Ssi Investment Management LLC

Name: SSI INVESTMENT MANAGEMENT LLC 13F holdings, Q3 2025
Creator: SSI INVESTMENT MANAGEMENT LLC
Published: 2025-10-28

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 28, 2025), Ssi Investment Management LLC reported 67 stock positions worth $264.5 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 25.1% of the portfolio, followed by Ishr Ibx Usd Invgd CB ETF-Ui (LQD, 5.9%) and iShares Core MSCI Emerging (IEMG, 5.6%). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 15 and reduced 6. The biggest buy was iShares Core MSCI Emerging (IEMG, shares +98%) and the biggest sale an exit from iShares MSCI USA Quality Fac (QUAL).

Most Recent 13F: Q2 2026
Location: Los Angeles, CA
CIK: 0000938487
Portfolio Value: $264.5M (Q3 2025)
SEC Filing: 0001172661-25-004466 ↗ filed Oct 28, 2025

Holdings Value

Holdings 67 stocks · $264.5M


IVV iShares Core S&P 500 ETF	25.06%	99,055	$66.3M	Add +7.9%
LQD Ishr Ibx Usd Invgd CB ETF-Ui	5.94%	140,883	$15.7M	Add +0.2%
IEMG iShares Core MSCI Emerging	5.60%	224,591	$14.8M	Add +97.7%
VXUS Vanguard Total Intl Stock	5.32%	191,407	$14.1M	Add +0.3%
IYW iShares Ustechnology ETF	4.88%	65,930	$12.9M	Reduce -17.2%
JAAA Janus Henderson Aaa Clo ETF	4.06%	211,519	$10.7M	Add +1.0%
BUFR FT Vest Lad Buffervetf-Usd I	3.66%	289,444	$9.7M	Add +0.4%
RSP Invesco S&P 500 Equal Weight	3.57%	49,795	$9.4M	Add +1.0%
BKLN Invesco Senior Loan ETF	3.44%	435,227	$9.1M	Add +0.7%
SHYG iShares 0-5 YR HY Corp. Bond	3.10%	189,540	$8.2M	Add +0.9%
JBBB Janus Henderson B-BBB Clo Et	3.02%	165,723	$8.0M	Add +1.1%
IEF iShares 7-10 Year Treasury B	2.96%	81,121	$7.8M	Add +1.7%
ICVT iShares Convertible Bond ETF	2.80%	73,930	$7.4M	Add +1.1%
ACWX iShares MSCI Acwi Ex US ETF	2.58%	105,080	$6.8M	Reduce -19.8%
SDVY First Trust Smid Cap Rising	2.42%	168,069	$6.4M	Add +1.1%
KBWB Invesco KBW Bank ETF	1.94%	65,543	$5.1M	Reduce -47.5%
IWM iShares Russell 2000 ETF	1.87%	20,436	$4.9M	Add +1.8%
EWJ iShares MSCI Japan ETF	1.73%	57,110	$4.6M	New
HDEF Xtrackers MSCI Eafe High Div	1.55%	139,196	$4.1M	Add +2.0%
NVDA Nvidia Corp.	1.41%	19,923	$3.7M	No change
MSFT Microsoft Corp.	1.30%	6,643	$3.4M	No change
URA Global X Uranium ETF	1.19%	66,304	$3.2M	Reduce -12.1%
BAI Ishrs AI in and Tech Act ETF	1.03%	79,523	$2.7M	New
AAPL Apple Inc.	1.03%	10,656	$2.7M	No change
