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

0$2.0B$4.0B$6.0B$8.0B$10.0B Q4 2024: $5.6B Q4 2024 Q1 2025: $5.1B Q1 2025 Q2 2025: $6.8B Q2 2025 Q3 2025: $7.0B Q3 2025 Q4 2025: $8.4B $8.4B Q4 2025 Q1 2026: $7.1B Q1 2026 Q2 2026: $9.1B Q2 2026

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%
DHR Danaher Corp. 0.17% 65,662 $13.9M Add +1677.5%
VST Vistra Corp. 0.16% 97,366 $13.8M Add +6.4%
FTNT Fortinet Inc. 0.16% 176,572 $13.6M Add +713.8%
ADSK Autodesk Inc. 0.16% 30,264 $13.4M Reduce -30.4%
CDNS Cadence Design SYS Inc. 0.16% 50,445 $13.0M Add +43.1%
HOOD Robinhood Markets Inc. Class A 0.15% 137,392 $12.8M Add +7.6%
GE General Electric filed as GE AEROSPACE 0.15% 35,208 $12.6M Reduce -38.5%
SPIB SS SPDR P Int C Corp. ETF 0.15% 367,836 $12.5M Add +1.2%
MS Morgan Stanley 0.15% 90,010 $12.4M Add +93.1%
AMGN Amgen Inc. 0.15% 5,550 $12.2M Add +10.2%
OKTA Okta Inc. 0.15% 157,395 $12.2M Add +55.2%
FIS Fidelity National Info Serv 0.14% 190,738 $11.9M New
C Citigroup Inc. 0.14% 102,836 $11.4M Reduce -15.6%
TXN Texas Instruments Inc. 0.13% 31,324 $10.8M Add +17.6%
VWO Vanguard Ftse Emerging Marke 0.13% 195,633 $10.5M Add +4458.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.12% 92,100 $10.4M Add +276.4%
VWOB Vanguard Emerg MKTS Gov BND 0.12% 152,070 $10.2M Add +5898.8%
VLO Valero Energy Corp. 0.12% 64,468 $10.0M New
SJNK SS SPDR BB St Hi Yield ETF 0.12% 392,100 $9.9M Add +22.7%
CNI Canadian Natl Railway Co. 0.11% 46,312 $9.5M Reduce -2.8%
PDD PDD Holdings Inc. 0.11% 87,229 $8.9M Add +51.8%
FSLR First Solar Inc. 0.11% 38,532 $8.9M Add +338.3%
SLV iShares Silver Trust 0.11% 156,784 $8.8M Add +447.7%
DELL Dell Technologies -C 0.10% 86,926 $8.8M Add +36.8%
EQIX Equinix Inc. 0.10% 13,425 $8.5M Add +98.6%
NRG NRG Energy Inc. 0.10% 54,898 $8.5M Add +58.7%
GEV GE Vernova Inc. 0.10% 14,940 $8.2M Add +785.1%
MRSH Marsh & McLennan Cos 0.10% 25,678 $8.0M Reduce -35.4%
ADBE Adobe Inc. 0.09% 12,010 $7.5M Reduce -19.3%
EMB iShares JP Morgan Usd Emergi 0.09% 76,500 $7.4M Add +78.3%
LITE Lumentum Holdings Inc. 0.09% 24,868 $7.3M Reduce -31.8%
SNOW Snowflake Inc. 0.09% 36,167 $7.1M Add +0.2%
COHR Coherent Corp. 0.08% 46,600 $6.9M New
PEP Pepsico Inc. 0.08% 33,043 $6.9M Reduce -24.8%
GDX Vaneck Gold Miners ETF 0.08% 96,604 $6.8M Add +4343.6%
SE Sea Ltd.-ADR 0.08% 58,003 $6.8M Add +104.3%
DDOG Datadog Inc. Class A 0.07% 50,598 $6.2M Reduce -30.4%
ODFL Old Dominion Freight Line 0.07% 40,561 $6.2M Add +1373.3%
PLD Prologis Inc. 0.07% 63,771 $6.1M New
IGSB iShares 1-5Y Inv Grade Corp. 0.07% 108,678 $5.6M Add +289.0%
APP AppLovin Corp. Class A 0.06% 9,856 $5.4M Reduce -27.4%
APH Amphenol Corp. Class A 0.06% 49,376 $5.3M Add +2.7%
URA Global X Uranium ETF 0.06% 154,687 $5.2M Add +33.5%
PFE Pfizer Inc. 0.06% 161,930 $5.0M Add +19.6%
CRS Carpenter Technology 0.06% 19,730 $5.0M New
DUK Duke Energy Corp. 0.06% 38,299 $4.8M Reduce -6.0%
TSLA Tesla Inc. 0.06% 11,392 $4.7M Add +14.0%
