RWC Asset Management LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 27, 2025), RWC Asset Management LLP reported 117 stock positions worth $1.8 billion. Its top holding was Macy's (M) at 11.0% of the portfolio, followed by HP (HPQ, 9.0%) and Exelon (EXC, 5.0%). Compared with Q2 2025, it opened 21 new positions, sold out of 6, added to 51 and reduced 39. The biggest buy was Macy's (M, shares +2%) and the biggest sale an exit from Infosys Ltd.-SP ADR (INFY).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001520478
- Portfolio Value
- $1.8B (Q3 2025)
- SEC Filing
- 0001398344-25-019808 ↗ filed Oct 27, 2025
Holdings Value
Holdings 117 stocks · $1.8B
| M Macy's Inc. | 11.01% | 10,902,310 | $195.5M | Add +2.4% |
| HPQ HP Inc. | 9.01% | 5,871,898 | $159.9M | Add +2.0% |
| EXC Exelon Corp. | 4.99% | 1,966,320 | $88.5M | Add +6.0% |
| LEA Lear Corp. | 3.23% | 570,048 | $57.4M | Add +3.8% |
| CSCO Cisco Systems Inc. | 2.94% | 762,125 | $52.1M | Reduce -6.9% |
| JNJ Johnson & Johnson | 2.88% | 275,592 | $51.1M | Reduce -7.0% |
| TAP Molson Coors Beverage Co. Class B | 2.74% | 1,075,703 | $48.7M | Add +2.7% |
| GFI Gold Fields Ltd.-Spons ADR | 2.72% | 1,152,172 | $48.3M | Reduce -12.2% |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 2.70% | 1,113,807 | $47.9M | Add +369.9% |
| SYY Sysco Corp. | 2.53% | 545,201 | $44.9M | Reduce -7.0% |
| CEG Constellation Energy | 2.36% | 127,338 | $41.9M | Reduce -22.4% |
| AMT American Tower Corp. | 2.25% | 207,454 | $39.9M | Reduce -7.0% |
| NEE Nextera Energy Inc. | 2.05% | 481,798 | $36.4M | Add +27.1% |
| D Dominion Energy Inc. | 1.94% | 563,459 | $34.5M | Add +14.9% |
| KDP Keurig Dr Pepper Inc. | 1.88% | 1,311,735 | $33.5M | Reduce -7.0% |
| CMS CMS Energy Corp. | 1.86% | 450,423 | $33.0M | Reduce -7.3% |
| OMC Omnicom Group | 1.73% | 376,607 | $30.7M | Reduce -7.0% |
| BABA Alibaba Group Holding-SP ADR | 1.51% | 149,596 | $26.7M | Add +2.5% |
| PEP Pepsico Inc. | 1.42% | 179,770 | $25.2M | Reduce -6.9% |
| ABEV Ambev SA-ADR | 1.38% | 10,968,634 | $24.5M | Reduce -7.3% |
| MELI MercadoLibre Inc. | 1.38% | 10,463 | $24.5M | Reduce -11.5% |
| PEG Public Service Enterprise GP | 1.36% | 289,933 | $24.2M | Add +16.3% |
| BRX Brixmor Property Group Inc. | 1.36% | 871,560 | $24.1M | Reduce -6.8% |
| PAYX Paychex Inc. | 1.28% | 179,863 | $22.8M | Reduce -6.9% |
| GGAL Grupo Financiero Galicia-ADR | 1.28% | 826,175 | $22.8M | Add +240.3% |
| BSAC Banco Santander-Chile-ADR | 1.27% | 850,868 | $22.5M | Add +0.1% |
| VALE Vale SA-SP ADR | 1.19% | 1,951,385 | $21.2M | New |
| CWEN Clearway Energy Inc. Class C | 1.19% | 745,537 | $21.1M | Add +12.3% |
| NIO Nio Inc. - ADR | 1.17% | 2,733,551 | $20.8M | Add +8488.0% |
| VST Vistra Corp. | 1.09% | 98,343 | $19.3M | Reduce -31.2% |
| PM Philip Morris International | 1.07% | 116,687 | $18.9M | Reduce -7.3% |
| FRT Federal Realty Invs Trust | 1.06% | 185,015 | $18.7M | Reduce -6.8% |
| MRK Merck & Co. Inc. | 1.04% | 219,482 | $18.4M | Reduce -7.0% |
| BZ Kanzhun Ltd. - ADR | 0.93% | 710,303 | $16.6M | New |
| AQN Algonquin Power & Utilities | 0.92% | 3,045,320 | $16.4M | Add +34.0% |
| AVA Avista Corp. | 0.91% | 425,746 | $16.1M | Add +13.6% |
| XEL Xcel Energy Inc. | 0.90% | 197,225 | $15.9M | Add +48.1% |
| TECK Teck Resources Ltd.-CLS B | 0.85% | 341,878 | $15.0M | Add +14.6% |
| TEL Te Connectivity PLC | 0.82% | 66,310 | $14.6M | Reduce -8.0% |
| FSLR First Solar Inc. | 0.81% | 65,415 | $14.4M | Reduce -0.1% |
| VIST Vista Energy Sab DE CV | 0.77% | 398,909 | $13.7M | Add +40.7% |
| HUBB Hubbell Inc. | 0.75% | 30,756 | $13.2M | Add +6.6% |
| ORA Ormat Technologies Inc. | 0.74% | 136,101 | $13.1M | Add +8.8% |
| EMBJ Embraer SA-Spon ADR | 0.71% | 208,412 | $12.6M | Add +93.0% |
| AEP American Electric Power | 0.66% | 104,427 | $11.7M | Reduce -0.3% |
