Manufacturers Life Insurance Company, The
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Manufacturers Life Insurance Company, The reported 2,840 stock positions worth $104.4 billion. Its top holding was Apple (AAPL) at 3.7% of the portfolio, followed by Microsoft (MSFT, 3.5%) and Amazon.com (AMZN, 3.3%). Compared with Q4 2024, it opened 56 new positions, sold out of 134, added to 1,257 and reduced 1,506. The biggest buy was Adobe (ADBE, shares +76%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- CANADA, A6
- CIK
- 0000928047
- Portfolio Value
- $104.4B (Q1 2025)
- SEC Filing
- 0001145443-25-000146 ↗ filed May 15, 2025
Holdings Value
Holdings 2,840 stocks · $104.4B
| AAPL Apple Inc. | 3.66% | 17,208,304 | $3.8B | Reduce -5.4% |
| MSFT Microsoft Corp. | 3.51% | 9,755,728 | $3.7B | Add +1.5% |
| AMZN Amazon.com Inc. | 3.27% | 17,970,443 | $3.4B | Reduce -5.3% |
| NVDA Nvidia Corp. | 2.42% | 23,279,143 | $2.5B | Reduce -2.6% |
| GOOGL Alphabet Inc. Class A | 2.35% | 15,886,440 | $2.5B | Reduce -1.9% |
| LLY Eli Lilly & Co. | 1.26% | 1,592,831 | $1.3B | Reduce -0.6% |
| LNG Cheniere Energy Inc. | 1.19% | 5,372,415 | $1.2B | Reduce -5.5% |
| UNH Unitedhealth Group Inc. | 1.10% | 2,190,191 | $1.1B | Add +2.4% |
| META Meta Platforms Inc. Class A | 1.03% | 1,874,896 | $1.1B | Add +8.3% |
| LEN Lennar Corp. Class A | 0.98% | 8,894,125 | $1.0B | Add +45.4% |
| RY Royal Bank of Canada | 0.90% | 8,273,897 | $937.1M | Reduce -27.9% |
| BND Vanguard Total Bond Market | 0.90% | 12,734,566 | $935.4M | Reduce -0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.89% | 1,744,007 | $928.8M | Reduce -11.4% |
| KKR KKR & Co. Inc. | 0.86% | 7,770,070 | $898.3M | Add +15.5% |
| WDAY Workday Inc. Class A | 0.84% | 3,736,609 | $872.6M | Add +0.4% |
| TD Toronto-Dominion Bank | 0.79% | 13,700,503 | $825.4M | Add +17.7% |
| MS Morgan Stanley | 0.78% | 6,981,382 | $814.5M | Reduce -2.6% |
| SU Suncor Energy Inc. | 0.76% | 20,270,248 | $788.5M | Reduce -15.6% |
| CNQ Canadian Natural Resources | 0.74% | 24,813,544 | $767.7M | Reduce -17.0% |
| AVGO Broadcom Inc. | 0.73% | 4,533,085 | $759.0M | Add +1.4% |
| ADBE Adobe Inc. | 0.70% | 1,895,642 | $727.0M | Add +76.2% |
| TMO Thermo Fisher Scientific Inc. | 0.69% | 1,449,997 | $721.5M | Reduce -13.5% |
| ENB Enbridge Inc. | 0.68% | 16,032,657 | $713.3M | Reduce -16.6% |
| CRM Salesforce Inc. | 0.67% | 2,603,607 | $698.7M | Add +7.5% |
| ELV Elevance Health Inc. | 0.66% | 1,589,089 | $691.2M | Reduce -20.3% |
| JPM JPMorgan Chase & Co. | 0.63% | 2,672,001 | $655.4M | Reduce -0.2% |
| ADI Analog Devices Inc. | 0.63% | 3,245,762 | $654.6M | Reduce -12.6% |
| CCI Crown Castle Inc. | 0.60% | 6,020,117 | $627.5M | Reduce -2.0% |
| TSLA Tesla Inc. | 0.60% | 2,401,679 | $622.4M | Add +21.9% |
| VOO Vanguard S&P 500 ETF | 0.59% | 1,204,960 | $619.2M | Add +13.9% |
| TXN Texas Instruments Inc. | 0.58% | 3,354,813 | $602.9M | Reduce -3.6% |
| V Visa Inc. Class A | 0.57% | 1,703,623 | $597.0M | Reduce -2.2% |
| SHOP Shopify Inc. Class A | 0.56% | 6,167,782 | $589.6M | Reduce -14.0% |
| GS Goldman Sachs Group Inc. | 0.56% | 1,078,215 | $589.0M | Reduce -1.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.56% | 6,080,113 | $583.8M | Reduce -11.1% |