GOOGL Alphabet Inc. Class A	0.82%	8,975	$2.2M	No change
AMZN Amazon.com Inc.	0.69%	8,363	$1.8M	No change
META Meta Platforms Inc. Class A	0.60%	2,148	$1.6M	No change
AVGO Broadcom Inc.	0.47%	3,778	$1.2M	No change
XLU St Sr Utl SL SE SPDR ETF-Usd	0.41%	12,300	$1.1M	No change
SGOV iShares 0-3 Month Treasury B	0.35%	9,242	$931K	Reduce -1.2%
JPM JPMorgan Chase & Co.	0.32%	2,717	$857K	No change
BRK.B Berkshire Hathaway Inc. Class B	0.29%	1,535	$772K	No change
IYR iShares US Real Estate ETF	0.26%	7,047	$684K	No change
TSLA Tesla Inc.	0.25%	1,471	$654K	No change
ORCL Oracle Corp.	0.21%	1,978	$556K	No change
LMBS First Trust Low Duration Opp	0.19%	10,090	$502K	No change
COST Costco Wholesale Corp.	0.18%	517	$479K	No change
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.18%	9,049	$467K	No change
V Visa Inc. Class A	0.17%	1,287	$439K	No change
WMT Walmart Inc.	0.16%	4,220	$435K	No change
PG The Procter & Gamble Co.	0.15%	2,618	$402K	No change
LLY Eli Lilly & Co.	0.15%	506	$386K	No change
AGG iShares Core U.S. Aggregate	0.14%	3,720	$373K	No change
JNJ Johnson & Johnson	0.14%	1,935	$359K	No change
MA Mastercard Inc. Class A	0.13%	617	$351K	No change
WFC Wells Fargo & Co.	0.13%	4,057	$340K	No change
ETN Eaton Corp. PLC	0.13%	904	$338K	No change
BUG Global X Cybersecurity ETF	0.12%	9,248	$325K	No change
KKR KKR & Co. Inc.	0.12%	2,474	$321K	No change
BA The Boeing Co.	0.12%	1,458	$315K	No change
CSCO Cisco Systems Inc.	0.12%	4,598	$315K	No change
HD Home Depot Inc.	0.12%	775	$314K	No change
UNH Unitedhealth Group Inc.	0.12%	901	$311K	No change
ABBV Abbvie Inc.	0.12%	1,334	$309K	No change
ICE Intercontinental Exchange Inc.	0.11%	1,721	$290K	No change
UBER Uber Technologies Inc.	0.11%	2,837	$278K	No change
MCD McDonald's Corp.	0.10%	861	$262K	No change
UNP Union Pacific Corp.	0.10%	1,100	$260K	No change
KO The Coca-Cola Co.	0.10%	3,853	$256K	No change
PH Parker Hannifin Corp.	0.10%	333	$252K	No change
ABT Abbott Laboratories	0.09%	1,844	$247K	Reduce -4.4%
AMGN Amgen Inc.	0.09%	835	$236K	No change
CRM Salesforce Inc.	0.09%	974	$231K	No change
CVX Chevron Corp.	0.08%	1,443	$224K	No change
MU Micron Technology Inc.	0.08%	1,309	$219K	New
FWONK Liberty Media Corp. Class C	0.08%	2,078	$217K	No change
NOW ServiceNow Inc.	0.08%	228	$210K	No change

