Union Bancaire Privee, UBP SA
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 18, 2025), Union Bancaire Privee, UBP SA reported 459 stock positions worth $6.8 billion. Its top holding was Microsoft (MSFT) at 21.2% of the portfolio, followed by Amazon.com (AMZN, 3.8%) and Nvidia (NVDA, 3.2%). Compared with Q1 2025, it opened 55 new positions, sold out of 52, added to 124 and reduced 158. The biggest buy was Blue Owl Capital (OBDC, shares +5%) and the biggest sale Visa Class A (V, shares −18%).
- Most Recent 13F
- Q2 2026
- Location
- GENEVA 1, V8
- CIK
- 0001716607
- Portfolio Value
- $6.8B (Q2 2025)
- SEC Filing
- 0001716607-25-000011 ↗ filed Jul 18, 2025
Holdings Value
Holdings 459 stocks · $6.8B
| MSFT Microsoft Corp. | 21.18% | 926,256 | $1.4B | Reduce -6.6% |
| AMZN Amazon.com Inc. | 3.76% | 1,270,156 | $255.8M | Reduce -8.7% |
| NVDA Nvidia Corp. | 3.18% | 1,339,923 | $216.1M | Add +5.7% |
| V Visa Inc. Class A | 2.68% | 525,630 | $182.3M | Reduce -17.7% |
| AVGO Broadcom Inc. | 2.48% | 668,955 | $168.7M | Reduce -2.3% |
| GOOG Alphabet Inc. Class C | 2.32% | 953,610 | $157.6M | Reduce -7.9% |
| META Meta Platforms Inc. Class A | 2.25% | 196,251 | $153.0M | Add +0.7% |
| GOOGL Alphabet Inc. Class A | 2.22% | 842,909 | $151.3M | Add +2.2% |
| OBDC Blue Owl Capital Corp. | 2.11% | 67,828 | $143.3M | Add +5.1% |
| MAIN Main Street Capital Corp. | 2.06% | 16,319 | $139.8M | Add +5.1% |
| AAPL Apple Inc. | 2.03% | 653,497 | $137.9M | Reduce -5.2% |
| TSM Taiwan Semiconductor-SP ADR | 2.02% | 639,662 | $137.2M | Add +5.5% |
| SPGI S&P Global Inc. | 1.81% | 237,560 | $123.0M | Reduce -15.5% |
| ORCL Oracle Corp. | 1.79% | 356,056 | $121.9M | Add +4.4% |
| INTU Intuit Inc. | 1.75% | 154,227 | $118.9M | Reduce -3.6% |
| NDAQ Nasdaq Inc. | 1.71% | 1,380,872 | $116.4M | Reduce -5.1% |
| JPM JPMorgan Chase & Co. | 1.47% | 367,359 | $99.7M | Add +8.4% |
| HTGC Hercules Capital Inc. | 1.38% | 35,781 | $93.9M | Add +5.1% |
| GBDC Golub Capital BDC Inc. | 1.29% | 41,919 | $87.5M | Add +5.1% |
| MA Mastercard Inc. Class A | 1.14% | 123,466 | $77.4M | Reduce -2.3% |
| ECL Ecolab Inc. | 1.05% | 283,716 | $71.3M | Reduce -12.7% |
| AZO AutoZone Inc. | 1.00% | 20,253 | $68.2M | Add +487.0% |
| LLY Eli Lilly & Co. | 1.00% | 83,324 | $68.0M | Add +6.5% |
| TSLX Sixth Street Specialty Lendi | 0.96% | 19,319 | $65.6M | Add +5.1% |
| NFLX Netflix Inc. | 0.96% | 47,123 | $65.2M | Add +74.6% |
| PANW Palo Alto Networks Inc. | 0.96% | 348,228 | $65.0M | Add +15.6% |
| PWR Quanta Services Inc. | 0.94% | 170,339 | $64.1M | Add +7.7% |
| ROP Roper Technologies Inc. | 0.92% | 117,245 | $62.7M | Reduce -10.4% |
| ABBV Abbvie Inc. | 0.88% | 335,238 | $59.7M | Add +44717.9% |
| HUDSON PAC PPTYS INC | 0.82% | 144,000 | $55.7M | No change |
| NOW ServiceNow Inc. | 0.82% | 57,931 | $55.5M | Add +4.5% |
| ADBE Adobe Inc. | 0.81% | 141,586 | $55.3M | Reduce -14.3% |
| PH Parker Hannifin Corp. | 0.78% | 68,840 | $53.4M | Add +16.9% |
| GSBD Goldman Sachs BDC Inc. | 0.76% | 30,678 | $51.7M | Add +5.1% |
| MCD McDonald's Corp. | 0.75% | 184,465 | $50.8M | Reduce -11.9% |
| KO The Coca-Cola Co. | 0.71% | 575,864 | $48.5M | Add +13.2% |
| CRM Salesforce Inc. | 0.66% | 175,054 | $45.2M | Reduce -41.0% |
| CSWC Capital Southwest Corp. | 0.66% | 14,349 | $45.1M | Add +5.1% |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 0.64% | 28,812 | $43.9M | Add +5.1% |
| AMAT Applied Materials Inc. | 0.64% | 48,239 | $43.2M | Reduce -36.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.62% | 85,141 | $42.1M | Reduce -13.4% |
| GAIN Gladstone Investment Corp. | 0.59% | 19,806 | $40.4M | Add +5.1% |
| PG The Procter & Gamble Co. | 0.59% | 214,004 | $39.9M | Reduce -21.8% |
| CVX Chevron Corp. | 0.50% | 246,314 | $33.9M | Reduce -32.0% |
