Two Sigma Investments, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Two Sigma Investments, LP reported 3,022 stock positions worth $44.1 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 1.9% of the portfolio, followed by SS Technology Select Sector (XLK, 1.0%) and Invesco QQQ Trust Series 1 (QQQ, 1.0%). Compared with Q4 2024, it opened 439 new positions, sold out of 430, added to 1,209 and reduced 1,292. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +138%) and the biggest sale Eli Lilly (LLY, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001179392
- Portfolio Value
- $44.1B (Q1 2025)
- SEC Filing
- 0000899140-25-000680 ↗ filed May 15, 2025
Holdings Value
Holdings 3,022 stocks · $44.1B
| SPY SS SPDR S&P 500 ETF Trust-US | 1.90% | 1,494,733 | $836.1M | Add +138.3% |
| XLK SS Technology Select Sector | 0.98% | 2,088,701 | $431.3M | Add +64.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.97% | 907,645 | $425.6M | Add +22.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.86% | 1,020,900 | $378.6M | Add +18.1% |
| IWF iShares Russell 1000 Growth | 0.85% | 1,040,600 | $375.8M | Add +8.6% |
| IVV iShares Core S&P 500 ETF | 0.71% | 559,000 | $314.1M | Reduce -0.2% |
| CME Cme Group Inc. | 0.61% | 1,018,685 | $270.2M | Reduce -1.8% |
| AVGO Broadcom Inc. | 0.59% | 1,559,656 | $261.1M | Add +2570.5% |
| CRM Salesforce Inc. | 0.59% | 965,724 | $259.2M | Add +700.7% |
| LMT Lockheed Martin Corp. | 0.58% | 567,939 | $253.7M | Add +17.5% |
| NVDA Nvidia Corp. | 0.57% | 2,333,045 | $252.9M | Add +28.1% |
| LNG Cheniere Energy Inc. | 0.56% | 1,070,802 | $247.8M | Reduce -0.9% |
| BSX Boston Scientific Corp. | 0.56% | 2,440,747 | $246.2M | Add +229.0% |
| GOOGL Alphabet Inc. Class A | 0.56% | 1,589,263 | $245.8M | Add +16.4% |
| MRVL Marvell Technology Inc. | 0.55% | 3,931,687 | $242.1M | Add +316.2% |
| SNOW Snowflake Inc. | 0.55% | 1,648,353 | $240.9M | Add +16.3% |
| COR Cencora Inc. | 0.54% | 858,612 | $238.8M | Add +14.5% |
| MSCI MSCI Inc. | 0.54% | 421,649 | $238.4M | Add +64.0% |
| PLTR Palantir Technologies Inc. Class A | 0.54% | 2,816,723 | $237.7M | Add +5013.6% |
| ADBE Adobe Inc. | 0.54% | 619,538 | $237.6M | Add +36.8% |
| REGN Regeneron Pharmaceuticals | 0.54% | 372,071 | $236.0M | Add +977.1% |
| RBLX Roblox Corp. Class A | 0.53% | 3,999,879 | $233.2M | Reduce -11.4% |
| TSLA Tesla Inc. | 0.53% | 897,348 | $232.6M | Add +49.7% |
| AAPL Apple Inc. | 0.53% | 1,046,802 | $232.5M | Reduce -7.4% |
| AMD Advanced Micro Devices | 0.52% | 2,246,952 | $230.9M | New |
| DASH DoorDash Inc. Class A | 0.52% | 1,261,677 | $230.6M | Reduce -17.3% |
| XLV SS Health Care Select Sector | 0.52% | 1,559,500 | $227.7M | Reduce -34.2% |
| HUM Humana Inc. | 0.51% | 856,776 | $226.7M | Add +46.0% |
| DHR Danaher Corp. | 0.51% | 1,105,601 | $226.6M | Add +7.6% |
| DG Dollar General Corp. | 0.51% | 2,556,870 | $224.8M | Add +8.6% |
| MSFT Microsoft Corp. | 0.51% | 594,754 | $223.3M | Reduce -1.0% |
| MA Mastercard Inc. Class A | 0.51% | 406,423 | $222.8M | Reduce -4.0% |
| IT Gartner Inc. | 0.50% | 523,260 | $219.6M | Add +484.5% |
| MCK McKesson Corp. | 0.50% | 325,934 | $219.4M | Add +97.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.50% | 3,147,929 | $218.6M | Add +70.7% |
| IQV Iqvia Holdings Inc. | 0.49% | 1,226,405 | $216.2M | Add +59.7% |
| CNC Centene Corp. | 0.49% | 3,556,336 | $215.9M | Add +58.4% |
| MELI MercadoLibre Inc. | 0.49% | 110,229 | $215.0M | Add +1485.3% |
| ANET Arista Networks Inc. | 0.49% | 2,767,058 | $214.4M | Add +501.4% |
| ICE Intercontinental Exchange Inc. | 0.48% | 1,239,002 | $213.7M | Add +24.9% |
| ISRG Intuitive Surgical Inc. | 0.46% | 411,661 | $203.9M | Add +502.6% |
| FTNT Fortinet Inc. | 0.46% | 2,098,119 | $202.0M | Reduce -3.0% |
| LIN Linde PLC | 0.45% | 429,725 | $200.1M | Add +232.8% |
