Westwood Holdings Group Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed October 8, 2025), Westwood Holdings Group Inc. reported 419 stock positions worth $13.7 billion. Its top holding was Energy Transfer (ET) at 2.2% of the portfolio, followed by Williams Cos (WMB, 1.9%) and Vanguard Ftse Developed ETF (VEA, 1.6%). Compared with Q1 2025, it opened 49 new positions, sold out of 46, added to 155 and reduced 187. The biggest buy was Texas Instruments (TXN, shares +327%) and the biggest sale Unitedhealth (UNH, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001165002
- Portfolio Value
- $13.7B (Q2 2025)
- SEC Filing
- 0001085146-25-005822 ↗ filed Oct 8, 2025
Holdings Value
Holdings 419 stocks · $13.7B
| ET Energy Transfer LP | 2.21% | 16,679,980 | $302.4M | Reduce -0.6% |
| WMB Williams Cos Inc. | 1.89% | 4,111,607 | $258.3M | Add +1.0% |
| VEA Vanguard Ftse Developed ETF | 1.65% | 3,955,066 | $225.5M | Add +25.1% |
| MSFT Microsoft Corp. | 1.62% | 445,453 | $221.6M | Reduce -20.5% |
| KMI Kinder Morgan Inc. | 1.52% | 7,058,772 | $207.5M | Add +9.6% |
| LNG Cheniere Energy Inc. | 1.43% | 806,148 | $196.3M | Reduce -1.3% |
| JPM JPMorgan Chase & Co. | 1.43% | 676,264 | $196.1M | Reduce -8.7% |
| EPD Enterprise Products Partners | 1.28% | 5,642,994 | $175.0M | Reduce -1.9% |
| TRGP Targa Resources Corp. | 1.21% | 953,969 | $166.1M | Reduce -12.8% |
| OKE Oneok Inc. | 1.15% | 1,936,535 | $158.1M | Reduce -18.6% |
| ABT Abbott Laboratories | 1.06% | 1,069,745 | $145.5M | Reduce -9.7% |
| BCC Boise Cascade Co. | 1.04% | 1,645,026 | $142.8M | Add +9.7% |
| AMZN Amazon.com Inc. | 1.02% | 633,909 | $139.1M | Add +176.8% |
| GS Goldman Sachs Group Inc. | 1.01% | 194,769 | $137.8M | Reduce -0.8% |
| UNP Union Pacific Corp. | 0.97% | 574,798 | $132.2M | Reduce -2.9% |
| GOOGL Alphabet Inc. Class A | 0.93% | 723,005 | $127.4M | Reduce -2.1% |
| HUBB Hubbell Inc. | 0.88% | 294,685 | $120.4M | Reduce -1.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.87% | 963,969 | $119.5M | Add +9.5% |
| DTM DT Midstream Inc. | 0.87% | 1,086,517 | $119.4M | Add +2.9% |
| TXN Texas Instruments Inc. | 0.87% | 573,043 | $119.0M | Add +327.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.85% | 2,457,892 | $116.3M | Reduce -9.6% |
| GD General Dynamics Corp. | 0.85% | 398,358 | $116.2M | Add +41.4% |
| VRRM Verra Mobility Corp. | 0.84% | 4,541,025 | $115.3M | Reduce -6.8% |
| MPLX MPLX LP | 0.83% | 2,205,946 | $113.6M | Add +1.5% |
| RMBS Rambus Inc. | 0.81% | 1,737,062 | $111.2M | Add +41.0% |
| JNJ Johnson & Johnson | 0.81% | 726,257 | $110.9M | Reduce -15.5% |
| PCH Potlatchdeltic Corp. | 0.78% | 2,792,075 | $107.1M | Add +19.8% |
| AIR Aar Corp. | 0.78% | 1,555,465 | $107.0M | Reduce -2.1% |
| ENB Enbridge Inc. | 0.76% | 2,301,067 | $104.3M | Add +83.1% |
| WEC WEC Energy Group Inc. | 0.75% | 987,623 | $102.9M | Reduce -6.0% |
| IPAR Interparfums Inc. | 0.74% | 775,590 | $101.8M | Add +66.8% |
| CDP Copt Defense Properties | 0.73% | 3,621,591 | $99.9M | Reduce -0.1% |
| ICE Intercontinental Exchange Inc. | 0.72% | 538,101 | $98.7M | Add +13.4% |
| TRP TC Energy Corp. | 0.72% | 2,010,769 | $98.1M | Reduce -0.1% |
| BLD Topbuild Corp. | 0.71% | 302,416 | $97.9M | Add +10.2% |
| TMUS T-Mobile US Inc. | 0.71% | 409,306 | $97.5M | Reduce -11.5% |
| WFC Wells Fargo & Co. | 0.71% | 1,217,182 | $97.5M | Add +2.5% |
