Virtus Advisers, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Virtus Advisers, LLC reported 426 stock positions worth $208.0 million. Its top holding was Virtus U.S. Dividend ETF (VUS) at 7.9% of the portfolio, followed by Virtus International Div ETF (VDI, 6.6%) and Centerra Gold (CGAU, 2.5%). Compared with Q3 2025, it opened 83 new positions, sold out of 60, added to 82 and reduced 92. The biggest buy was a new position in Virtus U.S. Dividend ETF (VUS) and the biggest sale SSR Mining (SSRM, shares −60%).

Most Recent 13F
Q2 2026
Location
HARTFORD, CT
CIK
0001587281
Portfolio Value
$208.0M (Q4 2025)
SEC Filing
0001587281-26-000008 ↗ filed Feb 13, 2026

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $187.9M Q1 2024 Q2 2024: $203.8M Q2 2024 Q3 2024: $213.5M Q3 2024 Q4 2024: $244.5M Q4 2024 Q1 2025: $150.5M Q1 2025 Q2 2025: $159.8M Q2 2025 Q3 2025: $177.9M Q3 2025 Q4 2025: $208.0M $208.0M Q4 2025 Q1 2026: $211.6M Q1 2026 Q2 2026: $256.8M Q2 2026

Holdings 426 stocks · $208.0M
VUS Virtus U.S. Dividend ETF 7.87% 647,801 $16.4M New
VDI Virtus International Div ETF 6.57% 434,176 $13.7M New
CGAU Centerra Gold Inc. 2.46% 287,810 $5.1M No change
BAP Credicorp Ltd. 2.38% 17,223 $4.9M Add +6789.2%
HDB HDFC Bank Ltd.-ADR 1.64% 93,098 $3.4M Reduce -1.7%
TEL Te Connectivity PLC 1.48% 13,533 $3.1M Add +1591.6%
IBN Icici Bank Ltd.-Spon ADR 1.34% 93,717 $2.8M Reduce -54.2%
CIB Grupo Cibest SA-ADR 1.30% 42,593 $2.7M Reduce -5.3%
SSRM SSR Mining Inc. 1.14% 86,662 $2.4M Reduce -59.9%
AAPL Apple Inc. 1.13% 8,610 $2.3M Reduce -7.9%
LRCX Lam Research Corp. 1.01% 12,255 $2.1M Reduce -14.2%
PRIM Primoris Services Corp. 0.99% 16,602 $2.1M Reduce -19.0%
FIX Comfort Systems USA Inc. 0.98% 2,192 $2.0M Add +11.6%
NXT Nextpower Inc. 0.94% 22,405 $2.0M No change
NMIH Nmi Holdings Inc. filed as NMI HLDGS INC 0.92% 46,813 $1.9M No change
PAHC Phibro Animal Health Corp. Class A 0.87% 48,576 $1.8M No change
TSEM Tower Semiconductor Ltd. 0.84% 14,929 $1.8M Reduce -28.2%
RDY Dr. Reddy's Laboratories-ADR 0.79% 116,945 $1.6M No change
GL Globe Life Inc. 0.78% 11,635 $1.6M Reduce -12.8%
INDA iShares MSCI India ETF 0.77% 29,492 $1.6M Reduce -28.6%
ECPG Encore Capital Group Inc. 0.76% 29,086 $1.6M Add +749.0%
WB Weibo Corp.-Spon ADR 0.76% 153,831 $1.6M Reduce -55.5%
NVDA Nvidia Corp. 0.75% 8,381 $1.6M Reduce -12.3%
VCYT Veracyte Inc. 0.73% 36,230 $1.5M No change
KN Knowles Corp. 0.65% 62,816 $1.3M Add +192.0%
ALKS Alkermes PLC 0.64% 47,708 $1.3M No change
MOG.A Moog Inc. Class A 0.63% 5,392 $1.3M No change
KSS Kohls Corp. 0.62% 63,589 $1.3M Reduce -5.6%
NCLH Norwegian Cruise Line Holdin 0.62% 57,820 $1.3M Reduce -29.2%
PENG Penguin Solutions Inc. 0.62% 65,596 $1.3M No change
ANIP Ani Pharmaceuticals Inc. 0.60% 15,906 $1.3M No change
WWD Woodward Inc. 0.58% 3,985 $1.2M No change
TILE Interface Inc. 0.58% 42,976 $1.2M No change
LE Lands' End Inc. 0.57% 82,185 $1.2M No change
AMBA Ambarella Inc. 0.57% 16,830 $1.2M Reduce -19.6%
MSFT Microsoft Corp. 0.56% 2,426 $1.2M Reduce -18.4%
MTG Mgic Investment Corp. 0.55% 39,357 $1.2M No change
ACAD Acadia Pharmaceuticals Inc. 0.55% 42,974 $1.1M No change
HWC Hancock Whitney Corp. 0.55% 18,007 $1.1M No change
DBX Dropbox Inc. Class A 0.55% 40,876 $1.1M Reduce -5.5%
FTDR Frontdoor Inc. 0.53% 19,189 $1.1M No change
DOCU Docusign Inc. 0.52% 15,900 $1.1M Add +8.7%
FN Fabrinet 0.52% 2,376 $1.1M Add +17.3%
GDOT Green Dot Corp. Class A 0.49% 80,268 $1.0M No change
