Royal Bank of Canada
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Royal Bank of Canada reported 6,782 stock positions worth $568.3 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 3.4% of the portfolio, followed by Nvidia (NVDA, 3.4%) and Apple (AAPL, 3.4%). Compared with Q3 2025, it opened 418 new positions, sold out of 313, added to 2,622 and reduced 3,492. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +496%) and the biggest sale Bank of Montreal (BMO, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001000275
- Portfolio Value
- $568.3B (Q4 2025)
- SEC Filing
- 0001140361-26-005577 ↗ filed Feb 17, 2026
Holdings Value
Holdings 6,782 stocks · $568.3B
| IVV iShares Core S&P 500 ETF | 3.43% | 28,438,260 | $19.5B | Add +37.9% |
| NVDA Nvidia Corp. | 3.36% | 102,417,256 | $19.1B | Add +8.1% |
| AAPL Apple Inc. | 3.36% | 70,248,069 | $19.1B | Add +11.8% |
| MSFT Microsoft Corp. | 3.19% | 37,457,336 | $18.1B | Reduce -1.2% |
| VOO Vanguard S&P 500 ETF | 2.36% | 21,356,933 | $13.4B | Add +496.2% |
| RY Royal Bank of Canada | 2.15% | 71,787,710 | $12.2B | Reduce -1.6% |
| GOOGL Alphabet Inc. Class A | 2.08% | 37,859,732 | $11.9B | Add +21.0% |
| AMZN Amazon.com Inc. | 2.01% | 49,589,446 | $11.4B | Reduce -15.2% |
| TD Toronto-Dominion Bank | 2.01% | 121,337,794 | $11.4B | Reduce -15.4% |
| AVGO Broadcom Inc. | 1.48% | 24,304,901 | $8.4B | Add +9.5% |
| GOOG Alphabet Inc. Class C | 1.40% | 25,318,840 | $7.9B | Add +17.1% |
| JPM JPMorgan Chase & Co. | 1.36% | 24,075,388 | $7.8B | Add +0.5% |
| META Meta Platforms Inc. Class A | 1.22% | 10,509,835 | $6.9B | Add +26.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.14% | 50,087,971 | $6.5B | Reduce -23.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.07% | 8,912,804 | $6.1B | Reduce -15.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.06% | 81,860,943 | $6.0B | Reduce -17.9% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.05% | 66,169,117 | $6.0B | Reduce -17.3% |
| ENB Enbridge Inc. | 0.94% | 111,139,417 | $5.3B | Reduce -16.9% |
| BN Brookfield Corp. | 0.92% | 113,652,306 | $5.2B | Reduce -6.3% |
| TRP TC Energy Corp. | 0.91% | 94,324,411 | $5.2B | Reduce -26.3% |
| MFC Manulife Financial Corp. | 0.85% | 132,751,909 | $4.8B | Reduce -16.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.85% | 9,568,845 | $4.8B | Add +1.6% |
| LLY Eli Lilly & Co. | 0.83% | 4,369,733 | $4.7B | Add +7.8% |
| V Visa Inc. Class A | 0.78% | 12,580,867 | $4.4B | Add +0.4% |
| CP Canadian Pacific Kansas City | 0.69% | 52,973,768 | $3.9B | Reduce -2.9% |
| CNQ Canadian Natural Resources | 0.67% | 112,782,200 | $3.8B | Reduce -15.6% |
| COST Costco Wholesale Corp. | 0.60% | 3,952,885 | $3.4B | Add +1.7% |
| TSLA Tesla Inc. | 0.60% | 7,524,614 | $3.4B | Add +9.5% |
| SHOP Shopify Inc. Class A | 0.56% | 19,735,551 | $3.2B | Reduce -12.0% |
| JNJ Johnson & Johnson | 0.52% | 14,287,561 | $3.0B | Add +0.7% |
| MA Mastercard Inc. Class A | 0.51% | 5,066,320 | $2.9B | Reduce -1.0% |
| WMT Walmart Inc. | 0.51% | 25,864,853 | $2.9B | Add +11.2% |
| SLF Sun Life Financial Inc. | 0.50% | 45,298,133 | $2.8B | Reduce -10.1% |
| SU Suncor Energy Inc. | 0.49% | 63,101,344 | $2.8B | Reduce -5.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.49% | 4,511,131 | $2.8B | Reduce -19.2% |
| UNH Unitedhealth Group Inc. | 0.47% | 8,069,092 | $2.7B | Reduce -1.5% |
| HD Home Depot Inc. | 0.47% | 7,679,772 | $2.6B | Reduce -22.2% |
| VEA Vanguard Ftse Developed ETF | 0.46% | 42,271,448 | $2.6B | Add +1.8% |
| CNI Canadian Natl Railway Co. | 0.45% | 26,114,070 | $2.6B | Reduce -2.7% |
| AEM Agnico Eagle Mines Ltd. | 0.44% | 14,659,194 | $2.5B | Reduce -8.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.42% | 42,904,890 | $2.4B | Add +5.8% |
| TMO Thermo Fisher Scientific Inc. | 0.41% | 4,036,246 | $2.3B | Add +48.2% |
| XOM Exxon Mobil Corp. | 0.41% | 19,200,040 | $2.3B | Add +3.5% |
| MCD McDonald's Corp. | 0.39% | 7,284,384 | $2.2B | Add +4.3% |
| WCN Waste Connections Inc. | 0.37% | 12,043,398 | $2.1B | Add +11.7% |
| NFLX Netflix Inc. | 0.36% | 21,588,905 | $2.0B | No change |
| CSCO Cisco Systems Inc. | 0.35% | 26,102,702 | $2.0B | Add +5.8% |
| PG The Procter & Gamble Co. | 0.35% | 13,990,679 | $2.0B | Reduce -5.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.35% | 6,523,794 | $2.0B | Add +7.1% |
| IWM iShares Russell 2000 ETF | 0.34% | 7,937,465 | $2.0B | Add +4.5% |
| NTR Nutrien Ltd. | 0.34% | 30,992,227 | $1.9B | Reduce -10.8% |
| CVX Chevron Corp. | 0.34% | 12,504,624 | $1.9B | Add +11.5% |
