Osterweis Capital Management Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed June 5, 2025), Osterweis Capital Management Inc. reported 298 stock positions worth $1.5 billion. Its top holding was Microsoft (MSFT) at 5.2% of the portfolio, followed by Alphabet Class C (GOOG, 5.1%) and Amazon.com (AMZN, 4.3%). Compared with Q4 2024, it opened 164 new positions, sold out of 23, added to 49 and reduced 61. The biggest buy was a new position in Ferguson Enterprises (FERG) and the biggest sale an exit from Hershey (HSY).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001007524
Portfolio Value
$1.5B (Q1 2025)
SEC Filing
0001085146-25-003428 ↗ filed Jun 5, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.5B Q1 2024 Q2 2024: $1.5B Q2 2024 Q3 2024: $1.7B Q3 2024 Q4 2024: $1.6B Q4 2024 Q1 2025: $1.5B $1.5B Q1 2025 Q2 2025: $1.6B Q2 2025 Q3 2025: $1.7B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 298 stocks · $1.5B
MSFT Microsoft Corp. 5.17% 204,234 $76.7M Reduce -5.1%
GOOG Alphabet Inc. Class C 5.10% 483,754 $75.6M Reduce -0.6%
AMZN Amazon.com Inc. 4.30% 334,765 $63.7M Reduce -3.2%
V Visa Inc. Class A 3.26% 137,963 $48.4M Reduce -6.0%
UNH Unitedhealth Group Inc. 3.02% 85,563 $44.8M Add +25.5%
AZO AutoZone Inc. 2.98% 11,576 $44.1M Reduce -0.3%
AWK American Water Works Co. Inc. 2.92% 293,206 $43.3M Add +44.4%
WCN Waste Connections Inc. 2.75% 209,225 $40.8M Reduce -2.7%
TMO Thermo Fisher Scientific Inc. 2.60% 77,455 $38.5M Add +20.5%
BRO Brown & Brown Inc. 2.53% 300,979 $37.4M Reduce -2.6%
EGP Eastgroup Properties Inc. 2.52% 212,509 $37.4M Add +1.3%
PGR Progressive Corp. 2.50% 130,747 $37.0M Reduce -9.8%
NVDA Nvidia Corp. 2.48% 339,121 $36.8M Add +20.4%
JPM JPMorgan Chase & Co. 2.29% 138,416 $34.0M Add +0.3%
ADI Analog Devices Inc. 2.18% 160,141 $32.3M Add +26.4%
APD Air Products & Chemicals Inc. 2.11% 106,193 $31.3M Reduce -11.7%
ROST Ross Stores Inc. 2.10% 244,246 $31.2M Reduce -12.3%
CRM Salesforce Inc. 2.09% 115,614 $31.0M Reduce -1.0%
KEYS Keysight Technologies Inc. 2.07% 204,661 $30.7M Reduce -13.6%
BSX Boston Scientific Corp. 1.90% 279,343 $28.2M Reduce -15.7%
FERG Ferguson Enterprises Inc. 1.81% 167,164 $26.8M New
INTU Intuit Inc. 1.79% 43,151 $26.5M Add +0.4%
DHR Danaher Corp. 1.78% 128,535 $26.3M Add +26.0%
LHX L3HARRIS Technologies Inc. 1.75% 124,107 $26.0M Add +14.9%
LAMR Lamar Advertising Co. Class A 1.57% 204,677 $23.3M Add +1.8%
AVGO Broadcom Inc. 1.52% 134,501 $22.5M Reduce -28.9%
DE Deere & Co. 1.30% 41,227 $19.3M Reduce -21.1%
AME Ametek Inc. 1.30% 112,007 $19.3M Reduce -22.0%
ODFL Old Dominion Freight Line 1.27% 113,908 $18.8M Reduce -29.5%
BA The Boeing Co. 1.26% 109,881 $18.7M Add +31.8%
FSV Firstservice Corp. 1.25% 111,728 $18.5M Reduce -3.0%
CVCO Cavco Industries Inc. 1.17% 33,337 $17.3M Reduce -13.4%
GWRE Guidewire Software Inc. 1.17% 92,402 $17.3M Reduce -13.4%
LTH Life Time Group Holdings Inc. 1.17% 573,255 $17.3M Add +59.5%
MGY Magnolia Oil & Gas Corp. Class A 1.09% 641,637 $16.2M Add +33.5%
TECH Bio-Techne Corp. 1.05% 266,691 $15.6M Add +8.5%
RMBS Rambus Inc. 1.00% 286,305 $14.8M Add +62.0%
META Meta Platforms Inc. Class A 0.99% 25,348 $14.6M Add +0.0%
CNMD Conmed Corp. 0.93% 227,805 $13.8M Add +21.8%
LAD Lithia Motors Inc. 0.85% 43,124 $12.7M New
