Nicholas Investment Partners, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Nicholas Investment Partners, LP reported 183 stock positions worth $999.7 million. Its top holding was BWX Technologies (BWXT) at 3.8% of the portfolio, followed by Embraer SA-Spon ADR (EMBJ, 2.3%) and Rush Street Interactive (RSI, 2.1%). Compared with Q1 2025, it opened 40 new positions, sold out of 23, added to 41 and reduced 64. The biggest buy was a new position in Kratos Defense & Security (KTOS) and the biggest sale Embraer SA-Spon ADR (EMBJ, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- RANCHO SANTA FE, CA
- CIK
- 0001389574
- Portfolio Value
- $999.7M (Q2 2025)
- SEC Filing
- 0001085146-25-005136 ↗ filed Aug 14, 2025
Holdings Value
Holdings 183 stocks · $999.7M
| BWXT BWX Technologies Inc. | 3.83% | 265,516 | $38.3M | Reduce -7.8% |
| EMBJ Embraer SA-Spon ADR | 2.31% | 405,783 | $23.1M | Reduce -44.9% |
| RSI Rush Street Interactive Inc. | 2.06% | 1,382,505 | $20.6M | Reduce -17.0% |
| REVG Rev Group Inc. | 2.04% | 428,508 | $20.4M | Reduce -39.6% |
| INSM Insmed Inc. | 1.97% | 195,394 | $19.7M | Reduce -12.7% |
| NVDA Nvidia Corp. | 1.94% | 123,057 | $19.4M | No change |
| AVGO Broadcom Inc. | 1.91% | 69,221 | $19.1M | Add +13.5% |
| KTOS Kratos Defense & Security | 1.90% | 408,517 | $19.0M | New |
| VRNA Verona Pharma Ltd. | 1.88% | 198,845 | $18.8M | Add +7.7% |
| MSFT Microsoft Corp. | 1.71% | 34,466 | $17.1M | Reduce -0.6% |
| GEV GE Vernova Inc. | 1.61% | 30,410 | $16.1M | Add +14.1% |
| AMZN Amazon.com Inc. | 1.40% | 63,665 | $14.0M | Add +1.9% |
| WTFC Wintrust Financial Corp. | 1.34% | 108,393 | $13.4M | Reduce -4.6% |
| ADMA Adma Biologics Inc. | 1.31% | 718,276 | $13.1M | Add +55.9% |
| SKYW Skywest Inc. | 1.31% | 126,834 | $13.1M | Add +39.6% |
| SKT Tanger Inc. | 1.28% | 419,879 | $12.8M | Reduce -13.6% |
| ARES Ares Management Corp. Class A | 1.26% | 72,500 | $12.6M | No change |
| CRS Carpenter Technology | 1.23% | 44,323 | $12.2M | Add +29.4% |
| OSIS Osi Systems Inc. | 1.15% | 51,228 | $11.5M | Reduce -16.4% |
| XOM Exxon Mobil Corp. | 1.14% | 105,500 | $11.4M | No change |
| GH Guardant Health Inc. | 1.06% | 203,030 | $10.6M | Reduce -13.5% |
| CWST Casella Waste Systems Inc. Class A | 1.05% | 90,805 | $10.5M | Add +89.4% |
| CCJ Cameco Corp. | 1.03% | 138,931 | $10.3M | No change |
| DSGX The Descartes Systems Grp | 1.02% | 99,882 | $10.2M | Add +1.4% |
| MIR Mirion Technologies Inc. | 0.99% | 459,864 | $9.9M | Add +25.2% |
| VHT Vanguard Health Care ETF | 0.95% | 38,050 | $9.4M | New |
| MIRM Mirum Pharmaceuticals Inc. | 0.94% | 184,483 | $9.4M | Add +6.6% |
| SFM Sprouts Farmers Market Inc. | 0.92% | 55,924 | $9.2M | Reduce -5.2% |
| GS Goldman Sachs Group Inc. | 0.92% | 13,000 | $9.2M | No change |
| ISRG Intuitive Surgical Inc. | 0.91% | 16,706 | $9.1M | No change |
| ARIS WATER SOLUTIONS INC-A | 0.88% | 372,325 | $8.8M | Reduce -3.6% |
| MPWR Monolithic Power Systems Inc. | 0.87% | 11,912 | $8.7M | Add +1.4% |
