MacKay Shields LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 27, 2025), MacKay Shields LLC reported 45 stock positions worth $399.6 million. Its top holding was iShares Gold Trust (IAU) at 9.6% of the portfolio, followed by BlackRock 2030 Muni TRGT TRM (BTT, 8.0%) and Talos Energy (TALO, 7.4%). Compared with Q2 2025, it opened 2 new positions, sold out of 6, added to 4 and reduced 19. The biggest buy was Gulfport Energy (GPOR, shares +757%) and the biggest sale Nuveen Amt-FR QLTY Muni (XNEAX, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0000061227
- Portfolio Value
- $399.6M (Q3 2025)
- SEC Filing
- 0000061227-25-000004 ↗ filed Oct 27, 2025
Holdings Value
Holdings 45 stocks · $399.6M
| IAU iShares Gold Trust | 9.56% | 525,000 | $38.2M | Reduce -5.4% |
| BTT BlackRock 2030 Muni TRGT TRM | 7.98% | 1,419,894 | $31.9M | Reduce -9.2% |
| TALO Talos Energy Inc. | 7.44% | 3,098,435 | $29.7M | Reduce -1.1% |
| MHD BlackRock Muniholdings Fund | 6.37% | 2,166,270 | $25.5M | Add +1.9% |
| GPOR Gulfport Energy Corp. | 5.93% | 130,956 | $23.7M | Add +756.6% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 5.13% | 1,801,320 | $20.5M | Reduce -55.0% |
| NZF Nuveen Municipal Credit Inc. | 4.42% | 1,406,423 | $17.7M | Reduce -52.7% |
| NVG Nuveen Amt-FR Muni CRDT | 3.58% | 1,165,469 | $14.3M | Reduce -51.7% |
| MUJ BlackRock Munihold NJ QLTY | 3.58% | 1,232,873 | $14.3M | Reduce -1.4% |
| NBH Neuberger Municipal Fund Inc. | 3.19% | 1,233,578 | $12.7M | Add +4.5% |
| NAD Nuveen Quality Municipal Inc. | 3.10% | 1,058,093 | $12.4M | Reduce -52.5% |
| MHN BlackRock Muniholding NY QLT | 3.05% | 1,191,469 | $12.2M | Reduce -0.1% |
| MYN BlackRock Muniyield NY QLTY | 2.92% | 1,174,171 | $11.7M | No change |
| MUC BlackRock Munihold Ca QLTY | 2.66% | 981,326 | $10.6M | Reduce -0.0% |
| XMQTX BlackRock Muniyield QLTY II | 2.58% | 1,026,805 | $10.3M | No change |
| XMVFX BlackRock Munivest Fund | 2.10% | 1,223,865 | $8.4M | Reduce -7.3% |
| BFK BlackRock Municipal Inc. TRST | 2.10% | 833,784 | $8.4M | No change |
| NRK Nuveen NY Amt-FR Muni Inc. | 2.04% | 797,635 | $8.1M | No change |
| WBD Warner Bros Discovery Inc. | 1.95% | 400,000 | $7.8M | New |
| XMYDX BlackRock Muniyield Fund | 1.88% | 712,123 | $7.5M | Reduce -4.4% |
| MIY BlackRock Muniyield Mi QLTY | 1.88% | 664,819 | $7.5M | No change |
| NAC Nuveen Ca QLTY Muni Inc. | 1.47% | 511,343 | $5.9M | Reduce -76.2% |
| GLD SPDR Gold Shares | 1.36% | 15,336 | $5.5M | No change |
| BYM BlackRock Muni Inc. QLTY | 1.31% | 479,613 | $5.3M | Reduce -0.3% |
| VOD Vodafone Group PLC-SP ADR | 1.08% | 371,152 | $4.3M | Reduce -37.2% |
| MQY BlackRock Muniyield Quality | 1.04% | 357,837 | $4.2M | No change |
| XENWX Eaton Vance New York Municip | 1.04% | 421,971 | $4.2M | No change |
| VFL Abrdn National Municipal Inc. | 1.03% | 401,695 | $4.1M | No change |
| BLE BlackRock Muni Inc. TR II | 0.95% | 363,951 | $3.8M | Reduce -37.0% |
| VGM Invesco Trust for Investmen | 0.94% | 370,162 | $3.7M | No change |
| VKI Invesco Adv Muni Inc. TR II | 0.89% | 404,961 | $3.6M | No change |
| EIM Eaton Vance Municipal Bond | 0.79% | 318,814 | $3.2M | Reduce -20.3% |
| VKQ Invesco Municipal Trust | 0.79% | 325,107 | $3.1M | No change |
| VMO Invesco Municipal Opport | 0.74% | 307,705 | $3.0M | No change |
| XNQPX Nuveen Pa QLTY Muni Inc. | 0.70% | 233,310 | $2.8M | No change |
| MFM Aberdeen Municipal Income | 0.58% | 433,155 | $2.3M | Add +30.0% |
| XBNYX BlackRock New York Muni Inc. | 0.55% | 218,559 | $2.2M | No change |
| KTF DWS Municipal Income Trust | 0.30% | 130,807 | $1.2M | No change |
| XBKNX BlackRock Invest QLTY Muni | 0.26% | 92,077 | $1.0M | No change |
| IQI Invesco Quality Muni Inc. TR | 0.23% | 94,994 | $936K | Reduce -49.1% |
| XMVTX BlackRock Munivest Fund II | 0.17% | 65,678 | $698K | No change |
| TPB Turning Point Brands Inc. | 0.17% | 6,802 | $672K | No change |
| WW WW International Inc.-New filed as WW INTL INC | 0.10% | 14,371 | $393K | New |
| VPV Invesco Pa Val Muni Inc. | 0.04% | 14,433 | $149K | No change |
| NINEQ Nine Energy Service Inc. | 0.02% | 116,342 | $74K | Reduce -3.2% |
