Polar Capital Holdings Plc

Name: Polar Capital Holdings Plc 13F holdings, Q1 2025
Creator: Polar Capital Holdings Plc
Published: 2025-05-15

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

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Polar Capital Holdings Plc reported 258 stock positions worth $16.3 billion. Its top holding was Nvidia (NVDA) at 6.4% of the portfolio, followed by Meta Platforms Class A (META, 5.5%) and Microsoft (MSFT, 2.8%). Compared with Q4 2024, it opened 21 new positions, sold out of 34, added to 102 and reduced 86. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale Broadcom (AVGO, shares −22%).

Most Recent 13F: Q2 2026
Location: London, X0
CIK: 0001837309
Portfolio Value: $16.3B (Q1 2025)
SEC Filing: 0001172661-25-002011 ↗ filed May 15, 2025

Holdings Value

Holdings 258 stocks · $16.3B


NVDA Nvidia Corp.	6.38%	9,585,134	$1.0B	Add +2.0%
META Meta Platforms Inc. Class A	5.49%	1,550,466	$893.6M	Add +3.1%
MSFT Microsoft Corp.	2.75%	1,195,287	$448.7M	Reduce -21.6%
AVGO Broadcom Inc.	2.44%	2,371,920	$397.1M	Reduce -22.4%
RNR Renaissancere Holdings Ltd.	1.99%	1,353,364	$324.8M	Add +4.3%
ACGL Arch Capital Group Ltd.	1.90%	3,213,917	$309.1M	Reduce -0.7%
AAPL Apple Inc.	1.77%	1,299,597	$288.7M	Reduce -13.8%
BABA Alibaba Group Holding-SP ADR	1.74%	2,143,441	$283.4M	New
CYBR Cyberark Software Ltd./Israel	1.61%	775,704	$262.2M	Add +28.8%
FERG Ferguson Enterprises Inc.	1.57%	59,250	$256.6M	Reduce -9.4%
NET Cloudflare Inc. Class A	1.57%	2,270,357	$255.8M	Reduce -22.6%
SPOT Spotify Technology SA	1.54%	456,555	$251.1M	Add +13.1%
AMZN Amazon.com Inc.	1.39%	1,187,512	$225.9M	Reduce -29.5%
CB Chubb Ltd.	1.38%	747,000	$225.6M	Add +1.6%
MRSH Marsh & McLennan Cos	1.31%	874,000	$213.3M	No change
KLAC KLA Corp.	1.29%	308,730	$209.9M	Add +14.9%
WRB WR Berkley Corp. filed as BERKLEY W R CORP	1.28%	2,925,000	$208.1M	No change
GOOGL Alphabet Inc. Class A	1.26%	1,331,126	$205.8M	Reduce -28.6%
GOOG Alphabet Inc. Class C	1.23%	1,287,595	$201.2M	Reduce -28.6%
MELI MercadoLibre Inc.	1.21%	100,973	$197.0M	Add +33.1%
NFLX Netflix Inc.	1.19%	208,025	$194.0M	Add +5.8%
AMD Advanced Micro Devices	1.11%	1,752,561	$180.1M	Add +236.5%
PGR Progressive Corp.	1.06%	612,735	$173.4M	Reduce -0.1%
SNOW Snowflake Inc.	1.04%	1,153,970	$168.7M	Add +147.7%
ESNT Essent Group Ltd.	0.94%	2,650,000	$153.0M	Reduce -1.9%
GLW Corning Inc.	0.94%	3,331,510	$152.5M	Add +27.4%
MKL Markel Group Inc.	0.92%	80,250	$150.0M	Add +3.8%
EG Everest Group Ltd.	0.88%	395,000	$143.5M	Add +7.1%
HOOD Robinhood Markets Inc. Class A	0.86%	3,363,569	$140.0M	Add +0.1%
TRV The Travelers Cos Inc.	0.85%	523,000	$138.3M	Add +2.5%
SHOP Shopify Inc. Class A	0.83%	1,413,899	$135.0M	Reduce -43.7%
MU Micron Technology Inc.	0.83%	1,548,741	$134.6M	Add +15.8%
CLS Celestica Inc.	0.82%	1,689,233	$133.1M	Add +5.0%
COHR Coherent Corp.	0.80%	1,997,965	$129.7M	Add +22.3%
ANET Arista Networks Inc.	0.79%	1,661,386	$128.7M	Reduce -27.6%
GEV GE Vernova Inc.	0.78%	413,591	$126.3M	Reduce -27.4%
ORCL Oracle Corp.	0.77%	894,198	$125.0M	Add +17.8%
ESTC Elastic NV	0.76%	1,391,334	$124.0M	Add +145.3%
CRWD CrowdStrike Holdings Inc. Class A	0.75%	347,911	$122.7M	New
