RWC Asset Management LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), RWC Asset Management LLP reported 109 stock positions worth $1.8 billion. Its top holding was Macy's (M) at 13.5% of the portfolio, followed by HP (HPQ, 7.5%) and Exelon (EXC, 4.4%). Compared with Q3 2025, it opened 8 new positions, sold out of 16, added to 28 and reduced 55. The biggest buy was Macy's (M, shares +1%) and the biggest sale an exit from Cisco Systems (CSCO).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001520478
- Portfolio Value
- $1.8B (Q4 2025)
- SEC Filing
- 0001398344-26-002729 ↗ filed Feb 11, 2026
Holdings Value
Holdings 109 stocks · $1.8B
| M Macy's Inc. | 13.53% | 10,965,149 | $241.8M | Add +0.6% |
| HPQ HP Inc. | 7.49% | 6,010,052 | $133.9M | Add +2.4% |
| EXC Exelon Corp. | 4.40% | 1,803,760 | $78.6M | Reduce -8.3% |
| LEA Lear Corp. | 3.78% | 589,753 | $67.6M | Add +3.5% |
| GFI Gold Fields Ltd.-Spons ADR | 3.26% | 1,335,993 | $58.3M | Add +15.9% |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 3.26% | 846,610 | $58.2M | Reduce -24.0% |
| JNJ Johnson & Johnson | 3.09% | 266,405 | $55.1M | Reduce -3.3% |
| TAP Molson Coors Beverage Co. Class B | 2.89% | 1,104,632 | $51.6M | Add +2.7% |
| OMC Omnicom Group | 2.52% | 557,401 | $45.0M | Add +48.0% |
| GGAL Grupo Financiero Galicia-ADR | 2.46% | 816,201 | $44.0M | Reduce -1.2% |
| SYY Sysco Corp. | 2.18% | 528,494 | $38.9M | Reduce -3.1% |
| PAYX Paychex Inc. | 2.10% | 334,959 | $37.6M | Add +86.2% |
| VIST Vista Energy Sab DE CV | 2.03% | 746,132 | $36.3M | Add +87.0% |
| KDP Keurig Dr Pepper Inc. | 1.99% | 1,269,368 | $35.6M | Reduce -3.2% |
| AMT American Tower Corp. | 1.97% | 200,944 | $35.3M | Reduce -3.1% |
| VALE Vale SA-SP ADR | 1.82% | 2,500,707 | $32.6M | Add +28.1% |
| CEG Constellation Energy | 1.79% | 90,481 | $32.0M | Reduce -28.9% |
| CMS CMS Energy Corp. | 1.72% | 439,807 | $30.8M | Reduce -2.4% |
| NEE Nextera Energy Inc. | 1.67% | 372,225 | $29.9M | Reduce -22.7% |
| PM Philip Morris International | 1.62% | 180,661 | $29.0M | Add +54.8% |
| ABEV Ambev SA-ADR | 1.48% | 10,715,881 | $26.5M | Reduce -2.3% |
| D Dominion Energy Inc. | 1.43% | 436,342 | $25.6M | Reduce -22.6% |
| LOMA Loma Negra Cia Ind-Spon ADR | 1.42% | 1,965,612 | $25.5M | Add +36.8% |
| BSAC Banco Santander-Chile-ADR | 1.40% | 806,568 | $25.1M | Reduce -5.2% |
| PEP Pepsico Inc. | 1.40% | 173,695 | $24.9M | Reduce -3.4% |
| MRK Merck & Co. Inc. | 1.25% | 212,417 | $22.4M | Reduce -3.2% |
| BRX Brixmor Property Group Inc. | 1.23% | 839,946 | $22.0M | Reduce -3.6% |
| PEG Public Service Enterprise GP | 1.22% | 272,267 | $21.9M | Reduce -6.1% |
| EMBJ Embraer SA-Spon ADR | 1.18% | 327,381 | $21.1M | Add +57.1% |
| BABA Alibaba Group Holding-SP ADR | 1.15% | 140,786 | $20.6M | Reduce -5.9% |
| MELI MercadoLibre Inc. | 1.13% | 10,026 | $20.2M | Reduce -4.2% |
| FRT Federal Realty Invs Trust | 1.01% | 178,234 | $18.0M | Reduce -3.7% |
| CWEN Clearway Energy Inc. Class C | 0.98% | 526,195 | $17.5M | Reduce -29.4% |
| EPAM Epam Systems Inc. | 0.89% | 77,529 | $15.9M | New |
| TEL Te Connectivity PLC | 0.88% | 69,205 | $15.7M | Add +4.4% |
| HUBB Hubbell Inc. | 0.83% | 33,235 | $14.8M | Add +8.1% |
| PCG P G & E Corp. | 0.81% | 896,669 | $14.4M | New |
| AQN Algonquin Power & Utilities | 0.80% | 2,331,095 | $14.3M | Reduce -23.4% |
| SUPV Grupo Supervielle SA-SP ADR | 0.78% | 1,178,894 | $13.9M | Add +58.3% |
| TEO Telecom Argentina SA-SP ADR | 0.66% | 1,009,244 | $11.7M | Add +50.7% |
| FSLR First Solar Inc. | 0.61% | 41,424 | $10.8M | Reduce -36.7% |
| ORA Ormat Technologies Inc. | 0.61% | 97,901 | $10.8M | Reduce -28.1% |
| TECK Teck Resources Ltd.-CLS B | 0.57% | 213,497 | $10.2M | Reduce -37.5% |
| XEL Xcel Energy Inc. | 0.56% | 135,490 | $10.0M | Reduce -31.3% |