| ABT Abbott Laboratories | 0.49% | 220,421 | $33.7M | Reduce -12.1% |
| MRSH Marsh & McLennan Cos | 0.49% | 141,295 | $33.4M | Add +18.8% |
| MRK Merck & Co. Inc. | 0.45% | 367,101 | $30.5M | Add +322.8% |
| JNJ Johnson & Johnson | 0.44% | 160,521 | $30.1M | Add +2.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.44% | 46,775 | $29.7M | Add +32.8% |
| RTX RTX Corp. | 0.41% | 208,501 | $27.6M | Add +1065.4% |
| EQT Eqt Corp. | 0.40% | 469,723 | $27.1M | Add +12713.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.39% | 186,361 | $26.7M | New |
| RSG Republic Services Inc. | 0.38% | 105,963 | $25.8M | Reduce -35.9% |
| HON Honeywell International Inc. | 0.38% | 95,751 | $25.8M | Reduce -2.6% |
| AMD Advanced Micro Devices | 0.38% | 196,065 | $25.6M | Add +68.8% |
| MSI Motorola Solutions Inc. | 0.37% | 62,791 | $25.1M | Reduce -14.3% |
| HD Home Depot Inc. | 0.36% | 71,032 | $24.8M | Reduce -12.8% |
| TRIN Trinity Capital Inc. | 0.36% | 11,760 | $24.7M | Add +5.1% |
| COST Costco Wholesale Corp. | 0.36% | 17,639 | $24.5M | Add +73.7% |
| BSX Boston Scientific Corp. | 0.34% | 223,934 | $23.2M | Reduce -6.2% |
| PLTR Palantir Technologies Inc. Class A | 0.34% | 220,964 | $23.1M | Add +1.9% |
| VRT Vertiv Holdings Co. Class A | 0.32% | 201,247 | $22.0M | Add +452.9% |
| URI United Rentals Inc. | 0.29% | 21,344 | $20.1M | Add +45.7% |
| LAUR Laureate Education Inc. | 0.29% | 856,754 | $19.6M | Add +16.2% |
| VCIT Vanguard Int-Term Corporate | 0.27% | 227,192 | $18.6M | Add +16.4% |
| GE General Electric filed as GE AEROSPACE | 0.27% | 53,995 | $18.4M | Add +208.2% |
| BABA Alibaba Group Holding-SP ADR | 0.26% | 162,959 | $17.9M | Add +355.2% |
| NEAR iShares SH Dba ETF Usd Inc. | 0.25% | 338,573 | $17.3M | Add +4.0% |
| WMT Walmart Inc. | 0.25% | 112,423 | $16.9M | Reduce -56.1% |
| GS Goldman Sachs Group Inc. | 0.24% | 26,998 | $16.6M | Add +16.8% |
| UNP Union Pacific Corp. | 0.23% | 48,142 | $15.5M | Reduce -42.7% |
| ISRG Intuitive Surgical Inc. | 0.22% | 24,035 | $15.2M | Add +68.1% |
| QCOM Qualcomm Inc. | 0.22% | 75,207 | $15.2M | Add +9.2% |
| TOL Toll Brothers Inc. | 0.20% | 121,100 | $13.8M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 0.20% | 174,089 | $13.7M | Add +1.6% |
| KGC Kinross Gold Corp. | 0.20% | 952,523 | $13.7M | Add +344.4% |
| MRVL Marvell Technology Inc. | 0.20% | 191,944 | $13.7M | Add +129.2% |
| VST Vistra Corp. | 0.19% | 80,122 | $13.0M | Add +677.2% |
| ADSK Autodesk Inc. | 0.19% | 26,628 | $12.6M | Add +65.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.18% | 23,693 | $12.5M | Add +15.8% |
| SPIB SS SPDR P Int C Corp. ETF | 0.18% | 363,549 | $12.2M | No change |
| CSCO Cisco Systems Inc. | 0.17% | 40,009 | $11.5M | Reduce -3.7% |
| CMI Cummins Inc. | 0.16% | 23,901 | $11.1M | Add +34.7% |
| CEG Constellation Energy | 0.16% | 39,824 | $10.7M | Add +1026.2% |
| CMG Chipotle Mexican Grill Inc. | 0.15% | 202,474 | $10.3M | Add +5.7% |
| OKTA Okta Inc. | 0.14% | 111,345 | $9.7M | No change |
| TXN Texas Instruments Inc. | 0.14% | 21,509 | $9.7M | Reduce -27.4% |
| CNI Canadian Natl Railway Co. | 0.14% | 43,024 | $9.6M | Add +793.4% |
| CDNS Cadence Design SYS Inc. | 0.14% | 34,674 | $9.3M | Add +0.6% |
| WM Waste Management Inc. | 0.14% | 30,589 | $9.2M | Add +42.6% |
| IBKR Interactive Brokers Gro Class A | 0.13% | 201,104 | $9.1M | Add +61.7% |
| AMGN Amgen Inc. | 0.13% | 4,432 | $9.1M | Add +94.4% |
| C Citigroup Inc. | 0.13% | 116,947 | $9.1M | Reduce -3.0% |
| PEP Pepsico Inc. | 0.13% | 42,926 | $9.1M | Reduce -14.6% |
| CRS Carpenter Technology | 0.13% | 39,745 | $8.8M | New |
| WDAY Workday Inc. Class A | 0.12% | 38,783 | $8.3M | Reduce -2.9% |
| NET Cloudflare Inc. Class A | 0.12% | 50,564 | $8.3M | Add +23.8% |
