Sona Asset Management (us) LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sona Asset Management (us) LLC reported 77 stock positions worth $777.5 million. Its top holding was iShares JP Morgan Usd Emergi (EMB) at 18.0% of the portfolio, followed by TXNM Energy (TXNM, 12.1%) and iShares 1-5Y Inv Grade (IGSB, 7.7%). Compared with Q2 2025, it opened 44 new positions, sold out of 22, added to 7 and reduced 10. The biggest buy was a new position in iShares JP Morgan Usd Emergi (EMB) and the biggest sale Ishr Ibx Usd Invgd CB ETF-Ui (LQD, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001856405
- Portfolio Value
- $777.5M (Q3 2025)
- SEC Filing
- 0000905148-25-004047 ↗ filed Nov 14, 2025
Holdings Value
Holdings 77 stocks · $777.5M
| EMB iShares JP Morgan Usd Emergi | 17.98% | 1,469,000 | $139.8M | New |
| TXNM TXNM Energy Inc. | 12.10% | 1,663,830 | $94.1M | Add +79.8% |
| IGSB iShares 1-5Y Inv Grade Corp. | 7.74% | 1,135,000 | $60.2M | Reduce -55.2% |
| NSC Norfolk Southern Corp. | 7.31% | 189,280 | $56.9M | New |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 5.68% | 396,206 | $44.2M | Reduce -93.1% |
| GTLS Chart Industries Inc. | 5.37% | 208,634 | $41.8M | New |
| EA Electronic Arts Inc. | 4.81% | 185,440 | $37.4M | New |
| KYIV Kyivstar Group Ltd. | 3.44% | 2,137,889 | $26.7M | New |
| BORR Borr Drilling Ltd. | 2.21% | 6,386,470 | $17.2M | New |
| CYBR Cyberark Software Ltd./Israel | 2.07% | 33,376 | $16.1M | New |
| BTDR Bitdeer Technologies Group-A | 1.70% | 774,003 | $13.2M | New |
| IHS Ihs Holding Ltd. | 1.58% | 1,802,674 | $12.3M | No change |
| UNH Unitedhealth Group Inc. | 1.44% | 32,500 | $11.2M | Add +62.5% |
| CCJ Cameco Corp. | 1.43% | 132,500 | $11.1M | Reduce -29.3% |
| CC The Chemours Co. | 1.21% | 596,275 | $9.4M | New |
| BABA Alibaba Group Holding-SP ADR | 1.08% | 47,186 | $8.4M | Reduce -36.4% |
| NN Nextnav Inc. | 1.06% | 575,128 | $8.2M | No change |
| URA Global X Uranium ETF | 0.92% | 150,000 | $7.2M | No change |
| UNIT Uniti Group Inc. | 0.89% | 1,136,000 | $7.0M | Add +22.5% |
| TER Teradyne Inc. | 0.89% | 50,000 | $6.9M | New |
| BLCO Bausch + Lomb Corp. | 0.88% | 455,332 | $6.9M | Reduce -55.4% |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 0.81% | 2,600,000 | $6.3M | Reduce -45.3% |
| EWY iShares MSCI South Korea ETF | 0.76% | 74,000 | $5.9M | Add +100.0% |
| GFR Greenfire Resources Ltd. | 0.69% | 1,157,749 | $5.3M | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 0.67% | 157,000 | $5.2M | New |
| FYBR Frontier Communications Pare | 0.66% | 136,623 | $5.1M | Reduce -90.5% |
| EWW iShares MSCI Mexico ETF | 0.65% | 74,000 | $5.0M | Add +85.0% |
| EWJ iShares MSCI Japan ETF | 0.63% | 61,500 | $4.9M | New |
| DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN | 0.63% | 819,328 | $4.9M | New |
| DLR Digital Realty Trust Inc. | 0.60% | 27,200 | $4.7M | No change |
| VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC | 0.60% | 300,000 | $4.6M | New |
| ASML ASML Holding NV-NY Reg SHS | 0.50% | 4,000 | $3.9M | New |
| DLTR Dollar Tree Inc. | 0.49% | 40,000 | $3.8M | No change |
| BKLN Invesco Senior Loan ETF | 0.45% | 167,224 | $3.5M | New |