| CAKE The Cheesecake Factory Inc. | 0.85% | 135,180 | $8.5M | Reduce -4.4% |
| APPF Appfolio Inc. Class A | 0.84% | 36,546 | $8.4M | Reduce -15.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.84% | 177,313 | $8.4M | Reduce -0.2% |
| PARR Par Pacific Holdings Inc. | 0.81% | 306,324 | $8.1M | New |
| AXON Axon Enterprise Inc. | 0.81% | 9,788 | $8.1M | Add +11.3% |
| XPO Xpo Inc. | 0.80% | 63,679 | $8.0M | No change |
| NUVL Nuvalent Inc. Class A | 0.79% | 103,722 | $7.9M | Reduce -2.8% |
| CDNS Cadence Design SYS Inc. | 0.77% | 24,894 | $7.7M | No change |
| WIX Wix.com Ltd. | 0.76% | 48,203 | $7.6M | Reduce -4.7% |
| BOOT Boot Barn Holdings Inc. | 0.76% | 50,098 | $7.6M | Reduce -5.1% |
| EXLS Exlservice Holdings Inc. | 0.75% | 172,263 | $7.5M | Add +6.1% |
| PLMR Palomar Holdings Inc. | 0.74% | 47,730 | $7.4M | Reduce -51.0% |
| NCLH Norwegian Cruise Line Holdin | 0.72% | 353,663 | $7.2M | Add +4.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.70% | 30,852 | $7.0M | Add +14.0% |
| SNPS Synopsys Inc. | 0.70% | 13,617 | $7.0M | No change |
| BBIO Bridgebio Pharma Inc. | 0.69% | 159,501 | $6.9M | Reduce -4.3% |
| PIPR Piper Sandler Cos | 0.68% | 24,293 | $6.8M | Add +13.6% |
| SPOT Spotify Technology SA | 0.68% | 8,794 | $6.7M | No change |
| ACVA Acv Auctions Inc. Class A | 0.67% | 413,978 | $6.7M | Add +29.4% |
| FTAI Ftai Aviation Ltd. | 0.65% | 56,892 | $6.5M | Add +19.2% |
| WAL Western Alliance Bancorp | 0.64% | 82,547 | $6.4M | Reduce -52.1% |
| IWM iShares Russell 2000 ETF | 0.63% | 29,319 | $6.3M | New |
| WING Wingstop Inc. | 0.63% | 18,580 | $6.3M | New |
| FN Fabrinet | 0.62% | 21,198 | $6.2M | Add +19.2% |
| TDG Transdigm Group Inc. | 0.62% | 4,068 | $6.2M | No change |
| MTSI Macom Technology Solutions H | 0.62% | 43,074 | $6.2M | New |
| LEU Centrus Energy Corp. Class A | 0.61% | 33,546 | $6.1M | New |
| CORZ Core Scientific Inc. | 0.61% | 359,105 | $6.1M | New |
| MCW Mister Car Wash Inc. | 0.61% | 1,009,876 | $6.1M | Reduce -4.5% |
| RKLB Rocket Lab Corp. | 0.60% | 167,696 | $6.0M | Reduce -3.8% |
| SPG Simon Property Group Inc. | 0.60% | 37,130 | $6.0M | Reduce -2.2% |
| FRPT Freshpet Inc. | 0.60% | 87,817 | $6.0M | New |
| CLH Clean Harbors Inc. | 0.59% | 25,477 | $5.9M | Reduce -4.2% |
| JPM JPMorgan Chase & Co. | 0.58% | 19,967 | $5.8M | No change |
| QXO Qxo Inc. | 0.58% | 268,522 | $5.8M | New |
| CVX Chevron Corp. | 0.57% | 40,000 | $5.7M | Reduce -51.1% |
| ALKT Alkami Technology Inc. | 0.57% | 189,951 | $5.7M | Add +44.3% |
| LSCC Lattice Semiconductor Corp. | 0.57% | 115,737 | $5.7M | Reduce -34.2% |
| CR Crane Co. | 0.54% | 28,563 | $5.4M | Reduce -16.9% |
| CYBR Cyberark Software Ltd./Israel | 0.54% | 13,329 | $5.4M | No change |
| ALAB Astera Labs Inc. | 0.54% | 59,369 | $5.4M | Add +29.5% |
| NTRA Natera Inc. | 0.54% | 31,686 | $5.4M | Add +276.5% |
| TGTX TG Therapeutics Inc. | 0.53% | 146,941 | $5.3M | Add +33.9% |
