RWC Asset Management LLP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 4, 2025), RWC Asset Management LLP reported 89 stock positions worth $1.7 billion. Its top holding was HP (HPQ) at 8.7% of the portfolio, followed by Exelon (EXC, 5.3%) and Cisco Systems (CSCO, 3.2%). Compared with Q3 2024, it opened 27 new positions, sold out of 7, added to 43 and reduced 13. The biggest buy was Constellation Energy (CEG, shares +610%) and the biggest sale Cisco Systems (CSCO, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001520478
- Portfolio Value
- $1.7B (Q4 2024)
- SEC Filing
- 0001398344-25-001800 ↗ filed Feb 4, 2025
Holdings Value
Holdings 89 stocks · $1.7B
| HPQ HP Inc. | 8.66% | 4,419,796 | $144.2M | Add +14.1% |
| EXC Exelon Corp. | 5.26% | 2,326,843 | $87.6M | Add +106.3% |
| CSCO Cisco Systems Inc. | 3.20% | 900,120 | $53.3M | Reduce -42.3% |
| B Barrick Gold Corp. | 3.03% | 3,254,263 | $50.4M | Add +14.4% |
| KDP Keurig Dr Pepper Inc. | 3.00% | 1,553,095 | $49.9M | Add +34.6% |
| CEG Constellation Energy | 2.97% | 221,312 | $49.5M | Add +609.6% |
| SYY Sysco Corp. | 2.97% | 646,737 | $49.4M | Add +25.7% |
| NEE Nextera Energy Inc. | 2.90% | 673,317 | $48.3M | Add +313.0% |
| JNJ Johnson & Johnson | 2.83% | 326,297 | $47.2M | Add +38.1% |
| AMT American Tower Corp. | 2.70% | 245,469 | $45.0M | Add +4.4% |
| TAP Molson Coors Beverage Co. Class B | 2.57% | 747,184 | $42.8M | Add +17.8% |
| LEA Lear Corp. | 2.34% | 410,908 | $38.9M | Add +23.3% |
| OMC Omnicom Group | 2.30% | 445,704 | $38.3M | Add +4.3% |
| GFI Gold Fields Ltd.-Spons ADR | 2.15% | 2,710,910 | $35.8M | Add +9.2% |
| CX Cemex Sab-Spons ADR Part Cer | 1.99% | 5,862,677 | $33.1M | Add +46.0% |
| CWEN Clearway Energy Inc. Class C | 1.95% | 1,249,232 | $32.5M | Add +105.8% |
| PEP Pepsico Inc. | 1.94% | 212,793 | $32.4M | Add +4.3% |
| EIX Edison International | 1.91% | 398,812 | $31.8M | Add +207.1% |
| INFY Infosys Ltd.-SP ADR | 1.90% | 1,439,629 | $31.6M | Add +4.3% |
| D Dominion Energy Inc. | 1.88% | 582,044 | $31.3M | Add +117.7% |
| PAYX Paychex Inc. | 1.79% | 213,103 | $29.9M | Add +4.3% |
| BRX Brixmor Property Group Inc. | 1.72% | 1,027,361 | $28.6M | Add +4.3% |
| PBR Petroleo Brasileiro-Spon ADR | 1.66% | 2,142,912 | $27.6M | Add +9.8% |
| MRK Merck & Co. Inc. | 1.56% | 261,055 | $26.0M | Add +4.4% |
| CMS CMS Energy Corp. | 1.50% | 373,757 | $24.9M | Add +4.3% |
| FRT Federal Realty Invs Trust | 1.47% | 218,493 | $24.5M | Add +4.3% |
| XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP | 1.46% | 1,364,442 | $24.3M | Add +200.1% |
| ABEV Ambev SA-ADR | 1.45% | 13,063,556 | $24.2M | Add +4.4% |
| ES Eversource Energy | 1.42% | 410,872 | $23.6M | Add +4.2% |
| LI Li Auto Inc. - ADR | 1.36% | 945,715 | $22.7M | Add +32.4% |
| HUBB Hubbell Inc. | 1.34% | 53,414 | $22.4M | New |
| MELI MercadoLibre Inc. | 1.24% | 12,141 | $20.6M | Reduce -43.1% |
| VST Vistra Corp. | 1.19% | 143,341 | $19.8M | New |
| AVA Avista Corp. | 1.18% | 538,517 | $19.7M | Add +70.4% |
| TEL Te Connectivity PLC | 1.12% | 130,808 | $18.7M | New |
| PEG Public Service Enterprise GP | 1.12% | 219,967 | $18.6M | Add +230.0% |
| BABA Alibaba Group Holding-SP ADR | 1.10% | 215,118 | $18.2M | Reduce -26.7% |
| PM Philip Morris International | 1.01% | 139,371 | $16.8M | Reduce -43.3% |
| FSLR First Solar Inc. | 1.01% | 95,012 | $16.7M | New |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.96% | 1,337,660 | $16.0M | Reduce -23.0% |
| TECK Teck Resources Ltd.-CLS B | 0.78% | 319,847 | $13.0M | New |
| CPA Copa Holdings SA Class A | 0.76% | 144,468 | $12.7M | No change |
| VIST Vista Energy Sab DE CV | 0.75% | 230,432 | $12.5M | No change |
| NEM Newmont Corp. | 0.73% | 326,214 | $12.1M | No change |
| AEP American Electric Power | 0.73% | 131,601 | $12.1M | New |
| NXPI NXP Semiconductors NV | 0.73% | 58,188 | $12.1M | New |
| TEO Telecom Argentina SA-SP ADR | 0.70% | 931,538 | $11.7M | Reduce -22.4% |