| PBR Petroleo Brasileiro-Spon ADR | 0.66% | 924,327 | $11.7M | Reduce -52.8% |
| SO The Southern Co. | 0.64% | 119,530 | $11.3M | Reduce -0.4% |
| LAUR Laureate Education Inc. | 0.61% | 343,030 | $10.8M | Reduce -0.3% |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.60% | 1,436,459 | $10.6M | Add +21.8% |
| DTE DTE Energy Company | 0.59% | 73,638 | $10.4M | Reduce -0.4% |
| ES Eversource Energy | 0.55% | 137,630 | $9.8M | New |
| LI Li Auto Inc. - ADR | 0.51% | 359,124 | $9.1M | Reduce -34.2% |
| WM Waste Management Inc. | 0.51% | 40,985 | $9.1M | Add +1.0% |
| TLN Talen Energy Corp. | 0.44% | 18,197 | $7.7M | Reduce -60.4% |
| DINO HF Sinclair Corp. | 0.42% | 143,634 | $7.5M | Add +30.3% |
| RUN Sunrun Inc. | 0.42% | 433,444 | $7.5M | New |
| DAL Delta Air Lines Inc. | 0.40% | 126,185 | $7.2M | Add +9.6% |
| SYF Synchrony Financial | 0.40% | 99,702 | $7.1M | Add +30.4% |
| SNDK Sandisk Corp. | 0.39% | 61,426 | $6.9M | New |
| AES AES Corp. | 0.38% | 514,592 | $6.8M | Add +39.6% |
| AEE Ameren Corporation | 0.38% | 64,616 | $6.7M | Reduce -0.3% |
| LNT Alliant Energy Corp. | 0.32% | 84,584 | $5.7M | Add +21.6% |
| CPNG Coupang Inc. | 0.30% | 166,000 | $5.3M | Add +2.4% |
| TEO Telecom Argentina SA-SP ADR | 0.27% | 669,828 | $4.9M | Add +0.4% |
| JXN Jackson Financial Inc. Class A | 0.25% | 43,720 | $4.4M | Add +30.0% |
| IPG Interpublic Group of Cos Inc. | 0.21% | 133,069 | $3.7M | Add +30.6% |
| SUPV Grupo Supervielle SA-SP ADR | 0.21% | 744,609 | $3.7M | No change |
| GTE Gran Tierra Energy Inc. | 0.19% | 772,507 | $3.3M | No change |
| AWK American Water Works Co. Inc. | 0.19% | 23,763 | $3.3M | Add +0.0% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.16% | 117,075 | $2.8M | Add +0.5% |
| WTRG Essential Utilities Inc. | 0.13% | 58,349 | $2.3M | No change |
| VEON Veon Ltd. | 0.12% | 37,618 | $2.0M | New |
| VZ Verizon Communications Inc. | 0.08% | 32,682 | $1.4M | Add +3.4% |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 0.08% | 75,387 | $1.4M | No change |
| PDD PDD Holdings Inc. | 0.05% | 6,390 | $845K | New |
| XYL Xylem Inc. | 0.05% | 5,425 | $800K | Reduce -15.8% |
| TRMB Trimble Inc. | 0.04% | 9,493 | $775K | Add +0.6% |
| ACM Aecom | 0.04% | 5,478 | $715K | Add +2.7% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.04% | 27,437 | $683K | No change |
| ITRI Itron Inc. | 0.04% | 5,033 | $627K | Reduce -19.4% |
| WTS Watts Water Technologies-A | 0.04% | 2,232 | $623K | Add +2.7% |
| ECL Ecolab Inc. | 0.03% | 2,194 | $601K | Add +21.6% |
| MWA Mueller Water Products Inc. Class A | 0.03% | 22,513 | $575K | Add +2.7% |
| LLY Eli Lilly & Co. | 0.03% | 750 | $572K | Add +38.4% |
| PL Planet Labs PBC | 0.03% | 42,320 | $549K | Reduce -11.6% |
| RSG Republic Services Inc. | 0.03% | 2,382 | $547K | Reduce -1.0% |
| SLNO Soleno Therapeutics Inc. | 0.03% | 7,466 | $505K | Add +44.8% |
| CLH Clean Harbors Inc. | 0.03% | 2,131 | $495K | Reduce -1.1% |
| ABBV Abbvie Inc. | 0.03% | 2,108 | $488K | Add +38.5% |
| WMS Advanced Drainage Systems Inc. | 0.03% | 3,234 | $449K | Add +2.7% |
| TTEK Tetra Tech Inc. | 0.02% | 12,253 | $409K | Add +2.7% |
| VMI Valmont Industries | 0.02% | 1,027 | $398K | Reduce -2.6% |
| BSX Boston Scientific Corp. | 0.02% | 3,848 | $376K | Add +38.5% |
| GH Guardant Health Inc. | 0.02% | 5,846 | $365K | Reduce -25.2% |
| BALL Ball Corp. | 0.02% | 7,033 | $355K | Reduce -25.3% |
| EXAS Exact Sciences Corp. | 0.02% | 6,352 | $348K | New |
| DE Deere & Co. | 0.02% | 750 | $343K | Reduce -1.1% |
| CPRT Copart Inc. | 0.02% | 7,386 | $332K | No change |
| ABT Abbott Laboratories | 0.02% | 2,398 | $321K | Add +38.5% |
| KAI Kadant Inc. | 0.02% | 1,012 | $301K | Add +2.6% |