| MDB Mongodb Inc. | 0.12% | 44,004 | $8.2M | Add +119.8% |
| SJNK SS SPDR BB St Hi Yield ETF | 0.12% | 319,600 | $8.1M | Add +100.3% |
| CBRE CBRE Group Inc. Class A | 0.12% | 57,500 | $8.0M | No change |
Options reported separately and not counted above: REGN puts ($9K).
Other holdings (41): bonds, preferreds, convertibles and warrants · $82.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 5,381,000 | $7.0M | Add +66.3% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 4,055,000 | $5.3M | Add +9.4% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 4,900,000 | $5.0M | New |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 4,520,000 | $4.4M | No change |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 2,840,000 | $4.3M | Reduce -25.5% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 2,915,000 | $3.8M | Add +148.1% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 4,115,000 | $3.8M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 3,155,000 | $3.7M | Add +17.9% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 3,337,000 | $3.2M | Reduce -14.9% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 2,670,000 | $2.9M | Reduce -10.3% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 2,740,000 | $2.8M | Add +24.3% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 2,550,000 | $2.6M | Add +410.0% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 3,025,000 | $2.6M | No change |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 2,080,000 | $2.5M | Reduce -39.5% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 2,945,000 | $2.4M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 2,130,000 | $2.3M | No change |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 2,282,000 | $2.0M | Reduce -59.8% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 2,245,000 | $1.9M | Add +25.1% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 1,915,000 | $1.8M | Reduce -41.1% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 2,075,000 | $1.7M | No change |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 1,885,000 | $1.7M | No change |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 1,817,000 | $1.6M | No change |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 1,860,000 | $1.6M | Add +27.4% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,480 | $1.5M | No change |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 1,425,000 | $1.3M | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 1,125,000 | $1.2M | Reduce -75.0% |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | 745,000 | $1.1M | Add +29.6% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 1,145,000 | $1.0M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 850,000 | $911K | No change |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 991,000 | $849K | No change |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 955,000 | $758K | Reduce -84.0% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 525,000 | $581K | No change |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 520,000 | $556K | No change |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 480,000 | $446K | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 180,000 | $263K | Reduce -30.2% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 285,000 | $237K | Reduce -90.9% |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 164,000 | $186K | Reduce -27.4% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 181,000 | $179K | New |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 128,000 | $118K | Reduce -68.1% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 118,000 | $110K | No change |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 60,000 | $55K | No change |
Total filed on the 13F, all lines: $6.9B.
