Westchester Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Westchester Capital Management, LLC reported 121 stock positions worth $1.7 billion. Its top holding was Hess (HES) at 14.2% of the portfolio, followed by Kellanova (K, 8.3%) and Championx (CHX, 6.8%). Compared with Q4 2024, it opened 46 new positions, sold out of 33, added to 30 and reduced 14. The biggest buy was Discover Financial Services (DFS, shares +336%) and the biggest sale an exit from Endeavor Group Hold Class A (EDR).
- Most Recent 13F
- Q2 2026
- Location
- VALHALLA, NY
- CIK
- 0001512805
- Portfolio Value
- $1.7B (Q1 2025)
- SEC Filing
- 0000019481-25-000003 ↗ filed May 14, 2025
Holdings Value
Holdings 121 stocks · $1.7B
| HES Hess Corp. | 14.25% | 1,511,033 | $241.4M | Reduce -6.7% |
| K Kellanova | 8.28% | 1,701,179 | $140.3M | Add +6.3% |
| CHX Championx Corp. | 6.79% | 3,857,598 | $115.0M | Add +18.9% |
| DFS Discover Financial Services | 6.45% | 640,000 | $109.2M | Add +336.3% |
| BERY Berry Global Group Inc. | 4.16% | 1,010,164 | $70.5M | Add +45.0% |
| X United States Steel Corp. | 4.07% | 1,632,555 | $69.0M | Reduce -19.4% |
| ITCI Intra-Cellular Therapies Inc. | 3.58% | 460,267 | $60.7M | New |
| BECN Beacon Roofing Supply Inc. | 3.56% | 486,916 | $60.2M | New |
| FYBR Frontier Communications Pare | 2.64% | 1,246,804 | $44.7M | Add +43.2% |
| ARES ACQUISITION CORP II | 2.60% | 3,951,420 | $44.1M | Add +27.5% |
| AZEK The Azek Co. Inc. | 2.42% | 837,227 | $40.9M | New |
| IPG Interpublic Group of Cos Inc. | 2.11% | 1,314,144 | $35.7M | Add +194.7% |
| HEES H&E Equipment Services Inc. | 2.06% | 368,279 | $34.9M | New |
| PTVE Pactiv Evergreen Inc. | 1.70% | 1,598,331 | $28.8M | Reduce -7.4% |
| JNPR Juniper Networks Inc. | 1.64% | 765,234 | $27.7M | Reduce -40.4% |
| ANSC Agriculture & Natural Soluti | 1.55% | 2,464,804 | $26.3M | No change |
| EVRI Everi Holdings Inc. | 1.44% | 1,789,246 | $24.5M | No change |
| AAM Aa Mission Acquisition Cor-A | 1.35% | 2,190,000 | $22.8M | No change |
| ML Moneylion Inc. | 1.26% | 245,816 | $21.3M | Add +178.3% |
| FBMS First Bancshares Inc. | 1.16% | 581,572 | $19.7M | Add +126.5% |
| LBRDA Liberty Broadband-A | 1.16% | 230,845 | $19.6M | New |
| GSRT GSR III Acquisition Corp. | 1.10% | 1,855,000 | $18.6M | Add +67.9% |
| MRLN Merlin Inc. filed as BLEICHROEDER ACQUISITION COR | 0.90% | 1,515,000 | $15.2M | Add +22.2% |
| KFII K&F Growth Acquisition Cor-A | 0.84% | 1,435,000 | $14.3M | New |
| HAYMAKER ACQUISITION CORP 4 | 0.77% | 1,189,028 | $13.1M | Add +6.3% |
| AMED Amedisys Inc. | 0.76% | 138,741 | $12.9M | Reduce -26.9% |
| VACH Voyager Acquisition Corp. | 0.76% | 1,261,894 | $12.8M | Add +68.3% |
| GPAT GP-Act III Acquisition-A | 0.71% | 1,160,852 | $12.0M | Add +27.6% |
| ALDF Aldel Financial II Inc. | 0.71% | 1,184,448 | $12.0M | Reduce -7.1% |
| POLE Andretti Acquisition Corp. Class A | 0.70% | 1,161,916 | $11.8M | No change |
| SIMA Sim Acquisition Corp. I-A | 0.68% | 1,125,000 | $11.5M | Add +73.1% |
| VCIC Vine Hill Capital Class A | 0.64% | 1,058,551 | $10.8M | No change |
| SASR Sandy Spring Bancorp Inc. | 0.62% | 374,087 | $10.5M | Add +10.8% |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.60% | 999,000 | $10.1M | Add +4.2% |
| DMAA Drugs Made in America Acquis | 0.58% | 979,000 | $9.8M | New |
