RWC Asset Management LLP
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 31, 2024), RWC Asset Management LLP reported 69 stock positions worth $1.4 billion. Its top holding was HP (HPQ) at 9.9% of the portfolio, followed by Cisco Systems (CSCO, 5.9%) and Barrick Gold (B, 4.0%). Compared with Q2 2024, it opened 19 new positions, sold out of 4, added to 18 and reduced 29. The biggest buy was a new position in Molson Coors Beverage Class B (TAP) and the biggest sale PDD (PDD, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001520478
- Portfolio Value
- $1.4B (Q3 2024)
- SEC Filing
- 0001398344-24-019697 ↗ filed Oct 31, 2024
Holdings Value
Holdings 69 stocks · $1.4B
| HPQ HP Inc. | 9.94% | 3,872,786 | $138.9M | Add +1.3% |
| CSCO Cisco Systems Inc. | 5.94% | 1,559,103 | $83.0M | Reduce -0.7% |
| B Barrick Gold Corp. | 4.05% | 2,844,586 | $56.6M | Reduce -23.2% |
| AMT American Tower Corp. | 3.91% | 235,114 | $54.7M | Reduce -0.8% |
| EXC Exelon Corp. | 3.27% | 1,127,775 | $45.7M | Add +112.2% |
| OMC Omnicom Group | 3.16% | 427,207 | $44.2M | Reduce -0.8% |
| MELI MercadoLibre Inc. | 3.13% | 21,332 | $43.8M | Reduce -13.5% |
| KDP Keurig Dr Pepper Inc. | 3.10% | 1,154,179 | $43.3M | Reduce -0.8% |
| SYY Sysco Corp. | 2.87% | 514,569 | $40.2M | Reduce -0.8% |
| JNJ Johnson & Johnson | 2.74% | 236,328 | $38.3M | Reduce -0.8% |
| GFI Gold Fields Ltd.-Spons ADR | 2.73% | 2,483,206 | $38.1M | Reduce -30.8% |
| TAP Molson Coors Beverage Co. Class B | 2.61% | 634,093 | $36.5M | New |
| LEA Lear Corp. | 2.60% | 333,217 | $36.4M | Add +8755.1% |
| PEP Pepsico Inc. | 2.48% | 204,041 | $34.7M | Reduce -0.8% |
| BABA Alibaba Group Holding-SP ADR | 2.23% | 293,541 | $31.2M | Add +67.4% |
| INFY Infosys Ltd.-SP ADR | 2.20% | 1,379,820 | $30.7M | Reduce -0.8% |
| ABEV Ambev SA-ADR | 2.18% | 12,511,336 | $30.5M | Reduce -0.9% |
| PM Philip Morris International | 2.13% | 245,620 | $29.8M | Reduce -0.9% |
| MRK Merck & Co. Inc. | 2.03% | 250,082 | $28.4M | Reduce -0.8% |
| PBR Petroleo Brasileiro-Spon ADR | 2.01% | 1,952,477 | $28.1M | Add +17.4% |
| BRX Brixmor Property Group Inc. | 1.96% | 984,673 | $27.4M | Add +18.5% |
| PAYX Paychex Inc. | 1.96% | 204,291 | $27.4M | Reduce -0.8% |
| ES Eversource Energy | 1.92% | 394,232 | $26.8M | Add +17.4% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 1.89% | 1,241,855 | $26.3M | Add +28.0% |
| CMS CMS Energy Corp. | 1.81% | 358,273 | $25.3M | Reduce -0.9% |
| CX Cemex Sab-Spons ADR Part Cer | 1.75% | 4,014,080 | $24.5M | Reduce -16.7% |
| FRT Federal Realty Invs Trust | 1.72% | 209,547 | $24.1M | Add +19.9% |
| BZ Kanzhun Ltd. - ADR | 1.39% | 1,121,871 | $19.5M | Reduce -27.2% |
| CWEN Clearway Energy Inc. Class C | 1.33% | 606,910 | $18.6M | New |
| LI Li Auto Inc. - ADR | 1.31% | 714,377 | $18.3M | Add +67.6% |
| NEM Newmont Corp. | 1.25% | 326,214 | $17.4M | No change |
| D Dominion Energy Inc. | 1.11% | 267,392 | $15.5M | New |
| QCOM Qualcomm Inc. | 1.08% | 88,751 | $15.1M | Reduce -52.8% |
| BSAC Banco Santander-Chile-ADR | 1.03% | 694,750 | $14.4M | Reduce -12.8% |
| LOMA Loma Negra Cia Ind-Spon ADR | 1.00% | 1,736,687 | $14.0M | Add +20.2% |
| NEE Nextera Energy Inc. | 0.99% | 163,015 | $13.8M | New |
| CPA Copa Holdings SA Class A | 0.97% | 144,468 | $13.6M | Add +151.2% |
| XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP | 0.90% | 454,745 | $12.6M | New |
| TCOM Trip.com Group Ltd.-ADR | 0.89% | 209,944 | $12.5M | New |
| AVA Avista Corp. | 0.88% | 316,017 | $12.2M | New |
| ZTO Zto Express Cayman Inc.-ADR | 0.83% | 467,789 | $11.6M | New |
| EIX Edison International | 0.81% | 129,861 | $11.3M | New |
| VIST Vista Energy Sab DE CV | 0.73% | 230,432 | $10.2M | Reduce -15.6% |
| TEO Telecom Argentina SA-SP ADR | 0.65% | 1,200,955 | $9.1M | Add +223.2% |
