Parallax Volatility Advisers, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Parallax Volatility Advisers, L.P. reported 475 stock positions worth $2.6 billion. Its top holding was Nvidia (NVDA) at 6.7% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 5.2%) and Tesla (TSLA, 3.4%). Compared with Q4 2024, it opened 124 new positions, sold out of 243, added to 145 and reduced 175. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +302%) and the biggest sale General Electric (GE, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- San Francisco, CA
- CIK
- 0001521001
- Portfolio Value
- $2.6B (Q1 2025)
- SEC Filing
- 0001172661-25-002304 ↗ filed May 15, 2025
Holdings Value
Holdings 475 stocks · $2.6B
| NVDA Nvidia Corp. | 6.66% | 1,586,985 | $172.0M | Reduce -27.4% |
| TSM Taiwan Semiconductor-SP ADR | 5.24% | 814,495 | $135.2M | Add +302.5% |
| TSLA Tesla Inc. | 3.42% | 340,898 | $88.3M | Reduce -31.2% |
| AAPL Apple Inc. | 2.79% | 324,393 | $72.1M | Add +104.8% |
| CEF Sprott Physical Gold and Sil | 2.22% | 2,019,588 | $57.4M | Reduce -49.5% |
| TMUS T-Mobile US Inc. | 2.05% | 198,906 | $53.1M | Reduce -19.4% |
| V Visa Inc. Class A | 1.99% | 146,472 | $51.3M | New |
| UNH Unitedhealth Group Inc. | 1.73% | 85,072 | $44.6M | Reduce -36.2% |
| GEV GE Vernova Inc. | 1.71% | 144,711 | $44.2M | Reduce -35.3% |
| XYZ Block Inc. | 1.70% | 805,771 | $43.8M | Add +63.2% |
| DAL Delta Air Lines Inc. | 1.63% | 967,301 | $42.2M | Add +271.9% |
| MSFT Microsoft Corp. | 1.63% | 112,102 | $42.1M | Add +237.5% |
| SMH Vaneck Semiconductor ETF | 1.60% | 195,378 | $41.3M | Add +211.5% |
| PYPL PayPal Holdings Inc. | 1.56% | 616,181 | $40.2M | Add +89.1% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.50% | 110,022 | $38.8M | Add +281.2% |
| ETSY Etsy Inc. | 1.45% | 792,043 | $37.4M | Add +3077.1% |
| ABNB Airbnb Inc. Class A | 1.34% | 290,027 | $34.6M | Add +38.7% |
| NFLX Netflix Inc. | 1.33% | 36,740 | $34.3M | Add +23.6% |
| MS Morgan Stanley | 1.29% | 285,901 | $33.4M | Add +9529933.3% |
| AVGO Broadcom Inc. | 1.24% | 190,935 | $32.0M | New |
| AMD Advanced Micro Devices | 1.24% | 310,718 | $31.9M | New |
| NET Cloudflare Inc. Class A | 1.13% | 258,329 | $29.1M | Reduce -15.5% |
| GDX Vaneck Gold Miners ETF | 1.04% | 584,987 | $26.9M | Add +58498600.0% |
| CI The Cigna Group | 1.03% | 80,730 | $26.6M | Reduce -46.0% |
| UBER Uber Technologies Inc. | 1.00% | 354,152 | $25.8M | Reduce -66.8% |
| ARM Arm Holdings PLC-ADR | 1.00% | 240,571 | $25.7M | Reduce -64.7% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.98% | 60,340 | $25.3M | Add +2127.4% |
| UAL United Airlines Holdings Inc. | 0.98% | 364,648 | $25.2M | Reduce -3.7% |