ISRG Intuitive Surgical Inc.	0.75%	247,303	$122.5M	Add +0.4%
AXON Axon Enterprise Inc.	0.72%	221,938	$116.7M	Add +25.7%
P Everpure Inc. Class A filed as PURE STORAGE INC	0.70%	2,590,259	$114.7M	Add +23.1%
RYAN Ryan Specialty Holdings Inc.	0.69%	1,515,000	$111.9M	No change
TWLO Twilio Inc. Class A	0.68%	1,129,470	$110.6M	Add +100.3%
ARQT Arcutis Biotherapeutics Inc.	0.64%	6,706,475	$104.9M	Reduce -9.1%
PANW Palo Alto Networks Inc.	0.62%	594,491	$101.4M	Add +19.4%
CYTK Cytokinetics Inc.	0.61%	2,455,737	$98.7M	Add +11.8%
RGA Reinsurance Group of America	0.58%	482,500	$95.0M	Add +2.4%
FLEX Flex Ltd.	0.57%	2,791,069	$92.3M	New
XENE Xenon Pharmaceuticals Inc.	0.54%	2,623,039	$88.0M	Reduce -2.8%
TSLA Tesla Inc.	0.53%	335,491	$86.9M	Reduce -24.8%
HUBS HubSpot Inc.	0.52%	147,106	$84.0M	Add +0.7%
SRRK Scholar Rock Holding Corp.	0.51%	2,583,371	$83.1M	Reduce -4.6%
APH Amphenol Corp. Class A	0.51%	1,263,479	$82.9M	Reduce -57.8%
ASND Ascendis Pharma A/S	0.50%	525,000	$81.8M	Add +75.0%
TEAM Atlassian Corp. Class A	0.50%	383,046	$81.3M	Add +1575.3%
MMYT Makemytrip Ltd.	0.48%	805,867	$79.0M	Reduce -11.5%
MTSI Macom Technology Solutions H	0.48%	782,372	$78.5M	Reduce -26.9%
NOW ServiceNow Inc.	0.48%	98,100	$78.1M	Reduce -46.7%
CRDO Credo Technology Group Holdi	0.48%	1,942,767	$78.0M	Add +33.9%
SWTX Springworks Therapeutics Inc.	0.47%	1,750,000	$77.2M	Add +16.7%
GMED Globus Medical Inc. Class A	0.47%	1,050,380	$76.9M	Add +36.3%
LLY Eli Lilly & Co.	0.47%	93,025	$76.8M	Reduce -1.9%
DASH DoorDash Inc. Class A	0.47%	420,357	$76.8M	Reduce -36.9%
ALNY Alnylam Pharmaceuticals Inc.	0.46%	280,000	$75.6M	Reduce -9.7%
CIEN Ciena Corp.	0.46%	1,234,977	$74.6M	Reduce -43.1%
NTNX Nutanix Inc. Class A	0.45%	1,045,465	$73.0M	Add +50.3%
BRK.B Berkshire Hathaway Inc. Class B	0.44%	135,916	$72.4M	Add +12.3%
MRUS Merus NV	0.44%	1,706,862	$71.8M	Add +0.0%
V Visa Inc. Class A	0.44%	203,317	$71.3M	Reduce -9.0%
NVMI Nova Ltd.	0.43%	381,730	$70.4M	Add +7.7%
PDD PDD Holdings Inc.	0.43%	587,984	$69.6M	Add +3.2%
SE Sea Ltd.-ADR	0.42%	528,832	$69.0M	Add +5.9%
UNH Unitedhealth Group Inc.	0.42%	129,226	$67.7M	Add +17.4%
NUVL Nuvalent Inc. Class A	0.41%	946,723	$67.1M	No change
CVLT Commvault Systems Inc.	0.41%	423,843	$66.9M	Add +16.8%
TCOM Trip.com Group Ltd.-ADR	0.41%	1,037,768	$66.0M	Add +2.5%
ARM Arm Holdings PLC-ADR	0.40%	611,759	$65.3M	Reduce -19.9%
MA Mastercard Inc. Class A	0.38%	113,828	$62.4M	Add +22.0%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.38%	6,075,317	$62.2M	Add +13.1%
MRVL Marvell Technology Inc.	0.37%	985,171	$60.7M	Reduce -42.1%
VRTX Vertex Pharmaceuticals Inc.	0.37%	125,000	$60.6M	Reduce -28.6%
PLTR Palantir Technologies Inc. Class A	0.37%	711,647	$60.1M	Add +198.7%
ALAB Astera Labs Inc.	0.36%	990,796	$59.1M	Add +3.5%
INSM Insmed Inc.	0.34%	728,755	$55.6M	Reduce -0.2%
JPM JPMorgan Chase & Co.	0.34%	224,007	$54.9M	Reduce -3.6%
MIRM Mirum Pharmaceuticals Inc.	0.33%	1,175,000	$52.9M	Add +74.1%
BRO Brown & Brown Inc.	0.32%	425,000	$52.9M	Add +3.0%
RNAM Avidity Biosciences Inc.	0.32%	1,788,868	$52.8M	Add +40.6%
FSLR First Solar Inc.	0.32%	417,069	$52.7M	Add +68.3%
IOT Samsara Inc. Class A	0.32%	1,365,601	$52.3M	Add +53.5%
