Ontario Teachers Pension Plan Board

Name: ONTARIO TEACHERS PENSION PLAN BOARD 13F holdings, Q1 2025
Creator: ONTARIO TEACHERS PENSION PLAN BOARD
Published: 2026-02-13

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed February 13, 2026), Ontario Teachers Pension Plan Board reported 394 stock positions worth $6.3 billion. Its top holding was GFL Environmental Inc.-Sub VT (GFL) at 20.1% of the portfolio, followed by Microsoft (MSFT, 7.6%) and Walmart (WMT, 5.8%). Compared with Q4 2024, it opened 54 new positions, sold out of 61, added to 216 and reduced 114. The biggest buy was Walmart (WMT, shares +28685%) and the biggest sale Chubb (CB, shares −100%).

Most Recent 13F: Q2 2026
Location: Toronto, A6
CIK: 0000937567
Portfolio Value: $6.3B (Q1 2025)
SEC Filing: 0001999371-26-003349 ↗ filed Feb 13, 2026

Holdings Value

Holdings 394 stocks · $6.3B


GFL GFL Environmental Inc.-Sub VT	20.12%	26,441,513	$1.3B	Reduce -25.2%
MSFT Microsoft Corp.	7.55%	1,277,508	$479.6M	Reduce -11.9%
WMT Walmart Inc.	5.85%	4,229,354	$371.3M	Add +28684.8%
T AT&T Inc.	5.33%	11,959,440	$338.2M	Add +30527.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP	5.25%	7,993,266	$333.6M	Reduce -7.4%
BDX Becton Dickinson and Co.	5.23%	1,448,293	$331.7M	Reduce -8.2%
HON Honeywell International Inc.	4.79%	1,436,519	$304.2M	Add +4.8%
CRM Salesforce Inc.	4.26%	1,007,088	$270.3M	Add +17.7%
DE Deere & Co.	4.03%	544,528	$255.6M	Reduce -15.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO	3.79%	2,436,181	$240.5M	Add +3.3%
LLY Eli Lilly & Co.	3.55%	272,741	$225.3M	Reduce -12.0%
SBUX Starbucks Corp.	3.47%	2,246,230	$220.3M	Reduce -9.9%
HUM Humana Inc.	2.78%	666,684	$176.4M	Add +8.6%
SNOW Snowflake Inc.	2.62%	1,138,056	$166.3M	Add +19.1%
XYZ Block Inc.	2.52%	2,946,511	$160.1M	New
PYPL PayPal Holdings Inc.	2.52%	2,453,258	$160.1M	Add +8.2%
PINS Pinterest Inc. Class A	2.35%	4,801,972	$148.9M	Add +0.6%
VSAT Viasat Inc.	0.79%	4,795,334	$50.0M	Reduce -43.9%
COOK Traeger Inc.	0.65%	24,693,075	$41.5M	No change
TD Toronto-Dominion Bank	0.57%	605,560	$36.3M	New
GE General Electric filed as GE AEROSPACE	0.56%	176,411	$35.3M	New
SAND Sandstorm Gold Ltd.	0.53%	4,497,638	$34.0M	Reduce -33.4%
SA Seabridge Gold Inc.	0.25%	1,344,887	$15.7M	Add +36.6%
LOGI Logitech International-Reg	0.22%	169,132	$14.1M	Reduce -4.4%
CFG Citizens Financial Group	0.19%	295,954	$12.1M	Add +1487.3%
PNC PNC Financial Services Group	0.17%	61,307	$10.8M	New
SU Suncor Energy Inc.	0.17%	272,772	$10.6M	Add +18.5%
WFC Wells Fargo & Co.	0.13%	114,105	$8.2M	New
CVE Cenovus Energy Inc.	0.11%	497,763	$6.9M	Reduce -12.5%
WPC WP Carey Inc.	0.10%	102,798	$6.5M	Add +82.3%
TTC Toro Co.	0.10%	88,418	$6.4M	Add +188.3%
BMY Bristol-Myers Squibb Co.	0.10%	101,816	$6.2M	Add +49.0%
HST Host Hotels & Resorts Inc.	0.10%	432,030	$6.1M	Add +77.7%
LAMR Lamar Advertising Co. Class A	0.10%	53,941	$6.1M	Add +62.6%
MGA Magna International Inc.	0.09%	162,712	$5.5M	Add +228.2%
EXEL Exelixis Inc.	0.09%	148,726	$5.5M	Add +212.8%
SR Spire Inc.	0.08%	67,089	$5.2M	Reduce -1.0%
SWX Southwest Gas Holdings Inc.	0.08%	70,496	$5.1M	Add +9.0%
EIX Edison International	0.08%	85,883	$5.1M	Add +64.6%
CBT Cabot Corp.	0.08%	60,712	$5.0M	Add +180.8%
NSA National Storage Affiliates	0.08%	122,704	$4.8M	Add +16.7%
CPT Camden Property Trust	0.08%	39,525	$4.8M	Add +95.1%
KGC Kinross Gold Corp.	0.07%	359,976	$4.5M	Add +30.6%
WPM Wheaton Precious Metals Corp.	0.07%	56,291	$4.4M	Add +161.4%
MEDP Medpace Holdings Inc.	0.07%	14,208	$4.3M	Add +86.5%
CNQ Canadian Natural Resources	0.07%	139,461	$4.3M	Reduce -51.2%
EOG EOG Resources Inc.	0.07%	33,278	$4.3M	Reduce -2.0%
MAA Mid-America Apartment Comm	0.07%	25,375	$4.3M	Add +4.6%
DTE DTE Energy Company	0.07%	30,749	$4.3M	Add +309.9%
LOPE Grand Canyon Education Inc.	0.07%	24,336	$4.2M	Add +95.9%
CRUS Cirrus Logic Inc.	0.07%	42,195	$4.2M	Add +45.3%
RS Reliance Inc.	0.07%	14,458	$4.2M	Add +69.2%
INCY Incyte Corp.	0.07%	68,915	$4.2M	Add +429.5%
CNI Canadian Natl Railway Co.	0.06%	41,537	$4.0M	Add +25.1%
MSM MSC Industrial Direct Co. Class A	0.06%	50,361	$3.9M	Add +53.6%
JBHT Hunt (jb) Transprt SVCS Inc.	0.06%	26,344	$3.9M	Add +129.0%
HOLX Hologic Inc.	0.06%	62,877	$3.9M	Add +63.9%
CL Colgate-Palmolive Co.	0.06%	41,208	$3.9M	Add +87.1%
EME Emcor Group Inc.	0.06%	10,444	$3.9M	Add +30.9%
AGCO Agco Corp.	0.06%	41,594	$3.9M	Add +2.4%
ODFL Old Dominion Freight Line	0.06%	23,179	$3.8M	Add +16.3%
FTV Fortive Corp.	0.06%	51,916	$3.8M	Add +86.9%
NFG National Fuel Gas Co.	0.06%	47,659	$3.8M	Reduce -35.2%
