Nicholas Investment Partners, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Nicholas Investment Partners, LP reported 177 stock positions worth $1.2 billion. Its top holding was BWX Technologies (BWXT) at 3.7% of the portfolio, followed by Insmed (INSM, 2.6%) and Kratos Defense & Security (KTOS, 2.5%). Compared with Q3 2025, it opened 36 new positions, sold out of 40, added to 63 and reduced 37. The biggest buy was a new position in Steven Madden (SHOO) and the biggest sale Rev (REVG, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- RANCHO SANTA FE, CA
- CIK
- 0001389574
- Portfolio Value
- $1.2B (Q4 2025)
- SEC Filing
- 0001389574-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 177 stocks · $1.2B
| BWXT BWX Technologies Inc. | 3.73% | 260,834 | $45.1M | Add +0.5% |
| INSM Insmed Inc. | 2.60% | 180,410 | $31.4M | Reduce -0.0% |
| KTOS Kratos Defense & Security | 2.46% | 392,032 | $29.8M | Reduce -5.4% |
| EMBJ Embraer SA-Spon ADR | 2.29% | 428,972 | $27.6M | Add +4.2% |
| RVMD Revolution Medicines Inc. | 2.09% | 317,711 | $25.3M | Add +18.6% |
| AVGO Broadcom Inc. | 1.97% | 68,761 | $23.8M | No change |
| NVDA Nvidia Corp. | 1.88% | 121,843 | $22.7M | No change |
| BBIO Bridgebio Pharma Inc. | 1.80% | 284,682 | $21.8M | Add +4.8% |
| GEV GE Vernova Inc. | 1.64% | 30,410 | $19.9M | No change |
| SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD | 1.45% | 422,075 | $17.6M | New |
| MIRM Mirum Pharmaceuticals Inc. | 1.39% | 213,391 | $16.9M | Reduce -1.7% |
| AXSM Axsome Therapeutics Inc. | 1.38% | 91,564 | $16.7M | Add +88.2% |
| MSFT Microsoft Corp. | 1.38% | 34,466 | $16.7M | No change |
| WTFC Wintrust Financial Corp. | 1.36% | 117,590 | $16.4M | Add +6.3% |
| ANF Abercrombie & Fitch Co. Class A | 1.36% | 130,197 | $16.4M | New |
| NUVL Nuvalent Inc. Class A | 1.34% | 160,483 | $16.1M | Add +29.2% |
| AMZN Amazon.com Inc. | 1.32% | 69,325 | $16.0M | Add +7.9% |
| PIPR Piper Sandler Cos | 1.32% | 46,905 | $15.9M | Add +3.4% |
| CCJ Cameco Corp. | 1.31% | 173,449 | $15.9M | No change |
| SKT Tanger Inc. | 1.24% | 450,672 | $15.0M | Add +3.9% |
| MIR Mirion Technologies Inc. | 1.24% | 641,660 | $15.0M | Add +9.6% |
| WING Wingstop Inc. | 1.16% | 58,694 | $14.0M | Add +299.9% |
| HAPN Happen Inc. filed as LENDINGCLUB CORP | 1.11% | 709,206 | $13.4M | Add +144.7% |
| CRS Carpenter Technology | 1.09% | 41,790 | $13.2M | Reduce -7.5% |
| RKLB Rocket Lab Corp. | 1.07% | 184,761 | $12.9M | Add +5.0% |
| XOM Exxon Mobil Corp. | 1.05% | 105,500 | $12.7M | No change |
| FN Fabrinet | 1.04% | 27,671 | $12.6M | Add +6.2% |
| OSIS Osi Systems Inc. | 1.03% | 48,619 | $12.4M | Add +6.4% |
| FTAI Ftai Aviation Ltd. | 1.01% | 61,822 | $12.2M | Add +6.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.98% | 215,093 | $11.8M | No change |
| PARR Par Pacific Holdings Inc. | 0.97% | 333,538 | $11.7M | Add +2.9% |
| SKYW Skywest Inc. | 0.96% | 115,087 | $11.6M | Reduce -11.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.95% | 37,672 | $11.4M | Add +14.5% |
| GS Goldman Sachs Group Inc. | 0.95% | 13,000 | $11.4M | No change |
| CENX Century Aluminum Company | 0.94% | 290,960 | $11.4M | New |
| RSI Rush Street Interactive Inc. | 0.93% | 580,176 | $11.3M | Reduce -57.9% |
| ABVX Abivax SA-ADR | 0.93% | 83,068 | $11.2M | Add +327.6% |