| MRK Merck & Co. Inc. | 0.45% | 2,200,701 | $197.5M | Add +14.1% |
| NFLX Netflix Inc. | 0.45% | 211,238 | $197.0M | Reduce -24.5% |
| WCN Waste Connections Inc. | 0.44% | 1,003,328 | $195.8M | Add +3.1% |
| NOC Northrop Grumman Corp. | 0.43% | 374,247 | $191.6M | Reduce -15.7% |
| NOW ServiceNow Inc. | 0.43% | 238,435 | $189.8M | Add +5312.8% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.43% | 2,878,700 | $189.3M | Reduce -16.3% |
| META Meta Platforms Inc. Class A | 0.43% | 328,386 | $189.3M | Reduce -19.2% |
| COP Conocophillips | 0.41% | 1,736,611 | $182.4M | Add +12910.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.41% | 663,327 | $182.3M | Reduce -10.8% |
| LHX L3HARRIS Technologies Inc. | 0.41% | 861,563 | $180.3M | Add +87.4% |
| CMCSA Comcast Corp. Class A | 0.41% | 4,876,899 | $180.0M | Add +305.0% |
| DHI D.R. Horton Inc. | 0.39% | 1,352,415 | $171.9M | Add +54.1% |
| IYW iShares Ustechnology ETF | 0.39% | 1,218,124 | $171.1M | Add +65.1% |
| VRSK Verisk Analytics Inc. | 0.39% | 570,530 | $169.8M | Add +39.9% |
| OXY Occidental Petroleum Corp. | 0.38% | 3,430,058 | $169.3M | Add +359.9% |
| TMO Thermo Fisher Scientific Inc. | 0.37% | 331,261 | $164.8M | Reduce -26.7% |
| QCOM Qualcomm Inc. | 0.37% | 1,057,229 | $162.4M | Reduce -32.6% |
| KRE SS SPDR S&P Regional Bank | 0.36% | 2,777,106 | $157.9M | Add +106.7% |
| NET Cloudflare Inc. Class A | 0.35% | 1,384,017 | $156.0M | Add +325.4% |
| MSI Motorola Solutions Inc. | 0.35% | 354,092 | $155.0M | Add +50.8% |
| SCHW Schwab (charles) Corp. | 0.35% | 1,946,202 | $152.3M | Add +193.9% |
| MLM Martin Marietta Materials | 0.34% | 315,546 | $150.9M | Add +33.0% |
| AMCR Amcor PLC | 0.34% | 15,340,796 | $148.8M | Add +1499.3% |
| WM Waste Management Inc. | 0.34% | 642,399 | $148.7M | Add +9.2% |
| GD General Dynamics Corp. | 0.33% | 538,649 | $146.8M | Reduce -22.4% |
| TWLO Twilio Inc. Class A | 0.32% | 1,449,060 | $141.9M | Add +28.3% |
| KDP Keurig Dr Pepper Inc. | 0.32% | 4,074,422 | $139.4M | Add +23.0% |
| AMZN Amazon.com Inc. | 0.31% | 727,720 | $138.5M | Reduce -39.5% |
| PANW Palo Alto Networks Inc. | 0.31% | 807,484 | $137.8M | Add +98.4% |
| SE Sea Ltd.-ADR | 0.31% | 1,039,205 | $135.6M | Add +9.0% |
| CAH Cardinal Health Inc. | 0.31% | 984,218 | $135.6M | Add +4.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.30% | 1,703,700 | $134.3M | Reduce -21.1% |
| TEAM Atlassian Corp. Class A | 0.30% | 630,799 | $133.9M | Add +37.4% |
| SPOT Spotify Technology SA | 0.30% | 240,988 | $132.6M | Reduce -31.5% |
| AMAT Applied Materials Inc. | 0.30% | 910,180 | $132.1M | Reduce -32.5% |
| HUBS HubSpot Inc. | 0.30% | 231,027 | $132.0M | Add +61.3% |
| EIX Edison International | 0.29% | 2,204,712 | $129.9M | Add +2412.4% |
| ETR Entergy Corp. | 0.29% | 1,501,554 | $128.4M | Add +47.1% |
| RSG Republic Services Inc. | 0.29% | 524,686 | $127.1M | Add +21.8% |
| EFX Equifax Inc. | 0.29% | 520,577 | $126.8M | Add +310.3% |
| MRNA Moderna Inc. | 0.29% | 4,454,103 | $126.3M | Add +570.8% |
| BAH Booz Allen Hamilton Holdings | 0.28% | 1,185,801 | $124.0M | Add +1861.6% |
| CVNA Carvana Co. | 0.28% | 587,703 | $122.9M | Reduce -48.7% |
| BIIB Biogen Inc. | 0.27% | 879,330 | $120.3M | Add +3.2% |
| CBOE Cboe Global Markets Inc. | 0.27% | 526,900 | $119.2M | Reduce -3.7% |
| ORCL Oracle Corp. | 0.27% | 852,065 | $119.1M | Add +6306.5% |
| EQIX Equinix Inc. | 0.27% | 145,547 | $118.7M | Add +734.3% |
| CSX CSX Corp. | 0.27% | 4,023,939 | $118.4M | Add +411.6% |
| WST West Pharmaceutical Services | 0.27% | 522,827 | $117.1M | Add +588.0% |
| COST Costco Wholesale Corp. | 0.26% | 123,020 | $116.3M | Reduce -27.2% |
| CI The Cigna Group | 0.26% | 353,136 | $116.2M | Reduce -53.8% |
| ADC Agree Realty Corp. | 0.26% | 1,497,423 | $115.6M | Add +61.4% |
| VEEV Veeva Systems Inc. Class A | 0.26% | 498,807 | $115.5M | Add +44.8% |
