Polar Capital Holdings Plc

Name: Polar Capital Holdings Plc 13F holdings, Q3 2025
Creator: Polar Capital Holdings Plc
Published: 2025-11-14

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

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Polar Capital Holdings Plc reported 235 stock positions worth $20.7 billion. Its top holding was Nvidia (NVDA) at 8.7% of the portfolio, followed by Meta Platforms Class A (META, 5.0%) and Broadcom (AVGO, 4.5%). Compared with Q2 2025, it opened 32 new positions, sold out of 46, added to 95 and reduced 87. The biggest buy was Lam Research (LRCX, shares +105%) and the biggest sale Spotify Technology (SPOT, shares −67%).

Most Recent 13F: Q2 2026
Location: London, X0
CIK: 0001837309
Portfolio Value: $20.7B (Q3 2025)
SEC Filing: 0001172661-25-004921 ↗ filed Nov 14, 2025

Holdings Value

Holdings 235 stocks · $20.7B


NVDA Nvidia Corp.	8.74%	9,672,569	$1.8B	Reduce -1.0%
META Meta Platforms Inc. Class A	5.03%	1,415,287	$1.0B	Add +2.9%
AVGO Broadcom Inc.	4.55%	2,846,122	$939.0M	Reduce -5.7%
MSFT Microsoft Corp.	3.37%	1,344,217	$696.2M	Reduce -2.9%
NET Cloudflare Inc. Class A	1.86%	1,793,515	$384.9M	Reduce -6.3%
LRCX Lam Research Corp.	1.85%	2,856,262	$382.5M	Add +105.3%
KLAC KLA Corp.	1.80%	344,077	$371.1M	Add +52.6%
STX Seagate Technology Holdings	1.69%	1,479,369	$349.2M	Add +35.2%
RNR Renaissancere Holdings Ltd.	1.68%	1,367,752	$347.3M	Add +0.0%
GLW Corning Inc.	1.59%	4,011,153	$329.0M	Add +141.2%
AAPL Apple Inc.	1.57%	1,270,729	$323.6M	Add +22.6%
ACGL Arch Capital Group Ltd.	1.48%	3,380,500	$306.7M	Reduce -0.3%
MU Micron Technology Inc.	1.47%	1,815,527	$303.8M	Add +3.6%
AMD Advanced Micro Devices	1.44%	1,835,264	$296.9M	Reduce -42.1%
CRDO Credo Technology Group Holdi	1.30%	1,849,082	$269.2M	Reduce -22.6%
GOOG Alphabet Inc. Class C	1.29%	1,092,910	$266.2M	Add +13.3%
CLS Celestica Inc.	1.23%	1,027,694	$253.2M	Reduce -27.0%
ORCL Oracle Corp.	1.22%	898,990	$252.8M	Reduce -37.9%
GOOGL Alphabet Inc. Class A	1.19%	1,010,553	$245.7M	Add +4.5%
LITE Lumentum Holdings Inc.	1.17%	1,482,376	$241.2M	Reduce -9.8%
P Everpure Inc. Class A filed as PURE STORAGE INC	1.15%	2,831,141	$237.3M	Add +90.5%
HOOD Robinhood Markets Inc. Class A	1.12%	1,614,713	$231.2M	Reduce -54.7%
WDC Western Digital Corp.	1.07%	1,847,408	$221.8M	New
CIEN Ciena Corp.	1.03%	1,463,211	$213.1M	Add +13.9%
WRB WR Berkley Corp. filed as BERKLEY W R CORP	1.02%	2,750,000	$210.7M	Reduce -6.0%
CB Chubb Ltd.	0.99%	727,500	$205.3M	Reduce -3.0%
ANET Arista Networks Inc.	0.93%	1,317,210	$191.9M	Add +30.3%
AMZN Amazon.com Inc.	0.91%	851,862	$187.0M	Reduce -17.6%
MRSH Marsh & McLennan Cos	0.89%	910,000	$183.4M	No change
TTMI TTM Technologies	0.85%	3,062,083	$176.4M	New
APH Amphenol Corp. Class A	0.85%	1,418,724	$175.6M	Reduce -31.3%
RDDT Reddit Inc. Class A	0.84%	758,762	$174.5M	Add +79.2%
ASND Ascendis Pharma A/S	0.83%	857,911	$170.6M	Add +2.4%