CRUS Cirrus Logic Inc. 0.49% 8,600 $1.0M No change
THFF First Financial Corp. 0.48% 16,496 $997K New
EME Emcor Group Inc. 0.47% 1,607 $983K Add +5.2%
CVLT Commvault Systems Inc. 0.46% 7,690 $964K Reduce -25.9%
ARWR Arrowhead Pharmaceuticals Inc. 0.46% 14,462 $960K No change
VVX V2X Inc. 0.45% 17,295 $943K No change
LFST Lifestance Health Group Inc. 0.44% 131,202 $924K Add +13.6%
MTZ Mastec Inc. 0.43% 4,119 $895K No change
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 0.43% 8,610 $891K No change
AB Alliancebernstein Holding LP 0.43% 22,982 $884K Reduce -15.3%
ALHC Alignment Healthcare Inc. 0.42% 44,569 $880K No change
GMAB Genmab A/S -SP ADR 0.41% 27,495 $847K No change
CAMT Camtek Ltd. 0.40% 7,757 $825K Reduce -28.4%
CRGY Crescent Energy Inc. Class A 0.39% 97,523 $818K Reduce -7.4%
NTRA Natera Inc. 0.39% 3,562 $816K Reduce -22.9%
EVER Everquote Inc. Class A 0.39% 30,005 $810K No change
RGA Reinsurance Group of America 0.39% 3,955 $805K No change
AIR Aar Corp. 0.37% 9,369 $776K No change
CDNA Caredx Inc. 0.37% 40,564 $764K No change
BMY Bristol-Myers Squibb Co. 0.37% 14,117 $761K Add +14.3%
AMSC American Superconductor Corp. 0.36% 25,990 $748K No change
NLY Annaly Capital Management Inc. 0.36% 33,361 $746K Add +33.7%
CASY Casey's General Stores Inc. 0.35% 1,332 $736K No change
EAT Brinker International Inc. 0.35% 5,093 $731K No change
ECG Everus Construction Group 0.35% 8,500 $727K New
DRS Leonardo DRS Inc. 0.35% 21,304 $726K No change
AMZN Amazon.com Inc. 0.35% 3,121 $720K Reduce -20.9%
IBEX Ibex Ltd. 0.34% 18,660 $712K Add +45.2%
PFE Pfizer Inc. 0.34% 28,111 $700K New
AMR Alpha Metallurgical Resource 0.33% 3,443 $688K Add +2.8%
NTB Bank of N.T. Butterfield&son 0.33% 13,596 $677K No change
MSGS Madison Square Garden Sports 0.32% 2,592 $670K No change
POWL Powell Industries Inc. 0.32% 2,067 $659K Add +135.7%
EIX Edison International 0.31% 10,892 $654K Add +65.0%
PBH Prestige Consumer Healthcare 0.31% 10,324 $637K No change
PRGS Progress Software Corp. 0.31% 14,800 $636K New
BWA Borgwarner Inc. 0.31% 14,091 $635K Add +587.4%
IDA Idacorp Inc. 0.30% 5,005 $633K No change
RF Regions Financial Corp. 0.30% 22,925 $621K Add +52.8%
MO Altria Group Inc. 0.30% 10,732 $619K Add +17.5%
EVRG Evergy Inc. 0.30% 8,525 $618K No change
VSXY Victoria's Secret & Co. 0.29% 11,270 $610K New
ZETA Zeta Global Holdings Corp. Class A 0.29% 29,904 $609K Add +58.2%
HMY Harmony Gold MNG-Spon ADR 0.29% 30,288 $603K New
LNT Alliant Energy Corp. 0.28% 9,114 $593K No change
COHR Coherent Corp. 0.28% 3,154 $582K No change
HAFN Hafnia Ltd. 0.27% 23,568 $570K New
EXEL Exelixis Inc. 0.27% 13,000 $570K No change
ROKU Roku Inc. 0.27% 5,228 $567K Add +62.7%
LOPE Grand Canyon Education Inc. 0.27% 3,396 $565K No change
ADC Agree Realty Corp. 0.27% 7,815 $563K No change
PEGA Pegasystems Inc. 0.27% 9,406 $562K No change
PRDO Perdoceo Education Corp. 0.27% 18,948 $556K No change
SRPT Sarepta Therapeutics Inc. 0.27% 25,800 $555K No change
YOU Clear Secure Inc. Class A 0.27% 15,797 $554K No change
OTTR Otter Tail Corp. 0.27% 6,854 $554K No change

Show all 426 holdings

Other holdings (66): bonds, preferreds, convertibles and warrants · $3.1M (not counted above)
SecurityClassShares / PrincipalValueChange
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal 38,000$202KNew
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal 30,000$138KNo change
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 35,000$118KReduce -46.1%
