M&G PLC

Name: M&G PLC 13F holdings, Q3 2025
Creator: M&G PLC
Published: 2025-11-07

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

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), M&G PLC reported 340 stock positions worth $18.0 billion. Its top holding was Microsoft (MSFT) at 6.6% of the portfolio, followed by Amcor (AMCR, 4.8%) and Meta Platforms Class A (META, 3.8%). Compared with Q2 2025, it opened 49 new positions, sold out of 97, added to 128 and reduced 129. The biggest buy was Synopsys (SNPS, shares +86263%) and the biggest sale an exit from Ansys (ANSS).

Most Recent 13F: Q2 2026
Location: London, X0
CIK: 0001802539
Portfolio Value: $18.0B (Q3 2025)
SEC Filing: 0001193125-25-271464 ↗ filed Nov 7, 2025

Holdings Value

Holdings 340 stocks · $18.0B


MSFT Microsoft Corp.	6.63%	2,305,220	$1.2B	Add +2.3%
AMCR Amcor PLC	4.81%	108,333,984	$866.7M	Add +26.6%
META Meta Platforms Inc. Class A	3.80%	932,872	$684.7M	Reduce -2.1%
MEOH Methanex Corp.	2.83%	12,756,931	$510.3M	No change
GOOGL Alphabet Inc. Class A	2.23%	1,651,504	$401.3M	Reduce -26.4%
NEE Nextera Energy Inc.	2.06%	4,938,571	$370.4M	Reduce -14.8%
ELV Elevance Health Inc.	1.82%	1,015,113	$327.9M	Add +9.1%
VFC VF Corp.	1.76%	22,624,919	$316.7M	Add +10.5%
BMY Bristol-Myers Squibb Co.	1.72%	6,885,188	$309.8M	Add +1.4%
UNH Unitedhealth Group Inc.	1.68%	875,713	$302.1M	Add +0.6%
JCI Johnson Controls Internation	1.61%	2,634,843	$289.8M	Reduce -10.8%
SNPS Synopsys Inc.	1.55%	567,405	$279.7M	Add +86263.0%
NVDA Nvidia Corp.	1.53%	1,472,260	$275.3M	Add +34.9%
RSG Republic Services Inc.	1.52%	1,198,619	$274.5M	Add +2.9%
MDT Medtronic PLC	1.50%	2,842,222	$270.0M	Reduce -7.5%
CME Cme Group Inc.	1.47%	980,135	$264.6M	Add +34.3%
HTHT H World Group Ltd.-ADR	1.42%	6,555,062	$255.6M	Add +26.8%
EQIX Equinix Inc.	1.41%	324,746	$254.3M	Add +0.7%
V Visa Inc. Class A	1.39%	731,550	$249.5M	Add +16.3%
WFC Wells Fargo & Co.	1.37%	2,946,277	$247.5M	Add +320.3%
AAPL Apple Inc.	1.35%	951,621	$242.7M	Add +1.1%
ACN Accenture PLC Class A	1.34%	977,115	$241.3M	Add +2.6%
HDB HDFC Bank Ltd.-ADR	1.32%	6,971,477	$237.0M	Add +2.3%
LOW Lowe's Cos Inc.	1.31%	936,165	$235.0M	Reduce -5.1%
LRCX Lam Research Corp.	1.30%	1,752,251	$234.8M	Reduce -4.6%
FNV Franco-Nevada Corp.	1.28%	1,034,226	$230.3M	Reduce -25.5%
EBAY eBay Inc.	1.25%	2,480,225	$225.7M	Reduce -11.0%
TMO Thermo Fisher Scientific Inc.	1.19%	441,410	$214.1M	Add +12.1%
DGX Quest Diagnostics Inc.	1.16%	1,090,377	$208.3M	Add +1.6%
QCOM Qualcomm Inc.	1.15%	1,248,333	$207.2M	Add +59.6%
AMT American Tower Corp.	1.08%	1,009,526	$193.8M	Add +14.2%
AMZN Amazon.com Inc.	0.99%	807,586	$177.7M	Reduce -1.4%
BDX Becton Dickinson and Co.	0.97%	935,480	$174.9M	Add +4.9%
ARES Ares Management Corp. Class A	0.95%	1,072,413	$171.6M	Reduce -12.3%
UBS UBS Group AG-Reg	0.95%	4,111,495	$170.4M	Reduce -6.8%
IP International Paper Co.	0.81%	3,182,976	$145.3M	Reduce -1.1%
ENB Enbridge Inc.	0.78%	2,808,160	$141.2M	Reduce -6.0%
CSX CSX Corp.	0.76%	3,822,278	$137.6M	Reduce -4.4%
AVGO Broadcom Inc.	0.76%	415,220	$137.0M	Reduce -65.5%
AXP American Express Co.	0.76%	410,671	$136.3M	Reduce -4.5%
LNG Cheniere Energy Inc.	0.73%	556,285	$130.7M	Add +49.6%
ON On Semiconductor	0.72%	2,647,003	$129.7M	Add +7.6%
KVUE Kenvue Inc.	0.71%	8,030,140	$128.5M	Reduce -1.8%
AMGN Amgen Inc.	0.71%	454,584	$128.2M	Add +3.8%
MSA Msa Safety Inc.	0.69%	723,828	$124.5M	Add +0.2%
A Agilent Technologies Inc.	0.65%	911,689	$116.7M	Add +2.1%
MA Mastercard Inc. Class A	0.65%	204,238	$116.2M	Add +1.4%
ATAT Atour Lifestyle Holdings-ADR	0.64%	3,025,282	$115.0M	Reduce -8.3%
EWW iShares MSCI Mexico ETF	0.64%	2,257,723	$114.4M	No change
JPM JPMorgan Chase & Co.	0.59%	334,830	$105.5M	Reduce -7.2%
LIN Linde PLC	0.55%	208,603	$99.1M	Add +12.7%
TSM Taiwan Semiconductor-SP ADR	0.53%	339,866	$94.8M	Add +16.7%
STX Seagate Technology Holdings	0.52%	399,464	$94.3M	Reduce -17.3%
ATHM Autohome Inc.-ADR	0.48%	3,006,834	$87.2M	Reduce -1.3%
CRM Salesforce Inc.	0.48%	367,414	$87.1M	Add +481.4%
