Polar Capital Holdings Plc

Name: Polar Capital Holdings Plc 13F holdings, Q2 2025
Creator: Polar Capital Holdings Plc
Published: 2025-08-14

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Polar Capital Holdings Plc reported 249 stock positions worth $19.0 billion. Its top holding was Nvidia (NVDA) at 8.1% of the portfolio, followed by Meta Platforms Class A (META, 5.3%) and Broadcom (AVGO, 4.4%). Compared with Q1 2025, it opened 27 new positions, sold out of 36, added to 96 and reduced 114. The biggest buy was Broadcom (AVGO, shares +27%) and the biggest sale Ferguson Enterprises (FERG, shares −20%).

Most Recent 13F: Q2 2026
Location: London, X0
CIK: 0001837309
Portfolio Value: $19.0B (Q2 2025)
SEC Filing: 0001172661-25-003304 ↗ filed Aug 14, 2025

Holdings Value

Holdings 249 stocks · $19.0B


NVDA Nvidia Corp.	8.13%	9,771,651	$1.5B	Add +1.9%
META Meta Platforms Inc. Class A	5.34%	1,375,173	$1.0B	Reduce -11.3%
AVGO Broadcom Inc.	4.38%	3,016,946	$831.6M	Add +27.2%
MSFT Microsoft Corp.	3.68%	1,383,728	$698.7M	Add +15.8%
AMD Advanced Micro Devices	2.37%	3,167,740	$449.5M	Add +80.8%
NET Cloudflare Inc. Class A	1.97%	1,913,958	$374.8M	Reduce -15.7%
HOOD Robinhood Markets Inc. Class A	1.76%	3,562,583	$333.6M	Add +5.9%
RNR Renaissancere Holdings Ltd.	1.75%	1,367,602	$332.2M	Add +1.1%
SPOT Spotify Technology SA	1.67%	413,741	$317.5M	Reduce -9.4%
ORCL Oracle Corp.	1.67%	1,448,445	$316.7M	Add +62.0%
ACGL Arch Capital Group Ltd.	1.62%	3,390,000	$308.7M	Add +5.5%
VRT Vertiv Holdings Co. Class A	1.58%	2,344,237	$301.0M	Add +440.9%
GEV GE Vernova Inc.	1.37%	490,115	$259.3M	Add +18.5%
MELI MercadoLibre Inc.	1.32%	95,954	$250.8M	Reduce -5.0%
AMZN Amazon.com Inc.	1.19%	1,034,178	$226.9M	Reduce -12.9%
CRDO Credo Technology Group Holdi	1.16%	2,388,456	$221.1M	Add +22.9%
CLS Celestica Inc.	1.16%	1,407,159	$219.7M	Reduce -16.7%
CB Chubb Ltd.	1.14%	750,000	$217.3M	Add +0.4%
MU Micron Technology Inc.	1.14%	1,751,617	$215.9M	Add +13.1%
WRB WR Berkley Corp. filed as BERKLEY W R CORP	1.13%	2,925,000	$214.9M	No change
NFLX Netflix Inc.	1.12%	158,651	$212.5M	Reduce -23.7%
AAPL Apple Inc.	1.11%	1,036,638	$210.5M	Reduce -20.2%
APH Amphenol Corp. Class A	1.07%	2,064,599	$203.9M	Add +63.4%
KLAC KLA Corp.	1.06%	225,442	$201.9M	Reduce -27.0%
MRSH Marsh & McLennan Cos	1.05%	910,000	$199.0M	Add +4.1%
SNOW Snowflake Inc.	1.02%	869,365	$194.5M	Reduce -24.7%
FN Fabrinet	1.02%	658,225	$194.0M	Add +239.5%
FLEX Flex Ltd.	0.99%	3,749,054	$187.2M	Add +34.3%
SHOP Shopify Inc. Class A	0.98%	1,613,211	$186.1M	Add +14.1%
COHR Coherent Corp.	0.96%	2,054,194	$183.3M	Add +2.8%
CYBR Cyberark Software Ltd./Israel	0.91%	423,426	$172.3M	Reduce -45.4%
GOOG Alphabet Inc. Class C	0.90%	964,380	$171.1M	Reduce -25.1%
GOOGL Alphabet Inc. Class A	0.90%	966,987	$170.4M	Reduce -27.4%
MKL Markel Group Inc.	0.88%	84,000	$167.8M	Add +4.7%
DASH DoorDash Inc. Class A	0.88%	675,544	$166.5M	Add +60.7%
ESNT Essent Group Ltd.	0.86%	2,675,000	$162.5M	Add +0.9%
STX Seagate Technology Holdings	0.83%	1,094,519	$158.0M	New
LITE Lumentum Holdings Inc.	0.82%	1,644,092	$156.3M	Add +912.4%