MFC Manulife Financial Corp.	0.06%	120,830	$3.8M	Reduce -4.4%
PSA Public Storage	0.06%	12,576	$3.8M	Add +56.9%
UHS Universal Health Services-B	0.06%	19,708	$3.7M	Add +48.7%
CHE Chemed Corp.	0.06%	5,992	$3.7M	Add +258.4%
DD Dupont DE Nemours Inc.	0.06%	49,149	$3.7M	Add +65.3%
QCOM Qualcomm Inc.	0.06%	23,800	$3.7M	Add +111.8%
INGR Ingredion Inc.	0.06%	25,879	$3.5M	Add +62.5%
RGLD Royal Gold Inc.	0.05%	20,597	$3.4M	Add +24.8%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC	0.05%	43,072	$3.4M	Add +132.8%
AEM Agnico Eagle Mines Ltd.	0.05%	31,020	$3.4M	Add +81.6%
COLM Columbia Sportswear Co.	0.05%	44,363	$3.4M	Add +51.0%
NSP Insperity Inc.	0.05%	36,717	$3.3M	New
AMGN Amgen Inc.	0.05%	10,355	$3.2M	Add +194.3%
HRB H&R Block Inc. filed as BLOCK H & R INC	0.05%	58,536	$3.2M	Add +139.3%
MUSA Murphy USA Inc.	0.05%	6,810	$3.2M	Add +37.6%
EMN Eastman Chemical Co.	0.05%	36,017	$3.2M	Add +5.8%
GILD Gilead Sciences Inc.	0.05%	28,130	$3.2M	Reduce -24.1%
NEU Newmarket Corp.	0.05%	5,557	$3.1M	Reduce -12.6%
CI The Cigna Group	0.05%	9,451	$3.1M	Add +87.2%
JAZZ Jazz Pharmaceuticals PLC	0.05%	24,944	$3.1M	Add +95.8%
CDP Copt Defense Properties	0.05%	113,307	$3.1M	Add +881.4%
BKH Black Hills Corp.	0.05%	50,845	$3.1M	Add +18.6%
VLO Valero Energy Corp.	0.05%	23,187	$3.1M	Add +47.0%
CMC Commercial Metals Co.	0.05%	65,013	$3.0M	Add +184.8%
EMR Emerson Electric Co.	0.05%	27,181	$3.0M	Add +122.5%
IMO Imperial Oil Ltd.	0.05%	40,262	$2.9M	Add +60.4%
TXRH Texas Roadhouse Inc.	0.04%	16,978	$2.8M	Add +72.2%
AME Ametek Inc.	0.04%	16,346	$2.8M	Add +27.8%
AYI Acuity Inc.	0.04%	10,632	$2.8M	Reduce -16.9%
UGI Ugi Corp.	0.04%	83,936	$2.8M	Reduce -3.3%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC	0.04%	82,617	$2.7M	New
HCA HCA Healthcare Inc.	0.04%	7,899	$2.7M	Add +6.9%
CVX Chevron Corp.	0.04%	16,181	$2.7M	Add +48.1%
POOL Pool Corp.	0.04%	8,494	$2.7M	Add +127.0%
ORLY O'reilly Automotive Inc.	0.04%	1,861	$2.7M	Add +36.9%
ELS Equity Lifestyle Properties	0.04%	39,308	$2.6M	Add +2.4%
VRSK Verisk Analytics Inc.	0.04%	8,801	$2.6M	Add +23.3%
CMI Cummins Inc.	0.04%	8,290	$2.6M	Reduce -10.6%
GLPI Gaming and Leisure Propertie	0.04%	50,818	$2.6M	Add +146.6%
OHI Omega Healthcare Investors	0.04%	67,919	$2.6M	Add +73.2%
HSIC Henry Schein Inc.	0.04%	37,543	$2.6M	Add +797.9%
AEP American Electric Power	0.04%	23,505	$2.6M	Add +81.7%
EXPE Expedia Group Inc.	0.04%	15,120	$2.5M	Add +102.4%
SAM Boston Beer Company Inc. Class A	0.04%	10,621	$2.5M	Add +125.6%
TRI Thomson Reuters Corp.	0.04%	14,669	$2.5M	Reduce -9.7%
EXPO Exponent Inc.	0.04%	31,096	$2.5M	Add +1.2%
FNV Franco-Nevada Corp.	0.04%	15,981	$2.5M	New
SLF Sun Life Financial Inc.	0.04%	43,314	$2.5M	Add +12.2%
BKNG Booking Holdings Inc.	0.04%	529	$2.4M	Add +37.4%
EVRG Evergy Inc.	0.04%	35,321	$2.4M	Reduce -16.8%
ETR Entergy Corp.	0.04%	28,462	$2.4M	Add +463.1%
GIS General Mills Inc.	0.04%	40,420	$2.4M	Add +11.5%
MUR Murphy Oil Corp.	0.04%	84,755	$2.4M	Add +27.4%
WEC WEC Energy Group Inc.	0.04%	22,046	$2.4M	Reduce -36.3%
KMB Kimberly-Clark Corp.	0.04%	16,892	$2.4M	Reduce -35.5%
LULU Lululemon Athletica Inc.	0.04%	8,330	$2.4M	Add +82.3%
MAS Masco Corp.	0.04%	33,772	$2.3M	Reduce -0.2%
EA Electronic Arts Inc.	0.04%	15,895	$2.3M	Reduce -24.1%
ATR Aptargroup Inc.	0.04%	15,445	$2.3M	Reduce -17.6%
CUZ Cousins Properties Inc.	0.04%	76,570	$2.3M	Add +57.9%
VEEV Veeva Systems Inc. Class A	0.04%	9,664	$2.2M	Add +5.5%
CTVA Corteva Inc.	0.04%	35,325	$2.2M	Reduce -30.3%
EHC Encompass Health Corp.	0.04%	21,914	$2.2M	Add +19.8%
VC Visteon Corp.	0.04%	28,586	$2.2M	New
ST Sensata Technologies Holdplc	0.03%	90,967	$2.2M	Add +7.2%
DOO BRP Inc./Ca- Sub Voting	0.03%	64,941	$2.2M	Add +31.2%
DASH DoorDash Inc. Class A	0.03%	11,754	$2.1M	Add +83.8%
CMS CMS Energy Corp.	0.03%	28,427	$2.1M	Add +12.5%
GIB Cgi Inc.	0.03%	21,152	$2.1M	Reduce -13.2%
WFG West Fraser Timber Co. Ltd.	0.03%	27,429	$2.1M	New
CSX CSX Corp.	0.03%	71,211	$2.1M	Add +160.3%
DVA Davita Inc.	0.03%	13,467	$2.1M	Reduce -22.5%
WSO Watsco Inc.	0.03%	3,948	$2.0M	Add +45.8%
MTG Mgic Investment Corp.	0.03%	80,673	$2.0M	Add +15.3%
UFPI Ufp Industries Inc.	0.03%	18,640	$2.0M	Reduce -10.2%
G Genpact Ltd.	0.03%	39,347	$2.0M	Add +22.2%
DLB Dolby Laboratories Inc. Class A	0.03%	24,567	$2.0M	Add +260.9%
MMS Maximus Inc.	0.03%	28,781	$2.0M	Reduce -28.6%
EXLS Exlservice Holdings Inc.	0.03%	40,620	$1.9M	Add +3.6%
TPL Texas Pacific Land Corp.	0.03%	1,437	$1.9M	New
LSTR Landstar System Inc.	0.03%	12,511	$1.9M	Reduce -23.2%
SO The Southern Co.	0.03%	20,414	$1.9M	New
CUBE Cubesmart	0.03%	43,663	$1.9M	New