Portfolio Sells Q1 2025 → Q2 2025
| V Visa Inc. Class A | Reduce -17.7% | 2.68% | −1.51 |
| AMZN Amazon.com Inc. | Reduce -8.7% | 3.76% | −1.35 |
| DHR Danaher Corp. | Reduce -98.8% | 0.01% | −1.24 |
| TMO Thermo Fisher Scientific Inc. | Reduce -84.7% | 0.11% | −1.22 |
| MSFT Microsoft Corp. | Reduce -6.6% | 21.18% | −1.20 |
| SPGI S&P Global Inc. | Reduce -15.5% | 1.81% | −0.94 |
| CRM Salesforce Inc. | Reduce -41.0% | 0.66% | −0.91 |
| GOOG Alphabet Inc. Class C | Reduce -7.9% | 2.32% | −0.89 |
| AAPL Apple Inc. | Reduce -5.2% | 2.03% | −0.80 |
| CVX Chevron Corp. | Reduce -32.0% | 0.50% | −0.67 |
| ROP Roper Technologies Inc. | Reduce -10.4% | 0.92% | −0.56 |
| ECL Ecolab Inc. | Reduce -12.7% | 1.05% | −0.53 |
| MCD McDonald's Corp. | Reduce -11.9% | 0.75% | −0.52 |
| UNH Unitedhealth Group Inc. | Reduce -99.8% | 0.00% | −0.51 |
| ADBE Adobe Inc. | Reduce -14.3% | 0.81% | −0.44 |
| NDAQ Nasdaq Inc. | Reduce -5.1% | 1.71% | −0.42 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -13.4% | 0.62% | −0.41 |
| RSG Republic Services Inc. | Reduce -35.9% | 0.38% | −0.39 |
| AMAT Applied Materials Inc. | Reduce -36.0% | 0.64% | −0.35 |
| PG The Procter & Gamble Co. | Reduce -21.8% | 0.59% | −0.31 |
| MCK McKesson Corp. | Reduce -60.5% | 0.12% | −0.26 |
| MSI Motorola Solutions Inc. | Reduce -14.3% | 0.37% | −0.24 |
| MA Mastercard Inc. Class A | Reduce -2.3% | 1.14% | −0.23 |
| HD Home Depot Inc. | Reduce -12.8% | 0.36% | −0.21 |
| WMT Walmart Inc. | Reduce -56.1% | 0.25% | −0.18 |
| UNP Union Pacific Corp. | Reduce -42.7% | 0.23% | −0.16 |
| ABT Abbott Laboratories | Reduce -12.1% | 0.49% | −0.15 |
| FISV Fiserv Inc. | Reduce -20.2% | 0.10% | −0.13 |
| INTU Intuit Inc. | Reduce -3.6% | 1.75% | −0.13 |
| BSX Boston Scientific Corp. | Reduce -6.2% | 0.34% | −0.12 |
| UBER Uber Technologies Inc. | Reduce -85.2% | 0.02% | −0.12 |
| XOM Exxon Mobil Corp. | Reduce -53.0% | 0.04% | −0.10 |
| DUK Duke Energy Corp. | Reduce -60.7% | 0.03% | −0.10 |
| CSCO Cisco Systems Inc. | Reduce -3.7% | 0.17% | −0.09 |
| JNPR Juniper Networks Inc. | Reduce -40.6% | 0.07% | −0.09 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.08 |
| CAT Caterpillar Inc. | Reduce -31.2% | 0.09% | −0.08 |
| HUBS HubSpot Inc. | Reduce -72.9% | 0.02% | −0.06 |
| ACWI iShares MSCI Acwi ETF | Reduce -69.7% | 0.03% | −0.06 |
| WDAY Workday Inc. Class A | Reduce -2.9% | 0.12% | −0.06 |
| IJH iShares Core S&P Midcap ETF | Sold out | 0.00% | −0.05 |
| DT Dynatrace Inc. | Reduce -26.2% | 0.07% | −0.05 |
| PFE Pfizer Inc. | Reduce -30.1% | 0.04% | −0.05 |
| INDA iShares MSCI India ETF | Reduce -58.9% | 0.02% | −0.05 |
| KKR KKR & Co. Inc. | Reduce -80.8% | 0.01% | −0.04 |
| COHR Coherent Corp. | Sold out | 0.00% | −0.04 |
| FSK FS KKR Capital Corp. | Sold out | 0.00% | −0.04 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −0.03 |
| EEM iShares MSCI Emerging Market | Reduce -63.0% | 0.01% | −0.03 |
| EWJ iShares MSCI Japan ETF | Reduce -41.1% | 0.03% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| OBDC Blue Owl Capital Corp. | Add +5.1% | 2.11% | +2.09 |
| MAIN Main Street Capital Corp. | Add +5.1% | 2.06% | +2.04 |
| HTGC Hercules Capital Inc. | Add +5.1% | 1.38% | +1.37 |
| GBDC Golub Capital BDC Inc. | Add +5.1% | 1.29% | +1.27 |