HII Huntington Ingalls Industrie 0.06% 16,995 $4.7M Add +8.0%
MAR Marriott International Class A 0.06% 19,961 $4.7M Add +23.6%
WFC Wells Fargo & Co. 0.06% 50,770 $4.7M Reduce -22.9%
XYL Xylem Inc. 0.06% 35,202 $4.7M Add +22.1%
GLW Corning Inc. 0.06% 65,508 $4.6M Reduce -42.7%
RL Ralph Lauren Corp. 0.05% 16,100 $4.6M New
DLTR Dollar Tree Inc. 0.05% 46,520 $4.6M New
IBKR Interactive Brokers Gro Class A 0.05% 88,690 $4.6M Reduce -72.8%
VHT Vanguard Health Care ETF 0.05% 19,733 $4.5M New
ACWI iShares MSCI Acwi ETF 0.05% 27,473 $4.5M Add +84.1%
WELL Welltower Inc. 0.05% 29,950 $4.5M New
TRGP Targa Resources Corp. 0.05% 26,526 $4.3M Add +625.5%
SNPS Synopsys Inc. 0.05% 10,136 $4.3M Reduce -45.5%
SMH Vaneck Semiconductor ETF 0.05% 14,245 $4.2M Add +862.5%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.05% 42,883 $4.0M New
KLAC KLA Corp. 0.05% 3,864 $3.9M Add +861.2%
CRWD CrowdStrike Holdings Inc. Class A 0.05% 9,216 $3.9M Add +3907.0%
VEEV Veeva Systems Inc. Class A 0.05% 21,227 $3.8M Add +37.0%
ADI Analog Devices Inc. 0.04% 13,859 $3.7M Add +5.1%
CLH Clean Harbors Inc. 0.04% 15,137 $3.6M Reduce -9.5%
DE Deere & Co. 0.04% 7,973 $3.6M Reduce -21.7%
EXE Expand Energy Corp. 0.04% 28,930 $3.6M Add +120.9%
FCX Freeport-McMoran Inc. 0.04% 72,152 $3.5M Add +213.7%
BE Bloom Energy Corp. Class A 0.04% 48,622 $3.4M Reduce -39.1%
CME Cme Group Inc. 0.04% 13,486 $3.3M No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.04% 29,704 $3.2M Add +9.2%
DXJ Wisdomtree Japan Hedged Eq 0.04% 22,174 $3.2M New
EWY iShares MSCI South Korea ETF 0.04% 32,963 $3.1M Reduce -9.5%
MSI Motorola Solutions Inc. 0.04% 8,450 $3.1M Reduce -86.8%
WMS Advanced Drainage Systems Inc. 0.04% 20,907 $3.1M Reduce -12.1%
TTEK Tetra Tech Inc. 0.04% 90,150 $3.1M Reduce -13.0%
REGN Regeneron Pharmaceuticals 0.04% 3,993 $3.0M Add +672.3%
APG Api Group Corp. 0.03% 86,203 $2.9M Add +9.7%
SFM Sprouts Farmers Market Inc. 0.03% 34,941 $2.8M Add +37.2%
VLTO Veralto Corp. 0.03% 27,646 $2.8M Reduce -11.5%
HASI Ha Sustainable Infrastructur 0.03% 98,296 $2.8M New
XEL Xcel Energy Inc. 0.03% 42,354 $2.8M Add +226.3%
MTZ Mastec Inc. 0.03% 14,046 $2.7M Add +192.1%
TLN Talen Energy Corp. 0.03% 9,092 $2.7M Reduce -36.4%
IEI iShares 3-7 Year Treasury Bo 0.03% 22,627 $2.7M Add +773.6%
NXT Nextpower Inc. 0.03% 32,671 $2.7M Add +147.9%
EWJ iShares MSCI Japan ETF 0.03% 33,611 $2.7M Add +22.5%
FDN First Trust DJ Internet Ind 0.03% 10,010 $2.6M No change
NEM Newmont Corp. 0.03% 20,946 $2.6M Add +29.0%
INFY Infosys Ltd.-SP ADR 0.03% 151,767 $2.5M Add +24.8%
TMUS T-Mobile US Inc. 0.03% 12,461 $2.5M Add +4.3%
UBER Uber Technologies Inc. 0.03% 33,083 $2.5M Add +34.2%
T AT&T Inc. 0.03% 74,169 $2.4M Add +18.9%
COIN Coinbase Global Inc. Class A 0.03% 13,158 $2.4M Add +12431.4%
WAB Wabtec Corp. 0.03% 11,019 $2.4M Reduce -22.2%
BX Blackstone Inc. 0.03% 11,179 $2.4M Add +3.8%
WCN Waste Connections Inc. 0.03% 14,531 $2.4M Add +28.0%
AEP American Electric Power 0.03% 22,275 $2.3M Add +267.0%