| CHTR Charter Communications Inc. Class A | 0.44% | 12,500 | $3.4M | New |
| HTZ Hertz Global Hldgs Inc. | 0.44% | 500,000 | $3.4M | New |
| CZR Caesars Entertainment Inc. | 0.43% | 125,000 | $3.4M | Reduce -70.9% |
| EQT Eqt Corp. | 0.42% | 60,000 | $3.3M | Add +50.0% |
| LTH Life Time Group Holdings Inc. | 0.41% | 115,000 | $3.2M | New |
| EWZ iShares MSCI Brazil ETF | 0.40% | 100,000 | $3.1M | No change |
| LITE Lumentum Holdings Inc. | 0.40% | 19,000 | $3.1M | Reduce -75.4% |
| PSFE Paysafe Ltd. | 0.40% | 239,188 | $3.1M | New |
| CCL Carnival Corp. | 0.39% | 106,100 | $3.1M | New |
| DMIIU Drugs Made in America Acquis | 0.38% | 300,000 | $3.0M | New |
| EYE National Vision Holdings Inc. | 0.38% | 100,000 | $2.9M | No change |
| TAC Transalta Corp. | 0.35% | 200,000 | $2.7M | No change |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 0.34% | 200,000 | $2.7M | New |
| GRAB Grab Holdings Ltd. Class A | 0.34% | 433,200 | $2.6M | New |
| RIOT Riot Platforms Inc. | 0.31% | 125,000 | $2.4M | New |
| WLAC Willow Lane Acquisition Class A | 0.30% | 200,000 | $2.3M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.29% | 3,394 | $2.3M | New |
| HII Huntington Ingalls Industrie | 0.28% | 7,500 | $2.2M | New |
| RH RH | 0.27% | 10,400 | $2.1M | Add +92.6% |
| DG Dollar General Corp. | 0.27% | 20,000 | $2.1M | No change |
| ECHO Echostar Corp. Class A | 0.25% | 25,000 | $1.9M | New |
| ALNY Alnylam Pharmaceuticals Inc. | 0.24% | 4,104 | $1.9M | New |
| EC Ecopetrol SA-Sponsored ADR | 0.24% | 200,000 | $1.8M | No change |
| DDOG Datadog Inc. Class A | 0.23% | 12,390 | $1.8M | Reduce -22.5% |
| HUT Hut 8 Corp. | 0.22% | 50,000 | $1.7M | New |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 0.21% | 100,000 | $1.6M | New |
| EVAC.U Eqv Ventures Acquisition Cor | 0.19% | 150,000 | $1.5M | New |
| TKR Timken Co. | 0.14% | 14,000 | $1.1M | No change |
| BLZRU Trailblazer Acquisition Corp. | 0.13% | 100,000 | $1.0M | New |
| INVZ Innoviz Technologies Ltd. | 0.13% | 500,000 | $1.0M | New |
| CEPF Cantor Equity Partners Class A | 0.13% | 100,000 | $1.0M | New |
| EHTH Ehealth Inc. | 0.13% | 232,589 | $1.0M | No change |
| AXON Axon Enterprise Inc. | 0.12% | 1,250 | $897K | New |
| SOUN Soundhound AI Inc. Class A | 0.08% | 39,000 | $627K | New |
| FCRS.U Futurecrest Acquisition Corp. | 0.07% | 50,000 | $530K | New |
| HCMAU HCM III Acquisition Corp. | 0.07% | 50,000 | $516K | New |
| VRM Vroom Inc. | 0.05% | 14,472 | $391K | No change |
| ON On Semiconductor | 0.05% | 7,872 | $388K | New |
| TDS Telephone and Data Systems | 0.05% | 9,398 | $369K | No change |
| THCH TH International Ltd./Cayman | 0.03% | 100,000 | $259K | No change |
| MBVIU M3-Brigade Acquisition Vi Co. | 0.03% | 25,000 | $253K | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.02% | 2,124 | $172K | New |
| IHRT Iheartmedia Inc. Class A | 0.02% | 58,114 | $167K | New |
Options reported separately and not counted above: TLT puts ($266.3M), HYG puts ($227.3M), LQD puts ($222.9M), ARKK puts ($121.7M), GLD puts ($106.6M), GLD calls ($88.9M), MTUM puts ($76.9M), EWZ calls ($46.5M), MU calls ($41.8M), EWY calls ($40.0M), KWEB calls ($38.2M), EEM calls ($34.8M), and 26 more.
