Royal Bank of Canada
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Royal Bank of Canada reported 6,673 stock positions worth $561.4 billion. Its top holding was Microsoft (MSFT) at 3.5% of the portfolio, followed by Nvidia (NVDA, 3.1%) and Apple (AAPL, 2.8%). Compared with Q2 2025, it opened 381 new positions, sold out of 304, added to 2,889 and reduced 3,122. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +55%) and the biggest sale Chevron (CVX, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001000275
- Portfolio Value
- $561.4B (Q3 2025)
- SEC Filing
- 0001140361-25-042265 ↗ filed Nov 14, 2025
Holdings Value
Holdings 6,673 stocks · $561.4B
| MSFT Microsoft Corp. | 3.50% | 37,901,392 | $19.6B | Reduce -0.4% |
| NVDA Nvidia Corp. | 3.15% | 94,770,823 | $17.7B | Reduce -0.8% |
| AAPL Apple Inc. | 2.85% | 62,815,097 | $16.0B | Add +3.6% |
| IVV iShares Core S&P 500 ETF | 2.46% | 20,629,192 | $13.8B | Add +55.0% |
| AMZN Amazon.com Inc. | 2.29% | 58,448,474 | $12.8B | Add +2.7% |
| TD Toronto-Dominion Bank | 2.04% | 143,471,416 | $11.5B | Reduce -0.8% |
| RY Royal Bank of Canada | 1.91% | 72,926,305 | $10.7B | Reduce -0.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.52% | 65,465,513 | $8.5B | Reduce -0.0% |
| GOOGL Alphabet Inc. Class A | 1.36% | 31,291,342 | $7.6B | Add +3.7% |
| JPM JPMorgan Chase & Co. | 1.35% | 23,956,726 | $7.6B | Add +5.2% |
| AVGO Broadcom Inc. | 1.30% | 22,201,752 | $7.3B | Add +1.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.25% | 10,574,527 | $7.0B | Add +11.4% |
| TRP TC Energy Corp. | 1.24% | 128,010,273 | $7.0B | Add +0.5% |
| ENB Enbridge Inc. | 1.20% | 133,667,365 | $6.7B | Reduce -1.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.15% | 99,696,605 | $6.4B | Reduce -7.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.14% | 79,981,378 | $6.4B | Add +2.6% |
| META Meta Platforms Inc. Class A | 1.09% | 8,310,481 | $6.1B | Add +5.2% |
| BN Brookfield Corp. | 0.99% | 80,891,748 | $5.5B | Add +0.4% |
| GOOG Alphabet Inc. Class C | 0.94% | 21,626,299 | $5.3B | Reduce -3.0% |
| MFC Manulife Financial Corp. | 0.88% | 159,062,570 | $5.0B | Reduce -2.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.84% | 9,422,489 | $4.7B | Add +1.7% |
| V Visa Inc. Class A | 0.76% | 12,530,401 | $4.3B | Reduce -4.1% |
| CNQ Canadian Natural Resources | 0.76% | 133,682,527 | $4.3B | Add +10.3% |
| CP Canadian Pacific Kansas City | 0.72% | 54,555,252 | $4.1B | Add +0.0% |
| HD Home Depot Inc. | 0.71% | 9,867,731 | $4.0B | Add +2.0% |
| COST Costco Wholesale Corp. | 0.64% | 3,886,967 | $3.6B | Add +1.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.60% | 5,586,154 | $3.4B | Add +37.9% |
| SHOP Shopify Inc. Class A | 0.59% | 22,416,270 | $3.3B | Add +5.4% |
| LLY Eli Lilly & Co. | 0.55% | 4,055,324 | $3.1B | Add +5.8% |
| TSLA Tesla Inc. | 0.54% | 6,872,650 | $3.1B | Add +23.2% |
| TU Telus Corp. | 0.54% | 192,578,349 | $3.0B | Reduce -4.1% |
| SLF Sun Life Financial Inc. | 0.54% | 50,380,557 | $3.0B | Reduce -2.3% |
| MA Mastercard Inc. Class A | 0.52% | 5,115,778 | $2.9B | Add +2.7% |
| UNH Unitedhealth Group Inc. | 0.50% | 8,189,332 | $2.8B | Add +3.3% |
| SU Suncor Energy Inc. | 0.50% | 66,835,388 | $2.8B | Add +8.9% |
| AEM Agnico Eagle Mines Ltd. | 0.48% | 15,984,557 | $2.7B | Add +4.5% |
| JNJ Johnson & Johnson | 0.47% | 14,194,926 | $2.6B | Reduce -0.3% |
| NFLX Netflix Inc. | 0.46% | 2,156,931 | $2.6B | Add +9.6% |
| CNI Canadian Natl Railway Co. | 0.45% | 26,832,399 | $2.5B | Reduce -4.7% |
| VEA Vanguard Ftse Developed ETF | 0.44% | 41,516,998 | $2.5B | Reduce -2.2% |
| WMT Walmart Inc. | 0.43% | 23,256,107 | $2.4B | Reduce -4.1% |
| PG The Procter & Gamble Co. | 0.40% | 14,733,316 | $2.3B | Reduce -8.6% |
| PBA Pembina Pipeline Corp. | 0.40% | 55,766,242 | $2.3B | Add +2.0% |
| VOO Vanguard S&P 500 ETF | 0.39% | 3,582,412 | $2.2B | Reduce -13.6% |
| ORCL Oracle Corp. | 0.38% | 7,621,102 | $2.1B | Add +0.8% |
| MCD McDonald's Corp. | 0.38% | 6,982,794 | $2.1B | Reduce -3.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.37% | 40,571,909 | $2.1B | Reduce -1.2% |
| XOM Exxon Mobil Corp. | 0.37% | 18,544,646 | $2.1B | Add +4.7% |
| NTR Nutrien Ltd. | 0.36% | 34,753,730 | $2.0B | Add +7.0% |
| PANW Palo Alto Networks Inc. | 0.36% | 9,920,223 | $2.0B | Add +32.9% |
| ABBV Abbvie Inc. | 0.34% | 8,362,096 | $1.9B | Reduce -9.8% |
| FTS Fortis Inc. | 0.34% | 37,465,425 | $1.9B | Add +21.4% |
| WCN Waste Connections Inc. | 0.34% | 10,785,192 | $1.9B | Reduce -3.6% |
| IWM iShares Russell 2000 ETF | 0.33% | 7,598,266 | $1.8B | Add +34.9% |
