Ontario Teachers Pension Plan Board

Name: ONTARIO TEACHERS PENSION PLAN BOARD 13F holdings, Q2 2025
Creator: ONTARIO TEACHERS PENSION PLAN BOARD
Published: 2026-02-13

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed February 13, 2026), Ontario Teachers Pension Plan Board reported 287 stock positions worth $4.7 billion. Its top holding was GFL Environmental Inc.-Sub VT (GFL) at 28.3% of the portfolio, followed by Ishr Ibx Usd Hiyld CB ETF-Ui (HYG, 6.3%) and Microsoft (MSFT, 4.2%). Compared with Q1 2025, it opened 82 new positions, sold out of 189, added to 127 and reduced 73. The biggest buy was a new position in Ishr Ibx Usd Hiyld CB ETF-Ui (HYG) and the biggest sale an exit from Becton Dickinson and (BDX).

Most Recent 13F: Q2 2026
Location: Toronto, A6
CIK: 0000937567
Portfolio Value: $4.7B (Q2 2025)
SEC Filing: 0001999371-26-003350 ↗ filed Feb 13, 2026

Holdings Value

Holdings 287 stocks · $4.7B


GFL GFL Environmental Inc.-Sub VT	28.33%	26,441,513	$1.3B	No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	6.33%	3,700,000	$298.4M	New
MSFT Microsoft Corp.	4.17%	395,125	$196.5M	Reduce -69.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP	4.12%	4,107,107	$194.3M	Reduce -48.6%
CRM Salesforce Inc.	3.92%	677,237	$184.7M	Reduce -32.8%
TD Toronto-Dominion Bank	3.82%	2,446,307	$180.0M	Add +304.0%
WMT Walmart Inc.	3.72%	1,795,737	$175.6M	Reduce -57.5%
COF Capital One Financial Corp.	3.69%	818,194	$174.1M	New
CMI Cummins Inc.	3.03%	435,960	$142.8M	Add +5158.9%
HON Honeywell International Inc.	2.96%	600,165	$139.8M	Reduce -58.2%
SBUX Starbucks Corp.	2.59%	1,330,251	$121.9M	Reduce -40.8%
SNOW Snowflake Inc.	2.53%	533,578	$119.4M	Reduce -53.1%
T AT&T Inc.	2.52%	4,097,099	$118.6M	Reduce -65.7%
ROK Rockwell Automation Inc.	2.50%	354,792	$117.9M	Add +7730.3%
GE General Electric filed as GE AEROSPACE	2.37%	434,929	$111.9M	Add +146.5%
AZN Astrazeneca PLC-Spons ADR	2.06%	1,387,174	$96.9M	New
PONY Pony AI Inc.	1.82%	6,492,530	$85.7M	New
DIS The Walt Disney Co. filed as DISNEY WALT CO	1.68%	637,610	$79.1M	Reduce -73.8%
HUM Humana Inc.	1.32%	254,162	$62.1M	Reduce -61.9%
LLY Eli Lilly & Co.	1.26%	75,943	$59.2M	Reduce -72.2%
PINS Pinterest Inc. Class A	1.25%	1,640,403	$58.8M	Reduce -65.8%
COOK Traeger Inc.	0.90%	24,693,075	$42.2M	No change
SA Seabridge Gold Inc.	0.46%	1,490,415	$21.7M	Add +10.8%
LOGI Logitech International-Reg	0.30%	157,370	$14.2M	Reduce -7.0%
SU Suncor Energy Inc.	0.25%	315,278	$11.8M	Add +15.6%
CVE Cenovus Energy Inc.	0.23%	795,478	$10.8M	Add +59.8%
LAMR Lamar Advertising Co. Class A	0.20%	76,689	$9.3M	Add +42.2%
EXEL Exelixis Inc.	0.19%	207,518	$9.1M	Add +39.5%
UGI Ugi Corp.	0.17%	220,808	$8.0M	Add +163.1%
SWX Southwest Gas Holdings Inc.	0.17%	107,027	$8.0M	Add +51.8%
MGA Magna International Inc.	0.16%	197,904	$7.7M	Add +21.6%
HST Host Hotels & Resorts Inc.	0.16%	486,148	$7.5M	Add +12.5%
SR Spire Inc.	0.16%	100,700	$7.4M	Add +50.1%
WPM Wheaton Precious Metals Corp.	0.15%	76,115	$6.8M	Add +35.2%
INGR Ingredion Inc.	0.13%	45,759	$6.2M	Add +76.8%
CDP Copt Defense Properties	0.13%	224,985	$6.2M	Add +98.6%
WPC WP Carey Inc.	0.13%	99,319	$6.2M	Reduce -3.4%
PSA Public Storage	0.13%	21,074	$6.2M	Add +67.6%
DTE DTE Energy Company	0.13%	45,053	$6.0M	Add +46.5%
SAM Boston Beer Company Inc. Class A	0.12%	30,064	$5.7M	Add +183.1%
WEC WEC Energy Group Inc.	0.12%	55,017	$5.7M	Add +149.6%