Other holdings (36): bonds, preferreds, convertibles and warrants · $1.8B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 151,801,000 | $279.0M | Add +44.2% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 2,100,000 | $147.8M | No change |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 113,615,000 | $138.6M | Add +17.8% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 131,000,000 | $133.0M | Add +23.6% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 83,300,000 | $88.5M | Add +87.2% |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 65,000,000 | $83.1M | New |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 77,722,000 | $81.2M | New |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 83,575,000 | $77.4M | Reduce -29.5% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 52,500,000 | $58.3M | Add +128.3% |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 850,000 | $57.9M | Reduce -29.2% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 58,250,000 | $57.0M | Reduce -52.1% |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 51,000,000 | $52.5M | New |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 49,404,000 | $52.0M | Reduce -32.4% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 40,000,000 | $50.3M | New |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 44,500,000 | $40.6M | Add +15.6% |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 40,500,000 | $39.3M | Add +8.0% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 41,162,000 | $38.7M | Add +39.5% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 30,000,000 | $33.5M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 31,230,000 | $30.9M | No change |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 18,750,000 | $28.2M | New |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 22,000,000 | $24.2M | Add +144.4% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 600,000 | $23.0M | New |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 25,400,000 | $22.9M | Reduce -16.4% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 21,500,000 | $22.2M | Add +48.3% |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | 15,097,000 | $19.5M | Reduce -33.2% |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 14,000,000 | $13.9M | No change |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 13,250,000 | $12.7M | No change |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 12,500,000 | $12.3M | Add +66.7% |
| UNITI GROUP INC (UNIT 7.5 12/01/27) | NOTE 7.500%12/0 · principal | 9,500,000 | $10.4M | New |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 200,000 | $10.0M | No change |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 7,000,000 | $9.3M | New |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 9,750,000 | $9.1M | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 7,000,000 | $6.4M | New |
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | 200,000 | $744K | No change |
| KYIVW Kyivstar Group Ltd. -30 | *W EXP 08/14/203 | 25,000 | $102K | New |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | 150,000 | $10K | No change |
Total filed on the 13F, all lines: $2.5B.
Portfolio Sells Q2 2025 → Q3 2025
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -93.1% | 5.68% | −42.32 |
| VCIT Vanguard Int-Term Corporate | Sold out | 0.00% | −7.86 |
| IEF iShares 7-10 Year Treasury B | Sold out | 0.00% | −5.27 |
| FYBR Frontier Communications Pare | Reduce -90.5% | 0.66% | −3.33 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -55.2% | 7.74% | −2.40 |
| CCIR Cohen Circle Acquisitio Class A | Sold out | 0.00% | −1.55 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −1.47 |