EVERGY INC (EVRG 4.5 12/15/27) NOTE 4.500%12/1 · principal 77,000$94KNo change
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal 65,000$86KNo change
OSI SYSTEMS INC (OSIS 2.25 08/01/29) NOTE 2.250% 8/0 · principal 54,000$80KNo change
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 47,000$77KReduce -42.7%
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 59,000$75KNew
BLACKLINE INC (BL 1 06/01/29) NOTE 1.000% 6/0 · principal 70,000$74KNo change
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal 51,000$68KNew
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal 57,000$68KNo change
RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal 52,000$65KNo change
GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) NOTE 3.750% 5/1 · principal 25,000$63KReduce -28.6%
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) NOTE 3.250% 6/1 · principal 38,000$61KNo change
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) NOTE 1.500% 9/0 · principal 41,000$57KReduce -52.3%
GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal 31,000$57KReduce -29.6%
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal 40,000$57KNew
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 20,000$55KReduce -65.5%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 44,000$55KNew
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal 36,000$53KReduce -23.4%
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 47,000$51KNo change
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 58,000$50KNo change
PELOTON INTERACTIVE INC (PTON 5.5 12/01/29) NOTE 5.500%12/0 · principal 30,000$50KNo change
GREENBRIER COS INC (GBX 2.875 04/15/28) NOTE 2.875% 4/1 · principal 46,000$49KNo change
ENOVIS CORP (ENOV 3.875 10/15/28) NOTE 3.875%10/1 · principal 50,000$49KNo change
ALIGNMENT HEALTHCARE (ALHC 4.25 11/15/29) NOTE 4.250%11/1 · principal 32,000$48KNew
CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal 50,000$48KNo change
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal 47,000$47KNo change
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal 18,000$46KNew
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) NOTE 2.875% 1/1 · principal 44,000$46KNew
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal 42,000$46KNew
OKTA INC (OKTA 0.375 06/15/26) NOTE 0.375% 6/1 · principal 47,000$46KNo change
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 32,000$45KNew
PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) NOTE 2.125% 5/1 · principal 44,000$44KNo change
ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) NOTE 2.250% 6/0 · principal 46,000$44KNo change
VARONIS SYSTEM INC (VRNS 1 09/15/29) NOTE 1.000% 9/1 · principal 47,000$44KNo change
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 19,000$43KReduce -42.4%
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 42,000$43KNo change
LIVANOVA PLC (LIVN 2.5 03/15/29) NOTE 2.500% 3/1 · principal 37,000$43KNo change
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% · principal 1,857$42KNo change
RINGCENTRAL INC (RNG 0 03/15/26) NOTE 3/1 · principal 42,000$41KNo change
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) NOTE 1.750% 8/1 · principal 43,000$41KNew
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 41,000$41KNo change
INNOVIVA INC (INVA 2.125 03/15/28) NOTE 2.125% 3/1 · principal 40,000$41KNo change
DAYFORCE INC (DAY 0.25 03/15/26) NOTE 0.250% 3/1 · principal 41,000$41KNo change
