RWC Asset Management LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), RWC Asset Management LLP reported 102 stock positions worth $1.6 billion. Its top holding was HP (HPQ) at 9.1% of the portfolio, followed by Macy's (M, 8.0%) and Exelon (EXC, 5.2%). Compared with Q1 2025, it opened 26 new positions, sold out of 9, added to 25 and reduced 45. The biggest buy was Macy's (M, shares +65%) and the biggest sale an exit from Barrick Gold (B).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001520478
- Portfolio Value
- $1.6B (Q2 2025)
- SEC Filing
- 0001398344-25-015198 ↗ filed Aug 13, 2025
Holdings Value
Holdings 102 stocks · $1.6B
| HPQ HP Inc. | 9.05% | 5,755,619 | $140.8M | Add +43.9% |
| M Macy's Inc. | 7.98% | 10,646,837 | $124.1M | Add +65.4% |
| EXC Exelon Corp. | 5.18% | 1,854,121 | $80.5M | Reduce -7.2% |
| CSCO Cisco Systems Inc. | 3.65% | 818,229 | $56.8M | Reduce -5.0% |
| CEG Constellation Energy | 3.41% | 164,130 | $53.0M | Reduce -15.9% |
| LEA Lear Corp. | 3.35% | 549,148 | $52.2M | Add +14.4% |
| TAP Molson Coors Beverage Co. Class B | 3.24% | 1,047,174 | $50.4M | Add +24.2% |
| AMT American Tower Corp. | 3.17% | 222,969 | $49.3M | Reduce -5.0% |
| KDP Keurig Dr Pepper Inc. | 3.00% | 1,409,934 | $46.6M | Reduce -5.1% |
| JNJ Johnson & Johnson | 2.91% | 296,185 | $45.2M | Reduce -5.1% |
| SYY Sysco Corp. | 2.86% | 586,551 | $44.4M | Reduce -5.2% |
| CMS CMS Energy Corp. | 2.16% | 485,833 | $33.7M | Reduce -5.5% |
| GFI Gold Fields Ltd.-Spons ADR | 2.00% | 1,312,852 | $31.1M | Reduce -23.8% |
| MELI MercadoLibre Inc. | 1.99% | 11,828 | $30.9M | Reduce -6.6% |
| OMC Omnicom Group | 1.87% | 404,901 | $29.1M | Reduce -5.1% |
| ABEV Ambev SA-ADR | 1.83% | 11,829,282 | $28.5M | Reduce -5.3% |
| PAYX Paychex Inc. | 1.81% | 193,251 | $28.1M | Reduce -5.2% |
| D Dominion Energy Inc. | 1.78% | 490,250 | $27.7M | Add +0.4% |
| VST Vistra Corp. | 1.78% | 142,964 | $27.7M | Reduce -0.2% |
| NEE Nextera Energy Inc. | 1.69% | 379,053 | $26.3M | Add +0.5% |
| PEP Pepsico Inc. | 1.64% | 193,153 | $25.5M | Reduce -5.1% |
| PBR Petroleo Brasileiro-Spon ADR | 1.58% | 1,959,567 | $24.5M | Add +6.8% |
| BRX Brixmor Property Group Inc. | 1.57% | 935,483 | $24.4M | Reduce -4.9% |
| INFY Infosys Ltd.-SP ADR | 1.56% | 1,310,605 | $24.3M | Reduce -4.9% |
| PM Philip Morris International | 1.47% | 125,859 | $22.9M | Reduce -5.5% |
| BSAC Banco Santander-Chile-ADR | 1.38% | 850,400 | $21.4M | Add +2.9% |
| CWEN Clearway Energy Inc. Class C | 1.37% | 664,188 | $21.3M | Add +4.2% |
| PEG Public Service Enterprise GP | 1.35% | 249,362 | $21.0M | Add +21.5% |
| FRT Federal Realty Invs Trust | 1.21% | 198,585 | $18.9M | Reduce -5.0% |
| MRK Merck & Co. Inc. | 1.20% | 235,873 | $18.7M | Reduce -5.4% |
| BABA Alibaba Group Holding-SP ADR | 1.06% | 146,008 | $16.6M | Reduce -21.1% |
| LI Li Auto Inc. - ADR | 0.95% | 546,130 | $14.8M | Reduce -20.6% |
| AVA Avista Corp. | 0.92% | 374,925 | $14.2M | Add +3.2% |
| VIST Vista Energy Sab DE CV | 0.87% | 283,477 | $13.6M | Add +23.0% |
| TLN Talen Energy Corp. | 0.86% | 45,918 | $13.4M | Reduce -6.9% |
| AQN Algonquin Power & Utilities | 0.84% | 2,273,491 | $13.0M | New |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.83% | 1,179,141 | $12.9M | Reduce -4.8% |
| GGAL Grupo Financiero Galicia-ADR | 0.79% | 242,772 | $12.2M | Add +447.6% |
| TEL Te Connectivity PLC | 0.78% | 72,066 | $12.2M | Reduce -37.5% |
| TECK Teck Resources Ltd.-CLS B | 0.77% | 298,307 | $12.0M | Reduce -12.8% |
| HUBB Hubbell Inc. | 0.76% | 28,846 | $11.8M | Reduce -33.3% |
| SO The Southern Co. | 0.71% | 120,024 | $11.0M | Reduce -0.3% |
| AEP American Electric Power | 0.70% | 104,703 | $10.9M | Reduce -0.2% |
| FSLR First Solar Inc. | 0.70% | 65,483 | $10.8M | Reduce -2.7% |
| ORA Ormat Technologies Inc. | 0.67% | 125,038 | $10.5M | Reduce -1.0% |
| DTE DTE Energy Company | 0.63% | 73,935 | $9.8M | Reduce -0.3% |
| WM Waste Management Inc. | 0.60% | 40,573 | $9.3M | Add +1.7% |
| XEL Xcel Energy Inc. | 0.58% | 133,209 | $9.1M | Reduce -0.3% |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 0.54% | 237,053 | $8.4M | Reduce -7.8% |
| LAUR Laureate Education Inc. | 0.52% | 344,018 | $8.0M | Add +32.9% |
| SUPV Grupo Supervielle SA-SP ADR | 0.51% | 744,609 | $7.9M | No change |