PGR Progressive Corp.	0.78%	554,972	$148.1M	Reduce -9.4%
ASND Ascendis Pharma A/S	0.76%	837,777	$144.6M	Add +59.6%
TRV The Travelers Cos Inc.	0.74%	523,000	$139.9M	No change
EG Everest Group Ltd.	0.73%	410,500	$139.5M	Add +3.9%
CRWD CrowdStrike Holdings Inc. Class A	0.73%	270,534	$137.8M	Reduce -22.2%
LRCX Lam Research Corp.	0.71%	1,391,611	$135.5M	New
MTSI Macom Technology Solutions H	0.70%	930,551	$133.3M	Add +18.9%
AXON Axon Enterprise Inc.	0.69%	158,211	$131.0M	Reduce -28.7%
RGA Reinsurance Group of America	0.56%	537,500	$106.6M	Add +11.4%
PANW Palo Alto Networks Inc.	0.55%	515,076	$105.4M	Reduce -13.4%
CIEN Ciena Corp.	0.55%	1,284,523	$104.5M	Add +4.0%
ANET Arista Networks Inc.	0.54%	1,011,227	$103.5M	Reduce -39.1%
RYAN Ryan Specialty Holdings Inc.	0.54%	1,515,000	$103.0M	No change
TWLO Twilio Inc. Class A	0.52%	792,236	$98.5M	Reduce -29.9%
UBER Uber Technologies Inc.	0.50%	1,026,684	$95.8M	Add +338.1%
TSLA Tesla Inc.	0.50%	300,185	$95.4M	Reduce -10.5%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.50%	6,908,602	$94.8M	Add +13.7%
CYTK Cytokinetics Inc.	0.49%	2,798,401	$92.5M	Add +13.9%
PLTR Palantir Technologies Inc. Class A	0.48%	666,845	$90.9M	Reduce -6.3%
GLW Corning Inc.	0.46%	1,663,028	$87.5M	Reduce -50.1%
P Everpure Inc. Class A filed as PURE STORAGE INC	0.45%	1,485,934	$85.6M	Reduce -42.6%
MRUS Merus NV	0.45%	1,611,049	$84.7M	Reduce -5.6%
XENE Xenon Pharmaceuticals Inc.	0.45%	2,703,256	$84.6M	Add +3.1%
SE Sea Ltd.-ADR	0.44%	521,486	$83.4M	Reduce -1.4%
VRNA Verona Pharma Ltd.	0.44%	875,000	$82.8M	New
BABA Alibaba Group Holding-SP ADR	0.42%	711,725	$80.7M	Reduce -66.8%
NOW ServiceNow Inc.	0.42%	77,156	$79.3M	Reduce -21.4%
RYTM Rhythm Pharmaceuticals Inc.	0.42%	1,250,870	$79.0M	Add +150.2%
ALNY Alnylam Pharmaceuticals Inc.	0.41%	237,500	$77.4M	Reduce -15.2%
TRUP Trupanion Inc.	0.38%	1,300,000	$72.0M	Reduce -3.7%
NVMI Nova Ltd.	0.38%	259,781	$71.5M	Reduce -31.9%
INSM Insmed Inc.	0.37%	697,960	$70.2M	Reduce -4.2%
ARQT Arcutis Biotherapeutics Inc.	0.37%	5,006,475	$70.2M	Reduce -25.4%
SLNO Soleno Therapeutics Inc.	0.36%	817,500	$68.5M	Add +63.5%
MDGL Madrigal Pharmaceuticals Inc.	0.36%	225,410	$68.2M	Add +50.0%
ALAB Astera Labs Inc.	0.34%	710,992	$64.3M	Reduce -28.2%
RDDT Reddit Inc. Class A	0.34%	423,456	$63.8M	New
GMED Globus Medical Inc. Class A	0.33%	1,065,564	$62.9M	Add +1.4%
NUVL Nuvalent Inc. Class A	0.33%	816,087	$62.3M	Reduce -13.8%
ELVN Enliven Therapeutics Inc.	0.32%	3,050,294	$61.2M	Add +29.0%
PDD PDD Holdings Inc.	0.32%	574,820	$60.2M	Reduce -2.2%
BRO Brown & Brown Inc.	0.32%	540,000	$59.9M	Add +27.1%
TCOM Trip.com Group Ltd.-ADR	0.31%	1,013,055	$59.4M	Reduce -2.4%
GRAB Grab Holdings Ltd. Class A	0.30%	11,318,184	$56.9M	Add +23.1%
BRK.B Berkshire Hathaway Inc. Class B	0.30%	116,992	$56.8M	Reduce -13.9%
V Visa Inc. Class A	0.29%	157,399	$55.9M	Reduce -22.6%
LLY Eli Lilly & Co.	0.29%	70,602	$55.0M	Reduce -24.1%
EHC Encompass Health Corp.	0.29%	445,859	$54.7M	Add +19637.0%
HGTY Hagerty Inc. Class A	0.28%	5,319,027	$53.8M	Add +6.4%
ISRG Intuitive Surgical Inc.	0.28%	98,214	$53.4M	Reduce -60.3%