| ORCL Oracle Corp. | 0.55% | 4,126,679 | $577.0M | Add +12.2% |
| GOOG Alphabet Inc. Class C | 0.54% | 3,616,029 | $564.9M | Reduce -0.2% |
| JNJ Johnson & Johnson | 0.54% | 3,387,563 | $561.8M | Add +13.5% |
| ABBV Abbvie Inc. | 0.54% | 2,678,269 | $561.2M | Add +16.9% |
| FWONK Liberty Media Corp. Class C | 0.52% | 6,007,586 | $540.7M | Reduce -2.6% |
| URI United Rentals Inc. | 0.51% | 849,786 | $532.6M | Add +28.8% |
| CNI Canadian Natl Railway Co. | 0.50% | 5,296,701 | $518.3M | Add +37.3% |
| MDT Medtronic PLC | 0.49% | 5,710,636 | $513.2M | Add +32.0% |
| JHEM John Hancock Multi Em MRK Et | 0.49% | 19,031,709 | $507.4M | Reduce -10.8% |
| WMT Walmart Inc. | 0.48% | 5,770,168 | $506.6M | Reduce -42.8% |
| CSCO Cisco Systems Inc. | 0.48% | 8,180,404 | $504.8M | Add +36.4% |
| NDAQ Nasdaq Inc. | 0.48% | 6,612,451 | $501.6M | Reduce -4.9% |
| CP Canadian Pacific Kansas City | 0.47% | 7,015,103 | $495.0M | Reduce -40.1% |
| SLF Sun Life Financial Inc. | 0.47% | 8,580,800 | $493.8M | Reduce -9.2% |
| WCN Waste Connections Inc. | 0.45% | 2,390,562 | $468.2M | Reduce -9.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.44% | 4,695,528 | $463.4M | Add +29.0% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.43% | 7,223,862 | $444.7M | Reduce -4.6% |
| SYK Stryker Corp. | 0.42% | 1,182,824 | $440.3M | Add +0.4% |
| XOM Exxon Mobil Corp. | 0.41% | 3,631,257 | $431.9M | Add +4.3% |
| MCK McKesson Corp. | 0.40% | 626,284 | $421.5M | Add +0.3% |
| VEA Vanguard Ftse Developed ETF | 0.40% | 8,280,448 | $420.9M | Add +32.1% |
| LIN Linde PLC | 0.38% | 848,729 | $395.2M | Reduce -19.3% |
| AEM Agnico Eagle Mines Ltd. | 0.38% | 3,627,775 | $394.8M | Reduce -8.9% |
| ABT Abbott Laboratories | 0.38% | 2,963,156 | $393.1M | Reduce -16.3% |
| DHR Danaher Corp. | 0.37% | 1,907,845 | $391.1M | Reduce -1.9% |
| GIB Cgi Inc. | 0.35% | 3,599,594 | $361.3M | Reduce -8.0% |
| STN Stantec Inc. | 0.34% | 4,309,182 | $359.1M | Add +28.8% |
| MA Mastercard Inc. Class A | 0.34% | 647,245 | $354.8M | Reduce -11.6% |
| KLAC KLA Corp. | 0.34% | 518,125 | $352.2M | Reduce -3.7% |
| CMCSA Comcast Corp. Class A | 0.33% | 9,440,738 | $348.4M | Add +76.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.33% | 8,315,243 | $347.0M | Reduce -6.9% |
| MRK Merck & Co. Inc. | 0.33% | 3,812,525 | $342.2M | Reduce -24.9% |
| PG The Procter & Gamble Co. | 0.33% | 2,002,502 | $341.3M | Add +0.7% |
| LMT Lockheed Martin Corp. | 0.32% | 747,373 | $333.9M | Add +59.3% |
| JHMD John Hancock MF Dev Intl ETF | 0.32% | 9,542,406 | $333.5M | Add +3.3% |
| AZO AutoZone Inc. | 0.32% | 87,272 | $332.7M | Reduce -4.7% |
| AMGN Amgen Inc. | 0.32% | 1,065,694 | $332.0M | Add +128.9% |
| NTR Nutrien Ltd. | 0.31% | 6,554,638 | $326.9M | Add +16.5% |
| BN Brookfield Corp. | 0.31% | 6,155,418 | $323.3M | Reduce -48.1% |
| LOW Lowe's Cos Inc. | 0.30% | 1,361,101 | $317.4M | Add +3.1% |
| PM Philip Morris International | 0.30% | 1,995,831 | $316.8M | Reduce -5.7% |
| FNV Franco-Nevada Corp. | 0.30% | 1,980,772 | $313.1M | Add +1.7% |
| NFLX Netflix Inc. | 0.30% | 333,870 | $311.3M | Add +4.3% |