MELI MercadoLibre Inc.	0.80%	70,602	$165.0M	Reduce -26.4%
SHOP Shopify Inc. Class A	0.79%	1,100,026	$163.5M	Reduce -31.8%
ESNT Essent Group Ltd.	0.77%	2,500,000	$158.9M	Reduce -6.5%
APP AppLovin Corp. Class A	0.74%	213,117	$153.1M	New
SNOW Snowflake Inc.	0.74%	678,828	$153.1M	Reduce -21.9%
CYTK Cytokinetics Inc.	0.74%	2,782,930	$152.9M	Reduce -0.6%
MKL Markel Group Inc.	0.73%	78,500	$150.0M	Reduce -6.5%
DASH DoorDash Inc. Class A	0.71%	540,369	$147.0M	Reduce -20.0%
SNDK Sandisk Corp.	0.71%	1,302,523	$146.1M	New
VRT Vertiv Holdings Co. Class A	0.70%	964,782	$145.5M	Reduce -58.8%
RBLX Roblox Corp. Class A	0.70%	1,047,835	$145.1M	Add +155.4%
TRV The Travelers Cos Inc.	0.70%	515,500	$143.9M	Reduce -1.4%
EG Everest Group Ltd.	0.70%	410,500	$143.8M	No change
CVNA Carvana Co.	0.67%	368,024	$138.8M	New
GEV GE Vernova Inc.	0.63%	212,545	$130.7M	Reduce -56.6%
FN Fabrinet	0.61%	347,304	$126.6M	Reduce -47.2%
RYTM Rhythm Pharmaceuticals Inc.	0.61%	1,244,932	$125.7M	Reduce -0.5%
RNAM Avidity Biosciences Inc.	0.59%	2,796,760	$121.9M	Add +58.0%
MDGL Madrigal Pharmaceuticals Inc.	0.59%	265,154	$121.6M	Add +17.6%
BABA Alibaba Group Holding-SP ADR	0.56%	648,396	$115.9M	Reduce -8.9%
PGR Progressive Corp.	0.56%	469,136	$115.9M	Reduce -15.5%
ALNY Alnylam Pharmaceuticals Inc.	0.56%	251,460	$114.7M	Add +5.9%
RGA Reinsurance Group of America	0.54%	576,591	$110.8M	Add +7.3%
PLTR Palantir Technologies Inc. Class A	0.53%	604,588	$110.3M	Reduce -9.3%
XENE Xenon Pharmaceuticals Inc.	0.49%	2,546,766	$102.3M	Reduce -5.8%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.48%	6,256,747	$100.2M	Reduce -9.4%
ARQT Arcutis Biotherapeutics Inc.	0.48%	5,298,754	$99.9M	Add +5.8%
SPOT Spotify Technology SA	0.47%	138,512	$96.7M	Reduce -66.5%
TSLA Tesla Inc.	0.46%	214,383	$95.3M	Reduce -28.6%
RYAN Ryan Specialty Holdings Inc.	0.46%	1,687,500	$95.1M	Add +11.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.46%	334,273	$94.3M	Add +523.1%
SE Sea Ltd.-ADR	0.44%	504,419	$90.2M	Reduce -3.3%
UBER Uber Technologies Inc.	0.44%	919,560	$90.1M	Reduce -10.4%
REGN Regeneron Pharmaceuticals	0.43%	158,817	$89.3M	Add +126.9%
FLEX Flex Ltd.	0.43%	1,527,361	$88.5M	Reduce -59.3%
NUVL Nuvalent Inc. Class A	0.43%	1,022,225	$88.4M	Add +25.3%
AXON Axon Enterprise Inc.	0.41%	117,130	$84.1M	Reduce -26.0%
NAMS Newamsterdam Pharma Co. NV	0.40%	2,911,634	$82.8M	Add +15.6%
TEVA Teva Pharmaceutical-SP ADR	0.39%	4,009,082	$81.0M	New
SLNO Soleno Therapeutics Inc.	0.39%	1,191,123	$80.5M	Add +45.7%
GRAB Grab Holdings Ltd. Class A	0.38%	13,047,010	$78.5M	Add +15.3%
CRWD CrowdStrike Holdings Inc. Class A	0.38%	159,476	$78.2M	Reduce -41.0%
TCOM Trip.com Group Ltd.-ADR	0.37%	1,014,524	$76.3M	Add +0.1%
PDD PDD Holdings Inc.	0.36%	555,898	$73.5M	Reduce -3.3%
HGTY Hagerty Inc. Class A	0.34%	5,817,416	$70.0M	Add +9.4%
IONS Ionis Pharmaceuticals Inc.	0.33%	1,033,622	$67.6M	Add +3.4%
LLY Eli Lilly & Co.	0.31%	84,611	$64.6M	Add +19.8%