SRRK Scholar Rock Holding Corp.	0.28%	1,500,000	$53.1M	Reduce -41.9%
RNAM Avidity Biosciences Inc.	0.26%	1,770,387	$50.3M	Reduce -1.0%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.26%	587,774	$49.9M	Add +184.7%
MIRM Mirum Pharmaceuticals Inc.	0.26%	975,000	$49.6M	Reduce -17.0%
BSX Boston Scientific Corp.	0.26%	454,257	$48.8M	Reduce -3.6%
AFL Aflac Inc.	0.26%	460,000	$48.5M	No change
NAMS Newamsterdam Pharma Co. NV	0.24%	2,517,779	$45.6M	Add +11.9%
RBLX Roblox Corp. Class A	0.23%	410,227	$43.2M	Reduce -9.1%
VTEX Vtex Class A	0.22%	6,285,331	$41.5M	Add +15.5%
FAF First American Financial	0.22%	675,000	$41.4M	No change
ABT Abbott Laboratories	0.21%	299,298	$40.7M	Add +27.4%
IONS Ionis Pharmaceuticals Inc.	0.21%	1,000,000	$39.5M	New
VRTX Vertex Pharmaceuticals Inc.	0.21%	87,500	$39.0M	Reduce -30.0%
ICE Intercontinental Exchange Inc.	0.20%	210,693	$38.7M	Reduce -20.3%
RLI Rli Corp.	0.20%	535,000	$38.6M	Add +2.9%
REGN Regeneron Pharmaceuticals	0.19%	70,000	$36.8M	Add +27.3%
GLOB Globant SA	0.19%	402,226	$36.5M	Add +5.9%
MMSI Merit Medical Systems Inc.	0.19%	383,272	$35.8M	Add +0.1%
AVDL Avadel Pharmaceuticals Ltd.	0.19%	3,999,338	$35.4M	Reduce -8.2%
JPM JPMorgan Chase & Co.	0.18%	120,852	$35.0M	Reduce -46.0%
MMYT Makemytrip Ltd.	0.18%	355,472	$34.8M	Reduce -55.9%
AFRM Affirm Holdings Inc.	0.17%	476,160	$32.9M	Add +724.8%
ITGR Integer Holdings Corp.	0.17%	263,673	$32.4M	Reduce -3.2%
IBKR Interactive Brokers Gro Class A	0.17%	574,476	$31.8M	Add +6.3%
SUPN Supernus Pharmaceuticals Inc.	0.17%	1,002,340	$31.6M	Reduce -26.4%
MA Mastercard Inc. Class A	0.16%	54,682	$30.7M	Reduce -52.0%
BKNG Booking Holdings Inc.	0.16%	5,248	$30.4M	Add +1.4%
FIS Fidelity National Info Serv	0.16%	368,649	$30.0M	Reduce -19.1%
UNH Unitedhealth Group Inc.	0.15%	92,842	$29.0M	Reduce -28.2%
USFD US Foods Holding Corp.	0.15%	373,464	$28.8M	Add +45.8%
CGON CG Oncology Inc.	0.15%	1,098,662	$28.6M	Add +5.3%
TBBB BBB Foods Inc. Class A	0.15%	1,016,034	$28.2M	Reduce -6.0%
RVMD Revolution Medicines Inc.	0.15%	751,655	$27.7M	Add +0.1%
PCVX Vaxcyte Inc.	0.14%	825,795	$26.8M	Reduce -23.7%
WMT Walmart Inc.	0.13%	260,650	$25.5M	Add +2.7%
CLDX Celldex Therapeutics Inc.	0.13%	1,228,435	$25.0M	Reduce -12.5%
ETNB 89BIO Inc.	0.13%	2,475,000	$24.3M	Reduce -1.0%
ADI Analog Devices Inc.	0.13%	100,652	$24.0M	Add +4.7%
DOCS Doximity Inc. Class A	0.12%	383,636	$23.5M	Reduce -42.8%
BOW Bowhead Specialty Holdings I	0.12%	625,000	$23.5M	Add +13.6%
AXP American Express Co.	0.12%	73,447	$23.4M	Reduce -2.0%
ATR Aptargroup Inc.	0.12%	149,701	$23.4M	Reduce -1.9%
APLS Apellis Pharmaceuticals Inc.	0.12%	1,352,175	$23.4M	Reduce -14.3%
ELV Elevance Health Inc.	0.12%	56,774	$22.1M	Add +1.4%
PCRX Pacira Biosciences Inc.	0.11%	910,455	$21.8M	New
MCK McKesson Corp.	0.11%	29,589	$21.7M	Reduce -40.7%
CAT Caterpillar Inc.	0.11%	55,836	$21.7M	Add +56.1%
ECL Ecolab Inc.	0.11%	80,223	$21.6M	Add +5.7%
APGE Apogee Therapeutics Inc.	0.11%	495,000	$21.5M	Reduce -10.0%
SMMT Summit Therapeutics Inc.	0.11%	1,000,000	$21.3M	New
PODD Insulet Corp.	0.11%	67,565	$21.2M	Reduce -20.9%
TOST Toast Inc. Class A	0.11%	474,963	$21.0M	Reduce -51.2%
