Royal Bank of Canada
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed November 21, 2025), Royal Bank of Canada reported 6,425 stock positions worth $446.5 billion. Its top holding was Microsoft (MSFT) at 3.2% of the portfolio, followed by Apple (AAPL, 3.1%) and Amazon.com (AMZN, 2.3%). Compared with Q4 2024, it opened 292 new positions, sold out of 249, added to 2,910 and reduced 2,887. The biggest buy was Toronto-Dominion Bank (TD, shares +10%) and the biggest sale Nvidia (NVDA, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001000275
- Portfolio Value
- $446.5B (Q1 2025)
- SEC Filing
- 0001140361-25-042953 ↗ filed Nov 21, 2025
Holdings Value
Holdings 6,425 stocks · $446.5B
| MSFT Microsoft Corp. | 3.22% | 38,263,868 | $14.4B | Reduce -2.8% |
| AAPL Apple Inc. | 3.15% | 63,261,255 | $14.1B | Reduce -0.9% |
| AMZN Amazon.com Inc. | 2.32% | 54,520,935 | $10.4B | Reduce -2.5% |
| NVDA Nvidia Corp. | 2.24% | 92,098,182 | $10.0B | Reduce -6.4% |
| TD Toronto-Dominion Bank | 2.11% | 156,941,950 | $9.4B | Add +9.5% |
| RY Royal Bank of Canada | 1.82% | 72,189,826 | $8.1B | Reduce -1.8% |
| IVV iShares Core S&P 500 ETF | 1.65% | 13,112,141 | $7.4B | Reduce -7.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.37% | 10,934,085 | $6.1B | Add +18.1% |
| JPM JPMorgan Chase & Co. | 1.28% | 23,341,904 | $5.7B | Add +1.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.23% | 57,581,379 | $5.5B | Reduce -4.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.16% | 9,715,347 | $5.2B | Reduce -0.8% |
| ENB Enbridge Inc. | 1.16% | 116,572,512 | $5.2B | Reduce -2.1% |
| META Meta Platforms Inc. Class A | 1.07% | 8,265,601 | $4.8B | Reduce -4.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.06% | 99,763,920 | $4.7B | Add +0.3% |
| V Visa Inc. Class A | 1.04% | 13,288,187 | $4.7B | Reduce -3.4% |
| CNQ Canadian Natural Resources | 1.04% | 150,713,111 | $4.6B | Add +40.9% |
| MFC Manulife Financial Corp. | 1.03% | 147,883,763 | $4.6B | Reduce -1.3% |
| GOOGL Alphabet Inc. Class A | 1.03% | 29,645,854 | $4.6B | Reduce -5.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.02% | 80,600,958 | $4.5B | Add +7.0% |
| UNH Unitedhealth Group Inc. | 1.01% | 8,642,807 | $4.5B | Add +6.1% |
| TRP TC Energy Corp. | 0.97% | 91,341,787 | $4.3B | Reduce -1.4% |
| BN Brookfield Corp. | 0.94% | 80,242,034 | $4.2B | Reduce -3.9% |
| GOOG Alphabet Inc. Class C | 0.84% | 23,986,181 | $3.7B | Reduce -6.4% |
| CP Canadian Pacific Kansas City | 0.83% | 52,992,297 | $3.7B | Reduce -0.4% |
| COST Costco Wholesale Corp. | 0.81% | 3,833,927 | $3.6B | Reduce -8.5% |
| HD Home Depot Inc. | 0.81% | 9,834,848 | $3.6B | Add +0.5% |
| AVGO Broadcom Inc. | 0.79% | 20,947,590 | $3.5B | Reduce -3.6% |
| LLY Eli Lilly & Co. | 0.70% | 3,803,646 | $3.1B | Add +39.8% |
| PG The Procter & Gamble Co. | 0.66% | 17,273,679 | $2.9B | Add +0.7% |
| MA Mastercard Inc. Class A | 0.63% | 5,094,377 | $2.8B | Reduce -0.6% |
| SU Suncor Energy Inc. | 0.62% | 71,941,384 | $2.8B | Add +9.0% |
| CNI Canadian Natl Railway Co. | 0.59% | 26,949,917 | $2.6B | Reduce -2.9% |
| SLF Sun Life Financial Inc. | 0.57% | 44,756,266 | $2.6B | Add +2.0% |
| JNJ Johnson & Johnson | 0.56% | 14,949,754 | $2.5B | Add +3.9% |
| TU Telus Corp. | 0.52% | 162,511,821 | $2.3B | Add +1.2% |
| XOM Exxon Mobil Corp. | 0.49% | 18,413,975 | $2.2B | Add +1.3% |
| NFLX Netflix Inc. | 0.48% | 2,306,414 | $2.2B | Reduce -1.4% |
| MCD McDonald's Corp. | 0.48% | 6,820,305 | $2.1B | Reduce -7.0% |
| VEA Vanguard Ftse Developed ETF | 0.47% | 41,186,903 | $2.1B | Add +0.1% |
| WCN Waste Connections Inc. | 0.46% | 10,624,320 | $2.1B | Reduce -0.4% |
| WMT Walmart Inc. | 0.46% | 23,356,896 | $2.1B | Reduce -7.5% |
| TRI Thomson Reuters Corp. | 0.46% | 11,757,279 | $2.0B | Add +1.3% |
| KO The Coca-Cola Co. | 0.43% | 26,970,415 | $1.9B | Reduce -2.9% |
| SHOP Shopify Inc. Class A | 0.42% | 19,545,576 | $1.9B | Reduce -2.9% |
| NTR Nutrien Ltd. | 0.42% | 37,363,915 | $1.9B | Add +25.9% |
| ABBV Abbvie Inc. | 0.41% | 8,830,437 | $1.9B | Add +1.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.41% | 44,171,207 | $1.8B | Reduce -7.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.41% | 3,885,989 | $1.8B | Add +4.8% |
| TXN Texas Instruments Inc. | 0.40% | 9,896,719 | $1.8B | Add +0.4% |
| CRM Salesforce Inc. | 0.39% | 6,550,205 | $1.8B | Add +6.0% |
| CVX Chevron Corp. | 0.39% | 10,390,824 | $1.7B | Add +4.8% |
| TSLA Tesla Inc. | 0.38% | 6,603,234 | $1.7B | Add +22.5% |
| VOO Vanguard S&P 500 ETF | 0.38% | 3,308,527 | $1.7B | Reduce -27.4% |
| AEM Agnico Eagle Mines Ltd. | 0.37% | 15,364,871 | $1.7B | Add +0.7% |
| PBA Pembina Pipeline Corp. | 0.37% | 41,204,734 | $1.6B | Reduce -6.3% |
| CSCO Cisco Systems Inc. | 0.36% | 26,113,697 | $1.6B | Reduce -3.4% |
