Nicholas Investment Partners, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Nicholas Investment Partners, LP reported 166 stock positions worth $863.4 million. Its top holding was Embraer SA-Spon ADR (EMBJ) at 3.9% of the portfolio, followed by BWX Technologies (BWXT, 3.3%) and Rev (REVG, 2.6%). Compared with Q4 2024, it opened 33 new positions, sold out of 50, added to 69 and reduced 52. The biggest buy was Embraer SA-Spon ADR (EMBJ, shares +14%) and the biggest sale Evercore Class A (EVR, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- RANCHO SANTA FE, CA
- CIK
- 0001389574
- Portfolio Value
- $863.4M (Q1 2025)
- SEC Filing
- 0001085146-25-003194 ↗ filed May 15, 2025
Holdings Value
Holdings 166 stocks · $863.4M
| EMBJ Embraer SA-Spon ADR | 3.94% | 737,028 | $34.1M | Add +13.7% |
| BWXT BWX Technologies Inc. | 3.29% | 287,913 | $28.4M | Reduce -11.1% |
| REVG Rev Group Inc. | 2.60% | 709,806 | $22.4M | Add +20.0% |
| RSI Rush Street Interactive Inc. | 2.07% | 1,665,111 | $17.8M | Add +52.6% |
| INSM Insmed Inc. | 1.98% | 223,931 | $17.1M | Add +22.5% |
| SKT Tanger Inc. | 1.90% | 485,853 | $16.4M | Add +26.2% |
| CVX Chevron Corp. | 1.58% | 81,750 | $13.7M | Add +0.5% |
| XLV SS Health Care Select Sector | 1.55% | 91,756 | $13.4M | New |
| PLMR Palomar Holdings Inc. | 1.55% | 97,317 | $13.3M | Add +105.7% |
| NVDA Nvidia Corp. | 1.54% | 123,057 | $13.3M | Add +16.1% |
| WAL Western Alliance Bancorp | 1.53% | 172,367 | $13.2M | Reduce -1.3% |
| MSFT Microsoft Corp. | 1.51% | 34,666 | $13.0M | Reduce -13.1% |
| WTFC Wintrust Financial Corp. | 1.48% | 113,635 | $12.8M | Add +20.2% |
| XOM Exxon Mobil Corp. | 1.45% | 105,500 | $12.5M | No change |
| ARIS WATER SOLUTIONS INC-A | 1.43% | 386,222 | $12.4M | Add +32.8% |
| OSIS Osi Systems Inc. | 1.38% | 61,305 | $11.9M | Add +26.9% |
| AMZN Amazon.com Inc. | 1.38% | 62,508 | $11.9M | Add +0.6% |
| VRNA Verona Pharma Ltd. | 1.36% | 184,717 | $11.7M | Add +19.3% |
| WGS Genedx Holdings Corp. | 1.35% | 131,610 | $11.7M | Add +35.6% |
| ARES Ares Management Corp. Class A | 1.23% | 72,500 | $10.6M | No change |
| AVGO Broadcom Inc. | 1.18% | 60,995 | $10.2M | Reduce -10.0% |
| GH Guardant Health Inc. | 1.16% | 234,637 | $10.0M | New |
| MWA Mueller Water Products Inc. Class A | 1.15% | 391,073 | $9.9M | Add +48.0% |
| DSGX The Descartes Systems Grp | 1.15% | 98,495 | $9.9M | Reduce -1.1% |
| APPF Appfolio Inc. Class A | 1.10% | 43,314 | $9.5M | Reduce -2.3% |
| LSCC Lattice Semiconductor Corp. | 1.07% | 175,880 | $9.2M | Add +185.0% |
| ADMA Adma Biologics Inc. | 1.06% | 460,761 | $9.1M | Add +159.8% |
| SFM Sprouts Farmers Market Inc. | 1.04% | 59,000 | $9.0M | Add +16.5% |
| GATX Gatx Corp. | 0.97% | 54,013 | $8.4M | Add +63.0% |
| MCW Mister Car Wash Inc. | 0.97% | 1,057,617 | $8.3M | Add +63.4% |
| ISRG Intuitive Surgical Inc. | 0.96% | 16,706 | $8.3M | Add +29.2% |
| WIX Wix.com Ltd. | 0.96% | 50,558 | $8.3M | Reduce -10.9% |
| GEV GE Vernova Inc. | 0.94% | 26,654 | $8.1M | Add +0.5% |
| SKYW Skywest Inc. | 0.92% | 90,881 | $7.9M | Reduce -28.2% |
| MIRM Mirum Pharmaceuticals Inc. | 0.90% | 173,043 | $7.8M | Add +16.3% |
| SPRY Ars Pharmaceuticals Inc. | 0.89% | 611,737 | $7.7M | Add +255.6% |
| EXLS Exlservice Holdings Inc. | 0.89% | 162,365 | $7.7M | New |
