Union Bancaire Privee, UBP SA
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 5, 2026), Union Bancaire Privee, UBP SA reported 473 stock positions worth $8.4 billion. Its top holding was Microsoft (MSFT) at 21.5% of the portfolio, followed by Nvidia (NVDA, 4.3%) and Apple (AAPL, 3.7%). Compared with Q3 2025, it opened 80 new positions, sold out of 58, added to 215 and reduced 104. The biggest buy was Apple (AAPL, shares +78%) and the biggest sale Blue Owl Capital (OBDC, shares −22%).
- Most Recent 13F
- Q2 2026
- Location
- GENEVA 1, V8
- CIK
- 0001716607
- Portfolio Value
- $8.4B (Q4 2025)
- SEC Filing
- 0001716607-26-000002 ↗ filed Jan 5, 2026
Holdings Value
Holdings 473 stocks · $8.4B
| MSFT Microsoft Corp. | 21.50% | 1,048,245 | $1.8B | Add +24.8% |
| NVDA Nvidia Corp. | 4.32% | 1,969,872 | $360.9M | Add +42.2% |
| AAPL Apple Inc. | 3.72% | 1,158,690 | $310.8M | Add +77.6% |
| AMZN Amazon.com Inc. | 3.66% | 1,484,586 | $305.5M | Add +20.9% |
| GOOGL Alphabet Inc. Class A | 3.48% | 1,237,301 | $290.8M | Add +49.9% |
| AVGO Broadcom Inc. | 2.86% | 680,944 | $239.3M | Add +16.9% |
| META Meta Platforms Inc. Class A | 2.43% | 307,671 | $203.1M | Add +50.4% |
| JPM JPMorgan Chase & Co. | 2.35% | 643,664 | $196.3M | Add +0.5% |
| V Visa Inc. Class A | 2.29% | 538,471 | $191.0M | Add +7.8% |
| GOOG Alphabet Inc. Class C | 2.10% | 620,461 | $175.4M | Reduce -22.1% |
| TSM Taiwan Semiconductor-SP ADR | 2.07% | 610,826 | $172.6M | Add +3.7% |
| AMAT Applied Materials Inc. | 1.87% | 156,872 | $156.2M | Add +226.5% |
| ABBV Abbvie Inc. | 1.14% | 443,006 | $95.3M | Add +11.6% |
| LLY Eli Lilly & Co. | 1.11% | 84,298 | $92.5M | Reduce -3.7% |
| NDAQ Nasdaq Inc. | 1.09% | 962,068 | $91.3M | Reduce -7.7% |
| NFLX Netflix Inc. | 1.04% | 943,533 | $86.7M | Add +77.2% |
| HTGC Hercules Capital Inc. | 0.97% | 27,808 | $81.2M | Reduce -22.3% |
| ORCL Oracle Corp. | 0.95% | 158,700 | $79.8M | Reduce -46.3% |
| SPGI S&P Global Inc. | 0.93% | 135,590 | $77.9M | Reduce -6.0% |
| JOYY Joyy Inc.-ADR | 0.92% | 7,500 | $76.7M | New |
| MA Mastercard Inc. Class A | 0.90% | 117,886 | $75.5M | Add +22.5% |
| GS Goldman Sachs Group Inc. | 0.86% | 85,934 | $71.9M | Add +246.1% |
| INTU Intuit Inc. | 0.81% | 97,733 | $67.9M | Reduce -28.9% |
| TRIN Trinity Capital Inc. | 0.73% | 25,755 | $60.7M | Reduce -22.3% |
| CSCO Cisco Systems Inc. | 0.71% | 701,136 | $59.6M | Reduce -33.4% |
| GLD SPDR Gold Shares | 0.70% | 151,990 | $58.4M | Add +436.0% |
| AZO AutoZone Inc. | 0.69% | 17,172 | $57.3M | Reduce -14.3% |
| PH Parker Hannifin Corp. | 0.68% | 57,740 | $56.8M | Reduce -7.4% |
| GBDC Golub Capital BDC Inc. | 0.67% | 26,584 | $56.0M | Reduce -22.3% |
| TSLX Sixth Street Specialty Lendi | 0.61% | 15,014 | $50.7M | Reduce -22.3% |
| RSG Republic Services Inc. | 0.59% | 227,919 | $49.3M | Add +41.9% |
| PANW Palo Alto Networks Inc. | 0.59% | 281,696 | $49.2M | Reduce -2.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.58% | 99,423 | $48.5M | Add +21.3% |
| NOW ServiceNow Inc. | 0.56% | 321,331 | $46.8M | Add +9.0% |
| PWR Quanta Services Inc. | 0.52% | 103,976 | $43.1M | Reduce -3.7% |
| ECL Ecolab Inc. | 0.51% | 169,390 | $43.0M | Reduce -28.0% |
| KO The Coca-Cola Co. | 0.51% | 505,529 | $42.6M | Reduce -0.8% |
| SHOP Shopify Inc. Class A | 0.50% | 278,667 | $41.7M | Add +501.2% |
| JNJ Johnson & Johnson | 0.50% | 162,650 | $41.6M | Add +3.4% |
| HD Home Depot Inc. | 0.48% | 117,703 | $40.3M | Add +71.9% |