| TMO Thermo Fisher Scientific Inc. | 0.36% | 3,224,676 | $1.6B | Reduce -1.5% |
| ACN Accenture PLC Class A | 0.36% | 5,081,034 | $1.6B | Reduce -0.9% |
| ICE Intercontinental Exchange Inc. | 0.34% | 8,865,536 | $1.5B | Reduce -2.8% |
| AMGN Amgen Inc. | 0.34% | 4,883,134 | $1.5B | Reduce -3.9% |
| HON Honeywell International Inc. | 0.34% | 7,146,037 | $1.5B | Reduce -5.2% |
| QSR Restaurant Brands Intern | 0.34% | 22,626,635 | $1.5B | Add +16.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.32% | 11,849,313 | $1.4B | Reduce -3.7% |
| AZO AutoZone Inc. | 0.32% | 378,138 | $1.4B | Add +2.1% |
| TMUS T-Mobile US Inc. | 0.32% | 5,382,413 | $1.4B | Reduce -12.0% |
| NEE Nextera Energy Inc. | 0.32% | 20,227,601 | $1.4B | Reduce -1.1% |
| IJH iShares Core S&P Midcap ETF | 0.30% | 23,049,016 | $1.3B | Reduce -10.4% |
| BCE Bce Inc. | 0.29% | 55,932,815 | $1.3B | Add +3.5% |
| FTS Fortis Inc. | 0.29% | 27,947,548 | $1.3B | Reduce -2.7% |
| MRK Merck & Co. Inc. | 0.28% | 14,178,149 | $1.3B | Reduce -22.8% |
| BIP Brookfield Infrastructure Pa | 0.28% | 42,113,502 | $1.3B | Reduce -7.8% |
| BLK BlackRock Inc. | 0.28% | 1,313,350 | $1.2B | Add +73.2% |
| MCK McKesson Corp. | 0.28% | 1,826,354 | $1.2B | Reduce -0.5% |
| CB Chubb Ltd. | 0.27% | 4,063,592 | $1.2B | Reduce -7.8% |
| INTU Intuit Inc. | 0.27% | 1,967,451 | $1.2B | Reduce -12.0% |
| UNP Union Pacific Corp. | 0.27% | 5,105,784 | $1.2B | Add +2.1% |
| VTI VG Morningstar TS MKT ETF-US | 0.27% | 4,370,813 | $1.2B | Add +59.7% |
| ADBE Adobe Inc. | 0.27% | 3,102,482 | $1.2B | Add +5.9% |
| BX Blackstone Inc. | 0.26% | 8,413,222 | $1.2B | Add +6.5% |
| T AT&T Inc. | 0.26% | 40,746,545 | $1.2B | Reduce -8.6% |
| PH Parker Hannifin Corp. | 0.26% | 1,879,752 | $1.1B | Reduce -17.4% |
| PEP Pepsico Inc. | 0.26% | 7,606,857 | $1.1B | Reduce -19.7% |
| MDT Medtronic PLC | 0.25% | 12,561,902 | $1.1B | Reduce -3.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.25% | 11,286,874 | $1.1B | Reduce -12.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.25% | 4,972,523 | $1.1B | Add +68.3% |
| MS Morgan Stanley | 0.25% | 9,387,904 | $1.1B | Add +8.1% |
| DUK Duke Energy Corp. | 0.24% | 8,921,517 | $1.1B | Add +4.9% |
| PANW Palo Alto Networks Inc. | 0.24% | 6,293,714 | $1.1B | Add +2.4% |
| VZ Verizon Communications Inc. | 0.23% | 23,126,184 | $1.0B | Reduce -15.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.23% | 4,162,131 | $1.0B | Reduce -16.3% |
| LMT Lockheed Martin Corp. | 0.23% | 2,287,495 | $1.0B | Add +1.4% |
| IWM iShares Russell 2000 ETF | 0.22% | 4,874,006 | $972.3M | Add +11.5% |
| ABT Abbott Laboratories | 0.21% | 7,169,799 | $951.1M | Reduce -2.5% |
| PM Philip Morris International | 0.21% | 5,923,004 | $940.2M | Add +3.3% |
| VCIT Vanguard Int-Term Corporate | 0.21% | 11,469,857 | $937.8M | Reduce -3.3% |
| WMB Williams Cos Inc. | 0.21% | 15,679,951 | $937.0M | Add +0.8% |
| NOW ServiceNow Inc. | 0.21% | 1,164,058 | $926.8M | Reduce -9.1% |
| SPGI S&P Global Inc. | 0.21% | 1,820,687 | $925.1M | Add +5.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.21% | 5,316,452 | $918.4M | Add +1.2% |
| CRH CRH PLC | 0.21% | 10,410,171 | $915.8M | Reduce -22.4% |
Options reported separately and not counted above: SPY puts ($6.3B), SPY calls ($5.7B), IWM puts ($3.0B), QQQ puts ($2.0B), QQQ calls ($1.8B), XLE puts ($718.5M), IWM calls ($631.0M), XLF puts ($480.7M), BNS puts ($468.0M), BMO puts ($443.5M), NVDA calls ($419.6M), BCE puts ($408.8M), and 374 more.
Other holdings (180): bonds, preferreds, convertibles and warrants · $456.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 29,114,000 | $27.5M | New |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 22,984,000 | $24.4M | Reduce -9.1% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 15,347,000 | $18.5M | Add +160.0% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 16,313,000 | $18.2M | Add +262.1% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 15,053,000 | $17.7M | Add +103.4% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 16,792,000 | $16.4M | Reduce -3.2% |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 16,168,000 | $16.1M | Add +30.4% |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 12,144,000 | $16.1M | Add +9.9% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 11,849,000 | $14.2M | Add +29.2% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 13,168,000 | $13.5M | Reduce -5.8% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 12,941,000 | $12.6M | Add +48.0% |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | 14,000,000 | $10.8M | New |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 10,434,000 | $10.3M | Reduce -8.0% |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | 7,877,000 | $9.0M | Add +89.7% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 9,290,000 | $8.7M | Add +37.5% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 8,421,000 | $7.9M | Add +9.9% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 8,079,000 | $7.7M | Add +88.4% |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 5,000,000 | $7.3M | Reduce -29.5% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 7,343,000 | $7.1M | Add +55.0% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 7,090,000 | $7.0M | Add +12.1% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 7,038,000 | $6.4M | Add +116.4% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 4,500,000 | $6.2M | New |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 6,138,000 | $6.0M | Add +22.9% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 5,972,000 | $5.8M | Reduce -10.5% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 5,155,000 | $5.5M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 5,674,000 | $5.4M | Reduce -54.1% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 5,782,000 | $5.4M | New |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 5,493,000 | $5.3M | Reduce -36.3% |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 5,105,000 | $4.9M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 5,007,000 | $4.9M | Reduce -78.3% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 5,147,000 | $4.6M | Add +49.6% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 4,589,000 | $4.5M | Add +43.3% |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 4,450,000 | $4.3M | Add +128.2% |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 4,700,000 | $4.2M | No change |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 4,452,000 | $4.1M | No change |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 4,320,000 | $4.0M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 4,160,000 | $4.0M | New |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 4,240,000 | $3.9M | No change |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 3,584,000 | $3.7M | Reduce -58.6% |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 2,779,000 | $3.4M | Add +281.2% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 3,336,000 | $3.4M | Reduce -12.7% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 3,290,000 | $3.1M | Reduce -26.7% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 3,203,000 | $3.0M | Reduce -17.9% |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 2,981,000 | $2.9M | Reduce -14.4% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 3,400,000 | $2.9M | Add +89.4% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 2,907,000 | $2.9M | Reduce -33.5% |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | 2,827,000 | $2.8M | Add +1335.0% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 2,567,000 | $2.6M | Reduce -49.3% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 2,500,000 | $2.6M | New |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 2,592,000 | $2.6M | Reduce -5.4% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 2,000,000 | $2.6M | Reduce -21.1% |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 2,993,000 | $2.5M | Reduce -25.0% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 2,512,000 | $2.5M | Reduce -88.1% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 1,756,000 | $2.3M | Reduce -14.6% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 1,903,000 | $2.3M | Reduce -36.1% |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | 2,250,000 | $2.2M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 1,488,000 | $2.1M | Add +256.0% |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 2,191,000 | $2.0M | Reduce -37.2% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 1,743,000 | $2.0M | Reduce -11.0% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | 1,983,000 | $1.9M | Reduce -71.7% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 1,485,000 | $1.9M | Reduce -10.8% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 1,650,000 | $1.9M | New |
| ZYNEX INC (ZYXI 5 05/15/26) | NOTE 5.000% 5/1 · principal | 2,000,000 | $1.8M | No change |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 1,889,000 | $1.8M | Reduce -10.0% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 1,430,000 | $1.7M | Reduce -37.0% |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 1,332,000 | $1.7M | Reduce -11.3% |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 1,000,000 | $1.6M | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 1,515,000 | $1.6M | New |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 1,526,000 | $1.5M | Reduce -50.1% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 1,270,000 | $1.2M | Add +8.6% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,001,000 | $1.2M | Reduce -13.4% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 1,005,000 | $1.2M | New |
