Manufacturers Life Insurance Company, The
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Manufacturers Life Insurance Company, The reported 2,850 stock positions worth $120.5 billion. Its top holding was Microsoft (MSFT) at 4.2% of the portfolio, followed by Nvidia (NVDA, 3.2%) and Amazon.com (AMZN, 3.0%). Compared with Q2 2025, it opened 98 new positions, sold out of 101, added to 801 and reduced 1,931. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +19525%) and the biggest sale Canadian Natl Railway (CNI, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- CANADA, A6
- CIK
- 0000928047
- Portfolio Value
- $120.5B (Q3 2025)
- SEC Filing
- 0001145443-25-000275 ↗ filed Nov 14, 2025
Holdings Value
Holdings 2,850 stocks · $120.5B
| MSFT Microsoft Corp. | 4.19% | 9,749,172 | $5.0B | Add +6.9% |
| NVDA Nvidia Corp. | 3.23% | 20,823,976 | $3.9B | Reduce -5.0% |
| AMZN Amazon.com Inc. | 3.04% | 16,704,669 | $3.7B | Add +2.5% |
| AAPL Apple Inc. | 2.87% | 13,596,995 | $3.5B | Reduce -11.6% |
| GOOGL Alphabet Inc. Class A | 2.65% | 13,115,972 | $3.2B | Reduce -13.1% |
| RY Royal Bank of Canada | 1.42% | 11,634,537 | $1.7B | Add +46.9% |
| META Meta Platforms Inc. Class A | 1.40% | 2,302,654 | $1.7B | Add +29.6% |
| AVGO Broadcom Inc. | 1.22% | 4,455,550 | $1.5B | Reduce -5.9% |
| TD Toronto-Dominion Bank | 1.02% | 15,385,774 | $1.2B | Add +11.4% |
| SHOP Shopify Inc. Class A | 1.00% | 8,108,074 | $1.2B | Add +47.7% |
| LLY Eli Lilly & Co. | 1.00% | 1,573,179 | $1.2B | Add +1.7% |
| ENB Enbridge Inc. | 0.92% | 22,062,671 | $1.1B | Add +37.3% |
| LNG Cheniere Energy Inc. | 0.90% | 4,634,164 | $1.1B | Reduce -10.6% |
| TSLA Tesla Inc. | 0.89% | 2,404,886 | $1.1B | Add +4.0% |
| BND Vanguard Total Bond Market | 0.84% | 13,592,084 | $1.0B | Add +3.5% |
| CNQ Canadian Natural Resources | 0.81% | 30,329,005 | $970.0M | Add +10.8% |
| SU Suncor Energy Inc. | 0.79% | 22,601,583 | $945.9M | Add +8.1% |
| UNH Unitedhealth Group Inc. | 0.74% | 2,594,140 | $895.8M | Add +30.7% |
| TMO Thermo Fisher Scientific Inc. | 0.72% | 1,782,525 | $864.6M | Reduce -22.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.72% | 1,718,966 | $864.2M | Reduce -7.5% |
| VOO Vanguard S&P 500 ETF | 0.70% | 1,381,021 | $845.7M | Add +10.7% |
| LEN Lennar Corp. Class A | 0.69% | 6,547,476 | $825.2M | Reduce -1.3% |
| KKR KKR & Co. Inc. | 0.68% | 6,340,294 | $823.9M | Reduce -6.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.68% | 1,226,978 | $817.4M | Add +19525.4% |
| JPM JPMorgan Chase & Co. | 0.68% | 2,587,313 | $816.1M | Reduce -0.7% |
| URI United Rentals Inc. | 0.67% | 849,738 | $811.2M | Add +5.6% |
| GOOG Alphabet Inc. Class C | 0.66% | 3,276,374 | $798.0M | Reduce -0.8% |
| CP Canadian Pacific Kansas City | 0.65% | 10,544,287 | $785.5M | Add +28.3% |
| ORCL Oracle Corp. | 0.64% | 2,761,631 | $776.7M | Reduce -26.6% |
| MCK McKesson Corp. | 0.64% | 1,000,687 | $773.1M | Add +19.2% |
| ELV Elevance Health Inc. | 0.59% | 2,213,870 | $715.3M | Add +6.6% |
| HOLX Hologic Inc. | 0.59% | 10,450,448 | $705.3M | Reduce -5.2% |
| VEA Vanguard Ftse Developed ETF | 0.58% | 11,616,839 | $696.1M | Add +13.1% |
| AEM Agnico Eagle Mines Ltd. | 0.57% | 4,094,383 | $689.8M | Add +27.3% |
| ABBV Abbvie Inc. | 0.57% | 2,955,146 | $684.2M | Add +1.3% |
| JNJ Johnson & Johnson | 0.57% | 3,676,132 | $681.6M | Add +17.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.57% | 2,439,541 | $681.3M | Add +69.7% |
| WDAY Workday Inc. Class A | 0.53% | 2,656,544 | $639.5M | Reduce -24.7% |
| GS Goldman Sachs Group Inc. | 0.53% | 801,294 | $638.1M | Reduce -7.9% |
| CRM Salesforce Inc. | 0.52% | 2,624,625 | $622.0M | Reduce -10.9% |
| TXN Texas Instruments Inc. | 0.51% | 3,369,534 | $619.1M | Add +4.0% |
| V Visa Inc. Class A | 0.50% | 1,750,650 | $597.6M | Reduce -14.8% |
| MS Morgan Stanley | 0.50% | 3,757,627 | $597.3M | Reduce -19.5% |
| ADBE Adobe Inc. | 0.49% | 1,689,699 | $596.0M | Reduce -2.3% |
| ADI Analog Devices Inc. | 0.49% | 2,413,322 | $593.0M | Reduce -25.5% |
| BN Brookfield Corp. | 0.48% | 8,449,426 | $579.8M | Add +111.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.48% | 7,177,016 | $573.6M | Reduce -2.4% |
| KLAC KLA Corp. | 0.46% | 514,942 | $555.4M | Reduce -1.1% |
