Sona Asset Management (us) LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Sona Asset Management (us) LLC reported 80 stock positions worth $1.6 billion. Its top holding was Ishr Ibx Usd Invgd CB ETF-Ui (LQD) at 48.9% of the portfolio, followed by Norfolk Southern (NSC, 8.1%) and iShares 1-5Y Inv Grade (IGSB, 7.6%). Compared with Q3 2025, it opened 34 new positions, sold out of 31, added to 16 and reduced 12. The biggest buy was Ishr Ibx Usd Invgd CB ETF-Ui (LQD, shares +1670%) and the biggest sale an exit from iShares JP Morgan Usd Emergi (EMB).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001856405
- Portfolio Value
- $1.6B (Q4 2025)
- SEC Filing
- 0000905148-26-000843 ↗ filed Feb 17, 2026
Holdings Value
Holdings 80 stocks · $1.6B
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 48.93% | 7,011,298 | $772.6M | Add +1669.6% |
| NSC Norfolk Southern Corp. | 8.12% | 444,247 | $128.3M | Add +134.7% |
| IGSB iShares 1-5Y Inv Grade Corp. | 7.60% | 2,270,000 | $120.0M | Add +100.0% |
| TXNM TXNM Energy Inc. | 6.84% | 1,834,874 | $108.0M | Add +10.3% |
| KYIV Kyivstar Group Ltd. | 3.15% | 3,834,088 | $49.8M | Add +79.3% |
| ECHO Echostar Corp. Class A | 2.10% | 304,650 | $33.1M | Add +1118.6% |
| WBD Warner Bros Discovery Inc. | 1.83% | 1,000,000 | $28.8M | New |
| DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN | 1.52% | 3,737,937 | $24.0M | Add +356.2% |
| BACC Blue Acquisition Corp. Class A | 1.27% | 1,960,185 | $20.0M | New |
| CC The Chemours Co. | 1.23% | 1,651,275 | $19.5M | Add +176.9% |
| UNH Unitedhealth Group Inc. | 0.91% | 43,600 | $14.4M | Add +34.1% |
| BORR Borr Drilling Ltd. | 0.82% | 3,205,564 | $12.9M | Reduce -49.8% |
| INTC Intel Corp. | 0.78% | 335,000 | $12.4M | New |
| IHS Ihs Holding Ltd. | 0.73% | 1,552,674 | $11.6M | Reduce -13.9% |
| RSP Invesco S&P 500 Equal Weight | 0.66% | 54,282 | $10.4M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.60% | 221,000 | $9.4M | New |
| CLSK Cleanspark Inc. | 0.59% | 919,500 | $9.3M | New |
| BABA Alibaba Group Holding-SP ADR | 0.55% | 59,486 | $8.7M | Add +26.1% |
| MU Micron Technology Inc. | 0.54% | 30,000 | $8.6M | New |
| SNDK Sandisk Corp. | 0.51% | 34,000 | $8.1M | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.44% | 87,011 | $7.0M | Add +3996.6% |
| IHRT Iheartmedia Inc. Class A | 0.43% | 1,623,571 | $6.8M | Add +2693.8% |
| CMCSA Comcast Corp. Class A | 0.43% | 225,000 | $6.7M | New |
| BKLN Invesco Senior Loan ETF | 0.43% | 319,787 | $6.7M | Add +91.2% |
| NN Nextnav Inc. | 0.40% | 378,128 | $6.3M | Reduce -34.3% |
| AVAV Aerovironment Inc. | 0.39% | 25,500 | $6.2M | New |
| FMC FMC Corp. | 0.35% | 400,000 | $5.5M | New |
| EWY iShares MSCI South Korea ETF | 0.33% | 53,000 | $5.2M | Reduce -28.4% |
| EWW iShares MSCI Mexico ETF | 0.32% | 74,000 | $5.1M | No change |
| EWJ iShares MSCI Japan ETF | 0.31% | 61,500 | $5.0M | No change |
| URA Global X Uranium ETF | 0.31% | 115,000 | $4.9M | Reduce -23.3% |
| TER Teradyne Inc. | 0.31% | 25,000 | $4.8M | Reduce -50.0% |
| CORZ Core Scientific Inc. | 0.28% | 300,000 | $4.4M | New |
| KWEB Kranesh Csi China Internet | 0.27% | 125,000 | $4.3M | New |
| BTDR Bitdeer Technologies Group-A | 0.27% | 374,003 | $4.2M | Reduce -51.7% |
| COHR Coherent Corp. | 0.25% | 21,000 | $3.9M | New |