BSX Boston Scientific Corp.	0.31%	654,258	$63.9M	Add +44.0%
RDNT Radnet Inc.	0.31%	832,214	$63.4M	New
ELVN Enliven Therapeutics Inc.	0.31%	3,095,007	$63.4M	Add +1.5%
BRO Brown & Brown Inc.	0.31%	675,000	$63.3M	Add +25.0%
EHC Encompass Health Corp.	0.30%	486,430	$61.8M	Add +9.1%
NFLX Netflix Inc.	0.30%	51,361	$61.6M	Reduce -67.6%
AVDL Avadel Pharmaceuticals Ltd.	0.30%	3,999,338	$61.1M	No change
ALAB Astera Labs Inc.	0.29%	310,617	$60.8M	Reduce -56.3%
MIRM Mirum Pharmaceuticals Inc.	0.29%	820,552	$60.2M	Reduce -15.8%
APLS Apellis Pharmaceuticals Inc.	0.29%	2,650,230	$60.0M	Add +96.0%
IRTC Irhythm Holdings Inc.	0.28%	335,908	$57.8M	Add +24782.1%
TRUP Trupanion Inc.	0.27%	1,300,000	$56.3M	No change
V Visa Inc. Class A	0.27%	160,943	$54.9M	Add +2.3%
INSM Insmed Inc.	0.26%	371,887	$53.6M	Reduce -46.7%
COHR Coherent Corp.	0.25%	483,865	$52.1M	Reduce -76.5%
BRK.B Berkshire Hathaway Inc. Class B	0.25%	101,918	$51.2M	Reduce -12.9%
BBIO Bridgebio Pharma Inc.	0.25%	981,058	$51.0M	New
AFL Aflac Inc.	0.24%	452,000	$50.5M	Reduce -1.7%
AKRO Akero Therapeutics Inc.	0.24%	1,058,776	$50.3M	New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.23%	586,755	$47.9M	Reduce -0.2%
CGON CG Oncology Inc.	0.21%	1,098,662	$44.3M	No change
FAF First American Financial	0.21%	675,000	$43.4M	No change
MLYS Mineralys Therapeutics Inc.	0.19%	1,058,776	$40.1M	New
ABT Abbott Laboratories	0.19%	297,516	$39.8M	Reduce -0.6%
JPM JPMorgan Chase & Co.	0.18%	115,621	$36.5M	Reduce -4.3%
ICE Intercontinental Exchange Inc.	0.18%	215,700	$36.3M	Add +2.4%
RLI Rli Corp.	0.17%	535,000	$34.9M	No change
MMYT Makemytrip Ltd.	0.16%	363,828	$34.1M	Add +2.4%
WMT Walmart Inc.	0.16%	326,628	$33.7M	Add +25.3%
CLDX Celldex Therapeutics Inc.	0.16%	1,300,436	$33.6M	Add +5.9%
CAT Caterpillar Inc.	0.16%	68,321	$32.6M	Add +22.4%
NPCE Neuropace Inc.	0.15%	3,097,868	$31.9M	New
CNC Centene Corp.	0.15%	880,649	$31.4M	Add +376.9%
STOK Stoke Therapeutics Inc.	0.15%	1,323,470	$31.1M	Add +49.8%
VTEX Vtex Class A	0.15%	7,034,043	$30.8M	Add +11.9%
IBKR Interactive Brokers Gro Class A	0.15%	446,756	$30.7M	Reduce -22.2%
USFD US Foods Holding Corp.	0.14%	388,792	$29.8M	Add +4.1%
ROIV Roivant Sciences Ltd.	0.14%	1,958,735	$29.6M	Add +59.9%
SRRK Scholar Rock Holding Corp.	0.14%	794,082	$29.6M	Reduce -47.1%
DNTH Dianthus Therapeutics Inc.	0.14%	748,003	$29.4M	New
DOCS Doximity Inc. Class A	0.14%	401,393	$29.4M	Add +4.6%
AFRM Affirm Holdings Inc.	0.14%	401,581	$29.3M	Reduce -15.7%
ECL Ecolab Inc.	0.14%	105,071	$28.8M	Add +31.0%
ETN Eaton Corp. PLC	0.14%	76,475	$28.6M	Add +51.9%
BKNG Booking Holdings Inc.	0.14%	5,248	$28.3M	No change
RAPP Rapport Therapeutics Inc.	0.14%	938,952	$27.9M	New
TME Tencent Music Entertainm-ADR	0.13%	1,190,843	$27.8M	New
JLL Jones Lang Lasalle Inc.	0.13%	92,753	$27.7M	Add +123.5%
TMO Thermo Fisher Scientific Inc.	0.13%	56,824	$27.6M	New
TBBB BBB Foods Inc. Class A	0.13%	985,507	$26.6M	Reduce -3.0%
