Nicholas Investment Partners, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Nicholas Investment Partners, LP reported 181 stock positions worth $1.1 billion. Its top holding was BWX Technologies (BWXT) at 4.2% of the portfolio, followed by Kratos Defense & Security (KTOS, 3.3%) and Rush Street Interactive (RSI, 2.5%). Compared with Q2 2025, it opened 31 new positions, sold out of 33, added to 70 and reduced 38. The biggest buy was Kratos Defense & Security (KTOS, shares +1%) and the biggest sale an exit from Verona Pharma (VRNA).
- Most Recent 13F
- Q2 2026
- Location
- RANCHO SANTA FE, CA
- CIK
- 0001389574
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0001389574-25-000002 ↗ filed Nov 14, 2025
Holdings Value
Holdings 181 stocks · $1.1B
| BWXT BWX Technologies Inc. | 4.19% | 259,529 | $47.8M | Reduce -2.3% |
| KTOS Kratos Defense & Security | 3.32% | 414,462 | $37.9M | Add +1.5% |
| RSI Rush Street Interactive Inc. | 2.47% | 1,376,501 | $28.2M | Reduce -0.4% |
| INSM Insmed Inc. | 2.28% | 180,451 | $26.0M | Reduce -7.7% |
| EMBJ Embraer SA-Spon ADR | 2.18% | 411,614 | $24.9M | Add +1.4% |
| REVG Rev Group Inc. | 2.04% | 411,499 | $23.3M | Reduce -4.0% |
| NVDA Nvidia Corp. | 1.99% | 121,843 | $22.7M | Reduce -1.0% |
| AVGO Broadcom Inc. | 1.99% | 68,761 | $22.7M | Reduce -0.7% |
| GEV GE Vernova Inc. | 1.64% | 30,410 | $18.7M | No change |
| MSFT Microsoft Corp. | 1.56% | 34,466 | $17.9M | No change |
| ROAD Construction Partners Inc. Class A | 1.40% | 125,417 | $15.9M | New |
| MIRM Mirum Pharmaceuticals Inc. | 1.39% | 217,068 | $15.9M | Add +17.7% |
| PIPR Piper Sandler Cos | 1.38% | 45,381 | $15.7M | Add +86.8% |
| SKT Tanger Inc. | 1.29% | 433,591 | $14.7M | Add +3.3% |
| WTFC Wintrust Financial Corp. | 1.28% | 110,673 | $14.7M | Add +2.1% |
| CCJ Cameco Corp. | 1.27% | 173,449 | $14.5M | Add +24.9% |
| AMZN Amazon.com Inc. | 1.24% | 64,274 | $14.1M | Add +1.0% |
| BBIO Bridgebio Pharma Inc. | 1.24% | 271,630 | $14.1M | Add +70.3% |
| MIR Mirion Technologies Inc. | 1.19% | 585,473 | $13.6M | Add +27.3% |
| SKYW Skywest Inc. | 1.14% | 129,492 | $13.0M | Add +2.1% |
| RVMD Revolution Medicines Inc. | 1.10% | 267,911 | $12.5M | Add +136.8% |
| WAL Western Alliance Bancorp | 1.06% | 138,878 | $12.0M | Add +68.2% |
| NCLH Norwegian Cruise Line Holdin | 1.05% | 484,250 | $11.9M | Add +36.9% |
| XOM Exxon Mobil Corp. | 1.04% | 105,500 | $11.9M | No change |
| ARES Ares Management Corp. Class A | 1.02% | 72,500 | $11.6M | No change |
| PARR Par Pacific Holdings Inc. | 1.01% | 324,039 | $11.5M | Add +5.8% |
| OSIS Osi Systems Inc. | 1.00% | 45,680 | $11.4M | Reduce -10.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.97% | 215,093 | $11.1M | Add +21.3% |
| CRS Carpenter Technology | 0.97% | 45,171 | $11.1M | Add +1.9% |
| MPWR Monolithic Power Systems Inc. | 0.96% | 11,912 | $11.0M | No change |
| NUVL Nuvalent Inc. Class A | 0.94% | 124,178 | $10.7M | Add +19.7% |
| ALAB Astera Labs Inc. | 0.93% | 54,171 | $10.6M | Reduce -8.8% |
| LSCC Lattice Semiconductor Corp. | 0.92% | 142,461 | $10.4M | Add +23.1% |
| GS Goldman Sachs Group Inc. | 0.91% | 13,000 | $10.4M | No change |
| APPF Appfolio Inc. Class A | 0.90% | 37,283 | $10.3M | Add +2.0% |
| BOOT Boot Barn Holdings Inc. | 0.86% | 59,556 | $9.9M | Add +18.9% |
| FTAI Ftai Aviation Ltd. | 0.85% | 58,118 | $9.7M | Add +2.1% |
| FN Fabrinet | 0.83% | 26,046 | $9.5M | Add +22.9% |
| MOD Modine Manufacturing Co. | 0.82% | 66,184 | $9.4M | New |
| LEU Centrus Energy Corp. Class A | 0.82% | 30,266 | $9.4M | Reduce -9.8% |
| SPG Simon Property Group Inc. | 0.81% | 49,290 | $9.3M | Add +32.8% |