AFL Aflac Inc.	0.31%	460,000	$51.1M	No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.31%	204,741	$50.9M	New
TRUP Trupanion Inc.	0.31%	1,350,000	$50.3M	Add +8.0%
MDGL Madrigal Pharmaceuticals Inc.	0.31%	150,220	$49.8M	Add +9.1%
Z Zillow Group Inc. Class C	0.30%	722,617	$49.5M	Add +59.7%
BPMC Blueprint Medicines Corp.	0.29%	541,379	$47.9M	Reduce -13.6%
BSX Boston Scientific Corp.	0.29%	471,113	$47.5M	Reduce -0.8%
ELVN Enliven Therapeutics Inc.	0.29%	2,365,294	$46.5M	Reduce -1.0%
NAMS Newamsterdam Pharma Co. NV	0.28%	2,250,000	$46.1M	Add +28.6%
ICE Intercontinental Exchange Inc.	0.28%	264,295	$45.6M	Add +9.4%
HGTY Hagerty Inc. Class A	0.28%	5,000,000	$45.2M	No change
GLOB Globant SA	0.27%	379,738	$44.7M	Add +14.8%
SUPN Supernus Pharmaceuticals Inc.	0.27%	1,362,340	$44.6M	Reduce -19.3%
FAF First American Financial	0.27%	675,000	$44.3M	No change
MLTX Moonlake Immunotherapeutics	0.26%	1,100,000	$43.0M	No change
RLI Rli Corp.	0.26%	520,000	$41.8M	No change
GRAB Grab Holdings Ltd. Class A	0.26%	9,196,353	$41.7M	New
PCVX Vaxcyte Inc.	0.25%	1,082,473	$40.9M	Add +11.2%
MMSI Merit Medical Systems Inc.	0.25%	382,697	$40.5M	No change
DOCS Doximity Inc. Class A	0.24%	670,636	$38.9M	Add +75.2%
FN Fabrinet	0.24%	193,892	$38.3M	Reduce -7.4%
NPCE Neuropace Inc.	0.22%	2,972,003	$36.5M	New
SLNO Soleno Therapeutics Inc.	0.22%	500,000	$35.7M	New
REGN Regeneron Pharmaceuticals	0.21%	55,000	$34.9M	Reduce -2.2%
APLS Apellis Pharmaceuticals Inc.	0.21%	1,577,175	$34.5M	No change
AVDL Avadel Pharmaceuticals Ltd.	0.21%	4,355,964	$34.1M	Reduce -1.3%
FIS Fidelity National Info Serv	0.21%	455,582	$34.0M	Add +3.8%
MCK McKesson Corp.	0.21%	49,886	$33.6M	Reduce -14.4%
TOST Toast Inc. Class A	0.20%	974,098	$32.3M	Add +14.0%
ITGR Integer Holdings Corp.	0.20%	272,436	$32.2M	No change
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.19%	759,124	$31.7M	Add +9.0%
VRT Vertiv Holdings Co. Class A	0.19%	433,376	$31.3M	Add +423.4%
ABT Abbott Laboratories	0.19%	235,004	$31.2M	New
AGIO Agios Pharmaceuticals Inc.	0.18%	1,002,036	$29.4M	Add +59.8%
TBBB BBB Foods Inc. Class A	0.18%	1,081,091	$28.8M	Add +4.3%
VTEX Vtex Class A	0.17%	5,443,476	$27.6M	Add +4.1%
RVMD Revolution Medicines Inc.	0.16%	750,665	$26.5M	No change
RYTM Rhythm Pharmaceuticals Inc.	0.16%	500,000	$26.5M	Reduce -66.7%
RBLX Roblox Corp. Class A	0.16%	451,392	$26.3M	Add +157.3%
CGON CG Oncology Inc.	0.16%	1,042,860	$25.5M	Add +7.8%
CLDX Celldex Therapeutics Inc.	0.16%	1,403,435	$25.5M	Reduce -10.4%
CAH Cardinal Health Inc.	0.16%	184,621	$25.4M	New
ROIV Roivant Sciences Ltd.	0.15%	2,500,000	$25.2M	Reduce -28.6%
ELV Elevance Health Inc.	0.15%	56,012	$24.4M	Add +27.3%
BKNG Booking Holdings Inc.	0.15%	5,178	$23.9M	No change
RARE Ultragenyx Pharmaceutical Inc.	0.14%	651,383	$23.6M	New
MNDY Monday.com Ltd.	0.14%	94,041	$22.9M	Reduce -51.5%
ATR Aptargroup Inc.	0.14%	152,521	$22.6M	Add +57.4%
PODD Insulet Corp.	0.14%	85,419	$22.4M	Add +17.2%
IBKR Interactive Brokers Gro Class A	0.14%	135,046	$22.4M	Reduce -39.5%
BOW Bowhead Specialty Holdings I	0.14%	550,000	$22.4M	No change
ESTA Establishment Labs Holdings	0.14%	546,519	$22.3M	No change
WMT Walmart Inc.	0.14%	253,750	$22.3M	Reduce -25.0%
ALC Alcon Inc. filed as ALCON AG	0.13%	239,465	$20.9M	Add +20.7%
