M&G PLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), M&G PLC reported 346 stock positions worth $18.7 billion. Its top holding was Microsoft (MSFT) at 6.3% of the portfolio, followed by Amcor (AMCR, 4.9%) and Meta Platforms Class A (META, 3.1%). Compared with Q3 2025, it opened 54 new positions, sold out of 48, added to 149 and reduced 104. The biggest buy was a new position in Totalenergies (TTE) and the biggest sale Meta Platforms Class A (META, shares −6%).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001802539
Portfolio Value
$18.7B (Q4 2025)
SEC Filing
0001193125-26-048106 ↗ filed Feb 12, 2026

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $14.3B Q1 2024 Q2 2024: $14.6B Q2 2024 Q3 2024: $16.1B Q3 2024 Q4 2024: $15.7B Q4 2024 Q1 2025: $15.3B Q1 2025 Q2 2025: $17.5B Q2 2025 Q3 2025: $18.0B Q3 2025 Q4 2025: $18.7B $18.7B Q4 2025 Q1 2026: $18.8B Q1 2026 Q2 2026: $19.3B Q2 2026

Holdings 346 stocks · $18.7B
MSFT Microsoft Corp. 6.29% 2,423,543 $1.2B Add +5.1%
AMCR Amcor PLC 4.93% 114,989,595 $919.9M Add +6.1%
META Meta Platforms Inc. Class A 3.10% 877,138 $578.9M Reduce -6.0%
MEOH Methanex Corp. 2.73% 12,756,931 $510.3M No change
GOOGL Alphabet Inc. Class A 2.55% 1,521,081 $476.1M Reduce -7.9%
VFC VF Corp. 2.46% 25,550,701 $459.9M Add +12.9%
BMY Bristol-Myers Squibb Co. 2.06% 7,135,481 $385.3M Add +3.6%
NEE Nextera Energy Inc. 2.05% 4,778,847 $382.3M Reduce -3.2%
WFC Wells Fargo & Co. 1.73% 3,464,877 $322.2M Add +17.6%
QCOM Qualcomm Inc. 1.67% 1,817,789 $310.8M Add +45.6%
UNH Unitedhealth Group Inc. 1.53% 866,755 $286.0M Reduce -1.0%
JCI Johnson Controls Internation 1.53% 2,383,468 $286.0M Reduce -9.5%
AAPL Apple Inc. 1.52% 1,044,982 $284.2M Add +9.8%
HTHT H World Group Ltd.-ADR 1.51% 6,006,941 $282.3M Reduce -8.4%
ACN Accenture PLC Class A 1.49% 1,036,989 $277.9M Add +6.1%
AVGO Broadcom Inc. 1.47% 792,181 $274.1M Add +90.8%
CME Cme Group Inc. 1.46% 994,710 $271.6M Add +1.5%
NVDA Nvidia Corp. 1.42% 1,414,305 $264.5M Reduce -3.9%
SNPS Synopsys Inc. 1.41% 559,866 $263.1M Reduce -1.3%
V Visa Inc. Class A 1.38% 733,971 $257.6M Add +0.3%
HDB HDFC Bank Ltd.-ADR 1.35% 6,804,212 $251.8M Reduce -2.4%
RSG Republic Services Inc. 1.35% 1,184,478 $251.1M Reduce -1.2%
MDT Medtronic PLC 1.30% 2,533,791 $243.2M Reduce -10.8%
EQIX Equinix Inc. 1.28% 312,490 $239.4M Reduce -3.8%
TMO Thermo Fisher Scientific Inc. 1.28% 412,911 $239.1M Reduce -6.5%
LOW Lowe's Cos Inc. 1.19% 918,759 $221.4M Reduce -1.9%
ELV Elevance Health Inc. 1.18% 628,980 $220.8M Reduce -38.0%
TTE Totalenergies SE 1.17% 3,309,468 $217.4M New
EBAY eBay Inc. 1.14% 2,455,872 $213.7M Reduce -1.0%
FNV Franco-Nevada Corp. 1.14% 1,025,755 $213.0M Reduce -0.8%
UBS UBS Group AG-Reg 1.12% 4,500,778 $209.6M Add +9.5%
ARES Ares Management Corp. Class A 1.06% 1,219,112 $197.5M Add +13.7%
LRCX Lam Research Corp. 1.05% 1,148,445 $196.4M Reduce -34.5%
AMT American Tower Corp. 1.01% 1,075,131 $189.2M Add +6.5%
BDX Becton Dickinson and Co. 0.95% 917,351 $178.0M Reduce -1.9%
DGX Quest Diagnostics Inc. 0.88% 945,052 $164.4M Reduce -13.3%
AMGN Amgen Inc. 0.81% 459,393 $150.2M Add +1.1%
AXP American Express Co. 0.74% 374,980 $138.7M Reduce -8.7%
ON On Semiconductor 0.74% 2,564,222 $138.5M Reduce -3.1%
KVUE Kenvue Inc. 0.74% 8,135,231 $138.3M Add +1.3%
AMZN Amazon.com Inc. 0.72% 578,760 $133.7M Reduce -28.3%
ENB Enbridge Inc. 0.71% 2,736,957 $131.6M Reduce -2.5%
