Taconic Capital Advisors LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Taconic Capital Advisors LP reported 35 stock positions worth $1.1 billion. Its top holding was Hess (HES) at 21.9% of the portfolio, followed by Juniper Networks (JNPR, 17.9%) and Ansys (ANSS, 16.4%). Compared with Q4 2024, it opened 11 new positions, sold out of 10, added to 10 and reduced 6. The biggest buy was Juniper Networks (JNPR, shares +51%) and the biggest sale Discover Financial Services (DFS, shares −50%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001390113
Portfolio Value
$1.1B (Q1 2025)
SEC Filing
0001085146-25-003214 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $778.0M Q1 2024 Q2 2024: $1.2B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.1B $1.1B Q1 2025 Q2 2025: $865.3M Q2 2025 Q3 2025: $337.6M Q3 2025 Q4 2025: $271.1M Q4 2025 Q1 2026: $146.2M Q1 2026 Q2 2026: $166.0M Q2 2026

Holdings 35 stocks · $1.1B
HES Hess Corp. 21.89% 1,548,382 $247.3M Reduce -11.3%
JNPR Juniper Networks Inc. 17.87% 5,577,472 $201.8M Add +51.0%
ANSS Ansys Inc. 16.41% 585,567 $185.4M Reduce -10.8%
DFS Discover Financial Services 8.81% 583,339 $99.6M Reduce -50.4%
ITCI Intra-Cellular Therapies Inc. 5.18% 443,700 $58.5M New
FYBR Frontier Communications Pare 5.07% 1,596,700 $57.3M Add +34.2%
CHX Championx Corp. 4.16% 1,577,242 $47.0M Reduce -44.4%
VTOL Bristow Group Inc. 3.50% 1,251,073 $39.5M Add +13.9%
AMED Amedisys Inc. 3.31% 404,170 $37.4M Add +65.6%
CORZ Core Scientific Inc. 2.16% 3,366,044 $24.4M Add +14.9%
ALE Allete Inc. 1.73% 297,061 $19.5M Reduce -64.9%
GNL Global Net Lease Inc. 1.50% 2,106,972 $16.9M Add +110.7%
EFXT Enerflex Ltd. 1.32% 1,934,900 $15.0M Add +13.0%
CBL CBL & Associates Properties 1.29% 550,000 $14.6M Add +37.7%
HEES H&E Equipment Services Inc. 1.05% 125,000 $11.8M New
SGRY Surgery Partners Inc. 0.82% 389,340 $9.2M New
IPG Interpublic Group of Cos Inc. 0.72% 300,000 $8.1M New
SIMO Silicon Motion Technol-ADR 0.53% 117,884 $6.0M No change
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 0.37% 1,575,000 $4.2M Add +18.9%
ALX Alexander's Inc. 0.33% 17,986 $3.8M No change
VSAT Viasat Inc. 0.23% 247,763 $2.6M New
UNF Unifirst Corp. 0.21% 13,500 $2.3M New
DNB Dun & Bradstreet Holdings Inc. 0.20% 250,000 $2.2M New
BMRN Biomarin Pharmaceutical Inc. 0.19% 30,000 $2.1M No change
SRDX Surmodics Inc. 0.19% 69,000 $2.1M New
ET Energy Transfer LP 0.16% 100,000 $1.9M No change
X United States Steel Corp. 0.13% 35,085 $1.5M Reduce -64.9%
COOP Mr Cooper Group Inc. 0.13% 12,346 $1.5M New
APD Air Products & Chemicals Inc. 0.13% 5,000 $1.5M No change
U Unity Software Inc. 0.11% 65,000 $1.3M No change
KVUE Kenvue Inc. 0.11% 50,000 $1.2M New
SSTK Shutterstock Inc. 0.11% 63,931 $1.2M New
ILMN Illumina Inc. 0.07% 10,000 $793K Add +100.0%
ECD AUTOMOTIVE DESIGN INC 0.00% 75,000 $44K No change
CONNECTM TECHNOLOGY SOLUTION 0.00% 16,496 $9K No change

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($114.7M), SELECT SECTOR SPDR TR puts ($39.2M), CAPITAL ONE FINL CORP calls ($35.3M), INVESCO QQQ TR puts ($32.8M), SYNOPSYS INC calls ($21.4M), UNITED STATES STL CORP NEW calls ($19.0M), JUNIPER NETWORKS INC calls ($18.1M), ENERGY TRANSFER L P calls ($1.9M).