| COGT Cogent Biosciences Inc. | 0.24% | 105,000 | $3.7M | New |
| GSAT Globalstar Inc. | 0.23% | 60,000 | $3.7M | New |
| ZTS Zoetis Inc. | 0.22% | 27,700 | $3.5M | New |
| AVGO Broadcom Inc. | 0.22% | 10,000 | $3.5M | New |
| VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC | 0.22% | 188,715 | $3.4M | Reduce -37.1% |
| HPP Hudson Pacific Properties Inc. | 0.21% | 310,989 | $3.4M | New |
| EQT Eqt Corp. | 0.20% | 60,000 | $3.2M | No change |
| TIC Tic Solutions Inc. | 0.19% | 300,000 | $3.0M | Add +50.0% |
| DMII Drugs Made in America Acquis | 0.19% | 300,000 | $3.0M | No change |
| CZR Caesars Entertainment Inc. | 0.19% | 125,000 | $2.9M | No change |
| HTZ Hertz Global Hldgs Inc. | 0.18% | 556,956 | $2.9M | Add +11.4% |
| CHTR Charter Communications Inc. Class A | 0.18% | 13,500 | $2.8M | Add +8.0% |
| DG Dollar General Corp. | 0.17% | 20,000 | $2.7M | No change |
| HII Huntington Ingalls Industrie | 0.16% | 7,500 | $2.6M | No change |
| TAC Transalta Corp. | 0.16% | 200,000 | $2.5M | No change |
| MP MP Materials Corp. | 0.16% | 50,000 | $2.5M | New |
| DLTR Dollar Tree Inc. | 0.16% | 20,000 | $2.5M | Reduce -50.0% |
| WRBY Warby Parker Inc. Class A | 0.14% | 100,000 | $2.2M | New |
| TDAY USA Today Co. Inc. | 0.13% | 400,000 | $2.1M | New |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.13% | 30,000 | $2.0M | New |
| LIT Global X Lithium & Battery T | 0.13% | 31,000 | $2.0M | New |
| RKT Rocket Cos Inc. Class A | 0.12% | 100,000 | $1.9M | New |
| METC Ramaco Resources Inc. Class A | 0.12% | 101,400 | $1.8M | New |
| RIOT Riot Platforms Inc. | 0.10% | 125,000 | $1.6M | No change |
| LITE Lumentum Holdings Inc. | 0.10% | 4,274 | $1.6M | Reduce -77.5% |
| EVAC.U Eqv Ventures Acquisition Cor | 0.10% | 150,000 | $1.5M | No change |
| WULF Terawulf Inc. | 0.09% | 125,000 | $1.4M | New |
| TKR Timken Co. | 0.07% | 14,000 | $1.2M | No change |
| VOYG Voyager Technologies Inc. Class A | 0.07% | 43,000 | $1.1M | New |
| GLW Corning Inc. | 0.07% | 12,000 | $1.1M | New |
| CEPF Cantor Equity Partners Class A | 0.07% | 100,000 | $1.0M | No change |
| EC Ecopetrol SA-Sponsored ADR | 0.06% | 100,000 | $1.0M | Reduce -50.0% |
| BLZR Trailblazer Acquisition Class A | 0.06% | 100,000 | $1.0M | No change |
| ASO Academy Sports & Outdoors Inc. | 0.06% | 20,000 | $999K | New |
| AMBA Ambarella Inc. | 0.06% | 14,000 | $992K | New |
| LGN Legence Corp. Class A | 0.04% | 15,000 | $646K | New |
| POET Poet Technologies Inc. | 0.04% | 100,000 | $633K | New |
| IMSR Terrestrial Energy Inc. | 0.04% | 100,000 | $611K | New |
| HCMAU HCM III Acquisition Corp. | 0.03% | 50,000 | $514K | No change |
| FCRS Futurecrest Acquisition Class A | 0.03% | 50,000 | $505K | No change |
| INVZ Innoviz Technologies Ltd. | 0.03% | 500,000 | $427K | No change |
| VRM Vroom Inc. | 0.02% | 13,346 | $265K | Reduce -7.8% |
| MBVIU M3-Brigade Acquisition Vi Co. | 0.02% | 25,000 | $253K | No change |
| THCH TH International Ltd./Cayman | 0.02% | 100,000 | $249K | No change |
Options reported separately and not counted above: QQQ puts ($277.7M), SPY calls ($136.4M), INTC calls ($135.8M), RSP calls ($113.1M), EWZ calls ($104.8M), KMB calls ($88.3M), QQQ calls ($61.4M), TLT puts ($52.3M), TLT calls ($52.3M), IWM calls ($49.2M), IWM puts ($49.2M), NVDA puts ($32.6M), and 14 more.
