Taconic Capital Advisors LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Taconic Capital Advisors LP reported 25 stock positions worth $337.6 million. Its top holding was Bristow (VTOL) at 14.1% of the portfolio, followed by Cyberark Software Ltd./Israel (CYBR, 12.8%) and Kellanova (K, 10.9%). Compared with Q2 2025, it opened 6 new positions, sold out of 20, added to 7 and reduced 11. The biggest buy was a new position in Cyberark Software Ltd./Israel (CYBR) and the biggest sale an exit from Hess (HES).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001390113
Portfolio Value
$337.6M (Q3 2025)
SEC Filing
0001390113-25-000002 ↗ filed Nov 14, 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 Q1 2025 Q2 2025: $865.3M Q2 2025 Q3 2025: $337.6M $337.6M Q3 2025 Q4 2025: $271.1M Q4 2025 Q1 2026: $146.2M Q1 2026 Q2 2026: $166.0M Q2 2026

Holdings 25 stocks · $337.6M
VTOL Bristow Group Inc. 14.14% 1,322,560 $47.7M Reduce -0.6%
CYBR Cyberark Software Ltd./Israel 12.85% 89,754 $43.4M New
K Kellanova 10.93% 449,762 $36.9M Reduce -23.8%
IPG Interpublic Group of Cos Inc. 10.58% 1,279,463 $35.7M Add +105.0%
VRNA Verona Pharma Ltd. 7.36% 232,930 $24.9M New
COOP Mr Cooper Group Inc. 7.17% 114,900 $24.2M New
CBL CBL & Associates Properties 5.62% 620,190 $19.0M Add +4.2%
ECHO Echostar Corp. Class A 5.51% 243,590 $18.6M Reduce -13.5%
GNL Global Net Lease Inc. 5.24% 2,176,972 $17.7M Add +4.6%
FYBR Frontier Communications Pare 4.22% 381,865 $14.3M Reduce -75.7%
MRUS Merus NV 4.04% 145,000 $13.7M New
HOUS Anywhere Real Estate Inc. 2.51% 800,000 $8.5M New
BA The Boeing Co. 1.73% 27,000 $5.8M Add +272.4%
VSAT Viasat Inc. 1.22% 140,000 $4.1M Add +29.9%
CORZ Core Scientific Inc. 1.17% 221,003 $4.0M Reduce -94.9%
PFGC Performance Food Group Co. 0.92% 30,000 $3.1M New
CSX CSX Corp. 0.84% 80,000 $2.8M Add +220.0%
EFXT Enerflex Ltd. 0.78% 245,331 $2.6M Reduce -86.1%
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 0.74% 1,039,463 $2.5M Reduce -15.2%
HOLX Hologic Inc. 0.65% 32,673 $2.2M Reduce -26.1%
NTRS Northern Trust Corp. 0.60% 15,004 $2.0M Add +50.0%
ET Energy Transfer LP 0.51% 100,000 $1.7M No change
KVUE Kenvue Inc. 0.44% 90,615 $1.5M Reduce -4.6%
SSTK Shutterstock Inc. 0.16% 26,445 $551K Reduce -67.7%
SRDX Surmodics Inc. 0.06% 6,741 $201K Reduce -90.3%

Options reported separately and not counted above: KELLANOVA puts ($41.0M), ISHARES TR puts ($16.2M), STATE STR SPDR S&P 500 ETF T puts ($13.3M), ROCKET COS INC calls ($6.8M), TECK RESOURCES LTD puts ($4.4M), PALO ALTO NETWORKS INC calls ($4.1M), CSX CORP calls ($3.6M), KENVUE INC calls ($3.2M), KEURIG DR PEPPER INC calls ($2.6M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $81K (not counted above)
SecurityClassShares / PrincipalValueChange
SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 147,808$61KNo change
ECD AUTOMOTIVE DESIGN INC *W EXP 12/12/202 990,000$20KNo change

Total filed on the 13F, all lines: $337.7M.