USFD US Foods Holding Corp.	0.12%	72,797	$5.6M	Add +265.0%
MEDP Medpace Holdings Inc.	0.12%	17,593	$5.5M	Add +23.8%
CPT Camden Property Trust	0.12%	48,367	$5.5M	Add +22.4%
JAZZ Jazz Pharmaceuticals PLC	0.11%	49,896	$5.3M	Add +100.0%
BKH Black Hills Corp.	0.11%	94,123	$5.3M	Add +85.1%
EOG EOG Resources Inc.	0.11%	42,839	$5.1M	Add +28.7%
AMGN Amgen Inc.	0.11%	18,113	$5.1M	Add +74.9%
TFII Tfi International Inc.	0.11%	55,885	$5.0M	Add +164.2%
WFG West Fraser Timber Co. Ltd.	0.11%	68,389	$5.0M	Add +149.3%
BMY Bristol-Myers Squibb Co.	0.11%	107,507	$5.0M	Add +5.6%
INCY Incyte Corp.	0.10%	72,671	$4.9M	Add +5.5%
UHS Universal Health Services-B	0.10%	26,938	$4.9M	Add +36.7%
EA Electronic Arts Inc.	0.10%	30,057	$4.8M	Add +89.1%
NSA National Storage Affiliates	0.10%	148,095	$4.7M	Add +20.7%
VLO Valero Energy Corp.	0.10%	34,691	$4.7M	Add +49.6%
CNI Canadian Natl Railway Co.	0.10%	44,510	$4.6M	Add +7.2%
KGC Kinross Gold Corp.	0.10%	295,900	$4.6M	Reduce -17.8%
OHI Omega Healthcare Investors	0.10%	125,292	$4.6M	Add +84.5%
CL Colgate-Palmolive Co.	0.10%	50,248	$4.6M	Add +21.9%
EMA Emera Inc.	0.10%	98,057	$4.5M	New
FNV Franco-Nevada Corp.	0.09%	27,111	$4.5M	Add +69.7%
FE Firstenergy Corp.	0.09%	108,286	$4.4M	New
COST Costco Wholesale Corp.	0.09%	4,403	$4.4M	Add +131.3%
CMS CMS Energy Corp.	0.09%	62,134	$4.3M	Add +118.6%
EVRG Evergy Inc.	0.09%	62,154	$4.3M	Add +76.0%
MAA Mid-America Apartment Comm	0.09%	28,921	$4.3M	Add +14.0%
OPCH Option Care Health Inc.	0.09%	128,062	$4.2M	New
YETI Yeti Holdings Inc. filed as YETI HLDGS INC	0.09%	131,371	$4.1M	Add +59.0%
SLF Sun Life Financial Inc.	0.09%	61,113	$4.1M	Add +41.1%
BKNG Booking Holdings Inc.	0.09%	693	$4.0M	Add +31.0%
BC Brunswick Corp.	0.08%	71,219	$3.9M	New
ORLY O'reilly Automotive Inc.	0.08%	43,069	$3.9M	Add +54.3%
DOC Healthpeak Properties Inc.	0.08%	220,030	$3.9M	Add +200.6%
NXST Nexstar Media Group Inc.	0.08%	21,605	$3.7M	Add +189.2%
IMO Imperial Oil Ltd.	0.08%	46,505	$3.7M	Add +15.5%
TXRH Texas Roadhouse Inc.	0.08%	19,667	$3.7M	Add +15.8%
MUSA Murphy USA Inc.	0.08%	8,948	$3.6M	Add +31.4%
CI The Cigna Group	0.08%	11,010	$3.6M	Add +16.5%
MUR Murphy Oil Corp.	0.08%	158,545	$3.6M	Add +87.1%
AEP American Electric Power	0.07%	33,680	$3.5M	Add +43.3%
COKE Coca-Cola Consolidated Inc.	0.07%	30,875	$3.4M	Add +170.4%
DVA Davita Inc.	0.07%	23,341	$3.3M	Add +73.3%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM	0.07%	46,050	$3.3M	New
HOLX Hologic Inc.	0.07%	49,232	$3.2M	Reduce -21.7%
PCH Potlatchdeltic Corp.	0.07%	81,394	$3.1M	New
CMG Chipotle Mexican Grill Inc.	0.07%	55,521	$3.1M	Add +80.2%
NFG National Fuel Gas Co.	0.07%	36,512	$3.1M	Reduce -23.4%
LIVN Livanova PLC	0.06%	67,274	$3.0M	New
CART Maplebear Inc.	0.06%	66,341	$3.0M	New
EHC Encompass Health Corp.	0.06%	24,051	$2.9M	Add +9.8%
CUZ Cousins Properties Inc.	0.06%	98,051	$2.9M	Add +28.1%
HIG Hartford Insurance Group Inc.	0.06%	21,814	$2.8M	Add +100.2%
CHTR Charter Communications Inc. Class A	0.06%	6,684	$2.7M	Add +45.3%
LOPE Grand Canyon Education Inc.	0.06%	14,319	$2.7M	Reduce -41.2%
GIS General Mills Inc.	0.06%	52,011	$2.7M	Add +28.7%
RY Royal Bank of Canada	0.06%	20,245	$2.7M	New
AEM Agnico Eagle Mines Ltd.	0.06%	22,265	$2.7M	Reduce -28.2%
FTS Fortis Inc.	0.06%	55,042	$2.6M	New
MTDR Matador Resources Co.	0.06%	54,363	$2.6M	Add +432.6%
MTG Mgic Investment Corp.	0.05%	92,980	$2.6M	Add +15.3%