| KO The Coca-Cola Co. | 0.33% | 26,945,656 | $1.9B | Add +9.1% |
| FTS Fortis Inc. | 0.32% | 35,184,008 | $1.8B | Reduce -6.1% |
| ABBV Abbvie Inc. | 0.32% | 7,889,869 | $1.8B | Reduce -5.7% |
| IJH iShares Core S&P Midcap ETF | 0.29% | 25,229,492 | $1.7B | Add +6.2% |
| TXN Texas Instruments Inc. | 0.29% | 9,404,088 | $1.6B | Add +7.2% |
| ORCL Oracle Corp. | 0.29% | 8,321,773 | $1.6B | Add +9.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.29% | 10,553,209 | $1.6B | Reduce -2.8% |
| TU Telus Corp. | 0.29% | 123,056,089 | $1.6B | Reduce -36.1% |
| NEE Nextera Energy Inc. | 0.28% | 20,127,794 | $1.6B | Reduce -3.5% |
| PBA Pembina Pipeline Corp. | 0.28% | 42,260,769 | $1.6B | Reduce -24.2% |
| MS Morgan Stanley | 0.28% | 9,034,773 | $1.6B | Add +15.8% |
| B Barrick Mining Corp. | 0.27% | 35,666,679 | $1.6B | Reduce -1.4% |
| BIP Brookfield Infrastructure Pa | 0.27% | 44,647,806 | $1.6B | Add +3.8% |
| AMGN Amgen Inc. | 0.27% | 4,704,930 | $1.5B | Add +3.9% |
| ICE Intercontinental Exchange Inc. | 0.27% | 9,322,199 | $1.5B | Add +3.9% |
| GS Goldman Sachs Group Inc. | 0.26% | 1,680,756 | $1.5B | Add +18.7% |
| HDB HDFC Bank Ltd.-ADR | 0.26% | 39,897,767 | $1.5B | Add +31.1% |
| CAT Caterpillar Inc. | 0.25% | 2,512,046 | $1.4B | Add +0.6% |
| APH Amphenol Corp. Class A | 0.25% | 10,637,754 | $1.4B | Reduce -7.8% |
| PANW Palo Alto Networks Inc. | 0.25% | 7,601,736 | $1.4B | Reduce -23.4% |
| INTU Intuit Inc. | 0.25% | 2,108,313 | $1.4B | Add +7.5% |
| MRK Merck & Co. Inc. | 0.24% | 13,190,085 | $1.4B | Add +3.0% |
| HON Honeywell International Inc. | 0.24% | 6,932,587 | $1.4B | Reduce -2.7% |
| CRH CRH PLC | 0.24% | 10,808,439 | $1.3B | Add +2.5% |
| BCE Bce Inc. | 0.24% | 56,433,740 | $1.3B | Reduce -3.2% |
| MDT Medtronic PLC | 0.24% | 13,988,830 | $1.3B | Reduce -1.7% |
| BA The Boeing Co. | 0.24% | 6,186,426 | $1.3B | Add +32.5% |
| GE General Electric filed as GE AEROSPACE | 0.23% | 4,288,719 | $1.3B | Add +14.4% |
| BLK BlackRock Inc. | 0.23% | 1,231,545 | $1.3B | Reduce -10.3% |
| TRI Thomson Reuters Corp. | 0.23% | 9,784,789 | $1.3B | Reduce -4.2% |
| AMD Advanced Micro Devices | 0.23% | 5,975,608 | $1.3B | Reduce -1.8% |
| BX Blackstone Inc. | 0.22% | 8,294,006 | $1.3B | Reduce -15.4% |
| QSR Restaurant Brands Intern | 0.22% | 18,544,727 | $1.3B | Reduce -19.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 4,221,881 | $1.3B | Add +3.9% |
| ISRG Intuitive Surgical Inc. | 0.21% | 2,139,849 | $1.2B | Reduce -9.3% |
| RTX RTX Corp. | 0.21% | 6,490,473 | $1.2B | Add +23.2% |
| MCK McKesson Corp. | 0.21% | 1,439,626 | $1.2B | Reduce -6.8% |
| AZO AutoZone Inc. | 0.21% | 348,010 | $1.2B | Add +0.2% |
| PLTR Palantir Technologies Inc. Class A | 0.21% | 6,569,530 | $1.2B | Add +50.3% |
| PLD Prologis Inc. | 0.20% | 9,094,122 | $1.2B | Add +63.1% |
| GD General Dynamics Corp. | 0.20% | 3,346,060 | $1.1B | Add +3.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.20% | 9,887,900 | $1.1B | Add +10.2% |
| VCIT Vanguard Int-Term Corporate | 0.20% | 13,404,757 | $1.1B | Add +0.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.19% | 5,780,993 | $1.1B | Add +4.3% |
| PEP Pepsico Inc. | 0.19% | 7,686,444 | $1.1B | Add +9.1% |
| UBER Uber Technologies Inc. | 0.19% | 13,470,761 | $1.1B | Add +4.2% |
| SYK Stryker Corp. | 0.19% | 3,073,369 | $1.1B | Reduce -8.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.19% | 2,187,648 | $1.1B | Add +0.6% |
Options reported separately and not counted above: SPY puts ($6.2B), SPY calls ($5.2B), IWM puts ($3.5B), QQQ calls ($2.3B), QQQ puts ($2.1B), BNS puts ($1.6B), IWM calls ($1.1B), NVDA puts ($885.7M), BMO puts ($742.4M), XLE puts ($678.1M), CM puts ($659.9M), MSFT puts ($642.8M), and 458 more.
Other holdings (167): bonds, preferreds, convertibles and warrants · $349.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 20,844,000 | $22.3M | New |
| PENNYMAC CORP (PMT 8.5 06/01/29) | NOTE 8.500% 6/0 · principal | 20,000,000 | $21.2M | New |
| SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) | NOTE 0.250%10/0 · principal | 18,463,000 | $20.0M | New |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | 19,651,000 | $19.7M | New |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 16,431,000 | $17.8M | Add +7.8% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 16,636,000 | $16.6M | Add +35.0% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 16,510,000 | $16.5M | Reduce -40.3% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 6,494,000 | $10.3M | Reduce -18.8% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 8,766,000 | $9.8M | Add +14.0% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 9,612,000 | $9.7M | Add +82.2% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 7,947,000 | $9.0M | Add +26.9% |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | 5,000,000 | $7.7M | Add +150.0% |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 5,826,000 | $6.8M | Add +314.7% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 5,855,000 | $6.7M | Add +3117.0% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 5,493,000 | $6.4M | Add +214.2% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 5,546,000 | $6.3M | Reduce -8.3% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 6,311,000 | $6.2M | Reduce -8.4% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 6,221,000 | $6.0M | Add +73.0% |
| KOSMOS ENERGY LTD (KOS 3.125 03/15/30) | NOTE 3.125% 3/1 · principal | 14,000,000 | $5.9M | No change |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | 4,751,000 | $5.2M | New |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 5,000,000 | $5.1M | Reduce -16.2% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 5,024,000 | $5.1M | Reduce -9.1% |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 4,542,000 | $4.6M | Add +19.6% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 4,536,000 | $4.4M | Reduce -9.9% |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 4,323,000 | $4.3M | Add +24.4% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 4,671,000 | $4.2M | Reduce -3.4% |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | 4,362,000 | $4.1M | Add +177.7% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 4,032,000 | $4.0M | Reduce -39.7% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 4,312,000 | $4.0M | Reduce -38.5% |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 3,896,000 | $3.8M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 3,832,000 | $3.8M | Add +24.2% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 3,909,000 | $3.7M | Reduce -17.3% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 3,769,000 | $3.6M | Add +586.5% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | 2,294,000 | $3.1M | New |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | 2,583,000 | $3.1M | New |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 3,140,000 | $3.0M | Reduce -29.5% |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 3,175,000 | $3.0M | Reduce -32.5% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 2,877,000 | $2.8M | Add +57.5% |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | 2,811,000 | $2.6M | Reduce -22.6% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 2,640,000 | $2.5M | Reduce -19.8% |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | 2,650,000 | $2.4M | Add +165.0% |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 2,371,000 | $2.4M | Reduce -51.3% |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 2,420,000 | $2.3M | Reduce -34.1% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 2,500,000 | $2.2M | Add +594.4% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 2,165,000 | $2.1M | Reduce -48.9% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 1,639,000 | $1.9M | Reduce -58.9% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 2,038,000 | $1.9M | Reduce -55.1% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 1,345,000 | $1.7M | Add +572.5% |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 1,500,000 | $1.6M | Reduce -62.0% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 1,640,000 | $1.6M | Add +1071.4% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 1,610,000 | $1.5M | Reduce -24.0% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 1,363,000 | $1.4M | No change |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 1,005,000 | $1.3M | Add +77.9% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 1,200,000 | $1.2M | Reduce -97.7% |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 1,088,000 | $1.1M | Add +10.5% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 989,000 | $1.0M | New |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 900,000 | $883K | Reduce -14.3% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 850,000 | $852K | No change |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 663,500 | $834K | Reduce -96.3% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 800,000 | $818K | New |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 576,000 | $816K | Reduce -53.0% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 746,000 | $744K | Reduce -85.4% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 155,000 | $710K | Reduce -84.9% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | 598,000 | $675K | Add +14.3% |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 622,000 | $649K | Reduce -6.0% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 700,000 | $647K | Add +10.2% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 443,000 | $644K | Reduce -86.1% |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 640,000 | $597K | No change |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 366,000 | $486K | Add +14.4% |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 385,000 | $463K | Reduce -76.2% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 410,000 | $425K | Reduce -59.3% |
| XOMETRY INC (XMTR 1 02/01/27) | NOTE 1.000% 2/0 · principal | 273,000 | $343K | No change |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 264,000 | $315K | Add +10.5% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 322,000 | $311K | Reduce -2.1% |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | 273,000 | $288K | New |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 280,000 | $287K | Add +4566.7% |
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | 22,410 | $277K | Reduce -85.7% |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | 195,000 | $267K | Reduce -37.7% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 260,000 | $262K | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 230,000 | $258K | No change |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 165,000 | $235K | New |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 200,000 | $225K | No change |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 10,973 | $211K | Reduce -2.9% |
| WORKIVA INC (WK 1.125 08/15/26) | NOTE 1.125% 8/1 · principal | 175,000 | $207K | New |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 200,000 | $202K | No change |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 199,000 | $198K | Add +226.2% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 174,000 | $191K | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 150,000 | $190K | New |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% · principal | 8,072 | $179K | Add +11.0% |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 145,000 | $171K | New |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 115,000 | $157K | No change |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 154,000 | $153K | Reduce -97.1% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 165,000 | $149K | New |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 160,000 | $148K | No change |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 145,000 | $145K | Add +8.2% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 145,000 | $143K | No change |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 60,000 | $115K | No change |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 69,000 | $98K | New |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 80,000 | $90K | New |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 31,000 | $88K | Reduce -96.4% |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 75,000 | $71K | New |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 50,000 | $52K | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F · principal | 2,001 | $38K | Add +0.1% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 37,000 | $37K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A · principal | 17,765 | $22K | Reduce -3.5% |
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | 11,000 | $15K | No change |
| WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) | NOTE 3.250% 6/1 · principal | 10,000 | $12K | No change |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 10,000 | $10K | Reduce -44.4% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 10,000 | $10K | No change |
| JETBLUE AIRWAYS CORP (JBLU 2.5 09/01/29) | NOTE 2.500% 9/0 · principal | 10,000 | $10K | Reduce -33.3% |
| 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 | No change |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 10,000 | $9K | No change |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A · principal | 12,552 | $9K | Add +264.6% |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E · principal | 270 | $8K | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E · principal | 401 | $8K | No change |