QCOM Qualcomm Inc.	0.11%	130,264	$20.7M	Add +1.4%
DOX Amdocs Ltd.	0.11%	225,932	$20.6M	Add +1.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.11%	425,971	$20.2M	Reduce -43.9%
RARE Ultragenyx Pharmaceutical Inc.	0.11%	551,383	$20.0M	Reduce -15.3%
EW Edwards Lifesciences Corp.	0.10%	254,678	$19.9M	New
FWONK Liberty Media Corp. Class C	0.10%	182,950	$19.1M	Add +1.4%
MNDY Monday.com Ltd.	0.10%	58,991	$18.6M	Reduce -37.3%
DE Deere & Co.	0.10%	36,077	$18.3M	Add +6.3%
BRKR Bruker Corp.	0.10%	443,491	$18.3M	Add +31.1%
AGCO Agco Corp.	0.09%	174,819	$18.0M	New
MRVL Marvell Technology Inc.	0.09%	233,000	$18.0M	Reduce -76.3%
ETN Eaton Corp. PLC	0.09%	50,340	$18.0M	Add +44.9%
CVE Cenovus Energy Inc.	0.09%	1,049,293	$17.3M	Add +2.3%
ALC Alcon Inc. filed as ALCON AG	0.09%	235,030	$17.3M	Reduce -1.9%
PEN Penumbra Inc.	0.09%	66,373	$17.0M	Add +3.5%
CACC Credit Acceptance Corp.	0.09%	32,992	$16.8M	Add +8.8%
SYY Sysco Corp.	0.09%	218,531	$16.6M	Add +1.4%
CRH CRH PLC	0.09%	179,958	$16.5M	Reduce -10.2%
EXAS Exact Sciences Corp.	0.09%	306,932	$16.3M	Add +3.6%
STVN Stevanato Group SPA	0.08%	654,168	$16.0M	Add +8.7%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.08%	53,647	$15.8M	Reduce -73.8%
LOW Lowe's Cos Inc.	0.08%	67,503	$15.0M	Add +14.7%
XMTR Xometry Inc. Class A	0.08%	432,787	$14.6M	Add +127.5%
CNM Core & Main Inc. Class A	0.07%	231,282	$14.0M	Add +1.4%
RY Royal Bank of Canada	0.07%	86,756	$13.9M	New
ROIV Roivant Sciences Ltd.	0.07%	1,225,000	$13.8M	Reduce -51.0%
DAWN Day One Biopharmaceuticals I	0.07%	2,109,177	$13.7M	Reduce -10.3%
CHRW C.H. Robinson Worldwide Inc.	0.07%	142,771	$13.7M	Add +16.4%
H Hyatt Hotels Corp. Class A	0.07%	97,799	$13.7M	Reduce -23.8%
SSNC Ss&c Technologies Holdings	0.07%	161,350	$13.4M	Add +1.4%
CNTA Centessa Pharmaceuticals Ltd.	0.07%	1,000,000	$13.1M	New
NTNX Nutanix Inc. Class A	0.07%	170,417	$13.0M	Reduce -83.7%
CAH Cardinal Health Inc.	0.07%	76,328	$12.8M	Reduce -58.7%
EWTX Edgewise Therapeutics Inc.	0.07%	975,000	$12.8M	Add +290.0%
HUBS HubSpot Inc.	0.06%	22,070	$12.3M	Reduce -85.0%
MLTX Moonlake Immunotherapeutics	0.06%	247,500	$11.7M	Reduce -77.5%
TSHA Taysha Gene Therapies Inc.	0.06%	5,000,000	$11.6M	Add +66.7%
SN Sharkninja Inc.	0.06%	114,199	$11.3M	Add +1.4%
SYRE Spyre Therapeutics Inc.	0.06%	745,000	$11.2M	Reduce -9.7%
GS Goldman Sachs Group Inc.	0.06%	15,539	$11.0M	Reduce -52.0%
MKSI MKS Inc.	0.06%	110,173	$10.9M	Reduce -29.6%
ORKA Oruka Therapeutics Inc.	0.06%	975,000	$10.9M	Reduce -7.1%
KYMR Kymera Therapeutics Inc.	0.06%	250,000	$10.9M	New
OTEX Open Text Corp.	0.06%	306,519	$10.9M	Add +1.4%
JLL Jones Lang Lasalle Inc.	0.06%	41,510	$10.6M	New
WTS Watts Water Technologies-A	0.06%	42,740	$10.5M	New
PI Impinj Inc.	0.06%	94,544	$10.5M	Add +8.9%
FERG Ferguson Enterprises Inc.	0.05%	47,306	$10.3M	Reduce -20.2%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.05%	31,967	$10.2M	Reduce -38.6%
STOK Stoke Therapeutics Inc.	0.05%	883,646	$10.0M	New
CNC Centene Corp.	0.05%	184,656	$10.0M	Add +1.4%
FISV Fiserv Inc.	0.05%	57,928	$10.0M	Add +1.4%
NXPI NXP Semiconductors NV	0.05%	45,300	$9.9M	Add +132.3%