| AEE Ameren Corporation | 0.40% | 64,779 | $6.2M | Reduce -0.2% |
| EMBJ Embraer SA-Spon ADR | 0.40% | 107,975 | $6.1M | Reduce -4.9% |
| TEO Telecom Argentina SA-SP ADR | 0.38% | 667,445 | $5.9M | No change |
| DAL Delta Air Lines Inc. | 0.36% | 115,187 | $5.7M | Add +113.6% |
| SYF Synchrony Financial | 0.33% | 76,460 | $5.1M | Add +33.3% |
| CPNG Coupang Inc. | 0.31% | 162,051 | $4.9M | New |
| DINO HF Sinclair Corp. | 0.29% | 110,240 | $4.5M | Add +78.0% |
| LNT Alliant Energy Corp. | 0.27% | 69,562 | $4.2M | Reduce -0.3% |
| AES AES Corp. | 0.25% | 368,665 | $3.9M | Reduce -0.3% |
| GTE Gran Tierra Energy Inc. | 0.24% | 772,507 | $3.7M | No change |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.24% | 116,556 | $3.7M | Add +129.7% |
| AWK American Water Works Co. Inc. | 0.21% | 23,758 | $3.3M | Add +12.1% |
| JXN Jackson Financial Inc. Class A | 0.19% | 33,622 | $3.0M | Add +29.4% |
| IPG Interpublic Group of Cos Inc. | 0.16% | 101,878 | $2.5M | Add +29.6% |
| WTRG Essential Utilities Inc. | 0.14% | 58,349 | $2.2M | No change |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 0.10% | 75,387 | $1.5M | Reduce -21.7% |
| KOS Kosmos Energy Ltd. | 0.09% | 857,485 | $1.5M | Reduce -20.9% |
| VZ Verizon Communications Inc. | 0.09% | 31,612 | $1.4M | Add +8.0% |
| XYL Xylem Inc. | 0.05% | 6,444 | $834K | New |
| ITRI Itron Inc. | 0.05% | 6,247 | $822K | New |
| TRMB Trimble Inc. | 0.05% | 9,439 | $717K | New |
| NTES Netease Inc.-ADR | 0.04% | 4,890 | $658K | Reduce -59.2% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.04% | 27,437 | $603K | New |
| ACM Aecom | 0.04% | 5,334 | $602K | New |
| RSG Republic Services Inc. | 0.04% | 2,407 | $594K | New |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 0.04% | 13,454 | $583K | No change |
| WTS Watts Water Technologies-A | 0.03% | 2,174 | $535K | New |
| BALL Ball Corp. | 0.03% | 9,409 | $528K | New |
| MWA Mueller Water Products Inc. Class A | 0.03% | 21,921 | $527K | New |
| CLH Clean Harbors Inc. | 0.03% | 2,154 | $498K | New |
| ECL Ecolab Inc. | 0.03% | 1,804 | $486K | New |
| SLNO Soleno Therapeutics Inc. | 0.03% | 5,157 | $432K | Add +19.8% |
| TTEK Tetra Tech Inc. | 0.03% | 11,931 | $429K | New |
| LLY Eli Lilly & Co. | 0.03% | 542 | $423K | Add +9.9% |
| GH Guardant Health Inc. | 0.03% | 7,819 | $407K | New |
| DE Deere & Co. | 0.02% | 758 | $385K | New |
| CPRT Copart Inc. | 0.02% | 7,386 | $362K | New |
| WMS Advanced Drainage Systems Inc. | 0.02% | 3,149 | $362K | New |
| VMI Valmont Industries | 0.02% | 1,054 | $344K | New |
| KAI Kadant Inc. | 0.02% | 986 | $313K | New |
| INSM Insmed Inc. | 0.02% | 3,052 | $307K | Reduce -10.8% |
| BSX Boston Scientific Corp. | 0.02% | 2,779 | $298K | Reduce -2.3% |
| CHA Chagee Holdings Ltd.-ADR | 0.02% | 11,367 | $297K | New |
| PL Planet Labs PBC | 0.02% | 47,848 | $292K | New |
| STN Stantec Inc. | 0.02% | 2,609 | $283K | New |
| ABBV Abbvie Inc. | 0.02% | 1,522 | $283K | Reduce -2.3% |
| STKL Sunopta Inc. | 0.02% | 45,923 | $266K | New |
| ABT Abbott Laboratories | 0.02% | 1,731 | $235K | Reduce -2.3% |
| BMI Badger Meter Inc. | 0.01% | 884 | $217K | New |
Other holdings (62): bonds, preferreds, convertibles and warrants · $342.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 21,500,000 | $21.6M | Reduce -2.3% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 20,700,000 | $19.6M | Reduce -24.7% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 16,000,000 | $17.3M | Reduce -5.9% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 11,800,000 | $16.8M | Reduce -22.4% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 13,400,000 | $14.0M | New |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 12,500,000 | $12.2M | Add +13.6% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 12,000,000 | $11.9M | No change |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 10,000,000 | $11.1M | No change |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 11,000,000 | $9.8M | Reduce -15.4% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 8,000,000 | $9.2M | New |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 9,000,000 | $9.2M | Add +7.1% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 8,500,000 | $9.0M | No change |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 6,100,000 | $8.0M | Reduce -18.7% |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 7,000,000 | $7.8M | New |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 7,000,000 | $7.5M | Add +70.7% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 6,300,000 | $7.2M | Reduce -3.1% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 5,500,000 | $6.5M | No change |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | 6,000,000 | $6.5M | New |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 6,000,000 | $6.5M | No change |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 6,000,000 | $6.1M | Reduce -3.2% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 5,100,000 | $6.0M | Reduce -27.1% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 4,800,000 | $5.8M | Reduce -34.3% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 3,500,000 | $5.3M | Reduce -41.7% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 4,000,000 | $4.4M | New |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 4,500,000 | $4.4M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 4,300,000 | $4.2M | Reduce -25.9% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 4,500,000 | $4.2M | Reduce -10.0% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 2,700,000 | $4.2M | Reduce -27.0% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 3,500,000 | $4.0M | New |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 3,700,000 | $4.0M | No change |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 3,200,000 | $3.8M | Reduce -27.3% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 4,000,000 | $3.8M | Add +100.0% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 3,200,000 | $3.6M | Reduce -8.6% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 2,700,000 | $3.5M | Reduce -34.1% |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | 2,500,000 | $3.5M | New |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 3,000,000 | $3.2M | Reduce -18.9% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 3,100,000 | $3.1M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 2,300,000 | $3.0M | Reduce -8.0% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 2,400,000 | $3.0M | Reduce -11.1% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 3,300,000 | $3.0M | Add +10.0% |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 2,900,000 | $2.9M | Reduce -25.6% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 2,500,000 | $2.6M | No change |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 3,300,000 | $2.6M | New |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 2,700,000 | $2.5M | Reduce -15.6% |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 2,500,000 | $2.5M | New |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 2,200,000 | $2.3M | No change |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 2,000,000 | $2.3M | New |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 2,300,000 | $2.3M | Reduce -23.3% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 1,800,000 | $2.2M | Reduce -21.7% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 1,600,000 | $2.0M | New |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 2,000,000 | $1.9M | New |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,700,000 | $1.9M | Reduce -32.0% |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 1,400,000 | $1.9M | Reduce -69.6% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 1,500,000 | $1.9M | Reduce -34.8% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 1,800,000 | $1.8M | Reduce -30.8% |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 1,800,000 | $1.8M | Reduce -21.7% |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 1,500,000 | $1.7M | Reduce -25.0% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,200,000 | $1.6M | Reduce -14.3% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 1,400,000 | $1.6M | No change |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 1,500,000 | $1.6M | No change |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 1,400,000 | $1.5M | Reduce -30.0% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 1,200,000 | $1.4M | Reduce -45.5% |
Total filed on the 13F, all lines: $1.9B.