Other holdings (40): bonds, preferreds, convertibles and warrants · $1.5B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 152,175,000 | $144.6M | Add +82.1% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 119,222,000 | $120.8M | Add +53.4% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 110,965,000 | $110.1M | New |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 105,002,000 | $105.7M | New |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 65,000,000 | $80.0M | No change |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 64,300,000 | $74.5M | Reduce -22.8% |
| BILL HOLDINGS INC (BILL 0 04/01/30) | NOTE 4/0 · principal | 80,150,000 | $74.0M | New |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 69,563,000 | $68.3M | Add +71.8% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 900,000 | $67.9M | Reduce -57.1% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 46,318,000 | $45.8M | Add +12.5% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 42,500,000 | $44.1M | Reduce -67.6% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 47,500,000 | $43.8M | Add +6.7% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 40,000,000 | $41.1M | No change |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 30,000,000 | $38.3M | No change |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 37,000,000 | $37.4M | Add +68.2% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 600,000 | $35.4M | No change |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 525,000 | $34.8M | Reduce -38.2% |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | 34,500,000 | $34.2M | Add +146.4% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 31,500,000 | $31.8M | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 26,500,000 | $30.2M | New |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 32,900,000 | $30.1M | Add +29.5% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 25,024,000 | $25.0M | Reduce -52.3% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 24,500,000 | $24.7M | Add +13.9% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 21,730,000 | $24.5M | Reduce -30.4% |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | 13,897,000 | $23.6M | Reduce -8.0% |
| COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) | NOTE 1.625%11/1 · principal | 16,000,000 | $18.7M | New |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 16,877,000 | $17.4M | New |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 13,811,000 | $14.4M | Add +4.2% |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | 14,095,000 | $14.1M | Add +12.8% |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 11,670,000 | $11.6M | New |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | 12,500,000 | $10.3M | New |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 8,611,000 | $8.8M | Reduce -11.7% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 7,000,000 | $6.3M | No change |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 5,612,000 | $5.0M | New |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 2,801,000 | $4.3M | Reduce -98.2% |
| KYIVW Kyivstar Group Ltd. -30 | *W EXP 08/14/203 | 25,000 | $89K | No change |
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | 300,000 | $42K | No change |
| BLZRW Trailblazer Acqui Corp. -30 | *W EXP 09/30/203 | 33,332 | $16K | No change |
| FCRS.WS Futurecrest Acquisition Corp. | *W EXP 09/30/203 | 12,500 | $9K | No change |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | 150,000 | $5K | No change |
Total filed on the 13F, all lines: $3.1B.
Portfolio Sells Q3 2025 → Q4 2025
| EMB iShares JP Morgan Usd Emergi | Sold out | 0.00% | −17.98 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −5.37 |
| EA Electronic Arts Inc. | Sold out | 0.00% | −4.81 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −2.07 |
| BTDR Bitdeer Technologies Group-A | Reduce -51.7% | 0.27% | −1.44 |
| CCJ Cameco Corp. | Sold out | 0.00% | −1.43 |
