Marshall Wace, LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Marshall Wace, LLP reported 2,491 stock positions worth $103.0 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 21.6% of the portfolio, followed by Vanguard S&P 500 ETF (VOO, 2.8%) and Amazon.com (AMZN, 2.7%). Compared with Q3 2025, it opened 696 new positions, sold out of 629, added to 886 and reduced 887. The biggest buy was a new position in Vanguard S&P 500 ETF (VOO) and the biggest sale Microsoft (MSFT, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001318757
- Portfolio Value
- $103.0B (Q4 2025)
- SEC Filing
- 0001318757-26-000003 ↗ filed Feb 13, 2026
Holdings Value
Holdings 2,491 stocks · $103.0B
| IVV iShares Core S&P 500 ETF | 21.58% | 32,452,900 | $22.2B | Add +17.9% |
| VOO Vanguard S&P 500 ETF | 2.79% | 4,580,704 | $2.9B | New |
| AMZN Amazon.com Inc. | 2.69% | 11,993,681 | $2.8B | Add +13.1% |
| NVDA Nvidia Corp. | 2.62% | 14,457,057 | $2.7B | Add +16.9% |
| MSFT Microsoft Corp. | 1.76% | 3,750,845 | $1.8B | Reduce -42.3% |
| AAPL Apple Inc. | 1.76% | 6,657,719 | $1.8B | Reduce -38.4% |
| LLY Eli Lilly & Co. | 1.26% | 1,208,336 | $1.3B | Add +640.9% |
| AVGO Broadcom Inc. | 1.13% | 3,349,145 | $1.2B | Add +106.0% |
| GOOGL Alphabet Inc. Class A | 1.04% | 3,438,164 | $1.1B | Add +48.8% |
| AMD Advanced Micro Devices | 0.99% | 4,742,103 | $1.0B | Reduce -6.5% |
| META Meta Platforms Inc. Class A | 0.99% | 1,538,057 | $1.0B | Add +1.8% |
| WMT Walmart Inc. | 0.96% | 8,889,085 | $990.3M | Add +16.7% |
| TSLA Tesla Inc. | 0.83% | 1,907,023 | $857.6M | Add +4.6% |
| GOOG Alphabet Inc. Class C | 0.83% | 2,716,442 | $852.4M | Add +39.1% |
| CRCL Circle Internet Group Inc. | 0.77% | 9,978,729 | $791.3M | Add +23.8% |
| JNJ Johnson & Johnson | 0.74% | 3,668,263 | $759.1M | Add +2.4% |
| KO The Coca-Cola Co. | 0.72% | 10,641,007 | $743.9M | Add +1206.9% |
| DASH DoorDash Inc. Class A | 0.66% | 3,006,774 | $681.0M | Add +48.4% |
| MELI MercadoLibre Inc. | 0.61% | 311,818 | $628.1M | Add +170.4% |
| BMY Bristol-Myers Squibb Co. | 0.57% | 10,844,270 | $584.9M | Add +607.1% |
| UNH Unitedhealth Group Inc. | 0.55% | 1,704,138 | $562.6M | Add +677.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.54% | 1,945,768 | $558.9M | Add +89.7% |
| TMO Thermo Fisher Scientific Inc. | 0.54% | 953,828 | $552.7M | Add +88.7% |
| UBER Uber Technologies Inc. | 0.53% | 6,693,412 | $546.9M | Add +280.9% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.51% | 31,476,485 | $526.9M | Add +8.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.50% | 1,707,306 | $518.8M | Add +397.7% |
| PDD PDD Holdings Inc. | 0.50% | 4,512,664 | $511.7M | Add +91.7% |
| EW Edwards Lifesciences Corp. | 0.49% | 5,925,627 | $505.2M | Add +66.2% |
| LULU Lululemon Athletica Inc. | 0.48% | 2,370,336 | $492.6M | Add +517.9% |
| SPOT Spotify Technology SA | 0.46% | 818,942 | $475.6M | Add +831.0% |
| INTC Intel Corp. | 0.44% | 12,164,508 | $448.9M | Add +41.8% |
| COST Costco Wholesale Corp. | 0.43% | 512,030 | $441.5M | Add +462.4% |
| VRT Vertiv Holdings Co. Class A | 0.42% | 2,670,007 | $432.6M | Add +265.6% |
| MRK Merck & Co. Inc. | 0.41% | 3,969,469 | $417.8M | Add +349.1% |
| PLTR Palantir Technologies Inc. Class A | 0.39% | 2,248,655 | $399.7M | Add +4.2% |
| AAL American Airlines Group Inc. | 0.39% | 25,969,286 | $398.1M | Add +724.8% |
| FWONK Liberty Media Corp. Class C | 0.37% | 3,839,996 | $378.3M | Add +36.2% |
| USB US Bancorp | 0.36% | 7,017,658 | $374.5M | Reduce -27.5% |
| REGN Regeneron Pharmaceuticals | 0.36% | 478,551 | $369.4M | Add +23.7% |