Other holdings (63): bonds, preferreds, convertibles and warrants · $292.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 18,364,000 | $17.3M | Reduce -11.3% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 14,545,000 | $16.2M | Add +263.6% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 13,490,000 | $14.5M | Add +0.7% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 10,521,000 | $13.1M | Add +72.5% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 10,500,000 | $12.9M | Add +31.3% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 12,655,000 | $12.8M | Add +1.2% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 10,260,000 | $11.0M | Add +20.7% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 10,230,000 | $10.2M | Reduce -52.4% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 10,280,000 | $9.4M | Reduce -6.5% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 8,525,000 | $8.9M | Reduce -5.3% |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 6,762,000 | $8.6M | Reduce -3.4% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 6,592,000 | $8.2M | Add +29.3% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 7,338,000 | $7.2M | Add +4.8% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 6,146,000 | $6.8M | Reduce -61.6% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 5,125,000 | $6.6M | Reduce -6.8% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 5,544,000 | $6.6M | Reduce -12.0% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | 5,200,000 | $6.2M | New |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 4,465,000 | $5.5M | Reduce -7.0% |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | 4,878,000 | $5.3M | Reduce -18.7% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 4,500,000 | $5.1M | Reduce -25.0% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 4,830,000 | $5.1M | Reduce -19.5% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 4,632,000 | $5.0M | New |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 4,837,000 | $4.9M | Reduce -59.7% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 4,625,000 | $4.7M | Add +7.6% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 4,497,000 | $4.4M | New |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 3,620,000 | $4.0M | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 3,314,000 | $3.8M | Add +3.6% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 3,313,000 | $3.8M | Reduce -10.5% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 3,530,000 | $3.7M | Add +0.9% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 2,400,000 | $3.5M | Reduce -79.7% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 2,420,000 | $3.3M | Reduce -19.3% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 3,208,000 | $3.3M | Add +3.5% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 2,332,000 | $3.3M | Reduce -27.1% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 2,154,000 | $3.0M | Reduce -10.3% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 2,700,000 | $3.0M | Reduce -18.2% |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 1,745,000 | $2.9M | New |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 2,580,000 | $2.5M | Add +29.0% |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 1,885,000 | $2.4M | Reduce -5.8% |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | 1,901,000 | $2.4M | Reduce -24.0% |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 1,694,000 | $2.3M | Reduce -5.9% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 1,882,000 | $2.2M | Reduce -18.2% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 1,922,000 | $2.2M | Add +6.8% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 2,075,000 | $2.1M | Reduce -53.9% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 1,481,000 | $2.0M | Reduce -1.3% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 1,682,000 | $1.8M | Add +5.1% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,581,000 | $1.7M | Reduce -7.0% |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 1,676,000 | $1.6M | Reduce -33.0% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 1,570,000 | $1.6M | Add +4.7% |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 1,569,000 | $1.6M | Add +4.6% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 1,718,000 | $1.6M | Reduce -47.9% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,168,000 | $1.5M | Reduce -2.7% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 1,084,000 | $1.5M | Reduce -9.7% |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 1,399,000 | $1.4M | Reduce -48.2% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,085,000 | $1.2M | New |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 1,267,000 | $1.1M | Reduce -9.5% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 877,000 | $884K | Reduce -61.9% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 685,000 | $715K | Reduce -72.6% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 403,000 | $446K | New |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 400,000 | $424K | New |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 256,000 | $265K | New |
| STRATEGY INC (MSTR 2.25 06/15/32) | NOTE 2.250% 6/1 · principal | 145,000 | $259K | New |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 245,000 | $227K | New |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | 184,000 | $220K | New |
Total filed on the 13F, all lines: $2.1B.
Portfolio Sells Q2 2025 → Q3 2025
| INFY Infosys Ltd.-SP ADR | Sold out | 0.00% | −1.56 |
| KDP Keurig Dr Pepper Inc. | Reduce -7.0% | 1.88% | −1.11 |
| CEG Constellation Energy | Reduce -22.4% | 2.36% | −1.05 |
| AMT American Tower Corp. | Reduce -7.0% | 2.25% | −0.92 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -52.8% | 0.66% | −0.92 |
| CSCO Cisco Systems Inc. | Reduce -6.9% | 2.94% | −0.71 |
| VST Vistra Corp. | Reduce -31.2% | 1.09% | −0.70 |
| MELI MercadoLibre Inc. | Reduce -11.5% | 1.38% | −0.61 |
| PAYX Paychex Inc. | Reduce -6.9% | 1.28% | −0.52 |
| ABEV Ambev SA-ADR | Reduce -7.3% | 1.38% | −0.46 |
| LI Li Auto Inc. - ADR | Reduce -34.2% | 0.51% | −0.44 |
| TLN Talen Energy Corp. | Reduce -60.4% | 0.44% | −0.42 |
| PM Philip Morris International | Reduce -7.3% | 1.07% | −0.41 |
| SYY Sysco Corp. | Reduce -7.0% | 2.53% | −0.33 |
| CMS CMS Energy Corp. | Reduce -7.3% | 1.86% | −0.31 |
| PEP Pepsico Inc. | Reduce -6.9% | 1.42% | −0.22 |
| BRX Brixmor Property Group Inc. | Reduce -6.8% | 1.36% | −0.21 |
| MRK Merck & Co. Inc. | Reduce -7.0% | 1.04% | −0.16 |
| FRT Federal Realty Invs Trust | Reduce -6.8% | 1.06% | −0.16 |
| OMC Omnicom Group | Reduce -7.0% | 1.73% | −0.14 |
| KOS Kosmos Energy Ltd. | Sold out | 0.00% | −0.09 |
| SO The Southern Co. | Reduce -0.4% | 0.64% | −0.07 |
| DTE DTE Energy Company | Reduce -0.4% | 0.59% | −0.04 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −0.04 |
| QFIN Qfin Holdings Inc.-ADR | Sold out | 0.00% | −0.04 |
| AEP American Electric Power | Reduce -0.3% | 0.66% | −0.04 |
| JNJ Johnson & Johnson | Reduce -7.0% | 2.88% | −0.03 |
| AEE Ameren Corporation | Reduce -0.3% | 0.38% | −0.02 |
| CHA Chagee Holdings Ltd.-ADR | Sold out | 0.00% | −0.02 |
| ITRI Itron Inc. | Reduce -19.4% | 0.04% | −0.02 |
| BALL Ball Corp. | Reduce -25.3% | 0.02% | −0.01 |
| BMI Badger Meter Inc. | Sold out | 0.00% | −0.01 |
| XYL Xylem Inc. | Reduce -15.8% | 0.05% | −0.01 |
| RSG Republic Services Inc. | Reduce -1.0% | 0.03% | −0.01 |
| INSM Insmed Inc. | Reduce -46.0% | 0.01% | −0.01 |
| GH Guardant Health Inc. | Reduce -25.2% | 0.02% | −0.01 |
| DE Deere & Co. | Reduce -1.1% | 0.02% | −0.01 |
| CLH Clean Harbors Inc. | Reduce -1.1% | 0.03% | −0.00 |
| STN Stantec Inc. | Reduce -5.3% | 0.01% | −0.00 |