| AXGN Axogen Inc. | 0.89% | 414,281 | $7.7M | Add +40.2% |
| NUVL Nuvalent Inc. Class A | 0.88% | 106,719 | $7.6M | Add +39.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.86% | 177,613 | $7.4M | Add +0.2% |
| BIRK Birkenstock Holding PLC | 0.82% | 155,314 | $7.1M | Add +844.2% |
| GS Goldman Sachs Group Inc. | 0.82% | 13,000 | $7.1M | No change |
| CAKE The Cheesecake Factory Inc. | 0.80% | 141,338 | $6.9M | New |
| XPO Xpo Inc. | 0.79% | 63,679 | $6.9M | Add +33.0% |
| MPWR Monolithic Power Systems Inc. | 0.79% | 11,742 | $6.8M | Reduce -6.0% |
| ITRI Itron Inc. | 0.75% | 61,622 | $6.5M | Reduce -32.4% |
| NCLH Norwegian Cruise Line Holdin | 0.75% | 339,802 | $6.4M | New |
| CDNS Cadence Design SYS Inc. | 0.73% | 24,894 | $6.3M | Reduce -13.8% |
| SPG Simon Property Group Inc. | 0.73% | 37,964 | $6.3M | Add +39.8% |
| CRS Carpenter Technology | 0.72% | 34,239 | $6.2M | New |
| SNPS Synopsys Inc. | 0.68% | 13,617 | $5.8M | Reduce -6.4% |
| BBIO Bridgebio Pharma Inc. | 0.67% | 166,655 | $5.8M | Add +178.3% |
| CCJ Cameco Corp. | 0.66% | 138,931 | $5.7M | Add +3.3% |
| BOOT Boot Barn Holdings Inc. | 0.66% | 52,804 | $5.7M | Reduce -34.9% |
| TDG Transdigm Group Inc. | 0.65% | 4,068 | $5.6M | Reduce -41.4% |
| RDNT Radnet Inc. | 0.65% | 112,426 | $5.6M | New |
| KRNT Kornit Digital Ltd. | 0.64% | 290,000 | $5.5M | Reduce -24.7% |
| CWST Casella Waste Systems Inc. Class A | 0.62% | 47,954 | $5.3M | New |
| MIR Mirion Technologies Inc. | 0.62% | 367,256 | $5.3M | Reduce -14.9% |
| WTW Willis Towers Watson PLC | 0.61% | 15,695 | $5.3M | Add +481.3% |
| FTAI Ftai Aviation Ltd. | 0.61% | 47,746 | $5.3M | Reduce -69.5% |
| PIPR Piper Sandler Cos | 0.61% | 21,387 | $5.3M | Reduce -35.0% |
| LMAT Lemaitre Vascular Inc. | 0.61% | 62,841 | $5.3M | Add +21.8% |
| CR Crane Co. | 0.61% | 34,368 | $5.3M | Reduce -13.1% |
| CLH Clean Harbors Inc. | 0.61% | 26,588 | $5.2M | Reduce -41.0% |
| BBWI Bath & Body Works Inc. | 0.59% | 168,397 | $5.1M | New |
| AXSM Axsome Therapeutics Inc. | 0.59% | 43,572 | $5.1M | Add +329.9% |
| PRIM Primoris Services Corp. | 0.58% | 87,814 | $5.0M | Reduce -26.7% |
| JPM JPMorgan Chase & Co. | 0.57% | 19,967 | $4.9M | No change |
| ARGX Argenx SE - ADR | 0.57% | 8,254 | $4.9M | Add +0.0% |
| AAPL Apple Inc. | 0.56% | 21,943 | $4.9M | Add +5.3% |
| SPOT Spotify Technology SA | 0.56% | 8,794 | $4.8M | Add +1.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.55% | 38,947 | $4.7M | No change |
| AXON Axon Enterprise Inc. | 0.54% | 8,794 | $4.6M | Add +156.4% |
| EXE Expand Energy Corp. | 0.53% | 41,000 | $4.6M | Reduce -33.3% |
| ACVA Acv Auctions Inc. Class A | 0.52% | 320,024 | $4.5M | New |
| CYBR Cyberark Software Ltd./Israel | 0.52% | 13,329 | $4.5M | No change |
| CPRX Catalyst Pharmaceuticals Inc. | 0.52% | 185,551 | $4.5M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.52% | 27,071 | $4.5M | Add +19.6% |
| ESTC Elastic NV | 0.51% | 49,598 | $4.4M | Reduce -2.6% |
| PCVX Vaxcyte Inc. | 0.51% | 116,229 | $4.4M | Add +15.9% |
| SHAK Shake Shack Inc. Class A | 0.50% | 49,225 | $4.3M | Reduce -35.4% |
| TGTX TG Therapeutics Inc. | 0.50% | 109,739 | $4.3M | Add +30.4% |
| MGY Magnolia Oil & Gas Corp. Class A | 0.49% | 169,059 | $4.3M | Add +20.0% |
| IWO iShares Russell 2000 Growth | 0.47% | 15,802 | $4.0M | Reduce -29.1% |