| DHR Danaher Corp. | 0.45% | 2,706,060 | $536.5M | Add +13.8% |
| FWONK Liberty Media Corp. Class C | 0.44% | 5,117,265 | $534.5M | Reduce -9.2% |
| JHEM John Hancock Multi Em MRK Et | 0.44% | 16,820,312 | $532.4M | Reduce -6.1% |
| WMT Walmart Inc. | 0.44% | 5,112,216 | $526.9M | Reduce -3.0% |
| MDT Medtronic PLC | 0.42% | 5,259,101 | $500.9M | Reduce -14.6% |
| WCN Waste Connections Inc. | 0.41% | 2,791,100 | $490.8M | Add +14.2% |
| BDX Becton Dickinson and Co. | 0.40% | 2,577,767 | $482.5M | Add +706.6% |
| SLF Sun Life Financial Inc. | 0.40% | 7,968,948 | $478.6M | Reduce -4.6% |
| SYK Stryker Corp. | 0.39% | 1,274,149 | $471.0M | Add +0.2% |
| NDAQ Nasdaq Inc. | 0.37% | 5,068,276 | $448.3M | Reduce -17.0% |
| WPM Wheaton Precious Metals Corp. | 0.37% | 3,984,041 | $445.9M | Add +23.3% |
| IVV iShares Core S&P 500 ETF | 0.36% | 653,313 | $437.3M | Add +11.5% |
| NFLX Netflix Inc. | 0.35% | 355,277 | $425.9M | Add +8.5% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.33% | 4,975,470 | $397.7M | Add +12.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.33% | 7,707,663 | $397.6M | Add +4.2% |
| ABT Abbott Laboratories | 0.33% | 2,963,565 | $396.9M | Add +5.5% |
| PBA Pembina Pipeline Corp. | 0.33% | 9,734,305 | $393.7M | Add +88.3% |
| LOW Lowe's Cos Inc. | 0.32% | 1,546,776 | $388.7M | Add +0.1% |
| CNI Canadian Natl Railway Co. | 0.32% | 4,052,784 | $382.3M | Reduce -39.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.32% | 2,921,827 | $380.8M | Reduce -12.8% |
| XOM Exxon Mobil Corp. | 0.31% | 3,356,939 | $378.5M | Reduce -4.3% |
| VYM Vanguard High DVD Yield ETF | 0.31% | 2,634,422 | $371.3M | Reduce -1.8% |
| MA Mastercard Inc. Class A | 0.30% | 643,114 | $365.8M | Reduce -15.2% |
| COR Cencora Inc. | 0.30% | 1,167,745 | $365.0M | Add +10.0% |
| OTEX Open Text Corp. | 0.30% | 9,612,100 | $359.3M | Add +124.8% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.29% | 5,464,175 | $353.4M | Add +68.3% |
| IVW iShares S&P 500 Growth ETF | 0.29% | 2,908,525 | $351.1M | Add +70.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 2,988,633 | $342.2M | Reduce -27.6% |
| JHMD John Hancock MF Dev Intl ETF | 0.28% | 8,504,241 | $340.0M | Add +0.0% |
| LMT Lockheed Martin Corp. | 0.28% | 674,434 | $336.7M | Reduce -7.7% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.27% | 4,145,679 | $324.8M | Add +44.4% |
| FNV Franco-Nevada Corp. | 0.26% | 1,431,992 | $318.8M | Reduce -24.6% |
| HD Home Depot Inc. | 0.26% | 769,241 | $311.7M | Add +0.3% |
| PG The Procter & Gamble Co. | 0.25% | 1,988,489 | $305.5M | Reduce -0.1% |
| BAM Brookfield Asset Mgmt-A | 0.25% | 5,199,913 | $296.0M | Add +23.3% |
| WFC Wells Fargo & Co. | 0.24% | 3,452,763 | $289.4M | Reduce -4.2% |
| B Barrick Mining Corp. | 0.23% | 8,566,786 | $281.2M | Add +60.0% |
| NTR Nutrien Ltd. | 0.23% | 4,772,722 | $280.3M | Reduce -9.0% |
| GEHC GE Healthcare Technology | 0.23% | 3,722,918 | $279.6M | Add +292.5% |
| PLTR Palantir Technologies Inc. Class A | 0.23% | 1,527,697 | $278.7M | Add +18.4% |
| CMCSA Comcast Corp. Class A | 0.23% | 8,835,027 | $277.6M | Reduce -5.7% |
| ACN Accenture PLC Class A | 0.23% | 1,111,056 | $274.0M | Add +84.7% |
| GE General Electric filed as GE AEROSPACE | 0.22% | 897,469 | $270.0M | Add +4.9% |
| KGC Kinross Gold Corp. | 0.22% | 10,663,671 | $264.7M | Add +102.9% |
| UBER Uber Technologies Inc. | 0.22% | 2,696,254 | $264.2M | Add +11.6% |
| AMGN Amgen Inc. | 0.22% | 931,756 | $262.9M | Reduce -7.3% |
| UNP Union Pacific Corp. | 0.22% | 1,112,062 | $262.9M | Add +183.4% |
| GIL Gildan Activewear Inc. | 0.22% | 4,544,092 | $262.6M | Add +23.5% |
| BKNG Booking Holdings Inc. | 0.22% | 48,272 | $260.6M | Reduce -17.5% |
| COST Costco Wholesale Corp. | 0.21% | 278,786 | $258.1M | Reduce -9.8% |
| TRP TC Energy Corp. | 0.21% | 4,693,371 | $255.2M | Add +178.8% |
| CSCO Cisco Systems Inc. | 0.21% | 3,727,009 | $255.0M | Reduce -44.1% |