| F Ford Motor Co. filed as FORD MTR CO | 0.26% | 11,503,694 | $115.4M | Add +2138.2% |
| MNST Monster Beverage Corp. | 0.26% | 1,960,220 | $114.7M | Add +163.3% |
| AMGN Amgen Inc. | 0.25% | 359,516 | $112.0M | Reduce -60.1% |
| AEP American Electric Power | 0.25% | 1,022,481 | $111.7M | Add +1668.5% |
Options reported separately and not counted above: CCL puts ($94.7M), RIVN puts ($53.6M), LITE puts ($47.8M), SPR puts ($38.6M), STWD puts ($36.7M), BURL puts ($35.4M), STX puts ($32.9M), MP puts ($26.5M), SMTC puts ($25.1M), UBER calls ($23.9M), NCLH puts ($23.5M), AXON puts ($22.5M), and 50 more.
Other holdings (78): bonds, preferreds, convertibles and warrants · $1.9B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | 2,381,239 | $96.7M | Add +18.9% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 76,745,000 | $88.6M | New |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 62,360,000 | $75.1M | Reduce -35.4% |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 71,045,000 | $72.0M | Add +143.1% |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 47,596,000 | $70.1M | Add +280.8% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 937,248 | $68.5M | Reduce -34.1% |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 50,150,000 | $64.5M | Reduce -15.2% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 61,100,000 | $59.8M | Add +1406.0% |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | 59,105,000 | $58.3M | Add +0.8% |
| SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) | NOTE 3.250%11/0 · principal | 38,765,000 | $52.9M | Add +26.2% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 1,173,617 | $52.5M | Add +17.0% |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 49,733,000 | $52.5M | Reduce -6.0% |
| CNX RESOURCES CORP (CNX 2.25 05/01/26) | NOTE 2.250% 5/0 · principal | 20,700,000 | $50.9M | No change |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 1,030,634 | $50.9M | New |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 46,054,000 | $48.7M | Reduce -16.6% |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 43,392,000 | $42.3M | Add +7.4% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 40,500,000 | $41.9M | Reduce -11.0% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 36,084,000 | $38.0M | Reduce -19.1% |
| NCL CORPORATION LTD (NCLH 5.375 08/01/25) | NOTE 5.375% 8/0 · principal | 32,407,000 | $36.9M | Reduce -23.6% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 36,672,000 | $35.2M | Reduce -24.6% |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 33,062,000 | $32.1M | Add +1.7% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 23,088,000 | $32.1M | Reduce -17.8% |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 27,900,000 | $31.9M | Reduce -18.9% |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | 12,804,000 | $30.0M | Add +236.6% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 819,127 | $29.2M | Reduce -50.9% |
| BURLINGTON STORES INC (BURL 2.25 04/15/25) | NOTE 2.250% 4/1 · principal | 25,282,000 | $27.6M | Reduce -0.3% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 30,750,000 | $27.4M | Add +61.8% |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 31,552,000 | $27.3M | Add +3.6% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 564,938 | $27.2M | Add +7129.8% |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 583,853 | $26.6M | Reduce -64.1% |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | 23,000,000 | $26.6M | New |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 25,000,000 | $24.9M | Reduce -8.7% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 21,000,000 | $24.7M | New |