| LNG Cheniere Energy Inc. | 0.46% | 17,258 | $4.0M | New |
| WAY Waystar Holding Corp. | 0.42% | 98,022 | $3.7M | Add +18.3% |
| GOOG Alphabet Inc. Class C | 0.42% | 23,070 | $3.6M | Add +3.5% |
| NOG Northern Oil and Gas Inc. | 0.41% | 117,700 | $3.6M | Add +15.9% |
| FN Fabrinet | 0.41% | 17,777 | $3.5M | Reduce -31.9% |
| GKOS Glaukos Corp. | 0.41% | 35,531 | $3.5M | Add +11.2% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.40% | 79,353 | $3.5M | Add +4.3% |
| ALKT Alkami Technology Inc. | 0.40% | 131,670 | $3.5M | Reduce -34.2% |
| KVYO Klaviyo Inc. Class A | 0.37% | 105,987 | $3.2M | Reduce -24.6% |
| BSX Boston Scientific Corp. | 0.37% | 31,574 | $3.2M | New |
| RKLB Rocket Lab USA Inc. | 0.36% | 174,221 | $3.1M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.36% | 8,794 | $3.1M | New |
| WK Workiva Inc. | 0.36% | 40,433 | $3.1M | Add +131.3% |
| XENE Xenon Pharmaceuticals Inc. | 0.34% | 86,968 | $2.9M | Add +493.3% |
| C Citigroup Inc. | 0.34% | 41,000 | $2.9M | Add +2.5% |
Other holdings (26): bonds, preferreds, convertibles and warrants · $96.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 6,090,000 | $7.4M | Add +509.0% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 6,345,000 | $7.3M | New |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 5,690,000 | $6.9M | No change |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 6,105,000 | $6.3M | New |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 6,225,000 | $6.2M | Add +47.3% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 5,450,000 | $5.5M | Add +28.2% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 4,910,000 | $5.5M | Add +55.4% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 4,285,000 | $5.1M | No change |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 3,925,000 | $5.0M | No change |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 3,980,000 | $4.8M | No change |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 4,000,000 | $4.0M | Add +60.0% |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 3,250,000 | $3.7M | Add +8.3% |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 2,250,000 | $3.7M | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 3,500,000 | $3.3M | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 2,470,000 | $3.3M | No change |
| HCI GROUP INC (HCI 4.75 06/01/42) | NOTE 4.750% 6/0 · principal | 1,600,000 | $3.0M | Reduce -20.0% |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 2,250,000 | $3.0M | No change |
| INSMED INC (INSM 0.75 06/01/28) | NOTE 0.750% 6/0 · principal | 1,130,000 | $2.7M | Reduce -24.7% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 2,500,000 | $2.6M | Add +66.7% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 2,165,000 | $2.3M | Reduce -45.9% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,775,000 | $2.3M | No change |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 1,500,000 | $1.5M | Add +50.0% |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 1,015,000 | $934K | New |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 565,000 | $595K | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | 143,250 | $85K | Add +45.5% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG · principal | 52,500 | $26K | New |
Total filed on the 13F, all lines: $960.2M.