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 | 3,609,300 | $170.0M | Add +0.6% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 78,410,000 | $87.2M | Reduce -3.4% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 57,626 | $71.4M | Reduce -3.3% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 38,550,000 | $70.9M | Add +6.0% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 59,035,000 | $65.8M | Reduce -0.5% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 43,285 | $55.5M | Add +1.3% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 792,620 | $54.1M | Reduce -25.1% |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | 37,205,000 | $48.7M | Reduce -1.7% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 1,116,600 | $44.3M | Add +76.8% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 12,500,000 | $40.1M | No change |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 42,400,000 | $39.0M | Add +26.9% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 546,000 | $38.0M | Reduce -5.9% |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 22,500,000 | $35.0M | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 18,800,000 | $31.0M | Add +121.2% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 30,596,000 | $29.2M | Reduce -5.6% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 28,238,000 | $28.6M | Add +2.7% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 9,700,000 | $28.0M | Add +5.4% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 21,085,000 | $24.0M | Add +5.4% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 21,700,000 | $23.3M | Add +20.2% |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 12,150,000 | $23.0M | No change |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 16,600,000 | $21.3M | Add +9.9% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 385,050 | $21.3M | Reduce -3.7% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 16,800,000 | $20.8M | New |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 13,665,000 | $18.5M | Reduce -3.7% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 14,600,000 | $16.7M | No change |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 14,250,000 | $13.0M | Add +9.6% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 7,000,000 | $10.3M | New |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 153,500 | $7.7M | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 8,700,000 | $7.5M | No change |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 137,070 | $7.2M | Reduce -0.9% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 6,200,000 | $7.1M | No change |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 7,000,000 | $6.9M | Add +600.0% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 6,300,000 | $6.8M | Add +28.6% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 4,179,000 | $4.2M | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 3,750,000 | $3.6M | No change |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 2,098,000 | $2.5M | New |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 1,950,000 | $2.4M | New |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 2,105,000 | $2.2M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 2,000,000 | $2.0M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 2,000,000 | $1.9M | Add +100.0% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 1,800,000 | $1.9M | New |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 1,200,000 | $1.8M | New |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,230,000 | $1.6M | New |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 1,600,000 | $1.6M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 1,340,000 | $1.6M | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 1,150,000 | $1.6M | New |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 1,250,000 | $1.3M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 930,000 | $956K | New |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 25,123 | $793K | Reduce -3.4% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 750,000 | $739K | No change |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 500,000 | $531K | No change |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 10,590 | $508K | Reduce -19.9% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 6,917 | $412K | Add +12.1% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 14,465 | $365K | Reduce -3.2% |
Total filed on the 13F, all lines: $121.7B.