| CVX Chevron Corp. | 0.31% | 11,217,107 | $1.7B | Reduce -47.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.30% | 6,091,640 | $1.7B | Add +11.0% |
| CSCO Cisco Systems Inc. | 0.30% | 24,675,749 | $1.7B | Reduce -1.4% |
| BX Blackstone Inc. | 0.30% | 9,803,727 | $1.7B | Add +1.8% |
| KO The Coca-Cola Co. | 0.29% | 24,688,760 | $1.6B | Reduce -7.8% |
| TXN Texas Instruments Inc. | 0.29% | 8,773,326 | $1.6B | Add +14.7% |
| BLK BlackRock Inc. | 0.29% | 1,373,782 | $1.6B | Add +0.8% |
| TRI Thomson Reuters Corp. | 0.28% | 10,214,944 | $1.6B | Reduce -8.7% |
| NEE Nextera Energy Inc. | 0.28% | 20,867,126 | $1.6B | Add +7.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.28% | 10,855,869 | $1.6B | Reduce -11.6% |
| IJH iShares Core S&P Midcap ETF | 0.28% | 23,746,619 | $1.5B | Reduce -10.7% |
| ICE Intercontinental Exchange Inc. | 0.27% | 8,969,026 | $1.5B | Reduce -1.6% |
| HON Honeywell International Inc. | 0.27% | 7,122,742 | $1.5B | Reduce -4.0% |
| AZO AutoZone Inc. | 0.27% | 347,391 | $1.5B | Reduce -1.8% |
| QSR Restaurant Brands Intern | 0.26% | 23,071,602 | $1.5B | Add +9.3% |
| APH Amphenol Corp. Class A | 0.25% | 11,542,800 | $1.4B | Reduce -12.2% |
| BAM Brookfield Asset Mgmt-A | 0.25% | 24,859,688 | $1.4B | Add +14.9% |
| BIP Brookfield Infrastructure Pa | 0.25% | 43,027,502 | $1.4B | Reduce -6.6% |
| BCE Bce Inc. | 0.24% | 58,313,344 | $1.4B | Add +4.0% |
| MDT Medtronic PLC | 0.24% | 14,237,196 | $1.4B | Add +27.8% |
| INTU Intuit Inc. | 0.24% | 1,961,383 | $1.3B | Add +2.5% |
| TMO Thermo Fisher Scientific Inc. | 0.24% | 2,722,729 | $1.3B | Reduce -17.9% |
| AMGN Amgen Inc. | 0.23% | 4,530,568 | $1.3B | Reduce -0.1% |
| UBER Uber Technologies Inc. | 0.23% | 12,926,693 | $1.3B | Add +1.4% |
| CRH CRH PLC | 0.23% | 10,546,264 | $1.3B | Add +0.9% |
| MS Morgan Stanley | 0.22% | 7,798,781 | $1.2B | Reduce -16.5% |
| SYK Stryker Corp. | 0.22% | 3,341,855 | $1.2B | Add +35.5% |
| NOW ServiceNow Inc. | 0.22% | 1,326,654 | $1.2B | Add +5.8% |
| MCK McKesson Corp. | 0.21% | 1,543,763 | $1.2B | Add +2.6% |
| CAT Caterpillar Inc. | 0.21% | 2,496,935 | $1.2B | Add +12.8% |
| B Barrick Mining Corp. | 0.21% | 36,187,229 | $1.2B | Add +36.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.20% | 4,062,522 | $1.1B | Reduce -9.3% |
| WPM Wheaton Precious Metals Corp. | 0.20% | 10,162,384 | $1.1B | Add +1.5% |
| PM Philip Morris International | 0.20% | 6,976,044 | $1.1B | Add +23.0% |
| GE General Electric filed as GE AEROSPACE | 0.20% | 3,750,343 | $1.1B | Add +5.0% |
| GS Goldman Sachs Group Inc. | 0.20% | 1,416,395 | $1.1B | Reduce -15.3% |
| VCIT Vanguard Int-Term Corporate | 0.20% | 13,388,773 | $1.1B | Add +10.4% |
| GD General Dynamics Corp. | 0.20% | 3,247,961 | $1.1B | Add +9.6% |
| VZ Verizon Communications Inc. | 0.20% | 25,041,013 | $1.1B | Reduce -0.5% |
| MRK Merck & Co. Inc. | 0.19% | 12,808,343 | $1.1B | Reduce -5.5% |
| ISRG Intuitive Surgical Inc. | 0.19% | 2,357,899 | $1.1B | Add +13.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.19% | 2,173,833 | $1.0B | Add +6.4% |
| HDB HDFC Bank Ltd.-ADR | 0.19% | 30,445,775 | $1.0B | Add +6.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.18% | 5,542,380 | $1.0B | Add +2.1% |
| DUK Duke Energy Corp. | 0.18% | 8,324,921 | $1.0B | Reduce -0.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.18% | 8,976,574 | $1.0B | Reduce -8.7% |
Options reported separately and not counted above: SPY puts ($7.6B), SPY calls ($5.9B), IWM puts ($4.1B), QQQ calls ($2.3B), QQQ puts ($2.2B), IWM calls ($1.6B), BNS puts ($1.4B), NVDA calls ($1.2B), NVDA puts ($832.7M), XLE puts ($831.3M), BMO puts ($656.5M), TSLA puts ($628.8M), and 440 more.
Other holdings (181): bonds, preferreds, convertibles and warrants · $429.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 51,050,000 | $51.0M | Add +0.1% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 27,674,000 | $30.7M | New |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 19,303,000 | $21.7M | Add +13.0% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 15,244,000 | $18.9M | New |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 12,425,000 | $18.9M | New |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 17,774,500 | $18.4M | Add +1.7% |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | 14,000,000 | $13.9M | No change |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 12,327,000 | $12.3M | Add +11.8% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 7,994,000 | $11.0M | Add +15.2% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 6,262,000 | $8.9M | Reduce -56.0% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 