Portfolio Sells Q4 2024 → Q1 2025
| EVR Evercore Inc. Class A | Reduce -97.2% | 0.05% | −2.18 |
| ALAB Astera Labs Inc. | Reduce -69.3% | 0.32% | −1.61 |
| FTAI Ftai Aviation Ltd. | Reduce -69.5% | 0.61% | −1.59 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −1.44 |
| TFII Tfi International Inc. | Sold out | 0.00% | −1.42 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −1.30 |
| MTG Mgic Investment Corp. | Sold out | 0.00% | −1.05 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −1.02 |
| MOD Modine Manufacturing Co. | Sold out | 0.00% | −1.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.89 |
| AAON Aaon Inc. | Sold out | 0.00% | −0.76 |
| WT Wisdomtree Inc. | Sold out | 0.00% | −0.74 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −0.72 |
| FRPT Freshpet Inc. | Sold out | 0.00% | −0.67 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −0.64 |
| HQY Healthequity Inc. | Sold out | 0.00% | −0.61 |
| BOOT Boot Barn Holdings Inc. | Reduce -34.9% | 0.66% | −0.55 |
| WFRD Weatherford International PL | Sold out | 0.00% | −0.54 |
| PRCT Procept Biorobotics Corp. | Sold out | 0.00% | −0.54 |
| KRNT Kornit Digital Ltd. | Reduce -24.7% | 0.64% | −0.52 |
| SG Sweetgreen Inc. Class A | Sold out | 0.00% | −0.51 |
| SHAK Shake Shack Inc. Class A | Reduce -35.4% | 0.50% | −0.46 |
| FSS Federal Signal Corp. | Sold out | 0.00% | −0.45 |
| LVS Las Vegas Sands Corp. | Sold out | 0.00% | −0.43 |
| SPSC SPS Commerce Inc. | Reduce -52.1% | 0.29% | −0.42 |
| TPG TPG Inc. | Sold out | 0.00% | −0.41 |
| CLH Clean Harbors Inc. | Reduce -41.0% | 0.61% | −0.41 |
| LUV Southwest Airlines Co. | Sold out | 0.00% | −0.39 |
| ONTO Onto Innovation Inc. | Reduce -52.0% | 0.28% | −0.39 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −0.36 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.36 |
| AVGO Broadcom Inc. | Reduce -10.0% | 1.18% | −0.35 |
| PIPR Piper Sandler Cos | Reduce -35.0% | 0.61% | −0.35 |
| ELVN Enliven Therapeutics Inc. | Sold out | 0.00% | −0.35 |
| SKYW Skywest Inc. | Reduce -28.2% | 0.92% | −0.32 |
| ALKT Alkami Technology Inc. | Reduce -34.2% | 0.40% | −0.32 |
| PRIM Primoris Services Corp. | Reduce -26.7% | 0.58% | −0.31 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.31 |
| VFC VF Corp. | Reduce -62.1% | 0.15% | −0.30 |
| LOAR Loar Holdings Inc. | Sold out | 0.00% | −0.30 |
| DX Dynex Capital Inc. | Sold out | 0.00% | −0.29 |
| ELF Elf Beauty Inc. | Sold out | 0.00% | −0.23 |
| BWXT BWX Technologies Inc. | Reduce -11.1% | 3.29% | −0.23 |
| WIX Wix.com Ltd. | Reduce -10.9% | 0.96% | −0.23 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.23 |
| GM General Motors Co. | Sold out | 0.00% | −0.22 |
| ITRI Itron Inc. | Reduce -32.4% | 0.75% | −0.22 |
| NOW ServiceNow Inc. | Reduce -71.4% | 0.07% | −0.22 |
| CRDO Credo Technology Group Holdi | Reduce -36.0% | 0.18% | −0.21 |
| CACI Caci International Inc. Class A | Reduce -53.2% | 0.21% | −0.21 |
Portfolio Buys Q4 2024 → Q1 2025
| EMBJ Embraer SA-Spon ADR | Add +13.7% | 3.94% | +1.62 |
| XLV SS Health Care Select Sector | New | 1.55% | +1.55 |