AER Aercap Holdings NV	0.03%	18,194	$1.9M	Add +91.2%
BLDR Builders Firstsource Inc.	0.03%	14,826	$1.9M	Add +12.7%
AFL Aflac Inc.	0.03%	16,508	$1.8M	Add +187.1%
PG The Procter & Gamble Co.	0.03%	10,745	$1.8M	Add +34.1%
KEX Kirby Corp.	0.03%	18,116	$1.8M	Add +19.0%
LOW Lowe's Cos Inc.	0.03%	7,828	$1.8M	Reduce -99.4%
AVT Avnet Inc.	0.03%	37,779	$1.8M	Add +144.8%
COST Costco Wholesale Corp.	0.03%	1,904	$1.8M	Reduce -15.2%
TU Telus Corp.	0.03%	124,801	$1.8M	Reduce -8.5%
FFIV F5 Inc.	0.03%	6,670	$1.8M	Add +71.0%
CSCO Cisco Systems Inc.	0.03%	28,652	$1.8M	Add +94.3%
ALV Autoliv Inc.	0.03%	19,962	$1.8M	Reduce -12.5%
EXR Extra Space Storage Inc.	0.03%	11,704	$1.7M	Add +632.9%
LNTH Lantheus Holdings Inc.	0.03%	17,759	$1.7M	New
P Everpure Inc. Class A filed as PURE STORAGE INC	0.03%	39,134	$1.7M	Add +96.3%
QRVO Qorvo Inc.	0.03%	23,875	$1.7M	Add +2.4%
CTAS Cintas Corp.	0.03%	8,400	$1.7M	Reduce -51.1%
A Agilent Technologies Inc.	0.03%	14,728	$1.7M	Add +427.1%
DBX Dropbox Inc. Class A	0.03%	64,390	$1.7M	Add +29.8%
ARW Arrow Electronics Inc.	0.03%	16,494	$1.7M	Add +96.2%
GGG Graco Inc.	0.03%	20,423	$1.7M	Add +26.6%
NBIX Neurocrine Biosciences Inc.	0.03%	15,379	$1.7M	New
CHTR Charter Communications Inc. Class A	0.03%	4,601	$1.7M	Add +82.2%
SLAB Silicon Laboratories Inc.	0.03%	15,042	$1.7M	Add +3.1%
CHD Church & Dwight Co. Inc.	0.03%	15,297	$1.7M	Add +6.8%
LPX Louisiana-Pacific Corp.	0.03%	18,287	$1.7M	Add +111.3%
CROX Crocs Inc.	0.03%	15,800	$1.7M	Add +48.8%
UPS United Parcel Service Class B	0.03%	15,177	$1.7M	Add +71.9%
ADBE Adobe Inc.	0.03%	4,333	$1.7M	Add +399.8%
TRP TC Energy Corp.	0.03%	35,077	$1.7M	Add +60.2%
MRK Merck & Co. Inc.	0.03%	18,405	$1.7M	Reduce -31.1%
WTS Watts Water Technologies-A	0.03%	8,075	$1.6M	Add +13.7%
TFII Tfi International Inc.	0.03%	21,153	$1.6M	Add +33.1%
TGT Target Corp.	0.03%	15,257	$1.6M	New
MTCH Match Group Inc.	0.03%	50,818	$1.6M	Add +119.5%
ZTS Zoetis Inc.	0.02%	9,421	$1.6M	Add +124.2%
CMG Chipotle Mexican Grill Inc.	0.02%	30,814	$1.5M	Add +173.6%
HD Home Depot Inc.	0.02%	4,221	$1.5M	Add +35.4%
COKE Coca-Cola Consolidated Inc.	0.02%	1,142	$1.5M	Reduce -24.9%
SLGN Silgan Holdings Inc.	0.02%	29,931	$1.5M	Add +1.1%
OTEX Open Text Corp.	0.02%	60,287	$1.5M	Add +25.0%
MOS The Mosaic Co.	0.02%	56,108	$1.5M	Add +32.3%
UNP Union Pacific Corp.	0.02%	6,372	$1.5M	Add +119.6%
CBSH Commerce Bancshares Inc.	0.02%	24,159	$1.5M	Add +271.9%
AIZ Assurant Inc.	0.02%	7,162	$1.5M	Add +45.4%
FIX Comfort Systems USA Inc.	0.02%	4,652	$1.5M	Reduce -2.6%
BIIB Biogen Inc.	0.02%	10,849	$1.5M	New
WCC Wesco International Inc.	0.02%	9,557	$1.5M	New
DOC Healthpeak Properties Inc.	0.02%	73,204	$1.5M	New
GHC Graham Holdings Co. Class B	0.02%	1,531	$1.5M	Add +207.4%
SWKS Skyworks Solutions Inc.	0.02%	22,714	$1.5M	Add +109.2%
EQH Equitable Holdings Inc.	0.02%	28,070	$1.5M	Add +84.0%
GEN Gen Digital Inc.	0.02%	54,568	$1.4M	Add +4.9%
VMI Valmont Industries	0.02%	5,058	$1.4M	Add +130.5%
NTNX Nutanix Inc. Class A	0.02%	20,601	$1.4M	New
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC	0.02%	12,551	$1.4M	Reduce -18.3%
SAIC Science Applications Inte	0.02%	12,599	$1.4M	New
QLYS Qualys Inc.	0.02%	11,226	$1.4M	Add +56.5%
RPM RPM International Inc.	0.02%	12,063	$1.4M	Add +139.3%
FHI Federated Hermes Inc.	0.02%	33,937	$1.4M	Reduce -0.6%
NUE Nucor Corp.	0.02%	11,319	$1.4M	Add +4.1%
ABBV Abbvie Inc.	0.02%	6,468	$1.4M	Reduce -24.4%
HUBS HubSpot Inc.	0.02%	2,366	$1.4M	Add +109.9%
HIG Hartford Insurance Group Inc.	0.02%	10,899	$1.3M	Add +3.8%
NXST Nexstar Media Group Inc.	0.02%	7,472	$1.3M	Add +6.0%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL	0.02%	18,646	$1.3M	Add +28.7%
DUOL Duolingo	0.02%	4,221	$1.3M	Add +55.2%
VST Vistra Corp.	0.02%	11,143	$1.3M	Reduce -41.4%
USFD US Foods Holding Corp.	0.02%	19,944	$1.3M	Add +161.2%
RBLX Roblox Corp. Class A	0.02%	22,361	$1.3M	Add +3.1%
URI United Rentals Inc.	0.02%	2,079	$1.3M	Reduce -27.6%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA	0.02%	16,719	$1.3M	Reduce -53.3%
AZTA Azenta Inc.	0.02%	36,947	$1.3M	Add +499.9%
TGNA Tegna Inc.	0.02%	70,168	$1.3M	Reduce -15.6%
MDT Medtronic PLC	0.02%	14,100	$1.3M	Reduce -1.2%
WM Waste Management Inc.	0.02%	5,451	$1.3M	Reduce -41.8%
SOLV Solventum Corp.	0.02%	16,413	$1.2M	Reduce -42.0%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC	0.02%	6,774	$1.2M	Add +26.6%
AM Antero Midstream Corp.	0.02%	68,385	$1.2M	Add +176.9%
SEIC Sei Investments Company	0.02%	15,697	$1.2M	Add +75.3%
ROL Rollins Inc.	0.02%	22,416	$1.2M	Add +18.8%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.02%	13,180	$1.2M	Add +31.8%