GH Guardant Health Inc. 0.85% 296,571 $12.6M New
SKX Skechers USA Inc. Class A 0.82% 215,130 $12.2M Add +22.9%
VITL Vital Farms Inc. 0.78% 377,595 $11.5M New
MOD Modine Manufacturing Co. 0.77% 149,082 $11.4M Add +11.5%
AAPL Apple Inc. 0.71% 47,302 $10.5M Reduce -0.6%
PRCT Procept Biorobotics Corp. 0.68% 173,735 $10.1M Add +98.0%
FRPT Freshpet Inc. 0.66% 117,630 $9.8M Reduce -1.9%
KVYO Klaviyo Inc. Class A 0.66% 321,213 $9.7M Reduce -3.7%
ATRC Atricure Inc. 0.64% 295,605 $9.5M New
AGYS Agilysys Inc. 0.63% 128,740 $9.3M Reduce -15.7%
RGEN Repligen Corp. 0.62% 72,765 $9.3M Add +18.0%
LLY Eli Lilly & Co. 0.62% 11,205 $9.3M Reduce -0.4%
CWAN Clearwater Analytics HDS-A 0.61% 336,195 $9.0M Reduce -4.4%
VERX Vertex Inc. Class A 0.59% 249,760 $8.7M New
RELY Remitly Global Inc. 0.51% 363,750 $7.6M New
GNRC Generac Holdings Inc. 0.48% 55,915 $7.1M Reduce -43.4%
FOLD Amicus Therapeutics Inc. 0.45% 824,740 $6.7M New
ENSG The Ensign Group Inc. 0.45% 51,185 $6.6M New
DUOL Duolingo 0.44% 20,860 $6.5M Reduce -1.1%
S Sentinelone Inc. Class A 0.40% 327,159 $5.9M Reduce -33.5%
GKOS Glaukos Corp. 0.39% 59,133 $5.8M New
TRNS Transcat Inc. 0.37% 74,483 $5.5M Reduce -16.8%
INSP Inspire Medical Systems Inc. 0.36% 33,143 $5.3M New
ACMR Acm Research Inc. Class A 0.33% 209,561 $4.9M Reduce -11.0%
ALGM Allegro Microsystems Inc. 0.30% 179,290 $4.5M New
BRK.A Berkshire Hathaway Inc. Class A 0.27% 5 $4.0M No change
ADSK Autodesk Inc. 0.27% 15,060 $3.9M Reduce -6.2%
WEAV Weave Communications Inc. 0.26% 345,610 $3.8M Reduce -46.4%
MTSI Macom Technology Solutions H 0.23% 33,811 $3.4M Reduce -51.7%
BRK.B Berkshire Hathaway Inc. Class B 0.23% 6,270 $3.3M Add +66.5%
EPD Enterprise Products Partners 0.20% 87,815 $3.0M No change
PG The Procter & Gamble Co. 0.19% 16,944 $2.9M Reduce -7.4%
FICO Fair Isaac Corp. 0.18% 1,442 $2.7M Reduce -18.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.11% 6,265 $1.6M Reduce -30.5%
WDAY Workday Inc. Class A 0.09% 6,000 $1.4M Add +50.0%
XOM Exxon Mobil Corp. 0.09% 10,617 $1.3M Add +0.4%
ESS Essex Property Trust Inc. 0.08% 4,000 $1.2M No change
JNJ Johnson & Johnson 0.08% 6,986 $1.2M Reduce -5.8%
UNP Union Pacific Corp. 0.06% 3,853 $910K Add +0.1%
ABBV Abbvie Inc. 0.06% 4,321 $905K Add +0.3%
PLTR Palantir Technologies Inc. Class A 0.06% 10,517 $888K Reduce -15.8%
GOOGL Alphabet Inc. Class A 0.05% 4,912 $760K Add +2.0%
COST Costco Wholesale Corp. 0.03% 532 $503K Reduce -15.2%
ABT Abbott Laboratories 0.03% 2,885 $383K Reduce -17.4%
MRK Merck & Co. Inc. 0.03% 4,218 $379K Add +0.8%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.03% 5,290 $376K No change
HD Home Depot Inc. 0.03% 1,027 $376K Reduce -64.0%
CR Crane Co. 0.02% 2,000 $306K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 2,990 $295K Add +0.8%
FISV Fiserv Inc. 0.02% 1,318 $291K No change
ORCL Oracle Corp. 0.02% 1,860 $260K Add +0.8%
AXP American Express Co. 0.02% 863 $232K Add +0.6%
BMY Bristol-Myers Squibb Co. 0.01% 3,566 $217K Add +1.0%
ABNB Airbnb Inc. Class A 0.01% 1,720 $205K Add +0.3%
TSLA Tesla Inc. 0.01% 785 $203K Add +57.0%
SPGI S&P Global Inc. 0.01% 360 $183K No change
HEI Heico Corp. 0.01% 671 $179K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.01% 507 $175K No change
HON Honeywell International Inc. 0.01% 826 $175K Add +0.6%