APGE Apogee Therapeutics Inc.	0.13%	550,000	$20.5M	New
DOX Amdocs Ltd.	0.13%	222,900	$20.4M	No change
AXP American Express Co.	0.12%	74,941	$20.2M	Reduce -18.7%
QCOM Qualcomm Inc.	0.12%	128,516	$19.7M	No change
ECL Ecolab Inc.	0.12%	75,892	$19.2M	Add +53.6%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.12%	206,442	$19.2M	New
DAWN Day One Biopharmaceuticals I	0.11%	2,350,000	$18.6M	Add +1170.3%
CVE Cenovus Energy Inc.	0.11%	1,026,015	$18.3M	Add +0.8%
ETNB 89BIO Inc.	0.11%	2,500,000	$18.2M	New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.11%	52,107	$18.0M	Add +24.4%
GS Goldman Sachs Group Inc.	0.11%	32,346	$17.7M	Reduce -9.0%
CRH CRH PLC	0.11%	200,292	$17.6M	Reduce -36.2%
PEN Penumbra Inc.	0.11%	64,136	$17.2M	Add +1.1%
UBER Uber Technologies Inc.	0.10%	234,376	$17.1M	Reduce -0.8%
USFD US Foods Holding Corp.	0.10%	256,234	$16.8M	Reduce -37.3%
AXS Axis Capital Holdings Ltd.	0.10%	165,614	$16.6M	No change
NDAQ Nasdaq Inc.	0.10%	214,442	$16.3M	Reduce -1.9%
FWONK Liberty Media Corp. Class C	0.10%	180,495	$16.2M	No change
SYY Sysco Corp.	0.10%	215,598	$16.2M	New
DE Deere & Co.	0.10%	33,945	$15.9M	Add +56.0%
H Hyatt Hotels Corp. Class A	0.10%	128,305	$15.7M	No change
CACC Credit Acceptance Corp.	0.10%	30,319	$15.7M	New
GL Globe Life Inc.	0.09%	113,447	$14.9M	Reduce -23.7%
BRKR Bruker Corp.	0.09%	338,216	$14.1M	Add +10.8%
EQH Equitable Holdings Inc.	0.08%	265,146	$13.8M	Add +34.7%
ARES Ares Management Corp. Class A	0.08%	94,062	$13.8M	Add +19.2%
LOW Lowe's Cos Inc.	0.08%	58,845	$13.7M	No change
UNP Union Pacific Corp.	0.08%	57,057	$13.5M	No change
SYRE Spyre Therapeutics Inc.	0.08%	825,000	$13.3M	Add +10.0%
SSNC Ss&c Technologies Holdings	0.08%	159,185	$13.3M	No change
EXAS Exact Sciences Corp.	0.08%	296,217	$12.8M	Add +20.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.08%	151,086	$12.7M	New
FISV Fiserv Inc.	0.08%	57,151	$12.6M	No change
CHRW C.H. Robinson Worldwide Inc.	0.08%	122,707	$12.6M	Add +79.3%
MKSI MKS Inc. filed as MKS INSTRS INC	0.08%	156,477	$12.5M	No change
C Citigroup Inc.	0.08%	175,842	$12.5M	Reduce -31.1%
DFS Discover Financial Services	0.08%	72,723	$12.4M	Add +53.1%
STVN Stevanato Group SPA	0.08%	601,724	$12.3M	Reduce -31.2%
CAT Caterpillar Inc.	0.07%	35,773	$11.8M	Add +14.2%
FFIV F5 Inc.	0.07%	43,463	$11.6M	Reduce -30.8%
CLBT Cellebrite Di Ltd.	0.07%	585,751	$11.4M	Add +30.5%
CNC Centene Corp.	0.07%	182,178	$11.1M	No change
CNM Core & Main Inc. Class A	0.07%	228,178	$11.0M	No change
ORKA Oruka Therapeutics Inc.	0.07%	1,050,000	$10.8M	Add +90.9%
MPWR Monolithic Power Systems Inc.	0.06%	17,700	$10.3M	Add +1670.0%
LITE Lumentum Holdings Inc.	0.06%	162,400	$10.1M	Add +42.6%
OTEX Open Text Corp.	0.06%	302,405	$9.8M	Reduce -19.9%
BLK BlackRock Inc.	0.06%	10,172	$9.6M	Reduce -31.9%
U Unity Software Inc.	0.06%	483,819	$9.5M	New
ETN Eaton Corp. PLC	0.06%	34,748	$9.4M	Reduce -67.6%
SN Sharkninja Inc.	0.06%	112,667	$9.4M	No change
ADSK Autodesk Inc.	0.06%	34,800	$9.1M	Add +9.6%
LIN Linde PLC	0.05%	18,532	$8.6M	Reduce -52.3%
SITM Sitime Corp.	0.05%	53,921	$8.2M	Add +65.2%
YMAB Y-Mabs Therapeutics Inc.	0.05%	1,831,000	$8.1M	No change
WVE Wave Life Sciences Ltd.	0.05%	1,003,500	$8.1M	Add +0.3%
