Universal- Beteiligungs- und Servicegesellschaft mbH
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Universal- Beteiligungs- und Servicegesellschaft mbH reported 1,815 stock positions worth $55.2 billion. Its top holding was Microsoft (MSFT) at 6.5% of the portfolio, followed by Nvidia (NVDA, 6.3%) and Apple (AAPL, 4.1%). Compared with Q1 2025, it opened 116 new positions, sold out of 122, added to 850 and reduced 724. The biggest buy was Nvidia (NVDA, shares +1%) and the biggest sale Unitedhealth (UNH, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- FRANKFURT AM MAIN, 2M
- CIK
- 0002057170
- Portfolio Value
- $55.2B (Q2 2025)
- SEC Filing
- 0002057170-25-000008 ↗ filed Aug 11, 2025
Holdings Value
Holdings 1,815 stocks · $55.2B
| MSFT Microsoft Corp. | 6.52% | 7,234,177 | $3.6B | Add +1.3% |
| NVDA Nvidia Corp. | 6.34% | 22,156,349 | $3.5B | Add +0.8% |
| AAPL Apple Inc. | 4.05% | 10,905,219 | $2.2B | Add +1.9% |
| AMZN Amazon.com Inc. | 3.67% | 9,236,636 | $2.0B | Add +2.3% |
| META Meta Platforms Inc. Class A | 2.77% | 2,067,907 | $1.5B | Add +6.4% |
| GOOGL Alphabet Inc. Class A | 2.51% | 7,869,708 | $1.4B | Add +6.7% |
| AVGO Broadcom Inc. | 1.91% | 3,816,069 | $1.1B | Add +3.7% |
| V Visa Inc. Class A | 1.44% | 2,232,172 | $792.5M | Add +11.8% |
| GOOG Alphabet Inc. Class C | 1.34% | 4,181,522 | $741.8M | Add +1.3% |
| JPM JPMorgan Chase & Co. | 1.11% | 2,104,902 | $610.2M | Add +16.8% |
| NFLX Netflix Inc. | 1.08% | 445,757 | $596.9M | Add +7.6% |
| TSLA Tesla Inc. | 1.07% | 1,851,110 | $588.0M | Reduce -6.2% |
| MA Mastercard Inc. Class A | 1.06% | 1,038,784 | $583.7M | Add +6.6% |
| LLY Eli Lilly & Co. | 0.82% | 580,155 | $452.2M | Add +10.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.78% | 884,395 | $429.6M | Add +0.2% |
| LIN Linde PLC | 0.72% | 852,470 | $400.0M | Add +5.2% |
| JNJ Johnson & Johnson | 0.68% | 2,460,250 | $375.8M | Add +3.7% |
| MELI MercadoLibre Inc. | 0.62% | 130,903 | $342.1M | Add +0.5% |
| INTU Intuit Inc. | 0.62% | 433,488 | $341.4M | Add +12.4% |
| CRM Salesforce Inc. | 0.61% | 1,244,670 | $339.4M | Add +4.9% |
| BKNG Booking Holdings Inc. | 0.61% | 58,552 | $339.0M | Add +16.1% |
| COST Costco Wholesale Corp. | 0.59% | 326,941 | $323.7M | Add +6.7% |
| ADBE Adobe Inc. | 0.57% | 817,289 | $316.2M | Add +16.4% |
| PG The Procter & Gamble Co. | 0.54% | 1,855,561 | $295.6M | Reduce -0.2% |
| ORCL Oracle Corp. | 0.53% | 1,343,887 | $293.8M | Add +2.8% |
| CSCO Cisco Systems Inc. | 0.53% | 4,178,601 | $289.9M | Add +6.5% |
| ABBV Abbvie Inc. | 0.52% | 1,544,312 | $286.7M | Add +0.9% |
| WMT Walmart Inc. | 0.49% | 2,776,350 | $271.5M | Reduce -3.0% |
| HD Home Depot Inc. | 0.48% | 716,818 | $262.8M | Add +3.5% |
| SPGI S&P Global Inc. | 0.47% | 495,244 | $261.1M | Add +7.3% |
