Ulysses Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Ulysses Management LLC reported 37 stock positions worth $395.6 million. Its top holding was Microsoft (MSFT) at 13.6% of the portfolio, followed by Amazon.com (AMZN, 12.4%) and Uber Technologies (UBER, 10.6%). Compared with Q4 2024, it opened 8 new positions, sold out of 12, added to 9 and reduced 4. The biggest buy was a new position in Henry Schein (HSIC) and the biggest sale an exit from Willscot (WSC).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001510912
Portfolio Value
$395.6M (Q1 2025)
SEC Filing
0001213900-25-043959 ↗ filed May 15, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $461.8M Q1 2024 Q2 2024: $416.2M Q2 2024 Q3 2024: $436.3M Q3 2024 Q4 2024: $430.4M Q4 2024 Q1 2025: $395.6M $395.6M Q1 2025 Q2 2025: $463.6M Q2 2025 Q3 2025: $429.4M Q3 2025 Q4 2025: $381.5M Q4 2025 Q1 2026: $265.5M Q1 2026 Q2 2026: $289.3M Q2 2026

Holdings 37 stocks · $395.6M
MSFT Microsoft Corp. 13.64% 143,774 $54.0M Reduce -11.7%
AMZN Amazon.com Inc. 12.38% 257,500 $49.0M Reduce -3.7%
UBER Uber Technologies Inc. 10.57% 573,900 $41.8M No change
BALL Ball Corp. 7.57% 575,000 $29.9M No change
PPLI People Inc. filed as IAC INC 7.08% 609,624 $28.0M No change
TRMB Trimble Inc. 6.88% 414,798 $27.2M Add +5.1%
CCOI Cogent Communications Holdin 5.77% 372,166 $22.8M No change
SMWB Similarweb Ltd. 5.75% 2,748,708 $22.7M Add +20.4%
HSIC Henry Schein Inc. 5.56% 321,401 $22.0M New
WDAY Workday Inc. Class A 4.43% 74,993 $17.5M Add +36.4%
APG Api Group Corp. 3.39% 375,250 $13.4M No change
CSGP Costar Group Inc. 3.14% 156,905 $12.4M New
DCOM Dime Commercial Bancshares I filed as DIME CMNTY BANCSHARES INC 1.58% 224,441 $6.3M Add +4.7%
UNF Unifirst Corp. 1.19% 27,130 $4.7M Reduce -44.2%
KRE SS SPDR S&P Regional Bank 1.15% 80,000 $4.5M No change
ANGI Angi Inc. 1.08% 276,167 $4.3M No change
PACK Ranpak Holdings Corp. 0.95% 692,285 $3.8M No change
ASML ASML Holding NV-NY Reg SHS 0.84% 5,000 $3.3M No change
GOOGL Alphabet Inc. Class A 0.82% 21,000 $3.2M Add +23.5%
JPM JPMorgan Chase & Co. 0.81% 13,000 $3.2M No change
GLD SPDR Gold Shares 0.76% 10,500 $3.0M No change
NTB Bank of N.T. Butterfield&son 0.59% 60,407 $2.4M Reduce -39.6%
GS Goldman Sachs Group Inc. 0.48% 3,500 $1.9M Add +40.0%
FCNCA First Citizens Bcshs Class A 0.47% 1,000 $1.9M No change
OPAD Offerpad Solutions Inc. 0.32% 771,885 $1.3M No change
XBI SS SPDR S&P Biotech ETF 0.31% 15,000 $1.2M No change
NEM Newmont Corp. 0.31% 25,000 $1.2M New
SSYS Stratasys Ltd. 0.30% 120,000 $1.2M New
KBWB Invesco KBW Bank ETF 0.29% 18,000 $1.1M New
AXP American Express Co. 0.27% 4,000 $1.1M No change
WBS Webster Financial Corp. 0.26% 20,000 $1.0M New
GEV GE Vernova Inc. 0.23% 3,000 $916K No change
TECK Teck Resources Ltd.-CLS B 0.23% 25,000 $911K Add +66.7%
MCB Metropolitan Bank Holding Co. 0.21% 15,000 $840K New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.16% 60,000 $614K Add +71.4%
FSLR First Solar Inc. 0.13% 4,000 $506K Add +60.0%
BCO The Brink's Co. 0.11% 5,000 $431K New

Options reported separately and not counted above: SPY puts ($95.1M), QQQ puts ($92.6M), MSFT puts ($41.3M), BALL calls ($32.0M), TSM calls ($13.7M), TRMB calls ($13.1M), AAPL calls ($6.1M), UNF puts ($5.2M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $7K (not counted above)
SecurityClassShares / PrincipalValueChange
TBLAW Taboola.com Ltd. -CW27 *W EXP 99/99/999 45,000$7KNo change

Total filed on the 13F, all lines: $395.6M.