| ZILLOW GROUP INC (Z 2.75 05/15/25) | NOTE 2.750% 5/1 · principal | 23,640,000 | $24.5M | New |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | 22,000,000 | $21.9M | New |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 15,500,000 | $17.1M | New |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | 302,960 | $16.6M | Add +2.4% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 15,699,000 | $16.1M | Reduce -27.6% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 15,500,000 | $16.0M | Add +210.0% |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 15,500,000 | $15.9M | Reduce -8.8% |
| TRANSOCEAN INTERNTNL LTD (RIG 4.625 09/30/29 *) | DEB 4.625% 9/3 · principal | 13,000,000 | $15.8M | New |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 14,000,000 | $14.0M | New |
| BITDEER TECHNOLOGIES GRP (BTDR 8.5 08/15/29) | NOTE 8.500% 8/1 · principal | 10,337,000 | $13.6M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 12,500,000 | $12.3M | New |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 191,448 | $11.5M | Reduce -62.7% |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | 4,112,000 | $11.0M | Reduce -45.7% |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 10,257,000 | $10.5M | No change |
| BLACKBERRY LTD (BBCN 3 02/15/29) | NOTE 3.000% 2/1 · principal | 8,000,000 | $10.3M | New |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 188,056 | $9.0M | Reduce -21.3% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 7,500,000 | $8.4M | New |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 7,500,000 | $8.3M | New |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 8,250,000 | $7.6M | Reduce -17.5% |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | 5,500,000 | $7.2M | Add +175.0% |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | 7,790,000 | $7.2M | No change |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 7,500,000 | $7.1M | New |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | NOTE 3.500% 3/0 · principal | 7,000,000 | $6.8M | New |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 6,000,000 | $5.8M | New |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 118,200 | $5.6M | Reduce -79.5% |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 4,000,000 | $5.5M | New |
| ARTIVION INC (AORT 4.25 07/01/25) | NOTE 4.250% 7/0 · principal | 5,000,000 | $5.5M | New |
| SUNRUN INC (RUN 4 03/01/30) | NOTE 4.000% 3/0 · principal | 7,500,000 | $5.3M | New |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | 5,415,000 | $4.9M | New |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 5,000,000 | $4.9M | No change |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 5,000,000 | $4.8M | Add +42.9% |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 4,500,000 | $4.5M | Add +12.5% |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 5,000,000 | $4.4M | Reduce -50.0% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 5,000,000 | $4.2M | No change |
| INNOVIVA INC (INVA 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | 3,795,000 | $4.2M | New |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 35,100,000 | $3.9M | Add +34.5% |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | 4,328,000 | $3.6M | No change |
| NOVAVAX INC (NVAX 5 12/15/27) | NOTE 5.000%12/1 · principal | 3,752,000 | $3.4M | Add +66.8% |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 2,000,000 | $3.2M | New |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | 3,000,000 | $2.9M | New |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 2,500,000 | $2.6M | New |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | 3,747,000 | $2.5M | Reduce -48.3% |
| SEMTECH CORP (SMTC 4 11/01/28) | NOTE 4.000%11/0 · principal | 850,000 | $1.5M | No change |
| BILL HOLDINGS INC (BILL 0 12/01/25) | NOTE 12/0 · principal | 1,590,000 | $1.5M | No change |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | 6,000,000 | $1.4M | Reduce -52.0% |
Total filed on the 13F, all lines: $46.0B.