CAH Cardinal Health Inc.	0.05%	15,251	$2.6M	New
CHWY Chewy Inc. Class A	0.05%	59,715	$2.5M	New
INVH Invitation Homes Inc.	0.05%	77,215	$2.5M	New
EXPE Expedia Group Inc.	0.05%	15,003	$2.5M	Reduce -0.8%
PK Park Hotels & Resorts Inc.	0.05%	242,129	$2.5M	New
MFC Manulife Financial Corp.	0.05%	72,921	$2.3M	Reduce -39.6%
GHC Graham Holdings Co. Class B	0.05%	2,456	$2.3M	Add +60.4%
DASH DoorDash Inc. Class A	0.05%	9,390	$2.3M	Reduce -20.1%
HOMB Home Bancshares Inc.	0.05%	79,371	$2.3M	Add +196.6%
NTRA Natera Inc.	0.05%	13,181	$2.2M	New
COP Conocophillips	0.05%	24,603	$2.2M	Add +125.9%
GILD Gilead Sciences Inc.	0.05%	19,711	$2.2M	Reduce -29.9%
ELS Equity Lifestyle Properties	0.05%	34,926	$2.2M	Reduce -11.2%
UTHR United Therapeutics Corp.	0.04%	7,346	$2.1M	Add +103.1%
NYT New York Times Co. Class A	0.04%	37,421	$2.1M	New
CCI Crown Castle Inc.	0.04%	20,202	$2.1M	Add +134.5%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC	0.04%	19,206	$2.1M	Add +53.0%
TGT Target Corp.	0.04%	20,875	$2.1M	Add +36.8%
GIB Cgi Inc.	0.04%	19,269	$2.0M	Reduce -8.9%
WST West Pharmaceutical Services	0.04%	9,175	$2.0M	New
TU Telus Corp.	0.04%	124,801	$2.0M	No change
FHI Federated Hermes Inc.	0.04%	45,234	$2.0M	Add +33.3%
POOL Pool Corp.	0.04%	6,712	$2.0M	Reduce -21.0%
V Visa Inc. Class A	0.04%	5,492	$1.9M	Add +61.1%
MTCH Match Group Inc.	0.04%	63,024	$1.9M	Add +24.0%
HRB H&R Block Inc. filed as BLOCK H & R INC	0.04%	34,906	$1.9M	Reduce -40.4%
FFIN First Finl Bankshares Inc.	0.04%	52,972	$1.9M	Add +84.4%
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.04%	57,761	$1.9M	Add +831.0%
ORI Old Republic Intl Corp.	0.04%	48,903	$1.9M	Add +90.8%
HSIC Henry Schein Inc.	0.04%	25,658	$1.9M	Reduce -31.7%
HCA HCA Healthcare Inc.	0.04%	4,883	$1.9M	Reduce -38.2%
PR Permian Resources Corp. Class A	0.04%	136,121	$1.9M	Add +57.8%
RBLX Roblox Corp. Class A	0.04%	17,451	$1.8M	Reduce -22.0%
CROX Crocs Inc.	0.04%	17,807	$1.8M	Add +12.7%
UBSI United Bankshares Inc.	0.04%	48,633	$1.8M	Add +118.0%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC	0.04%	9,831	$1.8M	Add +45.1%
SEIC Sei Investments Company	0.04%	19,640	$1.8M	Add +25.1%
MCK McKesson Corp.	0.04%	2,393	$1.8M	New
AES AES Corp.	0.04%	162,941	$1.7M	New
CBSH Commerce Bancshares Inc.	0.04%	27,469	$1.7M	Add +13.7%
PII Polaris Inc.	0.04%	41,648	$1.7M	New
DPZ Domino's Pizza Inc.	0.04%	3,752	$1.7M	New
SCI Service Corp. International	0.04%	20,633	$1.7M	Add +201.9%
EQH Equitable Holdings Inc.	0.04%	29,641	$1.7M	Add +5.6%
PBA Pembina Pipeline Corp.	0.04%	44,129	$1.7M	New
AIZ Assurant Inc.	0.03%	8,310	$1.6M	Add +16.0%
OTEX Open Text Corp.	0.03%	55,851	$1.6M	Reduce -7.4%
DUK Duke Energy Corp.	0.03%	13,773	$1.6M	New
RDDT Reddit Inc. Class A	0.03%	10,649	$1.6M	New
MTB M & T Bank Corp. filed as M & T BK CORP	0.03%	8,111	$1.6M	Add +126.4%
DKNG Draftkings Inc. Class A	0.03%	36,409	$1.6M	Add +90.1%
LNTH Lantheus Holdings Inc.	0.03%	18,910	$1.5M	Add +6.5%
NOV Nov Inc.	0.03%	124,130	$1.5M	New
COLM Columbia Sportswear Co.	0.03%	25,200	$1.5M	Reduce -43.2%
EW Edwards Lifesciences Corp.	0.03%	19,671	$1.5M	Add +222.8%
ARWR Arrowhead Pharmaceuticals Inc.	0.03%	97,338	$1.5M	Add +112.7%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.03%	15,629	$1.5M	Add +18.6%
MRK Merck & Co. Inc.	0.03%	18,926	$1.5M	Add +2.8%
RPRX Royalty Pharma PLC Class A	0.03%	40,928	$1.5M	New
DUOL Duolingo	0.03%	3,508	$1.4M	Reduce -16.9%