| VMI Valmont Industries | Reduce -2.6% | 0.02% | +0.00 |
| PL Planet Labs PBC | Reduce -11.6% | 0.03% | +0.01 |
| TEL Te Connectivity PLC | Reduce -8.0% | 0.82% | +0.04 |
| LAUR Laureate Education Inc. | Reduce -0.3% | 0.61% | +0.09 |
| FSLR First Solar Inc. | Reduce -0.1% | 0.81% | +0.12 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -12.2% | 2.72% | +0.72 |
Portfolio Buys Q2 2025 → Q3 2025
| M Macy's Inc. | Add +2.4% | 11.01% | +3.03 |
| SQM Quimica Y Minera Chil-SP ADR | Add +369.9% | 2.70% | +2.16 |
| VALE Vale SA-SP ADR | New | 1.19% | +1.19 |
| NIO Nio Inc. - ADR | Add +8488.0% | 1.17% | +1.17 |
| BZ Kanzhun Ltd. - ADR | New | 0.93% | +0.93 |
| ES Eversource Energy | New | 0.55% | +0.55 |
| GGAL Grupo Financiero Galicia-ADR | Add +240.3% | 1.28% | +0.50 |
| BABA Alibaba Group Holding-SP ADR | Add +2.5% | 1.51% | +0.44 |
| RUN Sunrun Inc. | New | 0.42% | +0.42 |
| SNDK Sandisk Corp. | New | 0.39% | +0.39 |
| NEE Nextera Energy Inc. | Add +27.1% | 2.05% | +0.36 |
| EMBJ Embraer SA-Spon ADR | Add +93.0% | 0.71% | +0.31 |
| XEL Xcel Energy Inc. | Add +48.1% | 0.90% | +0.31 |
| D Dominion Energy Inc. | Add +14.9% | 1.94% | +0.16 |
| DINO HF Sinclair Corp. | Add +30.3% | 0.42% | +0.13 |
| AES AES Corp. | Add +39.6% | 0.38% | +0.13 |
| VEON Veon Ltd. | New | 0.12% | +0.12 |
| AQN Algonquin Power & Utilities | Add +34.0% | 0.92% | +0.08 |
| SYF Synchrony Financial | Add +30.4% | 0.40% | +0.07 |
| TECK Teck Resources Ltd.-CLS B | Add +14.6% | 0.85% | +0.07 |
| ORA Ormat Technologies Inc. | Add +8.8% | 0.74% | +0.06 |
| JXN Jackson Financial Inc. Class A | Add +30.0% | 0.25% | +0.06 |
| LNT Alliant Energy Corp. | Add +21.6% | 0.32% | +0.05 |
| IPG Interpublic Group of Cos Inc. | Add +30.6% | 0.21% | +0.05 |
| PDD PDD Holdings Inc. | New | 0.05% | +0.05 |
| DAL Delta Air Lines Inc. | Add +9.6% | 0.40% | +0.04 |
| EXAS Exact Sciences Corp. | New | 0.02% | +0.02 |
| ONC Beone Medicines Ltd.-ADR | New | 0.02% | +0.02 |
| HCA HCA Healthcare Inc. | New | 0.02% | +0.02 |
| MIRM Mirum Pharmaceuticals Inc. | New | 0.02% | +0.02 |
| IRTC Irhythm Holdings Inc. | New | 0.02% | +0.02 |
| HOLX Hologic Inc. | New | 0.02% | +0.02 |
| UNH Unitedhealth Group Inc. | New | 0.01% | +0.01 |
| EYPT Eyepoint Inc. | New | 0.01% | +0.01 |
| PEG Public Service Enterprise GP | Add +16.3% | 1.36% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | New | 0.01% | +0.01 |
| PKG Packaging Corp. of America | New | 0.01% | +0.01 |
| IQV Iqvia Holdings Inc. | New | 0.01% | +0.01 |
| PODD Insulet Corp. | New | 0.01% | +0.01 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 0.01% | +0.01 |
| OCUL Ocular Therapeutix Inc. | New | 0.01% | +0.01 |
| ABBV Abbvie Inc. | Add +38.5% | 0.03% | +0.01 |
| LLY Eli Lilly & Co. | Add +38.4% | 0.03% | +0.01 |
| ABT Abbott Laboratories | Add +38.5% | 0.02% | +0.00 |
| ECL Ecolab Inc. | Add +21.6% | 0.03% | +0.00 |
| WMS Advanced Drainage Systems Inc. | Add +2.7% | 0.03% | +0.00 |
| BSX Boston Scientific Corp. | Add +38.5% | 0.02% | +0.00 |
| ACM Aecom | Add +2.7% | 0.04% | +0.00 |
| WTS Watts Water Technologies-A | Add +2.7% | 0.04% | +0.00 |
| SLNO Soleno Therapeutics Inc. | Add +44.8% | 0.03% | +0.00 |
Notes & Other Activity Q2 2025 → Q3 2025