| DAL Delta Air Lines Inc. | 0.55% | 142,067 | $9.9M | Add +12.6% |
| AVA Avista Corp. | 0.54% | 249,608 | $9.6M | Reduce -41.4% |
| SO The Southern Co. | 0.54% | 109,977 | $9.6M | Reduce -8.0% |
| SYF Synchrony Financial | 0.53% | 113,924 | $9.5M | Add +14.3% |
| VST Vistra Corp. | 0.52% | 57,665 | $9.3M | Reduce -41.4% |
| BZ Kanzhun Ltd. - ADR | 0.52% | 456,013 | $9.3M | Reduce -35.8% |
| TLN Talen Energy Corp. | 0.51% | 24,541 | $9.2M | Add +34.9% |
| DTE DTE Energy Company | 0.49% | 67,751 | $8.7M | Reduce -8.0% |
| ES Eversource Energy | 0.43% | 115,276 | $7.8M | Reduce -16.2% |
| DINO HF Sinclair Corp. | 0.42% | 164,125 | $7.6M | Add +14.3% |
| AEP American Electric Power | 0.42% | 64,775 | $7.5M | Reduce -38.0% |
| RUN Sunrun Inc. | 0.41% | 398,290 | $7.3M | Reduce -8.1% |
| DVN Devon Energy Corp. | 0.41% | 198,442 | $7.3M | New |
| AES AES Corp. | 0.38% | 473,450 | $6.8M | Reduce -8.0% |
| WM Waste Management Inc. | 0.34% | 27,840 | $6.1M | Reduce -32.1% |
| AEE Ameren Corporation | 0.34% | 60,583 | $6.0M | Reduce -6.2% |
| PBR Petroleo Brasileiro-Spon ADR | 0.33% | 494,705 | $5.9M | Reduce -46.5% |
| JXN Jackson Financial Inc. Class A | 0.30% | 50,037 | $5.3M | Add +14.4% |
| AWK American Water Works Co. Inc. | 0.29% | 40,197 | $5.2M | Add +69.2% |
| LNT Alliant Energy Corp. | 0.28% | 77,800 | $5.1M | Reduce -8.0% |
| AERO Grupo Aeromexico Sab DE CV | 0.15% | 124,350 | $2.7M | New |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 0.14% | 155,815 | $2.6M | New |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.12% | 60,262 | $2.2M | Reduce -48.5% |
| VEON Veon Ltd. | 0.11% | 38,040 | $2.0M | Add +1.1% |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 0.11% | 75,387 | $2.0M | No change |
| VZ Verizon Communications Inc. | 0.05% | 22,767 | $927K | Reduce -30.3% |
| LLY Eli Lilly & Co. | 0.05% | 754 | $810K | Add +0.5% |
| TRMB Trimble Inc. | 0.04% | 9,493 | $744K | No change |
| XYL Xylem Inc. | 0.04% | 5,425 | $739K | No change |
| PDD PDD Holdings Inc. | 0.04% | 6,390 | $725K | No change |
| PL Planet Labs PBC | 0.04% | 34,700 | $684K | Reduce -18.0% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.04% | 28,250 | $674K | Add +3.0% |
| WTS Watts Water Technologies-A | 0.03% | 2,232 | $616K | No change |
| ECL Ecolab Inc. | 0.03% | 2,194 | $576K | No change |
| MWA Mueller Water Products Inc. Class A | 0.03% | 22,513 | $536K | No change |
| RSG Republic Services Inc. | 0.03% | 2,382 | $505K | No change |
| CLH Clean Harbors Inc. | 0.03% | 2,131 | $500K | No change |
| WMS Advanced Drainage Systems Inc. | 0.03% | 3,234 | $468K | No change |
| ITRI Itron Inc. | 0.03% | 5,033 | $467K | No change |
| ABBV Abbvie Inc. | 0.02% | 1,921 | $439K | Reduce -8.9% |
| TTEK Tetra Tech Inc. | 0.02% | 12,253 | $411K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.02% | 701 | $406K | Add +47.0% |
| ACM Aecom | 0.02% | 4,069 | $388K | Reduce -25.7% |
| GH Guardant Health Inc. | 0.02% | 3,775 | $386K | Reduce -35.4% |
| VMI Valmont Industries | 0.02% | 931 | $375K | Reduce -9.3% |
| BALL Ball Corp. | 0.02% | 7,033 | $373K | No change |
| DE Deere & Co. | 0.02% | 750 | $349K | No change |
| BSX Boston Scientific Corp. | 0.02% | 3,507 | $334K | Reduce -8.9% |
| EYPT Eyepoint Inc. | 0.02% | 17,235 | $315K | Add +6.4% |
| BMI Badger Meter Inc. | 0.02% | 1,762 | $307K | New |
| SRRK Scholar Rock Holding Corp. | 0.02% | 6,718 | $296K | New |
| HCA HCA Healthcare Inc. | 0.02% | 620 | $289K | Reduce -8.8% |
| CPRT Copart Inc. | 0.02% | 7,386 | $289K | No change |
| IQV Iqvia Holdings Inc. | 0.02% | 1,236 | $279K | Add +9.5% |
| ABT Abbott Laboratories | 0.02% | 2,186 | $274K | Reduce -8.8% |
| EXAS Exact Sciences Corp. | 0.02% | 2,660 | $270K | Reduce -58.1% |
| IRTC Irhythm Holdings Inc. | 0.01% | 1,454 | $258K | Reduce -8.8% |