| UBER Uber Technologies Inc. | 0.44% | 2,574,781 | $240.2M | Add +4.1% |
| NOW ServiceNow Inc. | 0.43% | 233,519 | $240.1M | Reduce -0.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.43% | 4,998,121 | $236.5M | Reduce -1.8% |
| WFC Wells Fargo & Co. | 0.42% | 2,917,480 | $233.7M | Add +3.2% |
| AXP American Express Co. | 0.41% | 713,555 | $227.6M | Add +11.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.41% | 1,807,913 | $224.2M | Add +14.3% |
| SPOT Spotify Technology SA | 0.41% | 292,097 | $224.1M | Add +11.5% |
| QCOM Qualcomm Inc. | 0.41% | 1,407,217 | $224.1M | Add +0.5% |
| KO The Coca-Cola Co. | 0.40% | 3,152,976 | $223.1M | Reduce -2.2% |
| XOM Exxon Mobil Corp. | 0.40% | 2,064,189 | $222.5M | Reduce -0.3% |
| MCD McDonald's Corp. | 0.40% | 749,151 | $218.9M | Add +6.7% |
| WELL Welltower Inc. | 0.39% | 1,412,431 | $217.1M | Reduce -2.2% |
| AMAT Applied Materials Inc. | 0.38% | 1,149,316 | $210.4M | Add +13.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.38% | 713,121 | $210.2M | Reduce -4.8% |
| PANW Palo Alto Networks Inc. | 0.38% | 1,026,190 | $210.0M | Add +6.0% |
| AMD Advanced Micro Devices | 0.37% | 1,420,238 | $201.5M | Reduce -2.9% |
| ACN Accenture PLC Class A | 0.36% | 661,261 | $197.6M | Add +5.8% |
| BLK BlackRock Inc. | 0.35% | 185,572 | $194.7M | Reduce -6.5% |
| ISRG Intuitive Surgical Inc. | 0.35% | 355,438 | $193.1M | Add +5.9% |
| ABT Abbott Laboratories | 0.35% | 1,405,162 | $191.1M | Add +5.9% |
| UNH Unitedhealth Group Inc. | 0.35% | 612,419 | $191.1M | Reduce -17.2% |
| DLR Digital Realty Trust Inc. | 0.34% | 1,083,995 | $189.0M | Add +3.4% |
| LRCX Lam Research Corp. | 0.34% | 1,930,945 | $188.0M | Add +11.5% |
| PEP Pepsico Inc. | 0.34% | 1,422,840 | $187.9M | Reduce -6.2% |
| MRK Merck & Co. Inc. | 0.33% | 2,326,092 | $184.1M | Add +4.5% |
| PLTR Palantir Technologies Inc. Class A | 0.33% | 1,343,277 | $183.1M | Add +34.8% |
| DHR Danaher Corp. | 0.33% | 915,139 | $180.8M | Reduce -1.2% |
| EQIX Equinix Inc. | 0.31% | 218,366 | $173.7M | Reduce -0.2% |
| SYK Stryker Corp. | 0.30% | 422,824 | $167.3M | Reduce -6.7% |
| MS Morgan Stanley | 0.30% | 1,186,683 | $167.2M | Reduce -1.4% |
| ADP Automatic Data Processing | 0.30% | 538,228 | $166.0M | Add +2.4% |
| TXN Texas Instruments Inc. | 0.30% | 786,316 | $163.3M | Reduce -17.1% |
| ADSK Autodesk Inc. | 0.30% | 527,063 | $163.2M | Add +6.1% |
| TMO Thermo Fisher Scientific Inc. | 0.29% | 396,559 | $160.8M | Add +3.6% |
| GE General Electric filed as GE AEROSPACE | 0.29% | 624,308 | $160.7M | Add +12.9% |
| ETN Eaton Corp. PLC | 0.29% | 449,684 | $160.5M | Reduce -3.5% |
| PLD Prologis Inc. | 0.29% | 1,499,560 | $157.6M | Reduce -3.7% |
| DE Deere & Co. | 0.28% | 309,255 | $157.3M | Reduce -1.8% |
