RWC Asset Management LLP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), RWC Asset Management LLP reported 85 stock positions worth $1.6 billion. Its top holding was HP (HPQ) at 7.0% of the portfolio, followed by Exelon (EXC, 5.8%) and Macy's (M, 5.1%). Compared with Q4 2024, it opened 13 new positions, sold out of 17, added to 18 and reduced 48. The biggest buy was a new position in Macy's (M) and the biggest sale an exit from Cemex Sab-Spons ADR Part Cer (CX).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001520478
- Portfolio Value
- $1.6B (Q1 2025)
- SEC Filing
- 0001398344-25-008889 ↗ filed May 7, 2025
Holdings Value
Holdings 85 stocks · $1.6B
| HPQ HP Inc. | 7.01% | 4,000,866 | $110.8M | Reduce -9.5% |
| EXC Exelon Corp. | 5.83% | 1,998,147 | $92.1M | Reduce -14.1% |
| M Macy's Inc. | 5.12% | 6,438,517 | $80.9M | New |
| B Barrick Gold Corp. | 4.31% | 3,506,407 | $68.2M | Add +7.8% |
| CSCO Cisco Systems Inc. | 3.36% | 861,276 | $53.1M | Reduce -4.3% |
| JNJ Johnson & Johnson | 3.28% | 312,174 | $51.8M | Reduce -4.3% |
| TAP Molson Coors Beverage Co. Class B | 3.25% | 843,366 | $51.3M | Add +12.9% |
| AMT American Tower Corp. | 3.23% | 234,818 | $51.1M | Reduce -4.3% |
| KDP Keurig Dr Pepper Inc. | 3.22% | 1,486,053 | $50.9M | Reduce -4.3% |
| SYY Sysco Corp. | 2.94% | 618,760 | $46.4M | Reduce -4.3% |
| LEA Lear Corp. | 2.68% | 479,994 | $42.3M | Add +16.8% |
| CEG Constellation Energy | 2.49% | 195,092 | $39.3M | Reduce -11.8% |
| CMS CMS Energy Corp. | 2.45% | 514,375 | $38.6M | Add +37.6% |
| GFI Gold Fields Ltd.-Spons ADR | 2.41% | 1,722,582 | $38.1M | Reduce -36.5% |
| OMC Omnicom Group | 2.24% | 426,501 | $35.4M | Reduce -4.3% |
| PAYX Paychex Inc. | 1.99% | 203,767 | $31.4M | Reduce -4.4% |
| PEP Pepsico Inc. | 1.93% | 203,559 | $30.5M | Reduce -4.3% |
| ABEV Ambev SA-ADR | 1.84% | 12,497,391 | $29.1M | Reduce -4.3% |
| D Dominion Energy Inc. | 1.73% | 488,248 | $27.4M | Reduce -16.1% |
| NEE Nextera Energy Inc. | 1.69% | 377,008 | $26.7M | Reduce -44.0% |
| PBR Petroleo Brasileiro-Spon ADR | 1.67% | 1,834,992 | $26.3M | Reduce -14.4% |
| BRX Brixmor Property Group Inc. | 1.65% | 983,350 | $26.1M | Reduce -4.3% |
| INFY Infosys Ltd.-SP ADR | 1.59% | 1,377,723 | $25.1M | Reduce -4.3% |
| MELI MercadoLibre Inc. | 1.56% | 12,668 | $24.7M | Add +4.3% |
| BABA Alibaba Group Holding-SP ADR | 1.55% | 184,940 | $24.5M | Reduce -14.0% |
| MRK Merck & Co. Inc. | 1.42% | 249,253 | $22.4M | Reduce -4.5% |
| PM Philip Morris International | 1.34% | 133,242 | $21.1M | Reduce -4.4% |
| FRT Federal Realty Invs Trust | 1.29% | 209,037 | $20.4M | Reduce -4.3% |
| CWEN Clearway Energy Inc. Class C | 1.22% | 637,326 | $19.3M | Reduce -49.0% |
| BSAC Banco Santander-Chile-ADR | 1.19% | 826,754 | $18.8M | Add +45.3% |
| LI Li Auto Inc. - ADR | 1.10% | 687,698 | $17.3M | Reduce -27.3% |
| PEG Public Service Enterprise GP | 1.07% | 205,273 | $16.9M | Reduce -6.7% |
| VST Vistra Corp. | 1.06% | 143,272 | $16.8M | Reduce -0.1% |
| TEL Te Connectivity PLC | 1.03% | 115,220 | $16.3M | Reduce -11.9% |
| NEM Newmont Corp. | 1.00% | 326,214 | $15.7M | No change |
| AVA Avista Corp. | 0.96% | 363,312 | $15.2M | Reduce -32.5% |
| HUBB Hubbell Inc. | 0.91% | 43,244 | $14.3M | Reduce -19.0% |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.86% | 1,238,585 | $13.6M | Reduce -7.4% |
| PDD PDD Holdings Inc. | 0.81% | 108,801 | $12.9M | New |
| BANCOLOMBIA S.A.-SPONS ADR | 0.79% | 311,853 | $12.5M | New |
| TECK Teck Resources Ltd.-CLS B | 0.79% | 342,249 | $12.5M | Add +7.0% |
| AEP American Electric Power | 0.73% | 104,910 | $11.5M | Reduce -20.3% |
| NXPI NXP Semiconductors NV | 0.71% | 58,734 | $11.2M | Add +0.9% |
| SO The Southern Co. | 0.70% | 120,399 | $11.1M | Reduce -0.1% |
| VIST Vista Energy Sab DE CV | 0.68% | 230,432 | $10.7M | No change |
| DTE DTE Energy Company | 0.65% | 74,163 | $10.3M | Reduce -0.1% |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 0.65% | 257,050 | $10.2M | New |