| BLBD Blue Bird Corp. | 0.70% | 2,234,878 | $96.5M | Reduce -7.0% |
| PIPR Piper Sandler Cos | 0.70% | 343,809 | $95.6M | Reduce -3.7% |
| ASO Academy Sports & Outdoors Inc. | 0.69% | 2,110,172 | $94.6M | Add +5.9% |
| BWXT BWX Technologies Inc. | 0.69% | 654,645 | $94.3M | Reduce -31.7% |
| SM SM Energy Co. | 0.67% | 3,731,350 | $92.2M | Add +16.3% |
| SXT Sensient Technologies Corp. | 0.67% | 926,516 | $91.3M | New |
| V Visa Inc. Class A | 0.66% | 254,527 | $90.4M | Reduce -1.7% |
| XOM Exxon Mobil Corp. | 0.65% | 830,480 | $89.5M | Add +0.5% |
| CVX Chevron Corp. | 0.65% | 623,595 | $89.3M | Add +0.0% |
| CRM Salesforce Inc. | 0.65% | 324,960 | $88.6M | Add +8.3% |
| MOG.A Moog Inc. Class A | 0.64% | 485,150 | $87.8M | Reduce -4.3% |
| PGR Progressive Corp. | 0.61% | 314,738 | $84.0M | Add +14.2% |
| WMT Walmart Inc. | 0.61% | 849,668 | $83.1M | Reduce -6.1% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 0.60% | 1,920,530 | $82.2M | Add +8.0% |
| HESM Hess Midstream LP Class A | 0.59% | 2,096,560 | $80.7M | Add +92.4% |
| AVA Avista Corp. | 0.58% | 2,110,711 | $80.1M | Add +52.7% |
| MRVL Marvell Technology Inc. | 0.58% | 1,033,966 | $80.0M | Add +17.9% |
| CAKE The Cheesecake Factory Inc. | 0.58% | 1,274,487 | $79.9M | Reduce -18.2% |
| CHD Church & Dwight Co. Inc. | 0.58% | 830,875 | $79.9M | Reduce -6.7% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 0.58% | 2,507,921 | $79.0M | Add +110.2% |
| SBCF Seacoast Banking Corp. | 0.56% | 2,800,157 | $77.3M | Reduce -2.4% |
| FBNC First Bancorp | 0.56% | 1,741,463 | $76.8M | Add +11353.2% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.55% | 236,565 | $75.7M | Reduce -0.6% |
| BANR Banner Corporation | 0.55% | 1,179,927 | $75.7M | Add +3.2% |
| CCS Century Communities Inc. | 0.55% | 1,341,781 | $75.6M | Add +26.6% |
| CHCO City Holding Co. filed as CITY HLDG CO | 0.55% | 616,151 | $75.4M | Reduce -2.4% |
| ECG Everus Construction Group | 0.55% | 1,184,219 | $75.2M | Reduce -41.5% |
| BL Blackline Inc. | 0.54% | 1,314,731 | $74.4M | Add +10.8% |
| RNST Renasant Corp. | 0.54% | 2,069,920 | $74.4M | Reduce -2.5% |
| AUB Atlantic Union Bankshares Co. | 0.54% | 2,376,734 | $74.3M | Add +10.4% |
| ALG Alamo Group Inc. | 0.54% | 340,363 | $74.3M | Reduce -15.1% |
| UE Urban Edge Properties | 0.54% | 3,943,404 | $73.6M | Reduce -0.1% |
| ORLY O'reilly Automotive Inc. | 0.54% | 816,156 | $73.6M | Reduce -11.5% |
| PLD Prologis Inc. | 0.53% | 696,705 | $73.2M | Add +5.2% |
| SCL Stepan Co. | 0.53% | 1,336,855 | $73.0M | Add +6.7% |
| PLYM Plymouth Industrial REIT Inc. | 0.53% | 4,525,181 | $72.7M | Add +0.1% |
| NEE Nextera Energy Inc. | 0.53% | 1,045,840 | $72.6M | Reduce -11.3% |
| MMSI Merit Medical Systems Inc. | 0.52% | 768,970 | $71.9M | Add +11.8% |
| GMS GMS Inc. | 0.52% | 660,082 | $71.8M | Reduce -29.3% |
| FCPT Four Corners Property Trust | 0.52% | 2,664,363 | $71.7M | Add +12829.4% |
| SFNC Simmons First Natl Corp. Class A | 0.52% | 3,737,214 | $70.9M | Add +7.3% |
| PBH Prestige Consumer Healthcare | 0.51% | 881,908 | $70.4M | Add +2.4% |
| WES Western Midstream Partners L | 0.51% | 1,808,402 | $70.0M | Reduce -3.4% |
| VLTO Veralto Corp. | 0.51% | 691,817 | $69.8M | New |
| SO The Southern Co. | 0.50% | 750,229 | $68.9M | Reduce -13.7% |
| NOG Northern Oil and Gas Inc. | 0.50% | 2,426,373 | $68.8M | Reduce -18.5% |