| PM Philip Morris International | 0.28% | 857,694 | $156.2M | Reduce -5.3% |
| TT Trane Technologies PLC | 0.28% | 349,835 | $153.0M | Reduce -9.3% |
| T AT&T Inc. | 0.27% | 5,144,335 | $148.9M | Add +16.0% |
| SNPS Synopsys Inc. | 0.27% | 288,970 | $148.1M | Add +3.5% |
| BSX Boston Scientific Corp. | 0.26% | 1,354,685 | $145.5M | Add +3.6% |
| LOW Lowe's Cos Inc. | 0.26% | 648,794 | $143.9M | Add +5.0% |
| GS Goldman Sachs Group Inc. | 0.26% | 201,609 | $142.7M | Reduce -3.3% |
| MDT Medtronic PLC | 0.26% | 1,621,443 | $141.3M | Reduce -5.6% |
| VZ Verizon Communications Inc. | 0.25% | 3,244,828 | $140.4M | Add +6.8% |
| VRTX Vertex Pharmaceuticals Inc. | 0.25% | 313,681 | $139.7M | Add +2.4% |
| PYPL PayPal Holdings Inc. | 0.25% | 1,871,884 | $139.1M | Add +10.2% |
| GILD Gilead Sciences Inc. | 0.25% | 1,242,172 | $137.7M | Add +3.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 1,097,244 | $135.5M | Reduce -2.9% |
| NEE Nextera Energy Inc. | 0.25% | 1,951,276 | $135.5M | Add +9.3% |
| MU Micron Technology Inc. | 0.24% | 1,095,238 | $135.0M | Add +4.4% |
| PGR Progressive Corp. | 0.24% | 496,965 | $132.6M | Add +0.1% |
| CMCSA Comcast Corp. Class A | 0.24% | 3,700,070 | $132.1M | Reduce -2.9% |
| APH Amphenol Corp. Class A | 0.23% | 1,312,680 | $129.6M | Reduce -11.8% |
| AMGN Amgen Inc. | 0.23% | 463,938 | $129.5M | Reduce -21.8% |
| SHW The Sherwin-Williams Co. | 0.23% | 374,462 | $128.6M | Reduce -1.4% |
| TMUS T-Mobile US Inc. | 0.23% | 538,300 | $128.3M | Add +1.6% |
| ADI Analog Devices Inc. | 0.23% | 528,625 | $125.8M | Add +9.7% |
| MNST Monster Beverage Corp. | 0.23% | 2,004,080 | $125.5M | Reduce -13.9% |
| ELV Elevance Health Inc. | 0.22% | 316,351 | $123.0M | Add +1.9% |
| CMG Chipotle Mexican Grill Inc. | 0.22% | 2,137,647 | $120.0M | Reduce -4.7% |
| EW Edwards Lifesciences Corp. | 0.21% | 1,484,222 | $116.1M | Add +6.4% |
| ANET Arista Networks Inc. | 0.21% | 1,119,912 | $114.6M | Add +11.8% |
| CAT Caterpillar Inc. | 0.20% | 287,936 | $111.8M | Add +4.0% |
| FTNT Fortinet Inc. | 0.20% | 1,054,035 | $111.4M | Add +30.9% |
| MRSH Marsh & McLennan Cos | 0.20% | 506,910 | $110.8M | Reduce -19.6% |
| CME Cme Group Inc. | 0.20% | 398,743 | $109.9M | Add +31.1% |
| FERG Ferguson Enterprises Inc. | 0.20% | 495,219 | $107.8M | Reduce -19.7% |
Options reported separately and not counted above: DISNEY WALT CO calls ($14.8M), ADVANCED MICRO DEVICES INC calls ($13.8M), ADOBE INC calls ($7.7M), CONSTELLATION BRANDS INC puts ($7.3M), CONAGRA BRANDS INC puts ($6.1M), COHERENT CORP calls ($5.4M), ORACLE CORP calls ($3.7M), AMPHENOL CORP calls ($3.2M), UBER TECHNOLOGIES INC calls ($3.1M), INTERNATIONAL BUSINESS MACHS calls ($3.1M), AT&T INC calls ($3.0M), GOLDMAN SACHS GROUP INC calls ($2.7M), and 44 more.