| WULF Terawulf Inc. | Sold out | 0.00% | −0.90 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.75 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −0.67 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.60 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −0.60 |
| MIR Mirion Technologies Inc. | Sold out | 0.00% | −0.51 |
| CZR Caesars Entertainment Inc. | Reduce -70.9% | 0.43% | −0.49 |
| VFC VF Corp. | Sold out | 0.00% | −0.42 |
| STX Seagate Technology Holdings | Sold out | 0.00% | −0.38 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.36 |
| INTC Intel Corp. | Sold out | 0.00% | −0.33 |
| U Unity Software Inc. | Sold out | 0.00% | −0.28 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.28 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.20 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −0.19 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.19 |
| ARGT Global X MSCI Argentina ETF | Sold out | 0.00% | −0.17 |
| LITE Lumentum Holdings Inc. | Reduce -75.4% | 0.40% | −0.16 |
| AMCX AMC Global Media Inc. | Sold out | 0.00% | −0.15 |
| BLCO Bausch + Lomb Corp. | Reduce -55.4% | 0.88% | −0.12 |
| PSN Parsons Corp. | Sold out | 0.00% | −0.03 |
| OPTU Optimum Communications Inc. Class A | Reduce -45.3% | 0.81% | +0.03 |
| DDOG Datadog Inc. Class A | Reduce -22.5% | 0.23% | +0.06 |
| CCJ Cameco Corp. | Reduce -29.3% | 1.43% | +0.37 |
| BABA Alibaba Group Holding-SP ADR | Reduce -36.4% | 1.08% | +0.45 |
Portfolio Buys Q2 2025 → Q3 2025
| EMB iShares JP Morgan Usd Emergi | New | 17.98% | +17.98 |
| TXNM TXNM Energy Inc. | Add +79.8% | 12.10% | +8.15 |
| NSC Norfolk Southern Corp. | New | 7.31% | +7.31 |
| GTLS Chart Industries Inc. | New | 5.37% | +5.37 |
| EA Electronic Arts Inc. | New | 4.81% | +4.81 |
| KYIV Kyivstar Group Ltd. | New | 3.44% | +3.44 |
| BORR Borr Drilling Ltd. | New | 2.21% | +2.21 |
| CYBR Cyberark Software Ltd./Israel | New | 2.07% | +2.07 |
| BTDR Bitdeer Technologies Group-A | New | 1.70% | +1.70 |
| CC The Chemours Co. | New | 1.21% | +1.21 |
| UNH Unitedhealth Group Inc. | Add +62.5% | 1.44% | +0.97 |
| TER Teradyne Inc. | New | 0.89% | +0.89 |
| ASHR Xtrackers Harvest Csi 300 CH | New | 0.67% | +0.67 |
| EWJ iShares MSCI Japan ETF | New | 0.63% | +0.63 |
| DCH Dauch Corporation | New | 0.63% | +0.63 |
| VISN Vistance Networks Inc. | New | 0.60% | +0.60 |
| EWY iShares MSCI South Korea ETF | Add +100.0% | 0.76% | +0.56 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.50% | +0.50 |
| EWW iShares MSCI Mexico ETF | Add +85.0% | 0.65% | +0.47 |
| BKLN Invesco Senior Loan ETF | New | 0.45% | +0.45 |
| CHTR Charter Communications Inc. Class A | New | 0.44% | +0.44 |
| HTZ Hertz Global Hldgs Inc. | New | 0.44% | +0.44 |
| LTH Life Time Group Holdings Inc. | New | 0.41% | +0.41 |
| PSFE Paysafe Ltd. | New | 0.40% | +0.40 |
| CCL Carnival Corp. | New | 0.39% | +0.39 |
| UNIT Uniti Group Inc. | Add +22.5% | 0.89% | +0.39 |
| DMIIU Drugs Made in America Acquis | New | 0.38% | +0.38 |
| TIC Tic Solutions Inc. | New | 0.34% | +0.34 |
| GRAB Grab Holdings Ltd. Class A | New | 0.34% | +0.34 |
| RIOT Riot Platforms Inc. | New | 0.31% | +0.31 |
| WLAC Willow Lane Acquisition Class A | New | 0.30% | +0.30 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.29% | +0.29 |
| HII Huntington Ingalls Industrie | New | 0.28% | +0.28 |
| ECHO Echostar Corp. Class A | New | 0.25% | +0.25 |
| EQT Eqt Corp. | Add +50.0% | 0.42% | +0.24 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.24% | +0.24 |
| HUT Hut 8 Corp. | New | 0.22% | +0.22 |
| IMSR Terrestrial Energy Inc. | New | 0.21% | +0.21 |
| RH RH | Add +92.6% | 0.27% | +0.19 |
| EVAC.U Eqv Ventures Acquisition Cor | New | 0.19% | +0.19 |
| BLZRU Trailblazer Acquisition Corp. | New | 0.13% | +0.13 |
| INVZ Innoviz Technologies Ltd. | New | 0.13% | +0.13 |
| CEPF Cantor Equity Partners Class A | New | 0.13% | +0.13 |
| AXON Axon Enterprise Inc. | New | 0.12% | +0.12 |