| MU Micron Technology Inc. | 0.48% | 140,510 | $40.1M | Add +3502.8% |
| COST Costco Wholesale Corp. | 0.47% | 39,549 | $39.5M | Add +169.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.47% | 55,647 | $39.3M | Add +10.8% |
| MCD McDonald's Corp. | 0.46% | 126,027 | $38.5M | Reduce -23.7% |
| RTX RTX Corp. | 0.44% | 207,566 | $36.5M | Reduce -9.0% |
| PLTR Palantir Technologies Inc. Class A | 0.43% | 251,713 | $36.0M | Reduce -8.2% |
| CVX Chevron Corp. | 0.43% | 238,487 | $35.9M | Add +1.8% |
| MRK Merck & Co. Inc. | 0.42% | 285,569 | $35.5M | Reduce -26.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.41% | 187,912 | $34.5M | Add +6.4% |
| GAIN Gladstone Investment Corp. | 0.39% | 15,393 | $33.0M | Reduce -22.3% |
| BKNG Booking Holdings Inc. | 0.39% | 7,046 | $32.6M | Add +188.4% |
| BABA Alibaba Group Holding-SP ADR | 0.39% | 235,495 | $32.4M | Add +60.6% |
| NMFC New Mountain Finance Corp. filed as NEW MTN FIN CORP | 0.38% | 22,392 | $32.0M | Reduce -22.3% |
| PG The Procter & Gamble Co. | 0.37% | 179,069 | $30.5M | Reduce -3.1% |
| HON Honeywell International Inc. | 0.36% | 134,883 | $30.2M | Add +101.7% |
| VRT Vertiv Holdings Co. Class A | 0.36% | 211,421 | $29.9M | Reduce -22.4% |
| UNP Union Pacific Corp. | 0.35% | 109,601 | $29.1M | Add +107.4% |
| ABT Abbott Laboratories | 0.34% | 192,417 | $28.7M | Reduce -3.9% |
| NEE Nextera Energy Inc. | 0.32% | 331,032 | $27.1M | Add +496.7% |
| CAT Caterpillar Inc. | 0.32% | 52,626 | $27.0M | Add +11.4% |
| TMO Thermo Fisher Scientific Inc. | 0.32% | 53,091 | $26.4M | Add +266.3% |
| ROP Roper Technologies Inc. | 0.31% | 59,847 | $26.0M | Reduce -36.4% |
| EQT Eqt Corp. | 0.31% | 492,337 | $25.9M | Add +19.0% |
| BMY Bristol-Myers Squibb Co. | 0.31% | 506,020 | $25.7M | Add +3477.6% |
| CSWC Capital Southwest Corp. | 0.30% | 7,265 | $24.8M | Reduce -22.3% |
| GSBD Goldman Sachs BDC Inc. | 0.29% | 16,011 | $23.9M | Reduce -22.3% |
| TEVA Teva Pharmaceutical-SP ADR | 0.28% | 786,272 | $23.7M | Add +3831.4% |
| BSX Boston Scientific Corp. | 0.28% | 248,497 | $23.4M | Add +15.0% |
| EMBJ Embraer SA-Spon ADR | 0.28% | 376,469 | $23.0M | New |
| EWU iShares MSCI United Kingdom | 0.27% | 506,091 | $22.3M | Add +26300.2% |
| VCIT Vanguard Int-Term Corporate | 0.26% | 265,213 | $22.1M | Add +6.6% |
| LAUR Laureate Education Inc. | 0.26% | 637,943 | $21.6M | Reduce -10.3% |
| VRSN Verisign Inc. | 0.25% | 99,579 | $21.0M | New |
| ETR Entergy Corp. | 0.25% | 221,865 | $20.6M | Add +291.7% |
| URI United Rentals Inc. | 0.25% | 23,994 | $20.5M | Reduce -1.5% |
| KGC Kinross Gold Corp. | 0.24% | 729,400 | $20.5M | Reduce -9.0% |
| AMD Advanced Micro Devices | 0.23% | 105,988 | $19.5M | Reduce -1.6% |
| WMT Walmart Inc. | 0.23% | 108,697 | $19.2M | Reduce -5.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.23% | 62,497 | $19.1M | Add +74.5% |
| GHYG iShares Us&intl High Yield C | 0.22% | 403,186 | $18.6M | Add +172.1% |
| FAST Fastenal Co. | 0.22% | 468,327 | $18.0M | Add +1827.9% |
| QCOM Qualcomm Inc. | 0.21% | 77,380 | $17.4M | Add +0.4% |
| MELI MercadoLibre Inc. | 0.20% | 8,473 | $16.9M | Add +4.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.20% | 322,150 | $16.6M | Add +642.5% |
| MDB Mongodb Inc. | 0.20% | 43,972 | $16.5M | Reduce -12.7% |
| RF Regions Financial Corp. | 0.19% | 607,076 | $16.1M | Add +6032.1% |
| CMI Cummins Inc. | 0.19% | 20,599 | $15.9M | Reduce -10.3% |
| CLS Celestica Inc. | 0.19% | 61,574 | $15.9M | Add +184.3% |