Other holdings (185): bonds, preferreds, convertibles and warrants · $1.2B (not counted above)

Security	Class	Shares / Principal	Value	Change
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	531,435	$36.9M	Add +0.2%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	24,444,000	$35.9M	Add +0.4%
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	11,002,000	$35.3M	Reduce -0.5%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	28,851,000	$34.1M	Reduce -14.1%
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	9,014,998	$26.0M	Reduce -19.4%
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	22,635,000	$24.3M	Reduce -2.0%
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	18,011	$22.3M	Reduce -0.4%
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	19,240,999	$21.1M	Add +0.8%
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	15,453	$19.8M	Reduce -3.6%
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	17,571,000	$19.8M	Reduce -37.6%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	10,720,000	$19.7M	Add +26.4%
BLOOM ENERGY CORP (BE 3 06/01/28)	NOTE 3.000% 6/0 · principal	4,343,000	$19.4M	Add +16.9%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	275,135	$19.4M	Reduce -16.4%
SNOWFLAKE INC (SNOW 0 10/01/27)	NOTE 10/0 · principal	12,553,999	$19.1M	New
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	265,415	$18.1M	Reduce -1.8%
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	15,722,000	$17.9M	Reduce -0.8%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	360,390	$17.9M	Reduce -0.0%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	343,115	$17.9M	Add +25.6%
WEC ENERGY GROUP INC (WEC 4.375 06/01/27)	NOTE 4.375% 6/0 · principal	14,054,000	$16.8M	Reduce -1.8%
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	14,596,000	$16.6M	Reduce -12.8%
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	12,077,000	$15.6M	Reduce -10.8%
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	150,135	$15.2M	Reduce -0.2%
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30)	NOTE 3.125% 9/1 · principal	11,928,000	$14.2M	New
OSI SYSTEMS INC (OSIS 2.25 08/01/29)	NOTE 2.250% 8/0 · principal	9,706,000	$14.1M	New
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	5,618,000	$13.5M	Reduce -12.4%
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	11,851,000	$13.5M	Reduce -0.8%
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	9,790,000	$13.3M	Reduce -19.3%
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	10,436,000	$13.0M	Reduce -0.1%
EQUINOX GOLD CORP (EQXCN 4.75 10/15/28)	NOTE 4.750%10/1 · principal	6,646,000	$12.7M	No change
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	321,995	$12.3M	Add +6.7%
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	7,921,000	$12.1M	Reduce -14.8%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	203,655	$12.0M	Reduce -1.9%
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	10,467,000	$11.6M	Add +219.1%
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	9,351,000	$11.4M	Reduce -4.4%
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	12,159,000	$11.2M	Reduce -11.6%
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	6,395,000	$10.8M	Reduce -7.9%
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	7,697,000	$10.2M	No change
EVERGY INC (EVRG 4.5 12/15/27)	NOTE 4.500%12/1 · principal	7,718,000	$9.7M	No change
TWO HARBORS INV CORP (TWO 6.25 01/15/26)	NOTE 6.250% 1/1 · principal	9,497,000	$9.5M	Reduce -2.9%
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	7,327,999	$9.2M	Reduce 0.0%
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	9,911,000	$9.1M	Reduce -6.2%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	6,544,999	$9.1M	Reduce 0.0%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	5,400,000	$8.7M	Add +3.2%
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	8,650,000	$8.7M	No change
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	6,098,000	$8.6M	Reduce -1.0%
BLOOM ENERGY CORP (BE 3 06/01/29)	NOTE 3.000% 6/0 · principal	2,000,000	$8.3M	New
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30)	NOTE 3.250% 6/1 · principal	5,272,000	$8.1M	Add +3.3%