CNC Centene Corp.	0.03%	26,240	$1.4M	New
A Agilent Technologies Inc.	0.03%	11,862	$1.4M	Reduce -19.5%
NNN NNN REIT Inc.	0.03%	31,832	$1.4M	New
VZ Verizon Communications Inc.	0.03%	31,561	$1.4M	Add +55.0%
SPOT Spotify Technology SA	0.03%	1,757	$1.3M	New
PYPL PayPal Holdings Inc.	0.03%	18,044	$1.3M	Reduce -99.3%
RIVN Rivian Automotive Inc. Class A	0.03%	97,020	$1.3M	New
PG The Procter & Gamble Co.	0.03%	8,352	$1.3M	Reduce -22.3%
LULU Lululemon Athletica Inc.	0.03%	5,584	$1.3M	Reduce -33.0%
GNTX Gentex Corp.	0.03%	59,812	$1.3M	New
BBY Best Buy Co. Inc.	0.03%	19,420	$1.3M	Add +119.2%
NVST Envista Holdings Corp.	0.03%	65,875	$1.3M	New
TRI Thomson Reuters Corp.	0.03%	6,384	$1.3M	Reduce -56.5%
NBIX Neurocrine Biosciences Inc.	0.03%	10,092	$1.3M	Reduce -34.4%
VC Visteon Corp.	0.03%	13,557	$1.3M	Reduce -52.6%
AFG American Financial Group Inc.	0.03%	9,862	$1.2M	New
TSLA Tesla Inc.	0.03%	3,892	$1.2M	New
ESNT Essent Group Ltd.	0.03%	20,296	$1.2M	Add +56.2%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	0.03%	22,270	$1.2M	New
ERIE Erie Indemnity Company Class A	0.03%	3,464	$1.2M	Add +76.1%
EBAY eBay Inc.	0.03%	16,124	$1.2M	Add +51.0%
TRV The Travelers Cos Inc.	0.03%	4,417	$1.2M	New
CRBG Corebridge Financial Inc.	0.03%	33,238	$1.2M	Reduce -12.7%
CB Chubb Ltd.	0.03%	4,072	$1.2M	Add +183.0%
SHC Sotera Health Co.	0.03%	106,016	$1.2M	New
CHRD Chord Energy Corp.	0.02%	12,004	$1.2M	Add +39.1%
OZK Bank Ozk	0.02%	24,577	$1.2M	Add +139.5%
PSX Phillips 66	0.02%	9,657	$1.2M	New
BIO Bio-Rad Laboratories-A	0.02%	4,702	$1.1M	Add +112.1%
AMH American Homes 4 Rent- A	0.02%	31,357	$1.1M	New
SO The Southern Co.	0.02%	12,312	$1.1M	Reduce -39.7%
MKTX Marketaxess Holdings Inc.	0.02%	5,007	$1.1M	Add +45.2%
AZO AutoZone Inc.	0.02%	301	$1.1M	New
AFL Aflac Inc.	0.02%	10,560	$1.1M	Reduce -36.0%
STT State Street Corp.	0.02%	10,228	$1.1M	Reduce -24.1%
CVX Chevron Corp.	0.02%	7,558	$1.1M	Reduce -53.3%
KMB Kimberly-Clark Corp.	0.02%	8,305	$1.1M	Reduce -50.8%
DRI Darden Restaurants Inc.	0.02%	4,766	$1.0M	Add +43.8%
HLT Hilton Worldwide Holdings Inc.	0.02%	3,890	$1.0M	Add +320.5%
RLI Rli Corp.	0.02%	14,339	$1.0M	New
APTV Aptiv PLC	0.02%	14,821	$1.0M	New
AMP Ameriprise Financial Inc.	0.02%	1,892	$1.0M	Add +44.8%
FIVE Five Below	0.02%	7,549	$990K	New
HAL Halliburton Co.	0.02%	48,572	$990K	New
NTRS Northern Trust Corp.	0.02%	7,772	$985K	Reduce -12.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.02%	10,796	$984K	Reduce -13.7%
ZTS Zoetis Inc.	0.02%	6,292	$981K	Reduce -33.2%
HD Home Depot Inc.	0.02%	2,638	$967K	Reduce -37.5%
CYTK Cytokinetics Inc.	0.02%	29,135	$963K	Add +95.0%
KRG Kite Realty Group Trust	0.02%	42,451	$962K	Add +40.6%
CHE Chemed Corp.	0.02%	1,969	$959K	Reduce -67.1%
JPM JPMorgan Chase & Co.	0.02%	3,265	$947K	Add +10.6%
VEEV Veeva Systems Inc. Class A	0.02%	3,270	$942K	Reduce -66.2%
PFE Pfizer Inc.	0.02%	38,627	$936K	Add +184.8%
DXCM Dexcom Inc.	0.02%	10,559	$922K	New
FHN First Horizon Corp.	0.02%	42,820	$908K	Reduce -24.1%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.02%	11,120	$898K	Add +73.5%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.02%	26,505	$896K	New
PGR Progressive Corp.	0.02%	3,267	$872K	New
RJF Raymond James Financial Inc.	0.02%	5,560	$853K	Add +179.4%
CUBE Cubesmart	0.02%	20,059	$853K	Reduce -54.1%
TAP Molson Coors Beverage Co. Class B	0.02%	17,568	$845K	New