Other holdings (28): bonds, preferreds, convertibles and warrants · $1.3M (not counted above)
SecurityClassShares / PrincipalValueChange
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 732,750$550KNew
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 429,903$177KNo change
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 250,000$75KNo change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 297,124$55KReduce -18.1%
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 350,000$36KNo change
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 125,000$36KNo change
EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 180,000$34KNo change
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 399,500$30KNo change
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 250,000$28KNo change
SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 147,808$25KNo change
ML.WS Moneylion Inc. -CW27 *W EXP 09/22/202 81,233$22KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 300,000$20KNew
ECD AUTOMOTIVE DESIGN INC *W EXP 12/12/202 990,000$20KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 350,000$20KNo change
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 150,868$17KNo change
SMNRW Denali Capital Acq-CW27 *W EXP 99/99/999 257,500$15KNo change
GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 92,203$15KNo change
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 70,000$11KNo change
TALKW Hudson Executive Inv -CW25 *W EXP 06/21/202 122,765$11KNo change
AMBWQ Ambipar Emergency Respons-28 *W EXP 03/03/202 40,000$10KNo change
PERFF Perfect Corp. *W EXP 10/28/202 230,000$9KNo change
ABLVW Able View Global Inc.-28 *W EXP 08/18/202 325,000$9KNo change
PDYNW Sarcos Technology -CW27 *W EXP 09/24/202 27,503$8KNo change
EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 180,000$7KNo change
ZCARW Zoomcar Holdings Inc. *W EXP 05/31/202 432,700$6KNo change
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 208,968$4KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 100,000$3KNo change
IVAWF Investcorp India Acquisi -27 *W EXP 06/01/202 125,000$3KNo change

Total filed on the 13F, all lines: $1.1B.

Portfolio Sells Q4 2024 → Q1 2025
DFS Discover Financial Services Reduce -50.4% 8.81% −7.11
ALE Allete Inc. Reduce -64.9% 1.73% −2.56
ALTM Arcadium Lithium PLC Sold out 0.00% −2.07
CHX Championx Corp. Reduce -44.4% 4.16% −1.87
BERY Berry Global Group Inc. Sold out 0.00% −1.73
SUM Summit Materials Inc. Class A Sold out 0.00% −1.50
AXONICS INC Sold out 0.00% −1.21
ANSS Ansys Inc. Reduce -10.8% 16.41% −0.91
HCP Hashicorp Inc. Class A Sold out 0.00% −0.88
CPRI Capri Holdings Ltd. Sold out 0.00% −0.46
HNRG Hallador Energy Co. Sold out 0.00% −0.42
HSY The Hershey Co. Sold out 0.00% −0.26
LTM Latam Airlines Group SA-ADR Sold out 0.00% −0.22
X United States Steel Corp. Reduce -64.9% 0.13% −0.13
ECHO Echostar Corp. Class A Sold out 0.00% −0.04
HES Hess Corp. Reduce -11.3% 21.89% +3.72

