Taconic Capital Advisors LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Taconic Capital Advisors LP reported 39 stock positions worth $865.3 million . Its top holding was Hess (HES) at 18.2% of the portfolio, followed by Ansys (ANSS, 18.2% ) and Juniper Networks (JNPR, 14.6% ). Compared with Q1 2025, it opened 14 new positions, sold out of 8, added to 8 and reduced 12. The biggest buy was Core Scientific (CORZ, shares +28% ) and the biggest sale an exit from Discover Financial Services (DFS).
Location NEW YORK, NY
CIK 0001390113
Portfolio Value $865.3M (Q2 2025) Holdings 39 stocks · $865.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 HES Hess Corp. 1,137,289 $157.6M Reduce -26.6% ANSS Ansys Inc. 448,099 $157.4M Reduce -23.5% JNPR Juniper Networks Inc. 3,154,003 $125.9M Reduce -43.5% CORZ Core Scientific Inc. 4,301,484 $73.4M Add +27.8% FYBR Frontier Communications Pare 1,571,100 $57.2M Reduce -1.6% K Kellanova 590,542 $47.0M Add +0.0% VTOL Bristow Group Inc. 1,331,073 $43.9M Add +6.4% AZEK The Azek Co. Inc. 638,869 $34.7M New CHX Championx Corp. 1,146,056 $28.5M Reduce -27.3% GNL Global Net Lease Inc. 2,081,972 $15.7M Reduce -1.2% IPG Interpublic Group of Cos Inc. 624,186 $15.3M Add +108.1% CBL CBL & Associates Properties 595,300 $15.1M Add +8.2% EFXT Enerflex Ltd. 1,764,900 $13.9M Reduce -8.8% SKX Skechers USA Inc. Class A 170,000 $10.7M New ECHO Echostar Corp. Class A 281,590 $7.8M New SIMO Silicon Motion Technol-ADR 87,884 $6.6M Reduce -25.4% BPMC Blueprint Medicines Corp. 45,000 $5.8M New FL Foot Locker Inc. 200,000 $4.9M New SGRY Surgery Partners Inc. 217,893 $4.8M Reduce -44.0% FLS Flowserve Corp. 79,620 $4.2M New PZZA Papa John's Intl Inc. 77,916 $3.8M New HPE Hewlett Packard Enterprise 176,491 $3.6M New GMS GMS Inc. 31,326 $3.4M New HOLX Hologic Inc. 44,200 $2.9M New OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 1,225,000 $2.6M Reduce -22.2% SRDX Surmodics Inc. 69,700 $2.1M Add +1.0% KVUE Kenvue Inc. 95,000 $2.0M Add +90.0% ET Energy Transfer LP 100,000 $1.8M No change BMRN Biomarin Pharmaceutical Inc. 30,000 $1.6M No change VSAT Viasat Inc. 107,763 $1.6M Reduce -56.5% SSTK Shutterstock Inc. 81,983 $1.6M Add +28.2% BA The Boeing Co. 7,250 $1.5M New APD Air Products & Chemicals Inc. 5,000 $1.4M No change U Unity Software Inc. 55,000 $1.3M Reduce -15.4% NTRS Northern Trust Corp. 10,000 $1.3M New ILMN Illumina Inc. 10,000 $954K No change CSX CSX Corp. 25,000 $816K New NSC Norfolk Southern Corp. 2,500 $640K New ECD AUTOMOTIVE DESIGN INC 75,000 $20K No change
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($178.8M), SYNOPSYS INC calls ($76.9M), ISHARES TR puts ($58.6M), CHEVRON CORPORATION calls ($26.9M), JUNIPER NETWORKS INC calls ($20.0M), SELECT SECTOR SPDR TR puts ($8.9M), CORE SCIENTIFIC INC NEW calls ($3.4M).
Other holdings (23): bonds, preferreds, convertibles and warrants · $1.2M (not counted above) Security Class Shares / Principal Value Change FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 716,805 $509K Reduce -2.2% NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 429,903 $202K No change SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 147,808 $55K No change SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 350,000 $48K No change SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 250,000 $39K No change ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 250,000 $38K No change SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 193,351 $37K Reduce -34.9% ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 150,868 $34K No change SCAGW Scage Future -30 *W EXP 05/15/203 239,999 $29K New ECD AUTOMOTIVE DESIGN INC *W EXP 12/12/202 990,000 $24K No change SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 70,000 $22K No change ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 350,000 $22K No change EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 180,000 $21K No change DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 250,000 $20K New ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 300,000 $13K No change PDYNW Sarcos Technology -CW27 *W EXP 09/24/202 27,503 $11K No change TALKW Hudson Executive Inv -CW25 *W EXP 06/21/202 122,765 $9K No change PERFF Perfect Corp. *W EXP 10/28/202 230,000 $8K No change AMBWQ Ambipar Emergency Respons-28 *W EXP 03/03/202 40,000 $7K No change KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 100,000 $5K No change ABLVW Able View Global Inc.-28 *W EXP 08/18/202 325,000 $5K No change LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 208,968 $4K No change EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 180,000 $4K No change