| BORR Borr Drilling Ltd. | Reduce -49.8% | 0.82% | −1.39 |
| UNIT Uniti Group Inc. | Sold out | 0.00% | −0.89 |
| BLCO Bausch + Lomb Corp. | Sold out | 0.00% | −0.88 |
| IHS Ihs Holding Ltd. | Reduce -13.9% | 0.73% | −0.85 |
| OPTU Optimum Communications Inc. Class A | Sold out | 0.00% | −0.81 |
| GFR Greenfire Resources Ltd. | Sold out | 0.00% | −0.69 |
| ASHR Xtrackers Harvest Csi 300 CH | Sold out | 0.00% | −0.67 |
| NN Nextnav Inc. | Reduce -34.3% | 0.40% | −0.66 |
| FYBR Frontier Communications Pare | Sold out | 0.00% | −0.66 |
| URA Global X Uranium ETF | Reduce -23.3% | 0.31% | −0.61 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.60 |
| TER Teradyne Inc. | Reduce -50.0% | 0.31% | −0.58 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.50 |
| EWY iShares MSCI South Korea ETF | Reduce -28.4% | 0.33% | −0.44 |
| LTH Life Time Group Holdings Inc. | Sold out | 0.00% | −0.41 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.40 |
| PSFE Paysafe Ltd. | Sold out | 0.00% | −0.40 |
| CCL Carnival Corp. | Sold out | 0.00% | −0.39 |
| VISN Vistance Networks Inc. | Reduce -37.1% | 0.22% | −0.38 |
| EYE National Vision Holdings Inc. | Sold out | 0.00% | −0.38 |
| GRAB Grab Holdings Ltd. Class A | Sold out | 0.00% | −0.34 |
| DLTR Dollar Tree Inc. | Reduce -50.0% | 0.16% | −0.33 |
| WLAC Willow Lane Acquisition Class A | Sold out | 0.00% | −0.30 |
| LITE Lumentum Holdings Inc. | Reduce -77.5% | 0.10% | −0.30 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.29 |
| RH RH | Sold out | 0.00% | −0.27 |
| ALNY Alnylam Pharmaceuticals Inc. | Sold out | 0.00% | −0.24 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.23 |
| HUT Hut 8 Corp. | Sold out | 0.00% | −0.22 |
| IMSR Terrestrial Energy Inc. | Sold out | 0.00% | −0.21 |
| EC Ecopetrol SA-Sponsored ADR | Reduce -50.0% | 0.06% | −0.17 |
| EHTH Ehealth Inc. | Sold out | 0.00% | −0.13 |
| AXON Axon Enterprise Inc. | Sold out | 0.00% | −0.12 |
| SOUN Soundhound AI Inc. Class A | Sold out | 0.00% | −0.08 |
| ON On Semiconductor | Sold out | 0.00% | −0.05 |
| TDS Telephone and Data Systems | Sold out | 0.00% | −0.05 |
| VRM Vroom Inc. | Reduce -7.8% | 0.02% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +1669.6% | 48.93% | +43.25 |
| ECHO Echostar Corp. Class A | Add +1118.6% | 2.10% | +1.85 |
| WBD Warner Bros Discovery Inc. | New | 1.83% | +1.83 |
| BACC Blue Acquisition Corp. Class A | New | 1.27% | +1.27 |
| DCH Dauch Corporation | Add +356.2% | 1.52% | +0.88 |
| NSC Norfolk Southern Corp. | Add +134.7% | 8.12% | +0.81 |
| INTC Intel Corp. | New | 0.78% | +0.78 |
| RSP Invesco S&P 500 Equal Weight | New | 0.66% | +0.66 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.60% | +0.60 |
| CLSK Cleanspark Inc. | New | 0.59% | +0.59 |
| MU Micron Technology Inc. | New | 0.54% | +0.54 |
| SNDK Sandisk Corp. | New | 0.51% | +0.51 |
| CMCSA Comcast Corp. Class A | New | 0.43% | +0.43 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +3996.6% | 0.44% | +0.42 |
| IHRT Iheartmedia Inc. Class A | Add +2693.8% | 0.43% | +0.41 |
| AVAV Aerovironment Inc. | New | 0.39% | +0.39 |
| FMC FMC Corp. | New | 0.35% | +0.35 |
| CORZ Core Scientific Inc. | New | 0.28% | +0.28 |
| KWEB Kranesh Csi China Internet | New | 0.27% | +0.27 |
| COHR Coherent Corp. | New | 0.25% | +0.25 |
| COGT Cogent Biosciences Inc. | New | 0.24% | +0.24 |
| GSAT Globalstar Inc. | New | 0.23% | +0.23 |
| ZTS Zoetis Inc. | New | 0.22% | +0.22 |
| AVGO Broadcom Inc. | New | 0.22% | +0.22 |
| HPP Hudson Pacific Properties Inc. | New | 0.21% | +0.21 |
| MP MP Materials Corp. | New | 0.16% | +0.16 |
| WRBY Warby Parker Inc. Class A | New | 0.14% | +0.14 |
| TDAY USA Today Co. Inc. | New | 0.13% | +0.13 |
| IFF Intl Flavors & Fragrances | New | 0.13% | +0.13 |
| LIT Global X Lithium & Battery T | New | 0.13% | +0.13 |
| RKT Rocket Cos Inc. Class A | New | 0.12% | +0.12 |
| METC Ramaco Resources Inc. Class A | New | 0.12% | +0.12 |
| WULF Terawulf Inc. | New | 0.09% | +0.09 |
| VOYG Voyager Technologies Inc. Class A | New | 0.07% | +0.07 |