| TLN Talen Energy Corp. | 0.62% | 49,304 | $9.8M | New |
| SUPV Grupo Supervielle SA-SP ADR | 0.62% | 744,609 | $9.7M | No change |
| XEL Xcel Energy Inc. | 0.60% | 133,596 | $9.5M | Reduce -11.6% |
| WM Waste Management Inc. | 0.58% | 39,888 | $9.2M | Add +12.4% |
| ORA Ormat Technologies Inc. | 0.57% | 126,343 | $8.9M | Reduce -23.7% |
| FSLR First Solar Inc. | 0.54% | 67,283 | $8.5M | Reduce -29.2% |
| TEO Telecom Argentina SA-SP ADR | 0.43% | 667,445 | $6.8M | Reduce -28.4% |
| AEE Ameren Corporation | 0.41% | 64,899 | $6.5M | Reduce -38.0% |
| LAUR Laureate Education Inc. | 0.34% | 258,935 | $5.3M | New |
| EMBJ Embraer SA-Spon ADR | 0.33% | 113,583 | $5.2M | New |
| AES AES Corp. | 0.29% | 369,771 | $4.6M | Reduce -0.1% |
| LNT Alliant Energy Corp. | 0.28% | 69,747 | $4.5M | Reduce -34.3% |
| GTE Gran Tierra Energy Inc. | 0.24% | 772,507 | $3.8M | No change |
| AWK American Water Works Co. Inc. | 0.20% | 21,197 | $3.1M | Add +1.3% |
| SYF Synchrony Financial | 0.19% | 57,377 | $3.0M | Add +558.4% |
| KOS Kosmos Energy Ltd. | 0.16% | 1,084,679 | $2.5M | Reduce -17.6% |
| GGAL Grupo Financiero Galicia-ADR | 0.15% | 44,335 | $2.4M | Reduce -58.1% |
| DAL Delta Air Lines Inc. | 0.15% | 53,933 | $2.4M | Add +573.1% |
| WTRG Essential Utilities Inc. | 0.15% | 58,349 | $2.3M | No change |
| JXN Jackson Financial Inc. Class A | 0.14% | 25,981 | $2.2M | Add +551.8% |
| IPG Interpublic Group of Cos Inc. | 0.14% | 78,619 | $2.1M | Add +573.2% |
| DINO HF Sinclair Corp. | 0.13% | 61,922 | $2.0M | Add +553.7% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.11% | 50,743 | $1.8M | Reduce -79.8% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.11% | 17,259 | $1.8M | No change |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 0.11% | 96,307 | $1.8M | Reduce -32.1% |
| VZ Verizon Communications Inc. | 0.08% | 29,264 | $1.3M | Add +73.5% |
| TAL Tal Education Group- ADR | 0.08% | 93,478 | $1.2M | Reduce -0.3% |
| NTES Netease Inc.-ADR | 0.08% | 11,985 | $1.2M | New |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 0.04% | 13,454 | $604K | Reduce -68.1% |
| LLY Eli Lilly & Co. | 0.03% | 493 | $407K | Add +1.2% |
| ABBV Abbvie Inc. | 0.02% | 1,558 | $326K | Add +1.5% |
| SLNO Soleno Therapeutics Inc. | 0.02% | 4,306 | $308K | New |
| BSX Boston Scientific Corp. | 0.02% | 2,845 | $287K | Reduce -11.5% |
| INSM Insmed Inc. | 0.02% | 3,420 | $261K | Reduce -1.9% |
| ABT Abbott Laboratories | 0.01% | 1,772 | $235K | New |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 0.01% | 839 | $228K | New |
| ZLAB Zai Lab Ltd.-ADR | 0.01% | 6,144 | $222K | New |
| NIO Nio Inc. - ADR | 0.01% | 31,830 | $121K | New |
Other holdings (61): bonds, preferreds, convertibles and warrants · $360.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 27,500,000 | $26.1M | Add +3.8% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 22,000,000 | $22.6M | Add +10.0% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 17,000,000 | $18.6M | Reduce -5.6% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 15,200,000 | $18.5M | Reduce -7.9% |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 13,500,000 | $13.5M | No change |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 12,000,000 | $12.7M | No change |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 13,000,000 | $12.3M | New |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 10,000,000 | $11.2M | No change |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 11,000,000 | $10.9M | Add +15.8% |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | 9,900,000 | $9.8M | Add +15.1% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 8,500,000 | $9.2M | No change |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 8,000,000 | $8.1M | No change |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 8,400,000 | $8.0M | Reduce -1.2% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 7,300,000 | $7.8M | Add +4.3% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 6,500,000 | $7.5M | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 6,000,000 | $7.1M | Reduce -25.0% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 7,000,000 | $7.0M | New |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 5,500,000 | $7.0M | Reduce -8.3% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 7,500,000 | $6.9M | New |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 6,000,000 | $6.7M | No change |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 6,200,000 | $6.2M | Add +37.8% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 5,000,000 | $6.0M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 5,800,000 | $5.7M | No change |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 5,400,000 | $5.0M | No change |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 4,600,000 | $4.9M | Reduce -8.0% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 4,100,000 | $4.7M | No change |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 4,400,000 | $4.6M | New |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 3,500,000 | $4.5M | Reduce -12.5% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 5,000,000 | $4.5M | New |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 3,700,000 | $4.3M | Add +5.7% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 4,100,000 | $4.2M | Reduce -24.1% |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 3,900,000 | $3.9M | Reduce -40.0% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 3,700,000 | $3.7M | New |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 3,700,000 | $3.6M | No change |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 2,700,000 | $3.1M | Add +3.9% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 3,100,000 | $3.1M | Reduce -11.4% |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 3,500,000 | $3.1M | New |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 2,300,000 | $3.0M | Reduce -39.5% |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 3,200,000 | $3.0M | Reduce -13.5% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 3,000,000 | $3.0M | Add +20.0% |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 2,200,000 | $2.8M | Reduce -26.7% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 2,300,000 | $2.7M | No change |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 2,300,000 | $2.7M | Reduce -14.8% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 2,600,000 | $2.7M | Reduce -13.3% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 3,000,000 | $2.7M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 2,500,000 | $2.6M | Add +38.9% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 2,500,000 | $2.6M | No change |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 2,500,000 | $2.6M | Add +19.1% |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 2,200,000 | $2.5M | Add +22.2% |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 2,300,000 | $2.4M | New |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 2,400,000 | $2.3M | New |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 2,200,000 | $2.3M | Reduce -4.3% |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 2,000,000 | $2.1M | New |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 2,000,000 | $1.9M | New |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 2,000,000 | $1.8M | Reduce -66.7% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,400,000 | $1.7M | No change |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 1,400,000 | $1.7M | Reduce -44.0% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 1,500,000 | $1.6M | No change |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | 1,200,000 | $1.3M | Reduce -55.6% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 1,200,000 | $1.0M | Reduce -81.5% |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 1,000,000 | $862K | No change |
Total filed on the 13F, all lines: $1.9B.