| MTSI Macom Technology Solutions H | 0.92% | 65,203 | $11.2M | Add +46.9% |
| LSCC Lattice Semiconductor Corp. | 0.92% | 151,372 | $11.1M | Add +6.3% |
| XENE Xenon Pharmaceuticals Inc. | 0.90% | 242,989 | $10.9M | Add +104.0% |
| MPWR Monolithic Power Systems Inc. | 0.89% | 11,912 | $10.8M | No change |
| SPHR Sphere Entertainment Co. | 0.86% | 109,395 | $10.4M | Add +34.6% |
| NCLH Norwegian Cruise Line Holdin | 0.85% | 457,913 | $10.2M | Reduce -5.4% |
| ROAD Construction Partners Inc. Class A | 0.84% | 93,110 | $10.1M | Reduce -25.8% |
| GH Guardant Health Inc. | 0.83% | 98,216 | $10.0M | Add +17.1% |
| BE Bloom Energy Corp. Class A | 0.81% | 112,116 | $9.7M | Add +2.9% |
| CRDO Credo Technology Group Holdi | 0.78% | 65,706 | $9.5M | Add +3.7% |
| MOD Modine Manufacturing Co. | 0.77% | 70,057 | $9.4M | Add +5.8% |
| APPF Appfolio Inc. Class A | 0.76% | 39,591 | $9.2M | Add +6.2% |
| SPG Simon Property Group Inc. | 0.76% | 49,290 | $9.1M | No change |
| WAL Western Alliance Bancorp | 0.75% | 107,520 | $9.0M | Reduce -22.6% |
| TFII Tfi International Inc. | 0.74% | 85,989 | $8.9M | Add +178.9% |
| XPO Xpo Inc. | 0.72% | 63,679 | $8.7M | No change |
| TSLA Tesla Inc. | 0.72% | 19,228 | $8.6M | No change |
| APGE Apogee Therapeutics Inc. | 0.71% | 112,924 | $8.5M | New |
| PL Planet Labs PBC | 0.69% | 420,841 | $8.3M | Add +5.4% |
| CDNS Cadence Design SYS Inc. | 0.64% | 24,894 | $7.8M | No change |
| BOOT Boot Barn Holdings Inc. | 0.64% | 43,788 | $7.7M | Reduce -26.5% |
| GOOG Alphabet Inc. Class C | 0.62% | 24,041 | $7.5M | Add +4.2% |
| ALAB Astera Labs Inc. | 0.62% | 45,251 | $7.5M | Reduce -16.5% |
| NAMS Newamsterdam Pharma Co. NV | 0.62% | 213,419 | $7.5M | Add +20.2% |
| WMB Williams Cos Inc. | 0.61% | 123,075 | $7.4M | Add +61.5% |
| VERA Vera Therapeutics Inc. | 0.61% | 144,810 | $7.3M | New |
| SITM Sitime Corp. | 0.59% | 20,178 | $7.1M | New |
| ARGX Argenx SE - ADR | 0.57% | 8,254 | $6.9M | No change |
| TERN Terns Pharmaceuticals Inc. | 0.55% | 165,781 | $6.7M | New |
| IDYA Ideaya Biosciences Inc. | 0.55% | 192,413 | $6.7M | New |
| NVMI Nova Ltd. | 0.54% | 19,818 | $6.5M | Add +6.4% |
| SBCF Seacoast Banking Corp. | 0.54% | 206,247 | $6.5M | Add +6.0% |
| JPM JPMorgan Chase & Co. | 0.53% | 19,967 | $6.4M | No change |
| CVX Chevron Corp. | 0.50% | 40,000 | $6.1M | No change |
| ROIV Roivant Sciences Ltd. | 0.50% | 279,856 | $6.1M | Add +13.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.50% | 38,947 | $6.0M | No change |
| CYBR Cyberark Software Ltd./Israel | 0.49% | 13,329 | $5.9M | No change |
| POWL Powell Industries Inc. | 0.49% | 18,506 | $5.9M | Add +6.0% |
| CR Crane Co. | 0.47% | 30,997 | $5.7M | Add +6.2% |
| IWO iShares Russell 2000 Growth | 0.46% | 17,261 | $5.6M | New |
| SNPS Synopsys Inc. | 0.46% | 11,845 | $5.6M | Add +1.3% |
| SPOT Spotify Technology SA | 0.45% | 9,316 | $5.4M | Add +3.5% |
| TDG Transdigm Group Inc. | 0.45% | 4,068 | $5.4M | No change |
| COGT Cogent Biosciences Inc. | 0.44% | 151,066 | $5.4M | New |
| PATK Patrick Industries Inc. | 0.43% | 47,965 | $5.2M | New |
| KLAC KLA Corp. | 0.42% | 4,160 | $5.1M | Add +4.7% |
| UEC Uranium Energy Corp. | 0.42% | 432,292 | $5.0M | Add +6.6% |
| LEU Centrus Energy Corp. Class A | 0.41% | 20,433 | $5.0M | Reduce -32.5% |