| CRDO Credo Technology Group Holdi | 0.81% | 63,364 | $9.2M | Add +162.8% |
| BE Bloom Energy Corp. Class A | 0.81% | 108,934 | $9.2M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.81% | 32,914 | $9.2M | Add +6.7% |
| COOP Mr Cooper Group Inc. | 0.77% | 41,680 | $8.8M | Add +23.9% |
| CDNS Cadence Design SYS Inc. | 0.77% | 24,894 | $8.7M | No change |
| TSLA Tesla Inc. | 0.75% | 19,228 | $8.6M | Add +372.3% |
| MC Moelis & Co. Class A | 0.74% | 119,117 | $8.5M | Add +394.6% |
| RKLB Rocket Lab Corp. | 0.74% | 176,014 | $8.4M | Add +5.0% |
| XPO Xpo Inc. | 0.72% | 63,679 | $8.2M | No change |
| METC Ramaco Resources Inc. Class A | 0.71% | 243,295 | $8.1M | Add +20.5% |
| CVLT Commvault Systems Inc. | 0.63% | 38,329 | $7.2M | Add +35.0% |
| WWW Wolverine World Wide Inc. | 0.62% | 259,485 | $7.1M | Add +0.9% |
| AXON Axon Enterprise Inc. | 0.62% | 9,788 | $7.0M | No change |
| CYBR Cyberark Software Ltd./Israel | 0.56% | 13,329 | $6.4M | No change |
| JPM JPMorgan Chase & Co. | 0.55% | 19,967 | $6.3M | No change |
| SPOT Spotify Technology SA | 0.55% | 9,004 | $6.3M | Add +2.4% |
| CVX Chevron Corp. | 0.54% | 40,000 | $6.2M | No change |
| VRNS Varonis Systems Inc. | 0.54% | 107,322 | $6.2M | New |
| ARGX Argenx SE - ADR | 0.53% | 8,254 | $6.1M | No change |
| GTES Gates Industrial Corp. UK Ltd. | 0.53% | 242,353 | $6.0M | New |
| NVMI Nova Ltd. | 0.52% | 18,619 | $6.0M | Add +2.2% |
| SBCF Seacoast Banking Corp. | 0.52% | 194,482 | $5.9M | Add +25.0% |
| AXSM Axsome Therapeutics Inc. | 0.52% | 48,657 | $5.9M | Add +15.4% |
| CLH Clean Harbors Inc. | 0.52% | 25,353 | $5.9M | Reduce -0.5% |
| IRON Disc Medicine Inc. | 0.51% | 88,003 | $5.8M | Add +61.6% |
| MRUS Merus NV | 0.51% | 61,558 | $5.8M | New |
| SNPS Synopsys Inc. | 0.51% | 11,690 | $5.8M | Reduce -14.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.49% | 38,947 | $5.6M | No change |
| GOOG Alphabet Inc. Class C | 0.49% | 23,070 | $5.6M | No change |
| IWM iShares Russell 2000 ETF | 0.49% | 22,884 | $5.5M | Reduce -21.9% |
| NTRA Natera Inc. | 0.48% | 34,376 | $5.5M | Add +8.5% |
| MTSI Macom Technology Solutions H | 0.48% | 44,380 | $5.5M | Add +3.0% |
| UEC Uranium Energy Corp. | 0.47% | 405,357 | $5.4M | Add +3.3% |
| CR Crane Co. | 0.47% | 29,180 | $5.4M | Add +2.2% |
| TDG Transdigm Group Inc. | 0.47% | 4,068 | $5.4M | No change |
| POWL Powell Industries Inc. | 0.47% | 17,466 | $5.3M | New |
| GH Guardant Health Inc. | 0.46% | 83,906 | $5.2M | Reduce -58.7% |
| JOBY Joby Aviation Inc. | 0.46% | 322,082 | $5.2M | New |
| PL Planet Labs PBC | 0.45% | 399,133 | $5.2M | Reduce -15.8% |
| NAMS Newamsterdam Pharma Co. NV | 0.44% | 177,538 | $5.0M | Add +53.4% |
| SPHR Sphere Entertainment Co. | 0.44% | 81,260 | $5.0M | New |
| WIX Wix.com Ltd. | 0.43% | 27,783 | $4.9M | Reduce -42.4% |
| FLS Flowserve Corp. | 0.43% | 92,602 | $4.9M | New |
| GATX Gatx Corp. | 0.43% | 27,980 | $4.9M | Add +99.5% |
| ACLX Arcellx Inc. | 0.42% | 58,894 | $4.8M | Add +43.4% |
| WMB Williams Cos Inc. | 0.42% | 76,200 | $4.8M | Add +65.7% |
| APLD Applied Digital Corp. | 0.42% | 208,919 | $4.8M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.42% | 119,098 | $4.8M | Add +72.9% |
| ISRG Intuitive Surgical Inc. | 0.42% | 10,604 | $4.7M | Reduce -36.5% |
| ANET Arista Networks Inc. | 0.41% | 31,886 | $4.6M | No change |
| HROW Harrow Inc. | 0.40% | 95,834 | $4.6M | New |
| SNOW Snowflake Inc. | 0.39% | 19,919 | $4.5M | Add +1.8% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.39% | 9,157 | $4.5M | Add +1.8% |
| EXE Expand Energy Corp. | 0.39% | 42,243 | $4.5M | No change |
| HAPN Happen Inc. filed as LENDINGCLUB CORP | 0.39% | 289,789 | $4.4M | New |