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | 58,000 | $8K | Reduce -22.7% |
| M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 3,000 | $6K | No change |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L · principal | 4,236 | $5K | Reduce -2.3% |
| UPSTART HOLDINGS INC (UPST 1 11/15/30) | NOTE 1.000%11/1 · principal | 6,200 | $5K | New |
| ASTLW Algoma Steel Group Inc. -CW26 | *W EXP 10/19/202 | 59,403 | $4K | Reduce -16.1% |
| LATAW Galata Acquisition Corp. - 30 | *W EXP 09/12/203 | 7,546 | $3K | Reduce -9.4% |
| RNGTW Range Capital Acquisition Co. | *W EXP 09/29/203 | 10,575 | $3K | New |
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 2,000 | $2K | Reduce -0.1% |
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 2,760 | $2K | Reduce -19.4% |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 · principal | 3,325 | $2K | No change |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D · principal | 2,710 | $1K | Add +211.8% |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 14 | $1K | Add +366.7% |
| GME.WS Gamestop Corp. | *W EXP 10/30/202 | 670 | $1K | Reduce -51.7% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV · principal | 1,500 | $1K | No change |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 274 | $1K | No change |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 2,108 | $1K | New |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 2,041 | $1K | New |
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 10/28/203 | 300 | $1K | New |
| FCRS.WS Futurecrest Acquisition Corp. | *W EXP 09/30/203 | 977 | $1K | Reduce -38.1% |
| HCMAW HCM III Acquisition Corp. -30 | *W EXP 07/23/203 | 1,166 | $1K | No change |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 3,296 | $1K | No change |
| MNYWW Moneyhero Ltd.-28 | *W EXP 09/13/202 | 27,975 | $1K | Add +0.9% |
| MBVIW M3-Brigade Acquisition Vi Co. | *W EXP 08/18/203 | 2,000 | $1K | Reduce -30.6% |
| BLZRW Trailblazer Acqui Corp. -30 | *W EXP 09/30/203 | 1,540 | $1K | Reduce -34.9% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG · principal | 1,095 | $640 | No change |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A · principal | 585 | $350 | No change |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% · principal | 500 | $290 | No change |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C · principal | 500 | $240 | No change |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF · principal | 47 | $40 | No change |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 156 | $0 | Add +129.4% |
| BKKT.WS Bakkt Holdings Inc. -CW26 | *W EXP 10/25/202 | 500 | $0 | Add +100.0% |
| BCTXW Briacell Therapeutics -CW27 | *W EXP 02/26/202 | 225 | $0 | New |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 · principal | 1 | $0 | New |
| 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 |
| GROY.WS Gold Royalty Corp. -29 | *W EXP 05/31/202 | 99 | $0 | Add +280.8% |
| ORGNW Origin Materials -CW26 | *W EXP 06/25/202 | 500 | $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 |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 · principal | 8 | $0 | New |
| USGOW US Goldmining Inc.-28 | *W EXP 99/99/999 | 100 | $0 | No change |
| MAPSW WM Technology Inc.-CW24 | *W EXP 06/16/202 | 440 | $0 | New |
| ATMCR Alphatime Acquisition-Right | RIGHT 03/01/2028 | 106 | $0 | New |
| APADR A Paradise Acquisition Corp. | RIGHT 07/29/2025 | 14 | $0 | New |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | 100 | $0 | Reduce -96.2% |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | 1,000 | $0 | No change |
| GRABW Grab Holdings Ltd.-CW 26 | *W EXP 99/99/999 | 1,180 | $0 | Add +883.3% |
| RNWWW Renew Energy Global -CW26 | *W EXP 08/21/202 | 633 | $0 | Add +171.7% |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | 5 | $0 | Reduce -66.7% |
| DSX.WS Diana Shipping Inc.-28 | *W EXP 12/14/202 | 368 | $0 | Add +66.5% |
Total filed on the 13F, all lines: $568.7B.
Portfolio Sells Q3 2025 → Q4 2025
| BMO Bank of Montreal | Reduce -23.5% | 1.14% | −0.38 |
| TRP TC Energy Corp. | Reduce -26.3% | 0.91% | −0.33 |
| MSFT Microsoft Corp. | Reduce -1.2% | 3.19% | −0.31 |
| AMZN Amazon.com Inc. | Reduce -15.2% | 2.01% | −0.27 |
| ENB Enbridge Inc. | Reduce -16.9% | 0.94% | −0.27 |
| TU Telus Corp. | Reduce -36.1% | 0.29% | −0.26 |
| HD Home Depot Inc. | Reduce -22.2% | 0.47% | −0.25 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -15.7% | 1.07% | −0.19 |