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) NOTE 0.750%12/1 · principal 36,000$40KNew
ZIFF DAVIS INC (ZD 3.625 03/01/28) DEBT 3.625% 3/0 · principal 40,000$39KNo change
STRIDE INC (LRN 1.125 09/01/27) NOTE 1.125% 9/0 · principal 27,000$37KReduce -22.9%
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal 31,000$34KNew
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 32,000$33KNo change
CENTRUS ENERGY CORP (LEU 2.25 11/01/30) NOTE 2.250%11/0 · principal 12,000$32KNew
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 31,000$32KNo change
UPSTART HOLDINGS INC (UPST 2 10/01/29) NOTE 2.000%10/0 · principal 25,000$32KNew
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal 20,000$31KNo change
STRATEGY INC (MSTR 0.625 03/15/30) NOTE 0.625% 3/1 · principal 23,000$29KReduce -42.5%
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 20,000$26KNo change
BURLINGTON STORES INC (BURL 1.25 12/15/27) NOTE 1.250%12/1 · principal 16,000$24KNew
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A · principal 1,150$799No change
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV · principal 800$529No change
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV · principal 600$452No change
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D · principal 850$439New
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD · principal 850$428No change
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF · principal 400$316No change
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 · principal 200$252New
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A · principal 66$80No change
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L · principal 22$27No change

Total filed on the 13F, all lines: $211.1M.

Portfolio Sells Q3 2025 → Q4 2025
SSRM SSR Mining Inc. Reduce -59.9% 1.14% −2.74
IBN Icici Bank Ltd.-Spon ADR Reduce -54.2% 1.34% −2.13
WB Weibo Corp.-Spon ADR Reduce -55.5% 0.76% −1.65
CVLT Commvault Systems Inc. Reduce -25.9% 0.46% −0.64
PRIM Primoris Services Corp. Reduce -19.0% 0.99% −0.59
ACM Aecom Reduce -66.5% 0.15% −0.57
ACMR Acm Research Inc. Class A Reduce -83.8% 0.09% −0.55
NCLH Norwegian Cruise Line Holdin Reduce -29.2% 0.62% −0.51
DCO Ducommun Inc. Reduce -59.8% 0.26% −0.50
BBSI Barrett Business SVCS Inc. Sold out 0.00% −0.49
ARW Arrow Electronics Inc. Sold out 0.00% −0.47
INDA iShares MSCI India ETF Reduce -28.6% 0.77% −0.44
AMBA Ambarella Inc. Reduce -19.6% 0.57% −0.40
IFS Intercorp Financial Services Sold out 0.00% −0.33
OSPN Onespan Inc. Sold out 0.00% −0.30
MSFT Microsoft Corp. Reduce -18.4% 0.56% −0.30
OGN Organon & Co. Sold out 0.00% −0.30
JPM JPMorgan Chase & Co. Reduce -81.5% 0.06% −0.29
TPB Turning Point Brands Inc. Reduce -74.8% 0.09% −0.29
GL Globe Life Inc. Reduce -12.8% 0.78% −0.29
RITM Rithm Capital Corp. Sold out 0.00% −0.28
NVDA Nvidia Corp. Reduce -12.3% 0.75% −0.25
MGPI MGP Ingredients Inc. Sold out 0.00% −0.24
SPCE Virgin Galactic Holdings Inc. Sold out 0.00% −0.24
CAMT Camtek Ltd. Reduce -28.4% 0.40% −0.24
OPRX Optimizerx Corp. Reduce -61.5% 0.06% −0.23
MGA Magna International Inc. Reduce -45.4% 0.20% −0.23
AAPL Apple Inc. Reduce -7.9% 1.13% −0.21
SFM Sprouts Farmers Market Inc. Reduce -35.9% 0.14% −0.21
TK Teekay Corp. Ltd. Reduce -64.0% 0.10% −0.20
ENB Enbridge Inc. Sold out 0.00% −0.20
OSW Onespaworld Holdings Ltd. Sold out 0.00% −0.20
META Meta Platforms Inc. Class A Reduce -50.2% 0.12% −0.19