4,527,000 | $8.3M | Reduce -72.1% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 7,692,000 | $7.8M | Reduce -30.6% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 6,889,000 | $7.3M | Add +162.3% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 6,046,000 | $7.2M | Add +45.5% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 6,493,000 | $6.8M | Add +5.0% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 6,689,000 | $6.4M | Reduce -12.5% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 7,009,000 | $6.4M | Add +531.4% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 5,969,000 | $6.0M | Reduce -33.3% |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 3,000,000 | $6.0M | No change |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 5,276,000 | $5.9M | Add +245.7% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 5,529,000 | $5.7M | Add +110480.0% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 5,332,000 | $5.3M | Reduce -6.7% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 3,186,000 | $5.2M | Reduce -21.1% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 5,104,000 | $5.0M | Add +24.7% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 3,992,000 | $5.0M | Add +12.6% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 5,036,000 | $5.0M | Add +113.7% |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 4,871,000 | $4.9M | New |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 4,724,000 | $4.5M | Add +157.9% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 4,834,000 | $4.4M | Add +27.7% |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 4,700,000 | $4.3M | No change |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 4,538,000 | $4.3M | Add +12.4% |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 3,952,000 | $4.2M | Add +334.3% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 4,452,000 | $4.2M | No change |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 4,240,000 | $4.0M | No change |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 3,896,000 | $3.8M | Add +265.1% |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 3,797,000 | $3.8M | Add +3.6% |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 3,746,000 | $3.7M | Add +285.4% |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 3,653,000 | $3.5M | Reduce -44.5% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 3,597,000 | $3.5M | Reduce -24.9% |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 3,670,000 | $3.5M | Reduce -15.1% |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 3,476,000 | $3.4M | Reduce -43.3% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,029,000 | $3.3M | Reduce -55.8% |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | 3,630,000 | $3.3M | Add +45.2% |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 2,000,000 | $3.1M | New |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 3,290,000 | $3.1M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 3,085,000 | $3.0M | Add +10.2% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 1,893,000 | $2.8M | New |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 2,473,000 | $2.4M | Reduce -71.2% |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 1,616,000 | $2.1M | Reduce -59.9% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 1,610,000 | $2.0M | Reduce -92.0% |
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | 156,878 | $1.9M | Add +433.8% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 2,118,000 | $1.9M | New |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 1,748,000 | $1.9M | Reduce -17.4% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 1,200,000 | $1.7M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 1,827,000 | $1.7M | Reduce -18.0% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 1,226,000 | $1.6M | Reduce -35.6% |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 1,605,000 | $1.6M | New |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 1,405,000 | $1.5M | Add +4.6% |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | 1,571,000 | $1.5M | Reduce -67.1% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 1,363,000 | $1.3M | Reduce -45.0% |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 855,000 | $1.2M | New |
| ZYNEX INC (ZYXI 5 05/15/26) | NOTE 5.000% 5/1 · principal | 2,000,000 | $1.1M | No change |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | 1,000,000 | $1.0M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 1,007,000 | $1.0M | Reduce -74.9% |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 985,000 | $1.0M | Reduce -80.1% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 1,050,000 | $1.0M | No change |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 1,000,000 | $964K | No change |