| FACT Fact II Acquisition Corp. | 0.52% | 883,000 | $8.9M | Add +29.3% |
| JACS.U Jackson Acquisition Co. II | 0.52% | 850,000 | $8.7M | Add +70.0% |
| MLACU Mountain Lake Acquisition Co. | 0.49% | 805,100 | $8.3M | No change |
| NETD Nabors Energy Transition C-A | 0.47% | 734,265 | $8.0M | Reduce -48.8% |
| PLMK Plum Acquisition Corp. IV | 0.47% | 800,000 | $8.0M | Add +540.0% |
| LPBB Launch Two Acquisition Class A | 0.45% | 750,000 | $7.6M | Add +50.0% |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 0.42% | 670,481 | $7.1M | No change |
| NTWO Newbury Street II Ac Class A | 0.34% | 575,111 | $5.8M | No change |
| CMCSA Comcast Corp. Class A | 0.33% | 152,800 | $5.6M | Reduce -57.7% |
| PRA Proassurance Corp. | 0.33% | 238,740 | $5.6M | New |
| MACI Melar Acquisition Corp. I-A | 0.32% | 524,707 | $5.4M | New |
| DMAAU Drugs Made in America Acquis | 0.30% | 500,000 | $5.1M | New |
| DYCQ DT Cloud Acquisition Corp. | 0.30% | 469,000 | $5.0M | Add +23.8% |
| SPKLF Spark I Acquisition Corp. | 0.27% | 427,716 | $4.6M | No change |
| ALF Centurion Acquisition Corp. | 0.27% | 436,539 | $4.5M | Add +29.7% |
| SKGR SK Growth Opportunities Co. Class A | 0.25% | 366,348 | $4.3M | No change |
| SBXDF Silverbox Corp. IV-A | 0.25% | 418,365 | $4.3M | No change |
| IPEX Inflection Point Acquisition filed as MAYWOOD ACQUISITION CORP | 0.25% | 426,500 | $4.2M | New |
| WLAC Willow Lane Acquisition Class A | 0.25% | 414,349 | $4.2M | Add +38.1% |
| HSPT Horizon Space Acquisition II | 0.24% | 404,900 | $4.1M | New |
| ENFN Enfusion Inc. Class A | 0.24% | 366,100 | $4.1M | New |
| BDX Becton Dickinson and Co. | 0.24% | 17,801 | $4.1M | New |
| TAVIU Tavia Acquisition Corp. | 0.24% | 400,000 | $4.1M | No change |
| YHNA YHN Acquisition I Ltd. | 0.24% | 398,000 | $4.1M | No change |
| ATIIU Archimedes Tech Spac Partner | 0.24% | 400,000 | $4.0M | New |
| LEGT Legato Merger Corp. III | 0.24% | 383,161 | $4.0M | No change |
| PGACU Pantages Capital Acquisition filed as AIFEEX NEXUS ACQUISITION COR | 0.23% | 385,000 | $3.9M | No change |
| BRSL Brightstar Lottery PLC filed as INTERNATIONAL GAME TECHNOLOG | 0.23% | 240,000 | $3.9M | Add +450.5% |
| PPLI People Inc. filed as IAC INC | 0.23% | 83,516 | $3.8M | New |
| RDAC Rising Dragon Acquisition Co. | 0.22% | 367,500 | $3.7M | No change |
| DTSQ DT Cloud Star Acquisition Co. | 0.21% | 352,500 | $3.6M | Add +182.0% |
| IBAC Ib Acquisition Corp. | 0.21% | 349,019 | $3.6M | No change |
| HSPOF Horizon Space Acquisition I | 0.21% | 297,000 | $3.5M | No change |
| PSX Phillips 66 | 0.20% | 27,500 | $3.4M | New |
| CAPN Cayson Acquisition Corp. | 0.20% | 325,000 | $3.3M | New |
| BKHA Black Hawk Acquisition Cor-A | 0.19% | 300,000 | $3.2M | New |
| DRDBU Roman DBDR Acquisition Corp. | 0.19% | 300,000 | $3.2M | No change |
| AITR AI Transportation Acquisitio | 0.18% | 284,327 | $3.1M | Add +172.5% |
| MLAC Mountain Lake Acquisition-A | 0.18% | 300,000 | $3.0M | New |
| FG MERGER II CORP | 0.17% | 300,000 | $2.9M | New |
| TAVI Tavia Acquisition Corp. | 0.17% | 280,000 | $2.8M | No change |
| RFAI RF Acquisition Corp. II | 0.15% | 250,000 | $2.6M | No change |
| KFIIU K&F Growth Acquisition Corp. | 0.15% | 250,000 | $2.5M | New |
| BUJA Bukit Jalil Global Acquisiti | 0.14% | 213,000 | $2.4M | Add +88.5% |