ADSK Autodesk Inc.	0.47%	265,263	$84.4M	Add +4.4%
TTEK Tetra Tech Inc.	0.44%	2,409,574	$79.5M	Reduce -0.3%
BN Brookfield Corp.	0.44%	1,144,336	$79.0M	Reduce -6.5%
CCJ Cameco Corp.	0.43%	920,490	$77.4M	Reduce -4.4%
ORCL Oracle Corp.	0.42%	270,157	$75.9M	Reduce -62.5%
OKE Oneok Inc.	0.42%	1,039,005	$75.8M	Add +8.3%
AWK American Water Works Co. Inc.	0.42%	545,240	$75.8M	Reduce -1.9%
EXC Exelon Corp.	0.42%	1,668,772	$75.1M	Reduce -4.6%
BFAM Bright Horizons Family Solut	0.42%	688,383	$75.0M	Reduce -0.2%
SRE Sempra	0.41%	828,251	$74.5M	Reduce -6.0%
COF Capital One Financial Corp.	0.41%	349,110	$74.4M	Reduce -21.1%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.40%	663,691	$72.3M	Reduce -12.7%
MSI Motorola Solutions Inc.	0.39%	154,831	$70.8M	Add +10.7%
MELI MercadoLibre Inc.	0.39%	29,827	$69.7M	Reduce -0.2%
ES Eversource Energy	0.38%	974,984	$69.2M	Reduce -8.3%
CVE Cenovus Energy Inc.	0.35%	3,687,512	$63.6M	Add +7.5%
TRP TC Energy Corp.	0.35%	1,176,677	$63.5M	Reduce -9.5%
RCL Royal Caribbean Cruises Ltd.	0.35%	193,493	$62.7M	Add +17.7%
ABBV Abbvie Inc.	0.34%	265,899	$61.7M	Reduce -7.8%
WY Weyerhaeuser Co.	0.34%	2,457,922	$61.4M	Add +7.0%
INTU Intuit Inc.	0.33%	86,435	$59.0M	Add +13.1%
MU Micron Technology Inc.	0.33%	352,153	$58.8M	Reduce -34.1%
GRMN Garmin Ltd.	0.32%	231,472	$56.9M	Reduce -12.5%
LULU Lululemon Athletica Inc.	0.30%	303,881	$54.1M	Add +32.9%
CCI Crown Castle Inc.	0.30%	558,189	$53.6M	Reduce -42.7%
EIX Edison International	0.28%	915,730	$50.4M	Reduce -40.3%
IPGP Ipg Photonics Corp.	0.28%	637,356	$50.4M	Add +6.2%
KO The Coca-Cola Co.	0.26%	711,105	$46.9M	Reduce -53.0%
C Citigroup Inc.	0.26%	452,275	$46.1M	Reduce -7.4%
MANH Manhattan Associates Inc.	0.25%	220,272	$45.2M	Reduce -15.3%
AES AES Corp.	0.25%	3,401,082	$44.2M	Reduce -46.7%
PDD PDD Holdings Inc.	0.24%	325,605	$43.0M	Reduce -3.2%
ILMN Illumina Inc.	0.23%	439,637	$41.8M	Reduce -21.3%
ONC Beone Medicines Ltd.-ADR	0.23%	120,721	$41.2M	Reduce -29.1%
ALC Alcon Inc. filed as ALCON AG	0.23%	546,931	$40.5M	Add +7432.4%
ADBE Adobe Inc.	0.22%	113,617	$40.1M	Reduce -6.8%
FER Ferrovial NV	0.22%	680,848	$39.2M	Reduce -8.4%
MLM Martin Marietta Materials	0.21%	60,657	$38.2M	Reduce -4.8%
REXR Rexford Industrial Realty Inc.	0.21%	916,986	$37.6M	Reduce -16.9%
BABA Alibaba Group Holding-SP ADR	0.21%	210,015	$37.6M	Reduce -35.7%
ARE Alexandria Real Estate Equit	0.21%	445,829	$37.0M	Reduce -18.0%
MORN Morningstar Inc.	0.20%	155,134	$36.0M	Reduce -5.3%
ATO Atmos Energy Corp.	0.20%	210,095	$35.9M	Add +10.1%
BRKR Bruker Corp.	0.19%	1,096,226	$35.1M	Add +233.0%
BALL Ball Corp.	0.19%	678,509	$33.9M	Reduce -5.7%
CSCO Cisco Systems Inc.	0.18%	476,496	$32.4M	Reduce -14.8%
ABT Abbott Laboratories	0.18%	237,694	$31.9M	New
STLA Stellantis NV	0.18%	3,386,355	$31.8M	Add +30.5%
PGR Progressive Corp.	0.17%	124,744	$30.8M	Reduce -0.8%
MRK Merck & Co. Inc.	0.17%	362,987	$30.5M	Reduce -20.4%
MCK McKesson Corp.	0.17%	38,897	$30.1M	Add +4.2%
TECK Teck Resources Ltd.-CLS B	0.16%	654,897	$28.8M	Reduce -9.4%
DEC Diversified Energy Co. PLC	0.15%	1,915,325	$26.8M	Add +11.7%
OWL Blue Owl Capital Inc.	0.14%	1,535,360	$26.1M	Add +13.8%
CHKP Check Point Software Tech	0.14%	119,834	$24.8M	Add +48.8%
CARR Carrier Global Corp.	0.13%	391,491	$23.5M	Add +4.1%
VZ Verizon Communications Inc.	0.13%	525,274	$23.1M	Reduce -7.7%
ALL Allstate Corp.	0.13%	106,858	$23.0M	Reduce -1.1%
FERG Ferguson Enterprises Inc.	0.13%	101,353	$22.7M	Reduce -48.7%
WAL Western Alliance Bancorp	0.12%	250,291	$21.8M	Reduce -2.5%
KR Kroger Co.	0.12%	314,688	$21.1M	Reduce -2.0%
CRGO Freightos Ltd.	0.11%	6,871,094	$20.6M	No change
CVX Chevron Corp.	0.11%	129,650	$20.1M	Add +3.2%
MMM 3M Co.	0.11%	129,015	$20.0M	Reduce -7.7%
HIG Hartford Insurance Group Inc.	0.11%	148,601	$19.8M	Reduce -7.6%
INTC Intel Corp.	0.11%	564,060	$19.2M	Reduce -11.0%
HIW Highwoods Properties Inc.	0.10%	586,040	$18.8M	Add +3.5%
ICE Intercontinental Exchange Inc.	0.10%	107,070	$18.0M	Add +18.4%
ZTS Zoetis Inc.	0.10%	119,967	$17.5M	Add +3.3%