FAST Fastenal Co. 0.01% 1,984 $154K Add +0.3%
KVUE Kenvue Inc. 0.01% 5,970 $143K Reduce -23.6%
WFC Wells Fargo & Co. 0.01% 1,993 $143K Reduce -27.6%
NSC Norfolk Southern Corp. 0.01% 586 $139K Reduce -92.7%
NOW ServiceNow Inc. 0.01% 164 $131K No change
PLD Prologis Inc. 0.01% 1,040 $116K Add +2.0%
NFLX Netflix Inc. 0.01% 105 $98K Add +5.0%
SMMT Summit Therapeutics Inc. 0.01% 5,000 $96K No change
SBUX Starbucks Corp. 0.01% 935 $92K Add +1.6%
RTX RTX Corp. 0.01% 653 $86K Reduce -42.4%
LYFT LYFT Inc. Class A 0.00% 6,099 $72K No change
MS Morgan Stanley 0.00% 602 $70K Add +2.6%
HASI Ha Sustainable Infrastructur 0.00% 2,390 $70K No change
CXT Crane NXT Co. 0.00% 1,320 $68K Reduce -34.0%
ECL Ecolab Inc. 0.00% 240 $61K Add +2.1%
MTD Mettler-Toledo International 0.00% 50 $59K No change
RS Reliance Inc. 0.00% 187 $54K Reduce -50.0%
EFX Equifax Inc. 0.00% 210 $51K No change
WMT Walmart Inc. 0.00% 520 $46K Add +15.6%
A Agilent Technologies Inc. 0.00% 329 $38K Add +1.5%
AMGN Amgen Inc. 0.00% 122 $38K Reduce -61.6%
NFGC New Found Gold Corp. 0.00% 31,250 $38K No change
PEP Pepsico Inc. 0.00% 245 $37K Reduce -14.6%
SNAP Snap Inc. Class A 0.00% 4,000 $35K No change
UBER Uber Technologies Inc. 0.00% 468 $34K Add +6.8%
ALGN Align Technology Inc. 0.00% 211 $34K No change
WM Waste Management Inc. 0.00% 137 $32K No change
AVTR Avantor Inc. 0.00% 1,886 $31K No change
CVX Chevron Corp. 0.00% 175 $29K Reduce -90.5%
ORLY O'reilly Automotive Inc. 0.00% 20 $29K No change
OTIS Otis Worldwide Corp. 0.00% 255 $26K Add +2.0%
PLSE Pulse Biosciences Inc. 0.00% 1,000 $16K No change
CPRT Copart Inc. 0.00% 270 $15K Add +3.9%
RIVN Rivian Automotive Inc. Class A 0.00% 1,175 $15K No change
POOL Pool Corp. 0.00% 41 $13K No change
KO The Coca-Cola Co. 0.00% 164 $12K Add +95.2%
MU Micron Technology Inc. 0.00% 83 $7K Add +5.1%
MA Mastercard Inc. Class A 0.00% 10 $5K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.00% 130 $5K New
T AT&T Inc. 0.00% 140 $4K New
CSCO Cisco Systems Inc. 0.00% 60 $4K New
VZ Verizon Communications Inc. 0.00% 55 $2K Reduce -97.0%
NEE Nextera Energy Inc. 0.00% 35 $2K Reduce -69.3%
PM Philip Morris International 0.00% 15 $2K New
GILD Gilead Sciences Inc. 0.00% 20 $2K New
PFE Pfizer Inc. 0.00% 85 $2K New
C Citigroup Inc. 0.00% 30 $2K New
DTE DTE Energy Company 0.00% 15 $2K New
K Kellanova 0.00% 25 $2K New
AMD Advanced Micro Devices 0.00% 20 $2K Reduce -100.0%
MDLZ Mondelez International Inc. Class A 0.00% 30 $2K New
GE General Electric filed as GE AEROSPACE 0.00% 10 $2K New
ADBE Adobe Inc. 0.00% 5 $2K Reduce -96.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.00% 15 $2K Reduce -97.5%
TXN Texas Instruments Inc. 0.00% 10 $2K New
ICE Intercontinental Exchange Inc. 0.00% 10 $2K New
EVRG Evergy Inc. 0.00% 25 $2K New
INTC Intel Corp. 0.00% 75 $2K New
APH Amphenol Corp. Class A 0.00% 25 $2K New
SCHW Schwab (charles) Corp. 0.00% 20 $2K New
MCD McDonald's Corp. 0.00% 5 $2K New
PHM Pultegroup Inc. 0.00% 15 $2K New
QCOM Qualcomm Inc. 0.00% 10 $2K New
DOC Healthpeak Properties Inc. 0.00% 75 $2K New
CMCSA Comcast Corp. Class A 0.00% 40 $1K New
AMAT Applied Materials Inc. 0.00% 10 $1K New
SO The Southern Co. 0.00% 15 $1K New
TMUS T-Mobile US Inc. 0.00% 5 $1K New
CME Cme Group Inc. 0.00% 5 $1K New