FIX Comfort Systems USA Inc. 0.03% 3,010 $2.3M Reduce -37.5%
DXCM Dexcom Inc. 0.03% 21,266 $2.2M Add +289.2%
STRL Sterling Infrastructure Inc. 0.03% 9,200 $2.2M Reduce -27.3%
SBUX Starbucks Corp. 0.03% 3,375 $2.2M No change
VSEC Vse Corp. 0.03% 15,861 $2.2M Reduce -51.6%
LNG Cheniere Energy Inc. 0.03% 11,355 $2.1M Reduce -7.9%
SPSB SS SPDR P St C Corp. ETF 0.03% 69,422 $2.1M No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.03% 4,436 $2.1M Add +5.0%
SO The Southern Co. 0.03% 27,280 $2.1M New
CCJ Cameco Corp. 0.02% 25,591 $2.1M Add +40.8%
TME Tencent Music Entertainm-ADR 0.02% 131,348 $2.1M Add +43.6%
BIDU Baidu Inc. - Spon ADR 0.02% 17,518 $2.0M No change
IVV iShares Core S&P 500 ETF 0.02% 3,697 $2.0M Add +249.8%
VGK Vanguard Ftse Europe ETF 0.02% 24,029 $2.0M Add +91.3%
VOO Vanguard S&P 500 ETF 0.02% 3,185 $2.0M Add +27.6%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.02% 14,862 $2.0M Reduce -33.6%
IWM iShares Russell 2000 ETF 0.02% 7,949 $1.9M Add +19.0%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.02% 135,986 $1.9M Add +13.6%
CCK Crown Holdings Inc. 0.02% 18,648 $1.9M Reduce -22.2%
GWW WW Grainger Inc. 0.02% 2,176 $1.9M New
YMM Full Truck Alliance -SPN ADR 0.02% 196,686 $1.9M Add +42.5%
BZ Kanzhun Ltd. - ADR 0.02% 104,186 $1.9M Add +22.2%
SHY iShares 1-3 Year Treasury Bo 0.02% 22,558 $1.9M No change
MCK McKesson Corp. 0.02% 2,308 $1.9M Reduce -29.3%
J Jacobs Solutions Inc. 0.02% 15,664 $1.9M Add +337.1%
OTIS Otis Worldwide Corp. 0.02% 13,667 $1.8M Add +33.4%
MFC Manulife Financial Corp. 0.02% 6,237 $1.8M No change
PYPL PayPal Holdings Inc. 0.02% 37,570 $1.8M Add +601.1%
USHY iShares Broad Usd High Yield 0.02% 47,000 $1.8M No change
AES AES Corp. 0.02% 137,682 $1.7M Add +190.3%
CSX CSX Corp. 0.02% 54,740 $1.7M Add +8.5%
VT Vanguard Tot World STK ETF 0.02% 16,205 $1.7M New
P Everpure Inc. Class A filed as PURE STORAGE INC 0.02% 24,609 $1.7M Reduce -14.3%
HUBB Hubbell Inc. 0.02% 3,675 $1.7M Reduce -22.2%
GNRC Generac Holdings Inc. 0.02% 13,604 $1.7M Add +166.5%
SYK Stryker Corp. 0.02% 4,592 $1.6M Reduce -31.8%
AAXJ iShares MSCI All Country Asi 0.02% 16,984 $1.6M Add +21.8%
WDAY Workday Inc. Class A 0.02% 6,981 $1.5M Reduce -76.3%
HDB HDFC Bank Ltd.-ADR 0.02% 40,652 $1.5M Add +12.9%
STN Stantec Inc. 0.02% 15,260 $1.5M Reduce -10.1%
TRMB Trimble Inc. 0.02% 18,064 $1.4M Add +16.3%
WAT Waters Corp. 0.02% 4,304 $1.4M Reduce -26.4%
BMI Badger Meter Inc. 0.02% 7,924 $1.4M Reduce -3.0%
GILD Gilead Sciences Inc. 0.02% 14,129 $1.4M Add +93.0%
FERG Ferguson Enterprises Inc. 0.02% 7,925 $1.4M Add +255.7%
FTV Fortive Corp. 0.02% 28,678 $1.4M Add +113.8%
LDOS Leidos Holdings Inc. 0.02% 9,269 $1.4M Add +7.8%
IGIB iShares 5-10Y Inv Grade Corp. 0.02% 25,276 $1.4M Reduce -7.7%
CACI Caci International Inc. Class A 0.02% 3,120 $1.4M Add +8.2%
WY Weyerhaeuser Co. 0.02% 56,291 $1.3M Reduce -8.6%
BLD Topbuild Corp. 0.02% 3,111 $1.3M Reduce -22.2%