| NET Cloudflare Inc. Class A | 0.39% | 20,472 | $4.4M | No change |
| ZETA Zeta Global Holdings Corp. Class A | 0.38% | 216,282 | $4.3M | Add +43.2% |
| KLAC KLA Corp. | 0.38% | 3,974 | $4.3M | Reduce -1.8% |
| C Citigroup Inc. | 0.36% | 40,000 | $4.1M | No change |
Other holdings (30): bonds, preferreds, convertibles and warrants · $145.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 4,880,000 | $14.1M | Add +22.6% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 8,190,000 | $12.0M | Add +15.5% |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 6,700,000 | $10.5M | New |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 5,220,000 | $9.6M | Add +2.4% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 7,345,000 | $8.7M | Add +15.8% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 6,035,000 | $8.2M | Add +40.8% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 5,690,000 | $7.5M | No change |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 3,000,000 | $7.2M | Add +33.3% |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 4,955,000 | $6.4M | Reduce -18.8% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 5,450,000 | $5.4M | No change |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 4,225,000 | $5.3M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 3,165,000 | $5.2M | Reduce -2.6% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 3,000,000 | $4.8M | No change |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | 3,250,000 | $4.2M | Add +30.0% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,275,000 | $4.1M | No change |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 3,000,000 | $4.0M | Add +33.3% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 4,000,000 | $4.0M | Add +33.3% |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 4,285,000 | $3.8M | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 3,100,000 | $3.5M | Add +106.7% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 2,750,000 | $3.4M | New |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 3,500,000 | $3.4M | No change |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | 2,250,000 | $3.3M | New |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | 2,500,000 | $2.5M | New |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 2,000,000 | $2.3M | Reduce -43.2% |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 1,900,000 | $1.7M | No change |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 200,000 | $200K | Reduce -53.5% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | 196,575 | $137K | Add +20.2% |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B · principal | 49,000 | $35K | Add +53.1% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG · principal | 50,860 | $30K | Add +27.1% |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD · principal | 22,000 | $12K | No change |
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q2 2025 → Q3 2025
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −1.88 |
| ADMA Adma Biologics Inc. | Reduce -83.8% | 0.15% | −1.16 |
| VHT Vanguard Health Care ETF | Sold out | 0.00% | −0.95 |
| SFM Sprouts Farmers Market Inc. | Sold out | 0.00% | −0.92 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.88 |
| CWST Casella Waste Systems Inc. Class A | Reduce -66.9% | 0.25% | −0.80 |
| EXLS Exlservice Holdings Inc. | Sold out | 0.00% | −0.75 |
| DSGX The Descartes Systems Grp | Reduce -59.5% | 0.33% | −0.68 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −0.67 |
| GH Guardant Health Inc. | Reduce -58.7% | 0.46% | −0.60 |
| FRPT Freshpet Inc. | Sold out | 0.00% | −0.60 |