| C Citigroup Inc. | 0.93% | 338,318 | $24.0M | Add +3075518.2% |
| MA Mastercard Inc. Class A | 0.93% | 43,662 | $23.9M | Add +643.2% |
| WFC Wells Fargo & Co. | 0.91% | 325,618 | $23.4M | Add +707765.2% |
| MU Micron Technology Inc. | 0.90% | 266,953 | $23.2M | New |
| GOOG Alphabet Inc. Class C | 0.88% | 144,871 | $22.6M | Reduce -9.6% |
| AAL American Airlines Group Inc. | 0.87% | 2,134,051 | $22.5M | New |
| NKE Nike Inc. Class B | 0.86% | 349,144 | $22.2M | Add +509.2% |
| GOOGL Alphabet Inc. Class A | 0.83% | 139,107 | $21.5M | Add +495.4% |
| GS Goldman Sachs Group Inc. | 0.81% | 38,154 | $20.8M | Add +107.2% |
| QCOM Qualcomm Inc. | 0.80% | 134,292 | $20.6M | Add +254.2% |
| DELL Dell Technologies -C | 0.76% | 213,871 | $19.5M | Add +85.1% |
| BSX Boston Scientific Corp. | 0.73% | 185,652 | $18.7M | Add +2.1% |
| DASH DoorDash Inc. Class A | 0.72% | 101,533 | $18.6M | Reduce -24.6% |
| HD Home Depot Inc. | 0.66% | 46,728 | $17.1M | Add +127.9% |
| AMAT Applied Materials Inc. | 0.65% | 116,375 | $16.9M | New |
| COF Capital One Financial Corp. | 0.64% | 91,861 | $16.5M | Add +441.2% |
| BA The Boeing Co. | 0.61% | 92,672 | $15.8M | Reduce -54.0% |
| RH RH | 0.61% | 67,042 | $15.7M | New |
| VRT Vertiv Holdings Co. Class A | 0.57% | 205,170 | $14.8M | Add +557.0% |
| ADBE Adobe Inc. | 0.55% | 37,338 | $14.3M | Add +95.3% |
| GE General Electric filed as GE AEROSPACE | 0.54% | 69,030 | $13.8M | Reduce -92.7% |
| TWLO Twilio Inc. Class A | 0.53% | 140,055 | $13.7M | Add +65.0% |
| CRM Salesforce Inc. | 0.53% | 50,591 | $13.6M | Add +11.6% |
| BABA Alibaba Group Holding-SP ADR | 0.52% | 101,747 | $13.5M | Reduce -51.9% |
| LLY Eli Lilly & Co. | 0.52% | 16,282 | $13.4M | Reduce -77.8% |
| ORCL Oracle Corp. | 0.49% | 90,385 | $12.6M | Add +3012733.3% |
| KMI Kinder Morgan Inc. | 0.49% | 441,707 | $12.6M | Add +113.0% |
| MDB Mongodb Inc. | 0.48% | 70,717 | $12.4M | Add +67.1% |
| CCL Carnival Corp. | 0.47% | 627,751 | $12.3M | New |
| SHEL Shell PLC-ADR | 0.47% | 165,490 | $12.1M | New |
| HOOD Robinhood Markets Inc. Class A | 0.45% | 279,384 | $11.6M | Reduce -70.5% |
| ACN Accenture PLC Class A | 0.39% | 32,657 | $10.2M | Add +3265600.0% |
| COST Costco Wholesale Corp. | 0.39% | 10,663 | $10.1M | Reduce -57.6% |
| DOCU Docusign Inc. | 0.39% | 123,030 | $10.0M | Reduce -38.3% |
| Z Zillow Group Inc. Class C | 0.39% | 145,205 | $10.0M | Reduce -20.1% |
| GILD Gilead Sciences Inc. | 0.38% | 88,635 | $9.9M | Reduce -47.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.37% | 38,859 | $9.7M | New |
| ANET Arista Networks Inc. | 0.36% | 118,907 | $9.2M | Add +47.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 211,243 | $8.8M | Add +439989.6% |