| CEG Constellation Energy | 0.58% | 31,186 | $8.1M | New |
| LAR Lithium Americas Argentina C | 0.49% | 2,070,602 | $6.8M | Add +28.9% |
| PEG Public Service Enterprise GP | 0.43% | 66,649 | $5.9M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.42% | 138,446 | $5.8M | Add +28.9% |
| KOS Kosmos Energy Ltd. | 0.39% | 1,366,801 | $5.5M | Reduce -45.7% |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 0.37% | 298,019 | $5.2M | No change |
| GTE Gran Tierra Energy Inc. | 0.35% | 772,507 | $4.9M | No change |
| RUN Sunrun Inc. | 0.31% | 241,689 | $4.4M | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.28% | 41,523 | $4.0M | New |
| ORA Ormat Technologies Inc. | 0.20% | 36,894 | $2.8M | New |
| JMIA Jumia Technologies AG-ADR | 0.17% | 439,735 | $2.3M | New |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 0.09% | 42,168 | $1.3M | Reduce -20.4% |
| TAL Tal Education Group- ADR | 0.08% | 91,058 | $1.1M | Add +14.8% |
| PDD PDD Holdings Inc. | 0.07% | 6,842 | $922K | Reduce -96.9% |
| VZ Verizon Communications Inc. | 0.05% | 16,424 | $738K | Add +2.2% |
| COF Capital One Financial Corp. | 0.03% | 2,956 | $443K | Reduce -24.1% |
| JXN Jackson Financial Inc. Class A | 0.03% | 4,760 | $434K | Reduce -23.4% |
| LLY Eli Lilly & Co. | 0.03% | 434 | $384K | Add +19.9% |
| SYF Synchrony Financial | 0.03% | 7,091 | $354K | Reduce -23.3% |
| IPG Interpublic Group of Cos Inc. | 0.02% | 9,786 | $310K | Reduce -24.1% |
| DAL Delta Air Lines Inc. | 0.02% | 5,793 | $294K | Reduce -24.1% |
| BSX Boston Scientific Corp. | 0.02% | 2,718 | $228K | New |
| INSM Insmed Inc. | 0.02% | 3,084 | $225K | New |
| EXAS Exact Sciences Corp. | 0.02% | 3,246 | $221K | New |
| HOLX Hologic Inc. | 0.02% | 2,629 | $214K | New |
Other holdings (52): bonds, preferreds, convertibles and warrants · $326.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 34,500,000 | $35.0M | New |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 19,000,000 | $19.4M | New |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 19,000,000 | $19.2M | New |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 13,000,000 | $13.2M | No change |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 12,500,000 | $12.6M | Add +47.1% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 10,000,000 | $11.1M | No change |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 12,000,000 | $10.6M | Reduce -29.4% |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 10,000,000 | $10.3M | Add +38.9% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 7,500,000 | $9.1M | Reduce -16.7% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 8,500,000 | $9.0M | No change |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 8,000,000 | $8.4M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 6,700,000 | $8.2M | Reduce -16.3% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 8,000,000 | $8.0M | Reduce -5.9% |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 6,100,000 | $7.3M | Reduce -9.0% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 7,800,000 | $7.1M | Add +14.7% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 4,500,000 | $6.4M | New |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 6,000,000 | $6.4M | No change |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 5,400,000 | $6.1M | Add +22.7% |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 5,000,000 | $6.0M | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 4,900,000 | $6.0M | Add +25.6% |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 4,000,000 | $5.9M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 5,800,000 | $5.7M | Reduce -14.7% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 6,000,000 | $5.5M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 4,000,000 | $4.9M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 4,100,000 | $4.8M | Reduce -10.9% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 4,000,000 | $4.8M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 5,000,000 | $4.7M | Reduce -65.5% |