Other holdings (91): bonds, preferreds, convertibles and warrants · $2.5B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 25,568,000 | $73.7M | Reduce -15.2% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 1,186,085 | $65.5M | Add +29.1% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 58,598,000 | $63.5M | Reduce -9.2% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 42,991,000 | $63.3M | Reduce -0.4% |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 26,219,000 | $63.1M | Reduce -6.0% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 45,174,000 | $62.7M | Reduce -0.5% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 19,228,000 | $61.7M | Reduce -0.9% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 60,439,000 | $61.3M | Reduce -0.3% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 55,673,000 | $58.7M | Reduce -0.3% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 841,981 | $58.6M | Reduce -0.4% |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 50,503,000 | $58.0M | New |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 67,424,000 | $57.7M | Add +7.0% |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 50,121,000 | $56.3M | Reduce -14.4% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 40,670,000 | $56.1M | Reduce -0.4% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 721,847 | $51.0M | Reduce -0.4% |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | 32,536,000 | $47.3M | New |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 34,433,000 | $45.7M | Reduce -0.5% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 39,979,000 | $45.6M | Reduce -11.5% |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 30,856,000 | $42.5M | No change |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 30,445,000 | $42.5M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 43,444,000 | $41.6M | Reduce -1.2% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 605,178 | $41.2M | Reduce -0.5% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 37,185,000 | $40.8M | Reduce -0.3% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 39,311,000 | $40.3M | Add +0.0% |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 26,382,000 | $40.1M | New |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 39,897,000 | $39.4M | Reduce -0.3% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 37,493,000 | $39.0M | Reduce -0.3% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 27,793,000 | $38.5M | No change |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 37,024,000 | $38.0M | Reduce -0.6% |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | 23,353,000 | $38.0M | Reduce -20.4% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | 609,163 | $36.0M | Reduce -0.6% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 24,100,000 | $34.9M | Reduce -30.3% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 37,290,000 | $34.0M | Reduce -0.5% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 30,621,000 | $33.7M | Reduce -1.2% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 35,206,000 | $33.4M | Reduce -20.5% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 32,032,000 | $32.2M | Reduce -0.5% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 26,730,000 | $31.8M | Reduce -0.7% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 30,776,000 | $31.3M | Reduce -0.6% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 29,835,000 | $31.2M | No change |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 26,441,000 | $30.2M | Add +0.0% |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 28,964,000 | $29.2M | Reduce -0.2% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 28,922,000 | $28.6M | No change |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 20,561,000 | $27.8M | No change |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | NOTE 0.750% 6/0 · principal | 25,829,000 | $26.8M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 24,613,000 | $25.5M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 15,188,000 | $25.0M | Reduce -0.5% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 24,975,000 | $24.4M | Reduce -1.2% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 26,553,000 | $24.4M | Reduce -3.2% |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 21,572,000 | $24.3M | New |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 480,905 | $24.0M | Add +0.3% |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 465,471 | $23.3M | New |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 17,584 | $22.5M | Reduce -3.1% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 9,060,000 | $21.9M | No change |
| OIL STATES INTL INC (OIS 4.75 04/01/26) | NOTE 4.750% 4/0 · principal | 21,321,000 | $21.3M | No change |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 19,205,000 | $20.6M | No change |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 18,765,000 | $19.5M | Reduce -0.4% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 15,404 | $19.1M | Reduce -2.4% |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | 18,323,000 | $18.7M | No change |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 17,070,000 | $16.9M | No change |