| TFC Truist Financial Corp. | 0.34% | 213,010 | $8.8M | Reduce -23.1% |
| CZR Caesars Entertainment Inc. | 0.34% | 346,774 | $8.7M | Add +17338600.0% |
| KRE SS SPDR S&P Regional Bank | 0.33% | 151,347 | $8.6M | Reduce -31.2% |
| ROKU Roku Inc. | 0.32% | 116,670 | $8.2M | Reduce -24.8% |
| UPS United Parcel Service Class B | 0.30% | 70,466 | $7.8M | Add +204.8% |
| EWZ iShares MSCI Brazil ETF | 0.29% | 291,942 | $7.5M | Reduce -29.8% |
| JPM JPMorgan Chase & Co. | 0.28% | 29,867 | $7.3M | Add +1383.7% |
| KLAC KLA Corp. | 0.27% | 10,376 | $7.1M | New |
| ASML ASML Holding NV-NY Reg SHS | 0.27% | 10,610 | $7.0M | Reduce -18.5% |
| OKTA Okta Inc. | 0.27% | 66,418 | $7.0M | Add +1.3% |
| DDOG Datadog Inc. Class A | 0.27% | 70,310 | $7.0M | Reduce -41.4% |
| GM General Motors Co. | 0.27% | 148,058 | $7.0M | Reduce -88.8% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.27% | 120,305 | $6.9M | Reduce -18.3% |
| PLTR Palantir Technologies Inc. Class A | 0.27% | 81,846 | $6.9M | Reduce -33.1% |
| HUM Humana Inc. | 0.27% | 25,873 | $6.8M | Add +269.3% |
| TXN Texas Instruments Inc. | 0.26% | 38,049 | $6.8M | New |
| AEM Agnico Eagle Mines Ltd. | 0.26% | 61,392 | $6.7M | Reduce -32.0% |
| PINS Pinterest Inc. Class A | 0.24% | 203,880 | $6.3M | New |
| SHOP Shopify Inc. Class A | 0.24% | 66,075 | $6.3M | Add +163.6% |
| CEG Constellation Energy | 0.24% | 30,976 | $6.2M | New |
| WYNN WYNN Resorts Ltd. | 0.24% | 74,269 | $6.2M | Add +7426800.0% |
| XOP SS SPDR S&P Og Exp & Prod | 0.23% | 44,542 | $5.9M | Add +4454100.0% |
| REGN Regeneron Pharmaceuticals | 0.23% | 9,197 | $5.8M | New |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.23% | 5,903 | $5.8M | New |
| SMCI Super Micro Computer Inc. | 0.22% | 167,705 | $5.7M | Reduce -65.5% |
| AES AES Corp. | 0.22% | 455,972 | $5.7M | Reduce -46.4% |
| ABT Abbott Laboratories | 0.22% | 42,601 | $5.7M | Add +343.9% |
| ETN Eaton Corp. PLC | 0.21% | 20,362 | $5.5M | Add +1018000.0% |
| BP BP PLC-Spons ADR | 0.21% | 160,729 | $5.4M | New |
| SOFI Sofi Technologies Inc. | 0.21% | 465,730 | $5.4M | Add +746.4% |
| SBUX Starbucks Corp. | 0.20% | 53,771 | $5.3M | Reduce -43.5% |
| UAA Under Armour Inc. Class A | 0.20% | 839,241 | $5.2M | Add +872.3% |
| GSRTU GSR III Acquisition Corp. | 0.20% | 500,000 | $5.1M | No change |
Options reported separately and not counted above: SPY puts ($3.8B), QQQ puts ($2.7B), QQQ calls ($1.2B), IWM puts ($1.1B), NVDA puts ($896.4M), META calls ($725.6M), SPY calls ($708.7M), TSLA puts ($649.6M), META puts ($556.6M), IWM calls ($503.6M), TSM puts ($476.4M), AAPL puts ($400.6M), and 968 more.