| NCL CORPORATION LTD (NCLH 5.375 08/01/25) | NOTE 5.375% 8/0 · principal | 3,700,000 | $4.6M | Reduce -22.9% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 3,700,000 | $4.4M | Reduce -13.9% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 3,500,000 | $4.1M | New |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 3,700,000 | $3.8M | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 4,000,000 | $3.7M | New |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 3,000,000 | $3.5M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 3,500,000 | $3.4M | No change |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 3,700,000 | $3.3M | New |
| ZILLOW GROUP INC (Z 1.375 09/01/26) | NOTE 1.375% 9/0 · principal | 2,100,000 | $3.1M | Reduce -67.2% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,700,000 | $3.0M | Reduce -10.0% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 2,500,000 | $2.9M | New |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 3,000,000 | $2.8M | No change |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 2,300,000 | $2.8M | Reduce -45.2% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 2,500,000 | $2.8M | New |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 2,100,000 | $2.8M | New |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 2,200,000 | $2.7M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 2,600,000 | $2.7M | Add +23.8% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 2,300,000 | $2.4M | New |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 2,100,000 | $2.4M | Add +23.5% |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | 2,600,000 | $2.4M | Add +18.2% |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 1,800,000 | $2.3M | Add +20.0% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 1,500,000 | $1.8M | Reduce -40.0% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,300,000 | $1.6M | Reduce -62.9% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 15,000 | $910K | New |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | 700,000 | $706K | Reduce -81.6% |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q2 2024 → Q3 2024
| PDD PDD Holdings Inc. | Reduce -96.9% | 0.07% | −2.46 |
| QCOM Qualcomm Inc. | Reduce -52.8% | 1.08% | −2.15 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −2.09 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -30.8% | 2.73% | −1.88 |
| B Barrick Gold Corp. | Reduce -23.2% | 4.05% | −1.27 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −1.12 |
| BZ Kanzhun Ltd. - ADR | Reduce -27.2% | 1.39% | −1.10 |
| GLOB Globant SA | Sold out | 0.00% | −0.97 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -16.7% | 1.75% | −0.90 |
| KOS Kosmos Energy Ltd. | Reduce -45.7% | 0.39% | −0.81 |
| MRK Merck & Co. Inc. | Reduce -0.8% | 2.03% | −0.66 |
| CSCO Cisco Systems Inc. | Reduce -0.7% | 5.94% | −0.48 |
| PEP Pepsico Inc. | Reduce -0.8% | 2.48% | −0.44 |
| MELI MercadoLibre Inc. | Reduce -13.5% | 3.13% | −0.36 |
| VIST Vista Energy Sab DE CV | Reduce -15.6% | 0.73% | −0.34 |
| SYY Sysco Corp. | Reduce -0.8% | 2.87% | −0.32 |
| BSAC Banco Santander-Chile-ADR | Reduce -12.8% | 1.03% | −0.26 |
| JNJ Johnson & Johnson | Reduce -0.8% | 2.74% | −0.26 |
| KDP Keurig Dr Pepper Inc. | Reduce -0.8% | 3.10% | −0.25 |
| OMC Omnicom Group | Reduce -0.8% | 3.16% | −0.17 |
| PAYX Paychex Inc. | Reduce -0.8% | 1.96% | −0.14 |
| IQ Iqiyi Inc.-ADR | Sold out | 0.00% | −0.07 |
| AMT American Tower Corp. | Reduce -0.8% | 3.91% | −0.06 |