| SUPV Grupo Supervielle SA-SP ADR | 0.68% | 744,609 | $11.3M | New |
| ORA Ormat Technologies Inc. | 0.67% | 165,599 | $11.2M | Add +348.9% |
| BSAC Banco Santander-Chile-ADR | 0.64% | 568,859 | $10.7M | Reduce -18.1% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.64% | 250,775 | $10.7M | Reduce -79.8% |
| XEL Xcel Energy Inc. | 0.61% | 151,181 | $10.2M | New |
| SO The Southern Co. | 0.60% | 120,483 | $9.9M | New |
| AEE Ameren Corporation | 0.56% | 104,746 | $9.3M | New |
| DTE DTE Energy Company | 0.54% | 74,211 | $9.0M | New |
| WM Waste Management Inc. | 0.43% | 35,475 | $7.2M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.40% | 105,733 | $6.6M | Reduce -23.6% |
| LNT Alliant Energy Corp. | 0.38% | 106,147 | $6.3M | New |
| GTE Gran Tierra Energy Inc. | 0.34% | 772,507 | $5.7M | No change |
| JMIA Jumia Technologies AG-ADR | 0.34% | 1,473,192 | $5.6M | Add +235.0% |
| LAR Lithium Americas Argentina C | 0.33% | 2,070,602 | $5.4M | No change |
| AES AES Corp. | 0.29% | 370,023 | $4.8M | New |
| RUN Sunrun Inc. | 0.27% | 492,403 | $4.6M | Add +103.7% |
| KOS Kosmos Energy Ltd. | 0.27% | 1,316,049 | $4.5M | Reduce -3.7% |
| ZM Zoom Communications Inc. | 0.24% | 49,767 | $4.1M | New |
| ADSK Autodesk Inc. | 0.24% | 13,585 | $4.0M | New |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 0.16% | 141,817 | $2.6M | Reduce -52.4% |
| AWK American Water Works Co. Inc. | 0.16% | 20,932 | $2.6M | New |
| APTV Aptiv PLC | 0.13% | 36,441 | $2.2M | New |
| WTRG Essential Utilities Inc. | 0.13% | 58,349 | $2.1M | New |
| SHLS Shoals Technologies Group -A | 0.11% | 341,918 | $1.9M | New |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 0.10% | 42,168 | $1.6M | No change |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.08% | 17,259 | $1.4M | Reduce -58.4% |
| TAL Tal Education Group- ADR | 0.06% | 93,784 | $940K | Add +3.0% |
| MBLY Mobileye Global Inc. Class A | 0.04% | 36,542 | $728K | New |
| VZ Verizon Communications Inc. | 0.04% | 16,863 | $674K | Add +2.7% |
| SYF Synchrony Financial | 0.03% | 8,715 | $566K | Add +22.9% |
| DAL Delta Air Lines Inc. | 0.03% | 8,012 | $485K | Add +38.3% |
| LLY Eli Lilly & Co. | 0.02% | 487 | $376K | Add +12.2% |
| JXN Jackson Financial Inc. Class A | 0.02% | 3,986 | $347K | Reduce -16.3% |
| DINO HF Sinclair Corp. | 0.02% | 9,472 | $332K | New |
| IPG Interpublic Group of Cos Inc. | 0.02% | 11,678 | $327K | Add +19.3% |
| BSX Boston Scientific Corp. | 0.02% | 3,216 | $287K | Add +18.3% |
| ABBV Abbvie Inc. | 0.02% | 1,535 | $273K | New |
| EDU New Oriental Educatio-SP ADR | 0.02% | 4,014 | $258K | New |
| INSM Insmed Inc. | 0.01% | 3,485 | $241K | Add +13.0% |
| TNDM Tandem Diabetes Care Inc. | 0.01% | 6,147 | $221K | New |
| HOLX Hologic Inc. | 0.01% | 2,971 | $214K | Add +13.0% |
| SEDG Solaredge Technologies Inc. | 0.01% | 12,705 | $173K | New |
Other holdings (54): bonds, preferreds, convertibles and warrants · $331.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 26,500,000 | $25.9M | Reduce -23.2% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 20,000,000 | $19.8M | Add +5.3% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 18,000,000 | $18.4M | Reduce -5.3% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 16,500,000 | $18.2M | New |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 13,500,000 | $13.9M | Add +8.0% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 12,000,000 | $13.0M | New |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 10,000,000 | $10.5M | No change |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 9,500,000 | $9.5M | New |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | 8,600,000 | $9.1M | New |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 8,500,000 | $8.7M | No change |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 8,500,000 | $8.7M | Add +9.0% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 8,000,000 | $8.5M | No change |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 