| VARONIS SYSTEM INC (VRNS 1.25 08/15/25) | NOTE 1.250% 8/1 · principal | 850,000 | $1.1M | No change |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 926,000 | $1.1M | Reduce -14.7% |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 946,000 | $1.0M | Reduce -74.4% |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 908,000 | $1.0M | Reduce -9.9% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 1,000,000 | $1.0M | New |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 1,050,000 | $996K | No change |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 1,067,000 | $991K | Reduce -24.7% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 810,000 | $935K | New |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 1,000,000 | $930K | No change |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 972,000 | $919K | Add +75.5% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 898,000 | $907K | Reduce -5.3% |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 705,000 | $728K | Reduce -12.4% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 540,000 | $718K | Add +30.1% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 635,000 | $559K | No change |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 525,000 | $552K | New |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | 200,000 | $537K | No change |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 450,000 | $462K | New |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 464,000 | $459K | Add +2993.3% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 393,000 | $416K | Reduce -94.9% |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | 400,000 | $398K | No change |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 14,035 | $387K | Reduce -30.1% |
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | 29,701 | $288K | Reduce -0.7% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 280,000 | $264K | Reduce -79.9% |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 209,000 | $203K | No change |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 145,000 | $142K | Add +52.6% |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 160,000 | $140K | No change |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 145,000 | $137K | No change |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% · principal | 5,577 | $129K | Add +5.8% |
| M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 91,000 | $117K | Reduce -75.5% |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | 50,000 | $103K | New |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 100,000 | $100K | Reduce -63.0% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F · principal | 5,500 | $96K | New |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 50,000 | $53K | No change |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A · principal | 1,927 | $47K | Add +60.6% |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 33,000 | $34K | Reduce -97.2% |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 29,000 | $28K | Reduce -14.7% |
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | 11,000 | $27K | No change |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 59,329 | $23K | Add +6.1% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E · principal | 769 | $23K | Reduce -15.7% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E · principal | 1,266 | $22K | New |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 18,000 | $18K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A · principal | 14,963 | $18K | Add +2.4% |
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | 6,000 | $14K | No change |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 4,000 | $14K | No change |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B · principal | 901 | $12K | Add +79.5% |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 10,000 | $10K | Reduce -23.1% |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 10,000 | $10K | No change |
| WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) | NOTE 3.250% 6/1 · principal | 10,000 | $10K | No change |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 10,000 | $9K | No change |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 10,000 | $9K | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 6,600 | $7K | Reduce -99.9% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 7,000 | $7K | No change |