| JOBY Joby Aviation Inc. | 0.41% | 372,129 | $4.9M | Add +15.5% |
| RCUS Arcus Biosciences Inc. | 0.40% | 204,338 | $4.9M | New |
| ORA Ormat Technologies Inc. | 0.40% | 43,767 | $4.8M | New |
| SMTC Semtech Corp. | 0.39% | 64,399 | $4.7M | New |
| WWW Wolverine World Wide Inc. | 0.39% | 258,067 | $4.7M | Reduce -0.6% |
| C Citigroup Inc. | 0.39% | 40,000 | $4.7M | No change |
| EXE Expand Energy Corp. | 0.39% | 42,243 | $4.7M | No change |
| CWK Cushman & Wakefield Ltd. | 0.38% | 286,254 | $4.6M | New |
| ZETA Zeta Global Holdings Corp. Class A | 0.38% | 224,867 | $4.6M | Add +4.0% |
| CYTK Cytokinetics Inc. | 0.37% | 70,240 | $4.5M | Add +13.1% |
| SNOW Snowflake Inc. | 0.37% | 20,249 | $4.4M | Add +1.7% |
| NTRA Natera Inc. | 0.37% | 19,353 | $4.4M | Reduce -43.7% |
| RKT Rocket Cos Inc. Class A | 0.37% | 227,872 | $4.4M | Add +37.0% |
| RMBS Rambus Inc. | 0.36% | 47,803 | $4.4M | Add +187.4% |
| KYMR Kymera Therapeutics Inc. | 0.36% | 55,788 | $4.3M | Add +6.0% |
Other holdings (28): bonds, preferreds, convertibles and warrants · $150.5M (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 | $16.4M | No change |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 8,495,000 | $10.5M | Add +15.7% |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 6,700,000 | $10.3M | No change |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 4,955,000 | $9.1M | No change |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 6,035,000 | $8.5M | No change |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 5,220,000 | $8.1M | No change |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 6,090,000 | $7.9M | Reduce -25.6% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 7,050,000 | $7.7M | New |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 5,690,000 | $7.2M | No change |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,275,000 | $5.8M | No change |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 2,250,000 | $5.8M | Reduce -25.0% |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | 5,100,000 | $5.6M | New |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 5,900,000 | $5.5M | New |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 5,150,000 | $4.9M | Reduce -5.5% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 3,950,000 | $4.7M | Add +27.4% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 3,165,000 | $4.7M | No change |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | 3,250,000 | $4.6M | No change |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 3,000,000 | $4.4M | No change |
| 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 | No change |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 3,000,000 | $3.0M | Reduce -25.0% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 2,750,000 | $3.0M | No change |
| BOX INC (BOX 1.5 09/15/29) | NOTE 1.500% 9/1 · principal | 2,500,000 | $2.4M | No change |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 1,900,000 | $1.7M | No change |
| CENTRUS ENERGY CORP (LEU 2.25 11/01/30) | NOTE 2.250%11/0 · principal | 540,000 | $1.4M | New |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | 143,250 | $99K | Reduce -27.1% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG · principal | 50,860 | $30K | No change |
| 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: $1.4B.
