MacKay Shields LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 29, 2026), MacKay Shields LLC reported 39 stock positions worth $319.0 million. Its top holding was iShares Gold Trust (IAU) at 12.1% of the portfolio, followed by Talos Energy (TALO, 10.4%) and BlackRock 2030 Muni TRGT TRM (BTT, 9.8%). Compared with Q3 2025, it opened 2 new positions, sold out of 8 and reduced 16. The biggest buy was a new position in SS SPDR BB Conv Sec ETF (CWB) and the biggest sale an exit from Nuveen Amt-FR QLTY Muni (XNEAX).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0000061227
- Portfolio Value
- $319.0M (Q4 2025)
- SEC Filing
- 0000061227-26-000001 ↗ filed Jan 29, 2026
Holdings Value
Holdings 39 stocks · $319.0M
| IAU iShares Gold Trust | 12.09% | 475,000 | $38.6M | Reduce -9.5% |
| TALO Talos Energy Inc. | 10.39% | 3,008,435 | $33.2M | Reduce -2.9% |
| BTT BlackRock 2030 Muni TRGT TRM | 9.76% | 1,364,127 | $31.1M | Reduce -3.9% |
| MHD BlackRock Muniholdings Fund | 7.97% | 2,166,270 | $25.4M | No change |
| GPOR Gulfport Energy Corp. | 7.08% | 108,592 | $22.6M | Reduce -17.1% |
| MUJ BlackRock Munihold NJ QLTY | 4.60% | 1,232,873 | $14.7M | No change |
| NBH Neuberger Municipal Fund Inc. | 3.91% | 1,233,578 | $12.5M | No change |
| MHN BlackRock Muniholding NY QLT | 3.82% | 1,191,469 | $12.2M | No change |
| MYN BlackRock Muniyield NY QLTY | 3.65% | 1,174,171 | $11.6M | No change |
| MUC BlackRock Munihold Ca QLTY | 3.26% | 981,326 | $10.4M | No change |
| XMQTX BlackRock Muniyield QLTY II | 3.18% | 1,008,573 | $10.1M | Reduce -1.8% |
| BFK BlackRock Municipal Inc. TRST | 2.62% | 833,784 | $8.4M | No change |
| XMVFX BlackRock Munivest Fund | 2.59% | 1,192,311 | $8.3M | Reduce -2.6% |
| MIY BlackRock Muniyield Mi QLTY | 2.45% | 664,819 | $7.8M | No change |
| XMYDX BlackRock Muniyield Fund | 2.29% | 697,362 | $7.3M | Reduce -2.1% |
| WBD Warner Bros Discovery Inc. | 2.04% | 226,250 | $6.5M | Reduce -43.4% |
| NRK Nuveen NY Amt-FR Muni Inc. | 2.03% | 641,105 | $6.5M | Reduce -19.6% |
| GLD SPDR Gold Shares | 1.91% | 15,336 | $6.1M | No change |
| BYM BlackRock Muni Inc. QLTY | 1.64% | 479,613 | $5.2M | No change |
| VFL Abrdn National Municipal Inc. | 1.29% | 401,695 | $4.1M | No change |
| NZF Nuveen Municipal Credit Inc. | 1.28% | 324,502 | $4.1M | Reduce -76.9% |
| MQY BlackRock Muniyield Quality | 1.27% | 357,837 | $4.0M | No change |
| BLE BlackRock Muni Inc. TR II | 1.19% | 363,951 | $3.8M | No change |
| VGM Invesco Trust for Investmen | 1.00% | 308,543 | $3.2M | Reduce -16.6% |
| VKQ Invesco Municipal Trust | 0.98% | 325,107 | $3.1M | No change |
| EIM Eaton Vance Municipal Bond | 0.97% | 318,814 | $3.1M | No change |
| XNQPX Nuveen Pa QLTY Muni Inc. | 0.85% | 229,220 | $2.7M | Reduce -1.8% |
| XBNYX BlackRock New York Muni Inc. | 0.69% | 218,559 | $2.2M | No change |
| VMO Invesco Municipal Opport | 0.62% | 205,338 | $2.0M | Reduce -33.3% |
| MFM Aberdeen Municipal Income | 0.58% | 339,657 | $1.8M | Reduce -21.6% |
| CWB SS SPDR BB Conv Sec ETF | 0.38% | 13,633 | $1.2M | New |
| XBKNX BlackRock Invest QLTY Muni | 0.32% | 92,077 | $1.0M | No change |
| VKI Invesco Adv Muni Inc. TR II | 0.30% | 105,768 | $965K | Reduce -73.9% |
| KTF DWS Municipal Income Trust | 0.26% | 92,505 | $841K | Reduce -29.3% |
| TPB Turning Point Brands Inc. | 0.23% | 6,802 | $737K | No change |
| XMVTX BlackRock Munivest Fund II | 0.22% | 65,678 | $710K | No change |
| WW WW International Inc.-New filed as WW INTL INC | 0.13% | 14,371 | $420K | No change |
| SECR Nylim Mackay Securitized Inc. filed as NEW YORK LIFE INVTS ACTIVE E | 0.09% | 11,136 | $287K | New |
| VPV Invesco Pa Val Muni Inc. | 0.05% | 14,433 | $151K | No change |