SIMO Silicon Motion Technol-ADR	0.10%	181,044	$17.2M	Reduce -31.2%
FISV Fiserv Inc.	0.09%	131,326	$16.9M	Add +376.6%
OSK Oshkosh Corp.	0.09%	129,687	$16.9M	Reduce -7.1%
KOS Kosmos Energy Ltd.	0.09%	7,978,144	$16.0M	Add +38.3%
AMSF Amerisafe Inc.	0.09%	361,665	$15.9M	Reduce -1.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.09%	301,890	$15.7M	No change
TPC Tutor Perini Corp.	0.09%	237,243	$15.7M	New
GEV GE Vernova Inc.	0.09%	25,022	$15.4M	Add +3.3%
ANET Arista Networks Inc.	0.09%	104,791	$15.3M	Add +365.3%
TSEOQ Trinseo PLC	0.08%	7,625,044	$15.3M	No change
JNJ Johnson & Johnson	0.08%	78,889	$14.6M	Reduce -40.3%
LUV Southwest Airlines Co.	0.08%	455,884	$14.6M	Add +7.3%
TAP Molson Coors Beverage Co. Class B	0.08%	317,535	$14.3M	Reduce -2.3%
NOW ServiceNow Inc.	0.08%	15,442	$14.2M	Reduce -3.2%
PYPL PayPal Holdings Inc.	0.08%	206,844	$13.9M	Reduce -1.7%
SNOW Snowflake Inc.	0.08%	60,910	$13.8M	Add +704.0%
PFE Pfizer Inc.	0.08%	546,484	$13.7M	Reduce -13.3%
CVNA Carvana Co.	0.08%	36,157	$13.6M	Add +3.3%
RNW Renew Energy Global PLC-A	0.08%	1,703,330	$13.6M	Reduce -22.2%
HBM Hudbay Minerals Inc.	0.08%	899,304	$13.6M	New
PODD Insulet Corp.	0.07%	43,703	$13.5M	Add +3.3%
EG Everest Group Ltd.	0.07%	38,055	$13.3M	Add +89.5%
CEG Constellation Energy	0.07%	40,361	$13.3M	Reduce -2.7%
IRTC Irhythm Holdings Inc.	0.07%	76,868	$13.2M	Add +3.3%
TXRH Texas Roadhouse Inc.	0.07%	79,634	$13.2M	Add +16.0%
DASH DoorDash Inc. Class A	0.07%	47,857	$13.0M	New
MDLZ Mondelez International Inc. Class A	0.07%	209,046	$13.0M	Add +26.9%
VOYA Voya Financial Inc.	0.07%	172,492	$12.9M	Add +0.1%
BSX Boston Scientific Corp.	0.07%	131,872	$12.9M	Add +449.1%
NET Cloudflare Inc. Class A	0.07%	59,212	$12.7M	New
EXLS Exlservice Holdings Inc.	0.07%	284,707	$12.5M	New
HAL Halliburton Co.	0.07%	498,886	$12.5M	Add +34.1%
TTWO Take-Two Interactive Softwre	0.07%	48,314	$12.5M	New
WTW Willis Towers Watson PLC	0.07%	36,098	$12.5M	Reduce -14.4%
BPOP Popular Inc.	0.07%	96,644	$12.3M	New
VIK Viking Holdings Ltd.	0.07%	197,365	$12.2M	New
EMN Eastman Chemical Co.	0.07%	193,563	$12.2M	New
KEYS Keysight Technologies Inc.	0.07%	69,170	$12.1M	New
SRAD Sportradar Group AG-A	0.07%	443,808	$12.0M	Add +3.3%
BUR Burford Capital Ltd.	0.07%	1,005,634	$12.0M	No change
CSL Carlisle Cos Inc.	0.07%	36,209	$11.9M	New
NBIX Neurocrine Biosciences Inc.	0.07%	83,686	$11.7M	New
HALO Halozyme Therapeutics Inc.	0.07%	160,435	$11.7M	New
SBUX Starbucks Corp.	0.07%	137,653	$11.7M	Reduce -26.0%
VLY Valley National Bancorp	0.07%	1,063,427	$11.7M	Add +3.3%
TCOM Trip.com Group Ltd.-ADR	0.06%	155,452	$11.7M	Reduce -11.1%
CMCSA Comcast Corp. Class A	0.06%	375,073	$11.6M	Reduce -20.4%
IRDM Iridium Communications Inc.	0.06%	680,857	$11.6M	New
ZS Zscaler Inc.	0.06%	38,496	$11.5M	New
SE Sea Ltd.-ADR	0.06%	63,121	$11.3M	Reduce -38.9%
PCG P G & E Corp.	0.06%	750,371	$11.3M	Add +8.0%
GWRE Guidewire Software Inc.	0.06%	48,922	$11.3M	New
HLT Hilton Worldwide Holdings Inc.	0.06%	42,760	$11.1M	New
BMRN Biomarin Pharmaceutical Inc.	0.06%	204,840	$11.1M	Add +3.3%
APTV Aptiv PLC	0.06%	127,858	$11.0M	No change
TME Tencent Music Entertainm-ADR	0.06%	476,271	$11.0M	New
EXAS Exact Sciences Corp.	0.06%	198,968	$10.9M	Add +3.3%
ALGN Align Technology Inc.	0.06%	87,229	$10.9M	New
GILD Gilead Sciences Inc.	0.06%	97,504	$10.8M	Reduce -6.6%
VRT Vertiv Holdings Co. Class A	0.06%	71,326	$10.8M	Reduce -49.1%
INSP Inspire Medical Systems Inc.	0.06%	144,960	$10.7M	Add +173.9%
ZBH Zimmer Biomet Holdings Inc.	0.06%	107,465	$10.6M	Add +0.5%
WWW Wolverine World Wide Inc.	0.06%	393,271	$10.6M	New
BIDU Baidu Inc. - Spon ADR	0.06%	79,292	$10.5M	Add +3.7%
SEIC Sei Investments Company	0.06%	122,508	$10.4M	New
OGN Organon & Co.	0.06%	942,830	$10.4M	Add +8.7%
AMKR Amkor Technology Inc.	0.06%	370,282	$10.4M	Reduce -13.4%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC	0.06%	542,446	$10.3M	Add +18.3%
NNN NNN REIT Inc.	0.06%	235,690	$10.1M	Add +7.8%
MSCI MSCI Inc.	0.06%	17,800	$10.1M	Add +3.3%
WRD Weride Inc.-ADR	0.05%	987,021	$9.9M	New