Portfolio Buys Q4 2024 → Q1 2025
JNPR Juniper Networks Inc. Add +51.0% 17.87% +7.04
ITCI Intra-Cellular Therapies Inc. New 5.18% +5.18
FYBR Frontier Communications Pare Add +34.2% 5.07% +1.84
AMED Amedisys Inc. Add +65.6% 3.31% +1.58
HEES H&E Equipment Services Inc. New 1.05% +1.05
GNL Global Net Lease Inc. Add +110.7% 1.50% +0.93
SGRY Surgery Partners Inc. New 0.82% +0.82
IPG Interpublic Group of Cos Inc. New 0.72% +0.72
VTOL Bristow Group Inc. Add +13.9% 3.50% +0.55
CBL CBL & Associates Properties Add +37.7% 1.29% +0.38
VSAT Viasat Inc. New 0.23% +0.23
UNF Unifirst Corp. New 0.21% +0.21
DNB Dun & Bradstreet Holdings Inc. New 0.20% +0.20
SRDX Surmodics Inc. New 0.19% +0.19
COOP Mr Cooper Group Inc. New 0.13% +0.13
OPTU Optimum Communications Inc. Class A Add +18.9% 0.37% +0.12
KVUE Kenvue Inc. New 0.11% +0.11
SSTK Shutterstock Inc. New 0.11% +0.11
ILMN Illumina Inc. Add +100.0% 0.07% +0.02
EFXT Enerflex Ltd. Add +13.0% 1.32% −0.01
CORZ Core Scientific Inc. Add +14.9% 2.16% −1.07

Options Activity Q4 2024 → Q1 2025
CHEVRON CORPORATION call Sold out 804,600 $116.5Mbefore exit
STATE STR SPDR S&P 500 ETF T put New 205,000 $114.7M
SELECT SECTOR SPDR TR put Add +39.2% 420,000 $39.2M
CAPITAL ONE FINL CORP call New 196,700 $35.3M
INVESCO QQQ TR put New 70,000 $32.8M
CAPRI HOLDINGS LIMITED call Sold out 500,000 $22.6Mbefore exit
SYNOPSYS INC call New 50,000 $21.4M
UNITED STATES STL CORP NEW call Add +50.0% 450,000 $19.0M
JUNIPER NETWORKS INC call New 500,000 $18.1M
CAPRI HOLDINGS LIMITED put Sold out 100,000 $2.1Mbefore exit
ENERGY TRANSFER L P call New 100,000 $1.9M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 New 732,750 $550K
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 Reduce -18.1% 297,124 $55K
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 New 300,000 $20K
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 05/23/202 Sold out 300,000 $14Kbefore exit
PLMWF Plum Acquisition Corp. III-CW *W EXP 03/31/202 Sold out 50,000 $10Kbefore exit
NKGNW Graf Acquisition Corp.-CW28 *W EXP 05/31/202 Sold out 69,942 $7Kbefore exit
VMCWF Valuence Merger Corp. -CW27 *W EXP 99/99/999 Sold out 125,000 $4Kbefore exit
PPYAW Papaya Growth Opportuni-CW23 *W EXP 12/31/202 Sold out 200,000 $4Kbefore exit
SVUWF Srivaru Holding Ltd.-28 *W EXP 12/08/202 Sold out 430,000 $4Kbefore exit
K Kellanova COM Reduce -100.0% 0 $0
OMC Omnicom Group COM Reduce -100.0% 0 $0

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$166.0MVTOL, CBL, BLD, ECHO, JHG
Q1 2026Amended 13$146.2MVTOL, CBL, HOLX, ECHO, GNL
Q4 2025Amended 21$271.1MVTOL, EXAS, CYBR, TGNA, HOLX
Q3 2025Amended 25$337.6MVTOL, CYBR, K, IPG, VRNA
Q2 2025Amended 39$865.3MHES, ANSS, JNPR, CORZ, FYBR
Q1 2025Amended 35$1.1BHES, JNPR, ANSS, DFS, ITCI
Q4 2024Amended 36$1.3BHES, ANSS, DFS, JNPR, CHX
Q3 2024Amended 29$1.1BHES, ANSS, JNPR, CTLT, CHX
Q2 2024Amended 34$1.2BHES, ANSS, CTLT, JNPR, CHX
Q1 2024Amended 26$778.0MHES, ANSS, PXD, FYBR, JNPR