CSX CSX Corp. 0.70% 3,626,457 $130.6M Reduce -5.1%
MICC The Magnum Ice Cream Co. NV 0.69% 7,878,979 $129.2M New
LNG Cheniere Energy Inc. 0.67% 645,060 $125.1M Add +16.0%
BALL Ball Corp. 0.66% 2,326,812 $123.3M Add +242.9%
MA Mastercard Inc. Class A 0.63% 206,977 $118.2M Add +1.3%
MSA Msa Safety Inc. 0.62% 728,727 $116.6M Add +0.7%
EWW iShares MSCI Mexico ETF 0.62% 2,257,723 $116.4M No change
IP International Paper Co. 0.62% 3,051,194 $116.1M Reduce -4.1%
A Agilent Technologies Inc. 0.60% 820,900 $111.6M Reduce -10.0%
ATAT Atour Lifestyle Holdings-ADR 0.59% 2,810,379 $109.6M Reduce -7.1%
CRM Salesforce Inc. 0.57% 401,469 $106.4M Add +9.3%
TSM Taiwan Semiconductor-SP ADR 0.56% 341,062 $103.7M Add +0.3%
JPM JPMorgan Chase & Co. 0.53% 307,302 $99.0M Reduce -8.2%
LIN Linde PLC 0.50% 217,136 $92.5M Add +4.1%
STX Seagate Technology Holdings 0.46% 314,388 $86.5M Reduce -21.3%
MSI Motorola Solutions Inc. 0.45% 217,418 $83.3M Add +40.4%
TTEK Tetra Tech Inc. 0.44% 2,405,586 $81.8M Reduce -0.2%
BN Brookfield Corp. 0.43% 1,753,313 $80.7M Add +2.1%
AWK American Water Works Co. Inc. 0.42% 599,806 $78.6M Add +10.0%
ADSK Autodesk Inc. 0.42% 264,574 $78.3M Reduce -0.3%
OKE Oneok Inc. 0.41% 1,022,253 $75.6M Reduce -1.6%
ATHM Autohome Inc.-ADR 0.40% 3,420,121 $75.2M Add +13.7%
GRMN Garmin Ltd. 0.39% 354,249 $71.9M Add +53.0%
EXC Exelon Corp. 0.37% 1,582,104 $69.6M Reduce -5.2%
BFAM Bright Horizons Family Solut 0.36% 669,281 $67.6M Reduce -2.8%
SRE Sempra 0.36% 763,217 $67.2M Reduce -7.8%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.35% 570,873 $66.2M Reduce -14.0%
WY Weyerhaeuser Co. 0.35% 2,740,420 $65.8M Add +11.5%
INTU Intuit Inc. 0.34% 96,466 $63.9M Add +11.6%
MU Micron Technology Inc. 0.34% 224,017 $63.8M Reduce -36.4%
COF Capital One Financial Corp. 0.33% 257,068 $62.2M Reduce -26.4%
MELI MercadoLibre Inc. 0.32% 30,001 $60.4M Add +0.6%
ES Eversource Energy 0.32% 881,936 $59.1M Reduce -9.5%
CCJ Cameco Corp. 0.31% 638,539 $58.6M Reduce -30.6%
ABBV Abbvie Inc. 0.31% 252,945 $57.7M Reduce -4.9%
LULU Lululemon Athletica Inc. 0.31% 276,950 $57.6M Reduce -8.9%
TRP TC Energy Corp. 0.30% 1,034,888 $56.9M Reduce -12.1%
ILMN Illumina Inc. 0.30% 427,975 $56.1M Reduce -2.6%
CVE Cenovus Energy Inc. 0.30% 3,345,588 $56.1M Reduce -9.3%
BRKR Bruker Corp. 0.29% 1,141,051 $53.6M Add +4.1%
ALC Alcon Inc. filed as ALCON AG 0.27% 638,181 $50.9M Add +16.7%
RCL Royal Caribbean Cruises Ltd. 0.26% 174,825 $48.8M Reduce -9.7%
STLA Stellantis NV 0.26% 4,365,673 $48.5M Add +28.9%
IPGP Ipg Photonics Corp. 0.24% 620,845 $44.7M Reduce -2.6%
ORCL Oracle Corp. 0.24% 224,995 $43.9M Reduce -16.7%
ADBE Adobe Inc. 0.23% 122,583 $42.9M Add +7.9%
C Citigroup Inc. 0.21% 338,644 $39.6M Reduce -25.1%
ONC Beone Medicines Ltd.-ADR 0.21% 129,791 $39.5M Add +7.5%
MRK Merck & Co. Inc. 0.21% 371,267 $39.0M Add +2.3%
MANH Manhattan Associates Inc. 0.21% 222,119 $38.4M Add +0.8%
CSCO Cisco Systems Inc. 0.20% 492,275 $37.9M Add +3.3%
PDD PDD Holdings Inc. 0.20% 325,505 $36.8M Reduce -0.0%
ABT Abbott Laboratories 0.19% 281,729 $35.2M Add +18.5%
EIX Edison International 0.19% 585,094 $35.1M Reduce -36.1%
CARR Carrier Global Corp. 0.19% 661,373 $35.1M Add +68.9%
ZTS Zoetis Inc. 0.19% 275,127 $34.7M Add +129.3%
REXR Rexford Industrial Realty Inc. 0.18% 883,769 $34.5M Reduce -3.6%
TECK Teck Resources Ltd.-CLS B 0.18% 716,307 $34.4M Add +9.4%