| RBLX Roblox Corp. Class A | 0.35% | 4,489,518 | $363.8M | Add +30.7% |
| GRAB Grab Holdings Ltd. Class A | 0.35% | 72,453,397 | $361.5M | Add +49.2% |
| PANW Palo Alto Networks Inc. | 0.35% | 1,943,109 | $357.9M | Add +13.4% |
| SNPS Synopsys Inc. | 0.34% | 755,948 | $355.1M | Add +184.2% |
| KHC The Kraft Heinz Co. | 0.33% | 13,908,632 | $337.3M | Add +246.7% |
| FIVE Five Below | 0.33% | 1,785,169 | $336.3M | Add +54.7% |
| AFRM Affirm Holdings Inc. | 0.31% | 4,333,752 | $322.6M | Reduce -3.0% |
| PFE Pfizer Inc. | 0.31% | 12,661,914 | $315.3M | Add +81.4% |
| V Visa Inc. Class A | 0.31% | 896,621 | $314.5M | Add +6753.9% |
| MS Morgan Stanley | 0.30% | 1,733,867 | $307.8M | Reduce -40.9% |
| SHOP Shopify Inc. Class A | 0.30% | 1,899,719 | $305.8M | Add +172.5% |
| COF Capital One Financial Corp. | 0.29% | 1,253,029 | $303.7M | Reduce -42.8% |
| GEV GE Vernova Inc. | 0.28% | 446,322 | $291.7M | Add +2367.4% |
| ULTA Ulta Beauty Inc. | 0.28% | 478,657 | $289.6M | Add +5.4% |
| SCHW Schwab (charles) Corp. | 0.28% | 2,866,021 | $286.3M | Add +80.4% |
| OTIS Otis Worldwide Corp. | 0.28% | 3,252,137 | $284.1M | Add +6.0% |
| BDX Becton Dickinson and Co. | 0.27% | 1,456,912 | $282.7M | Add +44008.8% |
| BSX Boston Scientific Corp. | 0.27% | 2,957,237 | $282.0M | Reduce -69.8% |
| AMAT Applied Materials Inc. | 0.27% | 1,076,488 | $276.6M | Add +624.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.27% | 5,026,105 | $276.4M | Reduce -47.7% |
| RDDT Reddit Inc. Class A | 0.27% | 1,190,543 | $273.7M | Add +36.9% |
| F Ford Motor Co. filed as FORD MTR CO | 0.26% | 20,666,317 | $271.1M | Reduce -41.7% |
| HON Honeywell International Inc. | 0.26% | 1,367,951 | $266.9M | Reduce -25.9% |
| FLUT Flutter Entertainment PLC-Di | 0.25% | 1,203,579 | $258.8M | Reduce -11.1% |
| TCOM Trip.com Group Ltd.-ADR | 0.24% | 3,485,052 | $250.6M | Add +271.1% |
| MO Altria Group Inc. | 0.24% | 4,283,130 | $247.0M | Reduce -4.4% |
| CRM Salesforce Inc. | 0.24% | 932,102 | $246.9M | Reduce -2.7% |
| SNDK Sandisk Corp. | 0.23% | 1,003,700 | $238.3M | Add +29.4% |
| RKT Rocket Cos Inc. Class A | 0.22% | 11,763,369 | $227.7M | Add +666.9% |
| ROST Ross Stores Inc. | 0.22% | 1,245,016 | $224.3M | Reduce -31.5% |
| DG Dollar General Corp. | 0.22% | 1,685,870 | $223.8M | Reduce -14.7% |
| WAT Waters Corp. | 0.21% | 581,063 | $220.7M | Add +1611.3% |
| MCD McDonald's Corp. | 0.21% | 715,995 | $218.8M | Reduce -13.5% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.21% | 549,922 | $218.7M | Add +8.2% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.21% | 2,075,949 | $217.4M | Reduce -12.5% |
| DB Deutsche Bank AG-Registered | 0.21% | 5,518,473 | $214.4M | Add +2836.0% |
| MU Micron Technology Inc. | 0.20% | 722,416 | $206.2M | Add +158.0% |
| IBKR Interactive Brokers Gro Class A | 0.20% | 3,204,247 | $206.1M | Reduce -8.0% |
| CPNG Coupang Inc. | 0.20% | 8,640,896 | $203.8M | Reduce -37.2% |
| MDB Mongodb Inc. | 0.20% | 479,500 | $201.2M | Add +76.8% |
| CVX Chevron Corp. | 0.19% | 1,286,429 | $196.1M | Reduce -32.7% |
| CAH Cardinal Health Inc. | 0.19% | 951,259 | $195.5M | Add +1328.1% |
| HSY The Hershey Co. | 0.19% | 1,057,476 | $192.4M | Add +546.6% |
| BA The Boeing Co. | 0.19% | 879,756 | $191.0M | Reduce -66.8% |
| MNST Monster Beverage Corp. | 0.18% | 2,485,252 | $190.5M | Reduce -26.1% |
| BROS Dutch Bros Inc. Class A | 0.18% | 3,098,288 | $189.7M | Add +15.2% |
| EBAY eBay Inc. | 0.18% | 2,161,460 | $188.3M | Add +153.4% |
| TOST Toast Inc. Class A | 0.18% | 5,292,568 | $187.9M | Add +3.9% |
| HD Home Depot Inc. | 0.18% | 543,103 | $186.9M | Add +47.1% |