Portfolio Sells Q4 2024 → Q1 2025
WSC Willscot Holdings Corp. Sold out 0.00% −3.95
MSFT Microsoft Corp. Reduce -11.7% 13.64% −2.30
AMZN Amazon.com Inc. Reduce -3.7% 12.38% −1.25
ARMK Aramark Sold out 0.00% −1.25
CTLP Cantaloupe Inc. Sold out 0.00% −0.88
UNF Unifirst Corp. Reduce -44.2% 1.19% −0.74
EMBJ Embraer SA-Spon ADR Sold out 0.00% −0.47
SMH Vaneck Semiconductor ETF Sold out 0.00% −0.42
MDT Medtronic PLC Sold out 0.00% −0.37
TGI Triumph Group Inc. Sold out 0.00% −0.33
TKR Timken Co. Sold out 0.00% −0.30
NTB Bank of N.T. Butterfield&son Reduce -39.6% 0.59% −0.26
KBE SS SPDR S&P Bank ETF Sold out 0.00% −0.24
MTRN Materion Corp. Sold out 0.00% −0.23
AAPL Apple Inc. Sold out 0.00% −0.20
C Citigroup Inc. Sold out 0.00% −0.20

Portfolio Buys Q4 2024 → Q1 2025
HSIC Henry Schein Inc. New 5.56% +5.56
CSGP Costar Group Inc. New 3.14% +3.14
WDAY Workday Inc. Class A Add +36.4% 4.43% +1.13
TRMB Trimble Inc. Add +5.1% 6.88% +0.40
NEM Newmont Corp. New 0.31% +0.31
SSYS Stratasys Ltd. New 0.30% +0.30
KBWB Invesco KBW Bank ETF New 0.29% +0.29
WBS Webster Financial Corp. New 0.26% +0.26
MCB Metropolitan Bank Holding Co. New 0.21% +0.21
GS Goldman Sachs Group Inc. Add +40.0% 0.48% +0.15
BCO The Brink's Co. New 0.11% +0.11
TECK Teck Resources Ltd.-CLS B Add +66.7% 0.23% +0.09
GOOGL Alphabet Inc. Class A Add +23.5% 0.82% +0.07
NU Nu Holdings Ltd./Cayman Isl-A Add +71.4% 0.16% +0.07
DCOM Dime Commercial Bancshares I Add +4.7% 1.58% +0.05
FSLR First Solar Inc. Add +60.0% 0.13% +0.03
SMWB Similarweb Ltd. Add +20.4% 5.75% −1.77

Options Activity Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +70.0% 170,000 $95.1M
QQQ Invesco QQQ Trust Series 1 put Add +690.0% 197,500 $92.6M
MTUM iShares MSCI USA Momentum Fa put Sold out 200,000 $41.4Mbefore exit
BALL Ball Corp. call New 613,700 $32.0M
TSM Taiwan Semiconductor-SP ADR call New 82,500 $13.7M
ARKK ARK Innovation ETF put Sold out 150,000 $8.5Mbefore exit
UNF Unifirst Corp. put New 30,000 $5.2M
AMZN Amazon.com Inc. call Sold out 18,500 $4.1Mbefore exit
NVDA Nvidia Corp. call Sold out 10,000 $1.3Mbefore exit

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
INNOVID CORP *W EXP 11/30/202 Sold out 11,000 $1Kbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 31$289.3MAMZN, HSIC, MSFT, BALL, SMWB
Q1 2026 28$265.5MAMZN, MSFT, HSIC, BALL, UBER
Q4 2025 37$381.5MMSFT, AMZN, HSIC, BALL, TRMB
Q3 2025 37$429.4MMSFT, AMZN, UBER, HSIC, TRMB
Q2 2025 41$463.6MMSFT, AMZN, UBER, HSIC, BALL
Q1 2025 37$395.6MMSFT, AMZN, UBER, BALL, PPLI
Q4 2024 41$430.4MMSFT, AMZN, UBER, SMWB, BALL
Q3 2024 37$436.3MMSFT, AMZN, UBER, BALL, PPLI
Q2 2024 42$416.2MMSFT, AMZN, UBER, BALL, PPLI
Q1 2024 42$461.8MMSFT, AMZN, UBER, BALL, PPLI