NFLX Netflix Inc.	0.05%	8,194	$9.8M	Reduce -0.4%
CCOI Cogent Communications Holdin	0.05%	256,041	$9.7M	Reduce -32.0%
TOST Toast Inc. Class A	0.05%	258,872	$9.6M	Add +3.3%
SYK Stryker Corp.	0.05%	25,085	$9.3M	No change
TPR Tapestry Inc.	0.05%	82,107	$9.3M	Reduce -23.6%
CE Celanese Corp.	0.05%	217,880	$9.2M	Add +3.3%
WBD Warner Bros Discovery Inc.	0.05%	452,067	$9.0M	Reduce -38.9%
NICE Nice Ltd. - Spon ADR	0.05%	61,337	$8.9M	No change
SCHW Schwab (charles) Corp.	0.05%	91,474	$8.7M	Reduce -20.4%
WMT Walmart Inc.	0.05%	83,500	$8.6M	Add +14.6%
BBY Best Buy Co. Inc.	0.05%	110,631	$8.4M	Reduce -10.4%
KMT Kennametal Inc.	0.05%	394,648	$8.3M	Add +16.9%
HELE Helen of Troy Ltd.	0.05%	330,309	$8.3M	Add +3.3%
BCC Boise Cascade Co.	0.05%	106,699	$8.2M	Add +3.3%
TSLA Tesla Inc.	0.04%	18,160	$8.1M	Add +66.7%
KKR KKR & Co. Inc.	0.04%	61,000	$7.9M	Reduce -16.7%
REGN Regeneron Pharmaceuticals	0.04%	14,026	$7.9M	Add +3.3%
ENR Energizer Holdings Inc.	0.04%	314,985	$7.9M	Reduce -2.1%
PINS Pinterest Inc. Class A	0.04%	238,969	$7.6M	New
EXP Eagle Materials Inc.	0.04%	32,197	$7.5M	Add +4.8%
FSK FS KKR Capital Corp.	0.04%	495,000	$7.4M	Reduce -7.5%
CCEP Coca-Cola Europacific Partne	0.04%	81,797	$7.4M	Reduce -8.7%
RELY Remitly Global Inc.	0.04%	459,560	$7.4M	Add +3.3%
WHR Whirlpool Corp.	0.04%	92,461	$7.3M	Reduce -5.8%
MOS The Mosaic Co.	0.04%	203,862	$7.1M	New
OC Owens Corning	0.04%	50,574	$7.1M	Add +2.0%
INTA Intapp Inc.	0.04%	165,926	$6.8M	Add +3.3%
AXON Axon Enterprise Inc.	0.04%	9,417	$6.8M	No change
GM General Motors Co.	0.04%	107,733	$6.6M	Reduce -1.0%
ROK Rockwell Automation Inc.	0.04%	18,587	$6.5M	Reduce -20.8%
FN Fabrinet	0.04%	17,724	$6.5M	Reduce -48.2%
SW Smurfit Westrock PLC	0.03%	145,819	$6.3M	Add +27.6%
TSCO Tractor Supply Company	0.03%	109,346	$6.2M	Reduce -59.7%
COTY Coty Inc. Class A	0.03%	1,508,958	$6.0M	Add +3.9%
BX Blackstone Inc.	0.03%	35,000	$6.0M	Reduce -32.9%
LOMA Loma Negra Cia Ind-Spon ADR	0.03%	852,620	$6.0M	New
LLY Eli Lilly & Co.	0.03%	7,792	$5.9M	Add +37.5%
YUMC Yum China Holdings Inc.	0.03%	130,878	$5.6M	Reduce -4.2%
MRSH Marsh & McLennan Cos	0.03%	27,571	$5.6M	No change
VSH Vishay Intertechnology Inc.	0.03%	368,660	$5.5M	Reduce -1.8%
XOM Exxon Mobil Corp.	0.03%	48,628	$5.5M	Reduce -58.5%
STLD Steel Dynamics Inc.	0.03%	38,619	$5.4M	Reduce -0.3%
DVN Devon Energy Corp.	0.03%	153,134	$5.4M	Reduce -6.6%
PRCT Procept Biorobotics Corp.	0.03%	148,331	$5.3M	Add +3.3%
OCFT Oneconnect Financial Techno	0.03%	665,066	$5.3M	Reduce -14.0%
CAT Caterpillar Inc.	0.03%	10,960	$5.2M	Reduce -58.8%
BRNS Barinthus Biotherapeutics PL	0.03%	5,197,349	$5.2M	No change
CI The Cigna Group	0.03%	18,033	$5.2M	No change
APP AppLovin Corp. Class A	0.03%	6,622	$4.8M	No change
OBDC Blue Owl Capital Corp.	0.03%	352,000	$4.6M	Add +7.7%
BXSL Blackstone Secured Lending F	0.03%	175,000	$4.5M	New
NKE Nike Inc. Class B	0.02%	61,544	$4.3M	Reduce -3.9%
REEAF Ree Automotive Ltd. Class A	0.02%	4,248,429	$4.2M	No change
BILL Bill Holdings Inc.	0.02%	78,904	$4.2M	No change
BKNG Booking Holdings Inc.	0.02%	763	$4.1M	Add +0.9%
TXN Texas Instruments Inc.	0.02%	22,235	$4.1M	Reduce -36.2%
EMR Emerson Electric Co.	0.02%	28,971	$3.8M	No change
DE Deere & Co.	0.02%	8,249	$3.8M	Add +45.8%
LAR Lithium Argentina AG	0.02%	1,249,261	$3.7M	Reduce -14.3%
IBN Icici Bank Ltd.-Spon ADR	0.02%	123,889	$3.7M	Add +42.7%
MAN Manpowergroup Inc.	0.02%	97,165	$3.7M	Reduce -0.4%
COP Conocophillips	0.02%	38,317	$3.6M	Reduce -2.6%
HUM Humana Inc.	0.02%	13,951	$3.6M	No change
AMAT Applied Materials Inc.	0.02%	17,356	$3.6M	Reduce -20.0%
MGA Magna International Inc.	0.02%	72,411	$3.4M	Reduce -20.0%
ARCC Ares Capital Corp.	0.02%	165,000	$3.3M	Reduce -45.8%
HCM Hutchmed China-ADR	0.02%	204,432	$3.3M	Reduce -21.3%
CL Colgate-Palmolive Co.	0.02%	40,416	$3.2M	Add +1.0%
PANW Palo Alto Networks Inc.	0.02%	13,784	$2.8M	No change
ADI Analog Devices Inc.	0.01%	10,604	$2.6M	No change
HD Home Depot Inc.	0.01%	6,296	$2.5M	Reduce -96.0%
APO Apollo Global Management Inc.	0.01%	19,000	$2.5M	No change