| ABEV Ambev SA-ADR | Reduce -0.9% | 2.18% | −0.04 |
| CMS CMS Energy Corp. | Reduce -0.9% | 1.81% | −0.04 |
| INFY Infosys Ltd.-SP ADR | Reduce -0.8% | 2.20% | −0.03 |
| PM Philip Morris International | Reduce -0.9% | 2.13% | −0.03 |
| COF Capital One Financial Corp. | Reduce -24.1% | 0.03% | −0.01 |
| SYF Synchrony Financial | Reduce -23.3% | 0.03% | −0.01 |
| IPG Interpublic Group of Cos Inc. | Reduce -24.1% | 0.02% | −0.01 |
| DAL Delta Air Lines Inc. | Reduce -24.1% | 0.02% | −0.01 |
| JXN Jackson Financial Inc. Class A | Reduce -23.4% | 0.03% | −0.01 |
| QFIN Qfin Holdings Inc.-ADR | Reduce -20.4% | 0.09% | −0.00 |
Portfolio Buys Q2 2024 → Q3 2024
| TAP Molson Coors Beverage Co. Class B | New | 2.61% | +2.61 |
| LEA Lear Corp. | Add +8755.1% | 2.60% | +2.57 |
| EXC Exelon Corp. | Add +112.2% | 3.27% | +1.69 |
| CWEN Clearway Energy Inc. Class C | New | 1.33% | +1.33 |
| BABA Alibaba Group Holding-SP ADR | Add +67.4% | 2.23% | +1.14 |
| D Dominion Energy Inc. | New | 1.11% | +1.11 |
| NEE Nextera Energy Inc. | New | 0.99% | +0.99 |
| XIFR XPLR Infrastructure LP | New | 0.90% | +0.90 |
| TCOM Trip.com Group Ltd.-ADR | New | 0.89% | +0.89 |
| AVA Avista Corp. | New | 0.88% | +0.88 |
| ZTO Zto Express Cayman Inc.-ADR | New | 0.83% | +0.83 |
| EIX Edison International | New | 0.81% | +0.81 |
| LI Li Auto Inc. - ADR | Add +67.6% | 1.31% | +0.65 |
| CEG Constellation Energy | New | 0.58% | +0.58 |
| CPA Copa Holdings SA Class A | Add +151.2% | 0.97% | +0.50 |
| PEG Public Service Enterprise GP | New | 0.43% | +0.43 |
| TEO Telecom Argentina SA-SP ADR | Add +223.2% | 0.65% | +0.42 |
| RUN Sunrun Inc. | New | 0.31% | +0.31 |
| BRX Brixmor Property Group Inc. | Add +18.5% | 1.96% | +0.31 |
| FUTU Futu Holdings Ltd.-ADR | New | 0.28% | +0.28 |
| ES Eversource Energy | Add +17.4% | 1.92% | +0.28 |
| YPF YPF S.A.-Sponsored ADR | Add +28.0% | 1.89% | +0.20 |
| FRT Federal Realty Invs Trust | Add +19.9% | 1.72% | +0.20 |
| ORA Ormat Technologies Inc. | New | 0.20% | +0.20 |
| JMIA Jumia Technologies AG-ADR | New | 0.17% | +0.17 |
| LOMA Loma Negra Cia Ind-Spon ADR | Add +20.2% | 1.00% | +0.16 |
| GGAL Grupo Financiero Galicia-ADR | Add +28.9% | 0.42% | +0.13 |
| LAR Lithium Americas Argentina C | Add +28.9% | 0.49% | +0.04 |
| BSX Boston Scientific Corp. | New | 0.02% | +0.02 |
| INSM Insmed Inc. | New | 0.02% | +0.02 |
| EXAS Exact Sciences Corp. | New | 0.02% | +0.02 |
| HOLX Hologic Inc. | New | 0.02% | +0.02 |
| TAL Tal Education Group- ADR | Add +14.8% | 0.08% | +0.00 |
| LLY Eli Lilly & Co. | Add +19.9% | 0.03% | −0.00 |
| VZ Verizon Communications Inc. | Add +2.2% | 0.05% | −0.00 |
| PBR Petroleo Brasileiro-Spon ADR | Add +17.4% | 2.01% | −0.06 |
| HPQ HP Inc. | Add +1.3% | 9.94% | −1.59 |
Notes & Other Activity Q2 2024 → Q3 2024
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | New | 34,500,000 | $35.0M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | New | 19,000,000 | $19.4M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | New | 19,000,000 | $19.2M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Add +47.1% | 12,500,000 | $12.6M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -29.4% | 12,000,000 | $10.6M |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Add +38.9% | 10,000,000 | $10.3M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -16.7% | 7,500,000 | $9.1M |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Reduce -16.3% | 6,700,000 | $8.2M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Reduce -5.9% | 8,000,000 | $8.0M |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | Reduce -9.0% | 6,100,000 | $7.3M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Add +14.7% | 7,800,000 | $7.1M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | New | 4,500,000 | $6.4M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Add +22.7% | 5,400,000 | $6.1M |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Add +25.6% | 4,900,000 | $6.0M |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | New | 4,000,000 | $5.9M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -14.7% | 5,800,000 | $5.7M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Reduce -10.9% | 4,100,000 | $4.8M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Reduce -65.5% | 5,000,000 | $4.7M |