| GSHRU Gesher Acquisition Corp. II | 0.14% | 240,000 | $2.4M | New |
| FTW Eqv Ventures Acquisition C-A | 0.14% | 235,300 | $2.4M | New |
| DD Dupont DE Nemours Inc. | 0.14% | 31,800 | $2.4M | Reduce -8.1% |
| CCIX Churchill Capital Corp. Ix | 0.14% | 216,969 | $2.3M | No change |
| HON Honeywell International Inc. | 0.14% | 10,900 | $2.3M | New |
| UCFI CN Healthy Food Tech Group C filed as IRON HORSE ACQUISITIONS CORP | 0.13% | 211,965 | $2.2M | No change |
| TONT Graf Global Corp. Class A | 0.13% | 214,057 | $2.2M | Add +213957.0% |
| CEPO Cantor Equity Partners I-A | 0.12% | 200,000 | $2.0M | New |
| SVCCU Stellar V Capital Corp. | 0.12% | 200,000 | $2.0M | New |
| NHICU Newhold Investment Corp. III | 0.12% | 200,000 | $2.0M | New |
| CHAR Charlton Aria Acquisiti Class A | 0.12% | 200,000 | $2.0M | New |
| LOKVU Live Oak Acquisition Corp. V | 0.12% | 200,000 | $2.0M | New |
| ASPC A Spac III Acquisition Class A | 0.12% | 200,000 | $2.0M | New |
| FVN Future Vision II Acquisition | 0.12% | 195,562 | $2.0M | New |
| BSII Black Spade Acquisition II C | 0.12% | 194,588 | $2.0M | No change |
| IIM Invesco Value Municipal Inco | 0.12% | 164,527 | $2.0M | Add +86.5% |
| DYNC Dynamix Corp. | 0.11% | 182,000 | $1.8M | New |
| CLRCF Climaterock Class A | 0.11% | 150,000 | $1.8M | No change |
| BROOKLINE BANCORP INC | 0.10% | 148,244 | $1.6M | New |
| NVG Nuveen Amt-FR Muni CRDT | 0.09% | 123,412 | $1.5M | New |
| MQY BlackRock Muniyield Quality | 0.09% | 130,274 | $1.5M | New |
| NOK Nokia Corp.-Spon ADR | 0.08% | 265,118 | $1.4M | New |
| GLACF Global Lights Acquisition Co. | 0.08% | 125,000 | $1.4M | New |
| RENEF Cartesian Growth Corp. II- A | 0.08% | 110,613 | $1.3M | New |
| NOEM CO2 Energy Transition Corp. | 0.07% | 125,000 | $1.2M | New |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.07% | 107,111 | $1.2M | Reduce -21.0% |
| NZF Nuveen Municipal Credit Inc. | 0.06% | 87,974 | $1.1M | No change |
| BYM BlackRock Muni Inc. QLTY | 0.06% | 97,292 | $1.0M | New |
| CHEB Chenghe Acquisition II Co. | 0.06% | 100,000 | $1.0M | New |
| UYSCU Uy Scuti Acquisition Corp. | 0.06% | 100,000 | $1.0M | New |
| FT Franklin Universal Trust | 0.05% | 118,430 | $892K | Reduce -11.6% |
| VMO Invesco Municipal Opport | 0.05% | 84,363 | $801K | No change |
| KVACF Keen Vision Acquisition Corp. | 0.05% | 70,000 | $787K | New |
| PGAC Pantages Capital Acquisition filed as AIFEEX NEXUS ACQUISITION COR | 0.03% | 58,000 | $582K | New |
| MYI BlackRock Muniyield QLTY III | 0.03% | 51,189 | $563K | Reduce -12.8% |
| NUV Nuveen Municipal Value | 0.03% | 59,644 | $523K | Reduce -17.6% |
| BALL Ball Corp. | 0.03% | 9,744 | $507K | Reduce -75.9% |
| PDCO Patterson Cos Inc. | 0.02% | 12,600 | $394K | No change |
| BRW Saba Capital Income & Opport | 0.02% | 44,689 | $347K | No change |
| NRK Nuveen NY Amt-FR Muni Inc. | 0.02% | 26,125 | $269K | No change |
| MFIC Midcap Financial Investment | 0.01% | 7,702 | $99K | No change |
| GMHS Gamehaus Holdings Inc. | 0.00% | 30,430 | $55K | New |
Options reported separately and not counted above: SPY puts ($139.8M), CMCSA puts ($16.9M), PPLI puts ($10.5M), PSX puts ($8.1M), BDX puts ($8.1M), DD puts ($8.0M), HON puts ($6.8M), BRSL puts ($6.7M), AMCR puts ($5.1M), BALL puts ($3.9M), CWAN puts ($1.9M).