TRGP Targa Resources Corp. Reduce -93.9% 0.01% −0.19
DBX Dropbox Inc. Class A Reduce -5.5% 0.55% −0.19
HDB HDFC Bank Ltd.-ADR Reduce -1.7% 1.64% −0.18
EA Electronic Arts Inc. Sold out 0.00% −0.18
GE General Electric Reduce -88.2% 0.02% −0.18
KLAC KLA Corp. Reduce -69.1% 0.08% −0.18
NFLX Netflix Inc. Sold out 0.00% −0.18
GRNT Granite Ridge Resources Inc. Sold out 0.00% −0.17
FMS Fresenius Medical Care-ADR Sold out 0.00% −0.16
KGC Kinross Gold Corp. Reduce -88.2% 0.02% −0.16
ADBE Adobe Inc. Reduce -93.6% 0.01% −0.16
ZTS Zoetis Inc. Sold out 0.00% −0.16
AB Alliancebernstein Holding LP Reduce -15.3% 0.43% −0.16
EBAY eBay Inc. Sold out 0.00% −0.15
AMN Amn Healthcare Services Inc. Sold out 0.00% −0.15
PM Philip Morris International Reduce -29.1% 0.22% −0.15
DKS Dick's Sporting Goods Inc. Sold out 0.00% −0.15

Portfolio Buys Q3 2025 → Q4 2025
VUS Virtus U.S. Dividend ETF New 7.87% +7.87
VDI Virtus International Div ETF New 6.57% +6.57
BAP Credicorp Ltd. Add +6789.2% 2.38% +2.34
TEL Te Connectivity PLC Add +1591.6% 1.48% +1.38
ECPG Encore Capital Group Inc. Add +749.0% 0.76% +0.68
THFF First Financial Corp. New 0.48% +0.48
KN Knowles Corp. Add +192.0% 0.65% +0.37
ECG Everus Construction Group New 0.35% +0.35
PFE Pfizer Inc. New 0.34% +0.34
PRGS Progress Software Corp. New 0.31% +0.31
VSXY Victoria's Secret & Co. New 0.29% +0.29
HMY Harmony Gold MNG-Spon ADR New 0.29% +0.29
HAFN Hafnia Ltd. New 0.27% +0.27
BWA Borgwarner Inc. Add +587.4% 0.31% +0.25
ONT Onterris Inc. New 0.24% +0.24
FBNC First Bancorp New 0.24% +0.24
PRU Prudential Financial Inc. New 0.22% +0.22
SANM Sanmina Corp. New 0.21% +0.21
BE Bloom Energy Corp. Class A New 0.21% +0.21
VALE Vale SA-SP ADR New 0.18% +0.18
VLY Valley National Bancorp New 0.17% +0.17
LYB Lyondellbasell Indu Class A New 0.17% +0.17
POWL Powell Industries Inc. Add +135.7% 0.32% +0.17
F Ford Motor Co. Add +213.7% 0.22% +0.15
ARE Alexandria Real Estate Equit New 0.15% +0.15
CCI Crown Castle Inc. New 0.14% +0.14
PGR Progressive Corp. New 0.14% +0.14
WPM Wheaton Precious Metals Corp. New 0.14% +0.14
GH Guardant Health Inc. New 0.14% +0.14
APH Amphenol Corp. Class A New 0.12% +0.12
THC Tenet Healthcare Corp. Add +175.8% 0.22% +0.12
USB US Bancorp New 0.12% +0.12
HAFC Hanmi Financial Corporation New 0.12% +0.12
CMC Commercial Metals Co. New 0.12% +0.12
RGTI Rigetti Computing Inc. New 0.12% +0.12
EBS Emergent Biosolutions Inc. New 0.12% +0.12
SPGI S&P Global Inc. Add +830.4% 0.13% +0.12
JNJ Johnson & Johnson Add +181.4% 0.18% +0.11
EIX Edison International Add +65.0% 0.31% +0.11
CUBI Customers Bancorp Inc. New 0.11% +0.11
FN Fabrinet Add +17.3% 0.52% +0.10
INDV Indivior Ltd. New 0.10% +0.10
ATO Atmos Energy Corp. New 0.10% +0.10
TWO Two Harbors Investment Corp. New 0.10% +0.10
AVNS Avanos Medical Inc. New 0.10% +0.10
AME Ametek Inc. New 0.10% +0.10
MDGL Madrigal Pharmaceuticals Inc. New 0.10% +0.10
AA Alcoa Corp. New 0.10% +0.10
MU Micron Technology Inc. Add +43.6% 0.19% +0.10
ZM Zoom Communications Inc. New 0.10% +0.10

Notes & Other Activity Q3 2025 → Q4 2025
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal New 38,000 $202K
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal Reduce -46.1% 35,000 $118K
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal Sold out 77,000 $106Kbefore exit
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Sold out 62,000 $85Kbefore exit
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal Reduce -42.7% 47,000 $77K