| WM Waste Management Inc. | 0.50% | 300,600 | $68.8M | Reduce -4.2% |
| VRTX Vertex Pharmaceuticals Inc. | 0.50% | 154,217 | $68.7M | Add +108.5% |
| DRI Darden Restaurants Inc. | 0.50% | 314,564 | $68.6M | Reduce -14.5% |
| HSY The Hershey Co. | 0.50% | 409,107 | $67.9M | Reduce -4.4% |
| ACN Accenture PLC Class A | 0.49% | 223,984 | $66.9M | Reduce -1.5% |
| ADC Agree Realty Corp. | 0.48% | 894,825 | $65.4M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.47% | 132,939 | $64.6M | Reduce -44.7% |
| CNMD Conmed Corp. | 0.47% | 1,237,251 | $64.4M | Reduce -0.0% |
| PAGP Plains GP Holdings LP | 0.45% | 3,173,030 | $61.7M | Reduce -13.8% |
| PBA Pembina Pipeline Corp. | 0.45% | 1,629,929 | $61.1M | Add +14.1% |
| GPOR Gulfport Energy Corp. | 0.44% | 297,939 | $59.9M | Add +16461.4% |
| NBHC National Bank Hold Class A | 0.43% | 1,570,981 | $59.1M | Add +8.3% |
| NVDA Nvidia Corp. | 0.42% | 365,136 | $57.7M | Reduce -2.8% |
| ARCB Arcbest Corp. | 0.42% | 749,093 | $57.7M | Reduce -13.8% |
| NWE Northwestern Energy Group Inc. | 0.42% | 1,118,650 | $57.4M | Add +11.7% |
| AZZ Azz Inc. | 0.42% | 604,002 | $57.1M | Reduce -7.1% |
| CFR Cullen/Frost Bankers Inc. | 0.41% | 439,893 | $56.5M | Add +1.6% |
Other holdings (60): bonds, preferreds, convertibles and warrants · $197.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 180,000 | $12.2M | No change |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 195,150 | $11.5M | Reduce -24.9% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 375,000 | $8.9M | No change |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 283,506 | $8.8M | Add +1.3% |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 190,000 | $8.8M | New |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 7,600,000 | $7.6M | New |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 6,515,000 | $6.5M | No change |
| EXACT SCIENCES CORP (EXAS 0.375 03/15/27) | NOTE 0.375% 3/1 · principal | 6,385,000 | $6.4M | No change |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 6,180,000 | $6.2M | No change |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 6,140,000 | $6.1M | New |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 6,100,000 | $6.1M | No change |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 4,915,000 | $4.9M | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 242,066 | $4.2M | No change |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 3,500,000 | $3.5M | No change |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | 30,000 | $3.5M | New |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 3,000,000 | $3.0M | New |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 3,000,000 | $3.0M | No change |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 3,000,000 | $3.0M | No change |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 3,000,000 | $3.0M | No change |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 3,000,000 | $3.0M | New |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 3,000,000 | $3.0M | New |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 2,800,000 | $2.8M | Add +40.0% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 2,750,000 | $2.8M | Add +10.0% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 2,750,000 | $2.8M | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 2,500,000 | $2.5M | New |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | 2,500,000 | $2.5M | New |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 2,500,000 | $2.5M | No change |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 2,500,000 | $2.5M | New |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 2,500,000 | $2.5M | No change |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | 2,500,000 | $2.5M | New |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | 2,500,000 | $2.5M | New |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 2,250,000 | $2.3M | Add +12.5% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 2,250,000 | $2.3M | No change |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 2,200,000 | $2.2M | New |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 2,000,000 | $2.0M | No change |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | 2,000,000 | $2.0M | New |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 2,000,000 | $2.0M | Add +100.0% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 2,000,000 | $2.0M | Reduce -66.6% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 2,000,000 | $2.0M | No change |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 2,000,000 | $2.0M | New |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 2,000,000 | $2.0M | No change |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 2,000,000 | $2.0M | New |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 2,000,000 | $2.0M | New |
| VEECO INSTRUMENTS INC (VECO 2.875 06/01/29) | NOTE 2.875% 6/0 · principal | 2,000,000 | $2.0M | No change |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | 1,750,000 | $1.8M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 98,002 | $1.7M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 1,500,000 | $1.5M | No change |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 1,500,000 | $1.5M | No change |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 1,500,000 | $1.5M | New |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 1,500,000 | $1.5M | New |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,500,000 | $1.5M | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 1,500,000 | $1.5M | No change |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 1,500,000 | $1.5M | No change |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | 1,470,000 | $1.5M | New |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | 1,100,000 | $1.1M | Add +10.0% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 1,000,000 | $1.0M | No change |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 1,000,000 | $1.0M | New |
| RAPID7 INC (RPD 1.25 03/15/29) | NOTE 1.250% 3/1 · principal | 1,000,000 | $1.0M | No change |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 1,000,000 | $1.0M | New |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 31,000 | $777K | New |
Total filed on the 13F, all lines: $13.9B.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -99.7% | 0.00% | −1.12 |
| SSB Southstate Bank Corp. | Reduce -98.9% | 0.01% | −0.70 |
| OKE Oneok Inc. | Reduce -18.6% | 1.15% | −0.65 |
| FRT Federal Realty Invs Trust | Reduce -77.2% | 0.16% | −0.59 |
| DPZ Domino's Pizza Inc. | Reduce -61.7% | 0.32% | −0.57 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -44.7% | 0.47% | −0.51 |
| CSTM Constellium SE | Sold out | 0.00% | −0.50 |