CP Canadian Pacific Kansas City 0.02% 19,878 $1.3M Reduce -0.3%
MWA Mueller Water Products Inc. Class A 0.01% 50,900 $1.3M Add +1.7%
NVO Novo-Nordisk A/S-Spons ADR 0.01% 28,590 $1.2M Add +1.2%
PEG Public Service Enterprise GP 0.01% 17,516 $1.2M New
HEI Heico Corp. 0.01% 4,674 $1.2M Add +10.7%
AXP American Express Co. 0.01% 4,129 $1.2M Add +2652.7%
DGX Quest Diagnostics Inc. 0.01% 8,744 $1.2M New
VTI VG Morningstar TS MKT ETF-US 0.01% 3,578 $1.2M New
NI Nisource Inc. 0.01% 32,272 $1.2M Add +85.2%
WPM Wheaton Precious Metals Corp. 0.01% 11,072 $1.2M Add +102.6%
MDLZ Mondelez International Inc. Class A 0.01% 9,133 $1.2M Add +12.3%
PCTY Paylocity Holding Corp. 0.01% 7,552 $1.2M Add +112.4%
XLK SS Technology Select Sector 0.01% 7,774 $1.1M No change
IBN Icici Bank Ltd.-Spon ADR 0.01% 37,184 $1.1M Add +15.5%
INDA iShares MSCI India ETF 0.01% 89,810 $1.1M Add +9.8%
SCI Service Corp. International 0.01% 14,141 $1.1M Add +69.0%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.01% 12,026 $1.1M Add +81.0%
MSCI MSCI Inc. 0.01% 1,873 $1.1M Add +58.9%
BALL Ball Corp. 0.01% 20,223 $1.1M Add +1.7%
KEYS Keysight Technologies Inc. 0.01% 5,140 $1.1M Add +37.0%
CPRT Copart Inc. 0.01% 26,643 $1.1M Add +22.4%
MNST Monster Beverage Corp. 0.01% 13,386 $1.0M New
NUE Nucor Corp. 0.01% 7,108 $1.0M Add +468.2%
TDG Transdigm Group Inc. 0.01% 970 $1.0M Add +10.6%
VTR Ventas Inc. 0.01% 17,251 $1.0M New
LEMB iShares JP Morgan Em Local C 0.01% 24,352 $1.0M Add +1.0%
IEF iShares 7-10 Year Treasury B 0.01% 10,457 $1.0M New
URTH iShares MSCI World ETF 0.01% 6,167 $1.0M Reduce -21.4%
PCG P G & E Corp. 0.01% 70,652 $998K New
TECK Teck Resources Ltd.-CLS B 0.01% 23,560 $992K Add +172.8%
SOXX iShares Semiconductor ETF 0.01% 3,097 $944K Reduce -35.4%
HLI Houlihan Lokey Inc. 0.01% 5,175 $918K Add +83.7%
ACM Aecom 0.01% 10,736 $918K New
POOL Pool Corp. 0.01% 4,002 $918K Add +112.9%
DRS Leonardo DRS Inc. 0.01% 33,205 $915K Add +15.0%
AGCO Agco Corp. 0.01% 8,694 $907K Add +1.7%
EEM iShares MSCI Emerging Market 0.01% 21,217 $900K Add +2.1%
AEM Agnico Eagle Mines Ltd. 0.01% 5,958 $899K Add +34.0%
ITRI Itron Inc. 0.01% 10,728 $894K Reduce -13.0%
BAH Booz Allen Hamilton Holdings 0.01% 12,932 $890K Add +5.3%
DY Dycom Industries Inc. 0.01% 2,942 $889K New
CNM Core & Main Inc. Class A 0.01% 16,532 $888K Add +68.9%
FBIN Fortune Brands Innovations I 0.01% 17,326 $883K Add +141.8%
GIB Cgi Inc. 0.01% 9,356 $880K Add +69.0%
PRIM Primoris Services Corp. 0.01% 7,836 $866K New
EXC Exelon Corp. 0.01% 22,316 $859K Add +167.6%
TER Teradyne Inc. 0.01% 4,327 $854K Reduce -4.9%
VGT Vanguard Info Tech ETF 0.01% 1,114 $848K No change
TSCO Tractor Supply Company 0.01% 16,519 $839K Add +130.1%
LNT Alliant Energy Corp. 0.01% 14,282 $822K New
HUBS HubSpot Inc. 0.01% 2,045 $817K Reduce -22.2%
EMR Emerson Electric Co. 0.01% 6,980 $813K Add +3.0%
COR Cencora Inc. 0.01% 2,381 $810K Add +4.9%
WMB Williams Cos Inc. 0.01% 15,226 $804K New
GM General Motors Co. 0.01% 10,460 $804K Add +515.3%