Other holdings (133): bonds, preferreds, convertibles and warrants · $1.2B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 89,819,000 | $99.4M | Reduce -0.7% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 105,538,000 | $95.1M | Reduce -13.7% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 62,931,000 | $89.9M | Reduce -10.1% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 92,174,000 | $87.9M | Reduce -15.0% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 58,554,000 | $70.2M | Reduce -4.9% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 69,612,000 | $70.1M | Reduce -6.3% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 63,158,000 | $67.6M | Add +5.9% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 57,489,000 | $61.4M | Add +11.9% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 33,217,000 | $38.0M | Reduce -0.1% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 23,942,000 | $27.7M | New |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 18,542,000 | $22.9M | Add +12.4% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 21,585,000 | $22.5M | Reduce -10.0% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 16,194,000 | $19.3M | Reduce -4.7% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 14,691,000 | $19.2M | Reduce -12.9% |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 17,733,000 | $17.5M | New |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 16,298,000 | $16.8M | Reduce -11.0% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 12,162,000 | $15.9M | Add +420.6% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 14,750,000 | $13.8M | No change |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 12,857,000 | $13.8M | Add +35.9% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 11,739,000 | $13.7M | Add +19.9% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 8,318,000 | $12.8M | Reduce -22.0% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 10,240,000 | $12.3M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 12,690,000 | $12.2M | Add +73.4% |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 11,092,000 | $11.1M | Add +406.0% |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 6,715,000 | $8.6M | Add +4.7% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 7,127,000 | $8.1M | Reduce -9.3% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 8,029,000 | $7.8M | Reduce -8.0% |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 6,815,000 | $7.2M | No change |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 4,976,000 | $7.0M | Reduce -50.2% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 4,970,000 | $6.7M | Reduce -35.5% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 7,079,000 | $6.7M | No change |
| LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) | NOTE 0.500%12/1 · principal | 5,350,000 | $6.3M | No change |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 4,613,000 | $6.1M | Reduce -43.2% |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 7,800,000 | $6.0M | Reduce -12.4% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 6,029,000 | $6.0M | New |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 3,676,000 | $5.7M | Add +9.9% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 4,305,000 | $5.5M | Reduce -42.1% |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 6,790,000 | $5.4M | Add +28.1% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 5,084,000 | $5.1M | Add +12.9% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 4,320,000 | $4.8M | New |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 3,886 | $4.7M | New |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 4,983,000 | $4.6M | Reduce -20.7% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 3,959,000 | $4.5M | Reduce -73.0% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 4,037,000 | $4.3M | Add +31.2% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 3,700,000 | $4.1M | No change |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 4,370,000 | $3.9M | Add +4.8% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 4,368,000 | $3.8M | No change |