8,000,000 | $8.0M | No change |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 6,500,000 | $7.6M | Reduce -35.0% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 7,000,000 | $7.1M | Add +180.0% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 6,000,000 | $6.8M | Reduce -20.0% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 6,000,000 | $6.3M | No change |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 5,000,000 | $6.2M | Add +25.0% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 6,500,000 | $6.1M | Reduce -50.0% |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 5,400,000 | $5.9M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 5,400,000 | $5.8M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 5,800,000 | $5.6M | No change |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 6,000,000 | $5.4M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 5,000,000 | $5.3M | New |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 3,500,000 | $4.9M | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 3,800,000 | $4.7M | Reduce -22.4% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 4,500,000 | $4.6M | New |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | 4,500,000 | $4.5M | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 4,100,000 | $4.4M | No change |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 4,000,000 | $4.3M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 3,100,000 | $4.2M | Reduce -22.5% |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 3,100,000 | $3.9M | Reduce -38.0% |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 3,700,000 | $3.9M | New |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 3,000,000 | $3.8M | Reduce -50.8% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 3,700,000 | $3.7M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 3,500,000 | $3.6M | No change |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 3,000,000 | $3.2M | New |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 2,700,000 | $3.0M | Add +8.0% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 2,500,000 | $2.8M | Reduce -16.7% |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | 2,700,000 | $2.8M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 2,600,000 | $2.7M | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 3,000,000 | $2.7M | Reduce -25.0% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 2,300,000 | $2.6M | Reduce -37.8% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 2,500,000 | $2.6M | New |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 2,500,000 | $2.6M | New |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 2,300,000 | $2.5M | No change |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 2,100,000 | $2.5M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 1,800,000 | $2.3M | Reduce -18.2% |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 1,800,000 | $2.2M | No change |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 1,500,000 | $1.8M | Reduce -28.6% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,400,000 | $1.7M | Reduce -48.1% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 20,000 | $997K | New |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 1,000,000 | $894K | New |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | 700,000 | $674K | No change |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q3 2024 → Q4 2024
| CSCO Cisco Systems Inc. | Reduce -42.3% | 3.20% | −2.74 |
| MELI MercadoLibre Inc. | Reduce -43.1% | 1.24% | −1.89 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −1.39 |
| YPF YPF S.A.-Sponsored ADR | Reduce -79.8% | 0.64% | −1.24 |
| BABA Alibaba Group Holding-SP ADR | Reduce -26.7% | 1.10% | −1.13 |
| PM Philip Morris International | Reduce -43.3% | 1.01% | −1.13 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −1.08 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.89 |