URI United Rentals Inc.	0.05%	12,992	$9.8M	Add +1.4%
AXS Axis Capital Holdings Ltd.	0.05%	93,112	$9.7M	Reduce -43.8%
U Unity Software Inc.	0.05%	397,594	$9.6M	Reduce -17.8%
FROG Jfrog Ltd.	0.05%	218,426	$9.6M	New
IMNM Immunome Inc.	0.05%	1,000,000	$9.3M	New
MAR Marriott International Class A	0.05%	33,829	$9.2M	Add +1.4%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.05%	101,330	$9.2M	Reduce -32.9%
OKTA Okta Inc.	0.05%	91,155	$9.1M	New
MPWR Monolithic Power Systems Inc.	0.05%	12,050	$8.8M	Reduce -31.9%
COF Capital One Financial Corp.	0.04%	40,205	$8.6M	New
KVYO Klaviyo Inc. Class A	0.04%	246,812	$8.3M	Reduce -5.5%
BLDR Builders Firstsource Inc.	0.04%	70,838	$8.3M	Add +34.5%
NDAQ Nasdaq Inc.	0.04%	90,534	$8.1M	Reduce -57.8%
YMAB Y-Mabs Therapeutics Inc.	0.04%	1,789,800	$8.1M	Reduce -2.3%
DB Deutsche Bank AG-Registered	0.04%	255,066	$8.0M	New
GL Globe Life Inc.	0.04%	63,783	$7.9M	Reduce -43.8%
QGEN Qiagen N.V.	0.04%	154,067	$7.9M	New
AMG Affiliated Managers Group	0.04%	39,473	$7.8M	Add +1.4%
LFUS Littelfuse Inc.	0.04%	33,476	$7.6M	Add +1.4%
SITM Sitime Corp.	0.04%	33,519	$7.1M	Reduce -37.8%
C Citigroup Inc.	0.04%	79,602	$6.8M	Reduce -54.7%
WVE Wave Life Sciences Ltd.	0.03%	1,003,500	$6.5M	No change
MP MP Materials Corp.	0.03%	193,500	$6.4M	Reduce -32.9%
MBC Masterbrand Inc.	0.03%	573,077	$6.3M	No change
ARES Ares Management Corp. Class A	0.03%	36,137	$6.3M	Reduce -61.6%
EQH Equitable Holdings Inc.	0.03%	107,591	$6.0M	Reduce -59.4%
ADSK Autodesk Inc.	0.03%	18,800	$5.8M	Reduce -46.0%
LIN Linde PLC	0.03%	10,910	$5.1M	Reduce -41.1%
FHN First Horizon Corp.	0.03%	231,600	$4.9M	Reduce -37.4%
ON On Semiconductor	0.03%	92,500	$4.8M	New
BRZE Braze Inc. Class A	0.02%	155,508	$4.4M	Reduce -24.0%
VSTM Verastem Inc.	0.02%	1,000,000	$4.2M	New
BX Blackstone Inc.	0.02%	25,977	$3.9M	Reduce -4.9%
LASR Nlight Inc.	0.02%	189,179	$3.7M	Add +8.5%
BLK BlackRock Inc.	0.02%	3,257	$3.4M	Reduce -68.0%
ADUS Addus Homecare Corp.	0.02%	29,539	$3.4M	Add +0.7%
CLBT Cellebrite Di Ltd.	0.02%	210,235	$3.4M	Reduce -64.1%
KRRO Korro Bio Inc.	0.02%	250,000	$3.1M	No change
BLD Topbuild Corp.	0.02%	9,000	$2.9M	New
ENSG The Ensign Group Inc.	0.01%	16,619	$2.6M	No change
CARR Carrier Global Corp.	0.01%	35,000	$2.6M	Reduce -4.1%
CHE Chemed Corp.	0.01%	5,098	$2.5M	No change
IBP Installed Building Products	0.01%	13,750	$2.5M	New
HCA HCA Healthcare Inc.	0.01%	5,970	$2.3M	No change
LEGN Legend Biotech Corp.-ADR	0.01%	51,195	$1.8M	Reduce -70.8%
NVT Nvent Electric PLC	0.01%	20,000	$1.5M	Add +8.1%
VC Visteon Corp.	0.00%	4,000	$373K	New
NTES Netease Inc.-ADR	0.00%	1,900	$256K	New
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC	0.00%	12,146	$215K	Reduce -2.0%
APD Air Products & Chemicals Inc.	0.00%	750	$212K	Reduce -89.0%
IRTC Irhythm Holdings Inc.	0.00%	1,350	$208K	Reduce -97.3%
TEL Te Connectivity PLC	0.00%	1,200	$202K	Reduce -25.0%
GDRX Goodrx Holdings Inc. Class A	0.00%	21,250	$106K	Add +16.1%
LFST Lifestance Health Group Inc.	0.00%	18,250	$94K	Add +58.7%
STXS Stereotaxis Inc.	0.00%	17,665	$37K	Reduce -50.7%
CERS Cerus Corp.	0.00%	13,540	$19K	No change