| WM Waste Management Inc. | 0.19% | 80,449 | $15.7M | Add +165.3% |
| CTAS Cintas Corp. | 0.19% | 89,063 | $15.7M | New |
| QQQ Invesco QQQ Trust Series 1 | 0.19% | 25,740 | $15.5M | Add +10.8% |
| PINS Pinterest Inc. Class A | 0.18% | 637,938 | $15.5M | New |
| CRM Salesforce Inc. | 0.18% | 54,922 | $15.3M | Add +625.2% |
| NET Cloudflare Inc. Class A | 0.18% | 83,641 | $15.1M | Add +57.3% |
| ISRG Intuitive Surgical Inc. | 0.18% | 25,860 | $15.0M | Add +46.7% |
| XOM Exxon Mobil Corp. | 0.18% | 126,750 | $14.8M | Add +504.1% |
| NEAR iShares SH Dba ETF Usd Inc. | 0.18% | 289,210 | $14.8M | No change |
| AFL Aflac Inc. | 0.17% | 132,540 | $14.6M | New |
| CEG Constellation Energy | 0.17% | 47,293 | $14.4M | Add +13.7% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.17% | 179,019 | $14.3M | Reduce -3.6% |
Other holdings (30): bonds, preferreds, convertibles and warrants · $66.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 1,938,000 | $8.9M | Add +2.2% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 5,562,000 | $7.0M | Add +27.7% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 4,765,000 | $5.4M | Add +9.2% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 4,900,000 | $4.9M | No change |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 1,520,000 | $4.4M | Reduce -23.8% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 4,360,000 | $4.2M | Add +6.7% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 3,590,000 | $3.5M | Add +87.0% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 2,525,000 | $3.1M | Reduce -1.9% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 2,970,000 | $2.9M | No change |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 2,990,000 | $2.6M | No change |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | 700,000 | $2.6M | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 1,980,000 | $2.5M | Reduce -2.5% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 1,695,000 | $2.4M | Reduce -1.7% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 1,325,000 | $1.8M | Reduce -7.0% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 1,105,000 | $1.8M | Add +110.5% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,415 | $1.5M | Reduce -4.4% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 27,500 | $1.4M | New |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 1,465,000 | $1.4M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 1,228,000 | $1.1M | Reduce -29.8% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 958,000 | $853K | Reduce -3.3% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 785,000 | $670K | No change |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 520,000 | $623K | No change |
| FIRSTENERGY CORP (FE 4 05/01/26) | NOTE 4.000% 5/0 · principal | 251,000 | $259K | No change |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 248,000 | $258K | Reduce -17.9% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 266,000 | $250K | No change |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 246,000 | $242K | Add +161.7% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 151,000 | $162K | Reduce -50.0% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 118,000 | $113K | No change |
| SABRE GLBL INC (SABHLD 7.32 08/01/26) | NOTE 7.320% 8/0 · principal | 100,000 | $104K | No change |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 60,000 | $67K | No change |
Total filed on the 13F, all lines: $8.4B.