| FCX Freeport-McMoran Inc. | 0.18% | 3,636,150 | $184.7M | Add +1758.2% |
| CRDO Credo Technology Group Holdi | 0.17% | 1,226,503 | $176.5M | Add +6.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.17% | 351,061 | $176.5M | Add +9.2% |
| NEE Nextera Energy Inc. | 0.17% | 2,192,515 | $176.0M | Add +8020.7% |
| SOFI Sofi Technologies Inc. | 0.17% | 6,650,744 | $174.1M | Add +372.9% |
| IBIT iShares Bitcoin Trust ETF | 0.17% | 3,447,749 | $171.2M | Add +109.5% |
| FDS Factset Research Systems Inc. | 0.16% | 581,409 | $168.7M | Add +490.7% |
| CBOE Cboe Global Markets Inc. | 0.16% | 667,747 | $167.6M | Add +53.0% |
| STLA Stellantis NV | 0.16% | 15,145,245 | $167.5M | Add +353.2% |
| KMB Kimberly-Clark Corp. | 0.16% | 1,654,766 | $166.9M | Add +49.4% |
| DE Deere & Co. | 0.16% | 355,466 | $165.5M | Add +199.8% |
| NOW ServiceNow Inc. | 0.16% | 1,063,479 | $162.9M | Add +11.3% |
Options reported separately and not counted above: SMH puts ($655.4M), SLV puts ($297.2M), GLD puts ($295.4M), SPY puts ($270.4M), XLV calls ($218.4M), IWM puts ($190.4M), QQQ puts ($189.8M), GS puts ($146.3M), LRCX puts ($135.9M), GLD calls ($134.5M), NFLX puts ($121.9M), NVDA puts ($121.3M), and 370 more.
Other holdings (26): bonds, preferreds, convertibles and warrants · $784.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 115,500,000 | $111.8M | No change |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 55,000,000 | $61.8M | Add +12.2% |
| IREN LTD (IREN 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | 25,000,000 | $61.5M | New |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | 70,000,000 | $57.7M | New |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 46,000,000 | $43.8M | No change |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 43,000,000 | $41.4M | No change |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 35,000,000 | $36.1M | No change |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 32,000,000 | $31.5M | No change |
| JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) | NOTE 2.500% 9/0 · principal | 31,000,000 | $30.1M | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 25,000,000 | $29.2M | Reduce -23.1% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 30,000,000 | $29.0M | No change |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 26,000,000 | $28.6M | Reduce -27.8% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 29,000,000 | $28.0M | No change |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 28,500,000 | $27.0M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 18,000,000 | $26.2M | No change |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 28,719,000 | $26.2M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 20,000,000 | $20.2M | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 20,000,000 | $18.0M | No change |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 7,500,000 | $17.2M | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 15,000,000 | $15.6M | No change |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 13,000,000 | $12.7M | No change |
| MARA HOLDINGS INC (MARA 0 06/01/31) | NOTE 6/0 · principal | 15,000,000 | $12.6M | New |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 11,000,000 | $10.0M | No change |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 100,000 | $4.1M | No change |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | 50,000 | $2.5M | New |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 1,500,000 | $1.5M | No change |
Total filed on the 13F, all lines: $103.8B.