TRV The Travelers Cos Inc. 0.00% 5 $1K New
GL Globe Life Inc. 0.00% 10 $1K New
EOG EOG Resources Inc. 0.00% 10 $1K New
CMG Chipotle Mexican Grill Inc. 0.00% 25 $1K New
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.00% 30 $1K New
ITW Illinois Tool Works 0.00% 5 $1K New
PSX Phillips 66 0.00% 10 $1K New
OXY Occidental Petroleum Corp. 0.00% 25 $1K New
CFG Citizens Financial Group 0.00% 30 $1K New
DUK Duke Energy Corp. 0.00% 10 $1K New
MRSH Marsh & McLennan Cos 0.00% 5 $1K New
NEM Newmont Corp. 0.00% 25 $1K New
MO Altria Group Inc. 0.00% 20 $1K New
EIX Edison International 0.00% 20 $1K New
LOW Lowe's Cos Inc. 0.00% 5 $1K New
HLT Hilton Worldwide Holdings Inc. 0.00% 5 $1K New
DVN Devon Energy Corp. 0.00% 30 $1K New
UPS United Parcel Service Class B 0.00% 10 $1K New
AEP American Electric Power 0.00% 10 $1K New
LRCX Lam Research Corp. 0.00% 15 $1K New
PPL PPL Corp. 0.00% 30 $1K New
SYF Synchrony Financial 0.00% 20 $1K New
TPR Tapestry Inc. 0.00% 15 $1K New
USB US Bancorp 0.00% 25 $1K Reduce -98.1%
DRI Darden Restaurants Inc. 0.00% 5 $1K New
ALL Allstate Corp. 0.00% 5 $1K New
CTAS Cintas Corp. 0.00% 5 $1K New
KDP Keurig Dr Pepper Inc. 0.00% 30 $1K New
CVS CVS Health Corp. 0.00% 15 $1K New
OKE Oneok Inc. 0.00% 10 $992 New
FTNT Fortinet Inc. 0.00% 10 $963 New
NKE Nike Inc. Class B 0.00% 15 $952 Reduce -96.3%
ES Eversource Energy 0.00% 15 $932 New
CNC Centene Corp. 0.00% 15 $911 New
WMB Williams Cos Inc. 0.00% 15 $896 New
CSX CSX Corp. 0.00% 30 $883 New
DOV Dover Corp. 0.00% 5 $878 New
AIG American International Group 0.00% 10 $869 New
KMI Kinder Morgan Inc. 0.00% 30 $856 New
PANW Palo Alto Networks Inc. 0.00% 5 $853 New
KIM Kimco Realty Corp. 0.00% 40 $850 New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.00% 10 $839 New
SPG Simon Property Group Inc. 0.00% 5 $830 New
ZTS Zoetis Inc. 0.00% 5 $823 New
IR Ingersoll-Rand Inc. 0.00% 10 $800 New
HES Hess Corp. 0.00% 5 $799 New
YUM Yum! Brands Inc. 0.00% 5 $787 New
ANET Arista Networks Inc. 0.00% 10 $775 New
PAYX Paychex Inc. 0.00% 5 $771 New
WELL Welltower Inc. 0.00% 5 $766 New
DVA Davita Inc. 0.00% 5 $765 New
MMM 3M Co. 0.00% 5 $734 New
EA Electronic Arts Inc. 0.00% 5 $723 New
GM General Motors Co. 0.00% 15 $705 New
BX Blackstone Inc. 0.00% 5 $699 New
INVH Invitation Homes Inc. 0.00% 20 $697 New
EXC Exelon Corp. 0.00% 15 $691 New
CAH Cardinal Health Inc. 0.00% 5 $689 New
VTR Ventas Inc. 0.00% 10 $688 New
APO Apollo Global Management Inc. 0.00% 5 $685 New
KR Kroger Co. 0.00% 10 $677 New
HBAN Huntington Bancshares Inc. 0.00% 45 $675 New
VLO Valero Energy Corp. 0.00% 5 $660 New
BKR Baker Hughes Co. 0.00% 15 $659 New
TRMB Trimble Inc. 0.00% 10 $657 New
PYPL PayPal Holdings Inc. 0.00% 10 $653 New
LNT Alliant Energy Corp. 0.00% 10 $644 New
TSN Tyson Foods Inc. Class A 0.00% 10 $638 New
TFC Truist Financial Corp. 0.00% 15 $617 New
ON On Semiconductor 0.00% 15 $610 New
NUE Nucor Corp. 0.00% 5 $602 New
XYL Xylem Inc. 0.00% 5 $597 New
GPC Genuine Parts Co. 0.00% 5 $596 New
WY Weyerhaeuser Co. 0.00% 20 $586 New
FCX Freeport-McMoran Inc. 0.00% 15 $568 New
D Dominion Energy Inc. 0.00% 10 $561 New
PRU Prudential Financial Inc. 0.00% 5 $558 Reduce -84.4%
AFL Aflac Inc. 0.00% 5 $556 New
ED Consolidated Edison Inc. 0.00% 5 $553 New
CHD Church & Dwight Co. Inc. 0.00% 5 $550 New