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	7,507,000	$8.0M	Reduce -0.9%
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28)	NOTE 3.500%12/0 · principal	4,250,000	$8.0M	No change
INTERDIGITAL INC (IDCC 3.5 06/01/27)	NOTE 3.500% 6/0 · principal	1,749,000	$7.8M	No change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	6,995,000	$7.8M	Add +41.8%
VARONIS SYSTEM INC (VRNS 1 09/15/29)	NOTE 1.000% 9/1 · principal	7,197,000	$7.8M	New
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	3,191,000	$7.7M	Reduce -42.9%
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	6,149,000	$7.6M	New
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26)	NOTE 1.500% 2/1 · principal	7,766,000	$7.6M	Add +46.4%
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	7,240,000	$7.3M	Reduce -7.0%
AFFIRM HOLDINGS INC (AFRM 0 11/15/26)	NOTE 11/1 · principal	7,715,000	$7.3M	Reduce -8.4%
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	3,474,000	$7.2M	No change
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	6,988,000	$7.0M	Reduce -16.1%
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B)	6.75DP CNV PFD B	98,640	$7.0M	Reduce -8.9%
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	6,796,000	$6.9M	Reduce -0.4%
QXO INC (QXO 5.5 05/15/28 B)	5.50 DEP PFD	122,790	$6.8M	Add +0.3%
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	4,098,000	$6.7M	Reduce -40.1%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28)	6 SER A CNV PREF	70,800	$6.7M	Reduce -2.7%
ALLIANT ENERGY CORP (LNT 3.875 03/15/26)	NOTE 3.875% 3/1 · principal	6,016,000	$6.5M	No change
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29)	NOTE 1.500% 9/0 · principal	4,642,000	$6.4M	Add +55.7%
ENOVIS CORP (ENOV 3.875 10/15/28)	NOTE 3.875%10/1 · principal	6,250,000	$6.1M	No change
PTC THERAPEUTICS INC (PTCT 1.5 09/15/26)	NOTE 1.500% 9/1 · principal	4,773,000	$6.1M	No change
GUARDANT HEALTH INC (GH 1.25 02/15/31)	DEBT 1.250% 2/1 · principal	4,650,000	$6.0M	Reduce -0.8%
IMAX CORP (IMAX 0.5 04/01/26)	NOTE 0.500% 4/0 · principal	5,128,000	$6.0M	No change
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28)	NOTE 3.750% 3/1 · principal	5,750,000	$6.0M	No change
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	4,662,000	$5.9M	Reduce -0.6%
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29)	NOTE 0.500% 3/0 · principal	6,383,000	$5.9M	No change
ITRON INC (ITRI 0 03/15/26)	NOTE 3/1 · principal	5,421,000	$5.7M	Reduce -7.1%
CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28)	NOTE 3.875% 9/1 · principal	5,041,000	$5.6M	Add +24.8%
BOX INC (BOX 1.5 09/15/29)	NOTE 1.500% 9/1 · principal	5,517,000	$5.5M	New
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	5,500,000	$5.4M	No change
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	4,488,000	$5.3M	Reduce -7.7%
CONMED CORP (CNMD 2.25 06/15/27)	NOTE 2.250% 6/1 · principal	5,500,000	$5.2M	Reduce -9.7%
FUBOTV INC (FUBO 3.25 02/15/26)	NOTE 3.250% 2/1 · principal	5,280,000	$5.2M	Reduce -10.9%
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	5,212,000	$5.2M	Reduce -8.8%
LYFT INC (LYFT 0.625 03/01/29)	NOTE 0.625% 3/0 · principal	3,965,000	$5.1M	Reduce -7.6%
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30)	NOTE 3.500% 3/0 · principal	5,000,000	$5.0M	Reduce -46.6%
SNOWFLAKE INC (SNOW 0 10/01/29)	NOTE 10/0 · principal	3,101,000	$4.9M	New
REPLIGEN CORP (RGEN 1 12/15/28)	NOTE 1.000%12/1 · principal	4,757,000	$4.8M	Reduce -6.7%
BLOCK INC (XYZ 0.25 11/01/27)	NOTE 0.250%11/0 · principal	5,239,000	$4.8M	Reduce -9.6%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28)	NOTE 1.000%12/0 · principal	5,405,000	$4.7M	Add +183.7%
AXON ENTERPRISE INC (AXON 0.5 12/15/27)	NOTE 0.500%12/1 · principal	1,488,000	$4.7M	Reduce -31.8%
BURLINGTON STORES INC (BURL 1.25 12/15/27)	NOTE 1.250%12/1 · principal	3,440,000	$4.6M	No change
GREENBRIER COS INC (GBX 2.875 04/15/28)	NOTE 2.875% 4/1 · principal	4,319,000	$4.6M	No change
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29)	NOTE 2.875% 2/1 · principal	3,850,000	$4.5M	No change
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27)	NOTE 5.500% 3/1 · principal	4,604,000	$4.5M	No change
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	4,242,000	$4.3M	Add +78.5%