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -42.3% | 1.76% | −1.97 |
| AAPL Apple Inc. | Reduce -38.4% | 1.76% | −1.29 |
| NFLX Netflix Inc. | Reduce -84.8% | 0.10% | −0.88 |
| BSX Boston Scientific Corp. | Reduce -69.8% | 0.27% | −0.79 |
| COR Cencora Inc. | Reduce -92.2% | 0.05% | −0.64 |
| BA The Boeing Co. | Reduce -66.8% | 0.19% | −0.45 |
| SE Sea Ltd.-ADR | Reduce -84.6% | 0.04% | −0.35 |
| IBM Intl Business Machines Corp. | Reduce -97.1% | 0.01% | −0.33 |
| CVS CVS Health Corp. | Reduce -99.6% | 0.00% | −0.30 |
| CPNG Coupang Inc. | Reduce -37.2% | 0.20% | −0.29 |
| BAC Bank of America Corp. | Reduce -47.7% | 0.27% | −0.28 |
| CRH CRH PLC | Reduce -74.9% | 0.07% | −0.25 |
| TXN Texas Instruments Inc. | Reduce -72.5% | 0.07% | −0.24 |
| AEP American Electric Power | Reduce -84.7% | 0.04% | −0.23 |
| PINS Pinterest Inc. Class A | Reduce -98.0% | 0.00% | −0.23 |
| RACE Ferrari NV | Reduce -46.1% | 0.13% | −0.22 |
| COF Capital One Financial Corp. | Reduce -42.8% | 0.29% | −0.22 |
| MS Morgan Stanley | Reduce -40.9% | 0.30% | −0.22 |
| F Ford Motor Co. | Reduce -41.7% | 0.26% | −0.21 |
| ABBV Abbvie Inc. | Reduce -49.1% | 0.14% | −0.18 |
| TMUS T-Mobile US Inc. | Reduce -40.3% | 0.14% | −0.18 |
| HON Honeywell International Inc. | Reduce -25.9% | 0.26% | −0.17 |
| ARES Ares Management Corp. Class A | Sold out | 0.00% | −0.16 |
| A Agilent Technologies Inc. | Reduce -68.2% | 0.07% | −0.16 |
| LH Labcorp Holdings Inc. | Reduce -71.2% | 0.04% | −0.15 |
| USB US Bancorp | Reduce -27.5% | 0.36% | −0.15 |
| SO The Southern Co. | Reduce -64.9% | 0.06% | −0.15 |
| SMCI Super Micro Computer Inc. | Reduce -98.4% | 0.00% | −0.15 |
| XOM Exxon Mobil Corp. | Reduce -60.7% | 0.09% | −0.15 |
| TSCO Tractor Supply Company | Reduce -52.3% | 0.09% | −0.15 |
| MSI Motorola Solutions Inc. | Reduce -97.3% | 0.00% | −0.15 |
| URI United Rentals Inc. | Reduce -64.7% | 0.05% | −0.14 |
| MMYT Makemytrip Ltd. | Reduce -99.7% | 0.00% | −0.14 |
| GILD Gilead Sciences Inc. | Reduce -58.3% | 0.09% | −0.14 |
| CVX Chevron Corp. | Reduce -32.7% | 0.19% | −0.14 |
| MA Mastercard Inc. Class A | Reduce -97.4% | 0.00% | −0.14 |
| TTWO Take-Two Interactive Softwre | Reduce -42.8% | 0.14% | −0.14 |
| FISV Fiserv Inc. | Reduce -45.5% | 0.05% | −0.14 |
| XPEV Xpeng Inc. - ADR | Reduce -92.0% | 0.01% | −0.14 |
| MPWR Monolithic Power Systems Inc. | Sold out | 0.00% | −0.13 |
| EXR Extra Space Storage Inc. | Reduce -78.8% | 0.03% | −0.13 |
| FLUT Flutter Entertainment PLC-Di | Reduce -11.1% | 0.25% | −0.13 |
| SYY Sysco Corp. | Reduce -48.5% | 0.09% | −0.13 |
| SFM Sprouts Farmers Market Inc. | Reduce -38.6% | 0.08% | −0.12 |
| FOX Fox Corp. Class B | Reduce -60.5% | 0.08% | −0.12 |
| STZ Constellation Brands Inc. Class A | Reduce -76.6% | 0.03% | −0.12 |
| CRWV Coreweave Inc. Class A | Reduce -99.1% | 0.00% | −0.12 |