| CACI Caci International Inc. Class A | Reduce -73.1% | 0.24% | −0.48 |
| TRGP Targa Resources Corp. | Reduce -12.8% | 1.21% | −0.47 |
| JJSF J & J Snack Foods Corp. | Reduce -49.1% | 0.26% | −0.36 |
| HPQ HP Inc. | Sold out | 0.00% | −0.36 |
| TXNM TXNM Energy Inc. | Reduce -46.3% | 0.41% | −0.35 |
| VTLE Vital Energy Inc. | Reduce -47.5% | 0.20% | −0.33 |
| KTOS Kratos Defense & Security | Reduce -76.9% | 0.17% | −0.32 |
| CCOI Cogent Communications Holdin | Sold out | 0.00% | −0.32 |
| PZZA Papa John's Intl Inc. | Sold out | 0.00% | −0.29 |
| VIAV Viavi Solutions Inc. | Sold out | 0.00% | −0.28 |
| JNJ Johnson & Johnson | Reduce -15.5% | 0.81% | −0.28 |
| LFUS Littelfuse Inc. | Reduce -56.5% | 0.26% | −0.28 |
| AMSF Amerisafe Inc. | Sold out | 0.00% | −0.28 |
| MCHP Microchip Technology Inc. | Reduce -87.4% | 0.05% | −0.23 |
| TMUS T-Mobile US Inc. | Reduce -11.5% | 0.71% | −0.23 |
| EPD Enterprise Products Partners | Reduce -1.9% | 1.28% | −0.23 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.21 |
| NOG Northern Oil and Gas Inc. | Reduce -18.5% | 0.50% | −0.19 |
| AVTR Avantor Inc. | Sold out | 0.00% | −0.18 |
| ET Energy Transfer LP | Reduce -0.6% | 2.21% | −0.18 |
| CHD Church & Dwight Co. Inc. | Reduce -6.7% | 0.58% | −0.17 |
| PEP Pepsico Inc. | Reduce -28.2% | 0.25% | −0.16 |
| PAGP Plains GP Holdings LP | Reduce -13.8% | 0.45% | −0.15 |
| IGIC International General Insura | Reduce -84.3% | 0.02% | −0.15 |
| ABT Abbott Laboratories | Reduce -9.7% | 1.06% | −0.14 |
| XLC SS Comm Select Sector SPDR | Sold out | 0.00% | −0.14 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −0.14 |
| STR Sitio Royalties Corp. Class A | Reduce -41.1% | 0.15% | −0.14 |
| ORLY O'reilly Automotive Inc. | Reduce -11.5% | 0.54% | −0.14 |
| HXL Hexcel Corp. | Sold out | 0.00% | −0.13 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.13 |
| WEC WEC Energy Group Inc. | Reduce -6.0% | 0.75% | −0.12 |
| NEE Nextera Energy Inc. | Reduce -11.3% | 0.53% | −0.11 |
| SO The Southern Co. | Reduce -13.7% | 0.50% | −0.11 |
| UNP Union Pacific Corp. | Reduce -2.9% | 0.97% | −0.10 |
| CNMD Conmed Corp. | Reduce -0.0% | 0.47% | −0.10 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.10 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.09 |
| BDX Becton Dickinson and Co. | Reduce -51.5% | 0.05% | −0.09 |
| COLD Americold Realty Trust Inc. | Sold out | 0.00% | −0.09 |
| AGCO Agco Corp. | Sold out | 0.00% | −0.09 |
| HWKN Hawkins Inc. | Reduce -35.8% | 0.40% | −0.09 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.08 |
Portfolio Buys Q1 2025 → Q2 2025
| TXN Texas Instruments Inc. | Add +327.2% | 0.87% | +0.68 |
| AMZN Amazon.com Inc. | Add +176.8% | 1.02% | +0.68 |
| SXT Sensient Technologies Corp. | New | 0.67% | +0.67 |
| FBNC First Bancorp | Add +11353.2% | 0.56% | +0.56 |
| FCPT Four Corners Property Trust | Add +12829.4% | 0.52% | +0.52 |
| VLTO Veralto Corp. | New | 0.51% | +0.51 |
| ADC Agree Realty Corp. | New | 0.48% | +0.48 |
| GPOR Gulfport Energy Corp. | Add +16461.4% | 0.44% | +0.44 |
| VEA Vanguard Ftse Developed ETF | Add +25.1% | 1.65% | +0.42 |
| VECO Veeco Instruments Inc. | Add +16700.8% | 0.40% | +0.40 |
| IPAR Interparfums Inc. | Add +66.8% | 0.74% | +0.34 |
| ENB Enbridge Inc. | Add +83.1% | 0.76% | +0.34 |
| RMBS Rambus Inc. | Add +41.0% | 0.81% | +0.32 |
| HAYW Hayward Holdings Inc. | New | 0.28% | +0.28 |