URI United Rentals Inc.	0.05%	12,818	$8.0M	No change
MAR Marriott International Class A	0.05%	33,375	$7.9M	No change
KVYO Klaviyo Inc. Class A	0.05%	261,157	$7.9M	Add +55.3%
PI Impinj Inc.	0.05%	86,834	$7.9M	New
MBC Masterbrand Inc.	0.05%	573,077	$7.5M	No change
BRZE Braze Inc. Class A	0.05%	204,616	$7.4M	Add +57.4%
DOCU Docusign Inc.	0.04%	88,881	$7.2M	Add +17.5%
FHN First Horizon Corp.	0.04%	370,005	$7.2M	Reduce -1.6%
MP MP Materials Corp.	0.04%	288,500	$7.0M	Reduce -40.1%
BLDR Builders Firstsource Inc.	0.04%	52,688	$6.6M	No change
AMG Affiliated Managers Group	0.04%	38,944	$6.5M	Reduce -31.1%
LFUS Littelfuse Inc.	0.04%	33,027	$6.5M	Reduce -20.0%
CSCO Cisco Systems Inc.	0.04%	101,272	$6.2M	Reduce -44.0%
LEGN Legend Biotech Corp.-ADR	0.04%	175,123	$5.9M	Reduce -54.1%
EWTX Edgewise Therapeutics Inc.	0.03%	250,000	$5.5M	New
IRTC Irhythm Holdings Inc.	0.03%	49,773	$5.2M	No change
XPEV Xpeng Inc. - ADR	0.03%	241,300	$5.0M	Reduce -56.8%
XMTR Xometry Inc. Class A	0.03%	190,195	$4.7M	Reduce -42.3%
XYZ Block Inc.	0.03%	85,504	$4.6M	Reduce -34.7%
CGNX Cognex Corp.	0.03%	150,000	$4.5M	Add +214.5%
LIVN Livanova PLC	0.03%	112,859	$4.4M	Add +0.7%
KRRO Korro Bio Inc.	0.03%	250,000	$4.4M	Add +233.3%
TSHA Taysha Gene Therapies Inc.	0.03%	3,000,000	$4.2M	No change
BX Blackstone Inc.	0.02%	27,317	$3.8M	Reduce -50.9%
NXPI NXP Semiconductors NV	0.02%	19,500	$3.7M	Reduce -52.8%
EXEL Exelixis Inc.	0.02%	85,000	$3.1M	Reduce -57.5%
CHE Chemed Corp.	0.02%	5,098	$3.1M	Reduce -41.1%
ADI Analog Devices Inc.	0.02%	96,167	$3.0M	Reduce -7.1%
ADUS Addus Homecare Corp.	0.02%	29,349	$2.9M	No change
TNDM Tandem Diabetes Care Inc.	0.02%	140,536	$2.7M	Reduce -1.6%
AFRM Affirm Holdings Inc.	0.02%	57,728	$2.6M	Reduce -57.6%
CARR Carrier Global Corp.	0.01%	36,500	$2.3M	Reduce -66.7%
ENSG The Ensign Group Inc.	0.01%	16,619	$2.2M	No change
HCA HCA Healthcare Inc.	0.01%	5,970	$2.1M	No change
APD Air Products & Chemicals Inc.	0.01%	6,850	$2.0M	Reduce -38.8%
ENS Enersys	0.01%	20,700	$1.9M	Reduce -56.0%
SYK Stryker Corp.	0.01%	4,128	$1.5M	No change
IBIT iShares Bitcoin Trust ETF	0.01%	30,503	$1.4M	New
TSEM Tower Semiconductor Ltd.	0.01%	38,139	$1.4M	Reduce -86.8%
LASR Nlight Inc.	0.01%	174,292	$1.4M	Reduce -19.1%
ABBV Abbvie Inc.	0.01%	5,582	$1.2M	Reduce -97.5%
QRVO Qorvo Inc.	0.01%	16,000	$1.2M	Add +32.2%
AMGN Amgen Inc.	0.01%	3,636	$1.1M	Reduce -98.7%
HOLX Hologic Inc.	0.01%	18,009	$1.1M	No change
IDYA Ideaya Biosciences Inc.	0.01%	65,500	$1.1M	No change
MASI Masimo Corp.	0.01%	6,023	$1.0M	No change
THC Tenet Healthcare Corp.	0.01%	7,231	$973K	No change
NVT Nvent Electric PLC	0.01%	18,500	$970K	Reduce -83.9%
LSCC Lattice Semiconductor Corp.	0.00%	9,900	$519K	No change
GLBE Global-E Online Ltd.	0.00%	12,250	$437K	New
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC	0.00%	12,396	$249K	Reduce -99.5%
EHC Encompass Health Corp.	0.00%	2,259	$229K	No change
TEL Te Connectivity PLC	0.00%	1,600	$226K	Reduce -27.3%
GDRX Goodrx Holdings Inc. Class A	0.00%	18,300	$81K	Add +48.1%
LFST Lifestance Health Group Inc.	0.00%	11,500	$77K	No change
STXS Stereotaxis Inc.	0.00%	35,800	$63K	No change
CERS Cerus Corp.	0.00%	13,540	$19K	No change

