Taconic Capital Advisors LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Taconic Capital Advisors LP reported 21 stock positions worth $271.1 million . Its top holding was Bristow (VTOL) at 17.5% of the portfolio, followed by Exact Sciences (EXAS, 13.0% ) and Cyberark Software Ltd./Israel (CYBR, 11.7% ). Compared with Q3 2025, it opened 10 new positions, sold out of 14, added to 3 and reduced 8. The biggest buy was a new position in Exact Sciences (EXAS) and the biggest sale an exit from Kellanova (K).
Location NEW YORK, NY
CIK 0001390113
Portfolio Value $271.1M (Q4 2025) Holdings 21 stocks · $271.1M 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 Q3 2025 VTOL Bristow Group Inc. 1,297,674 $47.5M Reduce -1.9% EXAS Exact Sciences Corp. 347,864 $35.3M New CYBR Cyberark Software Ltd./Israel 71,333 $31.8M Reduce -20.5% TGNA Tegna Inc. 1,344,750 $26.1M New HOLX Hologic Inc. 319,935 $23.8M Add +879.2% CBL CBL & Associates Properties 595,701 $22.0M Reduce -4.0% CFLT Confluent Inc. Class A 714,187 $21.6M New ECHO Echostar Corp. Class A 164,915 $17.9M Reduce -32.3% GNL Global Net Lease Inc. 1,255,986 $10.8M Reduce -42.3% VSAT Viasat Inc. 180,000 $6.2M Add +28.6% HOUS Anywhere Real Estate Inc. 412,400 $5.8M Reduce -48.5% SUNC Sunococorp LLC 107,747 $5.3M New QCOM Qualcomm Inc. 22,909 $3.9M New UNF Unifirst Corp. 17,886 $3.5M New THS Treehouse Foods Inc. 122,000 $2.9M New SSTK Shutterstock Inc. 118,801 $2.3M Add +349.2% EFXT Enerflex Ltd. 125,531 $1.9M Reduce -48.8% OPTU Optimum Communications Inc. Class A 662,759 $1.1M Reduce -36.2% PTGX Protagonist Therapeutics Inc. 5,000 $437K New MRVL Marvell Technology Inc. 5,000 $425K New CODI Compass Diversified Holdings 70,000 $336K New
Options reported separately and not counted above: ISHARES TR puts ($45.5M), STATE STR SPDR S&P 500 ETF T puts ($18.1M), KIMBERLY-CLARK CORP calls ($10.1M), PROTAGONIST THERAPEUTICS INC calls ($4.4M), SKYWORKS SOLUTIONS INC calls ($3.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $10K (not counted above) Total filed on the 13F, all lines: $271.1M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ K Kellanova Sold out 0.00% −10.93 IPG Interpublic Group of Cos Inc. Sold out 0.00% −10.58 VRNA Verona Pharma Ltd. Sold out 0.00% −7.36 COOP Mr Cooper Group Inc. Sold out 0.00% −7.17 FYBR Frontier Communications Pare Sold out 0.00% −4.22 MRUS Merus NV Sold out 0.00% −4.04 BA The Boeing Co. Sold out 0.00% −1.73 GNL Global Net Lease Inc. Reduce -42.3% 3.98% −1.26 CORZ Core Scientific Inc. Sold out 0.00% −1.17 CYBR Cyberark Software Ltd./Israel Reduce -20.5% 11.74% −1.11 PFGC Performance Food Group Co. Sold out 0.00% −0.92 CSX CSX Corp. Sold out 0.00% −0.84 NTRS Northern Trust Corp. Sold out 0.00% −0.60 ET Energy Transfer LP Sold out 0.00% −0.51 KVUE Kenvue Inc. Sold out 0.00% −0.44 HOUS Anywhere Real Estate Inc. Reduce -48.5% 2.15% −0.36 OPTU Optimum Communications Inc. Class A Reduce -36.2% 0.40% −0.34 EFXT Enerflex Ltd. Reduce -48.8% 0.71% −0.07 SRDX Surmodics Inc. Sold out 0.00% −0.06 ECHO Echostar Corp. Class A Reduce -32.3% 6.61% +1.10 CBL CBL & Associates Properties Reduce -4.0% 8.13% +2.51 VTOL Bristow Group Inc. Reduce -1.9% 17.53% +3.40
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ EXAS Exact Sciences Corp. New 13.03% +13.03 TGNA Tegna Inc. New 9.63% +9.63 HOLX Hologic Inc. Add +879.2% 8.79% +8.14 CFLT Confluent Inc. Class A New 7.97% +7.97 SUNC Sunococorp LLC New 1.96% +1.96 QCOM Qualcomm Inc. New 1.45% +1.45 UNF Unifirst Corp. New 1.27% +1.27 VSAT Viasat Inc. Add +28.6% 2.29% +1.07 THS Treehouse Foods Inc. New 1.06% +1.06 SSTK Shutterstock Inc. Add +349.2% 0.84% +0.67 PTGX Protagonist Therapeutics Inc. New 0.16% +0.16 MRVL Marvell Technology Inc. New 0.16% +0.16 CODI Compass Diversified Holdings New 0.12% +0.12
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ ISHARES TR put Reduce -7.5% 185,000 $45.5M KELLANOVA put Sold out 500,200 $41.0Mbefore exit STATE STR SPDR S&P 500 ETF T put Add +32.5% 26,500 $18.1M KIMBERLY-CLARK CORP call New 100,000 $10.1M ROCKET COS INC call Sold out 351,700 $6.8Mbefore exit TECK RESOURCES LTD put Sold out 100,000 $4.4Mbefore exit PROTAGONIST THERAPEUTICS INC call New 50,000 $4.4M PALO ALTO NETWORKS INC call Sold out 20,000 $4.1Mbefore exit CSX CORP call Sold out 100,000 $3.6Mbefore exit KENVUE INC call Sold out 200,000 $3.2Mbefore exit SKYWORKS SOLUTIONS INC call New 50,000 $3.2M KEURIG DR PEPPER INC call Sold out 100,000 $2.6Mbefore 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 Security Class Change vs Q3 2025 Shares / Principal Value ▼ SLDPW Decarbonization Plus -CW23 *W EXP 12/08/202 Sold out 147,808 $61Kbefore exit OMC Omnicom Group COM Sold out 0 $0before 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 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