ATO Atmos Energy Corp. 0.18% 204,364 $34.3M Reduce -2.7%
CCI Crown Castle Inc. 0.18% 382,207 $34.0M Reduce -31.5%
MORN Morningstar Inc. 0.18% 156,247 $33.9M Add +0.7%
BABA Alibaba Group Holding-SP ADR 0.18% 228,645 $33.6M Add +8.9%
FER Ferrovial NV 0.18% 520,190 $33.6M Reduce -23.6%
PGR Progressive Corp. 0.16% 127,934 $29.2M Add +2.6%
ICE Intercontinental Exchange Inc. 0.15% 177,895 $28.8M Add +66.2%
AES AES Corp. 0.15% 2,014,753 $28.2M Reduce -40.8%
MCK McKesson Corp. 0.15% 33,930 $27.8M Reduce -12.8%
OWL Blue Owl Capital Inc. 0.15% 1,852,491 $27.8M Add +20.7%
DEC Diversified Energy Co. 0.14% 1,915,325 $27.0M No change
CHKP Check Point Software Tech 0.13% 133,535 $24.8M Add +11.4%
TMUS T-Mobile US Inc. 0.13% 122,305 $24.8M New
VZ Verizon Communications Inc. 0.12% 557,260 $22.8M Add +6.1%
ALL Allstate Corp. 0.12% 105,273 $21.9M Reduce -1.5%
MMM 3M Co. 0.12% 135,165 $21.6M Add +4.8%
KR Kroger Co. 0.12% 346,955 $21.5M Add +10.3%
CVX Chevron Corp. 0.11% 139,952 $21.3M Add +8.0%
HIG Hartford Insurance Group Inc. 0.11% 154,097 $21.3M Add +3.7%
LUV Southwest Airlines Co. 0.11% 505,212 $20.7M Add +10.8%
NOW ServiceNow Inc. 0.10% 127,465 $19.5M Add +65.1%
SIMO Silicon Motion Technol-ADR 0.10% 202,799 $18.9M Add +12.0%
KO The Coca-Cola Co. 0.09% 253,129 $17.7M Reduce -64.4%
TPC Tutor Perini Corp. 0.09% 259,494 $17.4M Add +9.4%
OSK Oshkosh Corp. 0.09% 137,266 $17.3M Add +5.8%
INTC Intel Corp. 0.09% 460,373 $17.0M Reduce -18.4%
AXSM Axsome Therapeutics Inc. 0.09% 90,328 $16.5M New
NXPI NXP Semiconductors NV 0.09% 75,376 $16.4M Add +782.3%
TPR Tapestry Inc. 0.09% 127,407 $16.3M Add +55.2%
JNJ Johnson & Johnson 0.09% 78,747 $16.3M Reduce -0.2%
KSS Kohls Corp. 0.09% 811,255 $16.2M New
HIW Highwoods Properties Inc. 0.09% 613,790 $16.0M Add +4.7%
TCOM Trip.com Group Ltd.-ADR 0.09% 221,183 $15.9M Add +42.3%
PYPL PayPal Holdings Inc. 0.09% 273,767 $15.9M Add +32.4%
TAP Molson Coors Beverage Co. Class B 0.08% 331,474 $15.6M Add +4.4%
CEG Constellation Energy 0.08% 43,321 $15.3M Add +7.3%
ANET Arista Networks Inc. 0.08% 116,427 $15.3M Add +11.1%
IRTC Irhythm Holdings Inc. 0.08% 84,138 $14.9M Add +9.5%
HAL Halliburton Co. 0.08% 525,320 $14.7M Add +5.3%
RYTM Rhythm Pharmaceuticals Inc. 0.08% 137,074 $14.7M New
CLS Celestica Inc. 0.08% 49,003 $14.5M New
FRMI Fermi Inc. 0.08% 1,805,415 $14.4M New
PFE Pfizer Inc. 0.08% 577,180 $14.4M Add +5.6%
MTB M & T Bank Corp. filed as M & T BK CORP 0.08% 71,303 $14.3M New
ATEC Alphatec Holdings Inc. 0.08% 669,266 $14.1M New
WBD Warner Bros Discovery Inc. 0.08% 483,076 $14.0M Add +6.9%
LRN Stride Inc. 0.08% 215,483 $14.0M New
VLY Valley National Bancorp 0.07% 1,163,685 $14.0M Add +9.4%
GLW Corning Inc. 0.07% 157,870 $13.9M New
FMC FMC Corp. 0.07% 989,370 $13.9M New
CRGO Freightos Ltd. 0.07% 6,871,094 $13.7M No change
CHTR Charter Communications Inc. Class A 0.07% 65,750 $13.7M New
VOYA Voya Financial Inc. 0.07% 184,135 $13.6M Add +6.8%
PODD Insulet Corp. 0.07% 47,807 $13.6M Add +9.4%
TTWO Take-Two Interactive Softwre 0.07% 52,869 $13.5M Add +9.4%
EG Everest Group Ltd. 0.07% 39,826 $13.5M Add +4.7%
BSX Boston Scientific Corp. 0.07% 141,980 $13.5M Add +7.7%
HLT Hilton Worldwide Holdings Inc. 0.07% 46,780 $13.4M Add +9.4%
COCO The Vita Coco Co. Inc. 0.07% 253,012 $13.4M New
SFM Sprouts Farmers Market Inc. 0.07% 166,943 $13.4M New
QFIN Qfin Holdings Inc.-ADR 0.07% 701,640 $13.3M New