| GH Guardant Health Inc. | New | 1.16% | +1.16 |
| PLMR Palomar Holdings Inc. | Add +105.7% | 1.55% | +1.06 |
| EXLS Exlservice Holdings Inc. | New | 0.89% | +0.89 |
| CAKE The Cheesecake Factory Inc. | New | 0.80% | +0.80 |
| ADMA Adma Biologics Inc. | Add +159.8% | 1.06% | +0.76 |
| REVG Rev Group Inc. | Add +20.0% | 2.60% | +0.76 |
| ARIS WATER SOLUTIONS INC-A | Add +32.8% | 1.43% | +0.75 |
| INSM Insmed Inc. | Add +22.5% | 1.98% | +0.75 |
| NCLH Norwegian Cruise Line Holdin | New | 0.75% | +0.75 |
| BIRK Birkenstock Holding PLC | Add +844.2% | 0.82% | +0.73 |
| LSCC Lattice Semiconductor Corp. | Add +185.0% | 1.07% | +0.73 |
| CRS Carpenter Technology | New | 0.72% | +0.72 |
| SPRY Ars Pharmaceuticals Inc. | Add +255.6% | 0.89% | +0.71 |
| VRNA Verona Pharma Ltd. | Add +19.3% | 1.36% | +0.66 |
| RDNT Radnet Inc. | New | 0.65% | +0.65 |
| WGS Genedx Holdings Corp. | Add +35.6% | 1.35% | +0.62 |
| CWST Casella Waste Systems Inc. Class A | New | 0.62% | +0.62 |
| SKT Tanger Inc. | Add +26.2% | 1.90% | +0.62 |
| RSI Rush Street Interactive Inc. | Add +52.6% | 2.07% | +0.61 |
| BBWI Bath & Body Works Inc. | New | 0.59% | +0.59 |
| OSIS Osi Systems Inc. | Add +26.9% | 1.38% | +0.59 |
| MWA Mueller Water Products Inc. Class A | Add +48.0% | 1.15% | +0.57 |
| WTW Willis Towers Watson PLC | Add +481.3% | 0.61% | +0.53 |
| ACVA Acv Auctions Inc. Class A | New | 0.52% | +0.52 |
| CPRX Catalyst Pharmaceuticals Inc. | New | 0.52% | +0.52 |
| BBIO Bridgebio Pharma Inc. | Add +178.3% | 0.67% | +0.51 |
| MCW Mister Car Wash Inc. | Add +63.4% | 0.97% | +0.51 |
| AXSM Axsome Therapeutics Inc. | Add +329.9% | 0.59% | +0.50 |
| GATX Gatx Corp. | Add +63.0% | 0.97% | +0.47 |
| LNG Cheniere Energy Inc. | New | 0.46% | +0.46 |
| CVX Chevron Corp. | Add +0.5% | 1.58% | +0.43 |
| SFM Sprouts Farmers Market Inc. | Add +16.5% | 1.04% | +0.41 |
| AXGN Axogen Inc. | Add +40.2% | 0.89% | +0.41 |
| BSX Boston Scientific Corp. | New | 0.37% | +0.37 |
| RKLB Rocket Lab USA Inc. | New | 0.36% | +0.36 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.36% | +0.36 |
| AXON Axon Enterprise Inc. | Add +156.4% | 0.54% | +0.34 |
| SNOW Snowflake Inc. | New | 0.34% | +0.34 |
| WTFC Wintrust Financial Corp. | Add +20.2% | 1.48% | +0.33 |
| VRSK Verisk Analytics Inc. | New | 0.32% | +0.32 |
| MIRM Mirum Pharmaceuticals Inc. | Add +16.3% | 0.90% | +0.30 |
| ISRG Intuitive Surgical Inc. | Add +29.2% | 0.96% | +0.30 |
| NUVL Nuvalent Inc. Class A | Add +39.6% | 0.88% | +0.29 |
| MC Moelis & Co. Class A | New | 0.29% | +0.29 |
| XENE Xenon Pharmaceuticals Inc. | Add +493.3% | 0.34% | +0.28 |
| SPG Simon Property Group Inc. | Add +39.8% | 0.73% | +0.27 |
| TGTX TG Therapeutics Inc. | Add +30.4% | 0.50% | +0.25 |
| CVLT Commvault Systems Inc. | New | 0.23% | +0.23 |
Notes & Other Activity Q4 2024 → Q1 2025