BR Broadridge Financial Solutio 0.01% 3,532 $803K Add +124.8%
LPLA LPL Financial Holdings Inc. 0.01% 2,183 $800K New
MOD Modine Manufacturing Co. 0.01% 6,684 $798K New
ITM Vaneck Intermediate Muni ETF 0.01% 22,000 $770K New
BRK.A Berkshire Hathaway Inc. Class A 0.01% 1 $755K New
DAR Darling Ingredients Inc. 0.01% 20,457 $731K Add +1.7%
MANH Manhattan Associates Inc. 0.01% 4,105 $724K Add +120.5%
PBF PBF Energy Inc. Class A 0.01% 31,060 $719K New
XLF SS Financial Select Sector 0.01% 12,858 $707K Reduce -28.3%
XLE SS Energy Select Sector 0.01% 15,200 $683K Reduce -16.1%
FETH Fidelity Ethereum Fund 0.01% 29,271 $683K Add +6.0%
TTC Toro Co. 0.01% 8,439 $668K Add +69.0%
SHLS Shoals Technologies Group -A 0.01% 85,640 $662K Add +236.1%
AXON Axon Enterprise Inc. 0.01% 1,397 $649K Add +0.2%
ETHA iShares Ethereum Trust ETF 0.01% 36,490 $644K No change
ARKB ARK 21SHARES Bitcoin ETF 0.01% 27,024 $637K Add +30.4%
FLNC Fluence Energy Inc. 0.01% 36,262 $636K Add +66.2%
RUN Sunrun Inc. 0.01% 37,070 $635K Add +30.3%
MTD Mettler-Toledo International 0.01% 421 $598K Add +26.8%
BOOT Boot Barn Holdings Inc. 0.01% 3,325 $593K Add +69.6%
DPZ Domino's Pizza Inc. 0.01% 1,381 $583K Add +73.5%
MRVL Marvell Technology Inc. 0.01% 6,930 $579K Reduce -34.0%
VMI Valmont Industries 0.01% 1,405 $575K New
EWZ iShares MSCI Brazil ETF 0.01% 19,488 $563K Add +40.5%
IXC iShares Global Energy ETF 0.01% 13,497 $550K No change
HUM Humana Inc. 0.01% 2,560 $517K New
XLV SS Health Care Select Sector 0.01% 3,313 $516K No change
WFG West Fraser Timber Co. Ltd. 0.01% 8,438 $512K Reduce -1.1%
TOST Toast Inc. Class A 0.01% 13,652 $498K Add +26.2%
CLOA iShares Aaa Clo Act ETF-Usdi 0.01% 9,615 $497K No change
PBR Petroleo Brasileiro-Spon ADR 0.01% 44,068 $497K Add +26.6%
VITL Vital Farms Inc. 0.01% 15,033 $489K Add +50.3%
EWA iShares MSCI Australia ETF 0.01% 17,850 $471K Add +36.0%
FBTC Fidelity Wise Origin Bitcoin 0.01% 7,690 $466K No change
HACK Amplify Cybersecurity ETF 0.01% 5,681 $462K No change
KKR KKR & Co. Inc. 0.01% 3,906 $459K Reduce -74.2%
ARRY Array Technologies Inc. 0.01% 52,194 $447K Add +11.3%
BAM Brookfield Asset Mgmt-A 0.01% 10,608 $442K New
FICO Fair Isaac Corp. 0.01% 300 $440K New
DLR Digital Realty Trust Inc. 0.01% 3,250 $430K New
IAU iShares Gold Trust 0.00% 6,675 $405K New
ARM Arm Holdings PLC-ADR 0.00% 3,345 $371K Reduce -4.8%
QUAL iShares MSCI USA Quality Fac 0.00% 1,814 $363K No change
AMT American Tower Corp. 0.00% 10,511 $348K Add +27.8%
UPS United Parcel Service Class B 0.00% 3,548 $341K Add +5117.6%
CQQQ Invesco China Technology ETF 0.00% 7,648 $340K Add +194.2%
IXN iShares Global Tech ETF 0.00% 4,124 $324K New
SLB SLB Ltd. filed as SLB LIMITED 0.00% 9,486 $311K Add +3.6%
CL Colgate-Palmolive Co. 0.00% 4,814 $304K Add +1275.4%
HYD Vaneck High Yield Muni ETF 0.00% 8,000 $303K New
NTES Netease Inc.-ADR 0.00% 2,410 $294K Add +665.1%
IYG iShares U.S. Financial Servi 0.00% 3,000 $279K No change