Other holdings (93): bonds, preferreds, convertibles and warrants · $2.5B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 18,882,000 | $86.6M | Reduce -1.8% |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 30,037,000 | $85.3M | Reduce -1.3% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 44,638,000 | $73.3M | Reduce -1.2% |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 25,532,000 | $66.0M | Reduce -2.6% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 56,714,000 | $65.1M | Add +1.9% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 1,171,159 | $65.0M | Reduce -1.3% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 59,623,000 | $64.8M | Add +1.8% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 830,097 | $57.7M | Reduce -1.4% |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 69,399,000 | $56.7M | Add +2.9% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 42,644,000 | $55.4M | Reduce -0.8% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 714,292 | $53.9M | Reduce -1.1% |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 49,514,000 | $53.4M | Reduce -1.2% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 51,451,000 | $53.0M | Reduce -14.9% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 39,380,000 | $47.0M | Reduce -1.5% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 36,548,000 | $46.7M | Reduce -1.7% |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 32,682,000 | $45.7M | Add +5.9% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 13,293,000 | $44.7M | Reduce -48.0% |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 29,853,000 | $44.4M | Add +13.2% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 34,036,000 | $43.1M | Reduce -1.1% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 597,863 | $39.6M | Reduce -1.2% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 38,891,000 | $38.9M | Reduce -1.1% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 39,492,000 | $38.1M | Reduce -1.0% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 37,045,000 | $37.5M | Reduce -1.2% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 23,784,000 | $36.2M | Reduce -1.3% |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | 21,148,000 | $36.0M | Reduce -9.4% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 36,370,000 | $35.9M | Reduce -1.8% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | 601,474 | $35.1M | Reduce -1.3% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 33,859,000 | $34.0M | Reduce -22.1% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 36,913,000 | $34.0M | Reduce -1.0% |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | 33,802,000 | $33.8M | New |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 34,655,000 | $33.3M | Reduce -1.6% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 28,678,000 | $32.3M | Reduce -0.8% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 30,093,000 | $31.3M | Reduce -2.2% |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | 29,685,000 | $31.3M | New |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 30,319,000 | $30.7M | Reduce -1.0% |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 20,379,000 | $30.3M | Reduce -0.9% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 26,298,000 | $30.0M | Reduce -1.6% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 29,575,000 | $29.8M | Reduce -0.9% |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 28,642,000 | $29.0M | Reduce -1.1% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 30,023,000 | $29.0M | Reduce -6.3% |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | 29,610,000 | $28.6M | New |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | 25,147,000 | $27.7M | New |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 26,133,000 | $26.9M | Reduce -1.2% |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | 24,259,000 | $26.9M | New |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 20,927 | $26.2M | Add +19.0% |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | NOTE 0.750% 6/0 · principal | 25,530,000 | $25.9M | Reduce -1.2% |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 21,347,000 | $25.0M | Reduce -1.0% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 24,975,000 | $24.7M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 24,323,000 | $24.6M | Reduce -1.2% |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 463,345 | $24.0M | Reduce -0.5% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 473,045 | $23.9M | Reduce -1.6% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 18,581,000 | $23.4M | Reduce -1.0% |