| MIRM Mirum Pharmaceuticals Inc. | 0.01% | 3,134 | $248K | Reduce -17.5% |
| STN Stantec Inc. | 0.01% | 2,472 | $234K | No change |
| UNH Unitedhealth Group Inc. | 0.01% | 691 | $228K | Reduce -8.8% |
| PKG Packaging Corp. of America | 0.01% | 1,052 | $217K | No change |
| KAI Kadant Inc. | 0.01% | 746 | $213K | Reduce -26.3% |
| GKOS Glaukos Corp. | 0.01% | 1,790 | $202K | New |
| OCUL Ocular Therapeutix Inc. | 0.01% | 14,797 | $180K | Reduce -8.9% |
| STKL Sunopta Inc. | 0.01% | 47,163 | $179K | No change |
Other holdings (57): bonds, preferreds, convertibles and warrants · $248.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 18,200,000 | $18.0M | Reduce -0.9% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 11,610,000 | $12.4M | Reduce -20.2% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 10,000,000 | $11.7M | Reduce -4.8% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 10,743,000 | $10.8M | Reduce -20.4% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 10,241,000 | $10.6M | Reduce -0.2% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 9,117,000 | $10.2M | Reduce -28.0% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 9,258,000 | $9.5M | Reduce -12.0% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 9,350,000 | $9.3M | Reduce -8.6% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 6,537,000 | $8.2M | Reduce -23.3% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 7,080,000 | $7.4M | Add +53.1% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 6,560,000 | $7.2M | Add +6.7% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 6,620,000 | $7.1M | Add +82.9% |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 5,995,000 | $7.1M | Reduce -9.1% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 7,743,000 | $7.0M | Reduce -24.7% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 4,919,000 | $6.1M | Reduce -11.3% |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 4,946,000 | $6.1M | Reduce -26.9% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 5,607,000 | $5.8M | Add +21.1% |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | 4,900,000 | $5.2M | Add +0.5% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 4,500,000 | $4.9M | No change |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 4,637,000 | $4.8M | Reduce -4.1% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | 3,400,000 | $4.5M | Reduce -34.6% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 4,550,000 | $4.5M | Add +28.9% |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | 3,762,000 | $4.0M | New |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 2,766,000 | $3.5M | Add +2.4% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 2,798,000 | $3.3M | Reduce -15.6% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 2,400,000 | $3.1M | No change |
| MARA HOLDINGS INC (MARA 0 03/01/30) | NOTE 3/0 · principal | 3,870,000 | $3.1M | New |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 3,075,000 | $3.0M | Reduce -58.1% |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | 2,916,000 | $2.9M | New |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 2,858,000 | $2.7M | Add +10.8% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 2,683,000 | $2.7M | Reduce -16.4% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 2,497,000 | $2.6M | Reduce -24.6% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 2,480,000 | $2.5M | Add +128.6% |
| UPSTART HOLDINGS INC (UPST 1 11/15/30) | NOTE 1.000%11/1 · principal | 2,860,000 | $2.5M | New |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | 2,084,000 | $2.3M | New |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 1,807,000 | $2.2M | Add +42.6% |