Portfolio Sells Q1 2025 → Q2 2025
| B Barrick Gold Corp. | Sold out | 0.00% | −4.31 |
| NEM Newmont Corp. | Sold out | 0.00% | −1.00 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.81 |
| BANCOLOMBIA S.A.-SPONS ADR | Sold out | 0.00% | −0.79 |
| NXPI NXP Semiconductors NV | Sold out | 0.00% | −0.71 |
| EXC Exelon Corp. | Reduce -7.2% | 5.18% | −0.65 |
| BABA Alibaba Group Holding-SP ADR | Reduce -21.1% | 1.06% | −0.48 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -23.8% | 2.00% | −0.41 |
| JNJ Johnson & Johnson | Reduce -5.1% | 2.91% | −0.37 |
| OMC Omnicom Group | Reduce -5.1% | 1.87% | −0.36 |
| PEP Pepsico Inc. | Reduce -5.1% | 1.64% | −0.29 |
| CMS CMS Energy Corp. | Reduce -5.5% | 2.16% | −0.28 |
| TEL Te Connectivity PLC | Reduce -37.5% | 0.78% | −0.25 |
| KDP Keurig Dr Pepper Inc. | Reduce -5.1% | 3.00% | −0.22 |
| MRK Merck & Co. Inc. | Reduce -5.4% | 1.20% | −0.22 |
| PAYX Paychex Inc. | Reduce -5.2% | 1.81% | −0.18 |
| HUBB Hubbell Inc. | Reduce -33.3% | 0.76% | −0.15 |
| LI Li Auto Inc. - ADR | Reduce -20.6% | 0.95% | −0.14 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −0.11 |
| SQM Quimica Y Minera Chil-SP ADR | Reduce -7.8% | 0.54% | −0.11 |
| BRX Brixmor Property Group Inc. | Reduce -4.9% | 1.57% | −0.09 |
| SYY Sysco Corp. | Reduce -5.2% | 2.86% | −0.08 |
| FRT Federal Realty Invs Trust | Reduce -5.0% | 1.21% | −0.08 |
| TAL Tal Education Group- ADR | Sold out | 0.00% | −0.08 |
| AMT American Tower Corp. | Reduce -5.0% | 3.17% | −0.06 |
| KOS Kosmos Energy Ltd. | Reduce -20.9% | 0.09% | −0.06 |
| AES AES Corp. | Reduce -0.3% | 0.25% | −0.04 |
| NTES Netease Inc.-ADR | Reduce -59.2% | 0.04% | −0.04 |
| LOMA Loma Negra Cia Ind-Spon ADR | Reduce -4.8% | 0.83% | −0.03 |
| INFY Infosys Ltd.-SP ADR | Reduce -4.9% | 1.56% | −0.03 |
| AEP American Electric Power | Reduce -0.2% | 0.70% | −0.03 |
| DTE DTE Energy Company | Reduce -0.3% | 0.63% | −0.02 |
| XEL Xcel Energy Inc. | Reduce -0.3% | 0.58% | −0.02 |
| ONC Beone Medicines Ltd.-ADR | Sold out | 0.00% | −0.01 |
| TECK Teck Resources Ltd.-CLS B | Reduce -12.8% | 0.77% | −0.01 |
| ZLAB Zai Lab Ltd.-ADR | Sold out | 0.00% | −0.01 |
| LNT Alliant Energy Corp. | Reduce -0.3% | 0.27% | −0.01 |
| CAAP Corp. America Airports SA | Reduce -21.7% | 0.10% | −0.01 |
| AEE Ameren Corporation | Reduce -0.2% | 0.40% | −0.01 |
| ABEV Ambev SA-ADR | Reduce -5.3% | 1.83% | −0.01 |
| ABBV Abbvie Inc. | Reduce -2.3% | 0.02% | −0.00 |
| ABT Abbott Laboratories | Reduce -2.3% | 0.02% | +0.00 |
| BSX Boston Scientific Corp. | Reduce -2.3% | 0.02% | +0.00 |
| INSM Insmed Inc. | Reduce -10.8% | 0.02% | +0.00 |
| SO The Southern Co. | Reduce -0.3% | 0.71% | +0.01 |
| EMBJ Embraer SA-Spon ADR | Reduce -4.9% | 0.40% | +0.06 |
| ORA Ormat Technologies Inc. | Reduce -1.0% | 0.67% | +0.11 |
| PM Philip Morris International | Reduce -5.5% | 1.47% | +0.14 |
| FSLR First Solar Inc. | Reduce -2.7% | 0.70% | +0.16 |
| TLN Talen Energy Corp. | Reduce -6.9% | 0.86% | +0.24 |
Portfolio Buys Q1 2025 → Q2 2025
| M Macy's Inc. | Add +65.4% | 7.98% | +2.87 |
| HPQ HP Inc. | Add +43.9% | 9.05% | +2.04 |
| AQN Algonquin Power & Utilities | New | 0.84% | +0.84 |
| LEA Lear Corp. | Add +14.4% | 3.35% | +0.67 |
| GGAL Grupo Financiero Galicia-ADR | Add +447.6% | 0.79% | +0.63 |
| CPNG Coupang Inc. | New | 0.31% | +0.31 |
| PEG Public Service Enterprise GP | Add +21.5% | 1.35% | +0.28 |