STT State Street Corp.	0.02%	13,481	$1.2M	Add +32.8%
WAB Wabtec Corp.	0.02%	6,645	$1.2M	No change
FLEX Flex Ltd.	0.02%	36,414	$1.2M	New
CRBG Corebridge Financial Inc.	0.02%	38,054	$1.2M	Add +30.8%
NRG NRG Energy Inc.	0.02%	12,558	$1.2M	New
PR Permian Resources Corp. Class A	0.02%	86,268	$1.2M	Reduce -46.7%
V Visa Inc. Class A	0.02%	3,409	$1.2M	Add +82.0%
ROK Rockwell Automation Inc.	0.02%	4,531	$1.2M	Add +422.0%
KEYS Keysight Technologies Inc.	0.02%	7,744	$1.2M	Add +478.3%
INTC Intel Corp.	0.02%	50,989	$1.2M	Add +14.0%
WSM Williams-Sonoma Inc.	0.02%	7,302	$1.2M	Add +22.4%
COP Conocophillips	0.02%	10,891	$1.1M	Reduce -62.1%
ENB Enbridge Inc.	0.02%	25,206	$1.1M	Add +79.8%
UTHR United Therapeutics Corp.	0.02%	3,617	$1.1M	No change
XOM Exxon Mobil Corp.	0.02%	9,370	$1.1M	Add +76.4%
O Realty Income Corp.	0.02%	19,109	$1.1M	Add +326.4%
FHN First Horizon Corp.	0.02%	56,451	$1.1M	Add +65.7%
ZM Zoom Communications Inc.	0.02%	14,743	$1.1M	Add +62.5%
SPG Simon Property Group Inc.	0.02%	6,477	$1.1M	Reduce -42.7%
MDU Mdu Resources Group Inc.	0.02%	63,432	$1.1M	Reduce -57.1%
ESS Essex Property Trust Inc.	0.02%	3,497	$1.1M	Reduce -25.3%
LDOS Leidos Holdings Inc.	0.02%	7,892	$1.1M	Add +141.4%
TEL Te Connectivity PLC	0.02%	7,426	$1.0M	Add +75.3%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.02%	12,504	$1.0M	Add +1.1%
VRT Vertiv Holdings Co. Class A	0.02%	14,491	$1.0M	Add +9.7%
LEA Lear Corp.	0.02%	11,855	$1.0M	Add +160.7%
FFIN First Finl Bankshares Inc.	0.02%	28,725	$1.0M	Add +47.7%
ORI Old Republic Intl Corp.	0.02%	25,630	$1.0M	Add +58.0%
AAON Aaon Inc.	0.02%	12,754	$996K	Reduce -38.4%
CLX Clorox Company	0.02%	6,763	$996K	Add +74.6%
WING Wingstop Inc.	0.02%	4,413	$995K	Add +11.6%
CHRD Chord Energy Corp.	0.02%	8,632	$973K	Reduce -4.5%
VOYA Voya Financial Inc.	0.02%	14,237	$965K	Add +132.9%
ASH Ashland Inc.	0.01%	15,938	$945K	Reduce -33.7%
CTSH Cognizant Tech Solutions-A	0.01%	12,266	$938K	Add +67.5%
ECL Ecolab Inc.	0.01%	3,655	$927K	New
VZ Verizon Communications Inc.	0.01%	20,356	$923K	Reduce -6.2%
BAH Booz Allen Hamilton Holdings	0.01%	8,755	$916K	Reduce -12.9%
TDC Teradata Corp.	0.01%	40,528	$911K	Reduce -5.1%
WU Western Union Co.	0.01%	85,676	$906K	Add +16.3%
ACM Aecom	0.01%	9,769	$906K	Reduce -8.7%
MRVL Marvell Technology Inc.	0.01%	14,635	$901K	Add +277.9%
EFOR Everforth Inc. filed as ASGN INC	0.01%	14,272	$899K	No change
CCI Crown Castle Inc.	0.01%	8,615	$898K	Reduce -28.4%
NTAP Netapp Inc.	0.01%	10,120	$889K	Add +15.7%
NTRS Northern Trust Corp.	0.01%	8,923	$880K	Add +7.6%
AMAT Applied Materials Inc.	0.01%	6,040	$877K	Add +47.7%
AVY Avery Dennison Corp.	0.01%	4,868	$866K	Add +226.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.01%	6,900	$840K	No change
MAN Manpowergroup Inc.	0.01%	14,478	$838K	Add +239.7%
BLK BlackRock Inc.	0.01%	871	$824K	Add +6.3%
ERIE Erie Indemnity Company Class A	0.01%	1,967	$824K	Add +88.6%
ABNB Airbnb Inc. Class A	0.01%	6,836	$817K	Reduce -17.1%
TWLO Twilio Inc. Class A	0.01%	8,330	$816K	Reduce -47.0%
CRI Carter's Inc.	0.01%	19,835	$811K	Reduce -7.4%
ETSY Etsy Inc.	0.01%	16,993	$802K	Reduce -43.9%
UBSI United Bankshares Inc.	0.01%	22,305	$773K	Add +9.3%
HOMB Home Bancshares Inc.	0.01%	26,759	$756K	Add +265.9%
DCI Donaldson Co. Inc.	0.01%	11,225	$753K	Reduce -54.2%
ESNT Essent Group Ltd.	0.01%	12,996	$750K	New
MKTX Marketaxess Holdings Inc.	0.01%	3,448	$746K	Add +236.4%
HQY Healthequity Inc.	0.01%	8,428	$745K	New
MET Metlife Inc.	0.01%	9,272	$744K	New
IOT Samsara Inc. Class A	0.01%	19,121	$733K	Add +213.4%
CAR Avis Budget Group Inc.	0.01%	9,633	$731K	Reduce -2.4%
JPM JPMorgan Chase & Co.	0.01%	2,953	$724K	Add +35.7%
EBAY eBay Inc.	0.01%	10,680	$723K	New
SBAC SBA Communications Corp.	0.01%	3,283	$722K	Reduce -63.2%
AVB Avalonbay Communities Inc.	0.01%	3,338	$716K	Add +74.3%
SSD Simpson Manufacturing Co. Inc.	0.01%	4,545	$714K	Add +61.7%
FISV Fiserv Inc.	0.01%	3,209	$709K	Reduce -19.3%
XEL Xcel Energy Inc.	0.01%	9,999	$708K	Reduce -64.5%
PAG Penske Automotive Group Inc.	0.01%	4,840	$697K	New
PGNY Progyny Inc.	0.01%	30,983	$692K	Reduce -37.6%
DRI Darden Restaurants Inc.	0.01%	3,315	$689K	Add +36.5%
KRG Kite Realty Group Trust	0.01%	30,191	$675K	Reduce -28.1%
LECO Lincoln Electric Holdings	0.01%	3,517	$665K	New
BBY Best Buy Co. Inc.	0.01%	8,861	$652K	Reduce -12.7%
PATH Uipath Inc. Class A	0.01%	62,414	$643K	Reduce -43.1%
MTB M & T Bank Corp. filed as M & T BK CORP	0.01%	3,582	$640K	Add +12.4%
DKNG Draftkings Inc. Class A	0.01%	19,152	$636K	New
EXPD Expeditors Intl Wash Inc.	0.01%	5,271	$634K	Reduce -10.8%