PICK iShares MSCI Global Metals & 0.00% 5,347 $276K No change
FLOT iShares Floating Rate Bond E 0.00% 5,651 $274K New
EQH Equitable Holdings Inc. 0.00% 5,760 $237K New
HCA HCA Healthcare Inc. 0.00% 539 $235K New
MP MP Materials Corp. 0.00% 5,144 $233K New
EZU iShares MSCI Eurozone ETF 0.00% 3,770 $230K New
OCUL Ocular Therapeutix Inc. 0.00% 22,000 $212K Reduce -13.7%
DECK Deckers Outdoor Corp. 0.00% 2,363 $207K Add +68.9%
PPA Invesco Aerospace & Defense 0.00% 1,297 $205K New
IXJ iShares Global Healthcare Et 0.00% 2,188 $200K Add +25.0%
STKL Sunopta Inc. 0.00% 50,364 $194K Add +23.4%
VALE Vale SA-SP ADR 0.00% 16,000 $193K Add +16.7%
IBB iShares Biotechnology ETF 0.00% 1,150 $189K No change
VAW Vanguard Materials ETF 0.00% 1,000 $178K No change
JBBB Janus Henderson B-BBB Clo Et 0.00% 4,261 $173K No change
MCHI iShares MSCI China ETF 0.00% 3,579 $167K No change
ITUB Itau Unibanco H-Spon PRF ADR 0.00% 22,660 $163K Add +3.0%
AUPH Aurinia Pharmaceuticals Inc. 0.00% 13,000 $163K No change
CMG Chipotle Mexican Grill Inc. 0.00% 5,190 $161K Reduce -98.5%
ZTS Zoetis Inc. 0.00% 1,200 $152K Reduce -17.2%
RIO Rio Tinto PLC-Spon ADR 0.00% 2,150 $147K No change
SHEL Shell PLC-ADR 0.00% 2,052 $146K No change
NTR Nutrien Ltd. 0.00% 2,679 $143K No change
TLT iShares 20+ Year Treasury BD 0.00% 2,000 $139K No change
SLF Sun Life Financial Inc. 0.00% 2,490 $133K No change
AIA iShares Asia 50 ETF 0.00% 1,350 $132K New
ARCC Ares Capital Corp. 0.00% 112,977 $132K Add +9.9%
LMND Lemonade Inc. 0.00% 1,745 $125K No change
BN Brookfield Corp. 0.00% 3,060 $120K No change
PSQ Proshares Short QQQ 0.00% 5,000 $118K Add +66.7%
HEWJ Isha Curr Hedged MSCI Japan 0.00% 3,000 $118K New
KR Kroger Co. 0.00% 2,385 $111K New
DOCU Docusign Inc. 0.00% 1,710 $111K New
BP BP PLC-Spons ADR 0.00% 3,000 $103K No change
EQNR Equinor ASA-Spon ADR 0.00% 5,100 $102K No change
DHI D.R. Horton Inc. 0.00% 866 $97K New
TD Toronto-Dominion Bank 0.00% 1,133 $91K No change
ANF Abercrombie & Fitch Co. Class A 0.00% 766 $91K Reduce -82.1%
BXMT Blackstone Mortgage Tru Class A 0.00% 5,000 $84K No change
HDV iShares Core High Dividend E 0.00% 870 $79K New
DD Dupont DE Nemours Inc. 0.00% 2,150 $74K New
ALB Albemarle Corp. 0.00% 500 $71K No change
SRE Sempra 0.00% 761 $68K No change
NVS Novartis AG-Sponsored ADR 0.00% 600 $62K Add +113.5%
ETHE Grayscale Ethereum Staking E 0.00% 3,000 $58K No change
ARKG ARK Genomic Revolution ETF 0.00% 1,910 $55K No change
ABVX Abivax SA-ADR 0.00% 500 $55K New
FXI iShares China Large-Cap ETF 0.00% 1,900 $55K New
FDX FedEx Corp. 0.00% 220 $54K New
IGV iShares Expanded Tech-Softwa 0.00% 625 $54K Reduce -83.2%
CMCSA Comcast Corp. Class A 0.00% 1,932 $53K Reduce -68.1%
ADP Automatic Data Processing 0.00% 270 $52K Reduce -87.0%
ARTY iShares Future AI & Tech ETF 0.00% 1,243 $51K No change
IPAY Amplify Digital Payments ETF 0.00% 964 $51K New
IHE iShares US Pharmaceuticals E 0.00% 660 $48K No change