| DAL Delta Air Lines Inc. | Add +113.6% | 0.36% | +0.22 |
| VIST Vista Energy Sab DE CV | Add +23.0% | 0.87% | +0.19 |
| BSAC Banco Santander-Chile-ADR | Add +2.9% | 1.38% | +0.19 |
| LAUR Laureate Education Inc. | Add +32.9% | 0.52% | +0.18 |
| DINO HF Sinclair Corp. | Add +78.0% | 0.29% | +0.16 |
| CWEN Clearway Energy Inc. Class C | Add +4.2% | 1.37% | +0.15 |
| SYF Synchrony Financial | Add +33.3% | 0.33% | +0.14 |
| YPF YPF S.A.-Sponsored ADR | Add +129.7% | 0.24% | +0.12 |
| JXN Jackson Financial Inc. Class A | Add +29.4% | 0.19% | +0.05 |
| XYL Xylem Inc. | New | 0.05% | +0.05 |
| ITRI Itron Inc. | New | 0.05% | +0.05 |
| D Dominion Energy Inc. | Add +0.4% | 1.78% | +0.05 |
| TRMB Trimble Inc. | New | 0.05% | +0.05 |
| SBS Cia Saneamento Basico DE-ADR | New | 0.04% | +0.04 |
| ACM Aecom | New | 0.04% | +0.04 |
| RSG Republic Services Inc. | New | 0.04% | +0.04 |
| WTS Watts Water Technologies-A | New | 0.03% | +0.03 |
| BALL Ball Corp. | New | 0.03% | +0.03 |
| MWA Mueller Water Products Inc. Class A | New | 0.03% | +0.03 |
| CLH Clean Harbors Inc. | New | 0.03% | +0.03 |
| ECL Ecolab Inc. | New | 0.03% | +0.03 |
| TTEK Tetra Tech Inc. | New | 0.03% | +0.03 |
| GH Guardant Health Inc. | New | 0.03% | +0.03 |
| IPG Interpublic Group of Cos Inc. | Add +29.6% | 0.16% | +0.03 |
| DE Deere & Co. | New | 0.02% | +0.02 |
| WMS Advanced Drainage Systems Inc. | New | 0.02% | +0.02 |
| CPRT Copart Inc. | New | 0.02% | +0.02 |
| VMI Valmont Industries | New | 0.02% | +0.02 |
| KAI Kadant Inc. | New | 0.02% | +0.02 |
| CHA Chagee Holdings Ltd.-ADR | New | 0.02% | +0.02 |
| PL Planet Labs PBC | New | 0.02% | +0.02 |
| STN Stantec Inc. | New | 0.02% | +0.02 |
| STKL Sunopta Inc. | New | 0.02% | +0.02 |
| AWK American Water Works Co. Inc. | Add +12.1% | 0.21% | +0.01 |
| BMI Badger Meter Inc. | New | 0.01% | +0.01 |
| DXCM Dexcom Inc. | New | 0.01% | +0.01 |
| WM Waste Management Inc. | Add +1.7% | 0.60% | +0.01 |
| SLNO Soleno Therapeutics Inc. | Add +19.8% | 0.03% | +0.01 |
| VZ Verizon Communications Inc. | Add +8.0% | 0.09% | +0.00 |
| LLY Eli Lilly & Co. | Add +9.9% | 0.03% | +0.00 |
| NEE Nextera Energy Inc. | Add +0.5% | 1.69% | +0.00 |
| TAP Molson Coors Beverage Co. Class B | Add +24.2% | 3.24% | −0.01 |
| AVA Avista Corp. | Add +3.2% | 0.92% | −0.05 |
Notes & Other Activity Q1 2025 → Q2 2025
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -2.3% | 21,500,000 | $21.6M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -24.7% | 20,700,000 | $19.6M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Reduce -5.9% | 16,000,000 | $17.3M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -22.4% | 11,800,000 | $16.8M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | New | 13,400,000 | $14.0M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Sold out | 13,500,000 | $13.5Mbefore exit |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Add +13.6% | 12,500,000 | $12.2M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -15.4% | 11,000,000 | $9.8M |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | Sold out | 9,900,000 | $9.8Mbefore exit |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | New | 8,000,000 | $9.2M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Add +7.1% | 9,000,000 | $9.2M |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | Sold