| SEMTECH CORP (SMTC 1.625 11/01/27) | NOTE 1.625%11/0 · principal | 2,500,000 | $3.6M | No change |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 2,826,000 | $3.5M | Reduce -24.5% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 3,514,000 | $3.4M | New |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,874,000 | $3.4M | Reduce -23.2% |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 3,000,000 | $3.3M | No change |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 3,374,000 | $3.3M | No change |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 2,569,713 | $3.0M | Add +4.9% |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | 2,550,000 | $3.0M | New |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | 3,500,000 | $3.0M | New |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 2,500,000 | $2.7M | Add +66.7% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 2,900,000 | $2.7M | No change |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 1,700,000 | $2.7M | Reduce -15.0% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 2,800,000 | $2.7M | Add +40.0% |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 2,200,000 | $2.6M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 1,843,000 | $2.6M | Reduce -36.5% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 2,600,000 | $2.6M | New |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 2,500,000 | $2.5M | No change |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 2,500,000 | $2.5M | No change |
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | 675,000 | $2.4M | Reduce -48.4% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 1,891,000 | $2.4M | Add +46.5% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 2,050,000 | $2.3M | Reduce -50.3% |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 2,080,000 | $2.2M | New |
| STRATEGY INC (MSTR 0.875 03/15/31) | NOTE 0.875% 3/1 · principal | 1,150,000 | $2.2M | Add +666.7% |
| TXNM ENERGY INC (TXNM 5.75 06/01/54) | NOTE 5.750% 6/0 · principal | 1,600,000 | $2.1M | New |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 2,172,000 | $2.1M | No change |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 1,923,000 | $1.9M | No change |
| BLOOM ENERGY CORP (BE 3 06/01/29) | NOTE 3.000% 6/0 · principal | 1,300,000 | $1.8M | New |
| NCL CORPORATION LTD (NCLH 2.5 02/15/27) | NOTE 2.500% 2/1 · principal | 1,750,000 | $1.8M | No change |
| CSG SYSTEMS INTERNATIONA (CSGS 3.875 09/15/28) | NOTE 3.875% 9/1 · principal | 1,500,000 | $1.7M | No change |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 1,800,000 | $1.7M | Add +80.0% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 1,633,000 | $1.7M | New |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | 588,000 | $1.6M | Reduce -14.4% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 1,500,000 | $1.6M | Reduce -51.9% |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 1,683,000 | $1.6M | No change |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 1,700,000 | $1.5M | Reduce -45.2% |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 1,593,000 | $1.5M | Add +37.8% |
| PINNACLE WEST CAPITAL (PNW 4.75 06/15/27) | NOTE 4.750% 6/1 · principal | 1,300,000 | $1.4M | New |
| BOFA FINANCE LLC (BAC 0.6 05/25/27 MTN) | MTNF 0.600% 5/2 · principal | 1,415,000 | $1.4M | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,179 | $1.4M | New |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 1,480,000 | $1.3M | No change |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | 1,322,000 | $1.2M | No change |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 1,250,000 | $1.2M | No change |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | NOTE 0.750% 6/0 · principal | 1,000,000 | $1.2M | New |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 1,300,000 | $1.2M | Add +23.8% |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 1,200,000 | $1.2M | New |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 1,150,000 | $1.1M | Reduce -27.9% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 1,070,000 | $1.1M | No change |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 1,000,000 | $955K | No change |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 1,000,000 | $949K | New |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 1,000,000 | $945K | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 800,000 | $927K | No change |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 1,000,000 | $897K | New |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 1,000,000 | $877K | Add +25.0% |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 867,000 | $865K | No change |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 1,000,000 | $843K | New |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 750,000 | $774K | Reduce -48.8% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 750,000 | $744K | No change |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 15,583 | $734K | Reduce -57.1% |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 750,000 | $721K | No change |
| STRIDE INC (LRN 1.125 09/01/27) | NOTE 1.125% 9/0 · principal | 250,000 | $697K | New |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 700,000 | $681K | No change |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 700,000 | $661K | No change |