Options reported separately and not counted above: AAPL calls ($6.2M), MSFT calls ($6.0M).

Other holdings (26): bonds, preferreds, convertibles and warrants · $119.1M (not counted above)

Security	Class	Shares / Principal	Value	Change
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	14,360,000	$19.1M	No change
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	9,500,000	$11.6M	New
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	9,500,000	$9.9M	Add +46.1%
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	5,500,000	$6.5M	Add +83.3%
NICE LTD (NICEIT 0 09/15/25)	NOTE 9/1 · principal	6,000,000	$5.8M	New
INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	4,500,000	$5.7M	Add +50.0%
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	4,000,000	$5.3M	Reduce -33.3%
IMPINJ INC (PI 1.125 05/15/27)	NOTE 1.125% 5/1 · principal	4,531,000	$5.2M	Add +5.4%
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	6,000,000	$5.1M	New
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	5,000,000	$5.0M	New
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	3,750,000	$4.4M	Reduce -57.1%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	3,000,000	$4.2M	New
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28)	NOTE 2.375%12/1 · principal	3,000,000	$4.1M	No change
IMAX CORP (IMAX 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	3,000,000	$3.3M	New
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	3,400,000	$3.2M	No change
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	3,000,000	$3.0M	New
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	2,500,000	$2.9M	New
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	3,000,000	$2.7M	No change
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	2,000,000	$2.4M	New
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	2,000,000	$2.3M	No change
SHOPIFY INC (SHOPCN 0.125 11/01/25)	NOTE 0.125%11/0 · principal	2,000,000	$2.0M	No change
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	1,500,000	$1.7M	New
PDD HOLDINGS INC (PDD 0 12/01/25)	NOTE 12/0 · principal	1,500,000	$1.5M	New
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	1,000,000	$1.2M	No change
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	1,000,000	$1.1M	New
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	3,000,000	$3K	New

Total filed on the 13F, all lines: $16.4B.