| YETI Yeti Holdings Inc. | Add +110.2% | 0.58% | +0.28 |
| DFIN Donnelley Financial Solution | New | 0.27% | +0.27 |
| THR Thermon Group Holdings Inc. | Add +15981.5% | 0.27% | +0.27 |
| GD General Dynamics Corp. | Add +41.4% | 0.85% | +0.26 |
| INR Infinity Natural Resour Class A | Add +11720.7% | 0.26% | +0.26 |
| MCK McKesson Corp. | Add +778.7% | 0.29% | +0.26 |
| BOOT Boot Barn Holdings Inc. | New | 0.25% | +0.25 |
| DE Deere & Co. | Add +215.7% | 0.36% | +0.25 |
| HESM Hess Midstream LP Class A | Add +92.4% | 0.59% | +0.24 |
| AMT American Tower Corp. | Add +829.0% | 0.26% | +0.23 |
| VRTX Vertex Pharmaceuticals Inc. | Add +108.5% | 0.50% | +0.23 |
| ADBE Adobe Inc. | Add +1166.8% | 0.24% | +0.22 |
| DIS The Walt Disney Co. | Add +9.5% | 0.87% | +0.21 |
| PWP Perella Weinberg Partners | New | 0.20% | +0.20 |
| MSA Msa Safety Inc. | New | 0.20% | +0.20 |
| MRVL Marvell Technology Inc. | Add +17.9% | 0.58% | +0.17 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +185.2% | 0.26% | +0.17 |
| COF Capital One Financial Corp. | New | 0.16% | +0.16 |
| EVR Evercore Inc. Class A | New | 0.16% | +0.16 |
| MOD Modine Manufacturing Co. | New | 0.16% | +0.16 |
| TXRH Texas Roadhouse Inc. | Add +4711.7% | 0.16% | +0.16 |
| MRX Marex UK Holdings Ltd. | New | 0.15% | +0.15 |
| AHR American Healthcare REIT Inc. | Add +3949.3% | 0.16% | +0.15 |
| PNFP Pinnacle Financial Partners | New | 0.15% | +0.15 |
| HSIC Henry Schein Inc. | New | 0.15% | +0.15 |
| AVA Avista Corp. | Add +52.7% | 0.58% | +0.14 |
| B Barrick Mining Corp. | Add +152.8% | 0.21% | +0.13 |
| TSN Tyson Foods Inc. Class A | New | 0.12% | +0.12 |
| PAAS Pan American Silver Corp. | New | 0.11% | +0.11 |
| KMI Kinder Morgan Inc. | Add +9.6% | 1.52% | +0.11 |
| USFD US Foods Holding Corp. | New | 0.11% | +0.11 |
| CCJ Cameco Corp. | New | 0.10% | +0.10 |
| BL Blackline Inc. | Add +10.8% | 0.54% | +0.10 |
| JEPI JPMorgan Equity Premium Inco | New | 0.10% | +0.10 |
| ICE Intercontinental Exchange Inc. | Add +13.4% | 0.72% | +0.09 |
| DTM DT Midstream Inc. | Add +2.9% | 0.87% | +0.09 |
Notes & Other Activity Q1 2025 → Q2 2025
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Reduce -24.9% | 195,150 | $11.5M |
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Add +1.3% | 283,506 | $8.8M |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | New | 190,000 | $8.8M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | Sold out | 8,113,000 | $8.1Mbefore exit |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | New | 7,600,000 | $7.6M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | New | 6,140,000 | $6.1M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Sold out | 113,150 | $5.2Mbefore exit |
| ROYAL CARIBBEAN CRUISES (RCL 6 08/15/25) | NOTE 6.000% 8/1 · principal | Sold out | 1,000,000 | $4.1Mbefore exit |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Sold out | 100,000 | $3.6Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | New | 30,000 | $3.5M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Sold out | 2,500,000 | $3.0Mbefore exit |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | New | 3,000,000 | $3.0M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | New | 3,000,000 | $3.0M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | New | 3,000,000 | $3.0M |