ARBE Arbe Robotics Ltd.	0.01%	1,219,379	$2.4M	No change
RDDT Reddit Inc. Class A	0.01%	10,523	$2.4M	No change
RACE Ferrari NV	0.01%	4,986	$2.4M	New
SPGI S&P Global Inc.	0.01%	4,786	$2.3M	Add +2.1%
BRK.B Berkshire Hathaway Inc. Class B	0.01%	4,569	$2.3M	New
CP Canadian Pacific Kansas City	0.01%	30,143	$2.3M	Reduce -84.3%
ISRG Intuitive Surgical Inc.	0.01%	5,036	$2.3M	No change
SPG Simon Property Group Inc.	0.01%	11,858	$2.2M	Add +857.1%
IYR iShares US Real Estate ETF	0.01%	26,200	$2.2M	New
RTX CORPORATION	0.01%	12,462	$2.1M	New
MS Morgan Stanley	0.01%	12,635	$2.0M	New
NXPI NXP Semiconductors NV	0.01%	8,543	$1.9M	No change
GS Goldman Sachs Group Inc.	0.01%	2,436	$1.9M	New
SO The Southern Co.	0.01%	19,829	$1.9M	New
GOOG Alphabet Inc. Class C	0.01%	7,444	$1.8M	Reduce -6.3%
PEP Pepsico Inc.	0.01%	12,867	$1.8M	Reduce -51.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.01%	5,847	$1.6M	Reduce -62.8%
USB US Bancorp	0.01%	32,634	$1.6M	No change
GE General Electric filed as GE AEROSPACE	0.01%	5,063	$1.5M	New
TER Teradyne Inc.	0.01%	10,495	$1.4M	Reduce -92.5%
MET Metlife Inc.	0.01%	17,338	$1.4M	No change
ENPH Enphase Energy Inc.	0.01%	39,325	$1.4M	Reduce -8.5%
CVS CVS Health Corp.	0.01%	18,292	$1.4M	No change
DB Deutsche Bank AG-Registered	0.01%	38,339	$1.3M	New
COST Costco Wholesale Corp.	0.01%	1,445	$1.3M	New
PLTR Palantir Technologies Inc. Class A	0.01%	6,920	$1.3M	New
PG The Procter & Gamble Co.	0.01%	8,105	$1.2M	Reduce -83.5%
BIIB Biogen Inc.	0.01%	8,593	$1.2M	No change
KVYO Klaviyo Inc. Class A	0.01%	42,910	$1.2M	New
HON Honeywell International Inc.	0.01%	5,535	$1.2M	No change
ECL Ecolab Inc.	0.01%	4,150	$1.1M	Reduce -6.1%
AMD Advanced Micro Devices	0.01%	6,615	$1.1M	No change
HPQ HP Inc.	0.01%	36,464	$985K	Reduce -41.3%
WELL Welltower Inc.	0.01%	5,394	$960K	Add +4.1%
VEEV Veeva Systems Inc. Class A	0.01%	3,075	$916K	No change
TGT Target Corp.	0.00%	8,077	$727K	Reduce -92.4%
PGNY Progyny Inc.	0.00%	31,092	$684K	Add +1.8%
ALV Autoliv Inc.	0.00%	5,236	$649K	Reduce -16.5%
PLD Prologis Inc.	0.00%	4,015	$462K	Add +8.2%
VLTO Veralto Corp.	0.00%	4,200	$449K	Add +10.6%
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.00%	13,331	$440K	Add +112.1%
XYL Xylem Inc.	0.00%	2,954	$437K	Add +2.1%
EW Edwards Lifesciences Corp.	0.00%	4,661	$364K	No change
WMS Advanced Drainage Systems Inc.	0.00%	2,218	$308K	Add +2.1%
TRMB Trimble Inc.	0.00%	3,660	$300K	Add +2.1%
MASI Masimo Corp.	0.00%	1,623	$240K	No change
PSTL Postal Realty Trust Inc. Class A	0.00%	14,491	$232K	New
O Realty Income Corp.	0.00%	3,797	$232K	Add +8.2%
DLR Digital Realty Trust Inc.	0.00%	1,304	$226K	Add +8.2%
REG Regency Centers Corp.	0.00%	3,074	$224K	Add +6.4%
CTRE Caretrust REIT Inc.	0.00%	6,397	$224K	New
PCH Potlatchdeltic Corp.	0.00%	5,394	$221K	Add +4.7%
AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC	0.00%	31,587	$221K	Add +36.7%
BRX Brixmor Property Group Inc.	0.00%	7,875	$221K	Add +8.2%
SKT Tanger Inc.	0.00%	6,435	$219K	Add +5.6%
PSA Public Storage	0.00%	755	$218K	Add +3.6%
NTST Netstreit Corp.	0.00%	12,082	$217K	New
BFS Saul Centers Inc. filed as SAUL CTRS INC	0.00%	6,770	$217K	New
AHR American Healthcare REIT Inc.	0.00%	5,111	$215K	New
GRTUF Granite Real Estate Investme	0.00%	3,871	$214K	New
FCPT Four Corners Property Trust	0.00%	8,798	$211K	New
AMH American Homes 4 Rent- A	0.00%	6,242	$206K	New
RHP Ryman Hospitality Properties	0.00%	2,282	$205K	New
SBAC SBA Communications Corp.	0.00%	1,060	$205K	New
EPRT Essential Properties Realty	0.00%	6,776	$203K	Add +8.2%
ELS Equity Lifestyle Properties	0.00%	3,293	$201K	Add +8.2%
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW	0.00%	12,413	$199K	Add +8.2%
TREX Trex Company Inc.	0.00%	3,511	$183K	Add +2.1%
COLD Americold Realty Trust Inc.	0.00%	15,182	$182K	Add +30.5%
UMH Umh Properties Inc. filed as UMH PPTYS INC	0.00%	12,000	$180K	Add +8.2%
CHCT Community Healthcare Trust I	0.00%	11,950	$179K	Add +8.2%
DAR Darling Ingredients Inc.	0.00%	5,770	$179K	Add +2.1%
RLJ RLJ Lodging Trust	0.00%	24,355	$170K	Add +8.2%