| GLW Corning Inc. | New | 0.07% | +0.07 |
| ASO Academy Sports & Outdoors Inc. | New | 0.06% | +0.06 |
| AMBA Ambarella Inc. | New | 0.06% | +0.06 |
| LGN Legence Corp. Class A | New | 0.04% | +0.04 |
| POET Poet Technologies Inc. | New | 0.04% | +0.04 |
| IMSR Terrestrial Energy Inc. | New | 0.04% | +0.04 |
| CC The Chemours Co. | Add +176.9% | 1.23% | +0.02 |
| BKLN Invesco Senior Loan ETF | Add +91.2% | 0.43% | −0.02 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +100.0% | 7.60% | −0.14 |
| TIC Tic Solutions Inc. | Add +50.0% | 0.19% | −0.15 |
| HTZ Hertz Global Hldgs Inc. | Add +11.4% | 0.18% | −0.26 |
| CHTR Charter Communications Inc. Class A | Add +8.0% | 0.18% | −0.26 |
| KYIV Kyivstar Group Ltd. | Add +79.3% | 3.15% | −0.29 |
| UNH Unitedhealth Group Inc. | Add +34.1% | 0.91% | −0.53 |
| BABA Alibaba Group Holding-SP ADR | Add +26.1% | 0.55% | −0.53 |
| TXNM TXNM Energy Inc. | Add +10.3% | 6.84% | −5.26 |
Options Activity Q3 2025 → Q4 2025
| QQQ Invesco QQQ Trust Series 1 | put | Add +904.4% | 452,000 | $277.7M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 2,800,000 | $227.3Mbefore exit |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | Sold out | 2,000,000 | $222.9Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 200,000 | $136.4M |
| INTC Intel Corp. | call | Add +3580.0% | 3,680,000 | $135.8M |
| RSP Invesco S&P 500 Equal Weight | call | New | 590,500 | $113.1M |
| GLD SPDR Gold Shares | put | Sold out | 300,000 | $106.6Mbefore exit |
| EWZ iShares MSCI Brazil ETF | call | Add +120.0% | 3,300,000 | $104.8M |
| GLD SPDR Gold Shares | call | Sold out | 250,000 | $88.9Mbefore exit |
| KMB Kimberly-Clark Corp. | call | New | 875,500 | $88.3M |
| MTUM iShares MSCI USA Momentum Fa | put | Sold out | 300,000 | $76.9Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | call | New | 100,000 | $61.4M |
| TLT iShares 20+ Year Treasury BD | put | Reduce -79.9% | 600,000 | $52.3M |
| TLT iShares 20+ Year Treasury BD | call | Add +445.4% | 600,000 | $52.3M |
| IWM iShares Russell 2000 ETF | call | New | 200,000 | $49.2M |
| IWM iShares Russell 2000 ETF | put | New | 200,000 | $49.2M |
| MU Micron Technology Inc. | call | Sold out | 250,000 | $41.8Mbefore exit |
| EWY iShares MSCI South Korea ETF | call | Sold out | 500,000 | $40.0Mbefore exit |
| KWEB Kranesh Csi China Internet | call | Sold out | 909,000 | $38.2Mbefore exit |
| EEM iShares MSCI Emerging Market | call | Sold out | 652,100 | $34.8Mbefore exit |
| NVDA Nvidia Corp. | put | Add +75.0% | 175,000 | $32.6M |
| MSTR Strategy Inc. | put | Add +166.7% | 200,000 | $30.4M |
| KYIV Kyivstar Group Ltd. | call | New | 2,137,300 | $27.7M |
| FXI iShares China Large-Cap ETF | call | Sold out | 500,000 | $20.6Mbefore exit |
| ITB iShares U.S. Home Constructi | call | New | 200,000 | $19.3M |
| IBIT iShares Bitcoin Trust ETF | put | New | 370,800 | $18.4M |
| ARKK ARK Innovation ETF | put | Reduce -85.8% | 200,000 | $15.4M |
| ECHO Echostar Corp. Class A | call | Sold out | 160,000 | $12.2Mbefore exit |
| GEO The Geo Group Inc. | call | Sold out | 550,000 | $11.3Mbefore exit |
| TSLA Tesla Inc. | call | Sold out | 25,000 | $11.1Mbefore exit |
| XHB SS SPDR S&P Homebldrs ETF | call | Sold out | 100,000 | $11.1Mbefore exit |
| RKT Rocket Cos Inc. Class A | call | New | 563,000 | $10.9M |
| NVDA Nvidia Corp. | call | New | 50,000 | $9.3M |
| TECK Teck Resources Ltd.-CLS B | call | Sold out | 200,000 | $8.8Mbefore exit |
| V Visa Inc. Class A | put | Sold out | 22,200 | $7.6Mbefore exit |
| IBIT iShares Bitcoin Trust ETF | call | Sold out | 100,000 | $6.5Mbefore exit |
| KVUE Kenvue Inc. | call | Sold out | 350,000 | $5.7Mbefore exit |
| BTDR Bitdeer Technologies Group-A | call | Reduce -72.2% | 500,000 | $5.6M |
| FCX Freeport-McMoran Inc. | call | New | 100,000 | $5.1M |
| CIFR Cipher Digital Inc. | call | Sold out | 400,000 | $5.0Mbefore exit |
| WBD Warner Bros Discovery Inc. | put | Sold out | 250,000 | $4.9Mbefore exit |