TXRH Texas Roadhouse Inc. 0.07% 80,301 $13.3M Add +0.8%
CMCSA Comcast Corp. Class A 0.07% 443,880 $13.3M Add +18.3%
DOCS Doximity Inc. Class A 0.07% 301,952 $13.3M New
OLED Universal Display Corp. 0.07% 113,400 $13.3M New
BMRN Biomarin Pharmaceutical Inc. 0.07% 224,143 $13.2M Add +9.4%
BPOP Popular Inc. 0.07% 105,744 $13.2M Add +9.4%
DY Dycom Industries Inc. 0.07% 38,917 $13.2M New
EXLS Exlservice Holdings Inc. 0.07% 311,572 $13.1M Add +9.4%
NBIX Neurocrine Biosciences Inc. 0.07% 91,599 $13.0M Add +9.5%
PCG P G & E Corp. 0.07% 799,289 $12.8M Add +6.5%
NET Cloudflare Inc. Class A 0.07% 64,787 $12.8M Add +9.4%
CSL Carlisle Cos Inc. 0.07% 39,627 $12.7M Add +9.4%
WTW Willis Towers Watson PLC 0.07% 38,367 $12.6M Add +6.3%
PII Polaris Inc. 0.07% 200,071 $12.6M New
GILD Gilead Sciences Inc. 0.07% 102,446 $12.6M Add +5.1%
LOMA Loma Negra Cia Ind-Spon ADR 0.07% 954,292 $12.4M Add +11.9%
VRSK Verisk Analytics Inc. 0.07% 54,994 $12.3M New
MDLZ Mondelez International Inc. Class A 0.06% 221,241 $11.9M Add +5.8%
AMKR Amkor Technology Inc. 0.06% 305,902 $11.9M Reduce -17.4%
SRAD Sportradar Group AG-A 0.06% 485,743 $11.7M Add +9.4%
BIDU Baidu Inc. - Spon ADR 0.06% 88,096 $11.5M Add +11.1%
MSCI MSCI Inc. 0.06% 19,467 $11.2M Add +9.4%
ZBH Zimmer Biomet Holdings Inc. 0.06% 123,202 $11.1M Add +14.6%
RNW Renew Energy Global PLC-A 0.06% 1,845,282 $11.1M Add +8.3%
SEIC Sei Investments Company 0.06% 134,004 $11.0M Add +9.4%
GM General Motors Co. 0.06% 133,130 $10.8M Add +23.6%
GWRE Guidewire Software Inc. 0.06% 53,535 $10.8M Add +9.4%
SYK Stryker Corp. 0.06% 30,424 $10.7M Add +21.3%
CCEP Coca-Cola Europacific Partne 0.06% 116,843 $10.6M Add +42.9%
BUR Burford Capital Ltd. 0.06% 1,185,249 $10.6M Add +17.9%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.06% 654,798 $10.5M Add +20.7%
NNN NNN REIT Inc. 0.06% 258,037 $10.3M Add +9.5%
AMSF Amerisafe Inc. 0.06% 271,371 $10.3M Reduce -25.0%
TSLA Tesla Inc. 0.05% 22,585 $10.2M Add +24.4%
CE Celanese Corp. 0.05% 238,396 $10.0M Add +9.4%
SCHW Schwab (charles) Corp. 0.05% 97,606 $9.8M Add +6.7%
ZS Zscaler Inc. 0.05% 42,105 $9.5M Add +9.4%
KMT Kennametal Inc. 0.05% 336,647 $9.4M Reduce -14.7%
APTV Aptiv PLC 0.05% 123,820 $9.4M Reduce -3.2%
PINS Pinterest Inc. Class A 0.05% 338,570 $8.8M Add +41.7%
KOS Kosmos Energy Ltd. 0.05% 8,736,923 $8.7M Add +9.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 157,413 $8.7M Reduce -47.9%
LAR Lithium Argentina AG 0.05% 1,401,219 $8.4M Add +12.2%
EXP Eagle Materials Inc. 0.04% 40,482 $8.4M Add +25.7%
LLY Eli Lilly & Co. 0.04% 7,792 $8.4M No change
MOS The Mosaic Co. 0.04% 348,631 $8.4M Add +71.0%
WAL Western Alliance Bancorp 0.04% 99,556 $8.4M Reduce -60.2%
NFLX Netflix Inc. 0.04% 87,244 $8.2M Add +6.5%
BBY Best Buy Co. Inc. 0.04% 118,754 $8.0M Add +7.3%
BXSL Blackstone Secured Lending F 0.04% 300,000 $7.8M Add +71.4%
KKR KKR & Co. Inc. 0.04% 61,000 $7.7M No change
SW Smurfit Westrock PLC 0.04% 188,914 $7.4M Add +29.6%
VRT Vertiv Holdings Co. Class A 0.04% 45,334 $7.3M Reduce -36.4%
WHR Whirlpool Corp. 0.04% 100,395 $7.2M Add +8.6%
RDDT Reddit Inc. Class A 0.04% 30,995 $7.1M Add +194.6%
RVMD Revolution Medicines Inc. 0.04% 88,952 $7.1M New
ROK Rockwell Automation Inc. 0.04% 18,174 $7.1M Reduce -2.2%
STLD Steel Dynamics Inc. 0.04% 41,203 $7.0M Add +6.7%
OGN Organon & Co. 0.04% 992,312 $6.9M Add +5.3%
NICE Nice Ltd. - Spon ADR 0.04% 61,337 $6.9M No change