Portfolio Sells Q2 2025 → Q3 2025
HES Hess Corp. Sold out 0.00% −18.21
ANSS Ansys Inc. Sold out 0.00% −18.19
JNPR Juniper Networks Inc. Sold out 0.00% −14.55
CORZ Core Scientific Inc. Reduce -94.9% 1.17% −7.31
AZEK The Azek Co. Inc. Sold out 0.00% −4.01
CHX Championx Corp. Sold out 0.00% −3.29
FYBR Frontier Communications Pare Reduce -75.7% 4.22% −2.38
SKX Skechers USA Inc. Class A Sold out 0.00% −1.24
EFXT Enerflex Ltd. Reduce -86.1% 0.78% −0.83
SIMO Silicon Motion Technol-ADR Sold out 0.00% −0.76
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.67
FL Foot Locker Inc. Sold out 0.00% −0.57
SGRY Surgery Partners Inc. Sold out 0.00% −0.56
FLS Flowserve Corp. Sold out 0.00% −0.48
PZZA Papa John's Intl Inc. Sold out 0.00% −0.44
HPE Hewlett Packard Enterprise Sold out 0.00% −0.42
GMS GMS Inc. Sold out 0.00% −0.39
BMRN Biomarin Pharmaceutical Inc. Sold out 0.00% −0.19
SRDX Surmodics Inc. Reduce -90.3% 0.06% −0.18
APD Air Products & Chemicals Inc. Sold out 0.00% −0.16
U Unity Software Inc. Sold out 0.00% −0.15
ILMN Illumina Inc. Sold out 0.00% −0.11
NSC Norfolk Southern Corp. Sold out 0.00% −0.07
SSTK Shutterstock Inc. Reduce -67.7% 0.16% −0.02
ECD AUTOMOTIVE DESIGN INC Sold out 0.00% −0.00
KVUE Kenvue Inc. Reduce -4.6% 0.44% +0.21
HOLX Hologic Inc. Reduce -26.1% 0.65% +0.32
OPTU Optimum Communications Inc. Class A Reduce -15.2% 0.74% +0.44
ECHO Echostar Corp. Class A Reduce -13.5% 5.51% +4.61
K Kellanova Reduce -23.8% 10.93% +5.50
VTOL Bristow Group Inc. Reduce -0.6% 14.14% +9.06

Portfolio Buys Q2 2025 → Q3 2025
CYBR Cyberark Software Ltd./Israel New 12.85% +12.85
IPG Interpublic Group of Cos Inc. Add +105.0% 10.58% +8.81
VRNA Verona Pharma Ltd. New 7.36% +7.36
COOP Mr Cooper Group Inc. New 7.17% +7.17
MRUS Merus NV New 4.04% +4.04
CBL CBL & Associates Properties Add +4.2% 5.62% +3.87
GNL Global Net Lease Inc. Add +4.6% 5.24% +3.43
HOUS Anywhere Real Estate Inc. New 2.51% +2.51
BA The Boeing Co. Add +272.4% 1.73% +1.55
VSAT Viasat Inc. Add +29.9% 1.22% +1.03
PFGC Performance Food Group Co. New 0.92% +0.92
CSX CSX Corp. Add +220.0% 0.84% +0.75
NTRS Northern Trust Corp. Add +50.0% 0.60% +0.45

Options Activity Q2 2025 → Q3 2025
SYNOPSYS INC call Sold out 150,000 $76.9Mbefore exit
KELLANOVA put New 500,200 $41.0M
CHEVRON CORPORATION call Sold out 188,200 $26.9Mbefore exit
JUNIPER NETWORKS INC call Sold out 500,000 $20.0Mbefore exit
ISHARES TR put Reduce -46.0% 200,000 $16.2M
STATE STR SPDR S&P 500 ETF T put Reduce -93.1% 20,000 $13.3M
SELECT SECTOR SPDR TR put Sold out 104,900 $8.9Mbefore exit
ROCKET COS INC call New 351,700 $6.8M
TECK RESOURCES LTD put New 100,000 $4.4M
PALO ALTO NETWORKS INC call New 20,000 $4.1M
CSX CORP call New 100,000 $3.6M
CORE SCIENTIFIC INC NEW call Sold out 200,000 $3.4Mbefore exit
KENVUE INC call New 200,000 $3.2M
KEURIG DR PEPPER INC call New 100,000 $2.6M

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
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 Sold out 716,805 $509Kbefore exit
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 Sold out 429,903 $202Kbefore exit
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 Sold out 350,000 $48Kbefore exit
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 Sold out 250,000 $39Kbefore exit
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 Sold out 250,000 $38Kbefore exit
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 Sold out 193,351 $37Kbefore exit
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 Sold out 150,868 $34Kbefore exit
SCAGW Scage Future -30 *W EXP 05/15/203 Sold out 239,999 $29Kbefore exit
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 Sold out 70,000 $22Kbefore exit
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 Sold out 350,000 $22Kbefore exit
EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 Sold out 180,000 $21Kbefore exit
DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 Sold out 250,000 $20Kbefore exit
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 Sold out 300,000 $13Kbefore exit
PDYNW Sarcos Technology -CW27 *W EXP 09/24/202 Sold out 27,503 $11Kbefore exit
TALKW Hudson Executive Inv -CW25 *W EXP 06/21/202 Sold out 122,765 $9Kbefore exit
PERFF Perfect Corp. *W EXP 10/28/202 Sold out 230,000 $8Kbefore exit
AMBWQ Ambipar Emergency Respons-28 *W EXP 03/03/202 Sold out 40,000 $7Kbefore exit
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 Sold out 100,000 $5Kbefore exit
ABLVW Able View Global Inc.-28 *W EXP 08/18/202 Sold out 325,000 $5Kbefore exit
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 Sold out 208,968 $4Kbefore exit
EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 Sold out 180,000 $4Kbefore exit
ALE Allete Inc. COM NEW Sold out 0 $0before exit
AMED Amedisys Inc. COM Sold out 0 $0before exit
DNB Dun & Bradstreet Holdings Inc. COM Sold out 0 $0before exit

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