EXAS Exact Sciences Corp.	0.12%	467,134	$25.6M	Add +52.2%
FROG Jfrog Ltd.	0.12%	529,836	$25.1M	Add +142.6%
EW Edwards Lifesciences Corp.	0.12%	317,886	$24.7M	Add +24.8%
STE Steris PLC	0.12%	99,504	$24.6M	New
ADI Analog Devices Inc.	0.12%	97,947	$24.1M	Reduce -2.7%
CVE Cenovus Energy Inc.	0.11%	1,094,259	$23.1M	Add +4.3%
PEN Penumbra Inc.	0.11%	90,877	$23.0M	Add +36.9%
MCK McKesson Corp.	0.11%	29,476	$22.8M	Reduce -0.4%
GLOB Globant SA	0.11%	391,977	$22.5M	Reduce -2.5%
KYMR Kymera Therapeutics Inc.	0.11%	397,041	$22.5M	Add +58.8%
QCOM Qualcomm Inc.	0.11%	134,402	$22.4M	Add +3.2%
RVMD Revolution Medicines Inc.	0.11%	478,105	$22.3M	Reduce -36.4%
MA Mastercard Inc. Class A	0.11%	38,944	$22.2M	Reduce -28.8%
FIS Fidelity National Info Serv	0.11%	332,258	$21.9M	Reduce -9.9%
MRVL Marvell Technology Inc.	0.11%	260,000	$21.9M	Add +11.6%
APGE Apogee Therapeutics Inc.	0.10%	524,094	$20.8M	Add +5.9%
DXCM Dexcom Inc.	0.10%	308,478	$20.8M	New
XMTR Xometry Inc. Class A	0.10%	374,991	$20.4M	Reduce -13.3%
ORKA Oruka Therapeutics Inc.	0.10%	1,032,307	$19.9M	Add +5.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.10%	384,376	$19.8M	Reduce -9.8%
SITM Sitime Corp.	0.10%	65,774	$19.8M	Add +96.2%
FWONK Liberty Media Corp. Class C	0.10%	188,762	$19.7M	Add +3.2%
OTEX Open Text Corp.	0.09%	422,404	$19.6M	Add +37.8%
AGCO Agco Corp.	0.09%	180,372	$19.3M	Add +3.2%
ISRG Intuitive Surgical Inc.	0.09%	41,880	$18.7M	Reduce -57.4%
AMG Affiliated Managers Group	0.09%	78,523	$18.7M	Add +98.9%
BOW Bowhead Specialty Holdings I	0.09%	689,935	$18.7M	Add +10.4%
SYY Sysco Corp.	0.09%	225,473	$18.6M	Add +3.2%
DOX Amdocs Ltd.	0.09%	225,932	$18.5M	No change
DAL Delta Air Lines Inc.	0.09%	324,042	$18.4M	New
PODD Insulet Corp.	0.09%	59,317	$18.3M	Reduce -12.2%
MKSI MKS Inc.	0.09%	144,626	$17.9M	Add +31.3%
RARE Ultragenyx Pharmaceutical Inc.	0.09%	583,710	$17.6M	Add +5.9%
CACC Credit Acceptance Corp.	0.08%	37,507	$17.5M	Add +13.7%
TSHA Taysha Gene Therapies Inc.	0.08%	5,293,879	$17.3M	Add +5.9%
H Hyatt Hotels Corp. Class A	0.08%	121,541	$17.3M	Add +24.3%
PI Impinj Inc.	0.08%	94,963	$17.2M	Add +0.4%
CHRW C.H. Robinson Worldwide Inc.	0.08%	127,531	$16.9M	Reduce -10.7%
MPWR Monolithic Power Systems Inc.	0.08%	18,030	$16.6M	Add +49.6%
MDB Mongodb Inc.	0.08%	51,918	$16.1M	New
SMMT Summit Therapeutics Inc.	0.07%	746,393	$15.4M	Reduce -25.4%
SN Sharkninja Inc.	0.07%	147,847	$15.3M	Add +29.5%
PCVX Vaxcyte Inc.	0.07%	415,530	$15.0M	Reduce -49.7%
LFUS Littelfuse Inc.	0.07%	57,533	$14.9M	Add +71.9%
ELV Elevance Health Inc.	0.07%	45,422	$14.7M	Reduce -20.0%
IQV Iqvia Holdings Inc.	0.07%	75,959	$14.4M	New
CNM Core & Main Inc. Class A	0.07%	264,139	$14.2M	Add +14.2%
CBRE CBRE Group Inc. Class A	0.07%	88,495	$13.9M	New
AXP American Express Co.	0.06%	39,810	$13.2M	Reduce -45.8%
SYRE Spyre Therapeutics Inc.	0.06%	788,788	$13.2M	Add +5.9%
MBC Masterbrand Inc.	0.06%	997,406	$13.1M	Add +74.0%
GL Globe Life Inc.	0.06%	89,480	$12.8M	Add +40.3%