| ZILLOW GROUP INC (Z 2.75 05/15/25) | NOTE 2.750% 5/1 · principal | 7,000 | $7K | No change |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L · principal | 4,920 | $6K | Reduce -8.2% |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 8,000 | $6K | No change |
| CORZZ Core Scientific Inc. - 29 | *W EXP 01/23/202 | 781 | $6K | Reduce -82.0% |
| BURLINGTON STORES INC (BURL 2.25 04/15/25) | NOTE 2.250% 4/1 · principal | 5,000 | $5K | No change |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 5,000 | $5K | Reduce -99.5% |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 6,000 | $5K | No change |
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | 939 | $3K | Add +0.1% |
| LGL.WS LGL Group Inc./the -CW25 | *W EXP 11/16/202 | 8,600 | $3K | No change |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 · principal | 6,479 | $3K | Reduce -23.3% |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 2,000 | $2K | No change |
| HPKEW Highpeak Energy Inc. | *W EXP 08/21/202 | 1,500 | $2K | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | 2,121 | $1K | Add +198.7% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV · principal | 2,563 | $1K | Add +28.1% |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 · principal | 2,381 | $1K | Reduce -32.3% |
| MSAIW Sportsmap Tech Acq -CW27 | *W EXP 12/19/202 | 25,000 | $1K | No change |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 1,000 | $1K | No change |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 1,000 | $1K | No change |
| MNYWW Moneyhero Ltd.-28 | *W EXP 09/13/202 | 27,815 | $1K | Reduce -2.5% |
| ALVOW Alvotech SA -27 | *W EXP 99/99/999 | 397 | $1K | New |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF · principal | 1,177 | $990 | New |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A · principal | 1,154 | $410 | Add +211.1% |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C · principal | 715 | $330 | Add +18.2% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% · principal | 500 | $300 | No change |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 · principal | 783 | $300 | Add +366.1% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD · principal | 514 | $250 | Reduce -69.0% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A · principal | 556 | $250 | New |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 · principal | 451 | $210 | New |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 · principal | 446 | $210 | New |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B · principal | 359 | $200 | Reduce -37.4% |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 · principal | 158 | $100 | Reduce -32.2% |
| LIDRW Aeye Inc. -CW27 | *W EXP 09/30/202 | 2,000 | $0 | New |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 68 | $0 | Reduce -69.2% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV · principal | 1 | $0 | Reduce -99.9% |
| ARKOW Arko Corp. -CW25 | *W EXP 12/22/202 | 2,894 | $0 | No change |
| BKKT.WS Bakkt Holdings Inc. -CW26 | *W EXP 10/25/202 | 250 | $0 | No change |
| BRISTOL MYERS - CELGENE CVR | RIGHT 12/30/2030 | 2,475 | $0 | No change |
| BFLYW Butterfly Network Inc. -CW25 | *W EXP 02/12/202 | 17 | $0 | Reduce -98.6% |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 4 | $0 | Reduce -92.0% |
| LDTDF Prospector Leddartech Alm-28 | *W EXP 12/21/202 | 316 | $0 | No change |
| OUSTW Ouster Inc.-28 | *W EXP 09/29/202 | 57 | $0 | No change |
| SQFTW Presidio Property TRST -CW27 | *W EXP 01/24/202 | 8,053 | $0 | Reduce -35.0% |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 200 | $0 | No change |
| RGTIW Rigetti Computing -CW27 | *W EXP 03/02/202 | 7 | $0 | No change |
| SESCW Ivanhoe Capital Class A -CW27 | *W EXP 12/10/202 | 33 | $0 | No change |
| SONWQ Gores Metropoulos II -CW28 | *W EXP 01/18/202 | 117 | $0 | No change |
| USGOW US Goldmining Inc.-28 | *W EXP 99/99/999 | 100 | $0 | No change |
| RBOT.WS Vicarious Surgical Inc.-CW27 | *W EXP 09/17/202 | 10 | $0 | No change |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 750 | $0 | New |
| GRABW Grab Holdings Ltd.-CW 26 | *W EXP 99/99/999 | 120 | $0 | No change |
| RNWWW Renew Energy Global -CW26 | *W EXP 08/21/202 | 233 | $0 | No change |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | 15 | $0 | No change |
| AMPWF Ardagh Metal Packaging -CW26 | *W EXP 08/04/202 | 100 | $0 | New |
| INVZW Innoviz Technologies -CW26 | *W EXP 04/05/202 | 2,000 | $0 | New |
| WBXWF Wallbox BV Class A -CW26 | *W EXP 10/01/202 | 1,500 | $0 | No change |
| DSX.WS Diana Shipping Inc.-28 | *W EXP 12/14/202 | 221 | $0 | Reduce -65.4% |
Total filed on the 13F, all lines: $447.0B.
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -6.4% | 2.24% | −0.63 |
| MSFT Microsoft Corp. | Reduce -2.8% | 3.22% | −0.38 |