STRIDE INC (LRN 1.125 09/01/27)	NOTE 1.125% 9/0 · principal	1,515,000	$4.3M	Reduce -41.6%
CELCUITY INC (CELC 2.75 08/01/31)	NOTE 2.750% 8/0 · principal	3,208,000	$4.3M	New
SPECTRUM BRANDS INC (SPB 3.375 06/01/29)	NOTE 3.375% 6/0 · principal	4,500,000	$4.2M	No change
POST HOLDINGS INC (POST 2.5 08/15/27)	NOTE 2.500% 8/1 · principal	3,715,000	$4.2M	Reduce -12.8%
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28)	NOTE 3/1 · principal	4,637,000	$4.2M	Reduce -0.2%
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28)	NOTE 2.375%12/1 · principal	2,857,000	$4.1M	Reduce -1.0%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27)	NOTE 3.250%12/1 · principal	4,300,000	$4.1M	No change
CIPHER DIGITAL INC (CIFR 1.75 05/15/30)	NOTE 1.750% 5/1 · principal	1,384,000	$4.1M	Reduce -56.1%
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	3,995,000	$4.0M	Reduce -1.1%
FORTUNA MINING CORP (FVICN 3.75 06/30/29)	NOTE 3.750% 6/3 · principal	2,500,000	$4.0M	No change
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	4,500,000	$3.8M	No change
SPOTIFY USA INC (SPOT 0 03/15/26)	NOTE 3/1 · principal	2,790,000	$3.8M	Reduce -53.1%
BENTLEY SYSTEMS (BSY 0.375 07/01/27)	NOTE 0.375% 7/0 · principal	4,000,000	$3.8M	No change
DAYFORCE INC (DAY 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	3,750,000	$3.7M	No change
EVOLENT HEALTH INC (EVH 3.5 12/01/29)	NOTE 3.500%12/0 · principal	4,500,000	$3.6M	No change
HAEMONETICS CORP (HAE 2.5 06/01/29)	NOTE 2.500% 6/0 · principal	3,725,000	$3.4M	No change
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29)	NOTE 5.500%12/0 · principal	1,502,000	$3.4M	Reduce -0.6%
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29)	NOTE 2.250% 6/0 · principal	3,500,000	$3.4M	No change
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28)	NOTE 2.750% 5/0 · principal	1,900,000	$3.1M	No change
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	3,500,000	$3.1M	No change
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	3,500,000	$3.1M	No change
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	2,683,000	$2.9M	No change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	2,000,000	$2.8M	No change
SUNRUN INC (RUN 4 03/01/30)	NOTE 4.000% 3/0 · principal	2,000,000	$2.7M	New
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28)	NOTE 0.500% 6/1 · principal	1,900,000	$2.6M	No change
GUARDANT HEALTH INC (GH 0 11/15/27)	NOTE 11/1 · principal	2,759,000	$2.6M	Reduce -2.4%
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	2,337,000	$2.5M	Reduce -63.1%
PROS HOLDINGS INC (PRO 2.25 09/15/27)	NOTE 2.250% 9/1 · principal	2,500,000	$2.5M	No change
CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29)	NOTE 5.125%11/1 · principal	2,500,000	$2.5M	No change
HAEMONETICS CORP (HAE 0 03/01/26)	NOTE 3/0 · principal	2,500,000	$2.4M	No change
ENPHASE ENERGY INC (ENPH 0 03/01/26)	NOTE 3/0 · principal	2,500,000	$2.4M	No change
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26)	NOTE 1.750%12/1 · principal	2,422,000	$2.3M	Reduce -59.4%
STRATEGY INC (MSTR 0.875 03/15/31)	NOTE 0.875% 3/1 · principal	1,438,000	$2.3M	Reduce -82.5%
APPLIED OPTOELECTRONICS INC	NOTE 2.750% 1/1 · principal	2,250,000	$2.2M	No change
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	2,396,000	$2.2M	No change
NEXTERA ENERGY INC (NEE 7.299 06/01/27)	UNIT 06/01/2027	44,365	$2.2M	Reduce -0.1%
MITEK SYSTEMS INC (MITK 0.75 02/01/26)	NOTE 0.750% 2/0 · principal	2,249,000	$2.2M	New
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29)	NOTE 2.125% 5/1 · principal	2,000,000	$2.0M	No change
SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29)	NOTE 2.250% 7/0 · principal	1,500,000	$2.0M	New
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	2,153,000	$2.0M	No change
ZIFF DAVIS INC (ZD 1.75 11/01/26)	NOTE 1.750%11/0 · principal	1,850,000	$1.8M	No change
PEABODY ENERGY CORP (BTU 3.25 03/01/28)	NOTE 3.250% 3/0 · principal	1,120,000	$1.7M	Add +833.3%
BRUKER CORP (BRKR 6.375 09/01/28)	6.375 PREF SER A	6,000	$1.6M	New
PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	1,500,000	$1.5M	No change
ZIFF DAVIS INC (ZD 3.625 03/01/28)	DEBT 3.625% 3/0 · principal	1,542,000	$1.5M	No change