ALV Autoliv Inc.	0.02%	7,333	$821K	Reduce -63.3%
CAG Conagra Brands Inc.	0.02%	39,711	$813K	New
CFG Citizens Financial Group	0.02%	18,114	$811K	Reduce -93.9%
HOG Harley-Davidson Inc.	0.02%	33,573	$792K	New
TFX Teleflex Inc.	0.02%	6,421	$760K	New
LOW Lowe's Cos Inc.	0.02%	3,413	$757K	Reduce -56.4%
WU Western Union Co.	0.02%	89,729	$756K	Add +4.7%
DINO HF Sinclair Corp.	0.02%	18,078	$743K	New
VOYA Voya Financial Inc.	0.02%	10,406	$739K	Reduce -26.9%
CME Cme Group Inc.	0.02%	2,670	$736K	Add +14.0%
BIIB Biogen Inc.	0.02%	5,786	$727K	Reduce -46.7%
BMO Bank of Montreal filed as BANK MONTREAL QUE	0.02%	6,504	$721K	New
BLK BlackRock Inc.	0.01%	655	$687K	Reduce -24.8%
KHC The Kraft Heinz Co.	0.01%	26,301	$679K	Add +195.1%
ADC Agree Realty Corp.	0.01%	9,267	$677K	New
VLY Valley National Bancorp	0.01%	75,803	$677K	New
HWC Hancock Whitney Corp.	0.01%	11,683	$671K	New
USB US Bancorp	0.01%	14,806	$670K	Add +19.5%
FND Floor & Decor Holdings Inc. Class A	0.01%	8,711	$662K	Add +20.2%
DOO BRP Inc./Ca- Sub Voting	0.01%	13,472	$654K	Reduce -79.3%
SBRA Sabra Health Care REIT Inc.	0.01%	34,369	$634K	New
MA Mastercard Inc. Class A	0.01%	1,100	$618K	New
WBS Webster Financial Corp.	0.01%	11,241	$614K	New
FCNCA First Citizens Bcshs Class A	0.01%	307	$601K	Add +35.8%
THG Hanover Insurance Group Inc./	0.01%	3,509	$596K	Add +59.2%
CRI Carter's Inc.	0.01%	19,198	$578K	Reduce -3.2%
CBOE Cboe Global Markets Inc.	0.01%	2,463	$574K	New
MSCI MSCI Inc.	0.01%	965	$557K	New
THO Thor Industries Inc.	0.01%	6,258	$556K	New
EWBC East West Bancorp Inc.	0.01%	5,443	$550K	Reduce -20.1%
ULTA Ulta Beauty Inc.	0.01%	1,165	$545K	Add +33.6%
EXR Extra Space Storage Inc.	0.01%	3,696	$545K	Reduce -68.4%
APA Apa Corp.	0.01%	29,604	$541K	New
DG Dollar General Corp.	0.01%	4,449	$509K	Reduce -22.0%
CIVI Civitas Resources Inc.	0.01%	18,446	$508K	Add +110.0%
AZTA Azenta Inc.	0.01%	16,051	$494K	Reduce -56.6%
IBOC International Bancshares CRP	0.01%	7,389	$492K	New
PAG Penske Automotive Group Inc.	0.01%	2,761	$474K	Reduce -43.0%
FISV Fiserv Inc.	0.01%	2,738	$472K	Reduce -14.7%
FITB Fifth Third Bancorp	0.01%	11,343	$467K	Add +25.5%
WRB WR Berkley Corp. filed as BERKLEY W R CORP	0.01%	6,111	$449K	New
NJR New Jersey Resources Corp.	0.01%	9,648	$432K	New
GRAL Grail Inc.	0.01%	8,366	$430K	No change
AMG Affiliated Managers Group	0.01%	2,139	$421K	Add +58.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.01%	3,384	$418K	Reduce -51.0%
EPR Epr Properties filed as EPR PPTYS	0.01%	6,813	$397K	No change
DECK Deckers Outdoor Corp.	0.01%	3,851	$397K	Add +100.4%
CINF Cincinnati Financial Corp.	0.01%	2,628	$391K	New
RMD Resmed Inc.	0.01%	1,507	$389K	New
FOXA Fox Corp. Class A	0.01%	6,904	$387K	Add +33.7%
MDT Medtronic PLC	0.01%	4,261	$371K	Reduce -69.8%
TOST Toast Inc. Class A	0.01%	7,140	$316K	New
TW Tradeweb Markets Inc. Class A	0.01%	2,136	$313K	New
KVUE Kenvue Inc.	0.01%	14,466	$303K	New
TKO Tko Group Holdings Inc.	0.01%	1,664	$303K	Reduce -47.5%
CHH Choice Hotels Intl Inc.	0.01%	2,327	$295K	New
LVS Las Vegas Sands Corp.	0.01%	6,716	$292K	New
CVS CVS Health Corp.	0.01%	4,119	$284K	New
BYD Boyd Gaming Corp.	0.01%	3,274	$256K	Reduce -10.2%
OMC Omnicom Group	0.01%	3,542	$255K	New
CMA Comerica Inc.	0.01%	4,270	$255K	New
CRL Charles River Laboratories	0.01%	1,571	$238K	New
ABNB Airbnb Inc. Class A	0.00%	1,739	$230K	Reduce -74.6%
COTY Coty Inc. Class A	0.00%	17,792	$83K	New