| SOUN Soundhound AI Inc. Class A | New | 0.08% | +0.08 |
| FCRS.U Futurecrest Acquisition Corp. | New | 0.07% | +0.07 |
| HCMAU HCM III Acquisition Corp. | New | 0.07% | +0.07 |
| ON On Semiconductor | New | 0.05% | +0.05 |
| MBVIU M3-Brigade Acquisition Vi Co. | New | 0.03% | +0.03 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 0.02% | +0.02 |
Options Activity Q2 2025 → Q3 2025
| TLT iShares 20+ Year Treasury BD | put | Add +500.2% | 2,980,000 | $266.3M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Add +31.8% | 2,800,000 | $227.3M |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | New | 2,000,000 | $222.9M |
| ARKK ARK Innovation ETF | put | Add +276.0% | 1,410,000 | $121.7M |
| GLD SPDR Gold Shares | put | Add +30.4% | 300,000 | $106.6M |
| GLD SPDR Gold Shares | call | Add +150.0% | 250,000 | $88.9M |
| MTUM iShares MSCI USA Momentum Fa | put | New | 300,000 | $76.9M |
| QQQ Invesco QQQ Trust Series 1 | call | Sold out | 111,700 | $61.6Mbefore exit |
| IEF iShares 7-10 Year Treasury B | put | Sold out | 500,000 | $47.9Mbefore exit |
| EWZ iShares MSCI Brazil ETF | call | New | 1,500,000 | $46.5M |
| MU Micron Technology Inc. | call | New | 250,000 | $41.8M |
| EWY iShares MSCI South Korea ETF | call | New | 500,000 | $40.0M |
| KWEB Kranesh Csi China Internet | call | New | 909,000 | $38.2M |
| EEM iShares MSCI Emerging Market | call | New | 652,100 | $34.8M |
| BTDR Bitdeer Technologies Group-A | call | New | 1,800,000 | $30.8M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 47,500 | $29.3Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | New | 45,000 | $27.0M |
| MSTR Strategy Inc. | put | New | 75,000 | $24.2M |
| IWM iShares Russell 2000 ETF | put | Sold out | 100,000 | $21.6Mbefore exit |
| FXI iShares China Large-Cap ETF | call | New | 500,000 | $20.6M |
| AMED Amedisys Inc. | put | Sold out | 200,000 | $19.7Mbefore exit |
| NVDA Nvidia Corp. | put | New | 100,000 | $18.7M |
| ECHO Echostar Corp. Class A | call | New | 160,000 | $12.2M |
| GEO The Geo Group Inc. | call | New | 550,000 | $11.3M |
| TSLA Tesla Inc. | call | New | 25,000 | $11.1M |
| XHB SS SPDR S&P Homebldrs ETF | call | New | 100,000 | $11.1M |
| UNH Unitedhealth Group Inc. | call | Sold out | 35,000 | $10.9Mbefore exit |
| TLT iShares 20+ Year Treasury BD | call | Reduce -73.8% | 110,000 | $9.8M |
| DCH Dauch Corporation | call | Reduce -27.8% | 1,500,000 | $9.0M |
| TECK Teck Resources Ltd.-CLS B | call | New | 200,000 | $8.8M |
| SNPS Synopsys Inc. | call | Sold out | 15,000 | $7.7Mbefore exit |
| IBIT iShares Bitcoin Trust ETF | call | New | 100,000 | $6.5M |
| KVUE Kenvue Inc. | call | Add +250.0% | 350,000 | $5.7M |
| CORZ Core Scientific Inc. | call | New | 300,000 | $5.4M |
| CIFR Cipher Digital Inc. | call | New | 400,000 | $5.0M |
| WBD Warner Bros Discovery Inc. | put | New | 250,000 | $4.9M |
| GLNG Golar LNG Ltd. | put | New | 100,000 | $4.0M |
| DUOL Duolingo | put | New | 12,500 | $4.0M |
| INTC Intel Corp. | call | New | 100,000 | $3.4M |
| ORCL Oracle Corp. | put | New | 10,000 | $2.8M |
| TRIP Tripadvisor Inc. | call | Sold out | 120,000 | $1.6Mbefore exit |
| SYM Symbotic Inc. | call | New | 17,500 | $943K |
| CODI Compass Diversified Holdings | put | Reduce -50.6% | 100,200 | $663K |
| OUST Ouster Inc. | call | New | 10,000 | $271K |