out | 8,000,000 | $8.1Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | Reduce -18.7% | 6,100,000 | $8.0M |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | New | 7,000,000 | $7.8M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Add +70.7% | 7,000,000 | $7.5M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Reduce -3.1% | 6,300,000 | $7.2M |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | New | 6,000,000 | $6.5M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Reduce -3.2% | 6,000,000 | $6.1M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Reduce -27.1% | 5,100,000 | $6.0M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Sold out | 5,000,000 | $6.0Mbefore exit |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Reduce -34.3% | 4,800,000 | $5.8M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Reduce -41.7% | 3,500,000 | $5.3M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Sold out | 5,400,000 | $5.0Mbefore exit |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | New | 4,000,000 | $4.4M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | New | 4,500,000 | $4.4M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -25.9% | 4,300,000 | $4.2M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -10.0% | 4,500,000 | $4.2M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Reduce -27.0% | 2,700,000 | $4.2M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | New | 3,500,000 | $4.0M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Reduce -27.3% | 3,200,000 | $3.8M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Add +100.0% | 4,000,000 | $3.8M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Reduce -8.6% | 3,200,000 | $3.6M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Reduce -34.1% | 2,700,000 | $3.5M |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | New | 2,500,000 | $3.5M |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | Reduce -18.9% | 3,000,000 | $3.2M |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | Sold out | 3,500,000 | $3.1Mbefore exit |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Sold out | 2,300,000 | $3.0Mbefore exit |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -8.0% | 2,300,000 | $3.0M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Reduce -11.1% | 2,400,000 | $3.0M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Add +10.0% | 3,300,000 | $3.0M |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Reduce -25.6% | 2,900,000 | $2.9M |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | Sold out | 2,200,000 | $2.8Mbefore exit |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | New | 3,300,000 | $2.6M |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | Reduce -15.6% | 2,700,000 | $2.5M |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | New | 2,500,000 | $2.5M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Sold out | 2,400,000 | $2.3Mbefore exit |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | New | 2,000,000 | $2.3M |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Reduce -23.3% | 2,300,000 | $2.3M |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | Reduce -21.7% | 1,800,000 | $2.2M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | New | 1,600,000 | $2.0M |
Showing the first 50 of 63.
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 |