Other holdings (19): bonds, preferreds, convertibles and warrants · $127.6M (not counted above)

Security	Class	Shares / Principal	Value	Change
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	25,000,000	$24.7M	No change
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	16,000,000	$17.0M	No change
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27)	NOTE 1.500% 9/0 · principal	11,500,000	$11.5M	No change
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	10,000,000	$10.7M	New
SEA LTD (SEALTD 0.25 09/15/26)	NOTE 0.250% 9/1 · principal	10,000,000	$9.5M	No change
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	5,000,000	$7.0M	New
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	7,000,000	$6.8M	Add +250.0%
BLOCK INC (XYZ 0 05/01/26)	NOTE 5/0 · principal	7,000,000	$6.7M	No change
TRIPADVISOR INC (TRIP 0.25 04/01/26)	NOTE 0.250% 4/0 · principal	6,237,000	$6.0M	Add +404.2%
SNAP INC (SNAP 0 05/01/27)	NOTE 5/0 · principal	6,000,000	$5.4M	No change
DAYFORCE INC (DAY 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	5,000,000	$4.8M	New
SPECTRUM BRANDS INC (SPB 3.375 06/01/29)	NOTE 3.375% 6/0 · principal	4,000,000	$3.6M	New
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	4,000,000	$3.5M	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
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
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25)	NOTE 11/0 · principal	1,000,000	$977K	No change
CABLE ONE INC (CABO 1.125 03/15/28)	NOTE 1.125% 3/1 · principal	1,250,000	$966K	No change

Total filed on the 13F, all lines: $4.8B.