| PBA Pembina Pipeline Corp. | Reduce -24.2% | 0.28% | −0.12 |
| PANW Palo Alto Networks Inc. | Reduce -23.4% | 0.25% | −0.11 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -19.2% | 0.49% | −0.11 |
| CNQ Canadian Natural Resources | Reduce -15.6% | 0.67% | −0.09 |
| BNS Bank of Nova Scotia | Reduce -17.9% | 1.06% | −0.09 |
| CM Can Imperial BK of Commerce | Reduce -17.3% | 1.05% | −0.08 |
| BX Blackstone Inc. | Reduce -15.4% | 0.22% | −0.07 |
| BN Brookfield Corp. | Reduce -6.3% | 0.92% | −0.07 |
| BAM Brookfield Asset Mgmt-A | Reduce -18.8% | 0.19% | −0.07 |
| TMUS T-Mobile US Inc. | Reduce -26.1% | 0.11% | −0.07 |
| MSTR Strategy Inc. | Reduce -26.2% | 0.03% | −0.06 |
| FAST Fastenal Co. | Reduce -38.7% | 0.06% | −0.06 |
| TRI Thomson Reuters Corp. | Reduce -4.2% | 0.23% | −0.06 |
| SO The Southern Co. | Reduce -24.0% | 0.12% | −0.05 |
| BLK BlackRock Inc. | Reduce -10.3% | 0.23% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -5.0% | 0.35% | −0.05 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -49.3% | 0.05% | −0.05 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -46.0% | 0.04% | −0.05 |
| KMB Kimberly-Clark Corp. | Reduce -49.1% | 0.03% | −0.04 |
| AEM Agnico Eagle Mines Ltd. | Reduce -8.3% | 0.44% | −0.04 |
| IEMG iShares Core MSCI Emerging | Reduce -32.2% | 0.09% | −0.04 |
| TROW T Rowe Price Group Inc. | Reduce -85.1% | 0.01% | −0.04 |
| SLF Sun Life Financial Inc. | Reduce -10.1% | 0.50% | −0.04 |
| BSX Boston Scientific Corp. | Reduce -28.0% | 0.09% | −0.04 |
| QSR Restaurant Brands Intern | Reduce -19.6% | 0.22% | −0.04 |
| ROP Roper Technologies Inc. | Reduce -55.4% | 0.03% | −0.04 |
| CP Canadian Pacific Kansas City | Reduce -2.9% | 0.69% | −0.04 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -83.4% | 0.01% | −0.04 |
| MFC Manulife Financial Corp. | Reduce -16.5% | 0.85% | −0.04 |
| LNG Cheniere Energy Inc. | Reduce -6.0% | 0.12% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -1.5% | 0.47% | −0.04 |
| SHOP Shopify Inc. Class A | Reduce -12.0% | 0.56% | −0.03 |
| WMB Williams Cos Inc. | Reduce -14.1% | 0.14% | −0.03 |
| BRO Brown & Brown Inc. | Reduce -30.5% | 0.05% | −0.03 |
| TFC Truist Financial Corp. | Reduce -37.3% | 0.07% | −0.03 |
| SOBO South Bow Corp. | Reduce -26.5% | 0.08% | −0.03 |
| NSC Norfolk Southern Corp. | Reduce -44.7% | 0.04% | −0.03 |
| TD Toronto-Dominion Bank | Reduce -15.4% | 2.01% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -33.2% | 0.04% | −0.03 |
| BEN Franklin Templeton Inc. | Reduce -90.7% | 0.00% | −0.03 |
| XLY SS Consumer Disc Select Sect | Reduce -54.1% | 0.03% | −0.03 |
| D Dominion Energy Inc. | Reduce -37.0% | 0.05% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | Add +496.2% | 2.36% | +1.97 |
| IVV iShares Core S&P 500 ETF | Add +37.9% | 3.43% | +0.97 |
| GOOGL Alphabet Inc. Class A | Add +21.0% | 2.08% | +0.73 |
| AAPL Apple Inc. | Add +11.8% | 3.36% | +0.51 |
| GOOG Alphabet Inc. Class C | Add +17.1% | 1.40% | +0.46 |
| LLY Eli Lilly & Co. | Add +7.8% | 0.83% | +0.28 |
| NVDA Nvidia Corp. | Add +8.1% | 3.36% | +0.21 |
| TMO Thermo Fisher Scientific Inc. | Add +48.2% | 0.41% | +0.18 |
| AVGO Broadcom Inc. | Add +9.5% | 1.48% | +0.18 |
| META Meta Platforms Inc. Class A | Add +26.5% | 1.22% | +0.13 |
| PLD Prologis Inc. | Add +63.1% | 0.20% | +0.09 |
| WMT Walmart Inc. | Add +11.2% | 0.51% | +0.08 |
| HDB HDFC Bank Ltd.-ADR | Add +31.1% | 0.26% | +0.07 |
| MU Micron Technology Inc. | Add +8.1% | 0.15% | +0.07 |
| PLTR Palantir Technologies Inc. Class A | Add +50.3% | 0.21% | +0.06 |
| MS Morgan Stanley | Add +15.8% | 0.28% | +0.06 |
| GS Goldman Sachs Group Inc. | Add +18.7% | 0.26% | +0.06 |
| BA The Boeing Co. | Add +32.5% | 0.24% | +0.06 |
| CSCO Cisco Systems Inc. | Add +5.8% | 0.35% | +0.05 |
| MRK Merck & Co. Inc. | Add +3.0% | 0.24% | +0.05 |
| RTX RTX Corp. | Add +23.2% | 0.21% | +0.05 |
| JNJ Johnson & Johnson | Add +0.7% | 0.52% | +0.05 |
| TSLA Tesla Inc. | Add +9.5% | 0.60% | +0.05 |
| AHR American Healthcare REIT Inc. | Add +2984.1% | 0.05% | +0.05 |
| TSM Taiwan Semiconductor-SP ADR | Add +7.1% | 0.35% | +0.05 |
| AMGN Amgen Inc. | Add +3.9% | 0.27% | +0.04 |
| BAC Bank of America Corp. | Add +5.8% | 0.42% | +0.04 |
| CAT Caterpillar Inc. | Add +0.6% | 0.25% | +0.04 |
| KO The Coca-Cola Co. | Add +9.1% | 0.33% | +0.04 |
| ADI Analog Devices Inc. | Add +37.1% | 0.12% | +0.04 |
| HLI Houlihan Lokey Inc. | Add +362.1% | 0.05% | +0.04 |
| EZU iShares MSCI Eurozone ETF | Add +148.7% | 0.06% | +0.04 |