| STRATEGY INC (MSTR 0.625 09/15/28) | NOTE 0.625% 9/1 · principal | 1,842,000 | $2.2M | New |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | 2,200,000 | $2.1M | New |
| SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) | NOTE 0.250%10/0 · principal | 1,791,000 | $1.9M | New |
| AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) | NOTE 0.750%12/1 · principal | 1,512,000 | $1.7M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 1,491,000 | $1.7M | New |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 1,465,000 | $1.7M | Reduce -12.9% |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 1,652,000 | $1.7M | Add +5.3% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 1,560,000 | $1.5M | Reduce -0.6% |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 1,412,000 | $1.5M | New |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,270,000 | $1.4M | Reduce -19.7% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 970,000 | $1.4M | Reduce -34.5% |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 1,257,000 | $1.4M | New |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 1,170,000 | $1.3M | Reduce -37.8% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 1,130,000 | $1.3M | New |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 958,000 | $1.2M | Reduce -18.0% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 1,193,000 | $1.2M | Add +366.0% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 1,265,000 | $1.2M | New |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 1,100,000 | $1.1M | New |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 900,000 | $982K | New |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 600,000 | $599K | Add +48.9% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 200,000 | $232K | Reduce -50.0% |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q3 2025 → Q4 2025
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −2.94 |
| NIO Nio Inc. - ADR | Sold out | 0.00% | −1.17 |
| LAUR Laureate Education Inc. | Sold out | 0.00% | −0.61 |
| EXC Exelon Corp. | Reduce -8.3% | 4.40% | −0.59 |
| CEG Constellation Energy | Reduce -28.9% | 1.79% | −0.57 |
| VST Vistra Corp. | Reduce -41.4% | 0.52% | −0.56 |
| LI Li Auto Inc. - ADR | Sold out | 0.00% | −0.51 |
| D Dominion Energy Inc. | Reduce -22.6% | 1.43% | −0.51 |
| BZ Kanzhun Ltd. - ADR | Reduce -35.8% | 0.52% | −0.41 |
| SNDK Sandisk Corp. | Sold out | 0.00% | −0.39 |
| NEE Nextera Energy Inc. | Reduce -22.7% | 1.67% | −0.38 |
| AVA Avista Corp. | Reduce -41.4% | 0.54% | −0.37 |
| BABA Alibaba Group Holding-SP ADR | Reduce -5.9% | 1.15% | −0.35 |
| SYY Sysco Corp. | Reduce -3.1% | 2.18% | −0.35 |
| XEL Xcel Energy Inc. | Reduce -31.3% | 0.56% | −0.34 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -46.5% | 0.33% | −0.33 |
| CPNG Coupang Inc. | Sold out | 0.00% | −0.30 |
| AMT American Tower Corp. | Reduce -3.1% | 1.97% | −0.27 |
| TECK Teck Resources Ltd.-CLS B | Reduce -37.5% | 0.57% | −0.27 |
| MELI MercadoLibre Inc. | Reduce -4.2% | 1.13% | −0.25 |
| AEP American Electric Power | Reduce -38.0% | 0.42% | −0.24 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.21 |
| FSLR First Solar Inc. | Reduce -36.7% | 0.61% | −0.21 |
| CWEN Clearway Energy Inc. Class C | Reduce -29.4% | 0.98% | −0.21 |
| GTE Gran Tierra Energy Inc. | Sold out | 0.00% | −0.19 |
| WM Waste Management Inc. | Reduce -32.1% | 0.34% | −0.17 |
| PEG Public Service Enterprise GP | Reduce -6.1% | 1.22% | −0.14 |
| CMS CMS Energy Corp. | Reduce -2.4% | 1.72% | −0.14 |
| ORA Ormat Technologies Inc. | Reduce -28.1% | 0.61% | −0.13 |
| WTRG Essential Utilities Inc. | Sold out | 0.00% | −0.13 |
| BRX Brixmor Property Group Inc. | Reduce -3.6% | 1.23% | −0.13 |
| AQN Algonquin Power & Utilities | Reduce -23.4% | 0.80% | −0.12 |
| ES Eversource Energy | Reduce -16.2% | 0.43% | −0.12 |