| VYM Vanguard High DVD Yield ETF | 0.29% | 2,369,045 | $305.5M | Add +4.2% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.29% | 884,316 | $305.3M | Reduce -6.4% |
| GILD Gilead Sciences Inc. | 0.29% | 2,719,500 | $304.7M | Reduce -56.9% |
| WFC Wells Fargo & Co. | 0.29% | 4,196,277 | $301.3M | Reduce -18.1% |
| UNP Union Pacific Corp. | 0.29% | 1,269,364 | $299.9M | Reduce -9.8% |
| SYY Sysco Corp. | 0.28% | 3,956,141 | $296.9M | Add +14.2% |
| BRO Brown & Brown Inc. | 0.28% | 2,380,723 | $296.2M | Reduce -1.2% |
| COST Costco Wholesale Corp. | 0.28% | 307,349 | $290.7M | Reduce -0.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.28% | 4,419,347 | $290.6M | Reduce -4.3% |
| HD Home Depot Inc. | 0.27% | 764,930 | $280.3M | Reduce -1.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.25% | 546,904 | $265.1M | Add +0.3% |
| WBD Warner Bros Discovery Inc. | 0.25% | 24,672,364 | $264.7M | Add +4.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.25% | 1,584,531 | $263.0M | Add +0.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.25% | 557,721 | $261.5M | Add +169.4% |
| COR Cencora Inc. | 0.25% | 940,182 | $261.5M | Add +11.4% |
| FHB First Hawaiian Inc. | 0.25% | 10,493,396 | $256.5M | Add +3.5% |
| EMB iShares JP Morgan Usd Emergi | 0.24% | 2,824,032 | $255.8M | Add +10.8% |
| PCAR Paccar Inc. | 0.24% | 2,620,798 | $255.2M | Add +177.9% |
| REGN Regeneron Pharmaceuticals | 0.24% | 398,236 | $252.6M | Add +11.7% |
| WPM Wheaton Precious Metals Corp. | 0.24% | 3,232,156 | $251.9M | Reduce -10.1% |
| CI The Cigna Group | 0.24% | 758,538 | $249.6M | Reduce -1.4% |
| MCD McDonald's Corp. | 0.23% | 783,552 | $244.8M | Add +58.2% |
Other holdings (54): bonds, preferreds, convertibles and warrants · $1.2B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 3,592,400 | $162.4M | Add +850.5% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 81,255,000 | $88.2M | Add +2.7% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 85,785,000 | $88.0M | Add +13.2% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 61,882 | $74.6M | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 1,160,850 | $68.6M | Reduce -17.4% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 51,790,000 | $63.3M | Reduce -0.9% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 1,126,510 | $54.0M | Reduce -4.5% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 42,735 | $53.0M | Add +0.6% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 50,401,000 | $51.1M | Add +0.2% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 49,835,000 | $50.1M | Reduce -32.2% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 35,400,000 | $33.5M | New |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 672,500 | $33.0M | New |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 32,246,000 | $29.9M | Reduce -6.7% |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 28,575,000 | $28.6M | Reduce -6.0% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 28,700,000 | $28.1M | No change |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 10,500,000 | $25.8M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 25,550,000 | $25.4M | No change |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 25,000,000 | $25.0M | Reduce -69.6% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 557,500 | $24.6M | Add +1.4% |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 14,170,000 | $18.7M | Reduce -4.0% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 15,400,000 | $16.3M | No change |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 16,200,000 | $16.2M | New |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 12,150,000 | $15.0M | Reduce -15.3% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 10,500,000 | $13.5M | Add +61.5% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 10,200,000 | $12.3M | No change |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 13,500,000 | $12.1M | Add +170.0% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 9,300,000 | $12.0M | No change |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 252,090 | $10.3M | Reduce -60.5% |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 10,378,000 | $10.1M | No change |
| BURLINGTON STORES INC (BURL 2.25 04/15/25) | NOTE 2.250% 4/1 · principal | 8,550,000 | $9.3M | No change |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 8,100,000 | $9.1M | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 9,700,000 | $8.3M | No change |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 153,500 | $7.4M | Reduce -95.0% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 3,900,000 | $4.2M | No change |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 4,179,000 | $4.1M | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 3,750,000 | $3.6M | No change |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 2,700,000 | $3.3M | No change |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | 2,700,000 | $2.7M | Reduce -21.7% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 2,500,000 | $2.4M | No change |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 2,000,000 | $1.9M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 2,000,000 | $1.9M | Add +60.0% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 1,800,000 | $1.6M | No change |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 777,000 | $1.6M | No change |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 1,600,000 | $1.6M | Add +60.0% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 1,250,000 | $1.2M | No change |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 27,647 | $830K | Reduce -3.2% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 800,000 | $784K | Reduce -50.0% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 750,000 | $719K | No change |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 13,889 | $633K | Reduce -6.6% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 500,000 | $597K | Reduce -60.0% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 500,000 | $517K | Reduce -60.0% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 6,474 | $389K | New |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 15,511 | $378K | Reduce -5.8% |
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 · principal | 17,659 | $166K | No change |
Total filed on the 13F, all lines: $105.6B.