RY Royal Bank of Canada	0.06%	69,361	$12.7M	Reduce -20.1%
KRRO Korro Bio Inc.	0.06%	264,694	$12.7M	Add +5.9%
JCI Johnson Controls Internation	0.06%	113,624	$12.5M	New
URI United Rentals Inc.	0.06%	12,992	$12.4M	No change
IMNM Immunome Inc.	0.06%	1,058,776	$12.4M	Add +5.9%
T AT&T Inc.	0.06%	419,692	$11.9M	New
FERG Ferguson Enterprises Inc.	0.05%	48,808	$11.0M	Add +3.2%
U Unity Software Inc.	0.05%	265,815	$10.6M	Reduce -33.1%
VSTM Verastem Inc.	0.05%	1,058,776	$9.3M	Add +5.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.04%	84,634	$9.2M	Reduce -16.5%
MAR Marriott International Class A	0.04%	34,903	$9.1M	Add +3.2%
WTS Watts Water Technologies-A	0.04%	31,985	$8.9M	Reduce -25.2%
HIG Hartford Insurance Group Inc.	0.04%	66,956	$8.9M	New
BLDR Builders Firstsource Inc.	0.04%	73,088	$8.9M	Add +3.2%
COF Capital One Financial Corp.	0.04%	40,205	$8.5M	No change
C Citigroup Inc.	0.04%	79,602	$8.1M	No change
DB Deutsche Bank AG-Registered	0.04%	212,757	$8.1M	Reduce -16.6%
CLBT Cellebrite Di Ltd.	0.04%	432,443	$8.0M	Add +105.7%
WVE Wave Life Sciences Ltd.	0.04%	1,062,276	$7.8M	Add +5.9%
FISV Fiserv Inc.	0.04%	59,768	$7.7M	Add +3.2%
GS Goldman Sachs Group Inc.	0.04%	9,382	$7.5M	Reduce -39.6%
RKT Rocket Cos Inc. Class A	0.03%	363,900	$7.1M	New
DYN Dyne Therapeutics Inc.	0.03%	529,388	$6.7M	New
PHVS Pharvaris NV	0.03%	264,693	$6.6M	New
AXS Axis Capital Holdings Ltd.	0.03%	66,254	$6.3M	Reduce -28.8%
OC Owens Corning	0.03%	41,000	$5.8M	New
ARES Ares Management Corp. Class A	0.03%	36,137	$5.8M	No change
ORIC Oric Pharmaceuticals Inc.	0.03%	468,610	$5.6M	New
NXPI NXP Semiconductors NV	0.03%	24,200	$5.5M	Reduce -46.6%
EQH Equitable Holdings Inc.	0.03%	107,591	$5.5M	No change
FHN First Horizon Corp.	0.03%	231,600	$5.2M	No change
WAL Western Alliance Bancorp	0.02%	56,958	$4.9M	New
BX Blackstone Inc.	0.02%	25,977	$4.4M	No change
LIN Linde PLC	0.02%	8,963	$4.3M	Reduce -17.9%
BLD Topbuild Corp.	0.02%	10,600	$4.1M	Add +17.8%
PCOR Procore Technologies Inc.	0.02%	51,000	$3.7M	New
ADUS Addus Homecare Corp.	0.02%	29,539	$3.5M	No change
QGEN Qiagen N.V.	0.02%	71,632	$3.4M	Reduce -53.5%
ENSG The Ensign Group Inc.	0.01%	16,619	$2.9M	No change
HCA HCA Healthcare Inc.	0.01%	5,970	$2.5M	No change
CRH CRH PLC	0.01%	21,091	$2.5M	Reduce -88.3%
CHE Chemed Corp.	0.01%	5,098	$2.3M	No change
LEGN Legend Biotech Corp.-ADR	0.01%	53,901	$1.8M	Add +5.3%
ADSK Autodesk Inc.	0.01%	4,100	$1.3M	Reduce -78.2%
IBP Installed Building Products	0.01%	4,600	$1.1M	Reduce -66.5%
IONQ Ionq Inc.	0.00%	15,500	$953K	New
ON On Semiconductor	0.00%	19,200	$947K	Reduce -79.2%
MP MP Materials Corp.	0.00%	7,900	$530K	Reduce -95.9%
VC Visteon Corp.	0.00%	2,600	$312K	Reduce -35.0%
NTES Netease Inc.-ADR	0.00%	1,750	$266K	Reduce -7.9%
LFST Lifestance Health Group Inc.	0.00%	21,775	$120K	Add +19.3%
STXS Stereotaxis Inc.	0.00%	17,665	$55K	No change
GDRX Goodrx Holdings Inc. Class A	0.00%	10,000	$42K	Reduce -52.9%