Portfolio Sells Q1 2025 → Q2 2025


BDX Becton Dickinson and Co.	Sold out	0.00%	−5.23
DE Deere & Co.	Sold out	0.00%	−4.03
MSFT Microsoft Corp.	Reduce -69.1%	4.17%	−3.39
T AT&T Inc.	Reduce -65.7%	2.52%	−2.81
XYZ Block Inc.	Sold out	0.00%	−2.52
PYPL PayPal Holdings Inc.	Reduce -99.3%	0.03%	−2.49
LLY Eli Lilly & Co.	Reduce -72.2%	1.26%	−2.29
WMT Walmart Inc.	Reduce -57.5%	3.72%	−2.12
DIS The Walt Disney Co.	Reduce -73.8%	1.68%	−2.11
HON Honeywell International Inc.	Reduce -58.2%	2.96%	−1.83
HUM Humana Inc.	Reduce -61.9%	1.32%	−1.46
BAC Bank of America Corp.	Reduce -48.6%	4.12%	−1.13
PINS Pinterest Inc. Class A	Reduce -65.8%	1.25%	−1.10
SBUX Starbucks Corp.	Reduce -40.8%	2.59%	−0.89
VSAT Viasat Inc.	Sold out	0.00%	−0.79
SAND Sandstorm Gold Ltd.	Sold out	0.00%	−0.53
CRM Salesforce Inc.	Reduce -32.8%	3.92%	−0.34
CFG Citizens Financial Group	Reduce -93.9%	0.02%	−0.17
PNC PNC Financial Services Group	Sold out	0.00%	−0.17
WFC Wells Fargo & Co.	Sold out	0.00%	−0.13
TTC Toro Co.	Sold out	0.00%	−0.10
SNOW Snowflake Inc.	Reduce -53.1%	2.53%	−0.09
EIX Edison International	Sold out	0.00%	−0.08
CBT Cabot Corp.	Sold out	0.00%	−0.08
CNQ Canadian Natural Resources	Sold out	0.00%	−0.07
CRUS Cirrus Logic Inc.	Sold out	0.00%	−0.07
RS Reliance Inc.	Sold out	0.00%	−0.07
MSM MSC Industrial Direct Co. Class A	Sold out	0.00%	−0.06
JBHT Hunt (jb) Transprt SVCS Inc.	Sold out	0.00%	−0.06
EME Emcor Group Inc.	Sold out	0.00%	−0.06
AGCO Agco Corp.	Sold out	0.00%	−0.06
ODFL Old Dominion Freight Line	Sold out	0.00%	−0.06
FTV Fortive Corp.	Sold out	0.00%	−0.06
DD Dupont DE Nemours Inc.	Sold out	0.00%	−0.06
QCOM Qualcomm Inc.	Sold out	0.00%	−0.06
RGLD Royal Gold Inc.	Sold out	0.00%	−0.05
CF CF Industries Holdings Inc.	Sold out	0.00%	−0.05
NSP Insperity Inc.	Sold out	0.00%	−0.05
EMN Eastman Chemical Co.	Sold out	0.00%	−0.05
NEU Newmarket Corp.	Sold out	0.00%	−0.05
CMC Commercial Metals Co.	Sold out	0.00%	−0.05
EMR Emerson Electric Co.	Sold out	0.00%	−0.05
AME Ametek Inc.	Sold out	0.00%	−0.04
AYI Acuity Inc.	Sold out	0.00%	−0.04
VRSK Verisk Analytics Inc.	Sold out	0.00%	−0.04
GLPI Gaming and Leisure Propertie	Sold out	0.00%	−0.04
EXPO Exponent Inc.	Sold out	0.00%	−0.04
ETR Entergy Corp.	Sold out	0.00%	−0.04
CHE Chemed Corp.	Reduce -67.1%	0.02%	−0.04
MAS Masco Corp.	Sold out	0.00%	−0.04