ENR Energizer Holdings Inc. 0.04% 341,838 $6.8M Add +8.5%
WRD Weride Inc.-ADR 0.04% 749,943 $6.7M Reduce -24.0%
PLD Prologis Inc. 0.04% 52,418 $6.7M Add +1205.5%
PONY Pony AI Inc. 0.04% 444,157 $6.7M New
OC Owens Corning 0.04% 58,913 $6.6M Add +16.5%
GLOB Globant SA 0.03% 99,560 $6.5M New
MRSH Marsh & McLennan Cos 0.03% 33,706 $6.3M Add +22.3%
BX Blackstone Inc. 0.03% 40,000 $6.2M Add +14.3%
XOM Exxon Mobil Corp. 0.03% 48,445 $5.8M Reduce -0.4%
FN Fabrinet 0.03% 12,637 $5.7M Reduce -28.7%
VSH Vishay Intertechnology Inc. 0.03% 402,824 $5.6M Add +9.3%
IBN Icici Bank Ltd.-Spon ADR 0.03% 186,848 $5.6M Add +50.8%
TSCO Tractor Supply Company 0.03% 110,101 $5.5M Add +0.7%
BKNG Booking Holdings Inc. 0.03% 1,015 $5.4M Add +33.0%
CAT Caterpillar Inc. 0.03% 9,444 $5.4M Reduce -13.8%
APO Apollo Global Management Inc. 0.03% 36,500 $5.3M Add +92.1%
DVN Devon Energy Corp. 0.03% 142,135 $5.3M Reduce -7.2%
BRNS Barinthus Biotherapeutics PL 0.03% 5,197,349 $5.2M No change
CI The Cigna Group 0.03% 18,033 $5.0M No change
FSK FS KKR Capital Corp. 0.03% 315,000 $4.7M Reduce -36.4%
WMT Walmart Inc. 0.03% 42,424 $4.7M Reduce -49.2%
COTY Coty Inc. Class A 0.03% 1,564,154 $4.7M Add +3.7%
APP AppLovin Corp. Class A 0.02% 6,598 $4.4M Reduce -0.4%
AMAT Applied Materials Inc. 0.02% 17,265 $4.4M Reduce -0.5%
COP Conocophillips 0.02% 46,932 $4.4M Add +22.5%
SFD Smithfield Foods Inc. 0.02% 197,823 $4.4M New
BILL Bill Holdings Inc. 0.02% 78,904 $4.3M No change
REEAF Ree Automotive Ltd. Class A 0.02% 4,248,429 $4.2M No change
EMR Emerson Electric Co. 0.02% 30,459 $4.1M Add +5.1%
ARCC Ares Capital Corp. 0.02% 200,000 $4.0M Add +21.2%
DE Deere & Co. 0.02% 8,243 $3.8M Reduce -0.1%
TSEOQ Trinseo PLC 0.02% 7,625,044 $3.8M No change
AXON Axon Enterprise Inc. 0.02% 6,560 $3.7M Reduce -30.3%
OBDC Blue Owl Capital Corp. 0.02% 300,000 $3.6M Reduce -14.8%
HUM Humana Inc. 0.02% 13,951 $3.6M No change
HCM Hutchmed China-ADR 0.02% 259,033 $3.4M Add +26.7%
MGA Magna International Inc. 0.02% 62,165 $3.3M Reduce -14.2%
MAN Manpowergroup Inc. 0.02% 104,856 $3.1M Add +7.9%
CL Colgate-Palmolive Co. 0.02% 39,079 $3.1M Reduce -3.3%
ADI Analog Devices Inc. 0.02% 10,535 $2.9M Reduce -0.7%
ISRG Intuitive Surgical Inc. 0.02% 5,011 $2.8M Reduce -0.5%
FISV Fiserv Inc. 0.02% 42,255 $2.8M Reduce -67.8%
PANW Palo Alto Networks Inc. 0.01% 13,768 $2.5M Reduce -0.1%
GOOG Alphabet Inc. Class C 0.01% 7,444 $2.3M No change
SPGI S&P Global Inc. 0.01% 4,466 $2.3M Reduce -6.7%
BRK.B Berkshire Hathaway Inc. Class B 0.01% 4,569 $2.3M No change
MS Morgan Stanley 0.01% 12,635 $2.2M No change
SPG Simon Property Group Inc. 0.01% 11,997 $2.2M Add +1.2%
HD Home Depot Inc. 0.01% 6,296 $2.2M No change
GS Goldman Sachs Group Inc. 0.01% 2,436 $2.1M No change
TER Teradyne Inc. 0.01% 10,483 $2.0M Reduce -0.1%
SO The Southern Co. 0.01% 22,852 $2.0M Add +15.3%
SBUX Starbucks Corp. 0.01% 23,235 $2.0M Reduce -83.1%
ENPH Enphase Energy Inc. 0.01% 58,271 $1.9M Add +48.2%
PEP Pepsico Inc. 0.01% 12,867 $1.9M No change
RACE Ferrari NV 0.01% 4,986 $1.8M No change
RTX RTX Corp. 0.01% 9,750 $1.8M New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 5,847 $1.7M No change
USB US Bancorp 0.01% 32,634 $1.7M No change
SNOW Snowflake Inc. 0.01% 7,567 $1.7M Reduce -87.6%
GE General Electric filed as GE AEROSPACE 0.01% 5,063 $1.6M No change
BIIB Biogen Inc. 0.01% 8,593 $1.5M No change