Portfolio Sells Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -99.8% | 0.00% | −0.70 |
| NVDA Nvidia Corp. | Reduce -2.6% | 2.42% | −0.40 |
| AMZN Amazon.com Inc. | Reduce -5.3% | 3.27% | −0.39 |
| AAPL Apple Inc. | Reduce -5.4% | 3.66% | −0.34 |
| GOOGL Alphabet Inc. Class A | Reduce -1.9% | 2.35% | −0.34 |
| RY Royal Bank of Canada | Reduce -27.9% | 0.90% | −0.32 |
| WMT Walmart Inc. | Reduce -42.8% | 0.48% | −0.32 |
| BN Brookfield Corp. | Reduce -48.1% | 0.31% | −0.29 |
| CP Canadian Pacific Kansas City | Reduce -40.1% | 0.47% | −0.27 |
| AON Aon PLC Class A | Reduce -87.0% | 0.05% | −0.26 |
| GILD Gilead Sciences Inc. | Reduce -56.9% | 0.29% | −0.22 |
| IVV iShares Core S&P 500 ETF | Reduce -60.2% | 0.14% | −0.20 |
| TFII Tfi International Inc. | Reduce -39.5% | 0.08% | −0.12 |
| MRK Merck & Co. Inc. | Reduce -24.9% | 0.33% | −0.12 |
| PII Polaris Inc. | Reduce -98.2% | 0.00% | −0.11 |
| MRNA Moderna Inc. | Reduce -88.3% | 0.01% | −0.11 |
| SHOP Shopify Inc. Class A | Reduce -14.0% | 0.56% | −0.11 |
| IMO Imperial Oil Ltd. | Reduce -58.7% | 0.11% | −0.10 |
| TIP iShares Tips Bond ETF | Reduce -95.8% | 0.00% | −0.09 |
| FIS Fidelity National Info Serv | Reduce -31.1% | 0.21% | −0.09 |
| FSV Firstservice Corp. | Reduce -39.7% | 0.13% | −0.09 |
| BDX Becton Dickinson and Co. | Reduce -34.5% | 0.20% | −0.08 |
| ACN Accenture PLC Class A | Reduce -29.5% | 0.17% | −0.08 |
| CNQ Canadian Natural Resources | Reduce -17.0% | 0.74% | −0.08 |
| TMO Thermo Fisher Scientific Inc. | Reduce -13.5% | 0.69% | −0.08 |
| QSR Restaurant Brands Intern | Reduce -54.5% | 0.08% | −0.07 |
| AXTA Axalta Coating Systems Ltd. | Reduce -87.9% | 0.01% | −0.07 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -74.0% | 0.03% | −0.07 |
| IWO iShares Russell 2000 Growth | Sold out | 0.00% | −0.07 |
| EPAM Epam Systems Inc. | Reduce -87.9% | 0.01% | −0.07 |
| VCIT Vanguard Int-Term Corporate | Reduce -46.0% | 0.10% | −0.07 |
| ADI Analog Devices Inc. | Reduce -12.6% | 0.63% | −0.07 |
| DELL Dell Technologies -C | Reduce -77.2% | 0.02% | −0.07 |
| BNS Bank of Nova Scotia | Reduce -28.2% | 0.15% | −0.07 |
| GOOG Alphabet Inc. Class C | Reduce -0.2% | 0.54% | −0.07 |
| VHT Vanguard Health Care ETF | Reduce -99.7% | 0.00% | −0.07 |
| SE Sea Ltd.-ADR | Reduce -69.5% | 0.04% | −0.06 |
| MBLY Mobileye Global Inc. Class A | Reduce -4.6% | 0.19% | −0.06 |
| GNRC Generac Holdings Inc. | Reduce -58.9% | 0.04% | −0.06 |
| WRB WR Berkley Corp. | Reduce -42.9% | 0.19% | −0.06 |
| LVS Las Vegas Sands Corp. | Reduce -5.6% | 0.20% | −0.06 |
| STT State Street Corp. | Reduce -54.9% | 0.05% | −0.06 |
| PH Parker Hannifin Corp. | Reduce -32.0% | 0.14% | −0.06 |
| EEM iShares MSCI Emerging Market | Sold out | 0.00% | −0.06 |
| AMAT Applied Materials Inc. | Reduce -23.9% | 0.16% | −0.06 |
| VGT Vanguard Info Tech ETF | Sold out | 0.00% | −0.05 |
| DFS Discover Financial Services | Reduce -69.4% | 0.03% | −0.05 |
| GLOB Globant SA | Sold out | 0.00% | −0.05 |
| MGA Magna International Inc. | Reduce -71.3% | 0.02% | −0.05 |
| CM Can Imperial BK of Commerce | Reduce -20.8% | 0.17% | −0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| ADBE Adobe Inc. | Add +76.2% | 0.70% | +0.28 |
| TD Toronto-Dominion Bank | Add +17.7% | 0.79% | +0.25 |