ROL Rollins Inc. 0.00% 10 $540 New
EQT Eqt Corp. 0.00% 10 $534 New
CCI Crown Castle Inc. 0.00% 5 $521 New
PCG P G & E Corp. 0.00% 30 $515 New
AEE Ameren Corporation 0.00% 5 $502 New
F Ford Motor Co. filed as FORD MTR CO 0.00% 50 $502 New
FRT Federal Realty Invs Trust 0.00% 5 $489 New
PCAR Paccar Inc. 0.00% 5 $487 New
CL Colgate-Palmolive Co. 0.00% 5 $469 New
ARE Alexandria Real Estate Equit 0.00% 5 $463 New
GLW Corning Inc. 0.00% 10 $458 New
DELL Dell Technologies -C 0.00% 5 $456 New
STT State Street Corp. 0.00% 5 $448 New
EMN Eastman Chemical Co. 0.00% 5 $441 New
DG Dollar General Corp. 0.00% 5 $440 New
AES AES Corp. 0.00% 35 $435 New
WBD Warner Bros Discovery Inc. 0.00% 40 $429 New
GEHC GE Healthcare Technology 0.00% 5 $404 New
MET Metlife Inc. 0.00% 5 $401 New
CCL Carnival Corp. 0.00% 20 $391 New
WBA Walgreens Boots Alliance Inc. 0.00% 35 $391 Reduce -99.0%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.00% 5 $388 New
CTSH Cognizant Tech Solutions-A 0.00% 5 $383 New
NDAQ Nasdaq Inc. 0.00% 5 $379 New
DD Dupont DE Nemours Inc. 0.00% 5 $373 New
FIS Fidelity National Info Serv 0.00% 5 $373 New
FTV Fortive Corp. 0.00% 5 $366 New
EW Edwards Lifesciences Corp. 0.00% 5 $362 New
JNPR Juniper Networks Inc. 0.00% 10 $362 New
MAS Masco Corp. 0.00% 5 $348 New
SMCI Super Micro Computer Inc. 0.00% 10 $342 New
DXCM Dexcom Inc. 0.00% 5 $341 New
EBAY eBay Inc. 0.00% 5 $339 New
BXP BXP Inc. 0.00% 5 $336 New
LUV Southwest Airlines Co. 0.00% 10 $336 New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.00% 5 $330 New
AOS Smith (a.o.) Corp. 0.00% 5 $327 New
KEY Keycorp 0.00% 20 $320 New
CARR Carrier Global Corp. 0.00% 5 $317 Reduce -99.0%
CTVA Corteva Inc. 0.00% 5 $315 New
HOLX Hologic Inc. 0.00% 5 $309 New
DAY Dayforce Inc. 0.00% 5 $292 New
CE Celanese Corp. 0.00% 5 $284 New
HST Host Hotels & Resorts Inc. 0.00% 20 $284 New
MRNA Moderna Inc. 0.00% 10 $284 New
HPQ HP Inc. 0.00% 10 $277 New
MCHP Microchip Technology Inc. 0.00% 5 $242 New
UDR Udr Inc. 0.00% 5 $226 New
DAL Delta Air Lines Inc. 0.00% 5 $218 New
WDC Western Digital Corp. 0.00% 5 $202 New
Other holdings (39): bonds, preferreds, convertibles and warrants · $543.3M (not counted above)
SecurityClassShares / PrincipalValueChange
LYFT INC (LYFT 1.5 05/15/25) NOTE 1.500% 5/1 · principal 84,881,000$84.9MAdd +16.1%
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 70,750,000$67.7MNo change
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 69,305,000$65.8MAdd +333.2%
WIX LTD (WIX 0 08/15/25) NOTE 8/1 · principal 51,943,000$51.0MNo change
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal 48,570,000$46.6MNo change
LENDINGTREE INC (TREE 0.5 07/15/25) NOTE 0.500% 7/1 · principal 34,642,000$34.2MAdd +4.9%
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) NOTE 0.750% 8/0 · principal 30,327,000$29.9MAdd +6.2%
WAYFAIR INC (W 0.625 10/01/25) NOTE 0.625%10/0 · principal 28,579,000$27.9MNew
EZCORP INC (EZPW 2.375 05/01/25) NOTE 2.375% 5/0 · principal 21,388,000$21.4MReduce -0.7%
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal 17,721,000$17.4MAdd +115.1%
NVO Novo-Nordisk A/S-Spons ADR ADR · principal 228,690$15.9MAdd +0.5%
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 15,000,000$14.4MAdd +25.0%