Portfolio Sells Q4 2024 → Q1 2025


AVGO Broadcom Inc.	Reduce -22.4%	2.44%	−1.55
MSFT Microsoft Corp.	Reduce -21.6%	2.75%	−0.87
DDOG Datadog Inc. Class A	Sold out	0.00%	−0.81
GOOGL Alphabet Inc. Class A	Reduce -28.6%	1.26%	−0.73
GOOG Alphabet Inc. Class C	Reduce -28.6%	1.23%	−0.70
AMZN Amazon.com Inc.	Reduce -29.5%	1.39%	−0.70
RDDT Reddit Inc. Class A	Sold out	0.00%	−0.69
MRVL Marvell Technology Inc.	Reduce -42.1%	0.37%	−0.69
SHOP Shopify Inc. Class A	Reduce -43.7%	0.83%	−0.68
APH Amphenol Corp. Class A	Reduce -57.8%	0.51%	−0.66
ANET Arista Networks Inc.	Reduce -27.6%	0.79%	−0.64
NOW ServiceNow Inc.	Reduce -46.7%	0.48%	−0.62
CIEN Ciena Corp.	Reduce -43.1%	0.46%	−0.58
APP AppLovin Corp. Class A	Sold out	0.00%	−0.52
TSLA Tesla Inc.	Reduce -24.8%	0.53%	−0.48
AMGN Amgen Inc.	Reduce -98.7%	0.01%	−0.40
TTD Trade Desk Inc./the Class A	Sold out	0.00%	−0.38
AAPL Apple Inc.	Reduce -13.8%	1.77%	−0.36
RYTM Rhythm Pharmaceuticals Inc.	Reduce -66.7%	0.16%	−0.31
MTSI Macom Technology Solutions H	Reduce -26.9%	0.48%	−0.30
GEV GE Vernova Inc.	Reduce -27.4%	0.78%	−0.28
EA Electronic Arts Inc.	Sold out	0.00%	−0.28
VRNS Varonis Systems Inc.	Sold out	0.00%	−0.25
BEKE Ke Holdings Inc.-ADR	Reduce -99.5%	0.00%	−0.24
ABBV Abbvie Inc.	Reduce -97.5%	0.01%	−0.21
NET Cloudflare Inc. Class A	Reduce -22.6%	1.57%	−0.21
DASH DoorDash Inc. Class A	Reduce -36.9%	0.47%	−0.16
SRRK Scholar Rock Holding Corp.	Reduce -4.6%	0.51%	−0.15
PLRX Pliant Therapeutics Inc.	Sold out	0.00%	−0.15
ETN Eaton Corp. PLC	Reduce -67.6%	0.06%	−0.14
DXCM Dexcom Inc.	Sold out	0.00%	−0.13
ARM Arm Holdings PLC-ADR	Reduce -19.9%	0.40%	−0.13
GDDY GoDaddy Inc. Class A	Sold out	0.00%	−0.13
MNDY Monday.com Ltd.	Reduce -51.5%	0.14%	−0.12
ADI Analog Devices Inc.	Reduce -7.1%	0.02%	−0.11
MMYT Makemytrip Ltd.	Reduce -11.5%	0.48%	−0.09
IBKR Interactive Brokers Gro Class A	Reduce -39.5%	0.14%	−0.09
ALL Allstate Corp.	Sold out	0.00%	−0.08
ROIV Roivant Sciences Ltd.	Reduce -28.6%	0.15%	−0.08
ACHC Acadia Healthcare Co. Inc.	Sold out	0.00%	−0.08
PTGX Protagonist Therapeutics Inc.	Sold out	0.00%	−0.08
TSEM Tower Semiconductor Ltd.	Reduce -86.8%	0.01%	−0.08
BWXT BWX Technologies Inc.	Sold out	0.00%	−0.07
SUPN Supernus Pharmaceuticals Inc.	Reduce -19.3%	0.27%	−0.07
USB US Bancorp	Sold out	0.00%	−0.07
CLDX Celldex Therapeutics Inc.	Reduce -10.4%	0.16%	−0.07
CRTO Criteo SA-Spon	Sold out	0.00%	−0.06
CNQ Canadian Natural Resources	Sold out	0.00%	−0.06
XENE Xenon Pharmaceuticals Inc.	Reduce -2.8%	0.54%	−0.06
CRH CRH PLC	Reduce -36.2%	0.11%	−0.06

Portfolio Buys Q4 2024 → Q1 2025


BABA Alibaba Group Holding-SP ADR	New	1.74%	+1.74
CRWD CrowdStrike Holdings Inc. Class A	New	0.75%	+0.75
AMD Advanced Micro Devices	Add +236.5%	1.11%	+0.75
SNOW Snowflake Inc.	Add +147.7%	1.04%	+0.63
FLEX Flex Ltd.	New	0.57%	+0.57
META Meta Platforms Inc. Class A	Add +3.1%	5.49%	+0.53
SPOT Spotify Technology SA	Add +13.1%	1.54%	+0.52
MELI MercadoLibre Inc.	Add +33.1%	1.21%	+0.48
CYBR Cyberark Software Ltd./Israel	Add +28.8%	1.61%	+0.48
TEAM Atlassian Corp. Class A	Add +1575.3%	0.50%	+0.47
ESTC Elastic NV	Add +145.3%	0.76%	+0.44
TWLO Twilio Inc. Class A	Add +100.3%	0.68%	+0.34
KLAC KLA Corp.	Add +14.9%	1.29%	+0.33
IBM Intl Business Machines Corp.	New	0.31%	+0.31
ASND Ascendis Pharma A/S	Add +75.0%	0.50%	+0.27
PLTR Palantir Technologies Inc. Class A	Add +198.7%	0.37%	+0.27
GRAB Grab Holdings Ltd. Class A	New	0.26%	+0.26
CB Chubb Ltd.	Add +1.6%	1.38%	+0.24
GLW Corning Inc.	Add +27.4%	0.94%	+0.24
NPCE Neuropace Inc.	New	0.22%	+0.22
SLNO Soleno Therapeutics Inc.	New	0.22%	+0.22
NTNX Nutanix Inc. Class A	Add +50.3%	0.45%	+0.21
NFLX Netflix Inc.	Add +5.8%	1.19%	+0.20
MU Micron Technology Inc.	Add +15.8%	0.83%	+0.19
ABT Abbott Laboratories	New	0.19%	+0.19
RNR Renaissancere Holdings Ltd.	Add +4.3%	1.99%	+0.17
MKL Markel Group Inc.	Add +3.8%	0.92%	+0.17
SWTX Springworks Therapeutics Inc.	Add +16.7%	0.47%	+0.17
MIRM Mirum Pharmaceuticals Inc.	Add +74.1%	0.33%	+0.17
TRV The Travelers Cos Inc.	Add +2.5%	0.85%	+0.16
CAH Cardinal Health Inc.	New	0.16%	+0.16
HOOD Robinhood Markets Inc. Class A	Add +0.1%	0.86%	+0.15
RARE Ultragenyx Pharmaceutical Inc.	New	0.14%	+0.14
VRT Vertiv Holdings Co. Class A	Add +423.4%	0.19%	+0.14
BRK.B Berkshire Hathaway Inc. Class B	Add +12.3%	0.44%	+0.14
EG Everest Group Ltd.	Add +7.1%	0.88%	+0.13
APGE Apogee Therapeutics Inc.	New	0.13%	+0.13
AXON Axon Enterprise Inc.	Add +25.7%	0.72%	+0.13
SE Sea Ltd.-ADR	Add +5.9%	0.42%	+0.13
DOCS Doximity Inc. Class A	Add +75.2%	0.24%	+0.12
KSPI JSC Kaspi.kz ADR	New	0.12%	+0.12
PDD PDD Holdings Inc.	Add +3.2%	0.43%	+0.12
RNAM Avidity Biosciences Inc.	Add +40.6%	0.32%	+0.12
Z Zillow Group Inc. Class C	Add +59.7%	0.30%	+0.12
GMED Globus Medical Inc. Class A	Add +36.3%	0.47%	+0.11
PANW Palo Alto Networks Inc.	Add +19.4%	0.62%	+0.11
ETNB 89BIO Inc.	New	0.11%	+0.11
MA Mastercard Inc. Class A	Add +22.0%	0.38%	+0.11
RBLX Roblox Corp. Class A	Add +157.3%	0.16%	+0.10
IOT Samsara Inc. Class A	Add +53.5%	0.32%	+0.10