BDX Becton Dickinson and Co. 0.00% 289 $42K Add +25.6%
CNC Centene Corp. 0.00% 900 $37K New
MLM Martin Marietta Materials 0.00% 57 $36K New
CHWY Chewy Inc. Class A 0.00% 1,000 $33K No change
JD Jd.com Inc.-ADR 0.00% 1,180 $29K No change
CARR Carrier Global Corp. 0.00% 510 $27K New
XLY SS Consumer Disc Select Sect 0.00% 260 $27K No change
QS Quantumscape Corp. 0.00% 2,000 $21K No change
EOG EOG Resources Inc. 0.00% 192 $20K No change
IQV Iqvia Holdings Inc. 0.00% 84 $19K New
DOG Proshares Short DOW30 0.00% 1,000 $18K No change
IEMG iShares Core MSCI Emerging 0.00% 318 $18K New
NKE Nike Inc. Class B 0.00% 316 $17K New
CVS CVS Health Corp. 0.00% 213 $17K No change
VZ Verizon Communications Inc. 0.00% 400 $14K New
LMT Lockheed Martin Corp. 0.00% 28 $14K New
VEON Veon Ltd. 0.00% 319 $13K No change
HOLX Hologic Inc. 0.00% 157 $12K New
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.00% 380 $11K New
CPNG Coupang Inc. 0.00% 500 $10K No change
ABNB Airbnb Inc. Class A 0.00% 82 $10K No change
FISV Fiserv Inc. 0.00% 141 $10K Reduce -99.3%
CTRA Coterra Energy Inc. 0.00% 348 $9K New
GSK GSK PLC-Spon ADR 0.00% 200 $8K Add +9.3%
TEAM Atlassian Corp. Class A 0.00% 50 $8K New
PNC PNC Financial Services Group 0.00% 35 $7K New
ALGN Align Technology Inc. 0.00% 45 $7K New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.00% 170 $6K No change
MRNA Moderna Inc. 0.00% 200 $6K Reduce -90.0%
NIO Nio Inc. - ADR 0.00% 1,000 $6K New
HLN Haleon PLC-ADR 0.00% 250 $2K Add +9.2%
SPCE Virgin Galactic Holdings Inc. 0.00% 616 $2K No change
FMC FMC Corp. 0.00% 141 $2K New
INMB Inmune Bio Inc. 0.00% 1,000 $1K No change
APLE Apple Hospitality REIT Inc. 0.00% 100 $1K No change
SPG Simon Property Group Inc. 0.00% 39,366 $374 Add +22.6%
JLL Jones Lang Lasalle Inc. 0.00% 20,300 $339 No change
AMWL American Well Corp. Class A 0.00% 50 $240 New
PSA Public Storage 0.00% 5,500 $204 No change
CBRE CBRE Group Inc. Class A 0.00% 57,500 $163 No change
MAA Mid-America Apartment Comm 0.00% 16,100 $140 No change
TOL Toll Brothers Inc. 0.00% 121,100 $137 No change
COKE Coca-Cola Consolidated Inc. 0.00% 700 $120 No change
TASEKO MINES LTD 0.00% 26 $116 No change
MTN Vail Resorts Inc. 0.00% 19,600 $107 No change
ONCT Oncternal Therapeutics Inc. 0.00% 175 $73 No change
MAIN Main Street Capital Corp. 0.00% 12,683 $60 Reduce -22.3%
CODA Coda Octopus Group Inc. 0.00% 6 $44 No change
CARM Carisma Therapeutics Inc. 0.00% 785 $28 Add +46.7%
BXSL Blackstone Secured Lending F 0.00% 31,996 $27 Reduce -22.3%
HRL Hormel Foods Corp. 0.00% 1,000 $19 No change
FSK FS KKR Capital Corp. 0.00% 50,704 $15 Reduce -43.4%
OBDC Blue Owl Capital Corp. 0.00% 52,715 $13 Reduce -22.3%
ALTO Alto Ingredients Inc. 0.00% 5 $12 No change
TENX Tenax Therapeutics Inc. 0.00% 1 $9 No change
LEVGQ The Lion Electric Co. filed as THE LION ELECTRIC COMPANY 0.00% 2,500 $6 No change
AUMN Golden Minerals Co. 0.00% 7 $2 No change
DSS DSS Inc. 0.00% 1 $1 No change
FURY Fury Gold Mines Ltd. 0.00% 1 $0 No change