| LEN Lennar Corp. Class A | Add +45.4% | 0.98% | +0.24 |
| AMGN Amgen Inc. | Add +128.9% | 0.32% | +0.21 |
| MDT Medtronic PLC | Add +32.0% | 0.49% | +0.19 |
| ABBV Abbvie Inc. | Add +16.9% | 0.54% | +0.18 |
| CSCO Cisco Systems Inc. | Add +36.4% | 0.48% | +0.17 |
| JNJ Johnson & Johnson | Add +13.5% | 0.54% | +0.16 |
| PCAR Paccar Inc. | Add +177.9% | 0.24% | +0.16 |
| CMCSA Comcast Corp. Class A | Add +76.7% | 0.33% | +0.16 |
| QQQ Invesco QQQ Trust Series 1 | Add +169.4% | 0.25% | +0.16 |
| IYF iShares US Financials ETF | Add +1366.8% | 0.16% | +0.15 |
| CNI Canadian Natl Railway Co. | Add +37.3% | 0.50% | +0.15 |
| UNH Unitedhealth Group Inc. | Add +2.4% | 1.10% | +0.15 |
| META Meta Platforms Inc. Class A | Add +8.3% | 1.03% | +0.14 |
| VEA Vanguard Ftse Developed ETF | Add +32.1% | 0.40% | +0.14 |
| MO Altria Group Inc. | Add +184.6% | 0.18% | +0.13 |
| LMT Lockheed Martin Corp. | Add +59.3% | 0.32% | +0.12 |
| STN Stantec Inc. | Add +28.8% | 0.34% | +0.11 |
| MCD McDonald's Corp. | Add +58.2% | 0.23% | +0.11 |
| URI United Rentals Inc. | Add +28.8% | 0.51% | +0.10 |
| PBA Pembina Pipeline Corp. | Add +136.7% | 0.15% | +0.10 |
| FNV Franco-Nevada Corp. | Add +1.7% | 0.30% | +0.10 |
| VOO Vanguard S&P 500 ETF | Add +13.9% | 0.59% | +0.09 |
| NTR Nutrien Ltd. | Add +16.5% | 0.31% | +0.09 |
| MCK McKesson Corp. | Add +0.3% | 0.40% | +0.09 |
| UBER Uber Technologies Inc. | Add +44.8% | 0.19% | +0.09 |
| DIS The Walt Disney Co. | Add +29.0% | 0.44% | +0.09 |
| XOM Exxon Mobil Corp. | Add +4.3% | 0.41% | +0.08 |
| PDBC Invesco Optimum Yield Divers | Add +276.4% | 0.11% | +0.08 |
| COR Cencora Inc. | Add +11.4% | 0.25% | +0.08 |
| IYJ iShares U.S. Industrials ETF | New | 0.08% | +0.08 |
| BKNG Booking Holdings Inc. | Add +67.0% | 0.18% | +0.07 |
| IYW iShares Ustechnology ETF | Add +113.3% | 0.14% | +0.07 |
| SHY iShares 1-3 Year Treasury Bo | Add +2745.4% | 0.07% | +0.07 |
| ACM Aecom | Add +421.9% | 0.08% | +0.07 |
| MUSA Murphy USA Inc. | Add +902.2% | 0.07% | +0.06 |
| VRTX Vertex Pharmaceuticals Inc. | Add +0.3% | 0.25% | +0.06 |
| JHMD John Hancock MF Dev Intl ETF | Add +3.3% | 0.32% | +0.06 |
| BAM Brookfield Asset Mgmt-A | Add +58.9% | 0.16% | +0.06 |
| GIL Gildan Activewear Inc. | Add +67.2% | 0.13% | +0.05 |
| SYY Sysco Corp. | Add +14.2% | 0.28% | +0.05 |
| SYK Stryker Corp. | Add +0.4% | 0.42% | +0.05 |
| AVTR Avantor Inc. | Add +53.3% | 0.22% | +0.05 |
| VGK Vanguard Ftse Europe ETF | New | 0.05% | +0.05 |
| NFLX Netflix Inc. | Add +4.3% | 0.30% | +0.05 |
| EMB iShares JP Morgan Usd Emergi | Add +10.8% | 0.24% | +0.05 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +30.7% | 0.12% | +0.04 |
| CL Colgate-Palmolive Co. | Add +42.5% | 0.11% | +0.04 |
| DTE DTE Energy Company | Add +44.7% | 0.10% | +0.04 |
Notes & Other Activity Q4 2024 → Q1 2025