Portfolio Sells Q4 2024 → Q1 2025
| LLY Eli Lilly & Co. | Reduce -95.1% | 0.03% | −0.57 |
| PGR Progressive Corp. | Reduce -99.3% | 0.00% | −0.54 |
| V Visa Inc. Class A | Reduce -99.3% | 0.00% | −0.54 |
| LRCX Lam Research Corp. | Reduce -90.9% | 0.04% | −0.45 |
| APP AppLovin Corp. Class A | Reduce -94.5% | 0.02% | −0.43 |
| BAC Bank of America Corp. | Reduce -70.6% | 0.15% | −0.42 |
| ELV Elevance Health Inc. | Reduce -94.5% | 0.03% | −0.42 |
| INTC Intel Corp. | Reduce -69.3% | 0.19% | −0.39 |
| NKE Nike Inc. Class B | Reduce -98.2% | 0.01% | −0.38 |
| NEE Nextera Energy Inc. | Reduce -99.5% | 0.00% | −0.37 |
| NCLH Norwegian Cruise Line Holdin | Reduce -62.8% | 0.13% | −0.36 |
| AXON Axon Enterprise Inc. | Reduce -74.3% | 0.10% | −0.36 |
| SOFI Sofi Technologies Inc. | Reduce -40.1% | 0.25% | −0.34 |
| ABNB Airbnb Inc. Class A | Reduce -57.4% | 0.19% | −0.33 |
| HCA HCA Healthcare Inc. | Reduce -97.8% | 0.01% | −0.33 |
| AMZN Amazon.com Inc. | Reduce -39.5% | 0.31% | −0.32 |
| HOOD Robinhood Markets Inc. Class A | Reduce -60.7% | 0.23% | −0.32 |
| GDX Vaneck Gold Miners ETF | Reduce -99.8% | 0.00% | −0.31 |
| AMGN Amgen Inc. | Reduce -60.1% | 0.25% | −0.31 |
| PFE Pfizer Inc. | Reduce -86.2% | 0.04% | −0.30 |
| CSCO Cisco Systems Inc. | Reduce -59.7% | 0.19% | −0.29 |
| CVNA Carvana Co. | Reduce -48.7% | 0.28% | −0.28 |
| CAVA Cava Group Inc. | Reduce -54.1% | 0.13% | −0.27 |
| XLV SS Health Care Select Sector | Reduce -34.2% | 0.52% | −0.27 |
| TT Trane Technologies PLC | Reduce -89.1% | 0.03% | −0.27 |
| CI The Cigna Group | Reduce -53.8% | 0.26% | −0.25 |
| AMAT Applied Materials Inc. | Reduce -32.5% | 0.30% | −0.23 |
| UBER Uber Technologies Inc. | Reduce -90.8% | 0.03% | −0.22 |
| PEP Pepsico Inc. | Reduce -95.7% | 0.01% | −0.22 |
| CCL Carnival Corp. | Reduce -51.8% | 0.12% | −0.22 |
| QCOM Qualcomm Inc. | Reduce -32.6% | 0.37% | −0.21 |
| FTAI Ftai Aviation Ltd. | Reduce -60.8% | 0.08% | −0.21 |
| TOST Toast Inc. Class A | Reduce -80.0% | 0.04% | −0.21 |
| DAL Delta Air Lines Inc. | Reduce -85.8% | 0.02% | −0.20 |
| TMO Thermo Fisher Scientific Inc. | Reduce -26.7% | 0.37% | −0.19 |
| NXPI NXP Semiconductors NV | Reduce -96.3% | 0.01% | −0.19 |
| JD Jd.com Inc.-ADR | Reduce -98.2% | 0.00% | −0.19 |
| CEG Constellation Energy | Reduce -96.2% | 0.01% | −0.18 |
| MCHP Microchip Technology Inc. | Reduce -75.9% | 0.04% | −0.18 |
| CVS CVS Health Corp. | Reduce -98.7% | 0.00% | −0.18 |
| BDX Becton Dickinson and Co. | Reduce -56.8% | 0.12% | −0.17 |
| SJM The JM Smucker Co. | Reduce -80.2% | 0.04% | −0.17 |
| CPB The Campbell's Company | Reduce -81.2% | 0.03% | −0.17 |
| CRDO Credo Technology Group Holdi | Reduce -39.6% | 0.08% | −0.16 |
| SLF Sun Life Financial Inc. | Reduce -90.4% | 0.01% | −0.16 |
| AAPL Apple Inc. | Reduce -7.4% | 0.53% | −0.16 |
| NFLX Netflix Inc. | Reduce -24.5% | 0.45% | −0.15 |
| MRSH Marsh & McLennan Cos | Reduce -59.7% | 0.12% | −0.15 |
| ILMN Illumina Inc. | Reduce -37.4% | 0.08% | −0.15 |
| INTU Intuit Inc. | Reduce -46.7% | 0.14% | −0.15 |
Portfolio Buys Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +138.3% | 1.90% | +1.01 |
| AVGO Broadcom Inc. | Add +2570.5% | 0.59% | +0.56 |