Options reported separately and not counted above: NPCE calls ($34.5M), SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) calls ($3.7M), TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) calls ($2.9M).

Other holdings (18): bonds, preferreds, convertibles and warrants · $68.1M (not counted above)

Security	Class	Shares / Principal	Value	Change
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	9,500,000	$11.2M	No change
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	5,260,000	$6.9M	New
NICE LTD (NICEIT 0 09/15/25)	NOTE 9/1 · principal	6,000,000	$5.9M	No change
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	4,000,000	$5.7M	Reduce -57.9%
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28)	NOTE 2.375%12/1 · principal	3,000,000	$4.7M	No change
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	3,000,000	$3.8M	No change
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	2,500,000	$3.8M	Reduce -54.5%
IMPINJ INC (PI 1.125 05/15/27)	NOTE 1.125% 5/1 · principal	3,031,000	$3.8M	Reduce -33.1%
IMAX CORP (IMAX 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	3,000,000	$3.4M	No change
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	2,500,000	$3.2M	No change
LI AUTO INC (LI 0.25 05/01/28)	NOTE 0.250% 5/0 · principal	2,500,000	$3.0M	New
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	2,500,000	$2.8M	New
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	2,500,000	$2.6M	New
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	2,000,000	$2.1M	No change
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	1,500,000	$1.6M	No change
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	1,000,000	$1.3M	No change
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	1,000,000	$1.3M	No change
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	1,000,000	$1.1M	New

Total filed on the 13F, all lines: $19.1B.