| STRATEGY INC (MSTR 2.25 06/15/32) | NOTE 2.250% 6/1 · principal | 515,000 | $917K | No change |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 850,000 | $914K | Reduce -82.1% |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 1,000,000 | $894K | Reduce -73.3% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 770,000 | $764K | Reduce -94.0% |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 662,000 | $635K | Reduce -69.8% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | 523,000 | $627K | New |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 565,000 | $619K | Reduce -81.4% |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 640,000 | $582K | New |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 635,000 | $578K | No change |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 580,000 | $575K | Add +2220.0% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 549,000 | $521K | Reduce -82.8% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 320,000 | $451K | Reduce -81.8% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 286,000 | $401K | Reduce -85.5% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | 313,000 | $385K | Reduce -84.2% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 295,000 | $381K | Reduce -83.5% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 329,000 | $324K | Reduce -96.0% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 360,000 | $319K | New |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 230,000 | $316K | No change |
| XOMETRY INC (XMTR 1 02/01/27) | NOTE 1.000% 2/0 · principal | 273,000 | $313K | New |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 260,000 | $298K | New |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 11,296 | $289K | Reduce -1.2% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 239,000 | $273K | Reduce -88.6% |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 254,000 | $261K | Reduce -83.9% |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 200,000 | $255K | No change |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | 193,000 | $247K | Reduce -85.4% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 200,000 | $237K | Reduce -85.0% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 200,000 | $229K | New |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 150,000 | $192K | Reduce -86.8% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 182,000 | $191K | Reduce -82.2% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% · principal | 7,272 | $185K | Add +36.0% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 174,000 | $176K | Reduce -80.6% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 185,000 | $171K | Reduce -82.3% |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 160,000 | $148K | No change |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 95,000 | $143K | New |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 145,000 | $141K | No change |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 140,000 | $140K | Reduce -88.5% |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 115,000 | $139K | Reduce -83.7% |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 134,000 | $135K | Reduce -40.4% |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 60,000 | $118K | Reduce -97.7% |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 108,000 | $106K | New |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 105,000 | $99K | New |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 61,000 | $60K | New |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | 721,261 | $56K | Reduce -0.8% |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 50,000 | $53K | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F · principal | 2,000 | $40K | Reduce -3.9% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 37,000 | $38K | Reduce -98.9% |
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | 11,000 | $31K | No change |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 33,000 | $29K | Add +312.5% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A · principal | 18,417 | $23K | Add +16.0% |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 18,000 | $18K | No change |
| JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) | NOTE 2.500% 9/0 · principal | 15,000 | $15K | New |
| WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) | NOTE 3.250% 6/1 · principal | 10,000 | $13K | No change |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 7,000 | $12K | Reduce -78.8% |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 70,820 | $11K | Reduce -0.4% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 10,000 | $10K | No change |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 10,000 | $10K | No change |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A · principal | 400 | $10K | Reduce -28.2% |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 10,000 | $9K | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E · principal | 401 | $8K | Reduce -9.3% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 7,000 | $7K | No change |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 6,000 | $6K | No change |
| IRS.WS Irsa Inversiones Y Rep -CW26 | *W EXP 05/12/202 | 3,770 | $6K | No change |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L · principal | 4,336 | $6K | Reduce -5.6% |
| M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 3,000 | $5K | No change |
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 2,001 | $4K | New |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 4,000 | $4K | No change |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 500 | $3K | New |
| MNYWW Moneyhero Ltd.-28 | *W EXP 09/13/202 | 27,735 | $3K | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | 3,443 | $2K | Reduce -18.1% |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 274 | $2K | No change |
| RIVERNORTH OPPORTUNI-RT | RIGHT 10/06/2025 | 186,621 | $2K | Reduce -7.3% |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 · principal | 3,325 | $2K | Add +19.7% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV · principal | 1,500 | $1K | Reduce -20.1% |
| CLEARBRIDGE ENERGY MI-RT | RIGHT 10/10/2025 | 64,738 | $1K | Reduce -69.2% |
| MSAIW Sportsmap Tech Acq -CW27 | *W EXP 12/19/202 | 25,000 | $1K | No change |
| MPTI.WS M-Tron Industries Inc. -28 | *W EXP 04/25/202 | 400 | $1K | Reduce -90.5% |
| 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 |
| CRPWF Carbon Revolution PLC | *W EXP 99/99/999 | 33,333 | $1K | No change |
| HCMAW HCM III Acquisition Corp. -30 | *W EXP 07/23/203 | 1,166 | $1K | New |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 3,296 | $1K | Reduce -66.7% |
| SHMDW Schmid Group NV -28 | *W EXP 04/30/202 | 2,500 | $1K | New |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG · principal | 1,095 | $650 | Add +56.2% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D · principal | 869 | $460 | Add +0.7% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% · principal | 500 | $300 | Reduce -77.3% |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C · principal | 500 | $240 | Reduce -4.8% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A · principal | 585 | $220 | Add +28.3% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E · principal | 270 | $90 | Reduce -6.3% |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF · principal | 100 | $90 | Reduce -29.6% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV · principal | 100 | $70 | Reduce -74.9% |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF · principal | 47 | $40 | Reduce -97.4% |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 · principal | 68 | $30 | Reduce -38.2% |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 68 | $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 | No change |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 3 | $0 | No change |
| GROY.WS Gold Royalty Corp. -29 | *W EXP 05/31/202 | 26 | $0 | New |
| ORGNW Origin Materials -CW26 | *W EXP 06/25/202 | 500 | $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 | No change |
| 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 |
| 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 |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | 2,788 | $0 | Reduce -86.1% |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | 2,651 | $0 | Reduce -86.7% |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | 1,000 | $0 | Reduce -80.0% |
| 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 |
| SMXWW SMX Security Matters PLC-28 | *W EXP 03/07/202 | 1,500 | $0 | New |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | 15 | $0 | No change |
| DSX.WS Diana Shipping Inc.-28 | *W EXP 12/14/202 | 221 | $0 | Reduce -47.5% |
Total filed on the 13F, all lines: $561.8B.
Portfolio Sells Q2 2025 → Q3 2025
| CVX Chevron Corp. | Reduce -47.8% | 0.31% | −0.29 |
| MSFT Microsoft Corp. | Reduce -0.4% | 3.50% | −0.19 |