AMP Ameriprise Financial Inc.	0.01%	1,307	$633K	Add +3.2%
R Ryder System Inc.	0.01%	4,378	$630K	Add +63.0%
PAYX Paychex Inc.	0.01%	4,055	$626K	Reduce -51.9%
CME Cme Group Inc.	0.01%	2,343	$622K	Add +20.8%
EWBC East West Bancorp Inc.	0.01%	6,808	$611K	Add +27.4%
MANH Manhattan Associates Inc.	0.01%	3,525	$610K	Add +168.9%
CNO Cno Financial Group Inc.	0.01%	14,568	$607K	New
CYTK Cytokinetics Inc.	0.01%	14,943	$601K	Add +38.9%
CRWD CrowdStrike Holdings Inc. Class A	0.01%	1,688	$595K	New
IPGP Ipg Photonics Corp.	0.01%	9,303	$587K	Add +36.3%
FND Floor & Decor Holdings Inc. Class A	0.01%	7,249	$583K	Add +105.9%
ARWR Arrowhead Pharmaceuticals Inc.	0.01%	45,769	$583K	New
ADP Automatic Data Processing	0.01%	1,870	$571K	No change
AKAM Akamai Technologies Inc.	0.01%	7,082	$570K	Reduce -10.2%
BG Bunge Global SA	0.01%	7,440	$569K	Reduce -6.1%
PWR Quanta Services Inc.	0.01%	2,203	$560K	Add +8.7%
PRU Prudential Financial Inc.	0.01%	4,986	$557K	Add +138.2%
NOW ServiceNow Inc.	0.01%	690	$549K	Add +27.1%
SCI Service Corp. International	0.01%	6,834	$548K	Reduce -16.1%
CIEN Ciena Corp.	0.01%	9,021	$545K	New
BIO Bio-Rad Laboratories-A	0.01%	2,217	$540K	Add +8.8%
SSNC Ss&c Technologies Holdings	0.01%	6,330	$529K	New
IP International Paper Co.	0.01%	9,896	$528K	Reduce -11.8%
USB US Bancorp	0.01%	12,393	$523K	Add +147.7%
MTDR Matador Resources Co.	0.01%	10,207	$521K	Reduce -37.0%
PTC PTC Inc.	0.01%	3,356	$520K	New
POWI Power Integrations Inc.	0.01%	10,068	$508K	Add +109.7%
OC Owens Corning	0.01%	3,518	$502K	Add +43.7%
DG Dollar General Corp.	0.01%	5,706	$502K	Reduce -16.8%
CE Celanese Corp.	0.01%	8,711	$495K	New
TKO Tko Group Holdings Inc.	0.01%	3,172	$485K	Add +77.1%
HPQ HP Inc.	0.01%	17,154	$475K	Reduce -31.3%
OZK Bank Ozk	0.01%	10,261	$446K	Reduce -8.7%
EW Edwards Lifesciences Corp.	0.01%	6,094	$442K	Reduce -69.0%
ORA Ormat Technologies Inc.	0.01%	6,191	$438K	Reduce -28.7%
CB Chubb Ltd.	0.01%	1,439	$435K	Reduce -99.9%
SNX TD Synnex Corp.	0.01%	4,081	$424K	No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.01%	6,409	$423K	New
FCNCA First Citizens Bcshs Class A	0.01%	226	$419K	Add +20.2%
MTD Mettler-Toledo International	0.01%	352	$416K	Reduce -70.1%
MPC Marathon Petroleum Corp.	0.01%	2,820	$411K	New
GDDY GoDaddy Inc. Class A	0.01%	2,276	$410K	Reduce -41.5%
NSC Norfolk Southern Corp.	0.01%	1,727	$409K	Reduce -2.4%
STAG Stag Industrial Inc.	0.01%	11,138	$402K	Reduce -70.0%
RSG Republic Services Inc.	0.01%	1,607	$389K	Reduce -14.6%
THG Hanover Insurance Group Inc./	0.01%	2,204	$383K	Reduce -21.1%
ALNY Alnylam Pharmaceuticals Inc.	0.01%	1,345	$363K	Reduce -13.1%
EPR Epr Properties filed as EPR PPTYS	0.01%	6,813	$358K	No change
FITB Fifth Third Bancorp	0.01%	9,037	$354K	No change
LKQ LKQ Corp.	0.01%	8,190	$348K	Add +25.8%
PFE Pfizer Inc.	0.01%	13,561	$344K	Reduce -78.3%
BCO The Brink's Co.	0.01%	3,923	$338K	New
GWW WW Grainger Inc. filed as GRAINGER W W INC	0.01%	342	$338K	Reduce -82.5%
TRGP Targa Resources Corp.	0.01%	1,672	$335K	Reduce -22.3%
ULTA Ulta Beauty Inc.	0.01%	872	$320K	Reduce -99.8%
SNPS Synopsys Inc.	0.00%	720	$309K	New
CIVI Civitas Resources Inc.	0.00%	8,786	$307K	New
SYF Synchrony Financial	0.00%	5,643	$299K	New
EFX Equifax Inc.	0.00%	1,226	$299K	New
IEX Idex Corp.	0.00%	1,647	$298K	Reduce -21.4%
SNAP Snap Inc. Class A	0.00%	34,049	$297K	Add +18.0%
FOXA Fox Corp. Class A	0.00%	5,163	$292K	New
UDR Udr Inc.	0.00%	6,320	$285K	New
RJF Raymond James Financial Inc.	0.00%	1,990	$276K	New
KHC The Kraft Heinz Co.	0.00%	8,914	$271K	Add +4.0%
MTZ Mastec Inc.	0.00%	2,293	$268K	New
ADNT Adient PLC	0.00%	20,180	$260K	Add +68.5%
DVN Devon Energy Corp.	0.00%	6,593	$247K	Reduce -77.1%
BYD Boyd Gaming Corp.	0.00%	3,646	$240K	New
BLKB Blackbaud Inc.	0.00%	3,766	$234K	New
DDOG Datadog Inc. Class A	0.00%	2,332	$231K	Reduce -41.6%
CFR Cullen/Frost Bankers Inc.	0.00%	1,841	$230K	New
FAST Fastenal Co.	0.00%	2,962	$230K	Reduce -49.6%
AMG Affiliated Managers Group	0.00%	1,353	$227K	Reduce -44.6%
EPAM Epam Systems Inc.	0.00%	1,322	$223K	Reduce -12.1%
VRSN Verisign Inc.	0.00%	861	$219K	New
DECK Deckers Outdoor Corp.	0.00%	1,922	$215K	New
TT Trane Technologies PLC	0.00%	636	$214K	Reduce -69.0%
RMBS Rambus Inc.	0.00%	4,135	$214K	Reduce -65.5%
GRAL Grail Inc.	0.00%	8,366	$214K	Reduce -78.4%
WDAY Workday Inc. Class A	0.00%	913	$213K	No change
HLT Hilton Worldwide Holdings Inc.	0.00%	925	$210K	Reduce -54.3%
DT Dynatrace Inc.	0.00%	4,455	$210K	Reduce -65.9%
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.00%	6,204	$202K	Reduce -58.4%