Portfolio Sells Q1 2025 → Q2 2025


FERG Ferguson Enterprises Inc.	Reduce -20.2%	0.05%	−1.52
BABA Alibaba Group Holding-SP ADR	Reduce -66.8%	0.42%	−1.32
ESTC Elastic NV	Sold out	0.00%	−0.76
CYBR Cyberark Software Ltd./Israel	Reduce -45.4%	0.91%	−0.70
AAPL Apple Inc.	Reduce -20.2%	1.11%	−0.66
TEAM Atlassian Corp. Class A	Sold out	0.00%	−0.50
GLW Corning Inc.	Reduce -50.1%	0.46%	−0.48
SWTX Springworks Therapeutics Inc.	Sold out	0.00%	−0.47
ISRG Intuitive Surgical Inc.	Reduce -60.3%	0.28%	−0.47
HUBS HubSpot Inc.	Reduce -85.0%	0.06%	−0.45
CVLT Commvault Systems Inc.	Sold out	0.00%	−0.41
ARM Arm Holdings PLC-ADR	Sold out	0.00%	−0.40
NTNX Nutanix Inc. Class A	Reduce -83.7%	0.07%	−0.38
GOOGL Alphabet Inc. Class A	Reduce -27.4%	0.90%	−0.37
GOOG Alphabet Inc. Class C	Reduce -25.1%	0.90%	−0.33
FSLR First Solar Inc.	Sold out	0.00%	−0.32
IOT Samsara Inc. Class A	Sold out	0.00%	−0.32
Z Zillow Group Inc. Class C	Sold out	0.00%	−0.30
MMYT Makemytrip Ltd.	Reduce -55.9%	0.18%	−0.30
BPMC Blueprint Medicines Corp.	Sold out	0.00%	−0.29
PGR Progressive Corp.	Reduce -9.4%	0.78%	−0.28
MRVL Marvell Technology Inc.	Reduce -76.3%	0.09%	−0.28
ARQT Arcutis Biotherapeutics Inc.	Reduce -25.4%	0.37%	−0.27
UNH Unitedhealth Group Inc.	Reduce -28.2%	0.15%	−0.26
P Everpure Inc. Class A	Reduce -42.6%	0.45%	−0.25
ANET Arista Networks Inc.	Reduce -39.1%	0.54%	−0.25
SRRK Scholar Rock Holding Corp.	Reduce -41.9%	0.28%	−0.23
IBM Intl Business Machines Corp.	Reduce -73.8%	0.08%	−0.23
KLAC KLA Corp.	Reduce -27.0%	1.06%	−0.23
NPCE Neuropace Inc.	Sold out	0.00%	−0.22
MA Mastercard Inc. Class A	Reduce -52.0%	0.16%	−0.22
MLTX Moonlake Immunotherapeutics	Reduce -77.5%	0.06%	−0.20
AMZN Amazon.com Inc.	Reduce -12.9%	1.19%	−0.19
LLY Eli Lilly & Co.	Reduce -24.1%	0.29%	−0.18
AGIO Agios Pharmaceuticals Inc.	Sold out	0.00%	−0.18
VRTX Vertex Pharmaceuticals Inc.	Reduce -30.0%	0.21%	−0.17
TWLO Twilio Inc. Class A	Reduce -29.9%	0.52%	−0.16
JPM JPMorgan Chase & Co.	Reduce -46.0%	0.18%	−0.15
BRK.B Berkshire Hathaway Inc. Class B	Reduce -13.9%	0.30%	−0.15
V Visa Inc. Class A	Reduce -22.6%	0.29%	−0.14
META Meta Platforms Inc. Class A	Reduce -11.3%	5.34%	−0.14
ESTA Establishment Labs Holdings	Sold out	0.00%	−0.14
DOCS Doximity Inc. Class A	Reduce -42.8%	0.12%	−0.12
PDD PDD Holdings Inc.	Reduce -2.2%	0.32%	−0.11
PCVX Vaxcyte Inc.	Reduce -23.7%	0.14%	−0.11
SUPN Supernus Pharmaceuticals Inc.	Reduce -26.4%	0.17%	−0.11
TCOM Trip.com Group Ltd.-ADR	Reduce -2.4%	0.31%	−0.09
MCK McKesson Corp.	Reduce -40.7%	0.11%	−0.09
CAH Cardinal Health Inc.	Reduce -58.7%	0.07%	−0.09
APLS Apellis Pharmaceuticals Inc.	Reduce -14.3%	0.12%	−0.09