Options reported separately and not counted above: STX puts ($7.3M).

Other holdings (30): bonds, preferreds, convertibles and warrants · $797.3M (not counted above)

Security	Class	Shares / Principal	Value	Change
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	29,455,000	$171.3M	New
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	40,687,000	$59.4M	No change
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	11,275,000	$58.4M	No change
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	15,772,000	$45.3M	Reduce -61.0%
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	36,839,000	$42.7M	New
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	34,856,000	$39.7M	No change
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	37,455,000	$37.5M	New
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	36,053,000	$32.8M	No change
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	30,186,000	$31.4M	No change
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	22,613,000	$31.2M	No change
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	27,019,000	$29.7M	No change
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	26,818,000	$26.3M	Add +28.3%
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28)	NOTE 3.250%11/0 · principal	13,432,000	$19.9M	Reduce -0.9%
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	15,177,000	$18.8M	New
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	16,949,000	$16.4M	New
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	9,050,000	$14.7M	Reduce -23.3%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	10,396,000	$14.6M	No change
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	14,799,000	$14.5M	No change
VERTEX INC (VERX 0.75 05/01/29)	NOTE 0.750% 5/0 · principal	12,085,000	$13.1M	No change
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	12,620,000	$12.6M	Reduce -2.1%
CRGOW Freightos Ltd.-CW28	*W EXP 99/99/999	495,000	$9.9M	No change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	6,329,000	$8.7M	New
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26)	NOTE 4/0 · principal	7,099,000	$8.7M	New
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	7,895,000	$8.4M	No change
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	6,486,000	$7.3M	New
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	4,672,000	$7.1M	No change
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	6,525,000	$6.7M	New
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	7,219,000	$6.5M	No change
BOX INC (BOX 0 01/15/26)	NOTE 1/1 · principal	2,894,000	$3.6M	No change
CABLE ONE INC (CABO 0 03/15/26)	NOTE 3/1 · principal	300,000	$294K	New

Total filed on the 13F, all lines: $18.8B.