| UPSTART HOLDINGS INC (UPST 1 11/15/30) | NOTE 1.000%11/1 · principal | 25,168,000 | $22.1M | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 14,838,000 | $21.8M | Reduce -2.3% |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 19,032,000 | $20.5M | Reduce -0.9% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 14,770 | $18.0M | Reduce -4.1% |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 4,796,000 | $17.8M | Reduce -2.3% |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | 18,123,000 | $17.2M | Reduce -1.1% |
| SYNAPTICS INC (SYNA 0.75 12/01/31) | NOTE 0.750%12/0 · principal | 16,169,000 | $17.1M | New |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 16,850,000 | $16.7M | Reduce -1.3% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 10,410,000 | $16.6M | Reduce -62.5% |
| IMPINJ INC (PI 1.125 05/15/27) | NOTE 1.125% 5/1 · principal | 9,890,000 | $16.1M | Reduce -0.8% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 17,619,000 | $15.8M | Reduce -33.6% |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 15,451,000 | $15.3M | Reduce -2.3% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 13,087,000 | $15.2M | Reduce -2.1% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 15,194,000 | $14.5M | Reduce -0.8% |
| BILL HOLDINGS INC (BILL 0 04/01/30) | NOTE 4/0 · principal | 15,102,000 | $13.9M | New |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 14,222,000 | $13.8M | Reduce -3.0% |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | 12,790,000 | $11.7M | Reduce -0.9% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 12,805,000 | $11.6M | Reduce -4.0% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 10,210,000 | $11.1M | Add +1.2% |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 8,498,000 | $8.4M | Reduce -5.0% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 8,733,000 | $8.1M | Reduce -24.8% |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | 7,857,000 | $7.5M | Reduce -3.3% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 4,789,000 | $7.0M | Reduce -2.0% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 6,133,000 | $6.9M | Reduce -0.8% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 5,715,000 | $6.7M | Reduce -1.7% |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | 4,522,000 | $6.7M | Reduce -86.1% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 6,973,000 | $6.7M | Reduce -54.7% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 5,334,000 | $6.2M | Reduce -3.2% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 5,598,000 | $6.0M | Reduce -2.4% |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 5,239,000 | $5.6M | Reduce -89.6% |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 5,630,000 | $5.6M | Reduce -1.4% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 5,408,000 | $5.4M | Reduce -6.1% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 4,534,000 | $5.1M | Reduce -88.8% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 4,346,000 | $4.3M | Reduce -6.8% |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 3,726,000 | $4.2M | Reduce -5.9% |
| OIL STATES INTL INC (OIS 4.75 04/01/26) | NOTE 4.750% 4/0 · principal | 4,136,000 | $4.2M | Reduce -80.6% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | 2,768,000 | $3.8M | Reduce -1.7% |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 635,000 | $671K | Reduce -36.5% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 500,000 | $549K | Reduce -0.6% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 500,000 | $516K | Reduce -1.0% |
| CHEGG INC (CHGG 0 09/01/26) | NOTE 9/0 · principal | 45,000 | $40K | No change |
Total filed on the 13F, all lines: $2.9B.