| GLNG Golar LNG Ltd. | put | Sold out | 100,000 | $4.0Mbefore exit |
| DUOL Duolingo | put | Sold out | 12,500 | $4.0Mbefore exit |
| ORCL Oracle Corp. | put | Sold out | 10,000 | $2.8Mbefore exit |
| OKLO Oklo Inc. | call | New | 20,000 | $1.4M |
| SNDK Sandisk Corp. | call | New | 5,000 | $1.2M |
| SYM Symbotic Inc. | call | Sold out | 17,500 | $943Kbefore exit |
| AMCR Amcor PLC | call | Sold out | 113,800 | $931Kbefore exit |
| CODI Compass Diversified Holdings | put | Sold out | 100,200 | $663Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Add +82.1% | 152,175,000 | $144.6M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Sold out | 113,615,000 | $138.6Mbefore exit |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Add +53.4% | 119,222,000 | $120.8M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | New | 110,965,000 | $110.1M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | New | 105,002,000 | $105.7M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Reduce -22.8% | 64,300,000 | $74.5M |
| BILL HOLDINGS INC (BILL 0 04/01/30) | NOTE 4/0 · principal | New | 80,150,000 | $74.0M |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | Add +71.8% | 69,563,000 | $68.3M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Reduce -57.1% | 900,000 | $67.9M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Sold out | 58,250,000 | $57.0Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Sold out | 51,000,000 | $52.5Mbefore exit |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 49,404,000 | $52.0Mbefore exit |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Add +12.5% | 46,318,000 | $45.8M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -67.6% | 42,500,000 | $44.1M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +6.7% | 47,500,000 | $43.8M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +68.2% | 37,000,000 | $37.4M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -38.2% | 525,000 | $34.8M |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | Add +146.4% | 34,500,000 | $34.2M |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | New | 31,500,000 | $31.8M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | New | 26,500,000 | $30.2M |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | Add +29.5% | 32,900,000 | $30.1M |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | Sold out | 18,750,000 | $28.2Mbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Reduce -52.3% | 25,024,000 | $25.0M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Add +13.9% | 24,500,000 | $24.7M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Reduce -30.4% | 21,730,000 | $24.5M |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | Reduce -8.0% | 13,897,000 | $23.6M |
| COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) | NOTE 1.625%11/1 · principal | New | 16,000,000 | $18.7M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | New | 16,877,000 | $17.4M |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | Add +4.2% | 13,811,000 | $14.4M |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | Add +12.8% | 14,095,000 | $14.1M |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | New | 11,670,000 | $11.6M |
| UNITI GROUP INC (UNIT 7.5 12/01/27) | NOTE 7.500%12/0 · principal | Sold out | 9,500,000 | $10.4Mbefore exit |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | New | 12,500,000 | $10.3M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Sold out | 200,000 | $10.0Mbefore exit |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | Sold out | 7,000,000 | $9.3Mbefore exit |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | Reduce -11.7% | 8,611,000 | $8.8M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 5,612,000 | $5.0M |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | Reduce -98.2% | 2,801,000 | $4.3M |
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | Sold out | 200,000 | $744Kbefore 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 |