Other holdings (40): bonds, preferreds, convertibles and warrants · $31.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| INFINERA CORP (INFN 3.75 08/01/28) | NOTE 3.750% 8/0 · principal | 23,670,000 | $30.2M | Add +42.0% |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | 749,999 | $225K | No change |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 102,746 | $115K | Reduce -41.3% |
| DYCQR DT Cloud Acquisition Cor-RTS | RIGHT 02/14/2029 | 378,936 | $87K | No change |
| IROHR Iron Horse Acquisitions Righ | RIGHT 99/99/9999 | 243,606 | $73K | No change |
| AFJKR Aimei Health Technology Co. L | RIGHT 11/17/2028 | 288,212 | $63K | No change |
| QETAR Quetta Acquisition Corp.-RTS | RIGHT 99/99/9999 | 35,862 | $58K | No change |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 139,454 | $49K | New |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | 250,000 | $47K | No change |
| BUJAR Bukit Jalil Global Acquisiti | RIGHT 12/30/2024 | 150,000 | $39K | No change |
| ESHAR Esh Acquisition Corp. - Right | RIGHT 06/13/2028 | 400,000 | $35K | No change |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 334,999 | $35K | No change |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 213,447 | $34K | New |
| GLLRF Global Lights Acquisition Co. | RIGHT 99/99/9999 | 150,000 | $33K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 224,998 | $25K | No change |
| CAPNR Cayson Acquisition Corp. | RIGHT 99/99/9999 | 150,000 | $21K | New |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | 349,019 | $21K | No change |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | 649,000 | $21K | No change |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | 167,497 | $19K | No change |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | 153,300 | $17K | Reduce -67.0% |
| LDTDF Prospector Leddartech Alm-28 | *W EXP 12/21/202 | 281,449 | $15K | No change |
| CRGOW Freightos Ltd.-CW28 | *W EXP 99/99/999 | 64,998 | $12K | No change |
| BZFDW Buzzfeed Inc. -CW27 | *W EXP 12/03/202 | 145,837 | $8K | No change |
| UCFIW Iron Horse Acquisition Co.-29 | *W EXP 09/30/203 | 243,606 | $7K | No change |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | 44,785 | $6K | No change |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 124,999 | $6K | No change |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | 99,994 | $5K | No change |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 100,000 | $5K | No change |
| ZEOWW Esgen Acquisition A -CW23 | *W EXP 03/13/202 | 87,498 | $5K | No change |
| REEWF Cartesian Growth Corp. II -28 | *W EXP 07/12/202 | 83,331 | $5K | No change |
| OAKUW Oak Woods Acquisition -28 | *W EXP 99/99/999 | 100,000 | $3K | No change |
| BUJAW Bukit Jalil Global Acquis-28 | *W EXP 12/30/202 | 74,998 | $3K | No change |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 85,801 | $2K | No change |
| GBBKW Global Blockchain Acq-CW27 | *W EXP 05/09/202 | 100,000 | $2K | No change |
| VEEAW Plum Acquisition I A -CW28 | *W EXP 09/13/202 | 26,913 | $2K | No change |