| COOP Mr Cooper Group Inc. | 0.50% | 33,649 | $5.0M | New |
| NVMI Nova Ltd. | 0.50% | 18,211 | $5.0M | Add +27.1% |
| CVLT Commvault Systems Inc. | 0.49% | 28,382 | $4.9M | Add +122.7% |
| EXE Expand Energy Corp. | 0.49% | 42,243 | $4.9M | Add +3.0% |
| MWA Mueller Water Products Inc. Class A | 0.49% | 203,307 | $4.9M | Reduce -48.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.48% | 38,947 | $4.8M | No change |
| RDNT Radnet Inc. | 0.47% | 82,224 | $4.7M | Reduce -26.9% |
| BIRK Birkenstock Holding PLC | 0.47% | 94,695 | $4.7M | Reduce -39.0% |
| ITRI Itron Inc. | 0.47% | 35,367 | $4.7M | Reduce -42.6% |
| WWW Wolverine World Wide Inc. | 0.46% | 257,044 | $4.6M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.46% | 8,995 | $4.6M | Add +2.3% |
| ARGX Argenx SE - ADR | 0.46% | 8,254 | $4.5M | No change |
| FOUR SHIFT4 Payments Inc. Class A | 0.45% | 45,439 | $4.5M | Add +904.6% |
| SPRY Ars Pharmaceuticals Inc. | 0.45% | 255,107 | $4.5M | Reduce -58.3% |
| WRBY Warby Parker Inc. Class A | 0.44% | 202,111 | $4.4M | New |
| AXSM Axsome Therapeutics Inc. | 0.44% | 42,154 | $4.4M | Reduce -3.3% |
| SNOW Snowflake Inc. | 0.44% | 19,561 | $4.4M | Reduce -1.4% |
| SBCF Seacoast Banking Corp. | 0.43% | 155,542 | $4.3M | New |
| KRNT Kornit Digital Ltd. | 0.42% | 212,134 | $4.2M | Reduce -26.9% |
| LNG Cheniere Energy Inc. | 0.42% | 17,258 | $4.2M | No change |
| RVMD Revolution Medicines Inc. | 0.42% | 113,126 | $4.2M | Add +85.1% |
| GOOG Alphabet Inc. Class C | 0.41% | 23,070 | $4.1M | No change |
| NET Cloudflare Inc. Class A | 0.40% | 20,472 | $4.0M | Reduce -7.4% |
| ZS Zscaler Inc. | 0.40% | 12,741 | $4.0M | Add +239.2% |
| BSX Boston Scientific Corp. | 0.39% | 36,067 | $3.9M | Add +14.2% |
| WAY Waystar Holding Corp. | 0.38% | 93,767 | $3.8M | Reduce -4.3% |
| TFII Tfi International Inc. | 0.37% | 41,018 | $3.7M | New |
| KLAC KLA Corp. | 0.36% | 4,048 | $3.6M | Add +3.9% |
| MGY Magnolia Oil & Gas Corp. Class A | 0.35% | 156,209 | $3.5M | Reduce -7.6% |
| KVYO Klaviyo Inc. Class A | 0.34% | 101,910 | $3.4M | Reduce -3.9% |
| C Citigroup Inc. | 0.34% | 40,000 | $3.4M | Reduce -2.4% |
| ESTC Elastic NV | 0.33% | 39,434 | $3.3M | Reduce -20.5% |
| ANET Arista Networks Inc. | 0.33% | 31,886 | $3.3M | New |
| MELI MercadoLibre Inc. | 0.32% | 1,221 | $3.2M | Add +232.7% |
| NOG Northern Oil and Gas Inc. | 0.31% | 110,091 | $3.1M | Reduce -6.5% |
| HCI Hci Group Inc. | 0.31% | 20,285 | $3.1M | New |
| CW Curtiss-Wright Corp. | 0.30% | 6,194 | $3.0M | No change |
| VRSK Verisk Analytics Inc. | 0.29% | 9,307 | $2.9M | No change |
| PL Planet Labs PBC | 0.29% | 473,924 | $2.9M | Reduce -18.7% |
| WMB Williams Cos Inc. | 0.29% | 46,000 | $2.9M | No change |
| IRON Disc Medicine Inc. | 0.29% | 54,445 | $2.9M | New |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.29% | 55,079 | $2.9M | Reduce -30.6% |
| AAPL Apple Inc. | 0.28% | 13,560 | $2.8M | Reduce -38.2% |
| ACLX Arcellx Inc. | 0.27% | 41,067 | $2.7M | New |