Other holdings (18): bonds, preferreds, convertibles and warrants · $159.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
PALO ALTO NETWORKS (PANW 0.375 06/01/25)	NOTE 0.375% 6/0 · principal	10,360,000	$35.5M	No change
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	20,000,000	$26.5M	No change
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	25,000,000	$24.4M	No change
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	16,000,000	$17.7M	No change
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27)	NOTE 1.500% 9/0 · principal	11,500,000	$11.6M	No change
SEA LTD (SEALTD 0.25 09/15/26)	NOTE 0.250% 9/1 · principal	10,000,000	$9.3M	No change
BLOCK INC (XYZ 0 05/01/26)	NOTE 5/0 · principal	7,000,000	$6.6M	No change
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	5,000,000	$5.9M	New
SNAP INC (SNAP 0 05/01/27)	NOTE 5/0 · principal	6,000,000	$5.3M	No change
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	4,000,000	$3.4M	No change
ALARM.COM HLDGS INC (ALRM 0 01/15/26)	NOTE 1/1 · principal	3,000,000	$2.9M	No change
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	2,500,000	$2.3M	No change
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	2,000,000	$1.9M	No change
HAEMONETICS CORP (HAE 0 03/01/26)	NOTE 3/0 · principal	2,000,000	$1.9M	No change
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26)	CONVERTIBLE BOND · principal	1,500,000	$1.4M	No change
TRIPADVISOR INC (TRIP 0.25 04/01/26)	NOTE 0.250% 4/0 · principal	1,237,000	$1.2M	No change
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	1,250,000	$989K	No change
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25)	NOTE 11/0 · principal	1,000,000	$970K	No change