Portfolio Sells Q2 2025 → Q3 2025


ANSS Ansys Inc.	Sold out	0.00%	−1.91
AVGO Broadcom Inc.	Reduce -65.5%	0.76%	−1.14
ORCL Oracle Corp.	Reduce -62.5%	0.42%	−0.48
KO The Coca-Cola Co.	Reduce -53.0%	0.26%	−0.35
HD Home Depot Inc.	Reduce -96.0%	0.01%	−0.32
CCI Crown Castle Inc.	Reduce -42.7%	0.30%	−0.28
KVUE Kenvue Inc.	Reduce -1.8%	0.71%	−0.27
ARES Ares Management Corp. Class A	Reduce -12.3%	0.95%	−0.26
NEE Nextera Energy Inc.	Reduce -14.8%	2.06%	−0.23
META Meta Platforms Inc. Class A	Reduce -2.1%	3.80%	−0.22
JCI Johnson Controls Internation	Reduce -10.8%	1.61%	−0.18
EIX Edison International	Reduce -40.3%	0.28%	−0.18
AES AES Corp.	Reduce -46.7%	0.25%	−0.16
COF Capital One Financial Corp.	Reduce -21.1%	0.41%	−0.13
FERG Ferguson Enterprises Inc.	Reduce -48.7%	0.13%	−0.12
MORN Morningstar Inc.	Reduce -5.3%	0.20%	−0.09
CP Canadian Pacific Kansas City	Reduce -84.3%	0.01%	−0.07
BFAM Bright Horizons Family Solut	Reduce -0.2%	0.42%	−0.07
FLYW Flywire Corp.-Voting	Sold out	0.00%	−0.07
ILMN Illumina Inc.	Reduce -21.3%	0.23%	−0.07
BBWI Bath & Body Works Inc.	Sold out	0.00%	−0.07
CYBR Cyberark Software Ltd./Israel	Sold out	0.00%	−0.07
LIVN Livanova PLC	Sold out	0.00%	−0.07
CGNX Cognex Corp.	Sold out	0.00%	−0.07
M Macy's Inc.	Sold out	0.00%	−0.07
CRS Carpenter Technology	Sold out	0.00%	−0.07
FOLD Amicus Therapeutics Inc.	Sold out	0.00%	−0.06
TER Teradyne Inc.	Reduce -92.5%	0.01%	−0.06
HWC Hancock Whitney Corp.	Sold out	0.00%	−0.06
TGNA Tegna Inc.	Sold out	0.00%	−0.06
CCS Century Communities Inc.	Sold out	0.00%	−0.06
DY Dycom Industries Inc.	Sold out	0.00%	−0.06
DT Dynatrace Inc.	Sold out	0.00%	−0.06
SPSC SPS Commerce Inc.	Sold out	0.00%	−0.06
DV Doubleverify Holdings Inc.	Sold out	0.00%	−0.06
SFM Sprouts Farmers Market Inc.	Sold out	0.00%	−0.06
MELI MercadoLibre Inc.	Reduce -0.2%	0.39%	−0.06
TGT Target Corp.	Reduce -92.4%	0.00%	−0.06
TTEK Tetra Tech Inc.	Reduce -0.3%	0.44%	−0.06
ACHC Acadia Healthcare Co. Inc.	Sold out	0.00%	−0.06
TPH Tri Pointe Homes Inc.	Sold out	0.00%	−0.06
QTWO Q2 Holdings Inc.	Sold out	0.00%	−0.05
EFOR Everforth Inc.	Sold out	0.00%	−0.05
BCRX Biocryst Pharmaceuticals Inc.	Sold out	0.00%	−0.05
IP International Paper Co.	Reduce -1.1%	0.81%	−0.05
COLB Columbia Banking System Inc.	Sold out	0.00%	−0.05
FLYYQ Spirit Aviation Holdings Inc.	Sold out	0.00%	−0.05
BLDR Builders Firstsource Inc.	Sold out	0.00%	−0.05
CCOI Cogent Communications Holdin	Reduce -32.0%	0.05%	−0.05
MU Micron Technology Inc.	Reduce -34.1%	0.33%	−0.05