| SO The Southern Co. | Reduce -8.0% | 0.54% | −0.10 |
| DTE DTE Energy Company | Reduce -8.0% | 0.49% | −0.10 |
| FRT Federal Realty Invs Trust | Reduce -3.7% | 1.01% | −0.05 |
| AEE Ameren Corporation | Reduce -6.2% | 0.34% | −0.04 |
| YPF YPF S.A.-Sponsored ADR | Reduce -48.5% | 0.12% | −0.04 |
| LNT Alliant Energy Corp. | Reduce -8.0% | 0.28% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -30.3% | 0.05% | −0.03 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| PEP Pepsico Inc. | Reduce -3.4% | 1.40% | −0.03 |
| ACM Aecom | Reduce -25.7% | 0.02% | −0.02 |
| ONC Beone Medicines Ltd.-ADR | Sold out | 0.00% | −0.02 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.02 |
| INSM Insmed Inc. | Sold out | 0.00% | −0.01 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −0.01 |
| RUN Sunrun Inc. | Reduce -8.1% | 0.41% | −0.01 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.01 |
| RYTM Rhythm Pharmaceuticals Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| M Macy's Inc. | Add +0.6% | 13.53% | +2.52 |
| VIST Vista Energy Sab DE CV | Add +87.0% | 2.03% | +1.26 |
| EPAM Epam Systems Inc. | New | 0.89% | +0.89 |
| LOMA Loma Negra Cia Ind-Spon ADR | Add +36.8% | 1.42% | +0.83 |
| PAYX Paychex Inc. | Add +86.2% | 2.10% | +0.82 |
| PCG P G & E Corp. | New | 0.81% | +0.81 |
| OMC Omnicom Group | Add +48.0% | 2.52% | +0.79 |
| VALE Vale SA-SP ADR | Add +28.1% | 1.82% | +0.63 |
| SUPV Grupo Supervielle SA-SP ADR | Add +58.3% | 0.78% | +0.57 |
| PM Philip Morris International | Add +54.8% | 1.62% | +0.56 |
| LEA Lear Corp. | Add +3.5% | 3.78% | +0.55 |
| GFI Gold Fields Ltd.-Spons ADR | Add +15.9% | 3.26% | +0.54 |
| EMBJ Embraer SA-Spon ADR | Add +57.1% | 1.18% | +0.47 |
| DVN Devon Energy Corp. | New | 0.41% | +0.41 |
| TEO Telecom Argentina SA-SP ADR | Add +50.7% | 0.66% | +0.38 |
| AERO Grupo Aeromexico Sab DE CV | New | 0.15% | +0.15 |
| DAL Delta Air Lines Inc. | Add +12.6% | 0.55% | +0.15 |
| IRS Irsa -SP ADR | New | 0.14% | +0.14 |
| TAP Molson Coors Beverage Co. Class B | Add +2.7% | 2.89% | +0.14 |
| SYF Synchrony Financial | Add +14.3% | 0.53% | +0.13 |
| AWK American Water Works Co. Inc. | Add +69.2% | 0.29% | +0.11 |
| HUBB Hubbell Inc. | Add +8.1% | 0.83% | +0.08 |
| TLN Talen Energy Corp. | Add +34.9% | 0.51% | +0.08 |
| TEL Te Connectivity PLC | Add +4.4% | 0.88% | +0.06 |
| JXN Jackson Financial Inc. Class A | Add +14.4% | 0.30% | +0.05 |
| BMI Badger Meter Inc. | New | 0.02% | +0.02 |
| SRRK Scholar Rock Holding Corp. | New | 0.02% | +0.02 |
| LLY Eli Lilly & Co. | Add +0.5% | 0.05% | +0.01 |
| GKOS Glaukos Corp. | New | 0.01% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +47.0% | 0.02% | +0.01 |
| EYPT Eyepoint Inc. | Add +6.4% | 0.02% | +0.00 |
| IQV Iqvia Holdings Inc. | Add +9.5% | 0.02% | +0.00 |
| DINO HF Sinclair Corp. | Add +14.3% | 0.42% | −0.00 |
| SBS Cia Saneamento Basico DE-ADR | Add +3.0% | 0.04% | −0.00 |
| VEON Veon Ltd. | Add +1.1% | 0.11% | −0.00 |
| HPQ HP Inc. | Add +2.4% | 7.49% | −1.51 |
Notes & Other Activity Q3 2025 → Q4 2025
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -0.9% | 18,200,000 | $18.0M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Reduce -20.2% | 11,610,000 | $12.4M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | Reduce -4.8% | 10,000,000 | $11.7M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | Reduce -20.4% | 10,743,000 | $10.8M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Reduce -0.2% | 10,241,000 | $10.6M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Reduce -28.0% | 9,117,000 | $10.2M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | Reduce -12.0% | 9,258,000 | $9.5M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -8.6% | 9,350,000 | $9.3M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Reduce -23.3% | 6,537,000 | $8.2M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +53.1% | 7,080,000 | $7.4M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Add +6.7% | 6,560,000 | $7.2M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Add +82.9% | 6,620,000 | $7.1M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Reduce -9.1% | 5,995,000 | $7.1M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -24.7% | 7,743,000 | $7.0M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Sold out | 5,125,000 | $6.6Mbefore exit |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Reduce -11.3% | 4,919,000 | $6.1M |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | Reduce -26.9% | 4,946,000 | $6.1M |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | Add +21.1% | 5,607,000 | $5.8M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Sold out | 4,465,000 | $5.5Mbefore exit |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | Add +0.5% | 4,900,000 | $5.2M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 4,830,000 | $5.1Mbefore exit |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -4.1% | 4,637,000 | $4.8M |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | Reduce -34.6% | 3,400,000 | $4.5M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Add +28.9% | 4,550,000 | $4.5M |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | Sold out | 4,497,000 | $4.4Mbefore exit |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | New | 3,762,000 | $4.0M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | Add +2.4% | 2,766,000 | $3.5M |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | Sold out | 2,420,000 | $3.3Mbefore exit |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Reduce -15.6% | 2,798,000 | $3.3M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Sold out | 2,332,000 | $3.3Mbefore exit |
| MARA HOLDINGS INC (MARA 0 03/01/30) | NOTE 3/0 · principal | New | 3,870,000 | $3.1M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Sold out | 2,154,000 | $3.0Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Reduce -58.1% | 3,075,000 | $3.0M |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | Sold out | 1,745,000 | $2.9Mbefore exit |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | New | 2,916,000 | $2.9M |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | Add +10.8% | 2,858,000 | $2.7M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Reduce -16.4% | 2,683,000 | $2.7M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Reduce -24.6% | 2,497,000 | $2.6M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +128.6% | 2,480,000 | $2.5M |
| UPSTART HOLDINGS INC (UPST 1 11/15/30) | NOTE 1.000%11/1 · principal | New | 2,860,000 | $2.5M |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | Sold out | 1,885,000 | $2.4Mbefore exit |
| UGI CORP (UGI 5 06/01/28) | NOTE 5.000% 6/0 · principal | Sold out | 1,901,000 | $2.4Mbefore exit |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | Sold out | 1,694,000 | $2.3Mbefore exit |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | New | 2,084,000 | $2.3M |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | Sold out | 1,922,000 | $2.2Mbefore exit |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | Add +42.6% | 1,807,000 | $2.2M |
| STRATEGY INC (MSTR 0.625 09/15/28) | NOTE 0.625% 9/1 · principal | New | 1,842,000 | $2.2M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Sold out | 2,075,000 | $2.1Mbefore exit |
| NUTANIX INC (NTNX 0.5 12/15/29) | NOTE 0.500%12/1 · principal | New | 2,200,000 | $2.1M |
| SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) | NOTE 0.250%10/0 · principal | New | 1,791,000 | $1.9M |
Showing the first 50 of 77.
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 |