Portfolio Sells Q3 2025 → Q4 2025
| OBDC Blue Owl Capital Corp. | Reduce -22.3% | 0.00% | −1.93 |
| ORCL Oracle Corp. | Reduce -46.3% | 0.95% | −1.15 |
| CSCO Cisco Systems Inc. | Reduce -33.4% | 0.71% | −0.96 |
| HUDSON PAC PPTYS INC | Sold out | 0.00% | −0.80 |
| INTU Intuit Inc. | Reduce -28.9% | 0.81% | −0.57 |
| GOOG Alphabet Inc. Class C | Reduce -22.1% | 2.10% | −0.53 |
| HTGC Hercules Capital Inc. | Reduce -22.3% | 0.97% | −0.49 |
| AZO AutoZone Inc. | Reduce -14.3% | 0.69% | −0.45 |
| TRIN Trinity Capital Inc. | Reduce -22.3% | 0.73% | −0.41 |
| MSI Motorola Solutions Inc. | Reduce -86.8% | 0.04% | −0.37 |
| ECL Ecolab Inc. | Reduce -28.0% | 0.51% | −0.35 |
| GBDC Golub Capital BDC Inc. | Reduce -22.3% | 0.67% | −0.34 |
| TSLX Sixth Street Specialty Lendi | Reduce -22.3% | 0.61% | −0.34 |
| ROP Roper Technologies Inc. | Reduce -36.4% | 0.31% | −0.32 |
| MCD McDonald's Corp. | Reduce -23.7% | 0.46% | −0.25 |
| NMFC New Mountain Finance Corp. | Reduce -22.3% | 0.38% | −0.22 |
| IBKR Interactive Brokers Gro Class A | Reduce -72.8% | 0.05% | −0.20 |
| PANW Palo Alto Networks Inc. | Reduce -2.4% | 0.59% | −0.20 |
| GSBD Goldman Sachs BDC Inc. | Reduce -22.3% | 0.29% | −0.19 |
| GAIN Gladstone Investment Corp. | Reduce -22.3% | 0.39% | −0.19 |
| CMG Chipotle Mexican Grill Inc. | Reduce -98.5% | 0.00% | −0.19 |
| GE General Electric | Reduce -38.5% | 0.15% | −0.17 |
| URI United Rentals Inc. | Reduce -1.5% | 0.25% | −0.16 |
| CSWC Capital Southwest Corp. | Reduce -22.3% | 0.30% | −0.15 |
| NDAQ Nasdaq Inc. | Reduce -7.7% | 1.09% | −0.14 |
| VRT Vertiv Holdings Co. Class A | Reduce -22.4% | 0.36% | −0.14 |
| PG The Procter & Gamble Co. | Reduce -3.1% | 0.37% | −0.13 |
| RDDT Reddit Inc. Class A | Sold out | 0.00% | −0.13 |
| PLTR Palantir Technologies Inc. Class A | Reduce -8.2% | 0.43% | −0.13 |
| PWR Quanta Services Inc. | Reduce -3.7% | 0.52% | −0.11 |
| ADSK Autodesk Inc. | Reduce -30.4% | 0.16% | −0.10 |
| SPGI S&P Global Inc. | Reduce -6.0% | 0.93% | −0.10 |
| ABT Abbott Laboratories | Reduce -3.9% | 0.34% | −0.10 |
| PH Parker Hannifin Corp. | Reduce -7.4% | 0.68% | −0.09 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.08 |
| WDAY Workday Inc. Class A | Reduce -76.3% | 0.02% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -26.9% | 0.42% | −0.08 |
| RTX RTX Corp. | Reduce -9.0% | 0.44% | −0.07 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −0.07 |
| TKO Tko Group Holdings Inc. | Sold out | 0.00% | −0.07 |
| SNPS Synopsys Inc. | Reduce -45.5% | 0.05% | −0.06 |
| KO The Coca-Cola Co. | Reduce -0.8% | 0.51% | −0.06 |
| ITA iShares U.S. Aerospace & Def | Sold out | 0.00% | −0.06 |
| MRSH Marsh & McLennan Cos | Reduce -35.4% | 0.10% | −0.06 |
| CG The Carlyle Group Inc. | Sold out | 0.00% | −0.06 |
| PEP Pepsico Inc. | Reduce -24.8% | 0.08% | −0.06 |