FSLR First Solar Inc. 0.01% 5,775 $1.5M New
ORA Ormat Technologies Inc. 0.01% 13,451 $1.5M New
TXN Texas Instruments Inc. 0.01% 8,223 $1.4M Reduce -63.0%
KVYO Klaviyo Inc. Class A 0.01% 42,818 $1.4M Reduce -0.2%
MET Metlife Inc. 0.01% 17,338 $1.4M No change
COST Costco Wholesale Corp. 0.01% 1,445 $1.2M No change
ARBE Arbe Robotics Ltd. 0.01% 1,219,379 $1.2M No change
BBIO Bridgebio Pharma Inc. 0.01% 15,041 $1.1M New
IONS Ionis Pharmaceuticals Inc. 0.01% 14,423 $1.1M New
ECL Ecolab Inc. 0.01% 4,150 $1.1M No change
HON Honeywell International Inc. 0.01% 5,528 $1.1M Reduce -0.1%
CVS CVS Health Corp. 0.01% 12,574 $993K Reduce -31.3%
WELL Welltower Inc. 0.00% 4,752 $884K Reduce -11.9%
TGT Target Corp. 0.00% 8,077 $792K No change
PGNY Progyny Inc. 0.00% 28,930 $752K Reduce -7.0%
HPQ HP Inc. 0.00% 33,916 $746K Reduce -7.0%
PLTR Palantir Technologies Inc. Class A 0.00% 4,166 $742K Reduce -39.8%
DB Deutsche Bank AG-Registered 0.00% 17,813 $692K Reduce -53.5%
VEEV Veeva Systems Inc. Class A 0.00% 3,075 $686K No change
ALV Autoliv Inc. 0.00% 5,236 $623K No change
AMD Advanced Micro Devices 0.00% 2,849 $610K Reduce -56.9%
RUN Sunrun Inc. 0.00% 27,655 $498K New
VLTO Veralto Corp. 0.00% 4,200 $420K No change
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.00% 14,721 $412K Add +10.4%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.00% 4,963 $412K New
XYL Xylem Inc. 0.00% 2,954 $402K No change
EW Edwards Lifesciences Corp. 0.00% 4,661 $396K No change
YUMC Yum China Holdings Inc. 0.00% 7,826 $376K Reduce -94.0%
WMS Advanced Drainage Systems Inc. 0.00% 2,218 $322K No change
TRMB Trimble Inc. 0.00% 3,660 $285K No change
PSTL Postal Realty Trust Inc. Class A 0.00% 16,002 $256K Add +10.4%
MAA Mid-America Apartment Comm 0.00% 1,757 $244K New
VTR Ventas Inc. 0.00% 3,144 $242K New
INVH Invitation Homes Inc. 0.00% 8,481 $237K New
REG Regency Centers Corp. 0.00% 3,415 $236K Add +11.1%
O Realty Income Corp. 0.00% 4,192 $235K Add +10.4%
OHI Omega Healthcare Investors 0.00% 5,333 $235K New
LAMR Lamar Advertising Co. Class A 0.00% 1,837 $233K New
AHR American Healthcare REIT Inc. 0.00% 4,963 $233K Reduce -2.9%
SILA Sila Realty Trust Inc. 0.00% 9,995 $230K New
OLP One Liberty Properties Inc. 0.00% 11,476 $230K New
GTY Getty Realty Corp. 0.00% 8,401 $227K New
BRX Brixmor Property Group Inc. 0.00% 8,696 $226K Add +10.4%
CUBE Cubesmart 0.00% 6,264 $226K New
EPRT Essential Properties Realty 0.00% 7,483 $224K Add +10.4%
DLR Digital Realty Trust Inc. 0.00% 1,440 $223K Add +10.4%
AMH American Homes 4 Rent- A 0.00% 6,893 $221K Add +10.4%
PSA Public Storage 0.00% 834 $217K Add +10.5%
MASI Masimo Corp. 0.00% 1,623 $211K No change
BDN Brandywine Realty Trust 0.00% 69,726 $209K New
DAR Darling Ingredients Inc. 0.00% 5,770 $208K No change
D Dominion Energy Inc. 0.00% 3,293 $194K New
MUSA Murphy USA Inc. 0.00% 444 $179K New
UNP Union Pacific Corp. 0.00% 711 $164K New
ETR Entergy Corp. 0.00% 1,731 $159K New
PTC PTC Inc. 0.00% 823 $143K New
TT Trane Technologies PLC 0.00% 360 $140K New
AEIS Advanced Energy Industries 0.00% 652 $136K New
NXT Nextpower Inc. 0.00% 1,557 $135K New
ETN Eaton Corp. PLC 0.00% 394 $126K New
TREX Trex Company Inc. 0.00% 3,511 $123K No change
PWR Quanta Services Inc. 0.00% 238 $100K New
ITRI Itron Inc. 0.00% 954 $89K New

Options reported separately and not counted above: STX puts ($8.5M).