| JAMF HOLDING CORP (JAMF 0.125 09/01/26) | NOTE 0.125% 9/0 · principal | 700,000 | $660K | No change |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | 400,000 | $643K | No change |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 500,000 | $604K | No change |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 600,000 | $582K | No change |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 600,000 | $568K | No change |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 500,000 | $539K | No change |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 297,000 | $529K | Reduce -32.0% |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 700,000 | $519K | Reduce -81.5% |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 500,000 | $512K | No change |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 450,000 | $485K | No change |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 500,000 | $482K | No change |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 500,000 | $475K | No change |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 500,000 | $473K | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 500,000 | $473K | No change |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 500,000 | $468K | Reduce -80.0% |
| SABRE GLBL INC (SABHLD 7.32 08/01/26) | NOTE 7.320% 8/0 · principal | 328,000 | $374K | No change |
| BRAEMAR HOTELS & RESORTS (BHR 4.5 06/01/26) | NOTE 4.500% 6/0 · principal | 350,000 | $330K | No change |
| XEROX HOLDINGS CORP (XRX 3.75 03/15/30) | NOTE 3.750% 3/1 · principal | 500,000 | $297K | No change |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 300,000 | $260K | No change |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | 75,000 | $220K | No change |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | 160,000 | $181K | No change |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 150,000 | $173K | No change |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | 100,000 | $149K | Reduce -88.2% |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 100,000 | $115K | No change |
Total filed on the 13F, all lines: $56.4B.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -17.2% | 0.35% | −0.45 |
| AMGN Amgen Inc. | Reduce -21.8% | 0.23% | −0.14 |
| PEP Pepsico Inc. | Reduce -6.2% | 0.34% | −0.13 |
| MRSH Marsh & McLennan Cos | Reduce -19.6% | 0.20% | −0.12 |
| PG The Procter & Gamble Co. | Reduce -0.2% | 0.54% | −0.11 |
| REGN Regeneron Pharmaceuticals | Reduce -32.2% | 0.10% | −0.10 |
| XOM Exxon Mobil Corp. | Reduce -0.3% | 0.40% | −0.10 |
| PLD Prologis Inc. | Reduce -3.7% | 0.29% | −0.07 |
| KO The Coca-Cola Co. | Reduce -2.2% | 0.40% | −0.07 |
| AZO AutoZone Inc. | Reduce -23.2% | 0.12% | −0.06 |
| DHR Danaher Corp. | Reduce -1.2% | 0.33% | −0.06 |
| NKE Nike Inc. Class B | Reduce -28.4% | 0.15% | −0.06 |
| PCG P G & E Corp. | Reduce -38.3% | 0.05% | −0.06 |
| MDT Medtronic PLC | Reduce -5.6% | 0.26% | −0.06 |
| WELL Welltower Inc. | Reduce -2.2% | 0.39% | −0.06 |
| AMT American Tower Corp. | Reduce -19.3% | 0.16% | −0.06 |
| BDX Becton Dickinson and Co. | Reduce -19.0% | 0.07% | −0.06 |
| TXN Texas Instruments Inc. | Reduce -17.1% | 0.30% | −0.05 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.05 |
| MSI Motorola Solutions Inc. | Reduce -8.6% | 0.18% | −0.05 |
| COP Conocophillips | Reduce -16.8% | 0.09% | −0.05 |
| UDR Udr Inc. | Reduce -61.9% | 0.02% | −0.05 |
| MNST Monster Beverage Corp. | Reduce -13.9% | 0.23% | −0.05 |
| EQIX Equinix Inc. | Reduce -0.2% | 0.31% | −0.05 |
| UNP Union Pacific Corp. | Reduce -8.1% | 0.19% | −0.05 |
| AJG Arthur J Gallagher & Co. | Reduce -3.6% | 0.19% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -2.9% | 0.24% | −0.05 |
| ZTS Zoetis Inc. | Reduce -9.1% | 0.15% | −0.05 |
| COLD Americold Realty Trust Inc. | Reduce -54.5% | 0.02% | −0.05 |
| AVB Avalonbay Communities Inc. | Reduce -19.7% | 0.10% | −0.05 |
| SW Smurfit Westrock PLC | Reduce -28.6% | 0.07% | −0.05 |
| EXR Extra Space Storage Inc. | Reduce -12.1% | 0.15% | −0.04 |
| ROL Rollins Inc. | Reduce -20.8% | 0.12% | −0.04 |
| SYK Stryker Corp. | Reduce -6.7% | 0.30% | −0.04 |
| ED Consolidated Edison Inc. | Reduce -21.4% | 0.07% | −0.04 |
| ECL Ecolab Inc. | Reduce -20.0% | 0.12% | −0.04 |
| SHW The Sherwin-Williams Co. | Reduce -1.4% | 0.23% | −0.04 |
| TJX TJX Companies Inc. | Reduce -2.9% | 0.25% | −0.04 |
| SLB SLB Ltd. | Reduce -3.7% | 0.08% | −0.04 |
| HPQ HP Inc. | Reduce -11.4% | 0.08% | −0.04 |
| ODFL Old Dominion Freight Line | Reduce -35.9% | 0.04% | −0.03 |
| CL Colgate-Palmolive Co. | Reduce -7.2% | 0.13% | −0.03 |
| BLK BlackRock Inc. | Reduce -6.5% | 0.35% | −0.03 |
| OKE Oneok Inc. | Reduce -2.8% | 0.08% | −0.03 |
| CI The Cigna Group | Reduce -6.7% | 0.15% | −0.03 |
| AFL Aflac Inc. | Reduce -12.1% | 0.08% | −0.03 |
| KMB Kimberly-Clark Corp. | Reduce -17.3% | 0.05% | −0.03 |
| YUMC Yum China Holdings Inc. | Reduce -2.9% | 0.07% | −0.03 |
| AKAM Akamai Technologies Inc. | Reduce -49.0% | 0.02% | −0.03 |