| CRM Salesforce Inc. | Reduce -36.9% | 0.17% | −0.17 |
| TRI Thomson Reuters Corp. | Reduce -8.7% | 0.28% | −0.16 |
| CB Chubb Ltd. | Reduce -58.9% | 0.08% | −0.15 |
| V Visa Inc. Class A | Reduce -4.1% | 0.76% | −0.14 |
| MFC Manulife Financial Corp. | Reduce -2.6% | 0.88% | −0.13 |
| SLF Sun Life Financial Inc. | Reduce -2.3% | 0.54% | −0.13 |
| ACN Accenture PLC Class A | Reduce -24.1% | 0.16% | −0.12 |
| CNI Canadian Natl Railway Co. | Reduce -4.7% | 0.45% | −0.12 |
| PG The Procter & Gamble Co. | Reduce -8.6% | 0.40% | −0.10 |
| UNP Union Pacific Corp. | Reduce -29.1% | 0.18% | −0.09 |
| TU Telus Corp. | Reduce -4.1% | 0.54% | −0.09 |
| VLO Valero Energy Corp. | Reduce -71.0% | 0.04% | −0.08 |
| TT Trane Technologies PLC | Reduce -34.8% | 0.11% | −0.08 |
| KO The Coca-Cola Co. | Reduce -7.8% | 0.29% | −0.08 |
| HON Honeywell International Inc. | Reduce -4.0% | 0.27% | −0.07 |
| WCN Waste Connections Inc. | Reduce -3.6% | 0.34% | −0.07 |
| VOO Vanguard S&P 500 ETF | Reduce -13.6% | 0.39% | −0.07 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -24.2% | 0.12% | −0.06 |
| ADBE Adobe Inc. | Reduce -10.8% | 0.17% | −0.06 |
| ICE Intercontinental Exchange Inc. | Reduce -1.6% | 0.27% | −0.06 |
| DIS The Walt Disney Co. | Reduce -8.7% | 0.18% | −0.05 |
| IBM Intl Business Machines Corp. | Reduce -9.3% | 0.20% | −0.05 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.05 |
| BIP Brookfield Infrastructure Pa | Reduce -6.6% | 0.25% | −0.05 |
| QCOM Qualcomm Inc. | Reduce -22.4% | 0.14% | −0.05 |
| SPGI S&P Global Inc. | Reduce -15.2% | 0.12% | −0.05 |
| IJH iShares Core S&P Midcap ETF | Reduce -10.7% | 0.28% | −0.05 |
| TMUS T-Mobile US Inc. | Reduce -13.3% | 0.17% | −0.04 |
| GIB Cgi Inc. | Reduce -6.7% | 0.12% | −0.04 |
| BKNG Booking Holdings Inc. | Reduce -10.9% | 0.13% | −0.04 |
| C Citigroup Inc. | Reduce -27.1% | 0.15% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -20.0% | 0.08% | −0.04 |
| FISV Fiserv Inc. | Reduce -17.1% | 0.05% | −0.04 |
| CSCO Cisco Systems Inc. | Reduce -1.4% | 0.30% | −0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -13.8% | 0.08% | −0.04 |
| SBUX Starbucks Corp. | Reduce -12.7% | 0.10% | −0.04 |
| CHTR Charter Communications Inc. Class A | Reduce -13.6% | 0.04% | −0.04 |
| MS Morgan Stanley | Reduce -16.5% | 0.22% | −0.04 |
| WMT Walmart Inc. | Reduce -4.1% | 0.43% | −0.04 |
| MCD McDonald's Corp. | Reduce -3.6% | 0.38% | −0.03 |
| T AT&T Inc. | Reduce -5.2% | 0.18% | −0.03 |
| CTAS Cintas Corp. | Reduce -5.7% | 0.12% | −0.03 |
| KR Kroger Co. | Reduce -37.1% | 0.04% | −0.03 |
| MUB iShares National Muni Bond E | Reduce -55.7% | 0.02% | −0.03 |
| GS Goldman Sachs Group Inc. | Reduce -15.3% | 0.20% | −0.03 |
| EOG EOG Resources Inc. | Reduce -15.0% | 0.08% | −0.03 |
| CME Cme Group Inc. | Reduce -5.9% | 0.15% | −0.03 |
| VEA Vanguard Ftse Developed ETF | Reduce -2.2% | 0.44% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| IVV iShares Core S&P 500 ETF | Add +55.0% | 2.46% | +0.85 |
| AAPL Apple Inc. | Add +3.6% | 2.85% | +0.43 |
| GOOGL Alphabet Inc. Class A | Add +3.7% | 1.36% | +0.32 |
| TSLA Tesla Inc. | Add +23.2% | 0.54% | +0.20 |
| QQQ Invesco QQQ Trust Series 1 | Add +37.9% | 0.60% | +0.16 |
| AVGO Broadcom Inc. | Add +1.3% | 1.30% | +0.13 |
| AEM Agnico Eagle Mines Ltd. | Add +4.5% | 0.48% | +0.13 |
| SHOP Shopify Inc. Class A | Add +5.4% | 0.59% | +0.12 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +11.4% | 1.25% | +0.11 |
| B Barrick Mining Corp. | Add +36.7% | 0.21% | +0.10 |
| IWM iShares Russell 2000 ETF | Add +34.9% | 0.33% | +0.09 |
| MSTR Strategy Inc. | Add +729.8% | 0.09% | +0.07 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +314.5% | 0.09% | +0.07 |
| RBA RB Global Inc. | Add +263.8% | 0.09% | +0.07 |
| CM Can Imperial BK of Commerce | Add +2.6% | 1.14% | +0.06 |
| PANW Palo Alto Networks Inc. | Add +32.9% | 0.36% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | Add +11.0% | 0.30% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +5.2% | 1.35% | +0.06 |
| ORCL Oracle Corp. | Add +0.8% | 0.38% | +0.06 |
| MDT Medtronic PLC | Add +27.8% | 0.24% | +0.05 |
| FTS Fortis Inc. | Add +21.4% | 0.34% | +0.05 |
| SU Suncor Energy Inc. | Add +8.9% | 0.50% | +0.05 |
| KGC Kinross Gold Corp. | Add +5.3% | 0.14% | +0.05 |
| CMI Cummins Inc. | Add +43.1% | 0.12% | +0.05 |
| CAT Caterpillar Inc. | Add +12.8% | 0.21% | +0.04 |
| IEMG iShares Core MSCI Emerging | Add +45.5% | 0.13% | +0.04 |
| PFE Pfizer Inc. | Add +33.0% | 0.18% | +0.04 |
| INTC Intel Corp. | Add +20.2% | 0.10% | +0.04 |
| CRH CRH PLC | Add +0.9% | 0.23% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | Add +8.4% | 0.14% | +0.04 |