Other holdings (31): bonds, preferreds, convertibles and warrants · $796.4M (not counted above)
SecurityClassShares / PrincipalValueChange
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 29,094,000$171.3MReduce -1.2%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 39,639,000$51.5MReduce -2.6%
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal 25,512,000$49.7MAdd +126.3%
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 36,053,000$40.4MNo change
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 36,839,000$39.8MNo change
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal 37,455,000$36.3MNo change
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 34,856,000$34.9MNo change
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal 30,186,000$34.4MNo change
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 10,287,000$34.4MReduce -34.8%
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal 26,381,000$33.5MReduce -2.4%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 17,576,000$28.6MReduce -22.3%
ENPHASE ENERGY INC (ENPH 0 03/01/26) NOTE 3/0 · principal 26,397,000$26.1MAdd +55.7%
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal 17,957,000$23.9MNew
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 22,535,000$22.1MReduce -16.0%
BILL HOLDINGS INC (BILL 0 04/01/30) NOTE 4/0 · principal 21,586,000$19.9MNew
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal 10,396,000$19.5MNo change
AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal 15,177,000$16.4MNo change
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 14,799,000$14.2MNo change
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) MTNF 0.600% 5/2 · principal 12,620,000$13.6MNo change
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 9,050,000$13.1MNo change
NUTANIX INC (NTNX 0.5 12/15/29) NOTE 0.500%12/1 · principal 12,149,000$11.7MNew
VERTEX INC (VERX 0.75 05/01/29) NOTE 0.750% 5/0 · principal 12,085,000$11.5MNo change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal 6,329,000$10.0MNo change
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) NOTE 0.250% 3/1 · principal 4,672,000$9.8MNo change
ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal 7,895,000$7.7MNo change
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) NOTE 2.250% 3/0 · principal 5,131,000$7.3MNew
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) NOTE 2.500% 2/0 · principal 7,219,000$6.5MNo change
Q2 HOLDINGS INC (QTWO 0.75 06/01/26) NOTE 0.750% 6/0 · principal 4,553,000$4.6MReduce -30.2%
BOX INC (BOX 0 01/15/26) NOTE 1/1 · principal 2,894,000$3.4MNo change
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 300,000$294KNo change
CRGOW Freightos Ltd.-CW28 *W EXP 99/99/999 495,000$74KNo change

Total filed on the 13F, all lines: $19.5B.

Portfolio Sells Q3 2025 → Q4 2025
META Meta Platforms Inc. Class A Reduce -6.0% 3.10% −0.70
ELV Elevance Health Inc. Reduce -38.0% 1.18% −0.64
DGX Quest Diagnostics Inc. Reduce -13.3% 0.88% −0.28
AMZN Amazon.com Inc. Reduce -28.3% 0.72% −0.27
LRCX Lam Research Corp. Reduce -34.5% 1.05% −0.25
MLM Martin Marietta Materials Sold out 0.00% −0.21
ARE Alexandria Real Estate Equit Sold out 0.00% −0.21
MDT Medtronic PLC Reduce -10.8% 1.30% −0.20
ORCL Oracle Corp. Reduce -16.7% 0.24% −0.19
IP International Paper Co. Reduce -4.1% 0.62% −0.18
RSG Republic Services Inc. Reduce -1.2% 1.35% −0.18
KO The Coca-Cola Co. Reduce -64.4% 0.09% −0.17
UNH Unitedhealth Group Inc. Reduce -1.0% 1.53% −0.15
SNPS Synopsys Inc. Reduce -1.3% 1.41% −0.14
FNV Franco-Nevada Corp. Reduce -0.8% 1.14% −0.14
EQIX Equinix Inc. Reduce -3.8% 1.28% −0.13
FERG Ferguson Enterprises Inc. Sold out 0.00% −0.13
LOW Lowe's Cos Inc. Reduce -1.9% 1.19% −0.12
CCJ Cameco Corp. Reduce -30.6% 0.31% −0.12
CCI Crown Castle Inc. Reduce -31.5% 0.18% −0.12
NVDA Nvidia Corp. Reduce -3.9% 1.42% −0.11
EBAY eBay Inc. Reduce -1.0% 1.14% −0.11
AES AES Corp. Reduce -40.8% 0.15% −0.09
EIX Edison International Reduce -36.1% 0.19% −0.09
RCL Royal Caribbean Cruises Ltd. Reduce -9.7% 0.26% −0.09
GEV GE Vernova Inc. Sold out 0.00% −0.09
COF Capital One Financial Corp. Reduce -26.4% 0.33% −0.08
ENB Enbridge Inc. Reduce -2.5% 0.71% −0.08
FISV Fiserv Inc. Reduce -67.8% 0.02% −0.08
JCI Johnson Controls Internation Reduce -9.5% 1.53% −0.08
WAL Western Alliance Bancorp Reduce -60.2% 0.04% −0.08
CVNA Carvana Co. Sold out 0.00% −0.08
HBM Hudbay Minerals Inc. Sold out 0.00% −0.08
DASH DoorDash Inc. Class A Sold out 0.00% −0.07
VIK Viking Holdings Ltd. Sold out 0.00% −0.07
ES Eversource Energy Reduce -9.5% 0.32% −0.07
EMN Eastman Chemical Co. Sold out 0.00% −0.07
SNOW Snowflake Inc. Reduce -87.6% 0.01% −0.07
KEYS Keysight Technologies Inc. Sold out 0.00% −0.07