| PLTR Palantir Technologies Inc. Class A | Add +5013.6% | 0.54% | +0.53 |
| AMD Advanced Micro Devices | New | 0.52% | +0.52 |
| CRM Salesforce Inc. | Add +700.7% | 0.59% | +0.49 |
| REGN Regeneron Pharmaceuticals | Add +977.1% | 0.54% | +0.48 |
| MELI MercadoLibre Inc. | Add +1485.3% | 0.49% | +0.46 |
| NOW ServiceNow Inc. | Add +5312.8% | 0.43% | +0.42 |
| COP Conocophillips | Add +12910.3% | 0.41% | +0.41 |
| BSX Boston Scientific Corp. | Add +229.0% | 0.56% | +0.40 |
| IT Gartner Inc. | Add +484.5% | 0.50% | +0.39 |
| ISRG Intuitive Surgical Inc. | Add +502.6% | 0.46% | +0.38 |
| ANET Arista Networks Inc. | Add +501.4% | 0.49% | +0.36 |
| LIN Linde PLC | Add +232.8% | 0.45% | +0.32 |
| AMCR Amcor PLC | Add +1499.3% | 0.34% | +0.32 |
| CMCSA Comcast Corp. Class A | Add +305.0% | 0.41% | +0.30 |
| MRVL Marvell Technology Inc. | Add +316.2% | 0.55% | +0.30 |
| OXY Occidental Petroleum Corp. | Add +359.9% | 0.38% | +0.30 |
| EIX Edison International | Add +2412.4% | 0.29% | +0.28 |
| MCK McKesson Corp. | Add +97.8% | 0.50% | +0.27 |
| NET Cloudflare Inc. Class A | Add +325.4% | 0.35% | +0.27 |
| XLK SS Technology Select Sector | Add +64.9% | 0.98% | +0.27 |
| ORCL Oracle Corp. | Add +6306.5% | 0.27% | +0.27 |
| BAH Booz Allen Hamilton Holdings | Add +1861.6% | 0.28% | +0.26 |
| F Ford Motor Co. | Add +2138.2% | 0.26% | +0.25 |
| YUM Yum! Brands Inc. | New | 0.25% | +0.25 |
| AEP American Electric Power | Add +1668.5% | 0.25% | +0.24 |
| KBE SS SPDR S&P Bank ETF | Add +5298.1% | 0.24% | +0.24 |
| EQIX Equinix Inc. | Add +734.3% | 0.27% | +0.23 |
| ADSK Autodesk Inc. | Add +2778.8% | 0.24% | +0.23 |
| SCHW Schwab (charles) Corp. | Add +193.9% | 0.35% | +0.23 |
| MRNA Moderna Inc. | Add +570.8% | 0.29% | +0.22 |
| EXE Expand Energy Corp. | New | 0.22% | +0.22 |
| EFX Equifax Inc. | Add +310.3% | 0.29% | +0.21 |
| CSX CSX Corp. | Add +411.6% | 0.27% | +0.21 |
| WST West Pharmaceutical Services | Add +588.0% | 0.27% | +0.21 |
| XLB SS Materials Select Sector | New | 0.20% | +0.20 |
| ENPH Enphase Energy Inc. | Add +960.3% | 0.22% | +0.20 |
| ASML ASML Holding NV-NY Reg SHS | Add +39571.6% | 0.20% | +0.19 |
| ROP Roper Technologies Inc. | New | 0.19% | +0.19 |
| JNPR Juniper Networks Inc. | New | 0.18% | +0.18 |
| LHX L3HARRIS Technologies Inc. | Add +87.4% | 0.41% | +0.18 |
| MSCI MSCI Inc. | Add +64.0% | 0.54% | +0.17 |
| MNST Monster Beverage Corp. | Add +163.3% | 0.26% | +0.17 |
| TIP iShares Tips Bond ETF | New | 0.16% | +0.16 |
| KRE SS SPDR S&P Regional Bank | Add +106.7% | 0.36% | +0.16 |
| CNC Centene Corp. | Add +58.4% | 0.49% | +0.16 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Add +1068.8% | 0.18% | +0.16 |
| HUM Humana Inc. | Add +46.0% | 0.51% | +0.15 |
| TRP TC Energy Corp. | Add +3777.9% | 0.15% | +0.15 |
Options Activity Q4 2024 → Q1 2025
| COIN Coinbase Global Inc. Class A | put | Sold out | 651,600 | $161.8Mbefore exit |
| CCL Carnival Corp. | put | Reduce -24.4% | 4,847,200 | $94.7M |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 136,300 | $69.7Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | call | Sold out | 134,200 | $68.6Mbefore exit |
| RIVN Rivian Automotive Inc. Class A | put | Add +4.8% | 4,301,800 | $53.6M |