Portfolio Sells Q3 2025 → Q4 2025
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Sold out | 0.00% | −5.13 |
| NVG Nuveen Amt-FR Muni CRDT | Sold out | 0.00% | −3.58 |
| NZF Nuveen Municipal Credit Inc. | Reduce -76.9% | 1.28% | −3.14 |
| NAD Nuveen Quality Municipal Inc. | Sold out | 0.00% | −3.10 |
| NAC Nuveen Ca QLTY Muni Inc. | Sold out | 0.00% | −1.47 |
| VOD Vodafone Group PLC-SP ADR | Sold out | 0.00% | −1.08 |
| XENWX Eaton Vance New York Municip | Sold out | 0.00% | −1.04 |
| VKI Invesco Adv Muni Inc. TR II | Reduce -73.9% | 0.30% | −0.59 |
| IQI Invesco Quality Muni Inc. TR | Sold out | 0.00% | −0.23 |
| VMO Invesco Municipal Opport | Reduce -33.3% | 0.62% | −0.13 |
| KTF DWS Municipal Income Trust | Reduce -29.3% | 0.26% | −0.04 |
| NINEQ Nine Energy Service Inc. | Sold out | 0.00% | −0.02 |
| NRK Nuveen NY Amt-FR Muni Inc. | Reduce -19.6% | 2.03% | −0.01 |
| MFM Aberdeen Municipal Income | Reduce -21.6% | 0.58% | −0.01 |
| VGM Invesco Trust for Investmen | Reduce -16.6% | 1.00% | +0.07 |
| WBD Warner Bros Discovery Inc. | Reduce -43.4% | 2.04% | +0.09 |
| XNQPX Nuveen Pa QLTY Muni Inc. | Reduce -1.8% | 0.85% | +0.15 |
| XMYDX BlackRock Muniyield Fund | Reduce -2.1% | 2.29% | +0.41 |
| XMVFX BlackRock Munivest Fund | Reduce -2.6% | 2.59% | +0.49 |
| XMQTX BlackRock Muniyield QLTY II | Reduce -1.8% | 3.18% | +0.60 |
| GPOR Gulfport Energy Corp. | Reduce -17.1% | 7.08% | +1.15 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -3.9% | 9.76% | +1.78 |
| IAU iShares Gold Trust | Reduce -9.5% | 12.09% | +2.52 |
| TALO Talos Energy Inc. | Reduce -2.9% | 10.39% | +2.96 |
Portfolio Buys Q3 2025 → Q4 2025
Notes & Other Activity Q3 2025 → Q4 2025
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -1.8% | 18,882,000 | $86.6M |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Reduce -1.3% | 30,037,000 | $85.3M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -1.2% | 44,638,000 | $73.3M |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | Reduce -2.6% | 25,532,000 | $66.0M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Add +1.9% | 56,714,000 | $65.1M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | Reduce -1.3% | 1,171,159 | $65.0M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +1.8% | 59,623,000 | $64.8M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -1.4% | 830,097 | $57.7M |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Add +2.9% | 69,399,000 | $56.7M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -0.8% | 42,644,000 | $55.4M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Reduce -1.1% | 714,292 | $53.9M |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | Reduce -1.2% | 49,514,000 | $53.4M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -14.9% | 51,451,000 | $53.0M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Reduce -1.5% | 39,380,000 | $47.0M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | Reduce -1.7% | 36,548,000 | $46.7M |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | Add +5.9% | 32,682,000 | $45.7M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -48.0% | 13,293,000 | $44.7M |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | Add +13.2% | 29,853,000 | $44.4M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Reduce -1.1% | 34,036,000 | $43.1M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -1.2% | 597,863 | $39.6M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Reduce -1.1% | 38,891,000 | $38.9M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Reduce -1.0% | 39,492,000 | $38.1M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Reduce -1.2% | 37,045,000 | $37.5M |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | Reduce -1.3% | 23,784,000 | $36.2M |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | Reduce -9.4% | 21,148,000 | $36.0M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Reduce -1.8% | 36,370,000 | $35.9M |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | Reduce -1.3% | 601,474 | $35.1M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Reduce -22.1% | 33,859,000 | $34.0M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -1.0% | 36,913,000 | $34.0M |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | New | 33,802,000 | $33.8M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Reduce -1.6% | 34,655,000 | $33.3M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Reduce -0.8% | 28,678,000 | $32.3M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -2.2% | 30,093,000 | $31.3M |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | New | 29,685,000 | $31.3M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Reduce -1.0% | 30,319,000 | $30.7M |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | Reduce -0.9% | 20,379,000 | $30.3M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -1.6% | 26,298,000 | $30.0M |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | Reduce -0.9% | 29,575,000 | $29.8M |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | Reduce -1.1% | 28,642,000 | $29.0M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Reduce -6.3% | 30,023,000 | $29.0M |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | New | 29,610,000 | $28.6M |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | New | 25,147,000 | $27.7M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Reduce -1.2% | 26,133,000 | $26.9M |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | New | 24,259,000 | $26.9M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +19.0% | 20,927 | $26.2M |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | NOTE 0.750% 6/0 · principal | Reduce -1.2% | 25,530,000 | $25.9M |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | Reduce -1.0% | 21,347,000 | $25.0M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Reduce -1.2% | 24,323,000 | $24.6M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Reduce -0.5% | 463,345 | $24.0M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Reduce -1.6% | 473,045 | $23.9M |
Showing the first 50 of 97.
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 |