Portfolio Buys Q1 2025 → Q2 2025


HYG Ishr Ibx Usd Hiyld CB ETF-Ui	New	6.33%	+6.33
COF Capital One Financial Corp.	New	3.69%	+3.69
TD Toronto-Dominion Bank	Add +304.0%	3.82%	+3.25
CMI Cummins Inc.	Add +5158.9%	3.03%	+2.99
ROK Rockwell Automation Inc.	Add +7730.3%	2.50%	+2.48
AZN Astrazeneca PLC-Spons ADR	New	2.06%	+2.06
GE General Electric	Add +146.5%	2.37%	+1.82
PONY Pony AI Inc.	New	1.82%	+1.82
SA Seabridge Gold Inc.	Add +10.8%	0.46%	+0.21
UGI Ugi Corp.	Add +163.1%	0.17%	+0.13
CVE Cenovus Energy Inc.	Add +59.8%	0.23%	+0.12
EXEL Exelixis Inc.	Add +39.5%	0.19%	+0.11
LAMR Lamar Advertising Co. Class A	Add +42.2%	0.20%	+0.10
USFD US Foods Holding Corp.	Add +265.0%	0.12%	+0.10
EMA Emera Inc.	New	0.10%	+0.10
FE Firstenergy Corp.	New	0.09%	+0.09
SWX Southwest Gas Holdings Inc.	Add +51.8%	0.17%	+0.09
OPCH Option Care Health Inc.	New	0.09%	+0.09
SU Suncor Energy Inc.	Add +15.6%	0.25%	+0.08
WEC WEC Energy Group Inc.	Add +149.6%	0.12%	+0.08
BC Brunswick Corp.	New	0.08%	+0.08
CDP Copt Defense Properties	Add +98.6%	0.13%	+0.08
SAM Boston Beer Company Inc. Class A	Add +183.1%	0.12%	+0.08
TFII Tfi International Inc.	Add +164.2%	0.11%	+0.08
INGR Ingredion Inc.	Add +76.8%	0.13%	+0.08
WPM Wheaton Precious Metals Corp.	Add +35.2%	0.15%	+0.08
MGA Magna International Inc.	Add +21.6%	0.16%	+0.08
WFG West Fraser Timber Co. Ltd.	Add +149.3%	0.11%	+0.07
SR Spire Inc.	Add +50.1%	0.16%	+0.07
PSA Public Storage	Add +67.6%	0.13%	+0.07
CM Can Imperial BK of Commerce	New	0.07%	+0.07
PCH Potlatchdeltic Corp.	New	0.07%	+0.07
EA Electronic Arts Inc.	Add +89.1%	0.10%	+0.07
LIVN Livanova PLC	New	0.06%	+0.06
COST Costco Wholesale Corp.	Add +131.3%	0.09%	+0.06
CART Maplebear Inc.	New	0.06%	+0.06
JAZZ Jazz Pharmaceuticals PLC	Add +100.0%	0.11%	+0.06
BKH Black Hills Corp.	Add +85.1%	0.11%	+0.06
HST Host Hotels & Resorts Inc.	Add +12.5%	0.16%	+0.06
DTE DTE Energy Company	Add +46.5%	0.13%	+0.06
DOC Healthpeak Properties Inc.	Add +200.6%	0.08%	+0.06
NXST Nexstar Media Group Inc.	Add +189.2%	0.08%	+0.06
CMS CMS Energy Corp.	Add +118.6%	0.09%	+0.06
OHI Omega Healthcare Investors	Add +84.5%	0.10%	+0.06
RY Royal Bank of Canada	New	0.06%	+0.06
AMGN Amgen Inc.	Add +74.9%	0.11%	+0.06
FTS Fortis Inc.	New	0.06%	+0.06
FNV Franco-Nevada Corp.	Add +69.7%	0.09%	+0.05
CAH Cardinal Health Inc.	New	0.05%	+0.05
CHWY Chewy Inc. Class A	New	0.05%	+0.05

Notes & Other Activity Q1 2025 → Q2 2025


PALO ALTO NETWORKS (PANW 0.375 06/01/25)	NOTE 0.375% 6/0 · principal	Sold out	10,360,000	$35.5Mbefore exit
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	Sold out	20,000,000	$26.5Mbefore exit
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	New	10,000,000	$10.7M
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	New	5,000,000	$7.0M
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	Add +250.0%	7,000,000	$6.8M
TRIPADVISOR INC (TRIP 0.25 04/01/26)	NOTE 0.250% 4/0 · principal	Add +404.2%	6,237,000	$6.0M
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	Sold out	5,000,000	$5.9Mbefore exit
DAYFORCE INC (DAY 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	New	5,000,000	$4.8M
SPECTRUM BRANDS INC (SPB 3.375 06/01/29)	NOTE 3.375% 6/0 · principal	New	4,000,000	$3.6M

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