Portfolio Sells Q2 2025 → Q3 2025
| CNI Canadian Natl Railway Co. | Reduce -39.6% | 0.32% | −0.31 |
| LNG Cheniere Energy Inc. | Reduce -10.6% | 0.90% | −0.24 |
| WDAY Workday Inc. Class A | Reduce -24.7% | 0.53% | −0.23 |
| GIB Cgi Inc. | Reduce -59.4% | 0.11% | −0.23 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -42.0% | 0.20% | −0.23 |
| WBD Warner Bros Discovery Inc. | Reduce -93.8% | 0.02% | −0.22 |
| CRM Salesforce Inc. | Reduce -10.9% | 0.52% | −0.21 |
| CSCO Cisco Systems Inc. | Reduce -44.1% | 0.21% | −0.21 |
| ADI Analog Devices Inc. | Reduce -25.5% | 0.49% | −0.20 |
| DIS The Walt Disney Co. | Reduce -27.6% | 0.28% | −0.18 |
| BKLN Invesco Senior Loan ETF | Reduce -95.1% | 0.01% | −0.17 |
| V Visa Inc. Class A | Reduce -14.8% | 0.50% | −0.16 |
| INTU Intuit Inc. | Reduce -51.2% | 0.10% | −0.15 |
| STN Stantec Inc. | Reduce -43.2% | 0.17% | −0.15 |
| CCI Crown Castle Inc. | Reduce -38.0% | 0.17% | −0.14 |
| MRSH Marsh & McLennan Cos | Reduce -45.1% | 0.12% | −0.14 |
| FIS Fidelity National Info Serv | Reduce -85.6% | 0.02% | −0.14 |
| KKR KKR & Co. Inc. | Reduce -6.7% | 0.68% | −0.13 |
| IYW iShares Ustechnology ETF | Sold out | 0.00% | −0.13 |
| AZO AutoZone Inc. | Reduce -42.5% | 0.20% | −0.13 |
| LIN Linde PLC | Reduce -35.8% | 0.18% | −0.12 |
| TMO Thermo Fisher Scientific Inc. | Reduce -22.3% | 0.72% | −0.12 |
| NDAQ Nasdaq Inc. | Reduce -17.0% | 0.37% | −0.12 |
| PM Philip Morris International | Reduce -22.1% | 0.21% | −0.12 |
| ADBE Adobe Inc. | Reduce -2.3% | 0.49% | −0.11 |
| IYF iShares US Financials ETF | Sold out | 0.00% | −0.11 |
| SLF Sun Life Financial Inc. | Reduce -4.6% | 0.40% | −0.10 |
| ORCL Oracle Corp. | Reduce -26.6% | 0.64% | −0.10 |
| MS Morgan Stanley | Reduce -19.5% | 0.50% | −0.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -7.5% | 0.72% | −0.10 |
| ADSK Autodesk Inc. | Reduce -59.0% | 0.06% | −0.09 |
| EMB iShares JP Morgan Usd Emergi | Reduce -39.2% | 0.13% | −0.09 |
| MRK Merck & Co. Inc. | Reduce -42.2% | 0.12% | −0.09 |
| AJG Arthur J Gallagher & Co. | Reduce -32.3% | 0.14% | −0.09 |
| XLF SS Financial Select Sector | Reduce -99.4% | 0.00% | −0.09 |
| BKNG Booking Holdings Inc. | Reduce -17.5% | 0.22% | −0.09 |
| FWONK Liberty Media Corp. Class C | Reduce -9.2% | 0.44% | −0.09 |
| SYY Sysco Corp. | Reduce -38.2% | 0.14% | −0.09 |
| MCHP Microchip Technology Inc. | Reduce -53.1% | 0.05% | −0.08 |
| MA Mastercard Inc. Class A | Reduce -15.2% | 0.30% | −0.08 |
| ICLR Icon PLC | Reduce -75.2% | 0.03% | −0.08 |
| MO Altria Group Inc. | Reduce -59.4% | 0.06% | −0.08 |
| CMG Chipotle Mexican Grill Inc. | Reduce -47.8% | 0.04% | −0.07 |
| GILD Gilead Sciences Inc. | Reduce -21.5% | 0.19% | −0.07 |
| VGK Vanguard Ftse Europe ETF | Reduce -89.6% | 0.01% | −0.07 |
| CMCSA Comcast Corp. Class A | Reduce -5.7% | 0.23% | −0.07 |
| AVTR Avantor Inc. | Reduce -24.6% | 0.12% | −0.07 |
| MDT Medtronic PLC | Reduce -14.6% | 0.42% | −0.07 |
| FHB First Hawaiian Inc. | Reduce -23.8% | 0.16% | −0.07 |
| LPLA LPL Financial Holdings Inc. | Reduce -97.3% | 0.00% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +19525.4% | 0.68% | +0.68 |
| RY Royal Bank of Canada | Add +46.9% | 1.42% | +0.49 |
| SHOP Shopify Inc. Class A | Add +47.7% | 1.00% | +0.43 |
| BDX Becton Dickinson and Co. | Add +706.6% | 0.40% | +0.35 |
| TSM Taiwan Semiconductor-SP ADR | Add +69.7% | 0.57% | +0.27 |
| ENB Enbridge Inc. | Add +37.3% | 0.92% | +0.27 |