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Add +850.5% | 3,592,400 | $162.4M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Add +2.7% | 81,255,000 | $88.2M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +13.2% | 85,785,000 | $88.0M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -17.4% | 1,160,850 | $68.6M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -0.9% | 51,790,000 | $63.3M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -4.5% | 1,126,510 | $54.0M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +0.6% | 42,735 | $53.0M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Add +0.2% | 50,401,000 | $51.1M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Reduce -32.2% | 49,835,000 | $50.1M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 35,400,000 | $33.5M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | New | 672,500 | $33.0M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Reduce -6.7% | 32,246,000 | $29.9M |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Reduce -6.0% | 28,575,000 | $28.6M |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | Sold out | 26,196,000 | $26.0Mbefore exit |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Reduce -69.6% | 25,000,000 | $25.0M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +1.4% | 557,500 | $24.6M |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | Reduce -4.0% | 14,170,000 | $18.7M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | New | 16,200,000 | $16.2M |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | Reduce -15.3% | 12,150,000 | $15.0M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Add +61.5% | 10,500,000 | $13.5M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +170.0% | 13,500,000 | $12.1M |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Reduce -60.5% | 252,090 | $10.3M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Reduce -95.0% | 153,500 | $7.4M |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | Sold out | 4,500,000 | $4.5Mbefore exit |
| LIVENT CORP (LTHM 4.125 07/15/25) | NOTE 4.125% 7/1 · principal | Sold out | 1,950,000 | $2.8Mbefore exit |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Reduce -21.7% | 2,700,000 | $2.7M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +60.0% | 2,000,000 | $1.9M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Add +60.0% | 1,600,000 | $1.6M |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Reduce -3.2% | 27,647 | $830K |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Reduce -50.0% | 800,000 | $784K |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | Reduce -6.6% | 13,889 | $633K |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Reduce -60.0% | 500,000 | $597K |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Reduce -60.0% | 500,000 | $517K |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | New | 6,474 | $389K |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Reduce -5.8% | 15,511 | $378K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 2,825 | $126.6B | MSFT, NVDA, AMZN, GOOGL, AAPL |
| Q1 2026 | 2,760 | $115.0B | MSFT, NVDA, AMZN, GOOGL, AAPL |
| Q4 2025 | 2,800 | $120.4B | MSFT, NVDA, AMZN, AAPL, GOOGL |
| Q3 2025 | 2,850 | $120.5B | MSFT, NVDA, AMZN, AAPL, GOOGL |
| Q2 2025 | 2,854 | $110.7B | MSFT, AMZN, NVDA, AAPL, GOOGL |
| Q1 2025 | 2,840 | $104.4B | AAPL, MSFT, AMZN, NVDA, GOOGL |
| Q4 2024 | 2,917 | $113.8B | AAPL, AMZN, MSFT, NVDA, GOOGL |
| Q3 2024 | 2,948 | $113.0B | AAPL, MSFT, AMZN, NVDA, GOOGL |
| Q2 2024 | 2,943 | $106.6B | MSFT, AAPL, AMZN, NVDA, GOOGL |
| Q1 2024 | 2,931 | $107.4B | MSFT, AMZN, AAPL, GOOGL, NVDA |