JAMF HOLDING CORP (JAMF 0.125 09/01/26) NOTE 0.125% 9/0 · principal 11,600,000$10.9MNo change
ZIFF DAVIS INC (ZD 1.75 11/01/26) NOTE 1.750%11/0 · principal 10,595,000$10.0MNew
JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal 9,700,000$9.7MNo change
NVS Novartis AG-Sponsored ADR SPONSORED ADR · principal 87,194$9.7MAdd +2.8%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal 7,000,000$7.3MNo change
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 7,750,000$6.6MNo change
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 3,000,000$2.9MNo change
SCHB Schwab US Broad Market ETF US BRD MKT ETF · principal 127,751$2.8MReduce -9.5%
VOO Vanguard S&P 500 ETF S&P 500 ETF SHS · principal 3,715$1.9MReduce -10.2%
FTGC First Trust Global Tactical FST TR GLB FD · principal 25,663$655KAdd +0.3%
XLK SS Technology Select Sector ST STR TECHN ETF · principal 2,993$618KReduce -7.8%
IGM iShares Expanded Tech Sector EXPND TEC SC ETF · principal 6,418$582KReduce -32.2%
HYS PIMCO 0-5 Year H/Y Corp. Bond 0-5 HIGH YIELD · principal 5,370$503KNo change
ISTB iShares Core 1-5 Year Usd Bo CORE 1 5 YR USD · principal 9,000$435KNo change
NOBL Proshares S&P 500 Dividend A S&P 500 DV ARIST · principal 2,620$268KNo change
VXUS Vanguard Total Intl Stock VG TL INTL STK F · principal 2,736$170KAdd +0.3%
VTI VG Morningstar TS MKT ETF-US TOTAL STK MKT · principal 595$164KReduce -50.0%
SCHM Schwab US Mid Cap ETF US MID-CAP ETF · principal 6,132$161KReduce -36.5%
VIOO Vanguard S&P Small-Cap 600 E SMLLCP 600 IDX · principal 1,522$147KNo change
VXF Vanguard Extended Market ETF EXTEND MKT ETF · principal 841$145KReduce -30.7%
SPY SS SPDR S&P 500 ETF Trust-US TR UNIT · principal 253$142KNo change
FNDA Schwab Fndmntl US SM Co. ETF FUNDAMENTAL US S · principal 3,972$109KNo change
IBIT iShares Bitcoin Trust ETF SHS BEN INT · principal 1,817$85KAdd +10.8%
IVV iShares Core S&P 500 ETF CORE S&P500 ETF · principal 100$56KReduce -34.2%
CNTA Centessa Pharmaceuticals Ltd. SPONSORED ADS · principal 3,276$47KNew
VUG Vanguard Mrngstar GR ETF-Sui GROWTH ETF · principal 123$46KNo change
GRNY Fundstr Gran SH US LRG Cap FUND GRAN US ETF · principal 100$2KNo change

Total filed on the 13F, all lines: $2.0B.

Portfolio Sells Q4 2024 → Q1 2025
HSY The Hershey Co. Sold out 0.00% −1.65
BDX Becton Dickinson and Co. Sold out 0.00% −1.26
AVGO Broadcom Inc. Reduce -28.9% 1.52% −1.16
AMD Advanced Micro Devices Reduce -100.0% 0.00% −1.06
ELF Elf Beauty Inc. Sold out 0.00% −0.98
ACVA Acv Auctions Inc. Class A Sold out 0.00% −0.71
BOOT Boot Barn Holdings Inc. Sold out 0.00% −0.71
AXON Axon Enterprise Inc. Sold out 0.00% −0.68
NTRA Natera Inc. Sold out 0.00% −0.65
SG Sweetgreen Inc. Class A Sold out 0.00% −0.62
RXST Rxsight Inc. Sold out 0.00% −0.61
AGYS Agilysys Inc. Reduce -15.7% 0.63% −0.60
GOOG Alphabet Inc. Class C Reduce -0.6% 5.10% −0.57
NUVL Nuvalent Inc. Class A Sold out 0.00% −0.53
MANH Manhattan Associates Inc. Sold out 0.00% −0.53
ODFL Old Dominion Freight Line Reduce -29.5% 1.27% −0.47
ROST Ross Stores Inc. Reduce -12.3% 2.10% −0.47
GNRC Generac Holdings Inc. Reduce -43.4% 0.48% −0.46
FRPT Freshpet Inc. Reduce -1.9% 0.66% −0.43
VRRM Verra Mobility Corp. Sold out 0.00% −0.42
VKTX Viking Therapeutics Inc. Sold out 0.00% −0.38
MSFT Microsoft Corp. Reduce -5.1% 5.17% −0.38