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -11.3% | 18,364,000 | $17.3M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Add +263.6% | 14,545,000 | $16.2M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | Add +0.7% | 13,490,000 | $14.5M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | Add +72.5% | 10,521,000 | $13.1M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | Add +31.3% | 10,500,000 | $12.9M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Add +1.2% | 12,655,000 | $12.8M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Sold out | 10,000,000 | $11.1Mbefore exit |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Add +20.7% | 10,260,000 | $11.0M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -52.4% | 10,230,000 | $10.2M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -6.5% | 10,280,000 | $9.4M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Reduce -5.3% | 8,525,000 | $8.9M |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | Reduce -3.4% | 6,762,000 | $8.6M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Add +29.3% | 6,592,000 | $8.2M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Add +4.8% | 7,338,000 | $7.2M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Reduce -61.6% | 6,146,000 | $6.8M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -6.8% | 5,125,000 | $6.6M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Reduce -12.0% | 5,544,000 | $6.6M |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | New | 5,200,000 | $6.2M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Reduce -7.0% | 4,465,000 | $5.5M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Sold out | 3,500,000 | $5.3Mbefore exit |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | Reduce -18.7% | 4,878,000 | $5.3M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -25.0% | 4,500,000 | $5.1M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Reduce -19.5% | 4,830,000 | $5.1M |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | New | 4,632,000 | $5.0M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -59.7% | 4,837,000 | $4.9M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +7.6% | 4,625,000 | $4.7M |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | New | 4,497,000 | $4.4M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Sold out | 4,500,000 | $4.2Mbefore exit |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Sold out | 2,700,000 | $4.2Mbefore exit |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | New | 3,620,000 | $4.0M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Add +3.6% | 3,314,000 | $3.8M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Sold out | 4,000,000 | $3.8Mbefore exit |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Reduce -10.5% | 3,313,000 | $3.8M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Add +0.9% | 3,530,000 | $3.7M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -79.7% | 2,400,000 | $3.5M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Sold out | 2,700,000 | $3.5Mbefore exit |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | Reduce -19.3% | 2,420,000 | $3.3M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Add +3.5% | 3,208,000 | $3.3M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Reduce -27.1% | 2,332,000 | $3.3M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Reduce -10.3% | 2,154,000 | $3.0M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | Reduce -18.2% | 2,700,000 | $3.0M |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | New | 1,745,000 | $2.9M |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Sold out | 2,900,000 | $2.9Mbefore exit |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | Add +29.0% | 2,580,000 | $2.5M |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | Reduce -5.8% | 1,885,000 | $2.4M |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | Reduce -24.0% | 1,901,000 | $2.4M |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Sold out | 2,200,000 | $2.3Mbefore exit |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | Reduce -5.9% | 1,694,000 | $2.3M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -18.2% | 1,882,000 | $2.2M |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | Add +6.8% | 1,922,000 | $2.2M |
Showing the first 50 of 74.
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 |