Options reported separately and not counted above: AAPL calls ($16.5M), GOOGL calls ($12.1M), MSFT calls ($8.1M).

Other holdings (16): bonds, preferreds, convertibles and warrants · $86.0M (not counted above)

Security	Class	Shares / Principal	Value	Change
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	15,000,000	$14.7M	New
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	12,500,000	$12.6M	New
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	11,000,000	$9.9M	New
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	8,000,000	$8.9M	New
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	5,000,000	$6.8M	New
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28)	NOTE 2.375%12/1 · principal	3,000,000	$4.4M	No change
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	4,500,000	$4.0M	New
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	2,000,000	$3.8M	New
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	2,500,000	$3.4M	No change
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	2,500,000	$3.2M	No change
FORTUNA MINING CORP (FVICN 3.75 06/30/29)	NOTE 3.750% 6/3 · principal	2,000,000	$3.2M	New
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	2,500,000	$3.0M	New
LI AUTO INC (LI 0.25 05/01/28)	NOTE 0.250% 5/0 · principal	2,500,000	$2.9M	No change
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	2,500,000	$2.7M	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	$1.2M	No change

Total filed on the 13F, all lines: $20.7B.

Portfolio Sells Q2 2025 → Q3 2025


SPOT Spotify Technology SA	Reduce -66.5%	0.47%	−1.20
AMD Advanced Micro Devices	Reduce -42.1%	1.44%	−0.93
CYBR Cyberark Software Ltd./Israel	Sold out	0.00%	−0.91
VRT Vertiv Holdings Co. Class A	Reduce -58.8%	0.70%	−0.88
NFLX Netflix Inc.	Reduce -67.6%	0.30%	−0.82
GEV GE Vernova Inc.	Reduce -56.6%	0.63%	−0.73
COHR Coherent Corp.	Reduce -76.5%	0.25%	−0.71
MTSI Macom Technology Solutions H	Sold out	0.00%	−0.70
HOOD Robinhood Markets Inc. Class A	Reduce -54.7%	1.12%	−0.64
FLEX Flex Ltd.	Reduce -59.3%	0.43%	−0.56
PANW Palo Alto Networks Inc.	Sold out	0.00%	−0.55
MELI MercadoLibre Inc.	Reduce -26.4%	0.80%	−0.52
TWLO Twilio Inc. Class A	Sold out	0.00%	−0.52
MRUS Merus NV	Sold out	0.00%	−0.45
ORCL Oracle Corp.	Reduce -37.9%	1.22%	−0.44
VRNA Verona Pharma Ltd.	Sold out	0.00%	−0.44
NOW ServiceNow Inc.	Sold out	0.00%	−0.42
FN Fabrinet	Reduce -47.2%	0.61%	−0.41
NVMI Nova Ltd.	Sold out	0.00%	−0.38
CRWD CrowdStrike Holdings Inc. Class A	Reduce -41.0%	0.38%	−0.35
GMED Globus Medical Inc. Class A	Sold out	0.00%	−0.33
MSFT Microsoft Corp.	Reduce -2.9%	3.37%	−0.31
AMZN Amazon.com Inc.	Reduce -17.6%	0.91%	−0.29
SNOW Snowflake Inc.	Reduce -21.9%	0.74%	−0.28
AXON Axon Enterprise Inc.	Reduce -26.0%	0.41%	−0.28
APH Amphenol Corp. Class A	Reduce -31.3%	0.85%	−0.22
PGR Progressive Corp.	Reduce -15.5%	0.56%	−0.22
VRTX Vertex Pharmaceuticals Inc.	Sold out	0.00%	−0.21
ISRG Intuitive Surgical Inc.	Reduce -57.4%	0.09%	−0.19
MMSI Merit Medical Systems Inc.	Sold out	0.00%	−0.19
SHOP Shopify Inc. Class A	Reduce -31.8%	0.79%	−0.19
ITGR Integer Holdings Corp.	Sold out	0.00%	−0.17
SUPN Supernus Pharmaceuticals Inc.	Sold out	0.00%	−0.17
DASH DoorDash Inc. Class A	Reduce -20.0%	0.71%	−0.17
MKL Markel Group Inc.	Reduce -6.5%	0.73%	−0.16
UNH Unitedhealth Group Inc.	Sold out	0.00%	−0.15
CB Chubb Ltd.	Reduce -3.0%	0.99%	−0.15
ACGL Arch Capital Group Ltd.	Reduce -0.3%	1.48%	−0.14
SRRK Scholar Rock Holding Corp.	Reduce -47.1%	0.14%	−0.14
ETNB 89BIO Inc.	Sold out	0.00%	−0.13
ATR Aptargroup Inc.	Sold out	0.00%	−0.12
PCRX Pacira Biosciences Inc.	Sold out	0.00%	−0.11
WRB WR Berkley Corp.	Reduce -6.0%	1.02%	−0.11
TOST Toast Inc. Class A	Sold out	0.00%	−0.11
INSM Insmed Inc.	Reduce -46.7%	0.26%	−0.11
NET Cloudflare Inc. Class A	Reduce -6.3%	1.86%	−0.11
MNDY Monday.com Ltd.	Sold out	0.00%	−0.10
DE Deere & Co.	Sold out	0.00%	−0.10
BRKR Bruker Corp.	Sold out	0.00%	−0.10
ALC Alcon Inc.	Sold out	0.00%	−0.09