| ZAPWF Zapp Electric Vehicles -28 | *W EXP 99/99/999 | 199,999 | $2K | No change |
| XBPEW CF Acquisition Viii A -CW27 | *W EXP 11/30/202 | 62,499 | $2K | No change |
| PBMWW Psyence Biomedical Ltd. | *W EXP 01/22/202 | 92,073 | $2K | No change |
| MKDWW MKD Tech Inc. -29 | *W EXP 06/10/202 | 82,560 | $942 | No change |
| CEROW Phoenix Biotech Acq -CW26 | *W EXP 02/13/202 | 74,998 | $937 | No change |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q4 2024 → Q1 2025
| EDR Endeavor Group Hold Class A | Sold out | 0.00% | −9.63 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −6.56 |
| HTLF Heartland Financial USA Inc. | Sold out | 0.00% | −3.68 |
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −3.08 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −2.46 |
| ARCH Arch Resources Inc. | Sold out | 0.00% | −1.68 |
| ALTR Altair Engineering Inc. Class A | Sold out | 0.00% | −1.36 |
| JNPR Juniper Networks Inc. | Reduce -40.4% | 1.64% | −1.23 |
| ALTM Arcadium Lithium PLC | Sold out | 0.00% | −1.07 |
| ZUO Zuora Inc. Class A | Sold out | 0.00% | −0.83 |
| GEAR Revelyst Inc. | Sold out | 0.00% | −0.62 |
| CMCSA Comcast Corp. Class A | Reduce -57.7% | 0.33% | −0.48 |
| NETD Nabors Energy Transition C-A | Reduce -48.8% | 0.47% | −0.45 |
| SSB Southstate Bank Corp. | Sold out | 0.00% | −0.34 |
| PLAOF Patria Latin American Opport | Sold out | 0.00% | −0.31 |
| QETA Quetta Acquisition Corp. | Sold out | 0.00% | −0.28 |
| AMED Amedisys Inc. | Reduce -26.9% | 0.76% | −0.27 |
| VACHU Voyager Acquisition Corp. | Sold out | 0.00% | −0.26 |
| SIMAU Sim Acquisition Corp. I | Sold out | 0.00% | −0.23 |
| CCIR Cohen Circle Acquisitio Class A | Sold out | 0.00% | −0.21 |
| CDMO Avid Bioservices Inc. | Sold out | 0.00% | −0.19 |
| OAKU Oak Woods Acquisition Corp. Class A | Sold out | 0.00% | −0.19 |
| AFJK Aimei Health Technology Co. | Sold out | 0.00% | −0.18 |
| EGRVF Evergreen Corporation Class A | Sold out | 0.00% | −0.18 |
| TDACU Translational Development Ac | Sold out | 0.00% | −0.17 |
| LATG Chenghe Acquisition I Co. | Sold out | 0.00% | −0.15 |
| GSRTU GSR III Acquisition Corp. | Sold out | 0.00% | −0.15 |
| BOWN Bowen Acquisition Corp. | Sold out | 0.00% | −0.14 |
| FTW.U Eqv Ventures Acquisition Cor | Sold out | 0.00% | −0.14 |
| TONT.U Graf Global Corp. | Sold out | 0.00% | −0.13 |
| BALL Ball Corp. | Reduce -75.9% | 0.03% | −0.10 |
| AIMTF Aimfinity Investment-Subunit | Sold out | 0.00% | −0.10 |
| PTVE Pactiv Evergreen Inc. | Reduce -7.4% | 1.70% | −0.10 |
| CAPNU Cayson Acquisition Corp. | Sold out | 0.00% | −0.09 |
| ISRLF Israel Acquisitions Corp. Class A | Sold out | 0.00% | −0.07 |
| GODN Golden Star Acquisition Corp. | Sold out | 0.00% | −0.07 |
| ALFUU Centurion Acquisition Corp. | Sold out | 0.00% | −0.06 |
| ALDF Aldel Financial II Inc. | Reduce -7.1% | 0.71% | −0.05 |
| BKHAU Black Hawk Acquisition Corp. | Sold out | 0.00% | −0.03 |
| X United States Steel Corp. | Reduce -19.4% | 4.07% | −0.02 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -21.0% | 0.07% | −0.02 |