| NCL CORPORATION LTD (NCLH 5.375 08/01/25) | NOTE 5.375% 8/0 · principal | Reduce -22.9% | 3,700,000 | $4.6M |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | Reduce -13.9% | 3,700,000 | $4.4M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | New | 3,500,000 | $4.1M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Sold out | 4,200,000 | $4.1Mbefore exit |
| WOLF Wolfspeed Inc. (wolf 1.75 05/01/26) | NOTE 1.750% 5/0 · principal | Sold out | 4,300,000 | $3.8Mbefore exit |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Sold out | 3,800,000 | $3.8Mbefore exit |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | New | 4,000,000 | $3.7M |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | New | 3,700,000 | $3.3M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Sold out | 3,500,000 | $3.2Mbefore exit |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Sold out | 2,500,000 | $3.1Mbefore exit |
| ZILLOW GROUP INC (Z 1.375 09/01/26) | NOTE 1.375% 9/0 · principal | Reduce -67.2% | 2,100,000 | $3.1M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Reduce -10.0% | 2,700,000 | $3.0M |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | New | 2,500,000 | $2.9M |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | Reduce -45.2% | 2,300,000 | $2.8M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | New | 2,500,000 | $2.8M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | New | 2,100,000 | $2.8M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | New | 2,200,000 | $2.7M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Add +23.8% | 2,600,000 | $2.7M |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | Sold out | 3,300,000 | $2.7Mbefore exit |
| CINEMARK HOLDINGS INC (CNK 4.5 08/15/25) | NOTE 4.500% 8/1 · principal | Sold out | 1,600,000 | $2.5Mbefore exit |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | New | 2,300,000 | $2.4M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Add +23.5% | 2,100,000 | $2.4M |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | Add +18.2% | 2,600,000 | $2.4M |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Add +20.0% | 1,800,000 | $2.3M |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Sold out | 1,600,000 | $2.3Mbefore exit |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | Sold out | 1,700,000 | $1.9Mbefore exit |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Reduce -40.0% | 1,500,000 | $1.8M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Reduce -62.9% | 1,300,000 | $1.6M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | New | 15,000 | $910K |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | Reduce -81.6% | 700,000 | $706K |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Sold out | 500,000 | $491Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 101 | $2.4B | M, SJM, KHC, CMCSA, HPQ |
| Q1 2026 | 118 | $2.2B | M, CMCSA, HPQ, KHC, EXC |
| Q4 2025 | 109 | $1.8B | M, HPQ, EXC, LEA, GFI |
| Q3 2025 | 117 | $1.8B | M, HPQ, EXC, LEA, CSCO |
| Q2 2025 | 102 | $1.6B | HPQ, M, EXC, CSCO, CEG |
| Q1 2025 | 85 | $1.6B | HPQ, EXC, M, B, CSCO |
| Q4 2024 | 89 | $1.7B | HPQ, EXC, CSCO, B, KDP |
| Q3 2024 | 69 | $1.4B | HPQ, CSCO, B, AMT, EXC |
| Q2 2024 | 54 | $1.2B | HPQ, CSCO, B, GFI, AMT |
| Q1 2024 | 57 | $1.3B | HPQ, QCOM, CSCO, B, GFI |