Total filed on the 13F, all lines: $866.5M.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ DFS Discover Financial Services Sold out 0.00% −8.81 ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −5.18 HES Hess Corp. Reduce -26.6% 18.21% −3.69 JNPR Juniper Networks Inc. Reduce -43.5% 14.55% −3.31 HEES H&E Equipment Services Inc. Sold out 0.00% −1.05 CHX Championx Corp. Reduce -27.3% 3.29% −0.87 ALX Alexander's Inc. Sold out 0.00% −0.33 SGRY Surgery Partners Inc. Reduce -44.0% 0.56% −0.26 UNF Unifirst Corp. Sold out 0.00% −0.21 X United States Steel Corp. Sold out 0.00% −0.13 COOP Mr Cooper Group Inc. Sold out 0.00% −0.13 OPTU Optimum Communications Inc. Class A Reduce -22.2% 0.30% −0.07 VSAT Viasat Inc. Reduce -56.5% 0.18% −0.05 CONNECTM TECHNOLOGY SOLUTION Sold out 0.00% −0.00 U Unity Software Inc. Reduce -15.4% 0.15% +0.04 SIMO Silicon Motion Technol-ADR Reduce -25.4% 0.76% +0.24 EFXT Enerflex Ltd. Reduce -8.8% 1.61% +0.28 GNL Global Net Lease Inc. Reduce -1.2% 1.82% +0.32 FYBR Frontier Communications Pare Reduce -1.6% 6.61% +1.54 ANSS Ansys Inc. Reduce -23.5% 18.19% +1.78
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ CORZ Core Scientific Inc. Add +27.8% 8.49% +6.33 K Kellanova Add +0.0% 5.43% +5.43 AZEK The Azek Co. Inc. New 4.01% +4.01 VTOL Bristow Group Inc. Add +6.4% 5.07% +1.57 SKX Skechers USA Inc. Class A New 1.24% +1.24 IPG Interpublic Group of Cos Inc. Add +108.1% 1.77% +1.04 ECHO Echostar Corp. Class A New 0.90% +0.90 BPMC Blueprint Medicines Corp. New 0.67% +0.67 FL Foot Locker Inc. New 0.57% +0.57 FLS Flowserve Corp. New 0.48% +0.48 CBL CBL & Associates Properties Add +8.2% 1.75% +0.45 PZZA Papa John's Intl Inc. New 0.44% +0.44 HPE Hewlett Packard Enterprise New 0.42% +0.42 GMS GMS Inc. New 0.39% +0.39 HOLX Hologic Inc. New 0.33% +0.33 BA The Boeing Co. New 0.18% +0.18 NTRS Northern Trust Corp. New 0.15% +0.15 KVUE Kenvue Inc. Add +90.0% 0.23% +0.12 CSX CSX Corp. New 0.09% +0.09 SSTK Shutterstock Inc. Add +28.2% 0.18% +0.07 NSC Norfolk Southern Corp. New 0.07% +0.07 SRDX Surmodics Inc. Add +1.0% 0.24% +0.05
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ STATE STR SPDR S&P 500 ETF T put Add +41.2% 289,400 $178.8M SYNOPSYS INC call Add +200.0% 150,000 $76.9M ISHARES TR put New 370,000 $58.6M CAPITAL ONE FINL CORP call Sold out 196,700 $35.3Mbefore exit INVESCO QQQ TR put Sold out 70,000 $32.8Mbefore exit CHEVRON CORPORATION call New 188,200 $26.9M UNITED STATES STL CORP NEW call Sold out 450,000 $19.0Mbefore exit SELECT SECTOR SPDR TR put Reduce -75.0% 104,900 $8.9M CORE SCIENTIFIC INC NEW call New 200,000 $3.4M ENERGY TRANSFER L P call Sold out 100,000 $1.9Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 Reduce -2.2% 716,805 $509K SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 Reduce -34.9% 193,351 $37K KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 Sold out 125,000 $36Kbefore exit BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 Sold out 399,500 $30Kbefore exit SCAGW Scage Future -30 *W EXP 05/15/203 New 239,999 $29K ML.WS Moneylion Inc. -CW27 *W EXP 09/22/202 Sold out 81,233 $22Kbefore exit DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 New 250,000 $20K SMNRW Denali Capital Acq-CW27 *W EXP 99/99/999 Sold out 257,500 $15Kbefore exit GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 Sold out 92,203 $15Kbefore exit ZCARW Zoomcar Holdings Inc. *W EXP 05/31/202 Sold out 432,700 $6Kbefore exit IVAWF Investcorp India Acquisi -27 *W EXP 06/01/202 Sold out 125,000 $3Kbefore exit AMED Amedisys Inc. COM Reduce -100.0% 0 $0 ALE Allete Inc. COM NEW Reduce -100.0% 0 $0 DNB Dun & Bradstreet Holdings Inc. COM Reduce -100.0% 0 $0
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 11 $166.0M VTOL, CBL, BLD, ECHO, JHG Q1 2026 Amended 13 $146.2M VTOL, CBL, HOLX, ECHO, GNL Q4 2025 Amended 21 $271.1M VTOL, EXAS, CYBR, TGNA, HOLX Q3 2025 Amended 25 $337.6M VTOL, CYBR, K, IPG, VRNA Q2 2025 Amended 39 $865.3M HES, ANSS, JNPR, CORZ, FYBR Q1 2025 Amended 35 $1.1B HES, JNPR, ANSS, DFS, ITCI Q4 2024 Amended 36 $1.3B HES, ANSS, DFS, JNPR, CHX Q3 2024 Amended 29 $1.1B HES, ANSS, JNPR, CTLT, CHX Q2 2024 Amended 34 $1.2B HES, ANSS, CTLT, JNPR, CHX Q1 2024 Amended 26 $778.0M HES, ANSS, PXD, FYBR, JNPR