Other holdings (62): bonds, preferreds, convertibles and warrants · $518.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 1,025,561 | $72.7M | Reduce -4.1% |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 670,179 | $47.5M | Add +2177.3% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 40,000,000 | $39.1M | No change |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 15,000,000 | $36.9M | Reduce -33.3% |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 10,000,000 | $34.3M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 28,000,000 | $26.7M | Reduce -17.6% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 20,000,000 | $23.8M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 15,000,000 | $14.7M | Add +87.5% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 15,000,000 | $14.5M | No change |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 12,000,000 | $12.7M | Add +20.0% |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 12,000,000 | $11.9M | No change |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 12,500,000 | $11.7M | No change |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 10,000,000 | $9.9M | New |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 10,500,000 | $9.7M | No change |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | 10,000,000 | $9.6M | Reduce -33.3% |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 7,500,000 | $9.2M | New |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 10,000,000 | $8.8M | No change |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 10,000,000 | $8.7M | Reduce -16.7% |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 7,930,000 | $8.0M | No change |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 9,168,000 | $7.8M | Add +816.8% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 8,000,000 | $7.5M | No change |
| VARONIS SYSTEM INC (VRNS 1.25 08/15/25) | NOTE 1.250% 8/1 · principal | 5,000,000 | $6.6M | Reduce -28.6% |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 6,500,000 | $6.5M | Add +30.0% |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | 5,500,000 | $5.9M | No change |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 6,000,000 | $5.9M | No change |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 6,000,000 | $5.8M | Reduce -14.3% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 5,000,000 | $5.6M | New |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 5,000,000 | $5.0M | No change |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 4,500,000 | $4.9M | Reduce -50.0% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 4,400,000 | $4.8M | New |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 5,000,000 | $4.4M | New |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 5,000,000 | $4.2M | Reduce -50.0% |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 5,000,000 | $4.2M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 4,000,000 | $4.0M | New |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 3,000,000 | $2.9M | No change |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 3,000,000 | $2.9M | New |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 3,000,000 | $2.8M | No change |
| PARSONS CORP (PSN 0.25 08/15/25) | NOTE 0.250% 8/1 · principal | 2,000,000 | $2.6M | Reduce -67.2% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 2,500,000 | $2.3M | Reduce -39.0% |
| MARA HOLDINGS INC (MARA 1 12/01/26) | NOTE 1.000%12/0 · principal | 2,500,000 | $2.2M | Reduce -64.3% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 2,500,000 | $2.2M | New |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 2,000,000 | $2.0M | Reduce -60.0% |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | 2,000,000 | $1.9M | New |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 10,400,000 | $1.1M | Reduce -32.5% |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 26,549 | $735K | No change |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 10,443 | $516K | New |