HALO Halozyme Therapeutics Inc. Sold out 0.00% −0.07
CSX CSX Corp. Reduce -5.1% 0.70% −0.06
IRDM Iridium Communications Inc. Sold out 0.00% −0.06
SE Sea Ltd.-ADR Sold out 0.00% −0.06
EXAS Exact Sciences Corp. Sold out 0.00% −0.06
TME Tencent Music Entertainm-ADR Sold out 0.00% −0.06
ALGN Align Technology Inc. Sold out 0.00% −0.06
STX Seagate Technology Holdings Reduce -21.3% 0.46% −0.06
INSP Inspire Medical Systems Inc. Sold out 0.00% −0.06
WWW Wolverine World Wide Inc. Sold out 0.00% −0.06
JPM JPMorgan Chase & Co. Reduce -8.2% 0.53% −0.06

Portfolio Buys Q3 2025 → Q4 2025
TTE Totalenergies SE New 1.17% +1.17
AVGO Broadcom Inc. Add +90.8% 1.47% +0.71
VFC VF Corp. Add +12.9% 2.46% +0.70
MICC The Magnum Ice Cream Co. NV New 0.69% +0.69
QCOM Qualcomm Inc. Add +45.6% 1.67% +0.51
BALL Ball Corp. Add +242.9% 0.66% +0.47
WFC Wells Fargo & Co. Add +17.6% 1.73% +0.35
BMY Bristol-Myers Squibb Co. Add +3.6% 2.06% +0.34
UBS UBS Group AG-Reg Add +9.5% 1.12% +0.18
AAPL Apple Inc. Add +9.8% 1.52% +0.18
ACN Accenture PLC Class A Add +6.1% 1.49% +0.15
TMUS T-Mobile US Inc. New 0.13% +0.13
AMCR Amcor PLC Add +6.1% 4.93% +0.12
ARES Ares Management Corp. Class A Add +13.7% 1.06% +0.11
AMGN Amgen Inc. Add +1.1% 0.81% +0.09
BRKR Bruker Corp. Add +4.1% 0.29% +0.09
AXSM Axsome Therapeutics Inc. New 0.09% +0.09
ZTS Zoetis Inc. Add +129.3% 0.19% +0.09
KSS Kohls Corp. New 0.09% +0.09
CRM Salesforce Inc. Add +9.3% 0.57% +0.09
STLA Stellantis NV Add +28.9% 0.26% +0.08
RYTM Rhythm Pharmaceuticals Inc. New 0.08% +0.08
CLS Celestica Inc. New 0.08% +0.08
FRMI Fermi Inc. New 0.08% +0.08
MTB M & T Bank Corp. New 0.08% +0.08
NXPI NXP Semiconductors NV Add +782.3% 0.09% +0.08
ATEC Alphatec Holdings Inc. New 0.08% +0.08
LRN Stride Inc. New 0.08% +0.08
GLW Corning Inc. New 0.07% +0.07
FMC FMC Corp. New 0.07% +0.07
CHTR Charter Communications Inc. Class A New 0.07% +0.07
COCO The Vita Coco Co. Inc. New 0.07% +0.07
SFM Sprouts Farmers Market Inc. New 0.07% +0.07
QFIN Qfin Holdings Inc.-ADR New 0.07% +0.07
DOCS Doximity Inc. Class A New 0.07% +0.07
OLED Universal Display Corp. New 0.07% +0.07
DY Dycom Industries Inc. New 0.07% +0.07
GRMN Garmin Ltd. Add +53.0% 0.39% +0.07
PII Polaris Inc. New 0.07% +0.07
VRSK Verisk Analytics Inc. New 0.07% +0.07
CARR Carrier Global Corp. Add +68.9% 0.19% +0.06
ICE Intercontinental Exchange Inc. Add +66.2% 0.15% +0.05
MSI Motorola Solutions Inc. Add +40.4% 0.45% +0.05
ALC Alcon Inc. Add +16.7% 0.27% +0.05
MRK Merck & Co. Inc. Add +2.3% 0.21% +0.04
RVMD Revolution Medicines Inc. New 0.04% +0.04
TPR Tapestry Inc. Add +55.2% 0.09% +0.04
PONY Pony AI Inc. New 0.04% +0.04
GLOB Globant SA New 0.03% +0.03
PLD Prologis Inc. Add +1205.5% 0.04% +0.03

Notes & Other Activity Q3 2025 → Q4 2025
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Reduce -1.2% 29,094,000 $171.3M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal Reduce -2.6% 39,639,000 $51.5M
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal Add +126.3% 25,512,000 $49.7M
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal Reduce -34.8% 10,287,000 $34.4M
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal Reduce -2.4% 26,381,000 $33.5M
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal Reduce -22.3% 17,576,000 $28.6M
ENPHASE ENERGY INC (ENPH 0 03/01/26) NOTE 3/0 · principal Add +55.7% 26,397,000 $26.1M
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal New 17,957,000 $23.9M
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal Reduce -16.0% 22,535,000 $22.1M
SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) NOTE 3.250%11/0 · principal Sold out 13,432,000 $19.9Mbefore exit
BILL HOLDINGS INC (BILL 0 04/01/30) NOTE 4/0 · principal New 21,586,000 $19.9M
NUTANIX INC (NTNX 0.5 12/15/29) NOTE 0.500%12/1 · principal New 12,149,000 $11.7M
IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) NOTE 4/0 · principal Sold out 7,099,000 $8.7Mbefore exit
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) NOTE 2.250% 3/0 · principal New 5,131,000 $7.3M
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal Sold out 6,486,000 $7.3Mbefore exit
Q2 HOLDINGS INC (QTWO 0.75 06/01/26) NOTE 0.750% 6/0 · principal Reduce -30.2% 4,553,000 $4.6M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 344$19.3BAMCR, MSFT, AZN, AVGO, MEOH
Q1 2026 352$18.8BMSFT, AMCR, AZN, MEOH, META
Q4 2025 346$18.7BMSFT, AMCR, META, MEOH, GOOGL
Q3 2025 340$18.0BMSFT, AMCR, META, MEOH, GOOGL
Q2 2025 388$17.5BMSFT, AMCR, META, MEOH, NEE
Q1 2025 408$15.3BMSFT, AMCR, META, MEOH, BMY
Q4 2024 394$15.7BMSFT, MEOH, AMCR, AVGO, BMY
Q3 2024 386$16.1BMSFT, AMCR, AVGO, MEOH, BMY
Q2 2024 376$14.6BMSFT, MEOH, AVGO, AMCR, BMY
Q1 2024 345$14.3BMSFT, MEOH, AVGO, BMY, GOOGL