| QXO Qxo Inc. | Sold out | 0.00% | −0.58 |
| ALKT Alkami Technology Inc. | Sold out | 0.00% | −0.57 |
| TGTX TG Therapeutics Inc. | Sold out | 0.00% | −0.53 |
| CAKE The Cheesecake Factory Inc. | Reduce -48.8% | 0.33% | −0.52 |
| MCW Mister Car Wash Inc. | Reduce -78.9% | 0.10% | −0.51 |
| ISRG Intuitive Surgical Inc. | Reduce -36.5% | 0.42% | −0.49 |
| MWA Mueller Water Products Inc. Class A | Sold out | 0.00% | −0.49 |
| RDNT Radnet Inc. | Sold out | 0.00% | −0.47 |
| BIRK Birkenstock Holding PLC | Sold out | 0.00% | −0.47 |
| ITRI Itron Inc. | Sold out | 0.00% | −0.47 |
| SPRY Ars Pharmaceuticals Inc. | Sold out | 0.00% | −0.45 |
| PLMR Palomar Holdings Inc. | Reduce -40.3% | 0.29% | −0.44 |
| WRBY Warby Parker Inc. Class A | Sold out | 0.00% | −0.44 |
| KRNT Kornit Digital Ltd. | Sold out | 0.00% | −0.42 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.39 |
| WAY Waystar Holding Corp. | Sold out | 0.00% | −0.38 |
| WIX Wix.com Ltd. | Reduce -42.4% | 0.43% | −0.33 |
| NOG Northern Oil and Gas Inc. | Sold out | 0.00% | −0.31 |
| CORZ Core Scientific Inc. | Reduce -45.9% | 0.31% | −0.31 |
| WING Wingstop Inc. | Reduce -21.0% | 0.32% | −0.30 |
| VRSK Verisk Analytics Inc. | Sold out | 0.00% | −0.29 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.25 |
| SPSC SPS Commerce Inc. | Sold out | 0.00% | −0.24 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -19.0% | 0.25% | −0.20 |
| OLO Olo Inc. Class A | Sold out | 0.00% | −0.20 |
| SNPS Synopsys Inc. | Reduce -14.2% | 0.51% | −0.19 |
| ESTC Elastic NV | Reduce -41.5% | 0.17% | −0.16 |
| S Sentinelone Inc. Class A | Sold out | 0.00% | −0.16 |
| OSIS Osi Systems Inc. | Reduce -10.8% | 1.00% | −0.15 |
| BXSL Blackstone Secured Lending F | Sold out | 0.00% | −0.15 |
| IWM iShares Russell 2000 ETF | Reduce -21.9% | 0.49% | −0.15 |
| TFII Tfi International Inc. | Reduce -24.8% | 0.24% | −0.13 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.11 |
| WK Workiva Inc. | Sold out | 0.00% | −0.10 |
| VOYG Voyager Technologies Inc. Class A | Sold out | 0.00% | −0.10 |
| ZS Zscaler Inc. | Reduce -5.1% | 0.32% | −0.08 |
| SAIA Saia Inc. | Reduce -59.1% | 0.05% | −0.08 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| KTOS Kratos Defense & Security | Add +1.5% | 3.32% | +1.42 |
| ROAD Construction Partners Inc. Class A | New | 1.40% | +1.40 |
| MOD Modine Manufacturing Co. | New | 0.82% | +0.82 |
| BE Bloom Energy Corp. Class A | New | 0.81% | +0.81 |
| PIPR Piper Sandler Cos | Add +86.8% | 1.38% | +0.70 |
| RVMD Revolution Medicines Inc. | Add +136.8% | 1.10% | +0.68 |
| TSLA Tesla Inc. | Add +372.3% | 0.75% | +0.62 |
| MC Moelis & Co. Class A | Add +394.6% | 0.74% | +0.59 |
| CRDO Credo Technology Group Holdi | Add +162.8% | 0.81% | +0.59 |
| BBIO Bridgebio Pharma Inc. | Add +70.3% | 1.24% | +0.55 |
| VRNS Varonis Systems Inc. | New | 0.54% | +0.54 |
| GTES Gates Industrial Corp. UK Ltd. | New | 0.53% | +0.53 |
| MRUS Merus NV | New | 0.51% | +0.51 |
| POWL Powell Industries Inc. | New | 0.47% | +0.47 |
| JOBY Joby Aviation Inc. | New | 0.46% | +0.46 |
| MIRM Mirum Pharmaceuticals Inc. | Add +17.7% | 1.39% | +0.46 |
| SPHR Sphere Entertainment Co. | New | 0.44% | +0.44 |
| METC Ramaco Resources Inc. Class A | Add +20.5% | 0.71% | +0.44 |
| FLS Flowserve Corp. | New | 0.43% | +0.43 |
| APLD Applied Digital Corp. | New | 0.42% | +0.42 |
| WAL Western Alliance Bancorp | Add +68.2% | 1.06% | +0.41 |
| HROW Harrow Inc. | New | 0.40% | +0.40 |
| HAPN Happen Inc. | New | 0.39% | +0.39 |
| LSCC Lattice Semiconductor Corp. | Add +23.1% | 0.92% | +0.35 |
| NCLH Norwegian Cruise Line Holdin | Add +36.9% | 1.05% | +0.33 |