| SPG Simon Property Group Inc. | Reduce -3.1% | 0.13% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +0.8% | 6.34% | +1.45 |
| MSFT Microsoft Corp. | Add +1.3% | 6.52% | +1.01 |
| AVGO Broadcom Inc. | Add +3.7% | 1.91% | +0.64 |
| META Meta Platforms Inc. Class A | Add +6.4% | 2.77% | +0.47 |
| NFLX Netflix Inc. | Add +7.6% | 1.08% | +0.29 |
| JPM JPMorgan Chase & Co. | Add +16.8% | 1.11% | +0.20 |
| GOOGL Alphabet Inc. Class A | Add +6.7% | 2.51% | +0.17 |
| PLTR Palantir Technologies Inc. Class A | Add +34.8% | 0.33% | +0.16 |
| ORCL Oracle Corp. | Add +2.8% | 0.53% | +0.16 |
| AMRZ Amrize Ltd. | New | 0.15% | +0.15 |
| AMZN Amazon.com Inc. | Add +2.3% | 3.67% | +0.15 |
| BKNG Booking Holdings Inc. | Add +16.1% | 0.61% | +0.14 |
| INTU Intuit Inc. | Add +12.4% | 0.62% | +0.13 |
| SPOT Spotify Technology SA | Add +11.5% | 0.41% | +0.11 |
| MELI MercadoLibre Inc. | Add +0.5% | 0.62% | +0.10 |
| DIS The Walt Disney Co. | Add +14.3% | 0.41% | +0.09 |
| LRCX Lam Research Corp. | Add +11.5% | 0.34% | +0.08 |
| AMAT Applied Materials Inc. | Add +13.4% | 0.38% | +0.08 |
| UBER Uber Technologies Inc. | Add +4.1% | 0.44% | +0.07 |
| GE General Electric | Add +12.9% | 0.29% | +0.06 |
| RYAN Ryan Specialty Holdings Inc. | Add +1972.5% | 0.07% | +0.06 |
| GEV GE Vernova Inc. | Add +3.5% | 0.16% | +0.06 |
| MRVL Marvell Technology Inc. | Add +49.4% | 0.15% | +0.06 |
| AXP American Express Co. | Add +11.3% | 0.41% | +0.06 |
| MU Micron Technology Inc. | Add +4.4% | 0.24% | +0.06 |
| COIN Coinbase Global Inc. Class A | Add +32.9% | 0.10% | +0.06 |
| COF Capital One Financial Corp. | Add +61.6% | 0.13% | +0.05 |
| A Agilent Technologies Inc. | Add +75.3% | 0.14% | +0.05 |
| ANET Arista Networks Inc. | Add +11.8% | 0.21% | +0.05 |
| APP AppLovin Corp. Class A | Add +17.4% | 0.17% | +0.05 |
| QGEN Qiagen N.V. | Add +24.9% | 0.17% | +0.04 |
| FTNT Fortinet Inc. | Add +30.9% | 0.20% | +0.04 |
| PANW Palo Alto Networks Inc. | Add +6.0% | 0.38% | +0.04 |
| KLAC KLA Corp. | Add +9.9% | 0.19% | +0.04 |
| IDXX Idexx Laboratories Inc. | Add +15.3% | 0.17% | +0.04 |
| HUDSON PAC PPTYS INC | New | 0.04% | +0.04 |
| URI United Rentals Inc. | Add +55.8% | 0.09% | +0.03 |
| DLR Digital Realty Trust Inc. | Add +3.4% | 0.34% | +0.03 |
| CEG Constellation Energy | Add +1.4% | 0.11% | +0.03 |
| VRT Vertiv Holdings Co. Class A | Add +17.2% | 0.07% | +0.03 |
| CME Cme Group Inc. | Add +31.1% | 0.20% | +0.03 |
| TTWO Take-Two Interactive Softwre | Add +59.4% | 0.08% | +0.03 |
| PWR Quanta Services Inc. | Add +27.8% | 0.07% | +0.03 |
| ADSK Autodesk Inc. | Add +6.1% | 0.30% | +0.03 |
| CSCO Cisco Systems Inc. | Add +6.5% | 0.53% | +0.03 |
| ADI Analog Devices Inc. | Add +9.7% | 0.23% | +0.03 |
| CRDO Credo Technology Group Holdi | Add +781.6% | 0.03% | +0.03 |
| PYPL PayPal Holdings Inc. | Add +10.2% | 0.25% | +0.02 |
| IRM Iron Mountain Inc. | Add +30.1% | 0.09% | +0.02 |
| SNPS Synopsys Inc. | Add +3.5% | 0.27% | +0.02 |
Options Activity Q1 2025 → Q2 2025
| YUM BRANDS INC | put | Sold out | 180,000 | $28.3Mbefore exit |
| DISNEY WALT CO | call | New | 119,600 | $14.8M |
| ADVANCED MICRO DEVICES INC | call | New | 97,300 | $13.8M |
| ADOBE INC | call | New | 20,000 | $7.7M |
| CONSTELLATION BRANDS INC | put | New | 45,000 | $7.3M |
| CONAGRA BRANDS INC | put | New | 300,000 | $6.1M |
| COHERENT CORP | call | New | 60,000 | $5.4M |
| ORACLE CORP | call | New | 16,900 | $3.7M |
| MORGAN STANLEY | call | New | 17,000 | $2.4M |
| CATERPILLAR INC | call | New | 6,000 | $2.3M |
| AMERICAN EXPRESS CO | call | New | 7,200 | $2.3M |
| PROCTER & GAMBLE CO | call | Sold out | 13,400 | $2.3Mbefore exit |
| SERVICENOW INC | call | New | 2,100 | $2.2M |
| NETFLIX INC. | call | New | 1,600 | $2.1M |
| LOWES COS INC | call | Sold out | 8,800 | $2.1Mbefore exit |
| MICRON TECHNOLOGY INC | call | New | 15,500 | $1.9M |
| META PLATFORMS INC | call | New | 2,500 | $1.8M |
| PHILIP MORRIS INTL INC | call | Sold out | 11,600 | $1.8Mbefore exit |
| SALESFORCE INC | call | New | 6,500 | $1.8M |
| MERCK & CO INC | call | New | 21,900 | $1.7M |
| CORNING INC | call | New | 29,600 | $1.6M |
| MARSH & MCLENNAN COS INC | call | Sold out | 6,100 | $1.5Mbefore exit |
| FISERV INC | call | Sold out | 6,200 | $1.4Mbefore exit |
| NIKE INC | call | New | 17,600 | $1.3M |
| LAM RESEARCH CORP | call | New | 12,100 | $1.2M |
| BOOKING HOLDINGS INC | call | New | 200 | $1.1M |
| MICROSOFT CORP | call | New | 2,200 | $1.1M |
| ABBOTT LABS | call | Reduce -58.3% | 8,000 | $1.1M |
| CISCO SYS INC | call | New | 15,500 | $1.1M |
| BROADCOM INC | call | New | 3,900 | $1.1M |
| CHEVRON CORPORATION | call | Sold out | 6,200 | $1.0Mbefore exit |
| ANALOG DEVICES INC | call | New | 4,200 | $1000K |
| NVIDIA CORPORATION | call | New | 6,300 | $990K |
| APPLIED MATLS INC | call | New | 5,400 | $989K |