| IMPINJ INC (PI 1.125 05/15/27) | NOTE 1.125% 5/1 · principal | 9,965,000 | $16.7M | No change |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 15,810,000 | $15.7M | Reduce -23.2% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 15,399,000 | $14.7M | Reduce -40.4% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 15,313,000 | $14.4M | Reduce -1.4% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 13,366,000 | $14.2M | Reduce -49.5% |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 14,660,000 | $14.0M | Reduce -25.0% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 10,088,000 | $12.5M | New |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 13,345,000 | $11.9M | Add +2.9% |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | 12,905,000 | $11.5M | Reduce -0.5% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 11,610,000 | $10.6M | Reduce -42.3% |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 8,949,000 | $8.8M | Reduce -58.4% |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 4,909,000 | $8.3M | Reduce -3.6% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 4,885,000 | $7.9M | Reduce -3.5% |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | 8,128,000 | $7.6M | Reduce -50.9% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 5,816,000 | $7.2M | Reduce -3.5% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 5,508,000 | $6.8M | New |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 5,736,000 | $6.4M | New |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 6,183,000 | $6.2M | Add +0.1% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 5,759,000 | $5.7M | Reduce -3.4% |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 5,713,000 | $5.6M | Reduce -3.4% |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 3,961,000 | $5.2M | Reduce -3.6% |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 4,779,000 | $4.9M | Reduce -3.4% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 4,923,000 | $4.9M | Reduce -3.7% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 4,661,000 | $4.6M | Reduce -42.5% |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 4,034,000 | $3.7M | Reduce -3.4% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | 2,816,000 | $3.5M | Reduce -3.1% |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 1,000,000 | $1.0M | No change |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 655,000 | $738K | Add +0.8% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 503,000 | $575K | Add +0.6% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 505,000 | $543K | Add +1.0% |
| BILL HOLDINGS INC (BILL 0 12/01/25) | NOTE 12/0 · principal | 75,000 | $74K | No change |
| CHEGG INC (CHGG 0 09/01/26) | NOTE 9/0 · principal | 45,000 | $35K | No change |
Total filed on the 13F, all lines: $2.9B.
Portfolio Sells Q2 2025 → Q3 2025
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -55.0% | 5.13% | −3.93 |
| NAC Nuveen Ca QLTY Muni Inc. | Reduce -76.2% | 1.47% | −3.51 |
| FET Forum Energy Technologies Inc. | Sold out | 0.00% | −3.27 |
| NZF Nuveen Municipal Credit Inc. | Reduce -52.7% | 4.42% | −2.93 |
| NVG Nuveen Amt-FR Muni CRDT | Reduce -51.7% | 3.58% | −2.38 |
| NAD Nuveen Quality Municipal Inc. | Reduce -52.5% | 3.10% | −2.12 |
| XMHIX Pioneer Muni High Inc. TR | Sold out | 0.00% | −1.48 |
| XPMAX Pioneer Municipal High Inc. | Sold out | 0.00% | −1.27 |
| NBB Nuveen Taxable Municipal Inc. | Sold out | 0.00% | −0.51 |
| BLE BlackRock Muni Inc. TR II | Reduce -37.0% | 0.95% | −0.25 |
| VOD Vodafone Group PLC-SP ADR | Reduce -37.2% | 1.08% | −0.23 |
| MYI BlackRock Muniyield QLTY III | Sold out | 0.00% | −0.19 |
| IQI Invesco Quality Muni Inc. TR | Reduce -49.1% | 0.23% | −0.13 |
| NAN Nuveen NY QLTY Muni Inc. | Sold out | 0.00% | −0.13 |
| EIM Eaton Vance Municipal Bond | Reduce -20.3% | 0.79% | −0.01 |
| NINEQ Nine Energy Service Inc. | Reduce -3.2% | 0.02% | −0.00 |
| BYM BlackRock Muni Inc. QLTY | Reduce -0.3% | 1.31% | +0.26 |
| XMVFX BlackRock Munivest Fund | Reduce -7.3% | 2.10% | +0.30 |
| XMYDX BlackRock Muniyield Fund | Reduce -4.4% | 1.88% | +0.33 |
| MUC BlackRock Munihold Ca QLTY | Reduce -0.0% | 2.66% | +0.56 |
| MHN BlackRock Muniholding NY QLT | Reduce -0.1% | 3.05% | +0.62 |
| MUJ BlackRock Munihold NJ QLTY | Reduce -1.4% | 3.58% | +0.73 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -9.2% | 7.98% | +0.88 |
| TALO Talos Energy Inc. | Reduce -1.1% | 7.44% | +1.93 |
| IAU iShares Gold Trust | Reduce -5.4% | 9.56% | +2.38 |
Portfolio Buys Q2 2025 → Q3 2025
| GPOR Gulfport Energy Corp. | Add +756.6% | 5.93% | +5.29 |
| WBD Warner Bros Discovery Inc. | New | 1.95% | +1.95 |
| MHD BlackRock Muniholdings Fund | Add +1.9% | 6.37% | +1.43 |
| NBH Neuberger Municipal Fund Inc. | Add +4.5% | 3.19% | +0.78 |
| MFM Aberdeen Municipal Income | Add +30.0% | 0.58% | +0.23 |
| WW WW International Inc.-New | New | 0.10% | +0.10 |
Notes & Other Activity Q2 2025 → Q3 2025