| DD Dupont DE Nemours Inc. | Reduce -8.1% | 0.14% | −0.02 |
| CLBR.U Colombier Acquis Corp. II | Sold out | 0.00% | −0.01 |
| NUV Nuveen Municipal Value | Reduce -17.6% | 0.03% | −0.01 |
| FT Franklin Universal Trust | Reduce -11.6% | 0.05% | −0.01 |
| MYI BlackRock Muniyield QLTY III | Reduce -12.8% | 0.03% | −0.01 |
| HES Hess Corp. | Reduce -6.7% | 14.25% | +1.42 |
Portfolio Buys Q4 2024 → Q1 2025
| DFS Discover Financial Services | Add +336.3% | 6.45% | +4.94 |
| ITCI Intra-Cellular Therapies Inc. | New | 3.58% | +3.58 |
| BECN Beacon Roofing Supply Inc. | New | 3.56% | +3.56 |
| AZEK The Azek Co. Inc. | New | 2.42% | +2.42 |
| HEES H&E Equipment Services Inc. | New | 2.06% | +2.06 |
| CHX Championx Corp. | Add +18.9% | 6.79% | +1.54 |
| BERY Berry Global Group Inc. | Add +45.0% | 4.16% | +1.48 |
| IPG Interpublic Group of Cos Inc. | Add +194.7% | 2.11% | +1.36 |
| LBRDA Liberty Broadband-A | New | 1.16% | +1.16 |
| KFII K&F Growth Acquisition Cor-A | New | 0.84% | +0.84 |
| FYBR Frontier Communications Pare | Add +43.2% | 2.64% | +0.84 |
| ML Moneylion Inc. | Add +178.3% | 1.26% | +0.80 |
| FBMS First Bancshares Inc. | Add +126.5% | 1.16% | +0.63 |
| DMAA Drugs Made in America Acquis | New | 0.58% | +0.58 |
| ARES ACQUISITION CORP II | Add +27.5% | 2.60% | +0.57 |
| K Kellanova | Add +6.3% | 8.28% | +0.57 |
| PLMK Plum Acquisition Corp. IV | Add +540.0% | 0.47% | +0.47 |
| GSRT GSR III Acquisition Corp. | Add +67.9% | 1.10% | +0.45 |
| PRA Proassurance Corp. | New | 0.33% | +0.33 |
| MACI Melar Acquisition Corp. I-A | New | 0.32% | +0.32 |
| VACH Voyager Acquisition Corp. | Add +68.3% | 0.76% | +0.31 |
| DMAAU Drugs Made in America Acquis | New | 0.30% | +0.30 |
| SIMA Sim Acquisition Corp. I-A | Add +73.1% | 0.68% | +0.29 |
| IPEX Inflection Point Acquisition | New | 0.25% | +0.25 |
| HSPT Horizon Space Acquisition II | New | 0.24% | +0.24 |
| ENFN Enfusion Inc. Class A | New | 0.24% | +0.24 |
| BDX Becton Dickinson and Co. | New | 0.24% | +0.24 |
| ATIIU Archimedes Tech Spac Partner | New | 0.24% | +0.24 |
| PPLI People Inc. | New | 0.23% | +0.23 |
| JACS.U Jackson Acquisition Co. II | Add +70.0% | 0.52% | +0.22 |
| PSX Phillips 66 | New | 0.20% | +0.20 |
| CAPN Cayson Acquisition Corp. | New | 0.20% | +0.20 |
| BKHA Black Hawk Acquisition Cor-A | New | 0.19% | +0.19 |
| BRSL Brightstar Lottery PLC | Add +450.5% | 0.23% | +0.18 |
| MLAC Mountain Lake Acquisition-A | New | 0.18% | +0.18 |
| FG MERGER II CORP | New | 0.17% | +0.17 |
| MRLN Merlin Inc. | Add +22.2% | 0.90% | +0.17 |
| GPAT GP-Act III Acquisition-A | Add +27.6% | 0.71% | +0.16 |
| LPBB Launch Two Acquisition Class A | Add +50.0% | 0.45% | +0.15 |
| KFIIU K&F Growth Acquisition Corp. | New | 0.15% | +0.15 |
| GSHRU Gesher Acquisition Corp. II | New | 0.14% | +0.14 |
| FTW Eqv Ventures Acquisition C-A | New | 0.14% | +0.14 |
| DTSQ DT Cloud Star Acquisition Co. | Add +182.0% | 0.21% | +0.14 |
| HON Honeywell International Inc. | New | 0.14% | +0.14 |
| TONT Graf Global Corp. Class A | Add +213957.0% | 0.13% | +0.13 |
| CEPO Cantor Equity Partners I-A | New | 0.12% | +0.12 |