| TSLX Sixth Street Specialty Lendi | Add +5.1% | 0.96% | +0.96 |
| ORCL Oracle Corp. | Add +4.4% | 1.79% | +0.88 |
| ABBV Abbvie Inc. | Add +44717.9% | 0.88% | +0.87 |
| AZO AutoZone Inc. | Add +487.0% | 1.00% | +0.76 |
| GSBD Goldman Sachs BDC Inc. | Add +5.1% | 0.76% | +0.75 |
| CSWC Capital Southwest Corp. | Add +5.1% | 0.66% | +0.66 |
| NMFC New Mountain Finance Corp. | Add +5.1% | 0.64% | +0.64 |
| GAIN Gladstone Investment Corp. | Add +5.1% | 0.59% | +0.59 |
| NVDA Nvidia Corp. | Add +5.7% | 3.18% | +0.52 |
| NFLX Netflix Inc. | Add +74.6% | 0.96% | +0.48 |
| EQT Eqt Corp. | Add +12713.0% | 0.40% | +0.39 |
| TJX TJX Companies Inc. | New | 0.39% | +0.39 |
| RTX RTX Corp. | Add +1065.4% | 0.41% | +0.36 |
| TRIN Trinity Capital Inc. | Add +5.1% | 0.36% | +0.36 |
| MRK Merck & Co. Inc. | Add +322.8% | 0.45% | +0.31 |
| VRT Vertiv Holdings Co. Class A | Add +452.9% | 0.32% | +0.27 |
| GE General Electric | Add +208.2% | 0.27% | +0.21 |
| COST Costco Wholesale Corp. | Add +73.7% | 0.36% | +0.18 |
| BABA Alibaba Group Holding-SP ADR | Add +355.2% | 0.26% | +0.17 |
| PWR Quanta Services Inc. | Add +7.7% | 0.94% | +0.17 |
| VST Vistra Corp. | Add +677.2% | 0.19% | +0.17 |
| AMD Advanced Micro Devices | Add +68.8% | 0.38% | +0.15 |
| KGC Kinross Gold Corp. | Add +344.4% | 0.20% | +0.15 |
| CEG Constellation Energy | Add +1026.2% | 0.16% | +0.14 |
| CNI Canadian Natl Railway Co. | Add +793.4% | 0.14% | +0.13 |
| CRS Carpenter Technology | New | 0.13% | +0.13 |
| URI United Rentals Inc. | Add +45.7% | 0.29% | +0.12 |
| META Meta Platforms Inc. Class A | Add +0.7% | 2.25% | +0.12 |
| HOOD Robinhood Markets Inc. Class A | New | 0.11% | +0.11 |
| PH Parker Hannifin Corp. | Add +16.9% | 0.78% | +0.10 |
| MRVL Marvell Technology Inc. | Add +129.2% | 0.20% | +0.10 |
| ADSK Autodesk Inc. | Add +65.2% | 0.19% | +0.10 |
| ISRG Intuitive Surgical Inc. | Add +68.1% | 0.22% | +0.09 |
| APP AppLovin Corp. Class A | New | 0.08% | +0.08 |
| AMGN Amgen Inc. | Add +94.4% | 0.13% | +0.07 |
| CACI Caci International Inc. Class A | New | 0.07% | +0.07 |
| CMI Cummins Inc. | Add +34.7% | 0.16% | +0.06 |
| RBRK Rubrik Inc. Class A | New | 0.06% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | Add +5.5% | 2.02% | +0.06 |
| VSEC Vse Corp. | New | 0.06% | +0.06 |
| MDB Mongodb Inc. | Add +119.8% | 0.12% | +0.05 |
| SHOP Shopify Inc. Class A | New | 0.05% | +0.05 |
| APH Amphenol Corp. Class A | New | 0.05% | +0.05 |
| CME Cme Group Inc. | New | 0.05% | +0.05 |
| ELF Elf Beauty Inc. | New | 0.04% | +0.04 |
| T AT&T Inc. | Add +990.0% | 0.05% | +0.04 |
Options Activity Q1 2025 → Q2 2025
| REGN Regeneron Pharmaceuticals | put | New | 5 | $9K |
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
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Sold out | 10,908,000 | $9.7Mbefore exit |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Add +66.3% | 5,381,000 | $7.0M |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | Sold out | 2,812,000 | $6.3Mbefore exit |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Add +9.4% | 4,055,000 | $5.3M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | New | 4,900,000 | $5.0M |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | Sold out | 1,405,000 | $4.6Mbefore exit |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -25.5% | 2,840,000 | $4.3M |