| LITE Lumentum Holdings Inc. | put | Add +2.7% | 766,000 | $47.8M |
| SOFI Sofi Technologies Inc. | put | Sold out | 3,092,900 | $47.6Mbefore exit |
| SPR Spirit Aerosystems Hold Class A | put | Add +0.3% | 1,120,000 | $38.6M |
| DBX Dropbox Inc. Class A | put | Sold out | 1,260,700 | $37.9Mbefore exit |
| STWD Starwood Property Trust Inc. | put | Reduce -4.6% | 1,855,000 | $36.7M |
| BURL Burlington Stores Inc. | put | Reduce -23.3% | 148,600 | $35.4M |
| RCL Royal Caribbean Cruises Ltd. | put | Sold out | 150,000 | $34.6Mbefore exit |
| STX Seagate Technology Holdings | put | Reduce -42.9% | 386,800 | $32.9M |
| MP MP Materials Corp. | put | Add +8.3% | 1,087,600 | $26.5M |
| SMTC Semtech Corp. | put | Reduce -15.2% | 730,000 | $25.1M |
| UBER Uber Technologies Inc. | call | Add +73.3% | 328,100 | $23.9M |
| NCLH Norwegian Cruise Line Holdin | put | Reduce -67.5% | 1,239,600 | $23.5M |
| XLF SS Financial Select Sector | put | New | 413,800 | $20.6M |
| MSTR Strategy Inc. | put | Reduce -53.3% | 68,200 | $19.7M |
| XLF SS Financial Select Sector | call | New | 389,700 | $19.4M |
| UBER Uber Technologies Inc. | put | Sold out | 313,600 | $18.9Mbefore exit |
| MARA Mara Holdings Inc. | put | Add +82.7% | 1,589,700 | $18.3M |
| UGI Ugi Corp. | put | Reduce -12.6% | 545,500 | $18.0M |
| DUK Duke Energy Corp. | put | Sold out | 147,700 | $15.9Mbefore exit |
| LYV Live Nation Entertainment Inc. | put | Reduce -73.5% | 113,100 | $14.8M |
| FRPT Freshpet Inc. | put | Reduce -68.0% | 171,700 | $14.3M |
| AAL American Airlines Group Inc. | put | Reduce -7.3% | 1,267,600 | $13.4M |
| SHAK Shake Shack Inc. Class A | put | Reduce -70.1% | 147,600 | $13.0M |
| BXMT Blackstone Mortgage Tru Class A | put | Reduce -44.5% | 626,100 | $12.5M |
| PPL PPL Corp. | put | Reduce -63.8% | 335,400 | $12.1M |
| SPHR Sphere Entertainment Co. | put | Add +3.0% | 343,600 | $11.2M |
| NOG Northern Oil and Gas Inc. | put | Reduce -61.0% | 265,300 | $8.0M |
| BYND Beyond Meat Inc. | put | Add +87.2% | 2,555,800 | $7.8M |
| ABNB Airbnb Inc. Class A | put | Reduce -89.9% | 62,100 | $7.4M |
| CALY Callaway Golf Company | put | Reduce -1.1% | 1,060,600 | $7.0M |
| AKAM Akamai Technologies Inc. | put | Reduce -63.1% | 75,900 | $6.1M |
| Z Zillow Group Inc. Class C | call | Sold out | 78,100 | $5.8Mbefore exit |
| BTDR Bitdeer Technologies Group-A | put | Add +48.4% | 607,900 | $5.4M |
| X United States Steel Corp. | put | Sold out | 150,000 | $5.1Mbefore exit |
| XLE SS Energy Select Sector | put | New | 47,100 | $4.4M |
| XLE SS Energy Select Sector | call | New | 47,100 | $4.4M |
| FLR Fluor Corp. | put | Sold out | 75,000 | $3.7Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -98.8% | 6,000 | $3.4M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -98.8% | 6,000 | $3.4M |
| PMT Pennymac Mortgage Investment | put | Add +3.8% | 217,100 | $3.2M |
| RIG Transocean Ltd. | put | Sold out | 750,000 | $2.8Mbefore exit |
| HLF Herbalife Ltd. | put | Reduce -61.3% | 286,400 | $2.5M |
| GME Gamestop Corp. Class A | put | New | 104,000 | $2.3M |
| HTGC Hercules Capital Inc. | put | New | 96,800 | $1.9M |
| ABR Arbor Realty Trust Inc. | put | Add +228.5% | 149,800 | $1.8M |
Showing the first 50 of 64.