| GIL Gildan Activewear Inc. | Add +173.4% | 0.05% | +0.03 |
| BABA Alibaba Group Holding-SP ADR | Add +23.2% | 0.07% | +0.03 |
| NSC Norfolk Southern Corp. | Add +70.2% | 0.07% | +0.03 |
| RCI Rogers Communications Inc. Class B | Add +12.8% | 0.18% | +0.03 |
| OTEX Open Text Corp. | Add +51.9% | 0.07% | +0.03 |
| SYK Stryker Corp. | Add +35.5% | 0.22% | +0.03 |
| TRP TC Energy Corp. | Add +0.5% | 1.24% | +0.03 |
| SOFI Sofi Technologies Inc. | Add +101.0% | 0.05% | +0.03 |
| ETN Eaton Corp. PLC | Add +30.6% | 0.15% | +0.03 |
| GD General Dynamics Corp. | Add +9.6% | 0.20% | +0.03 |
| XLY SS Consumer Disc Select Sect | Add +93.8% | 0.06% | +0.03 |
| WPM Wheaton Precious Metals Corp. | Add +1.5% | 0.20% | +0.03 |
| LNG Cheniere Energy Inc. | Add +37.3% | 0.15% | +0.03 |
| INSM Insmed Inc. | Add +216.8% | 0.03% | +0.03 |
| LRCX Lam Research Corp. | Add +5.9% | 0.10% | +0.02 |
| MGA Magna International Inc. | Add +15.1% | 0.11% | +0.02 |
| BP BP PLC-Spons ADR | Add +111.1% | 0.04% | +0.02 |
| LOW Lowe's Cos Inc. | Add +27.6% | 0.10% | +0.02 |
| IYW iShares Ustechnology ETF | Add +63.9% | 0.06% | +0.02 |
| ORLY O'reilly Automotive Inc. | Add +16.3% | 0.10% | +0.02 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -17.4% | 11,345,000 | $7.6B |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -35.5% | 8,804,600 | $5.9B |
| IWM iShares Russell 2000 ETF | put | Add +27.4% | 17,125,700 | $4.1B |
| QQQ Invesco QQQ Trust Series 1 | call | Add +77.1% | 3,837,800 | $2.3B |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -7.5% | 3,632,500 | $2.2B |
| IWM iShares Russell 2000 ETF | call | Reduce -14.2% | 6,447,800 | $1.6B |
| BNS Bank of Nova Scotia | put | Add +27.9% | 21,515,200 | $1.4B |
| NVDA Nvidia Corp. | call | Add +90.7% | 6,411,300 | $1.2B |
| NVDA Nvidia Corp. | put | Reduce -15.1% | 4,463,100 | $832.7M |
| XLE SS Energy Select Sector | put | Add +22.0% | 9,305,000 | $831.3M |
| TSLA Tesla Inc. | put | Add +62.9% | 1,413,900 | $628.8M |
| AAPL Apple Inc. | call | Add +183.8% | 2,445,000 | $622.6M |
| TSLA Tesla Inc. | call | Reduce -14.9% | 1,335,100 | $593.7M |
| BMO Bank of Montreal | call | Add +232.2% | 4,050,000 | $527.5M |
| XLF SS Financial Select Sector | put | Add +6.5% | 9,592,800 | $516.8M |
| CM Can Imperial BK of Commerce | put | Add +1.4% | 6,199,100 | $495.2M |
| MSFT Microsoft Corp. | call | Reduce -20.5% | 819,800 | $424.6M |
| EFA iShares MSCI Eafe ETF | put | Add +115.0% | 4,491,300 | $419.4M |
| MSTR Strategy Inc. | put | New | 1,231,600 | $396.8M |
| SU Suncor Energy Inc. | put | Add +128.8% | 8,809,800 | $368.3M |
| BCE Bce Inc. | put | Add +7.3% | 15,529,500 | $363.2M |
| ENB Enbridge Inc. | put | Add +81.2% | 6,750,000 | $340.6M |
| TU Telus Corp. | put | Add +10.2% | 21,165,000 | $333.8M |
| GOOGL Alphabet Inc. Class A | call | Add +192.4% | 1,315,600 | $319.8M |
| CNQ Canadian Natural Resources | put | Add +18.8% | 9,866,000 | $315.3M |
| RCI Rogers Communications Inc. Class B | put | Add +35.5% | 9,141,200 | $315.1M |
| WFC Wells Fargo & Co. | put | Add +1.3% | 3,270,300 | $274.1M |
| AVGO Broadcom Inc. | call | Add +382.1% | 820,000 | $270.5M |
| DASH DoorDash Inc. Class A | put | Add +59.6% | 987,700 | $268.6M |
| BNS Bank of Nova Scotia | call | Add +155.3% | 4,142,500 | $267.8M |
| CM Can Imperial BK of Commerce | call | Add +167.0% | 3,271,100 | $261.3M |
| TRP TC Energy Corp. | put | Add +32.7% | 4,427,000 | $240.9M |
| BRK.B Berkshire Hathaway Inc. Class B | call | Add +454.3% | 447,300 | $224.9M |
| PLTR Palantir Technologies Inc. Class A | call | Add +3.5% | 1,201,900 | $219.3M |
| BCE Bce Inc. | call | Add +6.1% | 9,239,700 | $216.1M |
| WMT Walmart Inc. | call | Add +42.9% | 1,900,000 | $195.8M |
| CVX Chevron Corp. | call | Add +1372.0% | 1,246,800 | $193.6M |
| MFC Manulife Financial Corp. | put | Add +113.9% | 6,144,500 | $191.4M |
| DASH DoorDash Inc. Class A | call | Add +17.7% | 670,000 | $182.2M |
| AMZN Amazon.com Inc. | call | Add +108.2% | 822,500 | $180.6M |
| EWC iShares MSCI Canada ETF | put | Add +9.4% | 3,500,000 | $176.9M |
| GOOG Alphabet Inc. Class C | call | Add +10809.2% | 709,100 | $172.7M |
| GS Goldman Sachs Group Inc. | put | Add +52.6% | 201,500 | $160.5M |
| ABBV Abbvie Inc. | call | Add +68.5% | 674,100 | $156.1M |
| SLF Sun Life Financial Inc. | put | Add +72.5% | 2,418,600 | $145.2M |
| XLE SS Energy Select Sector | call | Add +68.5% | 1,624,200 | $145.1M |
| TD Toronto-Dominion Bank | call | Add +175.3% | 1,801,100 | $144.0M |
| NET Cloudflare Inc. Class A | call | Add +17.9% | 648,400 | $139.1M |