| GLD SPDR Gold Shares | Reduce -95.1% | 0.01% | −0.12 |
| MCO Moody's Corp. | Sold out | 0.00% | −0.12 |
| DXCM Dexcom Inc. | Reduce -88.8% | 0.01% | −0.12 |
Portfolio Buys Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | New | 2.79% | +2.79 |
| IVV iShares Core S&P 500 ETF | Add +17.9% | 21.58% | +1.18 |
| LLY Eli Lilly & Co. | Add +640.9% | 1.26% | +1.12 |
| KO The Coca-Cola Co. | Add +1206.9% | 0.72% | +0.66 |
| AVGO Broadcom Inc. | Add +106.0% | 1.13% | +0.53 |
| BMY Bristol-Myers Squibb Co. | Add +607.1% | 0.57% | +0.49 |
| UNH Unitedhealth Group Inc. | Add +677.0% | 0.55% | +0.46 |
| GOOGL Alphabet Inc. Class A | Add +48.8% | 1.04% | +0.42 |
| LULU Lululemon Athletica Inc. | Add +517.9% | 0.48% | +0.40 |
| TSM Taiwan Semiconductor-SP ADR | Add +397.7% | 0.50% | +0.40 |
| SPOT Spotify Technology SA | Add +831.0% | 0.46% | +0.39 |
| AAL American Airlines Group Inc. | Add +724.8% | 0.39% | +0.35 |
| UBER Uber Technologies Inc. | Add +280.9% | 0.53% | +0.34 |
| COST Costco Wholesale Corp. | Add +462.4% | 0.43% | +0.34 |
| MRK Merck & Co. Inc. | Add +349.1% | 0.41% | +0.32 |
| MELI MercadoLibre Inc. | Add +170.4% | 0.61% | +0.31 |
| GOOG Alphabet Inc. Class C | Add +39.1% | 0.83% | +0.30 |
| V Visa Inc. Class A | Add +6753.9% | 0.31% | +0.30 |
| VRT Vertiv Holdings Co. Class A | Add +265.6% | 0.42% | +0.30 |
| BDX Becton Dickinson and Co. | Add +44008.8% | 0.27% | +0.27 |
| GEV GE Vernova Inc. | Add +2367.4% | 0.28% | +0.27 |
| TMO Thermo Fisher Scientific Inc. | Add +88.7% | 0.54% | +0.27 |
| HLT Hilton Worldwide Holdings Inc. | Add +89.7% | 0.54% | +0.25 |
| AMAT Applied Materials Inc. | Add +624.6% | 0.27% | +0.23 |
| KHC The Kraft Heinz Co. | Add +246.7% | 0.33% | +0.21 |
| WAT Waters Corp. | Add +1611.3% | 0.21% | +0.20 |
| DB Deutsche Bank AG-Registered | Add +2836.0% | 0.21% | +0.20 |
| SNPS Synopsys Inc. | Add +184.2% | 0.34% | +0.20 |
| RKT Rocket Cos Inc. Class A | Add +666.9% | 0.22% | +0.19 |
| EW Edwards Lifesciences Corp. | Add +66.2% | 0.49% | +0.18 |
| SHOP Shopify Inc. Class A | Add +172.5% | 0.30% | +0.18 |
| CAH Cardinal Health Inc. | Add +1328.1% | 0.19% | +0.18 |
| FCX Freeport-McMoran Inc. | Add +1758.2% | 0.18% | +0.17 |
| NEE Nextera Energy Inc. | Add +8020.7% | 0.17% | +0.17 |
| TCOM Trip.com Group Ltd.-ADR | Add +271.1% | 0.24% | +0.17 |
| CCJ Cameco Corp. | Add +7481.3% | 0.16% | +0.15 |
| HSY The Hershey Co. | Add +546.6% | 0.19% | +0.15 |
| PDD PDD Holdings Inc. | Add +91.7% | 0.50% | +0.15 |
| CSCO Cisco Systems Inc. | New | 0.15% | +0.15 |
| MU Micron Technology Inc. | Add +158.0% | 0.20% | +0.15 |
| DECK Deckers Outdoor Corp. | Add +5324.4% | 0.15% | +0.15 |
| SNDK Sandisk Corp. | Add +29.4% | 0.23% | +0.13 |
| FDS Factset Research Systems Inc. | Add +490.7% | 0.16% | +0.13 |
| FIVE Five Below | Add +54.7% | 0.33% | +0.13 |
| STLA Stellantis NV | Add +353.2% | 0.16% | +0.13 |