Portfolio Sells Q3 2025 → Q4 2025
| REVG Rev Group Inc. | Reduce -88.1% | 0.25% | −1.80 |
| RSI Rush Street Interactive Inc. | Reduce -57.9% | 0.93% | −1.54 |
| KTOS Kratos Defense & Security | Reduce -5.4% | 2.46% | −0.86 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.77 |
| MC Moelis & Co. Class A | Sold out | 0.00% | −0.74 |
| METC Ramaco Resources Inc. Class A | Sold out | 0.00% | −0.71 |
| ARES Ares Management Corp. Class A | Reduce -64.7% | 0.34% | −0.67 |
| CVLT Commvault Systems Inc. | Sold out | 0.00% | −0.63 |
| AXON Axon Enterprise Inc. | Sold out | 0.00% | −0.62 |
| ROAD Construction Partners Inc. Class A | Reduce -25.8% | 0.84% | −0.56 |
| VRNS Varonis Systems Inc. | Sold out | 0.00% | −0.54 |
| GTES Gates Industrial Corp. UK Ltd. | Sold out | 0.00% | −0.53 |
| CLH Clean Harbors Inc. | Sold out | 0.00% | −0.52 |
| MRUS Merus NV | Sold out | 0.00% | −0.51 |
| WIX Wix.com Ltd. | Sold out | 0.00% | −0.43 |
| FLS Flowserve Corp. | Sold out | 0.00% | −0.43 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −0.42 |
| LEU Centrus Energy Corp. Class A | Reduce -32.5% | 0.41% | −0.41 |
| HROW Harrow Inc. | Sold out | 0.00% | −0.40 |
| IWM iShares Russell 2000 ETF | Reduce -77.6% | 0.10% | −0.38 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.36 |
| ISRG Intuitive Surgical Inc. | Reduce -87.3% | 0.06% | −0.35 |
| MGY Magnolia Oil & Gas Corp. Class A | Sold out | 0.00% | −0.35 |
| DSGX The Descartes Systems Grp | Sold out | 0.00% | −0.33 |
| CAKE The Cheesecake Factory Inc. | Sold out | 0.00% | −0.33 |
| WAL Western Alliance Bancorp | Reduce -22.6% | 0.75% | −0.31 |
| ALAB Astera Labs Inc. | Reduce -16.5% | 0.62% | −0.31 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −0.30 |
| PLMR Palomar Holdings Inc. | Sold out | 0.00% | −0.29 |
| ONON On Holding AG Class A | Sold out | 0.00% | −0.27 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −0.26 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −0.25 |
| KVYO Klaviyo Inc. Class A | Sold out | 0.00% | −0.25 |
| CWST Casella Waste Systems Inc. Class A | Sold out | 0.00% | −0.25 |
| FOUR SHIFT4 Payments Inc. Class A | Sold out | 0.00% | −0.25 |
| WWW Wolverine World Wide Inc. | Reduce -0.6% | 0.39% | −0.24 |
| ORIC Oric Pharmaceuticals Inc. | Sold out | 0.00% | −0.23 |
| BOOT Boot Barn Holdings Inc. | Reduce -26.5% | 0.64% | −0.23 |
| ZS Zscaler Inc. | Reduce -55.5% | 0.10% | −0.22 |
| APLD Applied Digital Corp. | Reduce -51.0% | 0.21% | −0.21 |
| OKLO Oklo Inc. | Reduce -46.9% | 0.10% | −0.21 |
| NCLH Norwegian Cruise Line Holdin | Reduce -5.4% | 0.85% | −0.20 |
| IRON Disc Medicine Inc. | Reduce -45.4% | 0.32% | −0.19 |
| MELI MercadoLibre Inc. | Reduce -64.5% | 0.08% | −0.19 |
| SKYW Skywest Inc. | Reduce -11.1% | 0.96% | −0.19 |
| STUB Stubhub Holdings Inc. Class A | Sold out | 0.00% | −0.17 |
| ESTC Elastic NV | Sold out | 0.00% | −0.17 |
| CORZ Core Scientific Inc. | Reduce -42.3% | 0.14% | −0.17 |
| NFG National Fuel Gas Co. | Reduce -60.8% | 0.08% | −0.17 |
| XYL Xylem Inc. | Reduce -79.6% | 0.04% | −0.17 |
Portfolio Buys Q3 2025 → Q4 2025
| SHOO Steven Madden Ltd. | New | 1.45% | +1.45 |
| ANF Abercrombie & Fitch Co. Class A | New | 1.36% | +1.36 |
| RVMD Revolution Medicines Inc. | Add +18.6% | 2.09% | +1.00 |
| CENX Century Aluminum Company | New | 0.94% | +0.94 |
| AXSM Axsome Therapeutics Inc. | Add +88.2% | 1.38% | +0.87 |
| WING Wingstop Inc. | Add +299.9% | 1.16% | +0.83 |
| ABVX Abivax SA-ADR | Add +327.6% | 0.93% | +0.78 |
| HAPN Happen Inc. | Add +144.7% | 1.11% | +0.73 |
| APGE Apogee Therapeutics Inc. | New | 0.71% | +0.71 |
| VERA Vera Therapeutics Inc. | New | 0.61% | +0.61 |
| SITM Sitime Corp. | New | 0.59% | +0.59 |
| BBIO Bridgebio Pharma Inc. | Add +4.8% | 1.80% | +0.57 |