INNOVIVA INC (INVA 2.125 03/15/28)	NOTE 2.125% 3/1 · principal	1,523,000	$1.5M	No change
PINNACLE WEST CAPITAL (PNW 4.75 06/15/27)	NOTE 4.750% 6/1 · principal	1,300,000	$1.4M	No change
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	1,272,000	$1.3M	Reduce -90.6%
AIRBNB INC (ABNB 0 03/15/26)	NOTE 3/1 · principal	1,218,000	$1.2M	No change
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	1,069,000	$1.2M	Reduce -54.1%
RIVIAN AUTO INC (RIVN 4.625 03/15/29)	NOTE 4.625% 3/1 · principal	1,077,000	$1.1M	No change
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	1,000,000	$960K	No change
PELOTON INTERACTIVE INC (PTON 0 02/15/26)	NOTE 2/1 · principal	956,000	$937K	No change
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	936,000	$895K	No change
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	581,000	$815K	Add +44.9%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29)	NOTE 3.500% 3/0 · principal	748,000	$762K	Add +129.4%
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26)	NOTE 0.125% 1/1 · principal	703,000	$693K	No change
SNAP INC (SNAP 0.125 03/01/28)	NOTE 0.125% 3/0 · principal	751,000	$670K	Reduce -0.8%
SEA LTD (SEALTD 2.375 12/01/25)	NOTE 2.375%12/0 · principal	325,000	$642K	New
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	523,000	$515K	No change
EVOLENT HEALTH INC	DEBT 4.500% 8/1 · principal	500,000	$500K	New
UPWORK INC (UPWK 0.25 08/15/26)	NOTE 0.250% 8/1 · principal	500,000	$483K	No change
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	522,000	$482K	Reduce -10.2%
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	512,000	$482K	Reduce -35.8%
JAMF HOLDING CORP (JAMF 0.125 09/01/26)	NOTE 0.125% 9/0 · principal	500,000	$479K	Reduce -79.0%
M/A-COM TECH SOLUTIONS (MTSI 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	314,000	$476K	No change
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	11,895	$471K	Reduce -33.5%
ENPHASE ENERGY INC (ENPH 0 03/01/28)	NOTE 3/0 · principal	497,000	$430K	Reduce -9.6%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	396,000	$416K	Reduce -88.7%
CYTOKINETICS INC (CYTK 3.5 07/01/27)	NOTE 3.500% 7/0 · principal	294,000	$381K	Reduce -91.2%
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	266,000	$366K	Reduce -95.9%
BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN)	MTNF 0.600% 5/2 · principal	365,000	$360K	No change
H WORLD GROUP LTD (HTHT 3 05/01/26)	NOTE 3.000% 5/0 · principal	313,000	$347K	Reduce -1.3%
UGI CORP (UGI 5 06/01/28)	NOTE 5.000% 6/0 · principal	266,000	$340K	Reduce -89.8%
UNITY SOFTWARE INC (U 0 11/15/26)	NOTE 11/1 · principal	357,000	$340K	Reduce -12.1%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29)	NOTE 2.000% 3/1 · principal	367,000	$333K	Reduce -1.3%
Q2 HOLDINGS INC (QTWO 0.75 06/01/26)	NOTE 0.750% 6/0 · principal	323,000	$331K	Reduce -91.7%
STRATEGY INC (MSTR 8 PERP)	SERIES A PERP PF	3,445	$309K	Reduce -0.9%
MARA HOLDINGS INC (MARA 2.125 09/01/31)	NOTE 2.125% 9/0 · principal	255,000	$308K	New
CNX RESOURCES CORP (CNX 2.25 05/01/26)	NOTE 2.250% 5/0 · principal	122,000	$305K	Reduce -1.6%
ETSY INC (ETSY 0.125 09/01/27)	NOTE 0.125% 9/0 · principal	321,000	$295K	Reduce -14.4%
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	297,000	$281K	No change
NIO INC (NIO 4.625 10/15/30)	NOTE 4.625%10/1 · principal	265,000	$277K	New
WISDOMTREE INC (WT 3.25 08/15/29)	NOTE 3.250% 8/1 · principal	186,000	$243K	New
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28)	NOTE 2.125% 2/1 · principal	184,000	$240K	No change
AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26)	NOTE 3.625% 6/1 · principal	233,000	$233K	No change
NCL CORPORATION LTD (NCLH 1.125 02/15/27)	NOTE 1.125% 2/1 · principal	187,000	$191K	Reduce -95.2%
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29)	NOTE 1.125% 2/1 · principal	170,000	$159K	No change
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	88,000	$91K	No change
JBT MAREL CORP (JBTM 0.25 05/15/26)	NOTE 0.250% 5/1 · principal	82,000	$83K	No change
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27)	NOTE 0.250% 3/0 · principal	57,000	$65K	No change
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25)	NOTE 12/1 · principal	28,000	$29K	No change