Portfolio Sells Q4 2024 → Q1 2025
| CX Cemex Sab-Spons ADR Part Cer | Sold out | 0.00% | −1.99 |
| EIX Edison International | Sold out | 0.00% | −1.91 |
| HPQ HP Inc. | Reduce -9.5% | 7.01% | −1.65 |
| XIFR XPLR Infrastructure LP | Sold out | 0.00% | −1.46 |
| ES Eversource Energy | Sold out | 0.00% | −1.42 |
| NEE Nextera Energy Inc. | Reduce -44.0% | 1.69% | −1.21 |
| CPA Copa Holdings SA Class A | Sold out | 0.00% | −0.76 |
| CWEN Clearway Energy Inc. Class C | Reduce -49.0% | 1.22% | −0.73 |
| YPF YPF S.A.-Sponsored ADR | Reduce -79.8% | 0.11% | −0.53 |
| CEG Constellation Energy | Reduce -11.8% | 2.49% | −0.48 |
| FSLR First Solar Inc. | Reduce -29.2% | 0.54% | −0.47 |
| HUBB Hubbell Inc. | Reduce -19.0% | 0.91% | −0.44 |
| JMIA Jumia Technologies AG-ADR | Sold out | 0.00% | −0.34 |
| LAR Lithium Americas Argentina C | Sold out | 0.00% | −0.33 |
| INFY Infosys Ltd.-SP ADR | Reduce -4.3% | 1.59% | −0.30 |
| TEO Telecom Argentina SA-SP ADR | Reduce -28.4% | 0.43% | −0.27 |
| RUN Sunrun Inc. | Sold out | 0.00% | −0.27 |
| LI Li Auto Inc. - ADR | Reduce -27.3% | 1.10% | −0.27 |
| ZM Zoom Communications Inc. | Sold out | 0.00% | −0.24 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -58.1% | 0.15% | −0.24 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.24 |
| AVA Avista Corp. | Reduce -32.5% | 0.96% | −0.22 |
| FRT Federal Realty Invs Trust | Reduce -4.3% | 1.29% | −0.17 |
| D Dominion Energy Inc. | Reduce -16.1% | 1.73% | −0.15 |
| AEE Ameren Corporation | Reduce -38.0% | 0.41% | −0.15 |
| MRK Merck & Co. Inc. | Reduce -4.5% | 1.42% | −0.14 |
| APTV Aptiv PLC | Sold out | 0.00% | −0.13 |
| VST Vistra Corp. | Reduce -0.1% | 1.06% | −0.12 |
| KOS Kosmos Energy Ltd. | Reduce -17.6% | 0.16% | −0.11 |
| SHLS Shoals Technologies Group -A | Sold out | 0.00% | −0.11 |
| ORA Ormat Technologies Inc. | Reduce -23.7% | 0.57% | −0.11 |
| LOMA Loma Negra Cia Ind-Spon ADR | Reduce -7.4% | 0.86% | −0.10 |
| LNT Alliant Energy Corp. | Reduce -34.3% | 0.28% | −0.09 |
| TEL Te Connectivity PLC | Reduce -11.9% | 1.03% | −0.09 |
| BRX Brixmor Property Group Inc. | Reduce -4.3% | 1.65% | −0.07 |
| OMC Omnicom Group | Reduce -4.3% | 2.24% | −0.06 |
| QFIN Qfin Holdings Inc.-ADR | Reduce -68.1% | 0.04% | −0.06 |
| CAAP Corp. America Airports SA | Reduce -32.1% | 0.11% | −0.05 |
| PEG Public Service Enterprise GP | Reduce -6.7% | 1.07% | −0.05 |
| MBLY Mobileye Global Inc. Class A | Sold out | 0.00% | −0.04 |
| SYY Sysco Corp. | Reduce -4.3% | 2.94% | −0.03 |
| EDU New Oriental Educatio-SP ADR | Sold out | 0.00% | −0.02 |
| XEL Xcel Energy Inc. | Reduce -11.6% | 0.60% | −0.01 |
| TNDM Tandem Diabetes Care Inc. | Sold out | 0.00% | −0.01 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.01 |
| PEP Pepsico Inc. | Reduce -4.3% | 1.93% | −0.01 |
| SEDG Solaredge Technologies Inc. | Sold out | 0.00% | −0.01 |
| AEP American Electric Power | Reduce -20.3% | 0.73% | −0.00 |
| BSX Boston Scientific Corp. | Reduce -11.5% | 0.02% | +0.00 |
| INSM Insmed Inc. | Reduce -1.9% | 0.02% | +0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| M Macy's Inc. | New | 5.12% | +5.12 |
| B Barrick Gold Corp. | Add +7.8% | 4.31% | +1.29 |
| CMS CMS Energy Corp. | Add +37.6% | 2.45% | +0.95 |
| PDD PDD Holdings Inc. | New | 0.81% | +0.81 |
| BANCOLOMBIA S.A.-SPONS ADR | New | 0.79% | +0.79 |
| TAP Molson Coors Beverage Co. Class B | Add +12.9% | 3.25% | +0.68 |
| SQM Quimica Y Minera Chil-SP ADR | New | 0.65% | +0.65 |
| TLN Talen Energy Corp. | New | 0.62% | +0.62 |
| BSAC Banco Santander-Chile-ADR | Add +45.3% | 1.19% | +0.55 |
| LEA Lear Corp. | Add +16.8% | 2.68% | +0.34 |
| LAUR Laureate Education Inc. | New | 0.34% | +0.34 |
| EMBJ Embraer SA-Spon ADR | New | 0.33% | +0.33 |
| MELI MercadoLibre Inc. | Add +4.3% | 1.56% | +0.32 |
| SYF Synchrony Financial | Add +558.4% | 0.19% | +0.16 |
| WM Waste Management Inc. | Add +12.4% | 0.58% | +0.15 |
| DAL Delta Air Lines Inc. | Add +573.1% | 0.15% | +0.12 |
| JXN Jackson Financial Inc. Class A | Add +551.8% | 0.14% | +0.12 |
| IPG Interpublic Group of Cos Inc. | Add +573.2% | 0.14% | +0.12 |
| DINO HF Sinclair Corp. | Add +553.7% | 0.13% | +0.11 |
| NTES Netease Inc.-ADR | New | 0.08% | +0.08 |
| VZ Verizon Communications Inc. | Add +73.5% | 0.08% | +0.04 |
| AWK American Water Works Co. Inc. | Add +1.3% | 0.20% | +0.04 |
| SLNO Soleno Therapeutics Inc. | New | 0.02% | +0.02 |
| ABT Abbott Laboratories | New | 0.01% | +0.01 |
| ONC Beone Medicines Ltd.-ADR | New | 0.01% | +0.01 |
| ZLAB Zai Lab Ltd.-ADR | New | 0.01% | +0.01 |