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +509.0% | 6,090,000 | $7.4M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | New | 6,345,000 | $7.3M |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | New | 6,105,000 | $6.3M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Add +47.3% | 6,225,000 | $6.2M |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Sold out | 3,750,000 | $5.8Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Add +28.2% | 5,450,000 | $5.5M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Add +55.4% | 4,910,000 | $5.5M |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | Sold out | 4,800,000 | $4.7Mbefore exit |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Add +60.0% | 4,000,000 | $4.0M |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Add +8.3% | 3,250,000 | $3.7M |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | Sold out | 2,000,000 | $3.5Mbefore exit |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Sold out | 3,100,000 | $3.2Mbefore exit |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Sold out | 3,015,000 | $3.1Mbefore exit |
| HCI GROUP INC (HCI 4.75 06/01/42) | NOTE 4.750% 6/0 · principal | Reduce -20.0% | 1,600,000 | $3.0M |
| INSMED INC (INSM 0.75 06/01/28) | NOTE 0.750% 6/0 · principal | Reduce -24.7% | 1,130,000 | $2.7M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +66.7% | 2,500,000 | $2.6M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Sold out | 1,750,000 | $2.3Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Reduce -45.9% | 2,165,000 | $2.3M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Sold out | 2,250,000 | $2.1Mbefore exit |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Sold out | 1,880,000 | $2.1Mbefore exit |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Add +50.0% | 1,500,000 | $1.5M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Sold out | 1,250,000 | $1.3Mbefore exit |
| PARSONS CORP (PSN 0.25 08/15/25) | NOTE 0.250% 8/1 · principal | Sold out | 550,000 | $1.1Mbefore exit |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Sold out | 1,000,000 | $1.1Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Sold out | 1,000,000 | $1.0Mbefore exit |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Sold out | 1,000,000 | $1.0Mbefore exit |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | New | 1,015,000 | $934K |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | Sold out | 250,000 | $300Kbefore exit |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | Add +45.5% | 143,250 | $85K |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV · principal | Sold out | 73,455 | $46Kbefore exit |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG · principal | New | 52,500 | $26K |
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 | 175 | $1.6B | BWXT, RVMD, CALY, MOD, CRS |
| Q1 2026 | 178 | $1.2B | BWXT, INSM, KTOS, GEV, RVMD |
| Q4 2025 | 177 | $1.2B | BWXT, INSM, KTOS, EMBJ, RVMD |
| Q3 2025 | 181 | $1.1B | BWXT, KTOS, RSI, INSM, EMBJ |
| Q2 2025 | 183 | $999.7M | BWXT, EMBJ, RSI, REVG, INSM |
| Q1 2025 | 166 | $863.4M | EMBJ, BWXT, REVG, RSI, INSM |
| Q4 2024 | 183 | $1.0B | BWXT, EMBJ, EVR, FTAI, ALAB |
| Q3 2024 | 184 | $978.9M | BWXT, FTAI, EMBJ, EVR, MTG |
| Q2 2024 | 157 | $859.9M | MPWR, BWXT, WFRD, NVDA, REVG |
| Q1 2024 | 168 | $886.1M | BWXT, MPWR, XOM, EVR, LSCC |