Portfolio Buys Q2 2025 → Q3 2025


LRCX Lam Research Corp.	Add +105.3%	1.85%	+1.14
GLW Corning Inc.	Add +141.2%	1.59%	+1.13
WDC Western Digital Corp.	New	1.07%	+1.07
STX Seagate Technology Holdings	Add +35.2%	1.69%	+0.86
TTMI TTM Technologies	New	0.85%	+0.85
APP AppLovin Corp. Class A	New	0.74%	+0.74
KLAC KLA Corp.	Add +52.6%	1.80%	+0.73
SNDK Sandisk Corp.	New	0.71%	+0.71
P Everpure Inc. Class A	Add +90.5%	1.15%	+0.70
CVNA Carvana Co.	New	0.67%	+0.67
RDDT Reddit Inc. Class A	Add +79.2%	0.84%	+0.51
CIEN Ciena Corp.	Add +13.9%	1.03%	+0.48
RBLX Roblox Corp. Class A	Add +155.4%	0.70%	+0.48
AAPL Apple Inc.	Add +22.6%	1.57%	+0.46
TEVA Teva Pharmaceutical-SP ADR	New	0.39%	+0.39
GOOG Alphabet Inc. Class C	Add +13.3%	1.29%	+0.39
ANET Arista Networks Inc.	Add +30.3%	0.93%	+0.38
IBM Intl Business Machines Corp.	Add +523.1%	0.46%	+0.37
MU Micron Technology Inc.	Add +3.6%	1.47%	+0.33
RNAM Avidity Biosciences Inc.	Add +58.0%	0.59%	+0.33
RDNT Radnet Inc.	New	0.31%	+0.31
GOOGL Alphabet Inc. Class A	Add +4.5%	1.19%	+0.29
IRTC Irhythm Holdings Inc.	Add +24782.1%	0.28%	+0.28
BBIO Bridgebio Pharma Inc.	New	0.25%	+0.25
AKRO Akero Therapeutics Inc.	New	0.24%	+0.24
REGN Regeneron Pharmaceuticals	Add +126.9%	0.43%	+0.24
MDGL Madrigal Pharmaceuticals Inc.	Add +17.6%	0.59%	+0.23
MLYS Mineralys Therapeutics Inc.	New	0.19%	+0.19
APLS Apellis Pharmaceuticals Inc.	Add +96.0%	0.29%	+0.17
NAMS Newamsterdam Pharma Co. NV	Add +15.6%	0.40%	+0.16
NPCE Neuropace Inc.	New	0.15%	+0.15
ALNY Alnylam Pharmaceuticals Inc.	Add +5.9%	0.56%	+0.15
DNTH Dianthus Therapeutics Inc.	New	0.14%	+0.14
RAPP Rapport Therapeutics Inc.	New	0.14%	+0.14
TME Tencent Music Entertainm-ADR	New	0.13%	+0.13
TMO Thermo Fisher Scientific Inc.	New	0.13%	+0.13
IONS Ionis Pharmaceuticals Inc.	Add +3.4%	0.33%	+0.12
STE Steris PLC	New	0.12%	+0.12
ARQT Arcutis Biotherapeutics Inc.	Add +5.8%	0.48%	+0.11
DXCM Dexcom Inc.	New	0.10%	+0.10
NUVL Nuvalent Inc. Class A	Add +25.3%	0.43%	+0.10
CNC Centene Corp.	Add +376.9%	0.15%	+0.10
STOK Stoke Therapeutics Inc.	Add +49.8%	0.15%	+0.10
DAL Delta Air Lines Inc.	New	0.09%	+0.09
GRAB Grab Holdings Ltd. Class A	Add +15.3%	0.38%	+0.08
JLL Jones Lang Lasalle Inc.	Add +123.5%	0.13%	+0.08
MDB Mongodb Inc.	New	0.08%	+0.08
FROG Jfrog Ltd.	Add +142.6%	0.12%	+0.07
ROIV Roivant Sciences Ltd.	Add +59.9%	0.14%	+0.07
IQV Iqvia Holdings Inc.	New	0.07%	+0.07