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
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Reduce -0.7% | 89,819,000 | $99.4M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -13.7% | 105,538,000 | $95.1M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Reduce -10.1% | 62,931,000 | $89.9M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -15.0% | 92,174,000 | $87.9M |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | Reduce -4.9% | 58,554,000 | $70.2M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -6.3% | 69,612,000 | $70.1M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Add +5.9% | 63,158,000 | $67.6M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Add +11.9% | 57,489,000 | $61.4M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | Sold out | 45,249,000 | $45.1Mbefore exit |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Reduce -0.1% | 33,217,000 | $38.0M |
| SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | Sold out | 31,215,000 | $31.3Mbefore exit |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | Sold out | 12,662,000 | $31.1Mbefore exit |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | New | 23,942,000 | $27.7M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Add +12.4% | 18,542,000 | $22.9M |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | Reduce -10.0% | 21,585,000 | $22.5M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -4.7% | 16,194,000 | $19.3M |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | Reduce -12.9% | 14,691,000 | $19.2M |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | New | 17,733,000 | $17.5M |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Reduce -11.0% | 16,298,000 | $16.8M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | Add +420.6% | 12,162,000 | $15.9M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +35.9% | 12,857,000 | $13.8M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Add +19.9% | 11,739,000 | $13.7M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | Reduce -22.0% | 8,318,000 | $12.8M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | New | 10,240,000 | $12.3M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +73.4% | 12,690,000 | $12.2M |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | Add +406.0% | 11,092,000 | $11.1M |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | Sold out | 7,641,000 | $10.1Mbefore exit |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | Add +4.7% | 6,715,000 | $8.6M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Reduce -9.3% | 7,127,000 | $8.1M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Reduce -8.0% | 8,029,000 | $7.8M |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | Reduce -50.2% | 4,976,000 | $7.0M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Reduce -35.5% | 4,970,000 | $6.7M |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | Sold out | 1,838,000 | $6.3Mbefore exit |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -43.2% | 4,613,000 | $6.1M |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Reduce -12.4% | 7,800,000 | $6.0M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | New | 6,029,000 | $6.0M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Add +9.9% | 3,676,000 | $5.7M |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Reduce -42.1% | 4,305,000 | $5.5M |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | Add +28.1% | 6,790,000 | $5.4M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Add +12.9% | 5,084,000 | $5.1M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | New | 4,320,000 | $4.8M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | New | 3,886 | $4.7M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Reduce -20.7% | 4,983,000 | $4.6M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Reduce -73.0% | 3,959,000 | $4.5M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Add +31.2% | 4,037,000 | $4.3M |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | Add +4.8% | 4,370,000 | $3.9M |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | Reduce -24.5% | 2,826,000 | $3.5M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | New | 3,514,000 | $3.4M |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Reduce -23.2% | 1,874,000 | $3.4M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Add +4.9% | 2,569,713 | $3.0M |
Showing the first 50 of 99.
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 | 1,976 | $64.2B | NVDA, AAPL, MSFT, GOOGL, AMZN |
| Q1 2026 | 1,933 | $57.2B | NVDA, AAPL, MSFT, GOOGL, AMZN |
| Q4 2025 | 1,911 | $60.5B | NVDA, MSFT, AAPL, AMZN, GOOGL |
| Q3 2025 | 1,895 | $58.9B | NVDA, MSFT, AAPL, AMZN, GOOGL |
| Q2 2025 | 1,815 | $55.2B | MSFT, NVDA, AAPL, AMZN, META |
| Q1 2025 | 1,820 | $48.7B | MSFT, NVDA, AAPL, AMZN, GOOGL |
| Q4 2024 | 977 | $49.7B | MSFT, NVDA, AAPL, AMZN, GOOGL |