| AMZN Amazon.com Inc. | Reduce -2.5% | 2.32% | −0.33 |
| AAPL Apple Inc. | Reduce -0.9% | 3.15% | −0.32 |
| AVGO Broadcom Inc. | Reduce -3.6% | 0.79% | −0.31 |
| GOOGL Alphabet Inc. Class A | Reduce -5.2% | 1.03% | −0.26 |
| GOOG Alphabet Inc. Class C | Reduce -6.4% | 0.84% | −0.22 |
| HCA HCA Healthcare Inc. | Reduce -66.1% | 0.11% | −0.16 |
| IVV iShares Core S&P 500 ETF | Reduce -7.3% | 1.65% | −0.15 |
| VOO Vanguard S&P 500 ETF | Reduce -27.4% | 0.38% | −0.15 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -68.8% | 0.07% | −0.14 |
| MRK Merck & Co. Inc. | Reduce -22.8% | 0.28% | −0.11 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -27.0% | 0.19% | −0.11 |
| BN Brookfield Corp. | Reduce -3.9% | 0.94% | −0.10 |
| RY Royal Bank of Canada | Reduce -1.8% | 1.82% | −0.10 |
| C Citigroup Inc. | Reduce -34.4% | 0.19% | −0.09 |
| NOW ServiceNow Inc. | Reduce -9.1% | 0.21% | −0.09 |
| CRH CRH PLC | Reduce -22.4% | 0.21% | −0.06 |
| DIS The Walt Disney Co. | Reduce -12.2% | 0.25% | −0.06 |
| PH Parker Hannifin Corp. | Reduce -17.4% | 0.26% | −0.06 |
| PEP Pepsico Inc. | Reduce -19.7% | 0.26% | −0.06 |
| IJH iShares Core S&P Midcap ETF | Reduce -10.4% | 0.30% | −0.05 |
| ANET Arista Networks Inc. | Reduce -17.5% | 0.07% | −0.05 |
| SHOP Shopify Inc. Class A | Reduce -2.9% | 0.42% | −0.05 |
| AMAT Applied Materials Inc. | Reduce -29.6% | 0.08% | −0.04 |
| ORCL Oracle Corp. | Reduce -8.3% | 0.17% | −0.04 |
| BMO Bank of Montreal | Reduce -4.9% | 1.23% | −0.04 |
| BAC Bank of America Corp. | Reduce -7.0% | 0.41% | −0.04 |
| CVE Cenovus Energy Inc. | Reduce -27.5% | 0.08% | −0.04 |
| FDX FedEx Corp. | Reduce -33.4% | 0.05% | −0.04 |
| ACN Accenture PLC Class A | Reduce -0.9% | 0.36% | −0.04 |
| WMT Walmart Inc. | Reduce -7.5% | 0.46% | −0.03 |
| INTU Intuit Inc. | Reduce -12.0% | 0.27% | −0.03 |
| BIP Brookfield Infrastructure Pa | Reduce -7.8% | 0.28% | −0.03 |
| BAM Brookfield Asset Mgmt-A | Reduce -7.1% | 0.20% | −0.03 |
| EMR Emerson Electric Co. | Reduce -31.2% | 0.06% | −0.03 |
| COR Cencora Inc. | Reduce -65.3% | 0.03% | −0.03 |
| TAC Transalta Corp. | Reduce -5.6% | 0.06% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -10.9% | 0.09% | −0.03 |
| HON Honeywell International Inc. | Reduce -5.2% | 0.34% | −0.03 |
| AMD Advanced Micro Devices | Reduce -14.8% | 0.09% | −0.03 |
| GS Goldman Sachs Group Inc. | Reduce -11.6% | 0.20% | −0.03 |
| LULU Lululemon Athletica Inc. | Reduce -42.5% | 0.02% | −0.03 |
| ROST Ross Stores Inc. | Reduce -14.9% | 0.08% | −0.03 |
| JBLU Jetblue Airways Corp. | Reduce -99.7% | 0.00% | −0.03 |
| META Meta Platforms Inc. Class A | Reduce -4.1% | 1.07% | −0.03 |
| MGA Magna International Inc. | Reduce -10.9% | 0.07% | −0.02 |
| EMB iShares JP Morgan Usd Emergi | Reduce -30.0% | 0.07% | −0.02 |
| LRCX Lam Research Corp. | Reduce -34.2% | 0.05% | −0.02 |
| RCI Rogers Communications Inc. Class B | Reduce -4.1% | 0.15% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| TD Toronto-Dominion Bank | Add +9.5% | 2.11% | +0.46 |
| CNQ Canadian Natural Resources | Add +40.9% | 1.04% | +0.32 |
| LLY Eli Lilly & Co. | Add +39.8% | 0.70% | +0.25 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +18.1% | 1.37% | +0.20 |
| NTR Nutrien Ltd. | Add +25.9% | 0.42% | +0.13 |
| UNH Unitedhealth Group Inc. | Add +6.1% | 1.01% | +0.12 |
| AEM Agnico Eagle Mines Ltd. | Add +0.7% | 0.37% | +0.11 |
| SU Suncor Energy Inc. | Add +9.0% | 0.62% | +0.11 |
| BLK BlackRock Inc. | Add +73.2% | 0.28% | +0.11 |
| JNJ Johnson & Johnson | Add +3.9% | 0.56% | +0.10 |
| VTI VG Morningstar TS MKT ETF-US | Add +59.7% | 0.27% | +0.10 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +68.3% | 0.25% | +0.09 |
| JPM JPMorgan Chase & Co. | Add +1.3% | 1.28% | +0.09 |
| ABBV Abbvie Inc. | Add +1.3% | 0.41% | +0.08 |
| CVX Chevron Corp. | Add +4.8% | 0.39% | +0.08 |
| XOM Exxon Mobil Corp. | Add +1.3% | 0.49% | +0.07 |
| AZO AutoZone Inc. | Add +2.1% | 0.32% | +0.07 |
| HDB HDFC Bank Ltd.-ADR | Add +53.5% | 0.17% | +0.07 |
| QSR Restaurant Brands Intern | Add +16.8% | 0.34% | +0.06 |
| PM Philip Morris International | Add +3.3% | 0.21% | +0.06 |
| TRI Thomson Reuters Corp. | Add +1.3% | 0.46% | +0.05 |
| TU Telus Corp. | Add +1.2% | 0.52% | +0.05 |
| EOG EOG Resources Inc. | Add +39.8% | 0.15% | +0.05 |
| UBER Uber Technologies Inc. | Add +7.8% | 0.19% | +0.05 |
| VXF Vanguard Extended Market ETF | Add +152.6% | 0.08% | +0.05 |
| DUK Duke Energy Corp. | Add +4.9% | 0.24% | +0.05 |
| VLO Valero Energy Corp. | Add +25.8% | 0.15% | +0.04 |
| VEA Vanguard Ftse Developed ETF | Add +0.1% | 0.47% | +0.04 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Add +359.1% | 0.06% | +0.04 |
| SO The Southern Co. | Add +7.6% | 0.19% | +0.04 |