Options Activity Q2 2025 → Q3 2025


NPCE Neuropace Inc.	call	Sold out	3,097,868	$34.5Mbefore exit
AAPL Apple Inc.	call	New	64,900	$16.5M
GOOGL Alphabet Inc. Class A	call	New	49,962	$12.1M
MSFT Microsoft Corp.	call	New	15,650	$8.1M
SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30)	call	Sold out	2,750,000	$3.7Mbefore exit
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	call	Sold out	3,000,000	$2.9Mbefore exit

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

Notes & Other Activity Q2 2025 → Q3 2025


AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	New	15,000,000	$14.7M
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	New	12,500,000	$12.6M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	Sold out	9,500,000	$11.2Mbefore exit
IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30)	NOTE 2.500% 2/0 · principal	New	11,000,000	$9.9M
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29)	NOTE 2.250% 3/0 · principal	New	8,000,000	$8.9M
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	Sold out	5,260,000	$6.9Mbefore exit
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	New	5,000,000	$6.8M
NICE LTD (NICEIT 0 09/15/25)	NOTE 9/1 · principal	Sold out	6,000,000	$5.9Mbefore exit
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Sold out	4,000,000	$5.7Mbefore exit
ETSY INC (ETSY 0.25 06/15/28)	NOTE 0.250% 6/1 · principal	New	4,500,000	$4.0M
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	Sold out	3,000,000	$3.8Mbefore exit
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	New	2,000,000	$3.8M
IMPINJ INC (PI 1.125 05/15/27)	NOTE 1.125% 5/1 · principal	Sold out	3,031,000	$3.8Mbefore exit
IMAX CORP (IMAX 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	Sold out	3,000,000	$3.4Mbefore exit
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	Sold out	2,500,000	$3.2Mbefore exit
FORTUNA MINING CORP (FVICN 3.75 06/30/29)	NOTE 3.750% 6/3 · principal	New	2,000,000	$3.2M
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	New	2,500,000	$3.0M
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	Sold out	2,000,000	$2.1Mbefore exit
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	Sold out	1,500,000	$1.6Mbefore exit
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Sold out	1,000,000	$1.1Mbefore 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