Total filed on the 13F, all lines: $6.5B.

Portfolio Sells Q4 2024 → Q1 2025


CB Chubb Ltd.	Reduce -99.9%	0.01%	−5.47
CMCSA Comcast Corp. Class A	Sold out	0.00%	−4.71
LOW Lowe's Cos Inc.	Reduce -99.4%	0.03%	−4.25
ULTA Ulta Beauty Inc.	Reduce -99.8%	0.01%	−2.76
GFL GFL Environmental Inc.-Sub VT	Reduce -25.2%	20.12%	−1.77
MSFT Microsoft Corp.	Reduce -11.9%	7.55%	−0.94
AMZN Amazon.com Inc.	Sold out	0.00%	−0.47
AIOT Powerfleet Inc.	Sold out	0.00%	−0.40
NVDA Nvidia Corp.	Sold out	0.00%	−0.38
VSAT Viasat Inc.	Reduce -43.9%	0.79%	−0.22
CNQ Canadian Natural Resources	Reduce -51.2%	0.07%	−0.06
OGE Oge Energy Corp.	Sold out	0.00%	−0.05
FCN Fti Consulting Inc.	Sold out	0.00%	−0.03
PPG PPG Industries Inc.	Sold out	0.00%	−0.03
GEV GE Vernova Inc.	Sold out	0.00%	−0.02
GWW WW Grainger Inc.	Reduce -82.5%	0.01%	−0.02
BAC Bank of America Corp.	Reduce -7.4%	5.25%	−0.02
COP Conocophillips	Reduce -62.1%	0.02%	−0.02
IFF Intl Flavors & Fragrances	Reduce -53.3%	0.02%	−0.02
J Jacobs Solutions Inc.	Sold out	0.00%	−0.02
MDU Mdu Resources Group Inc.	Reduce -57.1%	0.02%	−0.02
ABT Abbott Laboratories	Sold out	0.00%	−0.02
AAON Aaon Inc.	Reduce -38.4%	0.02%	−0.02
PFE Pfizer Inc.	Reduce -78.3%	0.01%	−0.02
CTAS Cintas Corp.	Reduce -51.1%	0.03%	−0.02
VST Vistra Corp.	Reduce -41.4%	0.02%	−0.02
LRCX Lam Research Corp.	Sold out	0.00%	−0.02
XEL Xcel Energy Inc.	Reduce -64.5%	0.01%	−0.02
CINF Cincinnati Financial Corp.	Sold out	0.00%	−0.01
BNS Bank of Nova Scotia	Sold out	0.00%	−0.01
PII Polaris Inc.	Sold out	0.00%	−0.01
WERN Werner Enterprises Inc.	Sold out	0.00%	−0.01
SBAC SBA Communications Corp.	Reduce -63.2%	0.01%	−0.01
PR Permian Resources Corp. Class A	Reduce -46.7%	0.02%	−0.01
MTD Mettler-Toledo International	Reduce -70.1%	0.01%	−0.01
EW Edwards Lifesciences Corp.	Reduce -69.0%	0.01%	−0.01
CM Can Imperial BK of Commerce	Sold out	0.00%	−0.01
YUM Yum! Brands Inc.	Sold out	0.00%	−0.01
DCI Donaldson Co. Inc.	Reduce -54.2%	0.01%	−0.01
STAG Stag Industrial Inc.	Reduce -70.0%	0.01%	−0.01
MMS Maximus Inc.	Reduce -28.6%	0.03%	−0.01
FMC FMC Corp.	Sold out	0.00%	−0.01
MRK Merck & Co. Inc.	Reduce -31.1%	0.03%	−0.01
TWLO Twilio Inc. Class A	Reduce -47.0%	0.01%	−0.01
CVE Cenovus Energy Inc.	Reduce -12.5%	0.11%	−0.01
AAPL Apple Inc.	Sold out	0.00%	−0.01
SPG Simon Property Group Inc.	Reduce -42.7%	0.02%	−0.01
NNN NNN REIT Inc.	Sold out	0.00%	−0.01
KMB Kimberly-Clark Corp.	Reduce -35.5%	0.04%	−0.01
DOW Dow Inc.	Sold out	0.00%	−0.01