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -15.2% | 25,568,000 | $73.7M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | Add +29.1% | 1,186,085 | $65.5M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Reduce -9.2% | 58,598,000 | $63.5M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -0.4% | 42,991,000 | $63.3M |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | Reduce -6.0% | 26,219,000 | $63.1M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -0.5% | 45,174,000 | $62.7M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -0.9% | 19,228,000 | $61.7M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -0.3% | 60,439,000 | $61.3M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Reduce -0.3% | 55,673,000 | $58.7M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -0.4% | 841,981 | $58.6M |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | New | 50,503,000 | $58.0M |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Add +7.0% | 67,424,000 | $57.7M |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | Sold out | 58,184,000 | $57.6Mbefore exit |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | Reduce -14.4% | 50,121,000 | $56.3M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Reduce -0.4% | 40,670,000 | $56.1M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Reduce -0.4% | 721,847 | $51.0M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Sold out | 43,628,000 | $49.8Mbefore exit |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 1,204,627 | $48.0Mbefore exit |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | New | 32,536,000 | $47.3M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Reduce -0.5% | 34,433,000 | $45.7M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Reduce -11.5% | 39,979,000 | $45.6M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Reduce -1.2% | 43,444,000 | $41.6M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -0.5% | 605,178 | $41.2M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | Reduce -0.3% | 37,185,000 | $40.8M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Add +0.0% | 39,311,000 | $40.3M |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | New | 26,382,000 | $40.1M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Reduce -0.3% | 39,897,000 | $39.4M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Reduce -0.3% | 37,493,000 | $39.0M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Reduce -0.6% | 37,024,000 | $38.0M |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | Reduce -20.4% | 23,353,000 | $38.0M |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | Reduce -0.6% | 609,163 | $36.0M |
| PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28) | NOTE 3.250% 4/0 · principal | Sold out | 14,774,000 | $35.8Mbefore exit |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | Reduce -30.3% | 24,100,000 | $34.9M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -0.5% | 37,290,000 | $34.0M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Reduce -1.2% | 30,621,000 | $33.7M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Reduce -20.5% | 35,206,000 | $33.4M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Reduce -0.5% | 32,032,000 | $32.2M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -0.7% | 26,730,000 | $31.8M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -0.6% | 30,776,000 | $31.3M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +0.0% | 26,441,000 | $30.2M |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | Reduce -0.2% | 28,964,000 | $29.2M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Reduce -0.5% | 15,188,000 | $25.0M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Reduce -1.2% | 24,975,000 | $24.4M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -3.2% | 26,553,000 | $24.4M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Sold out | 400,972 | $24.4Mbefore exit |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | New | 21,572,000 | $24.3M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Add +0.3% | 480,905 | $24.0M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | New | 465,471 | $23.3M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -3.1% | 17,584 | $22.5M |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | Sold out | 32,707,000 | $22.0Mbefore exit |
Showing the first 50 of 87.
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 | 19 | $252.3M | BTT, NINE, IAU, MYN, MHD |
| Q1 2026 | 27 | $267.2M | BTT, IAU, NINE, MYN, MHD |
| Q4 2025 | 39 | $319.0M | IAU, TALO, BTT, MHD, GPOR |
| Q3 2025 | 45 | $399.6M | IAU, BTT, TALO, MHD, GPOR |
| Q2 2025 | 49 | $482.1M | XNEAX, NZF, IAU, BTT, NVG |
| Q1 2025 | 49 | $513.6M | XNEAX, IAU, NZF, BTT, TALO |
| Q4 2024 | 49 | $498.8M | XNEAX, NZF, IAU, TALO, NVG |
| Q3 2024 | 48 | $581.2M | XNEAX, IAU, DHR, NZF, NVG |
| Q2 2024 | 48 | $564.9M | XNEAX, GPOR, IAU, TALO, DHR |
| Q1 2024 | 43 | $556.8M | GPOR, TALO, IAU, DHR, BTT |