| ZTO Zto Express Cayman Inc.-ADR | Sold out | 0.00% | −0.83 |
| BSAC Banco Santander-Chile-ADR | Reduce -18.1% | 0.64% | −0.39 |
| CAAP Corp. America Airports SA | Reduce -52.4% | 0.16% | −0.21 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -58.4% | 0.08% | −0.20 |
| KOS Kosmos Energy Ltd. | Reduce -3.7% | 0.27% | −0.12 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.07 |
| LOMA Loma Negra Cia Ind-Spon ADR | Reduce -23.0% | 0.96% | −0.04 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.03 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -23.6% | 0.40% | −0.02 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.02 |
| JXN Jackson Financial Inc. Class A | Reduce -16.3% | 0.02% | −0.01 |
| TEO Telecom Argentina SA-SP ADR | Reduce -22.4% | 0.70% | +0.06 |
Portfolio Buys Q3 2024 → Q4 2024
| CEG Constellation Energy | Add +609.6% | 2.97% | +2.39 |
| EXC Exelon Corp. | Add +106.3% | 5.26% | +1.99 |
| NEE Nextera Energy Inc. | Add +313.0% | 2.90% | +1.91 |
| HUBB Hubbell Inc. | New | 1.34% | +1.34 |
| VST Vistra Corp. | New | 1.19% | +1.19 |
| TEL Te Connectivity PLC | New | 1.12% | +1.12 |
| EIX Edison International | Add +207.1% | 1.91% | +1.10 |
| FSLR First Solar Inc. | New | 1.01% | +1.01 |
| TECK Teck Resources Ltd.-CLS B | New | 0.78% | +0.78 |
| D Dominion Energy Inc. | Add +117.7% | 1.88% | +0.78 |
| AEP American Electric Power | New | 0.73% | +0.73 |
| NXPI NXP Semiconductors NV | New | 0.73% | +0.73 |
| PEG Public Service Enterprise GP | Add +230.0% | 1.12% | +0.69 |
| SUPV Grupo Supervielle SA-SP ADR | New | 0.68% | +0.68 |
| CWEN Clearway Energy Inc. Class C | Add +105.8% | 1.95% | +0.62 |
| XEL Xcel Energy Inc. | New | 0.61% | +0.61 |
| SO The Southern Co. | New | 0.60% | +0.60 |
| AEE Ameren Corporation | New | 0.56% | +0.56 |
| XIFR XPLR Infrastructure LP | Add +200.1% | 1.46% | +0.56 |
| DTE DTE Energy Company | New | 0.54% | +0.54 |
| ORA Ormat Technologies Inc. | Add +348.9% | 0.67% | +0.47 |
| WM Waste Management Inc. | New | 0.43% | +0.43 |
| LNT Alliant Energy Corp. | New | 0.38% | +0.38 |
| AVA Avista Corp. | Add +70.4% | 1.18% | +0.31 |
| AES AES Corp. | New | 0.29% | +0.29 |
| ZM Zoom Communications Inc. | New | 0.24% | +0.24 |
| ADSK Autodesk Inc. | New | 0.24% | +0.24 |
| CX Cemex Sab-Spons ADR Part Cer | Add +46.0% | 1.99% | +0.23 |
| JMIA Jumia Technologies AG-ADR | Add +235.0% | 0.34% | +0.17 |
| AWK American Water Works Co. Inc. | New | 0.16% | +0.16 |
| APTV Aptiv PLC | New | 0.13% | +0.13 |
| WTRG Essential Utilities Inc. | New | 0.13% | +0.13 |
| SHLS Shoals Technologies Group -A | New | 0.11% | +0.11 |
| SYY Sysco Corp. | Add +25.7% | 2.97% | +0.10 |
| JNJ Johnson & Johnson | Add +38.1% | 2.83% | +0.09 |
| LI Li Auto Inc. - ADR | Add +32.4% | 1.36% | +0.05 |
| MBLY Mobileye Global Inc. Class A | New | 0.04% | +0.04 |
| DINO HF Sinclair Corp. | New | 0.02% | +0.02 |
| ABBV Abbvie Inc. | New | 0.02% | +0.02 |
| EDU New Oriental Educatio-SP ADR | New | 0.02% | +0.02 |
| TNDM Tandem Diabetes Care Inc. | New | 0.01% | +0.01 |
| SEDG Solaredge Technologies Inc. | New | 0.01% | +0.01 |
| SYF Synchrony Financial | Add +22.9% | 0.03% | +0.01 |
| DAL Delta Air Lines Inc. | Add +38.3% | 0.03% | +0.01 |
| BSX Boston Scientific Corp. | Add +18.3% | 0.02% | +0.00 |
| INSM Insmed Inc. | Add +13.0% | 0.01% | −0.00 |
| HOLX Hologic Inc. | Add +13.0% | 0.01% | −0.00 |
| IPG Interpublic Group of Cos Inc. | Add +19.3% | 0.02% | −0.00 |
| LLY Eli Lilly & Co. | Add +12.2% | 0.02% | −0.00 |
| VZ Verizon Communications Inc. | Add +2.7% | 0.04% | −0.01 |
Notes & Other Activity Q3 2024 → Q4 2024