Options Activity Q4 2024 → Q1 2025


MSFT Microsoft Corp.	put	Sold out	16,000	$6.7Mbefore exit
AAPL Apple Inc.	call	Add +6.2%	27,985	$6.2M
MSFT Microsoft Corp.	call	Add +144.6%	15,900	$6.0M
XLF SS Financial Select Sector	put	Sold out	15,000	$725Kbefore 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


AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29)	NOTE 3.875% 8/1 · principal	Sold out	14,240,000	$14.2Mbefore exit
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	New	9,500,000	$11.6M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	Add +46.1%	9,500,000	$9.9M
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	Sold out	8,500,000	$8.9Mbefore exit
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	Sold out	10,000,000	$8.6Mbefore exit
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	Add +83.3%	5,500,000	$6.5M
NICE LTD (NICEIT 0 09/15/25)	NOTE 9/1 · principal	New	6,000,000	$5.8M
INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	Add +50.0%	4,500,000	$5.7M
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	Reduce -33.3%	4,000,000	$5.3M
IMPINJ INC (PI 1.125 05/15/27)	NOTE 1.125% 5/1 · principal	Add +5.4%	4,531,000	$5.2M
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	New	6,000,000	$5.1M
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	New	5,000,000	$5.0M
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	Sold out	4,500,000	$4.5Mbefore exit
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	Reduce -57.1%	3,750,000	$4.4M
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	New	3,000,000	$4.2M
LI AUTO INC (LI 0.25 05/01/28)	NOTE 0.250% 5/0 · principal	Sold out	3,500,000	$4.0Mbefore exit
IMAX CORP (IMAX 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	New	3,000,000	$3.3M
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	New	3,000,000	$3.0M
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	New	2,500,000	$2.9M
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	New	2,000,000	$2.4M
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	Sold out	2,000,000	$2.0Mbefore exit
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	New	1,500,000	$1.7M
PDD HOLDINGS INC (PDD 0 12/01/25)	NOTE 12/0 · principal	New	1,500,000	$1.5M
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	Sold out	1,200,000	$1.5Mbefore exit
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	Sold out	1,000,000	$1.2Mbefore exit
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	New	1,000,000	$1.1M
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	New	3,000,000	$3K

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	224	$35.2B	NVDA, AMD, MU, SNDK, LRCX
Q1 2026	239	$22.9B	NVDA, AVGO, AMD, META, SNDK
Q4 2025	259	$21.9B	NVDA, AVGO, AMD, META, MSFT
Q3 2025	235	$20.7B	NVDA, META, AVGO, MSFT, NET
Q2 2025	249	$19.0B	NVDA, META, AVGO, MSFT, AMD
Q1 2025	258	$16.3B	NVDA, META, MSFT, AVGO, RNR
Q4 2024	271	$17.7B	NVDA, META, AVGO, MSFT, AAPL
Q3 2024	263	$20.8B	SW, NVDA, META, FERG, MSFT
Q2 2024	246	$16.8B	NVDA, MSFT, META, AVGO, GOOG
Q1 2024	252	$18.9B	FERG, NVDA, MSFT, INDV, META