Portfolio Buys Q1 2025 → Q2 2025


AVGO Broadcom Inc.	Add +27.2%	4.38%	+1.94
NVDA Nvidia Corp.	Add +1.9%	8.13%	+1.75
VRT Vertiv Holdings Co. Class A	Add +440.9%	1.58%	+1.39
AMD Advanced Micro Devices	Add +80.8%	2.37%	+1.26
MSFT Microsoft Corp.	Add +15.8%	3.68%	+0.92
ORCL Oracle Corp.	Add +62.0%	1.67%	+0.90
HOOD Robinhood Markets Inc. Class A	Add +5.9%	1.76%	+0.90
STX Seagate Technology Holdings	New	0.83%	+0.83
FN Fabrinet	Add +239.5%	1.02%	+0.79
LITE Lumentum Holdings Inc.	Add +912.4%	0.82%	+0.76
LRCX Lam Research Corp.	New	0.71%	+0.71
CRDO Credo Technology Group Holdi	Add +22.9%	1.16%	+0.69
GEV GE Vernova Inc.	Add +18.5%	1.37%	+0.59
APH Amphenol Corp. Class A	Add +63.4%	1.07%	+0.56
VRNA Verona Pharma Ltd.	New	0.44%	+0.44
FLEX Flex Ltd.	Add +34.3%	0.99%	+0.42
DASH DoorDash Inc. Class A	Add +60.7%	0.88%	+0.41
UBER Uber Technologies Inc.	Add +338.1%	0.50%	+0.40
RDDT Reddit Inc. Class A	New	0.34%	+0.34
MU Micron Technology Inc.	Add +13.1%	1.14%	+0.31
EHC Encompass Health Corp.	Add +19637.0%	0.29%	+0.29
ASND Ascendis Pharma A/S	Add +59.6%	0.76%	+0.26
RYTM Rhythm Pharmaceuticals Inc.	Add +150.2%	0.42%	+0.25
MTSI Macom Technology Solutions H	Add +18.9%	0.70%	+0.22
IONS Ionis Pharmaceuticals Inc.	New	0.21%	+0.21
COHR Coherent Corp.	Add +2.8%	0.96%	+0.17
AFRM Affirm Holdings Inc.	Add +724.8%	0.17%	+0.16
SHOP Shopify Inc. Class A	Add +14.1%	0.98%	+0.15
KSPI JSC Kaspi.kz ADR	Add +184.7%	0.26%	+0.14
SLNO Soleno Therapeutics Inc.	Add +63.5%	0.36%	+0.14
NU Nu Holdings Ltd./Cayman Isl-A	Add +13.7%	0.50%	+0.12
PCRX Pacira Biosciences Inc.	New	0.11%	+0.11
SMMT Summit Therapeutics Inc.	New	0.11%	+0.11
ADI Analog Devices Inc.	Add +4.7%	0.13%	+0.11
EW Edwards Lifesciences Corp.	New	0.10%	+0.10
AGCO Agco Corp.	New	0.09%	+0.09
CIEN Ciena Corp.	Add +4.0%	0.55%	+0.09
RY Royal Bank of Canada	New	0.07%	+0.07
CNTA Centessa Pharmaceuticals Ltd.	New	0.07%	+0.07
KYMR Kymera Therapeutics Inc.	New	0.06%	+0.06
JLL Jones Lang Lasalle Inc.	New	0.06%	+0.06
WTS Watts Water Technologies-A	New	0.06%	+0.06
MDGL Madrigal Pharmaceuticals Inc.	Add +50.0%	0.36%	+0.05
STOK Stoke Therapeutics Inc.	New	0.05%	+0.05
FROG Jfrog Ltd.	New	0.05%	+0.05
IMNM Immunome Inc.	New	0.05%	+0.05
VTEX Vtex Class A	Add +15.5%	0.22%	+0.05
USFD US Foods Holding Corp.	Add +45.8%	0.15%	+0.05
OKTA Okta Inc.	New	0.05%	+0.05
XMTR Xometry Inc. Class A	Add +127.5%	0.08%	+0.05

Options Activity Q1 2025 → Q2 2025


NPCE Neuropace Inc.	call	New	3,097,868	$34.5M
AAPL Apple Inc.	call	Sold out	27,985	$6.2Mbefore exit
MSFT Microsoft Corp.	call	Sold out	15,900	$6.0Mbefore exit
SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30)	call	New	2,750,000	$3.7M
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	call	New	3,000,000	$2.9M

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

Notes & Other Activity Q1 2025 → Q2 2025


NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	Sold out	14,360,000	$19.1Mbefore exit
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	New	5,260,000	$6.9M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Reduce -57.9%	4,000,000	$5.7M
INSULET CORPORATION (PODD 0.375 09/01/26)	NOTE 0.375% 9/0 · principal	Sold out	4,500,000	$5.7Mbefore exit
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	Sold out	4,000,000	$5.3Mbefore exit
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	Sold out	6,000,000	$5.1Mbefore exit
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	Sold out	5,000,000	$5.0Mbefore exit
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	Sold out	3,750,000	$4.4Mbefore exit
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	Reduce -54.5%	2,500,000	$3.8M
IMPINJ INC (PI 1.125 05/15/27)	NOTE 1.125% 5/1 · principal	Reduce -33.1%	3,031,000	$3.8M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	Sold out	3,400,000	$3.2Mbefore exit
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25)	NOTE 1.250% 5/0 · principal	Sold out	3,000,000	$3.0Mbefore exit
LI AUTO INC (LI 0.25 05/01/28)	NOTE 0.250% 5/0 · principal	New	2,500,000	$3.0M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	New	2,500,000	$2.8M
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	Sold out	3,000,000	$2.7Mbefore exit
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	New	2,500,000	$2.6M
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	Sold out	2,000,000	$2.4Mbefore exit
SHOPIFY INC (SHOPCN 0.125 11/01/25)	NOTE 0.125%11/0 · principal	Sold out	2,000,000	$2.0Mbefore exit
PDD HOLDINGS INC (PDD 0 12/01/25)	NOTE 12/0 · principal	Sold out	1,500,000	$1.5Mbefore exit
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	New	1,000,000	$1.1M
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	Sold out	3,000,000	$3Kbefore exit

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

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	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