| DATADOG INC (DDOG 0.125 06/15/25) | NOTE 0.125% 6/1 · principal | Sold out | 3,579,000 | $3.9Mbefore exit |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Add +148.1% | 2,915,000 | $3.8M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Add +17.9% | 3,155,000 | $3.7M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | Reduce -14.9% | 3,337,000 | $3.2M |
| ZILLOW GROUP INC (Z 2.75 05/15/25) | NOTE 2.750% 5/1 · principal | Sold out | 3,560,000 | $3.2Mbefore exit |
| WORLD KINECT GROUP (WKC 3.25 07/01/28) | NOTE 3.250% 7/0 · principal | Sold out | 3,025,000 | $3.1Mbefore exit |
| NCL CORPORATION LTD (NCLH 5.375 08/01/25) | NOTE 5.375% 8/0 · principal | Sold out | 2,770,000 | $3.0Mbefore exit |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Reduce -10.3% | 2,670,000 | $2.9M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +24.3% | 2,740,000 | $2.8M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Add +410.0% | 2,550,000 | $2.6M |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Sold out | 2,005,000 | $2.6Mbefore exit |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | Reduce -39.5% | 2,080,000 | $2.5M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Sold out | 2,555,000 | $2.3Mbefore exit |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Reduce -59.8% | 2,282,000 | $2.0M |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | Add +25.1% | 2,245,000 | $1.9M |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | Reduce -41.1% | 1,915,000 | $1.8M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +27.4% | 1,860,000 | $1.6M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -75.0% | 1,125,000 | $1.2M |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Add +29.6% | 745,000 | $1.1M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Reduce -84.0% | 955,000 | $758K |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Sold out | 655,000 | $595Kbefore exit |
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | Sold out | 750,000 | $511Kbefore exit |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | Sold out | 400,000 | $334Kbefore exit |
| WAYFAIR INC (W 1 08/15/26) | NOTE 1.000% 8/1 · principal | Sold out | 330,000 | $311Kbefore exit |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Reduce -30.2% | 180,000 | $263K |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Reduce -90.9% | 285,000 | $237K |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Reduce -27.4% | 164,000 | $186K |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | New | 181,000 | $179K |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | Sold out | 161,000 | $142Kbefore exit |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -68.1% | 128,000 | $118K |
| SABRE GLBL INC (SABHLD 4 04/15/25) | NOTE 4.000% 4/1 · principal | Sold out | 69,000 | $69Kbefore 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 | 472 | $9.1B | MSFT, INDA, AMAT, GOOGL, NVDA |
| Q1 2026 | 462 | $7.1B | MSFT, NVDA, GOOGL, AAPL, AMZN |
| Q4 2025 | 473 | $8.4B | MSFT, NVDA, AAPL, AMZN, GOOGL |
| Q3 2025 | 451 | $7.0B | MSFT, AMZN, NVDA, GOOGL, JPM |
| Q2 2025 | 459 | $6.8B | MSFT, AMZN, NVDA, V, AVGO |
| Q1 2025 | 456 | $5.1B | MSFT, AMZN, V, GOOG, AAPL |
| Q4 2024Amended | 490 | $5.6B | MSFT, AMZN, GOOG, V, AAPL |