| BGSI Boyd Group Services Inc. | New | 0.04% | +0.04 |
| AXP American Express Co. | Add +24.6% | 0.13% | +0.04 |
| GWRE Guidewire Software Inc. | Add +403.3% | 0.05% | +0.03 |
| XOM Exxon Mobil Corp. | Add +3.5% | 0.41% | +0.03 |
| WDC Western Digital Corp. | Add +62.2% | 0.06% | +0.03 |
| WCN Waste Connections Inc. | Add +11.7% | 0.37% | +0.03 |
| TTE Totalenergies SE | Add +80.2% | 0.07% | +0.03 |
| GE General Electric | Add +14.4% | 0.23% | +0.03 |
| AMAT Applied Materials Inc. | Add +5.1% | 0.13% | +0.03 |
| MRVL Marvell Technology Inc. | Add +99.6% | 0.06% | +0.03 |
| MMYT Makemytrip Ltd. | Add +780.3% | 0.03% | +0.03 |
| EWJ iShares MSCI Japan ETF | Add +254.4% | 0.04% | +0.03 |
| CVX Chevron Corp. | Add +11.5% | 0.34% | +0.03 |
| IWF iShares Russell 1000 Growth | Add +16.2% | 0.17% | +0.02 |
| TWLO Twilio Inc. Class A | Add +3.9% | 0.07% | +0.02 |
| C Citigroup Inc. | Add +0.8% | 0.18% | +0.02 |
| QQQM Invesco Nasdaq 100 ETF | Add +62.9% | 0.06% | +0.02 |
| MRSH Marsh & McLennan Cos | Add +40.4% | 0.10% | +0.02 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -19.8% | 9,094,100 | $6.2B |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -13.8% | 7,590,800 | $5.2B |
| IWM iShares Russell 2000 ETF | put | Reduce -17.4% | 14,148,100 | $3.5B |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -4.3% | 3,670,900 | $2.3B |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -5.2% | 3,443,400 | $2.1B |
| BNS Bank of Nova Scotia | put | Add +1.4% | 21,815,200 | $1.6B |
| IWM iShares Russell 2000 ETF | call | Reduce -30.1% | 4,508,400 | $1.1B |
| NVDA Nvidia Corp. | put | Add +6.4% | 4,749,000 | $885.7M |
| BMO Bank of Montreal | put | Add +13.5% | 5,720,000 | $742.4M |
| XLE SS Energy Select Sector | put | Reduce -18.5% | 15,167,200 | $678.1M |
| CM Can Imperial BK of Commerce | put | Add +17.5% | 7,283,000 | $659.9M |
| MSFT Microsoft Corp. | put | Add +882.3% | 1,329,100 | $642.8M |
| TSLA Tesla Inc. | put | Add +0.5% | 1,421,200 | $639.1M |
| XLF SS Financial Select Sector | put | Reduce -6.6% | 8,961,000 | $490.8M |
| NVDA Nvidia Corp. | call | Reduce -59.0% | 2,629,300 | $490.4M |
| SU Suncor Energy Inc. | put | Add +5.5% | 9,290,000 | $412.1M |
| RCI Rogers Communications Inc. Class B | put | Add +9.8% | 10,041,200 | $378.9M |
| AAPL Apple Inc. | call | Reduce -44.3% | 1,362,200 | $370.3M |
| CM Can Imperial BK of Commerce | call | Add +24.0% | 4,057,100 | $367.6M |
| CNQ Canadian Natural Resources | put | Add +5.3% | 10,386,000 | $351.6M |
| ENB Enbridge Inc. | put | Add +7.4% | 7,250,000 | $346.8M |
| EFA iShares MSCI Eafe ETF | put | Reduce -23.5% | 3,434,500 | $329.8M |
| TU Telus Corp. | put | Add +16.2% | 24,590,300 | $323.9M |
| BNS Bank of Nova Scotia | call | Add +5.4% | 4,366,500 | $321.8M |
| TD Toronto-Dominion Bank | put | Add +8.1% | 3,334,500 | $314.1M |
| WFC Wells Fargo & Co. | put | Add +2.1% | 3,337,800 | $311.1M |
| AMZN Amazon.com Inc. | call | Add +53.8% | 1,265,200 | $292.0M |
| MFC Manulife Financial Corp. | put | Add +30.1% | 7,994,500 | $290.0M |
| AMZN Amazon.com Inc. | put | Add +232.6% | 1,233,100 | $284.6M |
| AVGO Broadcom Inc. | call | Sold out | 820,000 | $270.5Mbefore exit |
| BCE Bce Inc. | put | Reduce -28.7% | 11,070,600 | $263.7M |
| TSLA Tesla Inc. | call | Reduce -57.5% | 568,000 | $255.4M |
| TRP TC Energy Corp. | put | Reduce -0.5% | 4,407,000 | $242.4M |
| BRK.B Berkshire Hathaway Inc. Class B | put | Add +19816.7% | 478,000 | $240.3M |
| DASH DoorDash Inc. Class A | put | Add +1.9% | 1,006,100 | $227.9M |
| SLF Sun Life Financial Inc. | put | Add +50.6% | 3,643,200 | $227.3M |
| GOOG Alphabet Inc. Class C | put | Add +3504.5% | 720,900 | $226.2M |
| BCE Bce Inc. | call | Add +2.4% | 9,458,900 | $225.3M |
| BRK.B Berkshire Hathaway Inc. Class B | call | Reduce -5.2% | 424,100 | $213.2M |
| GOOG Alphabet Inc. Class C | call | Reduce -6.2% | 665,000 | $208.7M |
| CCL Carnival Corp. | put | Add +4127.6% | 6,130,000 | $187.2M |
| GOOGL Alphabet Inc. Class A | put | Add +12.8% | 593,100 | $185.6M |
| CVX Chevron Corp. | call | Reduce -9.8% | 1,124,700 | $171.4M |
| MSTR Strategy Inc. | put | Reduce -9.7% | 1,112,800 | $169.1M |
| LRCX Lam Research Corp. | call | Add +2343.9% | 984,900 | $168.6M |
| CCJ Cameco Corp. | put | Add +434.3% | 1,805,400 | $165.2M |
| RY Royal Bank of Canada | call | Add +19.9% | 960,000 | $163.7M |
| LLY Eli Lilly & Co. | put | Add +75100.0% | 150,400 | $161.6M |
| META Meta Platforms Inc. Class A | put | Add +742.5% | 240,100 | $158.5M |