| TECK Teck Resources Ltd.-CLS B | Add +7.0% | 0.79% | +0.01 |
| NIO Nio Inc. - ADR | New | 0.01% | +0.01 |
| ABBV Abbvie Inc. | Add +1.5% | 0.02% | +0.00 |
| LLY Eli Lilly & Co. | Add +1.2% | 0.03% | +0.00 |
| NXPI NXP Semiconductors NV | Add +0.9% | 0.71% | −0.02 |
Notes & Other Activity Q4 2024 → Q1 2025
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +3.8% | 27,500,000 | $26.1M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +10.0% | 22,000,000 | $22.6M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Reduce -5.6% | 17,000,000 | $18.6M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -7.9% | 15,200,000 | $18.5M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 13,000,000 | $12.3M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Add +15.8% | 11,000,000 | $10.9M |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | Add +15.1% | 9,900,000 | $9.8M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Reduce -1.2% | 8,400,000 | $8.0M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Add +4.3% | 7,300,000 | $7.8M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | New | 6,500,000 | $7.5M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Reduce -25.0% | 6,000,000 | $7.1M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | New | 7,000,000 | $7.0M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -8.3% | 5,500,000 | $7.0M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | New | 7,500,000 | $6.9M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Add +37.8% | 6,200,000 | $6.2M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | New | 5,000,000 | $6.0M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | Sold out | 5,000,000 | $5.3Mbefore exit |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Reduce -8.0% | 4,600,000 | $4.9M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | New | 4,400,000 | $4.6M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Reduce -12.5% | 3,500,000 | $4.5M |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | Sold out | 4,500,000 | $4.5Mbefore exit |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | New | 5,000,000 | $4.5M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Add +5.7% | 3,700,000 | $4.3M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Sold out | 3,100,000 | $4.2Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Reduce -24.1% | 4,100,000 | $4.2M |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Sold out | 3,100,000 | $3.9Mbefore exit |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Reduce -40.0% | 3,900,000 | $3.9M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | New | 3,700,000 | $3.7M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Add +3.9% | 2,700,000 | $3.1M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Reduce -11.4% | 3,100,000 | $3.1M |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | New | 3,500,000 | $3.1M |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Reduce -39.5% | 2,300,000 | $3.0M |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | Reduce -13.5% | 3,200,000 | $3.0M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Add +20.0% | 3,000,000 | $3.0M |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | Reduce -26.7% | 2,200,000 | $2.8M |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Reduce -14.8% | 2,300,000 | $2.7M |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | Reduce -13.3% | 2,600,000 | $2.7M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Add +38.9% | 2,500,000 | $2.6M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +19.1% | 2,500,000 | $2.6M |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Add +22.2% | 2,200,000 | $2.5M |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | New | 2,300,000 | $2.4M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | New | 2,400,000 | $2.3M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -4.3% | 2,200,000 | $2.3M |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | New | 2,000,000 | $2.1M |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | New | 2,000,000 | $1.9M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Reduce -66.7% | 2,000,000 | $1.8M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | Reduce -44.0% | 1,400,000 | $1.7M |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | Reduce -55.6% | 1,200,000 | $1.3M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Reduce -81.5% | 1,200,000 | $1.0M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Sold out | 20,000 | $997Kbefore exit |
Showing the first 50 of 51.
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 |