| UEC Uranium Energy Corp. | 0.27% | 392,367 | $2.7M | New |
| METC Ramaco Resources Inc. Class A | 0.27% | 201,950 | $2.7M | New |
| MPC Marathon Petroleum Corp. | 0.26% | 15,644 | $2.6M | New |
| PLTR Palantir Technologies Inc. Class A | 0.25% | 18,164 | $2.5M | Reduce -17.7% |
| SPSC SPS Commerce Inc. | 0.24% | 18,000 | $2.4M | Reduce -4.2% |
| CACI Caci International Inc. Class A | 0.24% | 4,979 | $2.4M | No change |
| CWAN Clearwater Analytics HDS-A | 0.24% | 107,812 | $2.4M | Add +137.3% |
| ZETA Zeta Global Holdings Corp. Class A | 0.23% | 150,990 | $2.3M | New |
| CRDO Credo Technology Group Holdi | 0.22% | 24,113 | $2.2M | Reduce -37.0% |
| XENE Xenon Pharmaceuticals Inc. | 0.22% | 68,896 | $2.2M | Reduce -20.8% |
| GATX Gatx Corp. | 0.22% | 14,026 | $2.2M | Reduce -74.0% |
| AKRO Akero Therapeutics Inc. | 0.21% | 39,492 | $2.1M | New |
| NAMS Newamsterdam Pharma Co. NV | 0.21% | 115,739 | $2.1M | New |
| NLY Annaly Capital Management Inc. | 0.20% | 106,805 | $2.0M | No change |
| OLO Olo Inc. Class A | 0.20% | 219,575 | $2.0M | New |
| COP Conocophillips | 0.18% | 20,000 | $1.8M | No change |
| VRT Vertiv Holdings Co. Class A | 0.18% | 13,795 | $1.8M | Reduce -62.0% |
| PANW Palo Alto Networks Inc. | 0.17% | 8,453 | $1.7M | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.16% | 2,013 | $1.6M | No change |
| S Sentinelone Inc. Class A | 0.16% | 84,977 | $1.6M | Reduce -4.3% |
| MC Moelis & Co. Class A | 0.15% | 24,086 | $1.5M | Reduce -44.1% |
| BXSL Blackstone Secured Lending F | 0.15% | 48,587 | $1.5M | No change |
| SN Sharkninja Inc. | 0.14% | 14,077 | $1.4M | New |
| RKT Rocket Cos Inc. Class A | 0.14% | 97,762 | $1.4M | New |
| SAIA Saia Inc. | 0.13% | 4,874 | $1.3M | New |
| TSLA Tesla Inc. | 0.13% | 4,071 | $1.3M | No change |
| OKLO Oklo Inc. | 0.12% | 21,272 | $1.2M | New |
| SLNO Soleno Therapeutics Inc. | 0.11% | 13,661 | $1.1M | New |
| PODD Insulet Corp. | 0.11% | 3,587 | $1.1M | Reduce -10.3% |
| ORCL Oracle Corp. | 0.11% | 5,100 | $1.1M | Reduce -7.3% |
| FCNCA First Citizens Bcshs Class A | 0.11% | 567 | $1.1M | No change |
| SHOP Shopify Inc. Class A | 0.11% | 9,569 | $1.1M | No change |
| HUBS HubSpot Inc. | 0.11% | 1,957 | $1.1M | Add +12.4% |
| LRCX Lam Research Corp. | 0.10% | 10,783 | $1.0M | No change |
| INTU Intuit Inc. | 0.10% | 1,314 | $1.0M | No change |
| WK Workiva Inc. | 0.10% | 15,000 | $1.0M | Reduce -62.9% |
| NFLX Netflix Inc. | 0.10% | 735 | $984K | Add +52.2% |
| LIND Lindblad Expeditions Holding | 0.10% | 83,793 | $978K | Reduce -9.2% |
| VOYG Voyager Technologies Inc. Class A | 0.10% | 24,291 | $953K | New |
| BCS Barclays PLC-Spons ADR | 0.08% | 45,279 | $842K | New |
| APP AppLovin Corp. Class A | 0.08% | 2,318 | $811K | No change |
| RL Ralph Lauren Corp. | 0.08% | 2,951 | $809K | No change |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.08% | 1,997 | $807K | No change |
| ODFL Old Dominion Freight Line | 0.08% | 4,970 | $807K | No change |