| SOFI Sofi Technologies Inc. | Add +372.9% | 0.17% | +0.13 |
| CART Maplebear Inc. | New | 0.12% | +0.12 |
| REGN Regeneron Pharmaceuticals | Add +23.7% | 0.36% | +0.12 |
| INTC Intel Corp. | Add +41.8% | 0.44% | +0.12 |
| GLW Corning Inc. | Add +1590.4% | 0.12% | +0.12 |
Options Activity Q3 2025 → Q4 2025
| SMH Vaneck Semiconductor ETF | put | Reduce -8.0% | 1,819,800 | $655.4M |
| SLV iShares Silver Trust | put | Add +243.3% | 4,614,000 | $297.2M |
| GLD SPDR Gold Shares | put | Add +198.4% | 745,300 | $295.4M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +1.5% | 396,500 | $270.4M |
| XLV SS Health Care Select Sector | call | Add +4681.7% | 1,410,600 | $218.4M |
| IWM iShares Russell 2000 ETF | put | Add +229.3% | 773,400 | $190.4M |
| QQQ Invesco QQQ Trust Series 1 | put | Add +24.9% | 309,000 | $189.8M |
| GS Goldman Sachs Group Inc. | put | Add +321.3% | 166,400 | $146.3M |
| LRCX Lam Research Corp. | put | Add +2.0% | 794,100 | $135.9M |
| GLD SPDR Gold Shares | call | Add +129.9% | 339,400 | $134.5M |
| UBER Uber Technologies Inc. | put | Sold out | 1,328,800 | $130.2Mbefore exit |
| TGT Target Corp. | put | Sold out | 1,396,300 | $125.2Mbefore exit |
| KRE SS SPDR S&P Regional Bank | put | Sold out | 1,943,600 | $123.0Mbefore exit |
| NFLX Netflix Inc. | put | Add +4900.0% | 1,300,000 | $121.9M |
| NVDA Nvidia Corp. | put | Reduce -23.8% | 650,600 | $121.3M |
| NKE Nike Inc. Class B | put | Reduce -56.3% | 1,865,000 | $118.8M |
| SMH Vaneck Semiconductor ETF | call | Reduce -31.5% | 303,000 | $109.1M |
| SLV iShares Silver Trust | call | Add +11.1% | 1,666,800 | $107.4M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -36.0% | 146,000 | $99.6M |
| GDX Vaneck Gold Miners ETF | put | Reduce -47.0% | 1,112,100 | $95.4M |
| LLY Eli Lilly & Co. | put | Reduce -10.5% | 87,500 | $94.0M |
| ISRG Intuitive Surgical Inc. | put | Sold out | 210,200 | $94.0Mbefore exit |
| WFC Wells Fargo & Co. | put | Reduce -37.5% | 1,000,000 | $93.2M |
| MU Micron Technology Inc. | put | Reduce -13.9% | 309,600 | $88.4M |
| TSLA Tesla Inc. | put | Add +172.4% | 190,400 | $85.6M |
| KLAC KLA Corp. | put | New | 70,000 | $85.1M |
| CDNS Cadence Design SYS Inc. | put | New | 270,000 | $84.4M |
| AAPL Apple Inc. | put | Reduce -14.6% | 306,200 | $83.2M |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -2.3% | 133,200 | $81.8M |
| PYPL PayPal Holdings Inc. | put | Reduce -11.7% | 1,389,500 | $81.1M |
| GOOG Alphabet Inc. Class C | put | Add +128000.0% | 256,200 | $80.4M |
| DHR Danaher Corp. | put | Sold out | 400,000 | $79.3Mbefore exit |
| GOOGL Alphabet Inc. Class A | put | Add +195.9% | 253,300 | $79.3M |
| CI The Cigna Group | put | Sold out | 273,900 | $79.0Mbefore exit |
| SOXX iShares Semiconductor ETF | put | Reduce -27.4% | 252,400 | $76.0M |
| UNH Unitedhealth Group Inc. | put | Reduce -42.1% | 228,000 | $75.3M |