Total filed on the 13F, all lines: $1.5B.

Portfolio Sells Q2 2025 → Q3 2025


QUAL iShares MSCI USA Quality Fac	Sold out	0.00%	−3.08
KBWB Invesco KBW Bank ETF	Reduce -47.5%	1.94%	−1.67
INDA iShares MSCI India ETF	Sold out	0.00%	−0.99
IYW iShares Ustechnology ETF	Reduce -17.2%	4.88%	−0.68
ACWX iShares MSCI Acwi Ex US ETF	Reduce -19.8%	2.58%	−0.64
SGOV iShares 0-3 Month Treasury B	Reduce -1.2%	0.35%	−0.03
ABT Abbott Laboratories	Reduce -4.4%	0.09%	−0.01
URA Global X Uranium ETF	Reduce -12.1%	1.19%	+0.01

Portfolio Buys Q2 2025 → Q3 2025


IEMG iShares Core MSCI Emerging	Add +97.7%	5.60%	+2.85
IVV iShares Core S&P 500 ETF	Add +7.9%	25.06%	+2.07
EWJ iShares MSCI Japan ETF	New	1.73%	+1.73
BAI Ishrs AI in and Tech Act ETF	New	1.03%	+1.03
ICVT iShares Convertible Bond ETF	Add +1.1%	2.80%	+0.14
IWM iShares Russell 2000 ETF	Add +1.8%	1.87%	+0.12
MU Micron Technology Inc.	New	0.08%	+0.08
SDVY First Trust Smid Cap Rising	Add +1.1%	2.42%	+0.05
VXUS Vanguard Total Intl Stock	Add +0.3%	5.32%	−0.00
HDEF Xtrackers MSCI Eafe High Div	Add +2.0%	1.55%	−0.04
BUFR FT Vest Lad Buffervetf-Usd I	Add +0.4%	3.66%	−0.04
RSP Invesco S&P 500 Equal Weight	Add +1.0%	3.57%	−0.04
IEF iShares 7-10 Year Treasury B	Add +1.7%	2.96%	−0.12
SHYG iShares 0-5 YR HY Corp. Bond	Add +0.9%	3.10%	−0.16
JBBB Janus Henderson B-BBB Clo Et	Add +1.1%	3.02%	−0.17
BKLN Invesco Senior Loan ETF	Add +0.7%	3.44%	−0.20
JAAA Janus Henderson Aaa Clo ETF	Add +1.0%	4.06%	−0.23
LQD Ishr Ibx Usd Invgd CB ETF-Ui	Add +0.2%	5.94%	−0.28