| DT Dynatrace Inc. | Sold out | 0.00% | −0.06 |
| GTLB Gitlab Inc. Class A | Sold out | 0.00% | −0.06 |
| LAUR Laureate Education Inc. | Reduce -10.3% | 0.26% | −0.06 |
| DDOG Datadog Inc. Class A | Reduce -30.4% | 0.07% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| AAPL Apple Inc. | Add +77.6% | 3.72% | +1.46 |
| AMAT Applied Materials Inc. | Add +226.5% | 1.87% | +1.22 |
| NVDA Nvidia Corp. | Add +42.2% | 4.32% | +1.04 |
| JOYY Joyy Inc.-ADR | New | 0.92% | +0.92 |
| MSFT Microsoft Corp. | Add +24.8% | 21.50% | +0.86 |
| GOOGL Alphabet Inc. Class A | Add +49.9% | 3.48% | +0.70 |
| GS Goldman Sachs Group Inc. | Add +246.1% | 0.86% | +0.61 |
| GLD SPDR Gold Shares | Add +436.0% | 0.70% | +0.48 |
| MU Micron Technology Inc. | Add +3502.8% | 0.48% | +0.47 |
| SHOP Shopify Inc. Class A | Add +501.2% | 0.50% | +0.42 |
| BMY Bristol-Myers Squibb Co. | Add +3477.6% | 0.31% | +0.30 |
| TEVA Teva Pharmaceutical-SP ADR | Add +3831.4% | 0.28% | +0.28 |
| EMBJ Embraer SA-Spon ADR | New | 0.28% | +0.28 |
| EWU iShares MSCI United Kingdom | Add +26300.2% | 0.27% | +0.27 |
| NEE Nextera Energy Inc. | Add +496.7% | 0.32% | +0.25 |
| VRSN Verisign Inc. | New | 0.25% | +0.25 |
| AVGO Broadcom Inc. | Add +16.9% | 2.86% | +0.24 |
| TMO Thermo Fisher Scientific Inc. | Add +266.3% | 0.32% | +0.23 |
| BKNG Booking Holdings Inc. | Add +188.4% | 0.39% | +0.22 |
| FAST Fastenal Co. | Add +1827.9% | 0.22% | +0.20 |
| RF Regions Financial Corp. | Add +6032.1% | 0.19% | +0.19 |
| CTAS Cintas Corp. | New | 0.19% | +0.19 |
| PINS Pinterest Inc. Class A | New | 0.18% | +0.18 |
| COST Costco Wholesale Corp. | Add +169.4% | 0.47% | +0.18 |
| ETR Entergy Corp. | Add +291.7% | 0.25% | +0.18 |
| AFL Aflac Inc. | New | 0.17% | +0.17 |
| BAC Bank of America Corp. | Add +642.5% | 0.20% | +0.17 |
| DHR Danaher Corp. | Add +1677.5% | 0.17% | +0.16 |
| CRM Salesforce Inc. | Add +625.2% | 0.18% | +0.15 |
| XOM Exxon Mobil Corp. | Add +504.1% | 0.18% | +0.14 |
| FIS Fidelity National Info Serv | New | 0.14% | +0.14 |
| FTNT Fortinet Inc. | Add +713.8% | 0.16% | +0.14 |
| GHYG iShares Us&intl High Yield C | Add +172.1% | 0.22% | +0.12 |
| CLS Celestica Inc. | Add +184.3% | 0.19% | +0.12 |
| VWO Vanguard Ftse Emerging Marke | Add +4458.1% | 0.13% | +0.12 |
| VWOB Vanguard Emerg MKTS Gov BND | Add +5898.8% | 0.12% | +0.12 |
| VLO Valero Energy Corp. | New | 0.12% | +0.12 |
| META Meta Platforms Inc. Class A | Add +50.4% | 2.43% | +0.12 |
| HON Honeywell International Inc. | Add +101.7% | 0.36% | +0.11 |
| UNP Union Pacific Corp. | Add +107.4% | 0.35% | +0.11 |
| SLV iShares Silver Trust | Add +447.7% | 0.11% | +0.09 |
| IBM Intl Business Machines Corp. | Add +74.5% | 0.23% | +0.09 |
| DIS The Walt Disney Co. | Add +276.4% | 0.12% | +0.09 |
| GEV GE Vernova Inc. | Add +785.1% | 0.10% | +0.09 |
| COHR Coherent Corp. | New | 0.08% | +0.08 |