| MS Morgan Stanley | call | Add +369.5% | 854,500 | $135.8M |
| CRCL Circle Internet Group Inc. | put | New | 1,020,500 | $135.3M |
Showing the first 50 of 454.
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
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Add +0.1% | 51,050,000 | $51.0M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | New | 27,674,000 | $30.7M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | Sold out | 19,173,000 | $25.0Mbefore exit |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Add +13.0% | 19,303,000 | $21.7M |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | New | 15,244,000 | $18.9M |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | New | 12,425,000 | $18.9M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Add +1.7% | 17,774,500 | $18.4M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Sold out | 11,280,000 | $17.4Mbefore exit |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +11.8% | 12,327,000 | $12.3M |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | Add +15.2% | 7,994,000 | $11.0M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Reduce -56.0% | 6,262,000 | $8.9M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Reduce -72.1% | 4,527,000 | $8.3M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Reduce -30.6% | 7,692,000 | $7.8M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Add +162.3% | 6,889,000 | $7.3M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Add +45.5% | 6,046,000 | $7.2M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Add +5.0% | 6,493,000 | $6.8M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Reduce -12.5% | 6,689,000 | $6.4M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +531.4% | 7,009,000 | $6.4M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -33.3% | 5,969,000 | $6.0M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +245.7% | 5,276,000 | $5.9M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Add +110480.0% | 5,529,000 | $5.7M |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | Reduce -6.7% | 5,332,000 | $5.3M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Reduce -21.1% | 3,186,000 | $5.2M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Sold out | 3,865,000 | $5.1Mbefore exit |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | Add +24.7% | 5,104,000 | $5.0M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Add +12.6% | 3,992,000 | $5.0M |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | Add +113.7% | 5,036,000 | $5.0M |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | New | 4,871,000 | $4.9M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Add +157.9% | 4,724,000 | $4.5M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Add +27.7% | 4,834,000 | $4.4M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Add +12.4% | 4,538,000 | $4.3M |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | Add +334.3% | 3,952,000 | $4.2M |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | Add +265.1% | 3,896,000 | $3.8M |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | Add +3.6% | 3,797,000 | $3.8M |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | Add +285.4% | 3,746,000 | $3.7M |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | Reduce -44.5% | 3,653,000 | $3.5M |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | Reduce -24.9% | 3,597,000 | $3.5M |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Reduce -15.1% | 3,670,000 | $3.5M |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | Reduce -43.3% | 3,476,000 | $3.4M |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | Sold out | 3,412,000 | $3.4Mbefore exit |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -55.8% | 1,029,000 | $3.3M |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | Add +45.2% | 3,630,000 | $3.3M |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | New | 2,000,000 | $3.1M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +10.2% | 3,085,000 | $3.0M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | New | 1,893,000 | $2.8M |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Reduce -71.2% | 2,473,000 | $2.4M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Sold out | 1,743,000 | $2.2Mbefore exit |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | Reduce -59.9% | 1,616,000 | $2.1M |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | Sold out | 2,002,000 | $2.0Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Reduce -92.0% | 1,610,000 | $2.0M |
Showing the first 50 of 173.
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 |