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
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Add +18.9% | 2,381,239 | $96.7M |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | Sold out | 34,585,000 | $91.3Mbefore exit |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | New | 76,745,000 | $88.6M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -35.4% | 62,360,000 | $75.1M |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | Add +143.1% | 71,045,000 | $72.0M |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Add +280.8% | 47,596,000 | $70.1M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Reduce -34.1% | 937,248 | $68.5M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -15.2% | 50,150,000 | $64.5M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +1406.0% | 61,100,000 | $59.8M |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | Add +0.8% | 59,105,000 | $58.3M |
| SPIRIT AEROSYSTEMS INC (SPR 3.25 11/01/28) | NOTE 3.250%11/0 · principal | Add +26.2% | 38,765,000 | $52.9M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Add +17.0% | 1,173,617 | $52.5M |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | Reduce -6.0% | 49,733,000 | $52.5M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | New | 1,030,634 | $50.9M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -16.6% | 46,054,000 | $48.7M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Add +7.4% | 43,392,000 | $42.3M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Reduce -11.0% | 40,500,000 | $41.9M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Reduce -19.1% | 36,084,000 | $38.0M |
| NCL CORPORATION LTD (NCLH 5.375 08/01/25) | NOTE 5.375% 8/0 · principal | Reduce -23.6% | 32,407,000 | $36.9M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Reduce -24.6% | 36,672,000 | $35.2M |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | Add +1.7% | 33,062,000 | $32.1M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Reduce -17.8% | 23,088,000 | $32.1M |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Reduce -18.9% | 27,900,000 | $31.9M |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | Add +236.6% | 12,804,000 | $30.0M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Reduce -50.9% | 819,127 | $29.2M |
| BURLINGTON STORES INC (BURL 2.25 04/15/25) | NOTE 2.250% 4/1 · principal | Reduce -0.3% | 25,282,000 | $27.6M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +61.8% | 30,750,000 | $27.4M |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | Add +3.6% | 31,552,000 | $27.3M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Add +7129.8% | 564,938 | $27.2M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Reduce -64.1% | 583,853 | $26.6M |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | New | 23,000,000 | $26.6M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Sold out | 27,800,000 | $26.1Mbefore exit |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Reduce -8.7% | 25,000,000 | $24.9M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | New | 21,000,000 | $24.7M |
| ZILLOW GROUP INC (Z 2.75 05/15/25) | NOTE 2.750% 5/1 · principal | New | 23,640,000 | $24.5M |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Sold out | 19,950,000 | $23.3Mbefore exit |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | New | 22,000,000 | $21.9M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Sold out | 22,000,000 | $21.2Mbefore exit |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | New | 15,500,000 | $17.1M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Add +2.4% | 302,960 | $16.6M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Reduce -27.6% | 15,699,000 | $16.1M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Sold out | 16,000,000 | $16.0Mbefore exit |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +210.0% | 15,500,000 | $16.0M |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | Reduce -8.8% | 15,500,000 | $15.9M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Sold out | 17,012,000 | $15.8Mbefore exit |
| TRANSOCEAN INTERNTNL LTD (RIG 4.625 09/30/29 *) | DEB 4.625% 9/3 · principal | New | 13,000,000 | $15.8M |
| BROOKDALE SENIOR LIVING (BKD 7 11/15/25) | UNIT 11/15/2025 | Sold out | 214,000 | $14.7Mbefore exit |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | Sold out | 14,500,000 | $14.4Mbefore exit |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | New | 14,000,000 | $14.0M |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | Sold out | 5,780,000 | $12.8Mbefore exit |
Showing the first 50 of 97.
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 | 3,799 | $127.4B | AMZN, NVDA, AAPL, TSLA, BRK.B |
| Q1 2026 | 3,574 | $116.3B | NVDA, AAPL, AMZN, GOOGL, TSLA |
| Q4 2025 | 3,362 | $63.3B | XLY, XLK, VUG, IWF, QQQ |
| Q3 2025 | 3,263 | $62.0B | SPY, XLF, XLP, VUG, QQQ |
| Q2 2025 | 3,011 | $53.2B | QQQ, SPY, IWF, VUG, XLK |
| Q1 2025 | 3,022 | $44.1B | SPY, XLK, QQQ, VUG, IWF |
| Q4 2024 | 3,013 | $41.4B | IWF, QQQ, SPY, VUG, IVV |
| Q3 2024 | 2,925 | $42.8B | SPY, QQQ, DASH, MU, AAPL |
| Q2 2024 | 2,814 | $40.7B | SPY, QQQ, AAPL, META, MSFT |
| Q1 2024 | 2,828 | $39.5B | SPY, QQQ, MU, NFLX, META |