| SUNRUN INC (RUN 4 03/01/30) | NOTE 4.000% 3/0 · principal | Sold out | 3,900,000 | $2.8Mbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Add +40.0% | 2,800,000 | $2.8M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | New | 2,750,000 | $2.8M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Add +10.0% | 2,750,000 | $2.8M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Sold out | 2,500,000 | $2.6Mbefore exit |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | New | 2,500,000 | $2.5M |
| BURLINGTON STORES INC (BURL 1.25 12/15/27) | NOTE 1.250%12/1 · principal | New | 2,500,000 | $2.5M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | New | 2,500,000 | $2.5M |
| MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) | NOTE 0.750% 6/0 · principal | New | 2,500,000 | $2.5M |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | New | 2,500,000 | $2.5M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Sold out | 2,500,000 | $2.4Mbefore exit |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Add +12.5% | 2,250,000 | $2.3M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | New | 2,200,000 | $2.2M |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | Sold out | 2,000,000 | $2.1Mbefore exit |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Sold out | 2,000,000 | $2.0Mbefore exit |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Reduce -66.6% | 2,000,000 | $2.0M |
| GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) | NOTE 3.250% 6/1 · principal | New | 2,000,000 | $2.0M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | New | 2,000,000 | $2.0M |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | New | 2,000,000 | $2.0M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | New | 2,000,000 | $2.0M |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | Add +100.0% | 2,000,000 | $2.0M |
| EXACT SCIENCES CORP (EXAS 0.375 03/01/28) | NOTE 0.375% 3/0 · principal | Sold out | 2,000,000 | $1.8Mbefore exit |
| ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) | NOTE 2.500% 7/1 · principal | New | 1,750,000 | $1.8M |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | New | 1,500,000 | $1.5M |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | New | 1,500,000 | $1.5M |
| CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) | NOTE 2.375%12/1 · principal | New | 1,470,000 | $1.5M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Sold out | 1,500,000 | $1.4Mbefore exit |
| WESTERN DIGITAL CORP (WDC 3 11/15/28) | NOTE 3.000%11/1 · principal | Add +10.0% | 1,100,000 | $1.1M |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | New | 1,000,000 | $1.0M |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | New | 1,000,000 | $1.0M |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | New | 31,000 | $777K |
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 | 617 | $13.2B | WMB, VEA, ET, BIL, KMI |
| Q1 2026 | 452 | $13.7B | WMB, ET, BIL, VEA, KMI |
| Q4 2025 | 426 | $12.1B | VEA, WMB, KMI, LNG, TRGP |
| Q3 2025 | 433 | $13.8B | ET, WMB, VEA, KMI, LNG |
| Q2 2025Amended | 419 | $13.7B | ET, WMB, VEA, MSFT, KMI |
| Q1 2025 | 416 | $13.1B | ET, WMB, OKE, TRGP, MSFT |
| Q4 2024 | 439 | $12.8B | ET, WMB, MSFT, JPM, TRGP |
| Q3 2024 | 424 | $12.9B | ET, MSFT, WMB, JPM, WES |
| Q2 2024 | 412 | $12.1B | ET, MSFT, LNG, AAPL, JPM |
| Q1 2024Amended | 414 | $12.6B | ET, MSFT, JPM, LNG, OKE |