ANF Abercrombie & Fitch Co. Class A Sold out 0.00% −0.37
WEAV Weave Communications Inc. Reduce -46.4% 0.26% −0.37
AMZN Amazon.com Inc. Reduce -3.2% 4.30% −0.34
MTSI Macom Technology Solutions H Reduce -51.7% 0.23% −0.33
ONTO Onto Innovation Inc. Sold out 0.00% −0.31
CRM Salesforce Inc. Reduce -1.0% 2.09% −0.29
AME Ametek Inc. Reduce -22.0% 1.30% −0.28
S Sentinelone Inc. Class A Reduce -33.5% 0.40% −0.27
KEYS Keysight Technologies Inc. Reduce -13.6% 2.07% −0.26
TRNS Transcat Inc. Reduce -16.8% 0.37% −0.20
KVYO Klaviyo Inc. Class A Reduce -3.7% 0.66% −0.19
NSC Norfolk Southern Corp. Reduce -92.7% 0.01% −0.11
DE Deere & Co. Reduce -21.1% 1.30% −0.05
HD Home Depot Inc. Reduce -64.0% 0.03% −0.04
FICO Fair Isaac Corp. Reduce -18.5% 0.18% −0.04
ADSK Autodesk Inc. Reduce -6.2% 0.27% −0.02
FSV Firstservice Corp. Reduce -3.0% 1.25% −0.02
APD Air Products & Chemicals Inc. Reduce -11.7% 2.11% −0.02
LECO Lincoln Electric Holdings Sold out 0.00% −0.02
AAPL Apple Inc. Reduce -0.6% 0.71% −0.02
AKYA Akoya Biosciences Inc. Sold out 0.00% −0.02
IBM Intl Business Machines Corp. Reduce -30.5% 0.11% −0.02
CVX Chevron Corp. Reduce -90.5% 0.00% −0.01
IAS Integral Ad Science Holding Sold out 0.00% −0.01
MAA Mid-America Apartment Comm Sold out 0.00% −0.01
O Realty Income Corp. Sold out 0.00% −0.01
BOH Bank of Hawaii Corp. Sold out 0.00% −0.00
TJX TJX Companies Inc. Reduce -97.5% 0.00% −0.00

Portfolio Buys Q4 2024 → Q1 2025
FERG Ferguson Enterprises Inc. New 1.81% +1.81
AWK American Water Works Co. Inc. Add +44.4% 2.92% +1.37
UNH Unitedhealth Group Inc. Add +25.5% 3.02% +0.91
LAD Lithia Motors Inc. New 0.85% +0.85
GH Guardant Health Inc. New 0.85% +0.85
VITL Vital Farms Inc. New 0.78% +0.78
LTH Life Time Group Holdings Inc. Add +59.5% 1.17% +0.68
ATRC Atricure Inc. New 0.64% +0.64
VERX Vertex Inc. Class A New 0.59% +0.59
TMO Thermo Fisher Scientific Inc. Add +20.5% 2.60% +0.56
ADI Analog Devices Inc. Add +26.4% 2.18% +0.53
RELY Remitly Global Inc. New 0.51% +0.51
EGP Eastgroup Properties Inc. Add +1.3% 2.52% +0.47
FOLD Amicus Therapeutics Inc. New 0.45% +0.45
ENSG The Ensign Group Inc. New 0.45% +0.45
RMBS Rambus Inc. Add +62.0% 1.00% +0.43
MGY Magnolia Oil & Gas Corp. Class A Add +33.5% 1.09% +0.41
GKOS Glaukos Corp. New 0.39% +0.39
LHX L3HARRIS Technologies Inc. Add +14.9% 1.75% +0.36
BA The Boeing Co. Add +31.8% 1.26% +0.36
INSP Inspire Medical Systems Inc. New 0.36% +0.36
DHR Danaher Corp. Add +26.0% 1.78% +0.35
ALGM Allegro Microsystems Inc. New 0.30% +0.30
JPM JPMorgan Chase & Co. Add +0.3% 2.29% +0.27
PRCT Procept Biorobotics Corp. Add +98.0% 0.68% +0.25
NVDA Nvidia Corp. Add +20.4% 2.48% +0.17
CNMD Conmed Corp. Add +21.8% 0.93% +0.15
INTU Intuit Inc. Add +0.4% 1.79% +0.14
BRK.B Berkshire Hathaway Inc. Class B Add +66.5% 0.23% +0.12
SKX Skechers USA Inc. Class A Add +22.9% 0.82% +0.10
RGEN Repligen Corp. Add +18.0% 0.62% +0.08
META Meta Platforms Inc. Class A Add +0.0% 0.99% +0.08
LAMR Lamar Advertising Co. Class A Add +1.8% 1.57% +0.07
WDAY Workday Inc. Class A Add +50.0% 0.09% +0.03
XOM Exxon Mobil Corp. Add +0.4% 0.09% +0.02
ABBV Abbvie Inc. Add +0.3% 0.06% +0.01
UNP Union Pacific Corp. Add +0.1% 0.06% +0.01
BMY Bristol-Myers Squibb Co. Add +1.0% 0.01% +0.00
FAST Fastenal Co. Add +0.3% 0.01% +0.00