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal Sold out 74,000 $76Kbefore exit
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal New 59,000 $75K
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal Sold out 63,000 $72Kbefore exit
SEA LTD (SEALTD 2.375 12/01/25) NOTE 2.375%12/0 · principal Sold out 35,000 $69Kbefore exit
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal New 51,000 $68K
GRANITE CONSTRUCTION INC (GVA 3.75 05/15/28) NOTE 3.750% 5/1 · principal Reduce -28.6% 25,000 $63K
VENTAS REALTY LP (VTR 3.75 06/01/26) NOTE 3.750% 6/0 · principal Sold out 47,000 $61Kbefore exit
PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) NOTE 1.000% 4/1 · principal Sold out 59,000 $59Kbefore exit
IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) NOTE 1.500% 9/0 · principal Reduce -52.3% 41,000 $57K
GUARDANT HEALTH INC (GH 1.25 02/15/31) DEBT 1.250% 2/1 · principal Reduce -29.6% 31,000 $57K
UGI CORP (UGI 5 06/01/28) NOTE 5.000% 6/0 · principal New 40,000 $57K
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal Reduce -65.5% 20,000 $55K
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal New 44,000 $55K
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal Reduce -23.4% 36,000 $53K
ALIGNMENT HEALTHCARE (ALHC 4.25 11/15/29) NOTE 4.250%11/1 · principal New 32,000 $48K
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal New 18,000 $46K
LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) NOTE 2.875% 1/1 · principal New 44,000 $46K
ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) NOTE 4.000% 3/1 · principal New 42,000 $46K
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal New 32,000 $45K
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal Reduce -42.4% 19,000 $43K
ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) NOTE 1.750% 8/1 · principal New 43,000 $41K
AFFIRM HOLDINGS INC (AFRM 0.75 12/15/29) NOTE 0.750%12/1 · principal New 36,000 $40K
UNITI GROUP INC (UNIT 7.5 12/01/27) NOTE 7.500%12/0 · principal Sold out 36,000 $39Kbefore exit
STRIDE INC (LRN 1.125 09/01/27) NOTE 1.125% 9/0 · principal Reduce -22.9% 27,000 $37K
GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) NOTE 1.250%11/0 · principal New 31,000 $34K
CENTRUS ENERGY CORP (LEU 2.25 11/01/30) NOTE 2.250%11/0 · principal New 12,000 $32K
UPSTART HOLDINGS INC (UPST 2 10/01/29) NOTE 2.000%10/0 · principal New 25,000 $32K
STRATEGY INC (MSTR 0.625 03/15/30) NOTE 0.625% 3/1 · principal Reduce -42.5% 23,000 $29K
BURLINGTON STORES INC (BURL 1.25 12/15/27) NOTE 1.250%12/1 · principal New 16,000 $24K
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal Sold out 19,000 $22Kbefore exit
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) NOTE 11/0 · principal Sold out 20,000 $20Kbefore exit
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D · principal New 850 $439
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 · principal New 200 $252

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 444$256.8MVUS, VDI, VEM, CGAU, BAP
Q1 2026 432$211.6MVUS, VDI, BAP, CGAU, VEM
Q4 2025 426$208.0MVUS, VDI, CGAU, BAP, HDB
Q3 2025Amended 403$177.9MSSRM, IBN, WB, CGAU, HDB
Q2 2025Amended 376$159.8MIBN, CGAU, VCLN, AAPL, MSFT
Q1 2025Amended 349$150.5MIBN, CGAU, AAPL, VCLN, MMYT
Q4 2024 461$244.5MOCCI, APP, PLTR, HYG, JNK
Q3 2024 453$213.5MOCCI, HYG, APP, TPVG, CEG
Q2 2024 447$203.8MOXFORD LANE CAP CORP, REGN, NVDA, VRTX, TPVG
Q1 2024 421$187.9MTCPC, FANG, OXFORD LANE CAP CORP, REGN, NVDA