| FSLR First Solar Inc. | Add +338.3% | 0.11% | +0.08 |
| GDX Vaneck Gold Miners ETF | Add +4343.6% | 0.08% | +0.08 |
| NFLX Netflix Inc. | Add +77.2% | 1.04% | +0.07 |
| PLD Prologis Inc. | New | 0.07% | +0.07 |
| ODFL Old Dominion Freight Line | Add +1373.3% | 0.07% | +0.07 |
Notes & Other Activity Q3 2025 → Q4 2025
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Add +2.2% | 1,938,000 | $8.9M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Add +27.7% | 5,562,000 | $7.0M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Add +9.2% | 4,765,000 | $5.4M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | Reduce -23.8% | 1,520,000 | $4.4M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Add +6.7% | 4,360,000 | $4.2M |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Add +87.0% | 3,590,000 | $3.5M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -1.9% | 2,525,000 | $3.1M |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | New | 700,000 | $2.6M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Reduce -2.5% | 1,980,000 | $2.5M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -1.7% | 1,695,000 | $2.4M |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | Sold out | 2,745,000 | $2.3Mbefore exit |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | Sold out | 2,532,000 | $2.2Mbefore exit |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | Reduce -7.0% | 1,325,000 | $1.8M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Add +110.5% | 1,105,000 | $1.8M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -4.4% | 1,415 | $1.5M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | New | 27,500 | $1.4M |
| SEA LTD (SEALTD 2.375 12/01/25) | NOTE 2.375%12/0 · principal | Sold out | 765,000 | $1.3Mbefore exit |
| DROPBOX INC (DBX 0 03/01/26) | NOTE 3/0 · principal | Sold out | 1,300,000 | $1.1Mbefore exit |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Sold out | 1,300,000 | $1.1Mbefore exit |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | Reduce -29.8% | 1,228,000 | $1.1M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Sold out | 1,125,000 | $975Kbefore exit |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Reduce -3.3% | 958,000 | $853K |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | Sold out | 850,000 | $750Kbefore exit |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | Sold out | 210,000 | $564Kbefore exit |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Reduce -17.9% | 248,000 | $258K |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Add +161.7% | 246,000 | $242K |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Reduce -50.0% | 151,000 | $162K |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Sold out | 128,000 | $119Kbefore 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 |