TTOO T2 Biosystems Inc. 0.00% 1 $0 No change
Other holdings (30): bonds, preferreds, convertibles and warrants · $66.9M (not counted above)
SecurityClassShares / PrincipalValueChange
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal 1,938,000$8.9MAdd +2.2%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 5,562,000$7.0MAdd +27.7%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal 4,765,000$5.4MAdd +9.2%
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 4,900,000$4.9MNo change
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 1,520,000$4.4MReduce -23.8%
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal 4,360,000$4.2MAdd +6.7%
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 3,590,000$3.5MAdd +87.0%
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal 2,525,000$3.1MReduce -1.9%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal 2,970,000$2.9MNo change
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 2,990,000$2.6MNo change
INTERDIGITAL INC (IDCC 3.5 06/01/27) NOTE 3.500% 6/0 · principal 700,000$2.6MNew
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal 1,980,000$2.5MReduce -2.5%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 1,695,000$2.4MReduce -1.7%
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal 1,325,000$1.8MReduce -7.0%
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal 1,105,000$1.8MAdd +110.5%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 1,415$1.5MReduce -4.4%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 27,500$1.4MNew
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 1,465,000$1.4MNo change
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 1,228,000$1.1MReduce -29.8%
ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 958,000$853KReduce -3.3%
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal 785,000$670KNo change
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 520,000$623KNo change
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal 251,000$259KNo change
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 248,000$258KReduce -17.9%
REDFIN CORP (RDFN 0.5 04/01/27) NOTE 0.500% 4/0 · principal 266,000$250KNo change
ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal 246,000$242KAdd +161.7%
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 151,000$162KReduce -50.0%
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 118,000$113KNo change
SABRE GLBL INC (SABHLD 7.32 08/01/26) NOTE 7.320% 8/0 · principal 100,000$104KNo change
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal 60,000$67KNo 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 472$9.1BMSFT, INDA, AMAT, GOOGL, NVDA
Q1 2026 462$7.1BMSFT, NVDA, GOOGL, AAPL, AMZN
Q4 2025 473$8.4BMSFT, NVDA, AAPL, AMZN, GOOGL
Q3 2025 451$7.0BMSFT, AMZN, NVDA, GOOGL, JPM
Q2 2025 459$6.8BMSFT, AMZN, NVDA, V, AVGO
Q1 2025 456$5.1BMSFT, AMZN, V, GOOG, AAPL
Q4 2024Amended 490$5.6BMSFT, AMZN, GOOG, V, AAPL