| ROIV Roivant Sciences Ltd. | New | 0.33% | +0.33 |
| CYTK Cytokinetics Inc. | New | 0.30% | +0.30 |
| BILL Bill Holdings Inc. | New | 0.30% | +0.30 |
| COOP Mr Cooper Group Inc. | Add +23.9% | 0.77% | +0.27 |
| KYMR Kymera Therapeutics Inc. | New | 0.26% | +0.26 |
| NFG National Fuel Gas Co. | New | 0.25% | +0.25 |
| CCJ Cameco Corp. | Add +24.9% | 1.27% | +0.24 |
| NAMS Newamsterdam Pharma Co. NV | Add +53.4% | 0.44% | +0.23 |
| IRON Disc Medicine Inc. | Add +61.6% | 0.51% | +0.22 |
| SPG Simon Property Group Inc. | Add +32.8% | 0.81% | +0.21 |
| GATX Gatx Corp. | Add +99.5% | 0.43% | +0.21 |
| FN Fabrinet | Add +22.9% | 0.83% | +0.21 |
| UEC Uranium Energy Corp. | Add +3.3% | 0.47% | +0.21 |
| XENE Xenon Pharmaceuticals Inc. | Add +72.9% | 0.42% | +0.20 |
| MIR Mirion Technologies Inc. | Add +27.3% | 1.19% | +0.20 |
| XYL Xylem Inc. | New | 0.20% | +0.20 |
| FTAI Ftai Aviation Ltd. | Add +2.1% | 0.85% | +0.20 |
| PARR Par Pacific Holdings Inc. | Add +5.8% | 1.01% | +0.19 |
| OKLO Oklo Inc. | Add +45.9% | 0.30% | +0.18 |
| STUB Stubhub Holdings Inc. Class A | New | 0.17% | +0.17 |
| WWW Wolverine World Wide Inc. | Add +0.9% | 0.62% | +0.16 |
| ORIC Oric Pharmaceuticals Inc. | Add +197.3% | 0.23% | +0.16 |
| ACLX Arcellx Inc. | Add +43.4% | 0.42% | +0.15 |
| RMBS Rambus Inc. | New | 0.15% | +0.15 |
| NUVL Nuvalent Inc. Class A | Add +19.7% | 0.94% | +0.15 |
Notes & Other Activity Q2 2025 → Q3 2025
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Add +22.6% | 4,880,000 | $14.1M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +15.5% | 8,190,000 | $12.0M |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | New | 6,700,000 | $10.5M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Add +2.4% | 5,220,000 | $9.6M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Add +15.8% | 7,345,000 | $8.7M |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Add +40.8% | 6,035,000 | $8.2M |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | Add +33.3% | 3,000,000 | $7.2M |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | Reduce -18.8% | 4,955,000 | $6.4M |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | Sold out | 3,925,000 | $5.5Mbefore exit |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Reduce -2.6% | 3,165,000 | $5.2M |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | Add +30.0% | 3,250,000 | $4.2M |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | Add +33.3% | 3,000,000 | $4.0M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +33.3% | 4,000,000 | $4.0M |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | New | 4,285,000 | $3.8M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +106.7% | 3,100,000 | $3.5M |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | New | 2,750,000 | $3.4M |
| OSI SYSTEMS INC (OSIS 2.25 08/01/29) | NOTE 2.250% 8/0 · principal | New | 2,250,000 | $3.3M |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | New | 2,500,000 | $2.5M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Reduce -43.2% | 2,000,000 | $2.3M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Sold out | 1,700,000 | $1.7Mbefore exit |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | Sold out | 1,015,000 | $1.1Mbefore exit |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Reduce -53.5% | 200,000 | $200K |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | Add +20.2% | 196,575 | $137K |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B · principal | Add +53.1% | 49,000 | $35K |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG · principal | Add +27.1% | 50,860 | $30K |
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 |