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | 83,850 | $190K | Reduce -15.2% |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | 905,867 | $49K | Reduce -46.2% |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 42,051 | $31K | New |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 40,000 | $28K | Reduce -59.4% |
| HCVIW Hennessy Capital Inv A -CW27 | *W EXP 99/99/999 | 143,759 | $22K | No change |
| EQV VENTURES ACQUISITION | *W EXP 07/01/203 | 50,000 | $18K | No change |
| MRNOW Murano Global BV-28 | *W EXP 03/19/202 | 50,000 | $12K | No change |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 50,000 | $10K | No change |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 27,921 | $10K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 50,774 | $8K | No change |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 50,000 | $7K | No change |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 25,000 | $5K | Reduce -50.0% |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 19,900 | $4K | No change |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 25,000 | $4K | No change |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | 16,666 | $4K | No change |
| GBBKR Global Blockchain Acq - RTS | RIGHT 05/09/2027 | 20,000 | $2K | No change |
Total filed on the 13F, all lines: $3.1B.
Portfolio Sells Q4 2024 → Q1 2025
| GE General Electric | Reduce -92.7% | 0.54% | −3.47 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −2.39 |
| AXP American Express Co. | Reduce -96.9% | 0.10% | −2.14 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −1.98 |
| TSLA Tesla Inc. | Reduce -31.2% | 3.42% | −1.66 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −1.62 |
| GM General Motors Co. | Reduce -88.8% | 0.27% | −1.52 |
| PGR Progressive Corp. | Sold out | 0.00% | −1.31 |
| ARM Arm Holdings PLC-ADR | Reduce -64.7% | 1.00% | −1.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −1.14 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.08 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −1.00 |
| LLY Eli Lilly & Co. | Reduce -77.8% | 0.52% | −0.92 |
| CAT Caterpillar Inc. | Reduce -100.0% | 0.00% | −0.91 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.86 |
| NVDA Nvidia Corp. | Reduce -27.4% | 6.66% | −0.80 |
| XLV SS Health Care Select Sector | Reduce -100.0% | 0.00% | −0.77 |
| LEN Lennar Corp. Class A | Reduce -90.4% | 0.10% | −0.72 |
| XBI SS SPDR S&P Biotech ETF | Reduce -95.2% | 0.05% | −0.68 |
| UBER Uber Technologies Inc. | Reduce -66.8% | 1.00% | −0.64 |
| USO United States Oil Fund LP | Sold out | 0.00% | −0.62 |
| OKE Oneok Inc. | Reduce -96.9% | 0.03% | −0.59 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -88.5% | 0.08% | −0.56 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.53 |
| JD Jd.com Inc.-ADR | Reduce -88.1% | 0.14% | −0.52 |
| LOW Lowe's Cos Inc. | Reduce -100.0% | 0.00% | −0.50 |
| ITB iShares U.S. Home Constructi | Reduce -100.0% | 0.00% | −0.49 |
| ABBV Abbvie Inc. | Reduce -100.0% | 0.00% | −0.47 |
| TJX TJX Companies Inc. | Reduce -100.0% | 0.00% | −0.46 |
| HOOD Robinhood Markets Inc. Class A | Reduce -70.5% | 0.45% | −0.45 |
| DHI D.R. Horton Inc. | Reduce -100.0% | 0.00% | −0.44 |
| INTC Intel Corp. | Sold out | 0.00% | −0.43 |
| URI United Rentals Inc. | Reduce -97.3% | 0.01% | −0.37 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.36 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.35 |