| PG The Procter & Gamble Co. | Add +0.7% | 0.66% | +0.04 |
| LNG Cheniere Energy Inc. | Add +25.6% | 0.12% | +0.04 |
| CME Cme Group Inc. | Add +3.0% | 0.20% | +0.04 |
| GLD SPDR Gold Shares | Add +12.6% | 0.13% | +0.04 |
| EFA iShares MSCI Eafe ETF | Add +11.4% | 0.16% | +0.03 |
| MRSH Marsh & McLennan Cos | Add +8.1% | 0.14% | +0.03 |
| VWOB Vanguard Emerg MKTS Gov BND | Add +505.4% | 0.04% | +0.03 |
| DG Dollar General Corp. | Add +251.0% | 0.04% | +0.03 |
| SYK Stryker Corp. | Add +13.2% | 0.18% | +0.03 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +22.0% | 0.14% | +0.03 |
| WFC Wells Fargo & Co. | Add +11.9% | 0.19% | +0.03 |
| WMB Williams Cos Inc. | Add +0.8% | 0.21% | +0.03 |
| SBUX Starbucks Corp. | Add +11.9% | 0.14% | +0.03 |
| SGOV iShares 0-3 Month Treasury B | Add +130.0% | 0.05% | +0.03 |
| NOC Northrop Grumman Corp. | Add +11.6% | 0.13% | +0.03 |
| KGC Kinross Gold Corp. | Add +4.7% | 0.08% | +0.03 |
| APO Apollo Global Management Inc. | Add +156.4% | 0.05% | +0.03 |
| HSY The Hershey Co. | Add +25.4% | 0.11% | +0.02 |
| FISV Fiserv Inc. | Add +23.8% | 0.09% | +0.02 |
| UNP Union Pacific Corp. | Add +2.1% | 0.27% | +0.02 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +1.1% | 11,210,300 | $6.3B |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -8.4% | 10,140,200 | $5.7B |
| IWM iShares Russell 2000 ETF | put | Reduce -7.2% | 15,086,400 | $3.0B |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -8.2% | 4,217,800 | $2.0B |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -14.7% | 3,763,200 | $1.8B |
| XLE SS Energy Select Sector | put | Add +89.4% | 7,689,000 | $718.5M |
| IWM iShares Russell 2000 ETF | call | Add +6.2% | 3,163,200 | $631.0M |
| XLF SS Financial Select Sector | put | Reduce -53.8% | 9,650,000 | $480.7M |
| BNS Bank of Nova Scotia | put | Add +13.5% | 9,867,000 | $468.0M |
| BMO Bank of Montreal | put | Reduce -20.1% | 4,643,200 | $443.5M |
| NVDA Nvidia Corp. | call | Add +222.9% | 3,871,300 | $419.6M |
| BCE Bce Inc. | put | Reduce -10.8% | 17,805,700 | $408.8M |
| NVDA Nvidia Corp. | put | Add +92.9% | 3,333,900 | $361.3M |
| WFC Wells Fargo & Co. | put | Add +183.5% | 4,043,400 | $290.3M |
| CM Can Imperial BK of Commerce | put | Reduce -7.8% | 4,975,500 | $280.1M |
| EFA iShares MSCI Eafe ETF | put | Add +101.8% | 3,290,000 | $268.9M |
| MSFT Microsoft Corp. | call | Add +70.8% | 578,000 | $217.0M |
| TD Toronto-Dominion Bank | put | Add +34.5% | 3,449,800 | $206.8M |
| ABBV Abbvie Inc. | call | Add +876.0% | 976,000 | $204.5M |
| TSLA Tesla Inc. | put | Reduce -30.5% | 787,300 | $204.0M |
| RCI Rogers Communications Inc. Class B | put | Add +42.3% | 7,279,000 | $194.6M |
| BCE Bce Inc. | call | Reduce -15.8% | 8,128,500 | $186.6M |
| TU Telus Corp. | put | Add +17.3% | 12,208,000 | $175.1M |
| ENB Enbridge Inc. | put | Reduce -39.8% | 3,820,000 | $169.3M |
| BRK.B Berkshire Hathaway Inc. Class B | call | Add +57.8% | 315,600 | $168.1M |
| TRP TC Energy Corp. | put | Reduce -37.4% | 3,317,000 | $156.6M |
| MS Morgan Stanley | put | Add +579.6% | 1,155,400 | $134.8M |
| JNJ Johnson & Johnson | call | Add +5033.3% | 770,000 | $127.7M |
| BMO Bank of Montreal | call | Add +3.0% | 1,301,600 | $124.3M |
| AMGN Amgen Inc. | put | Sold out | 472,400 | $123.1Mbefore exit |
| GE General Electric | call | New | 582,000 | $116.5M |
| COST Costco Wholesale Corp. | put | Add +1057.4% | 116,900 | $110.6M |
| TSLA Tesla Inc. | call | Reduce -62.8% | 426,500 | $110.5M |
| GS Goldman Sachs Group Inc. | put | Add +235.3% | 201,200 | $109.9M |
| GOOG Alphabet Inc. Class C | call | Sold out | 530,100 | $101.0Mbefore exit |
| FXI iShares China Large-Cap ETF | call | Add +458.4% | 2,794,600 | $100.2M |
| CSCO Cisco Systems Inc. | call | Add +219.0% | 1,586,000 | $97.9M |
| AMKR Amkor Technology Inc. | put | Sold out | 3,756,700 | $96.5Mbefore exit |
| TD Toronto-Dominion Bank | call | Reduce -29.4% | 1,530,000 | $91.7M |
| MFC Manulife Financial Corp. | put | Reduce -52.7% | 2,873,000 | $89.5M |
| SLF Sun Life Financial Inc. | put | Reduce -35.5% | 1,482,400 | $84.9M |
| EFA iShares MSCI Eafe ETF | call | Reduce -31.2% | 996,100 | $81.4M |
| TSM Taiwan Semiconductor-SP ADR | call | Sold out | 407,500 | $80.5Mbefore exit |
| HPQ HP Inc. | call | Sold out | 2,431,800 | $79.3Mbefore exit |
| SLF Sun Life Financial Inc. | call | Add +173.4% | 1,354,100 | $77.5M |
| PBA Pembina Pipeline Corp. | put | Reduce -52.3% | 1,885,700 | $75.5M |
| RTX RTX Corp. | call | Add +175.0% | 550,000 | $72.9M |
| SU Suncor Energy Inc. | put | Reduce -10.3% | 1,850,000 | $71.6M |
| PLTR Palantir Technologies Inc. Class A | call | Reduce -35.3% | 841,700 | $71.0M |
| WMT Walmart Inc. | call | Add +86.5% | 800,000 | $70.2M |
Showing the first 50 of 533.