Portfolio Buys Q2 2025 → Q3 2025


SNPS Synopsys Inc.	Add +86263.0%	1.55%	+1.55
WFC Wells Fargo & Co.	Add +320.3%	1.37%	+1.05
NVDA Nvidia Corp.	Add +34.9%	1.53%	+0.54
QCOM Qualcomm Inc.	Add +59.6%	1.15%	+0.44
HTHT H World Group Ltd.-ADR	Add +26.8%	1.42%	+0.42
AMCR Amcor PLC	Add +26.6%	4.81%	+0.41
CRM Salesforce Inc.	Add +481.4%	0.48%	+0.39
VFC VF Corp.	Add +10.5%	1.76%	+0.35
CME Cme Group Inc.	Add +34.3%	1.47%	+0.32
TMO Thermo Fisher Scientific Inc.	Add +12.1%	1.19%	+0.28
AAPL Apple Inc.	Add +1.1%	1.35%	+0.24
MSFT Microsoft Corp.	Add +2.3%	6.63%	+0.23
ALC Alcon Inc.	Add +7432.4%	0.23%	+0.22
LNG Cheniere Energy Inc.	Add +49.6%	0.73%	+0.21
ABT Abbott Laboratories	New	0.18%	+0.18
TSM Taiwan Semiconductor-SP ADR	Add +16.7%	0.53%	+0.15
UNH Unitedhealth Group Inc.	Add +0.6%	1.68%	+0.12
BRKR Bruker Corp.	Add +233.0%	0.19%	+0.12
V Visa Inc. Class A	Add +16.3%	1.39%	+0.11
BDX Becton Dickinson and Co.	Add +4.9%	0.97%	+0.09
TPC Tutor Perini Corp.	New	0.09%	+0.09
CVE Cenovus Energy Inc.	Add +7.5%	0.35%	+0.08
HBM Hudbay Minerals Inc.	New	0.08%	+0.08
DASH DoorDash Inc. Class A	New	0.07%	+0.07
ANET Arista Networks Inc.	Add +365.3%	0.09%	+0.07
NET Cloudflare Inc. Class A	New	0.07%	+0.07
EXLS Exlservice Holdings Inc.	New	0.07%	+0.07
TTWO Take-Two Interactive Softwre	New	0.07%	+0.07
BPOP Popular Inc.	New	0.07%	+0.07
VIK Viking Holdings Ltd.	New	0.07%	+0.07
EMN Eastman Chemical Co.	New	0.07%	+0.07
KEYS Keysight Technologies Inc.	New	0.07%	+0.07
FISV Fiserv Inc.	Add +376.6%	0.09%	+0.07
SNOW Snowflake Inc.	Add +704.0%	0.08%	+0.07
CSL Carlisle Cos Inc.	New	0.07%	+0.07
HALO Halozyme Therapeutics Inc.	New	0.07%	+0.07
NBIX Neurocrine Biosciences Inc.	New	0.07%	+0.07
IRDM Iridium Communications Inc.	New	0.06%	+0.06
ZS Zscaler Inc.	New	0.06%	+0.06
GWRE Guidewire Software Inc.	New	0.06%	+0.06
HLT Hilton Worldwide Holdings Inc.	New	0.06%	+0.06
TME Tencent Music Entertainm-ADR	New	0.06%	+0.06
ALGN Align Technology Inc.	New	0.06%	+0.06
WWW Wolverine World Wide Inc.	New	0.06%	+0.06
SEIC Sei Investments Company	New	0.06%	+0.06
BSX Boston Scientific Corp.	Add +449.1%	0.07%	+0.06
MSI Motorola Solutions Inc.	Add +10.7%	0.39%	+0.06
WRD Weride Inc.-ADR	New	0.05%	+0.05
LIN Linde PLC	Add +12.7%	0.55%	+0.05
RCL Royal Caribbean Cruises Ltd.	Add +17.7%	0.35%	+0.05

Options Activity Q2 2025 → Q3 2025


STX Seagate Technology Holdings	put	New	30,900	$7.3M

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

Notes & Other Activity Q2 2025 → Q3 2025


ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	New	29,455,000	$171.3M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	Sold out	26,470,000	$98.3Mbefore exit
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	Sold out	59,061,000	$77.4Mbefore exit
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	Reduce -61.0%	15,772,000	$45.3M
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	New	36,839,000	$42.7M
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	New	37,455,000	$37.5M
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	Add +28.3%	26,818,000	$26.3M
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28)	NOTE 3.250%11/0 · principal	Reduce -0.9%	13,432,000	$19.9M
NICE LTD (NICEIT 0 09/15/25)	NOTE 9/1 · principal	Sold out	19,592,000	$19.4Mbefore exit
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	New	15,177,000	$18.8M
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	New	16,949,000	$16.4M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	Sold out	16,609,000	$15.9Mbefore exit
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	Reduce -23.3%	9,050,000	$14.7M
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	Reduce -2.1%	12,620,000	$12.6M
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	New	6,329,000	$8.7M
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26)	NOTE 4/0 · principal	New	7,099,000	$8.7M
COINBASE GLOBAL INC (COIN 0.5 06/01/26)	NOTE 0.500% 6/0 · principal	New	6,486,000	$7.3M
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	New	6,525,000	$6.7M
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25)	NOTE 6.500% 7/0 · principal	Sold out	500,000	$500Kbefore exit
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	Sold out	409,239	$479Kbefore exit
CABLE ONE INC (CABO 0 03/15/26)	NOTE 3/1 · principal	New	300,000	$294K

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	344	$19.3B	AMCR, MSFT, AZN, AVGO, MEOH
Q1 2026	352	$18.8B	MSFT, AMCR, AZN, MEOH, META
Q4 2025	346	$18.7B	MSFT, AMCR, META, MEOH, GOOGL
Q3 2025	340	$18.0B	MSFT, AMCR, META, MEOH, GOOGL
Q2 2025	388	$17.5B	MSFT, AMCR, META, MEOH, NEE
Q1 2025	408	$15.3B	MSFT, AMCR, META, MEOH, BMY
Q4 2024	394	$15.7B	MSFT, MEOH, AMCR, AVGO, BMY
Q3 2024	386	$16.1B	MSFT, AMCR, AVGO, MEOH, BMY
Q2 2024	376	$14.6B	MSFT, MEOH, AVGO, AMCR, BMY
Q1 2024	345	$14.3B	MSFT, MEOH, AVGO, BMY, GOOGL