| MA Mastercard Inc. Class A | 0.08% | 1,424 | $800K | Add +38.8% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.08% | 7,153 | $771K | Add +30.7% |
| AS Amer Sports Inc. | 0.08% | 19,852 | $769K | New |
| V Visa Inc. Class A | 0.08% | 2,154 | $765K | Add +41.4% |
| ORIC Oric Pharmaceuticals Inc. | 0.08% | 74,242 | $754K | Reduce -51.9% |
| TPR Tapestry Inc. | 0.07% | 8,463 | $743K | New |
| NOW ServiceNow Inc. | 0.07% | 702 | $722K | Reduce -12.4% |
| DRI Darden Restaurants Inc. | 0.07% | 3,178 | $693K | Add +15.3% |
| EVR Evercore Inc. Class A | 0.06% | 2,355 | $636K | No change |
| DINO HF Sinclair Corp. | 0.06% | 15,350 | $631K | New |
| TXRH Texas Roadhouse Inc. | 0.06% | 2,969 | $556K | Reduce -78.8% |
| BAH Booz Allen Hamilton Holdings | 0.05% | 4,559 | $475K | Reduce -78.0% |
| ASND Ascendis Pharma A/S | 0.05% | 2,637 | $455K | New |
| DDOG Datadog Inc. Class A | 0.04% | 3,028 | $407K | Reduce -58.6% |
| DASH DoorDash Inc. Class A | 0.04% | 1,627 | $401K | New |
| DKNG Draftkings Inc. Class A | 0.04% | 8,699 | $373K | No change |
| SMCI Super Micro Computer Inc. | 0.04% | 7,387 | $362K | Reduce -33.0% |
| CHRW C.H. Robinson Worldwide Inc. | 0.03% | 3,619 | $347K | No change |
| LOAR Loar Holdings Inc. | 0.03% | 2,908 | $251K | New |
| CRM Salesforce Inc. | 0.02% | 743 | $203K | New |
Other holdings (28): bonds, preferreds, convertibles and warrants · $106.2M (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 | 7,090,000 | $10.1M | Add +16.4% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 5,690,000 | $7.6M | No change |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 6,345,000 | $7.2M | No change |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 3,980,000 | $7.2M | No change |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 6,105,000 | $7.1M | No change |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 5,100,000 | $6.5M | New |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 5,450,000 | $5.8M | No change |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 3,925,000 | $5.5M | No change |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 4,285,000 | $5.4M | No change |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 4,225,000 | $5.0M | Reduce -32.1% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 3,000,000 | $4.6M | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 3,250,000 | $4.2M | New |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 3,520,000 | $4.2M | New |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 2,250,000 | $4.0M | No change |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | 2,500,000 | $3.4M | New |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 3,500,000 | $3.3M | No change |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 3,000,000 | $3.0M | Add +20.0% |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 2,250,000 | $2.9M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,275,000 | $2.3M | Reduce -28.2% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 1,500,000 | $1.8M | New |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 1,700,000 | $1.7M | New |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 1,900,000 | $1.6M | New |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 1,015,000 | $1.1M | No change |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 430,000 | $448K | Reduce -23.9% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | 163,575 | $112K | Add +14.2% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG · principal | 40,000 | $27K | Reduce -23.8% |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B · principal | 32,000 | $19K | New |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD · principal | 22,000 | $13K | New |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q1 2025 → Q2 2025
| EMBJ Embraer SA-Spon ADR | Reduce -44.9% | 2.31% | −1.63 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −1.55 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −1.35 |
| CVX Chevron Corp. | Reduce -51.1% | 0.57% | −1.01 |
| WAL Western Alliance Bancorp | Reduce -52.1% | 0.64% | −0.89 |
| AXGN Axogen Inc. | Sold out | 0.00% | −0.89 |
| PLMR Palomar Holdings Inc. | Reduce -51.0% | 0.74% | −0.81 |
| GATX Gatx Corp. | Reduce -74.0% | 0.22% | −0.76 |
| MWA Mueller Water Products Inc. Class A | Reduce -48.0% | 0.49% | −0.66 |
| SKT Tanger Inc. | Reduce -13.6% | 1.28% | −0.62 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.61 |
| LMAT Lemaitre Vascular Inc. | Sold out | 0.00% | −0.61 |
| BBWI Bath & Body Works Inc. | Sold out | 0.00% | −0.59 |
| PRIM Primoris Services Corp. | Sold out | 0.00% | −0.58 |
| REVG Rev Group Inc. | Reduce -39.6% | 2.04% | −0.56 |
| ARIS WATER SOLUTIONS INC-A | Reduce -3.6% | 0.88% | −0.55 |
| CPRX Catalyst Pharmaceuticals Inc. | Sold out | 0.00% | −0.52 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.51 |
| SHAK Shake Shack Inc. Class A | Sold out | 0.00% | −0.50 |
| LSCC Lattice Semiconductor Corp. | Reduce -34.2% | 0.57% | −0.50 |
| IWO iShares Russell 2000 Growth | Sold out | 0.00% | −0.47 |
| SPRY Ars Pharmaceuticals Inc. | Reduce -58.3% | 0.45% | −0.45 |
| GKOS Glaukos Corp. | Sold out | 0.00% | −0.41 |
| MCW Mister Car Wash Inc. | Reduce -4.5% | 0.61% | −0.36 |
| BIRK Birkenstock Holding PLC | Reduce -39.0% | 0.47% | −0.36 |
| AAPL Apple Inc. | Reduce -38.2% | 0.28% | −0.29 |
| ITRI Itron Inc. | Reduce -42.6% | 0.47% | −0.28 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −0.28 |
| VERA Vera Therapeutics Inc. | Sold out | 0.00% | −0.27 |
| APPF Appfolio Inc. Class A | Reduce -15.6% | 0.84% | −0.26 |
| WK Workiva Inc. | Reduce -62.9% | 0.10% | −0.25 |
| OSIS Osi Systems Inc. | Reduce -16.4% | 1.15% | −0.23 |
| KRNT Kornit Digital Ltd. | Reduce -26.9% | 0.42% | −0.22 |
| TXRH Texas Roadhouse Inc. | Reduce -78.8% | 0.06% | −0.21 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −0.21 |
| BAH Booz Allen Hamilton Holdings | Reduce -78.0% | 0.05% | −0.20 |