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
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 29,114,000 | $27.5M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Reduce -9.1% | 22,984,000 | $24.4M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Add +160.0% | 15,347,000 | $18.5M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Add +262.1% | 16,313,000 | $18.2M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Add +103.4% | 15,053,000 | $17.7M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Reduce -3.2% | 16,792,000 | $16.4M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Add +30.4% | 16,168,000 | $16.1M |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Add +9.9% | 12,144,000 | $16.1M |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | Sold out | 14,616,000 | $14.5Mbefore exit |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Add +29.2% | 11,849,000 | $14.2M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -5.8% | 13,168,000 | $13.5M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Add +48.0% | 12,941,000 | $12.6M |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | New | 14,000,000 | $10.8M |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | Reduce -8.0% | 10,434,000 | $10.3M |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Add +89.7% | 7,877,000 | $9.0M |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | Add +37.5% | 9,290,000 | $8.7M |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Add +9.9% | 8,421,000 | $7.9M |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Add +88.4% | 8,079,000 | $7.7M |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Reduce -29.5% | 5,000,000 | $7.3M |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | Add +55.0% | 7,343,000 | $7.1M |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Add +12.1% | 7,090,000 | $7.0M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Add +116.4% | 7,038,000 | $6.4M |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | New | 4,500,000 | $6.2M |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | Add +22.9% | 6,138,000 | $6.0M |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | Reduce -10.5% | 5,972,000 | $5.8M |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Sold out | 5,750,000 | $5.6Mbefore exit |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | New | 5,155,000 | $5.5M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Reduce -54.1% | 5,674,000 | $5.4M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | New | 5,782,000 | $5.4M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Reduce -36.3% | 5,493,000 | $5.3M |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | New | 5,105,000 | $4.9M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -78.3% | 5,007,000 | $4.9M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +49.6% | 5,147,000 | $4.6M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Add +43.3% | 4,589,000 | $4.5M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Sold out | 3,614,000 | $4.4Mbefore exit |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +128.2% | 4,450,000 | $4.3M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | New | 4,160,000 | $4.0M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Reduce -58.6% | 3,584,000 | $3.7M |
| PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) | NOTE 6.375% 3/0 · principal | Sold out | 3,633,000 | $3.6Mbefore exit |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | Add +281.2% | 2,779,000 | $3.4M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Reduce -12.7% | 3,336,000 | $3.4M |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Reduce -26.7% | 3,290,000 | $3.1M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Reduce -17.9% | 3,203,000 | $3.0M |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | Reduce -14.4% | 2,981,000 | $2.9M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Add +89.4% | 3,400,000 | $2.9M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Reduce -33.5% | 2,907,000 | $2.9M |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | Sold out | 2,715,000 | $2.9Mbefore exit |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | Add +1335.0% | 2,827,000 | $2.8M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Reduce -49.3% | 2,567,000 | $2.6M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | New | 2,500,000 | $2.6M |
Showing the first 50 of 151.
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 | 6,906 | $590.3B | AAPL, NVDA, RY, MSFT, GOOGL |
| Q1 2026 | 6,801 | $527.2B | AAPL, NVDA, MSFT, IVV, RY |
| Q4 2025 | 6,782 | $568.3B | IVV, NVDA, AAPL, MSFT, VOO |
| Q3 2025 | 6,673 | $561.4B | MSFT, NVDA, AAPL, IVV, AMZN |
| Q2 2025Amended | 6,597 | $513.3B | MSFT, NVDA, AMZN, AAPL, TD |
| Q1 2025Amended | 6,425 | $446.5B | MSFT, AAPL, AMZN, NVDA, TD |
| Q4 2024 | 6,380 | $461.8B | MSFT, AAPL, NVDA, AMZN, RY |
| Q3 2024 | 6,318 | $449.4B | MSFT, AAPL, NVDA, AMZN, TD |
| Q2 2024Amended | 6,844 | $414.1B | MSFT, AAPL, NVDA, AMZN, RY |
| Q1 2024Amended | 6,765 | $409.7B | MSFT, AAPL, TD, AMZN, NVDA |