| KR Kroger Co. | Reduce -78.5% | 0.19% | −0.34 |
| BLK BlackRock Inc. | Reduce -80.1% | 0.13% | −0.33 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.32 |
| BA The Boeing Co. | Reduce -54.0% | 0.61% | −0.29 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −0.29 |
| CVS CVS Health Corp. | Reduce -84.7% | 0.15% | −0.28 |
| PM Philip Morris International | Reduce -96.3% | 0.02% | −0.27 |
| AFL Aflac Inc. | Reduce -100.0% | 0.00% | −0.27 |
| NOW ServiceNow Inc. | Reduce -81.6% | 0.07% | −0.27 |
| WMT Walmart Inc. | Reduce -100.0% | 0.00% | −0.27 |
| PFE Pfizer Inc. | Reduce -79.0% | 0.12% | −0.26 |
| MCK McKesson Corp. | Reduce -100.0% | 0.00% | −0.26 |
| TTD Trade Desk Inc./the Class A | Reduce -39.6% | 0.19% | −0.26 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.25 |
| AMGN Amgen Inc. | Reduce -100.0% | 0.00% | −0.24 |
Portfolio Buys Q4 2024 → Q1 2025
| TSM Taiwan Semiconductor-SP ADR | Add +302.5% | 5.24% | +4.22 |
| V Visa Inc. Class A | New | 1.99% | +1.99 |
| AAPL Apple Inc. | Add +104.8% | 2.79% | +1.78 |
| ETSY Etsy Inc. | Add +3077.1% | 1.45% | +1.41 |
| MS Morgan Stanley | Add +9529933.3% | 1.29% | +1.29 |
| MSFT Microsoft Corp. | Add +237.5% | 1.63% | +1.27 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +281.2% | 1.50% | +1.25 |
| AVGO Broadcom Inc. | New | 1.24% | +1.24 |
| AMD Advanced Micro Devices | New | 1.24% | +1.24 |
| DAL Delta Air Lines Inc. | Add +271.9% | 1.63% | +1.23 |
| SMH Vaneck Semiconductor ETF | Add +211.5% | 1.60% | +1.21 |
| GDX Vaneck Gold Miners ETF | Add +58498600.0% | 1.04% | +1.04 |
| DIA SS SPDR Dow Jones Indus Avg | Add +2127.4% | 0.98% | +0.95 |
| C Citigroup Inc. | Add +3075518.2% | 0.93% | +0.93 |
| WFC Wells Fargo & Co. | Add +707765.2% | 0.91% | +0.91 |
| MU Micron Technology Inc. | New | 0.90% | +0.90 |
| AAL American Airlines Group Inc. | New | 0.87% | +0.87 |
| PYPL PayPal Holdings Inc. | Add +89.1% | 1.56% | +0.85 |
| MA Mastercard Inc. Class A | Add +643.2% | 0.93% | +0.85 |
| NKE Nike Inc. Class B | Add +509.2% | 0.86% | +0.75 |
| GOOGL Alphabet Inc. Class A | Add +495.4% | 0.83% | +0.72 |
| AMAT Applied Materials Inc. | New | 0.65% | +0.65 |
| NFLX Netflix Inc. | Add +23.6% | 1.33% | +0.65 |
| QCOM Qualcomm Inc. | Add +254.2% | 0.80% | +0.65 |
| ABNB Airbnb Inc. Class A | Add +38.7% | 1.34% | +0.64 |
| XYZ Block Inc. | Add +63.2% | 1.70% | +0.63 |
| RH RH | New | 0.61% | +0.61 |
| COF Capital One Financial Corp. | Add +441.2% | 0.64% | +0.56 |
| GS Goldman Sachs Group Inc. | Add +107.2% | 0.81% | +0.54 |
| ORCL Oracle Corp. | Add +3012733.3% | 0.49% | +0.49 |
| VRT Vertiv Holdings Co. Class A | Add +557.0% | 0.57% | +0.48 |
| CCL Carnival Corp. | New | 0.47% | +0.47 |
| SHEL Shell PLC-ADR | New | 0.47% | +0.47 |
| HD Home Depot Inc. | Add +127.9% | 0.66% | +0.46 |
| DELL Dell Technologies -C | Add +85.1% | 0.76% | +0.42 |
| ACN Accenture PLC Class A | Add +3265600.0% | 0.39% | +0.39 |
| IBM Intl Business Machines Corp. | New | 0.37% | +0.37 |
| KMI Kinder Morgan Inc. | Add +113.0% | 0.49% | +0.34 |
| BAC Bank of America Corp. | Add +439989.6% | 0.34% | +0.34 |
| ADBE Adobe Inc. | Add +95.3% | 0.55% | +0.34 |
| CZR Caesars Entertainment Inc. | Add +17338600.0% | 0.34% | +0.34 |
| BSX Boston Scientific Corp. | Add +2.1% | 0.73% | +0.31 |
| TWLO Twilio Inc. Class A | Add +65.0% | 0.53% | +0.30 |
| KLAC KLA Corp. | New | 0.27% | +0.27 |
| JPM JPMorgan Chase & Co. | Add +1383.7% | 0.28% | +0.27 |
| TXN Texas Instruments Inc. | New | 0.26% | +0.26 |
| PINS Pinterest Inc. Class A | New | 0.24% | +0.24 |
| CEG Constellation Energy | New | 0.24% | +0.24 |
| WYNN WYNN Resorts Ltd. | Add +7426800.0% | 0.24% | +0.24 |