TSLA Tesla Inc. Add +57.0% 0.01% +0.00
PLD Prologis Inc. Add +2.0% 0.01% +0.00
NFLX Netflix Inc. Add +5.0% 0.01% +0.00
SBUX Starbucks Corp. Add +1.6% 0.01% +0.00
ECL Ecolab Inc. Add +2.1% 0.00% +0.00
UBER Uber Technologies Inc. Add +6.8% 0.00% +0.00
WMT Walmart Inc. Add +15.6% 0.00% +0.00
KO The Coca-Cola Co. Add +95.2% 0.00% +0.00
HON Honeywell International Inc. Add +0.6% 0.01% +0.00
BAC Bank of America Corp. New 0.00% +0.00
MA Mastercard Inc. Class A New 0.00% +0.00

Notes & Other Activity Q4 2024 → Q1 2025
LYFT INC (LYFT 1.5 05/15/25) NOTE 1.500% 5/1 · principal Add +16.1% 84,881,000 $84.9M
PEGASYSTEMS INC (PEGA 0.75 03/01/25) NOTE 0.750% 3/0 · principal Sold out 74,500,000 $74.1Mbefore exit
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal Add +333.2% 69,305,000 $65.8M
LENDINGTREE INC (TREE 0.5 07/15/25) NOTE 0.500% 7/1 · principal Add +4.9% 34,642,000 $34.2M
PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) NOTE 0.750% 8/0 · principal Add +6.2% 30,327,000 $29.9M
WAYFAIR INC (W 0.625 10/01/25) NOTE 0.625%10/0 · principal New 28,579,000 $27.9M
EZCORP INC (EZPW 2.375 05/01/25) NOTE 2.375% 5/0 · principal Reduce -0.7% 21,388,000 $21.4M
OKTA INC (OKTA 0.125 09/01/25) NOTE 0.125% 9/0 · principal Add +115.1% 17,721,000 $17.4M
NVO Novo-Nordisk A/S-Spons ADR ADR · principal Add +0.5% 228,690 $15.9M
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal Add +25.0% 15,000,000 $14.4M
ZIFF DAVIS INC (ZD 1.75 11/01/26) NOTE 1.750%11/0 · principal New 10,595,000 $10.0M
NVS Novartis AG-Sponsored ADR SPONSORED ADR · principal Add +2.8% 87,194 $9.7M
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal Sold out 7,000,000 $8.5Mbefore exit
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) NOTE 1.250% 5/0 · principal Sold out 4,625,000 $4.8Mbefore exit
SCHB Schwab US Broad Market ETF US BRD MKT ETF · principal Reduce -9.5% 127,751 $2.8M
VOO Vanguard S&P 500 ETF S&P 500 ETF SHS · principal Reduce -10.2% 3,715 $1.9M
FTGC First Trust Global Tactical FST TR GLB FD · principal Add +0.3% 25,663 $655K
XLK SS Technology Select Sector ST STR TECHN ETF · principal Reduce -7.8% 2,993 $618K
IGM iShares Expanded Tech Sector EXPND TEC SC ETF · principal Reduce -32.2% 6,418 $582K
VXUS Vanguard Total Intl Stock VG TL INTL STK F · principal Add +0.3% 2,736 $170K
VTI VG Morningstar TS MKT ETF-US TOTAL STK MKT · principal Reduce -50.0% 595 $164K
SCHM Schwab US Mid Cap ETF US MID-CAP ETF · principal Reduce -36.5% 6,132 $161K
VXF Vanguard Extended Market ETF EXTEND MKT ETF · principal Reduce -30.7% 841 $145K
IBIT iShares Bitcoin Trust ETF SHS BEN INT · principal Add +10.8% 1,817 $85K
IVV iShares Core S&P 500 ETF CORE S&P500 ETF · principal Reduce -34.2% 100 $56K
CNTA Centessa Pharmaceuticals Ltd. SPONSORED ADS · principal New 3,276 $47K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 200$1.8BGOOG, AAPL, AMZN, AMAT, ADI
Q1 2026 197$1.6BGOOG, AMZN, MSFT, AMAT, AVGO
Q4 2025 238$1.7BGOOG, MSFT, AMZN, AVGO, V
Q3 2025 240$1.7BGOOG, MSFT, AMZN, AVGO, AZO
Q2 2025 247$1.6BMSFT, GOOG, AMZN, AVGO, V
Q1 2025Amended 298$1.5BMSFT, GOOG, AMZN, V, UNH
Q4 2024Amended 157$1.6BGOOG, MSFT, AMZN, V, AVGO
Q3 2024 159$1.7BMSFT, GOOG, AMZN, PGR, BDX
Q2 2024 162$1.5BMSFT, GOOG, AMZN, ADI, TGT
Q1 2024 160$1.5BMSFT, GOOG, AMZN, TGT, MU