| NOTE Fiscalnote Holdings Inc. | call | Sold out | 100,000 | $54Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Add +44.2% | 151,801,000 | $279.0M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Add +17.8% | 113,615,000 | $138.6M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +23.6% | 131,000,000 | $133.0M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Add +87.2% | 83,300,000 | $88.5M |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | New | 65,000,000 | $83.1M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | New | 77,722,000 | $81.2M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Reduce -29.5% | 83,575,000 | $77.4M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Sold out | 35,000,000 | $62.8Mbefore exit |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | Sold out | 60,275,000 | $60.3Mbefore exit |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Sold out | 60,246,000 | $60.2Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Add +128.3% | 52,500,000 | $58.3M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -29.2% | 850,000 | $57.9M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Reduce -52.1% | 58,250,000 | $57.0M |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | Sold out | 39,350,000 | $53.1Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | New | 51,000,000 | $52.5M |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Reduce -32.4% | 49,404,000 | $52.0M |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | Sold out | 440,000 | $50.8Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | New | 40,000,000 | $50.3M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | Sold out | 40,000,000 | $45.0Mbefore exit |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +15.6% | 44,500,000 | $40.6M |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | Add +8.0% | 40,500,000 | $39.3M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +39.5% | 41,162,000 | $38.7M |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | New | 30,000,000 | $33.5M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Sold out | 19,162,000 | $29.1Mbefore exit |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | New | 18,750,000 | $28.2M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +144.4% | 22,000,000 | $24.2M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | New | 600,000 | $23.0M |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | Reduce -16.4% | 25,400,000 | $22.9M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Add +48.3% | 21,500,000 | $22.2M |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | Reduce -33.2% | 15,097,000 | $19.5M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Sold out | 350,000 | $15.5Mbefore exit |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Sold out | 11,882,000 | $14.1Mbefore exit |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Sold out | 10,000,000 | $13.1Mbefore exit |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | Add +66.7% | 12,500,000 | $12.3M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Sold out | 10,000,000 | $10.8Mbefore exit |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Sold out | 9,000,000 | $10.7Mbefore exit |
| UNITI GROUP INC (UNIT 7.5 12/01/27) | NOTE 7.500%12/0 · principal | New | 9,500,000 | $10.4M |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | New | 7,000,000 | $9.3M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | New | 7,000,000 | $6.4M |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | Sold out | 2,500,000 | $2.9Mbefore exit |
| KYIVW Kyivstar Group Ltd. -30 | *W EXP 08/14/203 | New | 25,000 | $102K |
| CCIRW Cohen Circle Acquisition-29 | *W EXP 01/31/202 | Sold out | 25,000 | $50Kbefore exit |
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 | 299 | $2.1B | ECHO, WBD, RSP, KYIV, SHAZ |
| Q1 2026 | 244 | $1.7B | ECHO, WBD, AES, LQD, IGSB |
| Q4 2025 | 80 | $1.6B | LQD, NSC, IGSB, TXNM, KYIV |
| Q3 2025 | 77 | $777.5M | EMB, TXNM, IGSB, NSC, LQD |
| Q2 2025 | 55 | $1.3B | LQD, IGSB, VCIT, IEF, FYBR |
| Q1 2025 | 42 | $1.3B | LQD, DFS, IEF, OMC, VCIT |
| Q4 2024 | 35 | $439.6M | K, FYBR, DFS, ALTM, JAAA |
| Q3 2024 | 30 | $271.8M | CTLT, APLD, JNPR, WULF, GFR |
| Q2 2024 | 15 | $101.8M | JBBB, GFR, IHS, CZR, CTLT |
| Q1 2024Amended | 19 | $91.6M | GFR, IHS, DCH, GPN, CZR |