| SVCCU Stellar V Capital Corp. | New | 0.12% | +0.12 |
| NHICU Newhold Investment Corp. III | New | 0.12% | +0.12 |
| CHAR Charlton Aria Acquisiti Class A | New | 0.12% | +0.12 |
| LOKVU Live Oak Acquisition Corp. V | New | 0.12% | +0.12 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +92.3% | 250,000 | $139.8M |
| CMCSA Comcast Corp. Class A | put | Add +26.4% | 457,000 | $16.9M |
| PPLI People Inc. | put | New | 229,200 | $10.5M |
| PSX Phillips 66 | put | New | 66,000 | $8.1M |
| BDX Becton Dickinson and Co. | put | New | 35,200 | $8.1M |
| DD Dupont DE Nemours Inc. | put | Add +48.9% | 106,900 | $8.0M |
| HON Honeywell International Inc. | put | New | 32,100 | $6.8M |
| BRSL Brightstar Lottery PLC | put | Add +140.6% | 411,100 | $6.7M |
| ALTM Arcadium Lithium PLC | put | Sold out | 1,002,600 | $5.1Mbefore exit |
| BALL Ball Corp. | put | Reduce -39.0% | 74,400 | $3.9M |
| X United States Steel Corp. | put | Sold out | 100,000 | $3.4Mbefore exit |
| CWAN Clearwater Analytics HDS-A | put | New | 70,400 | $1.9M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| INFINERA CORP (INFN 3.75 08/01/28) | NOTE 3.750% 8/0 · principal | Add +42.0% | 23,670,000 | $30.2M |
| TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) | NOTE 12/1 · principal | Sold out | 20,961,000 | $20.8Mbefore exit |
| GCMGW GCM Grosvenor Inc. A -CW25 | *W EXP 11/17/202 | Sold out | 176,458 | $222Kbefore exit |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | Reduce -41.3% | 102,746 | $115K |
| QSIAW Quantum-Si Inc. -CW27 | *W EXP 06/10/202 | Sold out | 65,618 | $82Kbefore exit |
| GODNR Golden Star Acquisitio-Right | RIGHT 03/30/2025 | Sold out | 250,000 | $77Kbefore exit |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | New | 139,454 | $49K |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | New | 213,447 | $34K |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | Sold out | 204,349 | $33Kbefore exit |
| CAPNR Cayson Acquisition Corp. | RIGHT 99/99/9999 | New | 150,000 | $21K |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 | Reduce -67.0% | 153,300 | $17K |
| AILWQ Arrowroot Acquisition -CW26 | *W EXP 04/16/202 | Sold out | 511,262 | $7Kbefore exit |
| MARXR Mars Acquisition Corp.-Rights | RIGHT 99/99/9999 | Sold out | 6,213 | $2Kbefore exit |
| EGUVF Evergreen Corporation -CW27 | *W EXP 02/08/202 | Sold out | 50,000 | $1Kbefore exit |
| PPYAW Papaya Growth Opportuni-CW23 | *W EXP 12/31/202 | Sold out | 20,045 | $442before exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 228 | $2.0B | EA, NSC, WBD, GTLS, WBS |
| Q1 2026 | 233 | $2.1B | EA, NSC, WBD, WBS, GTLS |
| Q4 2025 | 221 | $2.1B | CYBR, EA, NSC, WBD, GTLS |
| Q3 2025 | 191 | $1.9B | COOP, K, CYBR, GTLS, TECK |
| Q2 2025 | 153 | $1.7B | HES, K, CHX, FYBR, COOP |
| Q1 2025 | 121 | $1.7B | HES, K, CHX, DFS, BERY |
| Q4 2024 | 112 | $1.7B | HES, EDR, K, HCP, CHX |
| Q3 2024 | 120 | $2.1B | HES, EDR, SWN, HCP, AMED |
| Q2 2024 | 144 | $2.3B | HES, EDR, WRK, X, AMED |
| Q1 2024 | 170 | $2.3B | PXD, HES, WRK, X, AMED |