| WIX Wix.com Ltd. | Reduce -4.7% | 0.76% | −0.19 |
| RDNT Radnet Inc. | Reduce -26.9% | 0.47% | −0.18 |
| ESTC Elastic NV | Reduce -20.5% | 0.33% | −0.18 |
| AXSM Axsome Therapeutics Inc. | Reduce -3.3% | 0.44% | −0.15 |
| VFC VF Corp. | Sold out | 0.00% | −0.15 |
| MGY Magnolia Oil & Gas Corp. Class A | Reduce -7.6% | 0.35% | −0.14 |
| MC Moelis & Co. Class A | Reduce -44.1% | 0.15% | −0.14 |
| WTFC Wintrust Financial Corp. | Reduce -4.6% | 1.34% | −0.14 |
| SPG Simon Property Group Inc. | Reduce -2.2% | 0.60% | −0.13 |
| VRT Vertiv Holdings Co. Class A | Reduce -62.0% | 0.18% | −0.13 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -20.8% | 0.22% | −0.12 |
| SFM Sprouts Farmers Market Inc. | Reduce -5.2% | 0.92% | −0.12 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.12 |
| ONON On Holding AG Class A | Reduce -30.6% | 0.29% | −0.12 |
Portfolio Buys Q1 2025 → Q2 2025
| KTOS Kratos Defense & Security | New | 1.90% | +1.90 |
| VHT Vanguard Health Care ETF | New | 0.95% | +0.95 |
| PARR Par Pacific Holdings Inc. | New | 0.81% | +0.81 |
| AVGO Broadcom Inc. | Add +13.5% | 1.91% | +0.73 |
| GEV GE Vernova Inc. | Add +14.1% | 1.61% | +0.67 |
| IWM iShares Russell 2000 ETF | New | 0.63% | +0.63 |
| WING Wingstop Inc. | New | 0.63% | +0.63 |
| MTSI Macom Technology Solutions H | New | 0.62% | +0.62 |
| LEU Centrus Energy Corp. Class A | New | 0.61% | +0.61 |
| CORZ Core Scientific Inc. | New | 0.61% | +0.61 |
| FRPT Freshpet Inc. | New | 0.60% | +0.60 |
| QXO Qxo Inc. | New | 0.58% | +0.58 |
| VRNA Verona Pharma Ltd. | Add +7.7% | 1.88% | +0.52 |
| CRS Carpenter Technology | Add +29.4% | 1.23% | +0.51 |
| COOP Mr Cooper Group Inc. | New | 0.50% | +0.50 |
| WWW Wolverine World Wide Inc. | New | 0.46% | +0.46 |
| WRBY Warby Parker Inc. Class A | New | 0.44% | +0.44 |
| SBCF Seacoast Banking Corp. | New | 0.43% | +0.43 |
| CWST Casella Waste Systems Inc. Class A | Add +89.4% | 1.05% | +0.43 |
| FOUR SHIFT4 Payments Inc. Class A | Add +904.6% | 0.45% | +0.41 |
| NTRA Natera Inc. | Add +276.5% | 0.54% | +0.40 |
| SKYW Skywest Inc. | Add +39.6% | 1.31% | +0.39 |
| MIR Mirion Technologies Inc. | Add +25.2% | 0.99% | +0.37 |
| TFII Tfi International Inc. | New | 0.37% | +0.37 |
| ANET Arista Networks Inc. | New | 0.33% | +0.33 |
| ZS Zscaler Inc. | Add +239.2% | 0.40% | +0.31 |
| HCI Hci Group Inc. | New | 0.31% | +0.31 |
| IRON Disc Medicine Inc. | New | 0.29% | +0.29 |
| AXON Axon Enterprise Inc. | Add +11.3% | 0.81% | +0.27 |
| ACLX Arcellx Inc. | New | 0.27% | +0.27 |
| UEC Uranium Energy Corp. | New | 0.27% | +0.27 |
| METC Ramaco Resources Inc. Class A | New | 0.27% | +0.27 |
| CVLT Commvault Systems Inc. | Add +122.7% | 0.49% | +0.26 |
| MPC Marathon Petroleum Corp. | New | 0.26% | +0.26 |
| ADMA Adma Biologics Inc. | Add +55.9% | 1.31% | +0.25 |
| MELI MercadoLibre Inc. | Add +232.7% | 0.32% | +0.24 |
| ZETA Zeta Global Holdings Corp. Class A | New | 0.23% | +0.23 |