| MDB Mongodb Inc. | Add +67.1% | 0.48% | +0.23 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -7.7% | 6,800,400 | $3.8B |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -22.6% | 5,862,400 | $2.7B |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -11.3% | 2,539,000 | $1.2B |
| IWM iShares Russell 2000 ETF | put | Add +1.8% | 5,344,300 | $1.1B |
| NVDA Nvidia Corp. | put | Reduce -13.5% | 8,271,100 | $896.4M |
| META Meta Platforms Inc. Class A | call | Reduce -42.6% | 1,259,000 | $725.6M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -30.1% | 1,266,900 | $708.7M |
| TSLA Tesla Inc. | put | Reduce -6.9% | 2,506,400 | $649.6M |
| META Meta Platforms Inc. Class A | put | Reduce -22.6% | 965,700 | $556.6M |
| IWM iShares Russell 2000 ETF | call | Add +110.8% | 2,524,400 | $503.6M |
| TSM Taiwan Semiconductor-SP ADR | put | Add +30.6% | 2,869,700 | $476.4M |
| AAPL Apple Inc. | put | Reduce -54.8% | 1,803,500 | $400.6M |
| NVDA Nvidia Corp. | call | Reduce -15.3% | 3,457,600 | $374.7M |
| BRK.B Berkshire Hathaway Inc. Class B | call | Reduce -17.3% | 592,500 | $315.6M |
| NFLX Netflix Inc. | put | Reduce -27.9% | 328,100 | $306.0M |
| SMH Vaneck Semiconductor ETF | put | Add +179.9% | 1,414,000 | $299.0M |
| TLT iShares 20+ Year Treasury BD | call | Add +175.5% | 3,125,100 | $284.5M |
| GLD SPDR Gold Shares | call | Reduce -41.8% | 983,900 | $283.5M |
| AVGO Broadcom Inc. | put | Add +7.5% | 1,623,800 | $271.9M |
| MSTR Strategy Inc. | put | Add +5.1% | 936,100 | $269.8M |
| JPM JPMorgan Chase & Co. | put | Reduce -26.3% | 906,300 | $222.3M |
| BAC Bank of America Corp. | put | Reduce -17.3% | 5,032,900 | $210.0M |
| XLF SS Financial Select Sector | put | Reduce -32.5% | 4,160,900 | $207.3M |
| UBER Uber Technologies Inc. | put | Reduce -23.7% | 2,810,500 | $204.8M |
| AXP American Express Co. | call | Reduce -3.8% | 753,000 | $202.6M |
| XLF SS Financial Select Sector | call | Reduce -48.4% | 4,053,800 | $201.9M |
| EFA iShares MSCI Eafe ETF | put | Add +1923.6% | 2,414,200 | $197.3M |
| KRE SS SPDR S&P Regional Bank | put | Reduce -33.8% | 3,364,300 | $191.3M |
| BA The Boeing Co. | put | Add +183.8% | 1,091,600 | $186.2M |
| UAL United Airlines Holdings Inc. | put | Reduce -1.3% | 2,617,200 | $180.7M |
| C Citigroup Inc. | put | Reduce -19.6% | 2,503,500 | $177.7M |
| AAPL Apple Inc. | call | Reduce -56.1% | 794,100 | $176.4M |
| AVGO Broadcom Inc. | call | Add +91.3% | 1,046,800 | $175.3M |
| MS Morgan Stanley | put | Reduce -3.7% | 1,500,600 | $175.1M |
| COIN Coinbase Global Inc. Class A | put | Reduce -49.9% | 970,500 | $167.1M |
| PANW Palo Alto Networks Inc. | put | Reduce -52.5% | 942,500 | $160.8M |
| JPM JPMorgan Chase & Co. | call | Reduce -47.8% | 653,200 | $160.2M |
| EEM iShares MSCI Emerging Market | put | Reduce -30.2% | 3,666,200 | $160.2M |
| MSFT Microsoft Corp. | put | Reduce -51.0% | 411,600 | $154.5M |
| COST Costco Wholesale Corp. | call | Add +1080.4% | 162,900 | $154.1M |
| APO Apollo Global Management Inc. | call | Reduce -36.9% | 1,124,200 | $153.9M |
| BOEING CO/THE (BA 6 10/15/27) | put | Sold out | 868,400 | $153.7Mbefore exit |
| TSM Taiwan Semiconductor-SP ADR | call | Add +23.4% | 889,200 | $147.6M |
| GOOGL Alphabet Inc. Class A | call | Reduce -17.3% | 934,000 | $144.4M |
| WFC Wells Fargo & Co. | put | Reduce -29.0% | 1,979,300 | $142.1M |
| MU Micron Technology Inc. | call | Add +161.8% | 1,611,100 | $140.0M |
| GLD SPDR Gold Shares | put | Add +77.5% | 472,500 | $136.1M |
| SMH Vaneck Semiconductor ETF | call | Add +170.7% | 639,100 | $135.2M |
| ORCL Oracle Corp. | put | Reduce -30.1% | 964,600 | $134.9M |
| BABA Alibaba Group Holding-SP ADR | put | Add +10.0% | 973,200 | $128.7M |
Showing the first 50 of 1,419.