| GS Goldman Sachs Group Inc. | put | Reduce -15.4% | 170,500 | $149.9M |
Showing the first 50 of 506.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | New | 20,844,000 | $22.3M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Sold out | 19,303,000 | $21.7Mbefore exit |
| PENNYMAC CORP (PMT 8.5 06/01/29) | NOTE 8.500% 6/0 · principal | New | 20,000,000 | $21.2M |
| SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) | NOTE 0.250%10/0 · principal | New | 18,463,000 | $20.0M |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | New | 19,651,000 | $19.7M |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | Sold out | 12,425,000 | $18.9Mbefore exit |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | Add +7.8% | 16,431,000 | $17.8M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +35.0% | 16,636,000 | $16.6M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Reduce -40.3% | 16,510,000 | $16.5M |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | Reduce -18.8% | 6,494,000 | $10.3M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Add +14.0% | 8,766,000 | $9.8M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +82.2% | 9,612,000 | $9.7M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Add +26.9% | 7,947,000 | $9.0M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Sold out | 4,527,000 | $8.3Mbefore exit |
| SNOWFLAKE INC (SNOW 0 10/01/29) | NOTE 10/0 · principal | Add +150.0% | 5,000,000 | $7.7M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 6,493,000 | $6.8Mbefore exit |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | Add +314.7% | 5,826,000 | $6.8M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Add +3117.0% | 5,855,000 | $6.7M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Add +214.2% | 5,493,000 | $6.4M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -8.3% | 5,546,000 | $6.3M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Reduce -8.4% | 6,311,000 | $6.2M |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | Add +73.0% | 6,221,000 | $6.0M |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Sold out | 3,000,000 | $6.0Mbefore exit |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | New | 4,751,000 | $5.2M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -16.2% | 5,000,000 | $5.1M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Reduce -9.1% | 5,024,000 | $5.1M |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | Add +19.6% | 4,542,000 | $4.6M |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | Reduce -9.9% | 4,536,000 | $4.4M |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | Add +24.4% | 4,323,000 | $4.3M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -3.4% | 4,671,000 | $4.2M |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | Add +177.7% | 4,362,000 | $4.1M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Reduce -39.7% | 4,032,000 | $4.0M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -38.5% | 4,312,000 | $4.0M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +24.2% | 3,832,000 | $3.8M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Reduce -17.3% | 3,909,000 | $3.7M |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | Sold out | 3,746,000 | $3.7Mbefore exit |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Add +586.5% | 3,769,000 | $3.6M |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | Sold out | 3,653,000 | $3.5Mbefore exit |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | New | 2,294,000 | $3.1M |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | New | 2,583,000 | $3.1M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -29.5% | 3,140,000 | $3.0M |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | Reduce -32.5% | 3,175,000 | $3.0M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +57.5% | 2,877,000 | $2.8M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Sold out | 1,893,000 | $2.8Mbefore exit |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | Reduce -22.6% | 2,811,000 | $2.6M |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Reduce -19.8% | 2,640,000 | $2.5M |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Sold out | 2,473,000 | $2.4Mbefore exit |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | Add +165.0% | 2,650,000 | $2.4M |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | Reduce -51.3% | 2,371,000 | $2.4M |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Reduce -34.1% | 2,420,000 | $2.3M |
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 |