Notes & Other Activity Q2 2025 → Q3 2025


BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Add +0.2%	531,435	$36.9M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	Add +0.4%	24,444,000	$35.9M
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	Reduce -0.5%	11,002,000	$35.3M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	Reduce -14.1%	28,851,000	$34.1M
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	Reduce -19.4%	9,014,998	$26.0M
DUKE ENERGY CORP (DUK 4.125 04/15/26)	NOTE 4.125% 4/1 · principal	Reduce -2.0%	22,635,000	$24.3M
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	Reduce -0.4%	18,011	$22.3M
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	Add +0.8%	19,240,999	$21.1M
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Reduce -3.6%	15,453	$19.8M
SOUTHERN CO (SO 3.875 12/15/25)	NOTE 3.875%12/1 · principal	Reduce -37.6%	17,571,000	$19.8M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	Add +26.4%	10,720,000	$19.7M
BLOOM ENERGY CORP (BE 3 06/01/28)	NOTE 3.000% 6/0 · principal	Add +16.9%	4,343,000	$19.4M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Reduce -16.4%	275,135	$19.4M
SNOWFLAKE INC (SNOW 0 10/01/27)	NOTE 10/0 · principal	New	12,553,999	$19.1M
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	Reduce -1.8%	265,415	$18.1M
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	Reduce -0.8%	15,722,000	$17.9M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Reduce -0.0%	360,390	$17.9M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	Add +25.6%	343,115	$17.9M
WEC ENERGY GROUP INC (WEC 4.375 06/01/27)	NOTE 4.375% 6/0 · principal	Reduce -1.8%	14,054,000	$16.8M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	Reduce -12.8%	14,596,000	$16.6M
VENTAS REALTY LP (VTR 3.75 06/01/26)	NOTE 3.750% 6/0 · principal	Reduce -10.8%	12,077,000	$15.6M
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27)	UNIT 02/01/2027	Reduce -0.2%	150,135	$15.2M
JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30)	NOTE 3.125% 9/1 · principal	New	11,928,000	$14.2M
OSI SYSTEMS INC (OSIS 2.25 08/01/29)	NOTE 2.250% 8/0 · principal	New	9,706,000	$14.1M
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29)	NOTE 4.000% 5/0 · principal	Reduce -12.4%	5,618,000	$13.5M
ON SEMICONDUCTOR CORP (ON 0 05/01/27)	NOTE 5/0 · principal	Reduce -0.8%	11,851,000	$13.5M
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28)	NOTE 2.250% 4/0 · principal	Reduce -19.3%	9,790,000	$13.3M
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	Reduce -0.1%	10,436,000	$13.0M
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	Add +6.7%	321,995	$12.3M
WAYFAIR INC (W 3.25 09/15/27)	NOTE 3.250% 9/1 · principal	Reduce -14.8%	7,921,000	$12.1M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28)	DEP SHS REPSTG	Reduce -1.9%	203,655	$12.0M
SOUTHERN CO (SO 4.5 06/15/27)	NOTE 4.500% 6/1 · principal	Add +219.1%	10,467,000	$11.6M
UBER TECHNOLOGIES INC (UBER 0 12/15/25)	NOTE 12/1 · principal	Reduce -4.4%	9,351,000	$11.4M
RIVIAN AUTO INC (RIVN 3.625 10/15/30)	NOTE 3.625%10/1 · principal	Reduce -11.6%	12,159,000	$11.2M
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26)	NOTE 0.500%12/1 · principal	Reduce -7.9%	6,395,000	$10.8M
TWO HARBORS INV CORP (TWO 6.25 01/15/26)	NOTE 6.250% 1/1 · principal	Reduce -2.9%	9,497,000	$9.5M
COINBASE GLOBAL INC (COIN 0.25 04/01/30)	NOTE 0.250% 4/0 · principal	Reduce 0.0%	7,327,999	$9.2M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	Reduce -6.2%	9,911,000	$9.1M
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	Reduce 0.0%	6,544,999	$9.1M
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	Add +3.2%	5,400,000	$8.7M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	Reduce -1.0%	6,098,000	$8.6M
BLOOM ENERGY CORP (BE 3 06/01/29)	NOTE 3.000% 6/0 · principal	New	2,000,000	$8.3M
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30)	NOTE 3.250% 6/1 · principal	Add +3.3%	5,272,000	$8.1M
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	Reduce -0.9%	7,507,000	$8.0M
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	Add +41.8%	6,995,000	$7.8M
VARONIS SYSTEM INC (VRNS 1 09/15/29)	NOTE 1.000% 9/1 · principal	New	7,197,000	$7.8M
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	Reduce -42.9%	3,191,000	$7.7M
AEROVIRONMENT INC (AVAV 0 07/15/30)	NOTE 7/1 · principal	New	6,149,000	$7.6M
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26)	NOTE 1.500% 2/1 · principal	Add +46.4%	7,766,000	$7.6M
FORD MOTOR COMPANY (F 0 03/15/26)	NOTE 3/1 · principal	Reduce -7.0%	7,240,000	$7.3M

Showing the first 50 of 139.

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	70	$290.8M	IVV, LQD, SPHY, JAAA, JMTG
Q1 2026	219	$1.2B	IVV, WESTERN DIGITAL CORP (WDC 3 11/15/28), NEXTERA ENERGY CAPITAL (NEE 3 03/01/27), UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028), LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30)
Q4 2025	68	$267.6M	IVV, LQD, VXUS, IEMG, IYW
Q3 2025	67	$264.5M	IVV, LQD, IEMG, VXUS, IYW
Q2 2025	66	$248.0M	IVV, LQD, IYW, VXUS, JAAA
Q1 2025	88	$247.2M	IVV, LQD, VXUS, IEF, JAAA
Q4 2024	89	$279.7M	IVV, VXUS, LQD, JAAA, BKLN
Q3 2024	90	$262.1M	IVV, VXUS, LQD, JAAA, IEF
Q2 2024	87	$252.8M	IVV, VXUS, LQD, FLOT, BKLN
Q1 2024	87	$252.6M	IVV, VXUS, LQD, IEF, FLOT