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
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Reduce -4.1% | 1,025,561 | $72.7M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Add +2177.3% | 670,179 | $47.5M |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | Reduce -33.3% | 15,000,000 | $36.9M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Reduce -17.6% | 28,000,000 | $26.7M |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 350,000 | $25.1Mbefore exit |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Sold out | 17,500,000 | $21.0Mbefore exit |
| ALTAIR ENGINEERING INC (ALTR 1.75 06/15/27) | NOTE 1.750% 6/1 · principal | Sold out | 10,000,000 | $15.5Mbefore exit |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +87.5% | 15,000,000 | $14.7M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +20.0% | 12,000,000 | $12.7M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Sold out | 9,621,000 | $10.6Mbefore exit |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | New | 10,000,000 | $9.9M |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | Sold out | 6,000,000 | $9.6Mbefore exit |
| TRIPADVISOR INC (TRIP 0.25 04/01/26) | NOTE 0.250% 4/0 · principal | Reduce -33.3% | 10,000,000 | $9.6M |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | New | 7,500,000 | $9.2M |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | Reduce -16.7% | 10,000,000 | $8.7M |
| RINGCENTRAL INC (RNG 0 03/01/25) | NOTE 3/0 · principal | Sold out | 8,000,000 | $7.9Mbefore exit |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +816.8% | 9,168,000 | $7.8M |
| ENPHASE ENERGY INC (ENPH 0.25 03/01/25) | NOTE 0.250% 3/0 · principal | Sold out | 7,500,000 | $7.6Mbefore exit |
| VARONIS SYSTEM INC (VRNS 1.25 08/15/25) | NOTE 1.250% 8/1 · principal | Reduce -28.6% | 5,000,000 | $6.6M |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | Add +30.0% | 6,500,000 | $6.5M |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | Sold out | 6,500,000 | $6.4Mbefore exit |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | Reduce -14.3% | 6,000,000 | $5.8M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Sold out | 4,200,000 | $5.7Mbefore exit |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | New | 5,000,000 | $5.6M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Sold out | 5,000,000 | $4.9Mbefore exit |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Reduce -50.0% | 4,500,000 | $4.9M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | New | 4,400,000 | $4.8M |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | New | 5,000,000 | $4.4M |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | Reduce -50.0% | 5,000,000 | $4.2M |
| SUNRUN INC (RUN 0 02/01/26) | NOTE 2/0 · principal | Sold out | 4,500,000 | $4.1Mbefore exit |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | New | 4,000,000 | $4.0M |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | New | 3,000,000 | $2.9M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Sold out | 3,000,000 | $2.8Mbefore exit |
| PARSONS CORP (PSN 0.25 08/15/25) | NOTE 0.250% 8/1 · principal | Reduce -67.2% | 2,000,000 | $2.6M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Reduce -39.0% | 2,500,000 | $2.3M |
| MARA HOLDINGS INC (MARA 1 12/01/26) | NOTE 1.000%12/0 · principal | Reduce -64.3% | 2,500,000 | $2.2M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | New | 2,500,000 | $2.2M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Reduce -60.0% | 2,000,000 | $2.0M |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | New | 2,000,000 | $1.9M |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | Sold out | 2,000,000 | $1.9Mbefore exit |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | Sold out | 500,000 | $1.3Mbefore exit |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Reduce -32.5% | 10,400,000 | $1.1M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Sold out | 1,000,000 | $893Kbefore exit |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Sold out | 5,000 | $885Kbefore exit |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Sold out | 800,000 | $868Kbefore exit |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | New | 10,443 | $516K |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Sold out | 500,000 | $444Kbefore exit |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | Sold out | 415,000 | $407Kbefore exit |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Sold out | 5,898 | $370Kbefore exit |
| BROOKDALE SENIOR LIVING (BKD 7 11/15/25) | UNIT 11/15/2025 | Sold out | 72,000 | $362Kbefore exit |
Showing the first 50 of 56.
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 | 508 | $2.2B | NVDA, INTC, AMAT, AMZN, MU |
| Q1 2026 | 497 | $1.8B | XLF, AAPL, BABA, XLE, NFLX |
| Q4 2025 | 474 | $2.9B | AXP, IWM, TSLA, GLD, SPY |
| Q3 2025 | 456 | $3.0B | META, GLD, NVDA, PLTR, TSLA |
| Q2 2025 | 421 | $2.0B | NVDA, ARM, NFLX, NET, GEV |
| Q1 2025 | 475 | $2.6B | NVDA, TSM, TSLA, AAPL, CEF |
| Q4 2024 | 593 | $3.9B | NVDA, TSLA, GE, CEF, QQQ |
| Q3 2024 | 525 | $3.3B | NVDA, META, GE, TLT, CEF |
| Q2 2024 | 524 | $3.4B | NVDA, GE, META, GOOGL, CRWD |
| Q1 2024 | 496 | $3.0B | NVDA, META, TLT, ARM, IEF |