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -23.2% | 26,500,000 | $25.9M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +5.3% | 20,000,000 | $19.8M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Reduce -5.3% | 18,000,000 | $18.4M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | New | 16,500,000 | $18.2M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Add +8.0% | 13,500,000 | $13.9M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | New | 12,000,000 | $13.0M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Sold out | 12,000,000 | $10.6Mbefore exit |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | New | 9,500,000 | $9.5M |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | New | 8,600,000 | $9.1M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Add +9.0% | 8,500,000 | $8.7M |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Sold out | 6,700,000 | $8.2Mbefore exit |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Reduce -35.0% | 6,500,000 | $7.6M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Add +180.0% | 7,000,000 | $7.1M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -20.0% | 6,000,000 | $6.8M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Sold out | 4,500,000 | $6.4Mbefore exit |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Add +25.0% | 5,000,000 | $6.2M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Reduce -50.0% | 6,500,000 | $6.1M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | New | 5,400,000 | $5.8M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | New | 5,000,000 | $5.3M |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Reduce -22.4% | 3,800,000 | $4.7M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Sold out | 5,000,000 | $4.7Mbefore exit |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | New | 4,500,000 | $4.6M |
| NCL CORPORATION LTD (NCLH 5.375 08/01/25) | NOTE 5.375% 8/0 · principal | Sold out | 3,700,000 | $4.6Mbefore exit |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | New | 4,500,000 | $4.5M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Reduce -22.5% | 3,100,000 | $4.2M |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Reduce -38.0% | 3,100,000 | $3.9M |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | New | 3,700,000 | $3.9M |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | Reduce -50.8% | 3,000,000 | $3.8M |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | Sold out | 3,700,000 | $3.3Mbefore exit |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | New | 3,000,000 | $3.2M |
| ZILLOW GROUP INC (Z 1.375 09/01/26) | NOTE 1.375% 9/0 · principal | Sold out | 2,100,000 | $3.1Mbefore exit |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Add +8.0% | 2,700,000 | $3.0M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Sold out | 3,000,000 | $2.8Mbefore exit |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | Reduce -16.7% | 2,500,000 | $2.8M |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | New | 2,700,000 | $2.8M |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | Sold out | 2,300,000 | $2.8Mbefore exit |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Reduce -25.0% | 3,000,000 | $2.7M |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | Reduce -37.8% | 2,300,000 | $2.6M |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | New | 2,500,000 | $2.6M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | New | 2,500,000 | $2.6M |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | Sold out | 2,600,000 | $2.4Mbefore exit |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -18.2% | 1,800,000 | $2.3M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Sold out | 1,500,000 | $1.8Mbefore exit |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Reduce -28.6% | 1,500,000 | $1.8M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Reduce -48.1% | 1,400,000 | $1.7M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Sold out | 1,300,000 | $1.6Mbefore exit |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | New | 20,000 | $997K |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Sold out | 15,000 | $910Kbefore exit |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | New | 1,000,000 | $894K |
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 |