| ALAB Astera Labs Inc. | Add +29.5% | 0.54% | +0.22 |
| FN Fabrinet | Add +19.2% | 0.62% | +0.22 |
| AKRO Akero Therapeutics Inc. | New | 0.21% | +0.21 |
| NAMS Newamsterdam Pharma Co. NV | New | 0.21% | +0.21 |
| OLO Olo Inc. Class A | New | 0.20% | +0.20 |
| NVMI Nova Ltd. | Add +27.1% | 0.50% | +0.20 |
| TSM Taiwan Semiconductor-SP ADR | Add +14.0% | 0.70% | +0.18 |
| ALKT Alkami Technology Inc. | Add +44.3% | 0.57% | +0.17 |
| RVMD Revolution Medicines Inc. | Add +85.1% | 0.42% | +0.17 |
| ACVA Acv Auctions Inc. Class A | Add +29.4% | 0.67% | +0.15 |
| SN Sharkninja Inc. | New | 0.14% | +0.14 |
| RKT Rocket Cos Inc. Class A | New | 0.14% | +0.14 |
| SAIA Saia Inc. | New | 0.13% | +0.13 |
Notes & Other Activity Q1 2025 → Q2 2025
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +16.4% | 7,090,000 | $10.1M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | New | 5,100,000 | $6.5M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Sold out | 4,910,000 | $5.5Mbefore exit |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Reduce -32.1% | 4,225,000 | $5.0M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | New | 3,000,000 | $4.6M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | New | 3,250,000 | $4.2M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | New | 3,520,000 | $4.2M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 4,000,000 | $4.0Mbefore exit |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Sold out | 3,250,000 | $3.7Mbefore exit |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | New | 2,500,000 | $3.4M |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Sold out | 2,470,000 | $3.3Mbefore exit |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +20.0% | 3,000,000 | $3.0M |
| HCI GROUP INC (HCI 4.75 06/01/42) | NOTE 4.750% 6/0 · principal | Sold out | 1,600,000 | $3.0Mbefore exit |
| INSMED INC (INSM 0.75 06/01/28) | NOTE 0.750% 6/0 · principal | Sold out | 1,130,000 | $2.7Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Sold out | 2,165,000 | $2.3Mbefore exit |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -28.2% | 1,275,000 | $2.3M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | New | 1,500,000 | $1.8M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | New | 1,700,000 | $1.7M |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | New | 1,900,000 | $1.6M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Sold out | 1,500,000 | $1.5Mbefore exit |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Reduce -23.9% | 430,000 | $448K |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | Add +14.2% | 163,575 | $112K |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG · principal | Reduce -23.8% | 40,000 | $27K |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B · principal | New | 32,000 | $19K |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD · principal | New | 22,000 | $13K |
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 |