HTZ Hertz Global Hldgs Inc.	put	Reduce -8.5%	1,555,000	$5.7M
DAL Delta Air Lines Inc.	call	Reduce -32.0%	85,000	$5.1M
XRX Xerox Holdings Corp.	put	New	540,000	$4.6M
HLF Herbalife Ltd.	put	Sold out	625,000	$4.5Mbefore exit
NCLH Norwegian Cruise Line Holdin	call	Sold out	200,000	$4.1Mbefore exit
LEN Lennar Corp. Class A	call	Reduce -10.8%	29,900	$4.1M
IBM Intl Business Machines Corp.	put	New	17,500	$3.8M
AAL American Airlines Group Inc.	call	Reduce -60.0%	200,000	$3.5M
EXPE Expedia Group Inc.	put	Reduce -25.0%	18,000	$3.4M
LMT Lockheed Martin Corp.	call	Sold out	5,600	$3.3Mbefore exit
BHC Bausch Health Cos Inc.	call	Sold out	400,000	$3.3Mbefore exit
NEM Newmont Corp.	call	Sold out	40,000	$2.1Mbefore exit
AMZN Amazon.com Inc.	call	Sold out	11,000	$2.0Mbefore exit
BE Bloom Energy Corp. Class A	put	New	82,300	$1.8M
LEU Centrus Energy Corp. Class A	put	New	25,000	$1.7M
CRC California Resources Corp.	call	Sold out	59,144	$992Kbefore exit
MSTR Strategy Inc.	call	New	3,200	$927K
CLF Cleveland-Cliffs Inc.	call	New	70,000	$658K
SMCI Super Micro Computer Inc.	put	New	20,000	$610K
IWM iShares Russell 2000 ETF	put	Sold out	2,500	$552Kbefore exit
HAL Halliburton Co.	put	Reduce -20.0%	20,000	$544K
UAL United Airlines Holdings Inc.	call	New	5,000	$486K
HIMS Hims & Hers Health Inc.	put	New	20,000	$484K
NBR Nabors Industries Ltd.	call	Sold out	6,500	$419Kbefore exit
CYH Community Health Systems Inc.	put	Sold out	50,000	$304Kbefore exit
QS Quantumscape Corp.	put	New	50,000	$260K
DRVN Driven Brands Holdings Inc.	call	Sold out	10,000	$143Kbefore exit
AGNT Agnt Inc.	put	Sold out	10,000	$141Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024


NCL CORPORATION LTD (NCLH 5.375 08/01/25)	NOTE 5.375% 8/0 · principal	Sold out	7,500,000	$9.3Mbefore exit
WOLF Wolfspeed Inc. (wolf 1.75 05/01/26)	NOTE 1.750% 5/0 · principal	Sold out	960,000	$687Kbefore 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 2026	73	$72.0M	AAPL, NEXN, CZR, CLF, DCH
Q1 2026	192	$132.6M	CZR, AAPL, GOOGL, DCH, CLF
Q4 2025	146	$185.9M	GOOGL, VZ, TLN, AAPL, CZR
Q3 2025	332	$374.8M	SLN, RSG, VZ, GOOGL, RBC
Q2 2025	282	$322.5M	RSG, NEXN, SLN, BMI, VZ
Q1 2025	129	$239.1M	NEXN, NEM, WM, RSG, ORLY
Q4 2024	208	$229.3M	XLE, SLN, GDX, VZ, EXPE
Q3 2024	180	$231.3M	SLN, OPCH, VZ, GDX, AGO
Q2 2024	170	$227.3M	SLN, Z, AD, OPCH, VZ
Q1 2024	218	$676.7M	SPY, TLT, SLN, Z, AAPL