| XLF SS Financial Select Sector | put | Reduce -49.9% | 1,365,500 | $74.8M |
| XLV SS Health Care Select Sector | put | Reduce -64.7% | 419,200 | $64.9M |
| PEP Pepsico Inc. | put | Reduce -27.9% | 450,000 | $64.6M |
| ELV Elevance Health Inc. | put | Sold out | 198,900 | $64.3Mbefore exit |
| MCK McKesson Corp. | put | Add +40.0% | 70,000 | $57.4M |
| ABNB Airbnb Inc. Class A | put | Sold out | 470,000 | $57.1Mbefore exit |
| GDXJ Vaneck Junior Gold Miners | put | Reduce -50.0% | 448,600 | $51.0M |
| BSX Boston Scientific Corp. | put | New | 500,000 | $47.7M |
| FTNT Fortinet Inc. | put | Sold out | 559,100 | $47.0Mbefore exit |
| MSTR Strategy Inc. | put | Reduce -10.4% | 300,000 | $45.6M |
| COIN Coinbase Global Inc. Class A | put | Reduce -74.4% | 198,200 | $44.8M |
| PFE Pfizer Inc. | put | Add +166.0% | 1,800,000 | $44.8M |
| AXP American Express Co. | put | Reduce -77.2% | 120,000 | $44.4M |
| MRK Merck & Co. Inc. | put | Sold out | 518,200 | $43.5Mbefore exit |
Showing the first 50 of 474.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | Add +12.2% | 55,000,000 | $61.8M |
| IREN LTD (IREN 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | New | 25,000,000 | $61.5M |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | New | 70,000,000 | $57.7M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | Reduce -23.1% | 25,000,000 | $29.2M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -27.8% | 26,000,000 | $28.6M |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | Sold out | 8,500,000 | $19.1Mbefore exit |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Sold out | 16,000,000 | $17.5Mbefore exit |
| MARA HOLDINGS INC (MARA 0 06/01/31) | NOTE 6/0 · principal | New | 15,000,000 | $12.6M |
| XCEL ENERGY INC (XEL 6.25 10/15/85) | Common Stock | Sold out | 200,000 | $5.0Mbefore exit |
| RITHM CAPITAL CORP (RITM 8.75 PERP E) | PUBLIC | Sold out | 177,850 | $4.4Mbefore exit |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | New | 50,000 | $2.5M |
| WESBANCO INC (WSBC V7.375 PERP B) | PREFERRED STOCK | Sold out | 70,000 | $1.8Mbefore exit |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Sold out | 6,500,000 | $1.3Mbefore 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 2026 | 2,691 | $117.7B | IVV, SPYM, AAPL, AMZN, AMD |
| Q1 2026 | 2,653 | $92.7B | IVV, SPYM, NVDA, AAPL, AMZN |
| Q4 2025 | 2,491 | $103.0B | IVV, VOO, AMZN, NVDA, MSFT |
| Q3 2025 | 2,421 | $90.3B | IVV, MSFT, AAPL, AMZN, NVDA |
| Q2 2025 | 2,454 | $83.4B | IVV, MSFT, AMZN, NVDA, AAPL |
| Q1 2025 | 2,399 | $74.2B | IVV, AAPL, MSFT, AMZN, TSLA |
| Q4 2024 | 2,297 | $78.9B | IVV, AAPL, MSFT, AMZN, NVDA |
| Q3 2024 | 2,213 | $76.3B | IVV, MSFT, AMZN, AAPL, META |
| Q2 2024 | 2,219 | $70.0B | IVV, AMZN, MSFT, AAPL, NVDA |
| Q1 2024 | 2,048 | $59.8B | IVV, AMZN, MSFT, GOOGL, AAPL |