| BN Brookfield Corp. | Add +111.8% | 0.48% | +0.26 |
| AEM Agnico Eagle Mines Ltd. | Add +27.3% | 0.57% | +0.23 |
| TSLA Tesla Inc. | Add +4.0% | 0.89% | +0.22 |
| META Meta Platforms Inc. Class A | Add +29.6% | 1.40% | +0.22 |
| OSG Octave Specialty Group Inc. | Add +6604.6% | 0.19% | +0.19 |
| OTEX Open Text Corp. | Add +124.8% | 0.30% | +0.19 |
| UNH Unitedhealth Group Inc. | Add +30.7% | 0.74% | +0.18 |
| GEHC GE Healthcare Technology | Add +292.5% | 0.23% | +0.17 |
| PBA Pembina Pipeline Corp. | Add +88.3% | 0.33% | +0.15 |
| KGC Kinross Gold Corp. | Add +102.9% | 0.22% | +0.15 |
| TRP TC Energy Corp. | Add +178.8% | 0.21% | +0.14 |
| UNP Union Pacific Corp. | Add +183.4% | 0.22% | +0.14 |
| JNJ Johnson & Johnson | Add +17.4% | 0.57% | +0.13 |
| B Barrick Mining Corp. | Add +60.0% | 0.23% | +0.13 |
| ACGL Arch Capital Group Ltd. | Add +814.5% | 0.15% | +0.13 |
| BNS Bank of Nova Scotia | Add +68.3% | 0.29% | +0.13 |
| JHLN JH Global Senior Loan ETF | New | 0.13% | +0.13 |
| URI United Rentals Inc. | Add +5.6% | 0.67% | +0.13 |
| IVW iShares S&P 500 Growth ETF | Add +70.2% | 0.29% | +0.12 |
| RACE Ferrari NV | Add +330.6% | 0.16% | +0.12 |
| CVE Cenovus Energy Inc. | Add +165.7% | 0.17% | +0.12 |
| WPM Wheaton Precious Metals Corp. | Add +23.3% | 0.37% | +0.11 |
| TD Toronto-Dominion Bank | Add +11.4% | 1.02% | +0.11 |
| IYC iShares US Consumer Discreti | New | 0.10% | +0.10 |
| AGI Alamos Gold Inc. Class A | Add +234.5% | 0.13% | +0.10 |
| IEFA iShares Core MSCI Eafe ETF | Add +226.1% | 0.14% | +0.10 |
| MSFT Microsoft Corp. | Add +6.9% | 4.19% | +0.09 |
| APP AppLovin Corp. Class A | Add +814.0% | 0.10% | +0.09 |
| SE Sea Ltd.-ADR | Add +149.9% | 0.14% | +0.09 |
| MCK McKesson Corp. | Add +19.2% | 0.64% | +0.09 |
| EMLC Vaneck JPM Em Local Curr BND | Add +6581.2% | 0.09% | +0.08 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +44.4% | 0.27% | +0.08 |
| SU Suncor Energy Inc. | Add +8.1% | 0.79% | +0.08 |
| GEV GE Vernova Inc. | Add +76.5% | 0.17% | +0.08 |
| ABBV Abbvie Inc. | Add +1.3% | 0.57% | +0.08 |
| AVY Avery Dennison Corp. | Add +1349.0% | 0.08% | +0.08 |
| CLS Celestica Inc. | Add +9.3% | 0.21% | +0.08 |
| ZBH Zimmer Biomet Holdings Inc. | Add +314.0% | 0.10% | +0.07 |
| PLTR Palantir Technologies Inc. Class A | Add +18.4% | 0.23% | +0.07 |
| CCJ Cameco Corp. | Add +54.1% | 0.19% | +0.07 |
| AMD Advanced Micro Devices | Add +45.6% | 0.20% | +0.07 |
| CP Canadian Pacific Kansas City | Add +28.3% | 0.65% | +0.07 |
| ACN Accenture PLC Class A | Add +84.7% | 0.23% | +0.07 |
| SAP Sap SE-Sponsored ADR | Add +221.0% | 0.10% | +0.06 |
Notes & Other Activity Q2 2025 → Q3 2025
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Add +0.6% | 3,609,300 | $170.0M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Reduce -3.4% | 78,410,000 | $87.2M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -3.3% | 57,626 | $71.4M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Add +6.0% | 38,550,000 | $70.9M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Reduce -0.5% | 59,035,000 | $65.8M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Sold out | 63,400,000 | $63.9Mbefore exit |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +1.3% | 43,285 | $55.5M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -25.1% | 792,620 | $54.1M |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | Reduce -1.7% | 37,205,000 | $48.7M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +76.8% | 1,116,600 | $44.3M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Add +26.9% | 42,400,000 | $39.0M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -5.9% | 546,000 | $38.0M |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | New | 22,500,000 | $35.0M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Add +121.2% | 18,800,000 | $31.0M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Reduce -5.6% | 30,596,000 | $29.2M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +2.7% | 28,238,000 | $28.6M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Add +5.4% | 9,700,000 | $28.0M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +5.4% | 21,085,000 | $24.0M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | Add +20.2% | 21,700,000 | $23.3M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Add +9.9% | 16,600,000 | $21.3M |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | Reduce -3.7% | 385,050 | $21.3M |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | New | 16,800,000 | $20.8M |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | Reduce -3.7% | 13,665,000 | $18.5M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +9.6% | 14,250,000 | $13.0M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | New | 7,000,000 | $10.3M |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | Sold out | 10,378,000 | $10.2Mbefore exit |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 252,090 | $10.0Mbefore exit |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Reduce -0.9% | 137,070 | $7.2M |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | Add +600.0% | 7,000,000 | $6.9M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Add +28.6% | 6,300,000 | $6.8M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | Sold out | 2,200,000 | $2.5Mbefore exit |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | New | 2,098,000 | $2.5M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | New | 1,950,000 | $2.4M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Sold out | 2,500,000 | $2.4Mbefore exit |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | New | 2,105,000 | $2.2M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +100.0% | 2,000,000 | $1.9M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | New | 1,800,000 | $1.9M |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | New | 1,200,000 | $1.8M |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Sold out | 1,700,000 | $1.7Mbefore exit |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | New | 1,230,000 | $1.6M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | New | 1,340,000 | $1.6M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | New | 1,150,000 | $1.6M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Sold out | 1,700,000 | $1.5Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | New | 930,000 | $956K |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Reduce -3.4% | 25,123 | $793K |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | Reduce -19.9% | 10,590 | $508K |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | Add +12.1% | 6,917 | $412K |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Reduce -3.2% | 14,465 | $365K |
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 · principal | Sold out | 17,659 | $156Kbefore exit |
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 |