Portfolio Buys Q4 2024 → Q1 2025


WMT Walmart Inc.	Add +28684.8%	5.85%	+5.83
T AT&T Inc.	Add +30527.5%	5.33%	+5.32
XYZ Block Inc.	New	2.52%	+2.52
HUM Humana Inc.	Add +8.6%	2.78%	+0.61
TD Toronto-Dominion Bank	New	0.57%	+0.57
SNOW Snowflake Inc.	Add +19.1%	2.62%	+0.57
GE General Electric	New	0.56%	+0.56
HON Honeywell International Inc.	Add +4.8%	4.79%	+0.48
PINS Pinterest Inc. Class A	Add +0.6%	2.35%	+0.42
CRM Salesforce Inc.	Add +17.7%	4.26%	+0.28
CFG Citizens Financial Group	Add +1487.3%	0.19%	+0.18
PNC PNC Financial Services Group	New	0.17%	+0.17
DIS The Walt Disney Co.	Add +3.3%	3.79%	+0.14
WFC Wells Fargo & Co.	New	0.13%	+0.13
SA Seabridge Gold Inc.	Add +36.6%	0.25%	+0.09
TTC Toro Co.	Add +188.3%	0.10%	+0.07
EXEL Exelixis Inc.	Add +212.8%	0.09%	+0.06
WPC WP Carey Inc.	Add +82.3%	0.10%	+0.06
MGA Magna International Inc.	Add +228.2%	0.09%	+0.06
DTE DTE Energy Company	Add +309.9%	0.07%	+0.05
INCY Incyte Corp.	Add +429.5%	0.07%	+0.05
SU Suncor Energy Inc.	Add +18.5%	0.17%	+0.05
CBT Cabot Corp.	Add +180.8%	0.08%	+0.05
WPM Wheaton Precious Metals Corp.	Add +161.4%	0.07%	+0.05
NSP Insperity Inc.	New	0.05%	+0.05
CHE Chemed Corp.	Add +258.4%	0.06%	+0.05
BMY Bristol-Myers Squibb Co.	Add +49.0%	0.10%	+0.04
CDP Copt Defense Properties	Add +881.4%	0.05%	+0.04
CPT Camden Property Trust	Add +95.1%	0.08%	+0.04
YETI Yeti Holdings Inc.	New	0.04%	+0.04
LAMR Lamar Advertising Co. Class A	Add +62.6%	0.10%	+0.04
FNV Franco-Nevada Corp.	New	0.04%	+0.04
AMGN Amgen Inc.	Add +194.3%	0.05%	+0.04
LOPE Grand Canyon Education Inc.	Add +95.9%	0.07%	+0.04
HST Host Hotels & Resorts Inc.	Add +77.7%	0.10%	+0.04
HSIC Henry Schein Inc.	Add +797.9%	0.04%	+0.04
KGC Kinross Gold Corp.	Add +30.6%	0.07%	+0.04
VC Visteon Corp.	New	0.04%	+0.04
AEM Agnico Eagle Mines Ltd.	Add +81.6%	0.05%	+0.03
JBHT Hunt (jb) Transprt SVCS Inc.	Add +129.0%	0.06%	+0.03
RS Reliance Inc.	Add +69.2%	0.07%	+0.03
QCOM Qualcomm Inc.	Add +111.8%	0.06%	+0.03
WFG West Fraser Timber Co. Ltd.	New	0.03%	+0.03
CL Colgate-Palmolive Co.	Add +87.1%	0.06%	+0.03
ETR Entergy Corp.	Add +463.1%	0.04%	+0.03
MEDP Medpace Holdings Inc.	Add +86.5%	0.07%	+0.03
HRB H&R Block Inc.	Add +139.3%	0.05%	+0.03
CMC Commercial Metals Co.	Add +184.8%	0.05%	+0.03
CF CF Industries Holdings Inc.	Add +132.8%	0.05%	+0.03
FTV Fortive Corp.	Add +86.9%	0.06%	+0.03

Options Activity Q4 2024 → Q1 2025


LQD Ishr Ibx Usd Invgd CB ETF-Ui	put	Sold out	6,000,000	$641.0Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025


DEXCOM INC (DXCM 0.25 11/15/25)	NOTE 0.250%11/1 · principal	Sold out	14,500,000	$14.0Mbefore exit
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	Sold out	12,500,000	$11.8Mbefore exit
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	New	5,000,000	$5.9M
CABLE ONE INC (CABO 0 03/15/26)	NOTE 3/1 · principal	Sold out	4,000,000	$3.7Mbefore exit
NIO INC (NIO 0.5 02/01/27)	NOTE 0.500% 2/0 · principal	Sold out	3,500,000	$3.5Mbefore exit
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	Sold out	1,000,000	$890Kbefore 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	44	$15.7B	SPCX, GFL, HYG, LQD, ENB
Q1 2026	145	$3.3B	GFL, HYG, CRM, COF, PNC
Q4 2025	142	$4.3B	GFL, HYG, COF, WMT, CRM
Q3 2025Amended	151	$4.1B	GFL, HYG, COF, WMT, CRM
Q2 2025Amended	287	$4.7B	GFL, HYG, MSFT, BAC, CRM
Q1 2025Amended	394	$6.3B	GFL, MSFT, WMT, T, BAC
Q4 2024Amended	401	$7.2B	GFL, MSFT, CB, BAC, BDX
Q3 2024Amended	396	$10.9B	GFL, MSFT, CB, CMCSA, HON
Q2 2024Amended	423	$10.1B	GFL, MSFT, CB, HON, CMCSA
Q1 2024Amended	449	$10.7B	GFL, MSFT, GOOGL, CB, MS