| TERN Terns Pharmaceuticals Inc. | New | 0.55% | +0.55 |
| IDYA Ideaya Biosciences Inc. | New | 0.55% | +0.55 |
| TFII Tfi International Inc. | Add +178.9% | 0.74% | +0.50 |
| XENE Xenon Pharmaceuticals Inc. | Add +104.0% | 0.90% | +0.48 |
| IWO iShares Russell 2000 Growth | New | 0.46% | +0.46 |
| COGT Cogent Biosciences Inc. | New | 0.44% | +0.44 |
| MTSI Macom Technology Solutions H | Add +46.9% | 0.92% | +0.44 |
| PATK Patrick Industries Inc. | New | 0.43% | +0.43 |
| SPHR Sphere Entertainment Co. | Add +34.6% | 0.86% | +0.42 |
| RCUS Arcus Biosciences Inc. | New | 0.40% | +0.40 |
| ORA Ormat Technologies Inc. | New | 0.40% | +0.40 |
| NUVL Nuvalent Inc. Class A | Add +29.2% | 1.34% | +0.39 |
| SMTC Semtech Corp. | New | 0.39% | +0.39 |
| CWK Cushman & Wakefield Ltd. | New | 0.38% | +0.38 |
| GH Guardant Health Inc. | Add +17.1% | 0.83% | +0.37 |
| RKLB Rocket Lab Corp. | Add +5.0% | 1.07% | +0.33 |
| ONTO Onto Innovation Inc. | New | 0.31% | +0.31 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 0.31% | +0.31 |
| SANM Sanmina Corp. | New | 0.30% | +0.30 |
| JBTM JBT Marel Corp. | New | 0.30% | +0.30 |
| GTLS Chart Industries Inc. | New | 0.29% | +0.29 |
| PL Planet Labs PBC | Add +5.4% | 0.69% | +0.23 |
| RMBS Rambus Inc. | Add +187.4% | 0.36% | +0.21 |
| RL Ralph Lauren Corp. | Add +238.2% | 0.29% | +0.21 |
| FN Fabrinet | Add +6.2% | 1.04% | +0.21 |
| QXO Qxo Inc. | New | 0.21% | +0.21 |
| WULF Terawulf Inc. | New | 0.21% | +0.21 |
| WMB Williams Cos Inc. | Add +61.5% | 0.61% | +0.19 |
| VIAV Viavi Solutions Inc. | New | 0.18% | +0.18 |
| NAMS Newamsterdam Pharma Co. NV | Add +20.2% | 0.62% | +0.18 |
| ROIV Roivant Sciences Ltd. | Add +13.9% | 0.50% | +0.18 |
| VRDN Viridian Therapeutics Inc. | New | 0.17% | +0.17 |
| FULC Fulcrum Therapeutics Inc. | New | 0.17% | +0.17 |
| FTAI Ftai Aviation Ltd. | Add +6.4% | 1.01% | +0.16 |
| GHM Graham Corp. | New | 0.16% | +0.16 |
| UTHR United Therapeutics Corp. | Add +478.5% | 0.18% | +0.15 |
| WYNN WYNN Resorts Ltd. | Add +288.6% | 0.20% | +0.14 |
| TSM Taiwan Semiconductor-SP ADR | Add +14.5% | 0.95% | +0.14 |
Notes & Other Activity Q3 2025 → Q4 2025
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Add +15.7% | 8,495,000 | $10.5M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -25.6% | 6,090,000 | $7.9M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | New | 7,050,000 | $7.7M |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | Reduce -25.0% | 2,250,000 | $5.8M |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | New | 5,100,000 | $5.6M |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | New | 5,900,000 | $5.5M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Sold out | 4,225,000 | $5.3Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Reduce -5.5% | 5,150,000 | $4.9M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Sold out | 3,000,000 | $4.8Mbefore exit |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +27.4% | 3,950,000 | $4.7M |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | Sold out | 4,285,000 | $3.8Mbefore exit |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -25.0% | 3,000,000 | $3.0M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | Sold out | 2,000,000 | $2.3Mbefore exit |
| CENTRUS ENERGY CORP (LEU 2.25 11/01/30) | NOTE 2.250%11/0 · principal | New | 540,000 | $1.4M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Sold out | 200,000 | $200Kbefore exit |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | Reduce -27.1% | 143,250 | $99K |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B · principal | Sold out | 49,000 | $35Kbefore 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 | 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 |