Q4 2025 Holdings
Filed 2026-02-17 | 270 holdings | $4.4B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Ishares TR(LQD) | IBOXX INV CP ETF | 464287242 | $772.6M | 7,011,298 | 17.6% |
| Invesco QQQ TR(QQQ)Put | UNIT SER 1 | 46090E103 | $277.7M | 452,000 | 6.3% |
| ON Semiconductor Corp | NOTE 0.500% 3/0 | 682189AU9 | $144.6M | $152,175,000 | 3.3% |
| Spdr S&P 500 ETF TR(SPY)Call | TR UNIT | 78462F103 | $136.4M | 200,000 | 3.1% |
| Intel Corp(INTC)Call | COM | 458140100 | $135.8M | 3,680,000 | 3.1% |
| Norfolk Southn Corp(NSC) | COM | 655844108 | $128.3M | 444,247 | 2.9% |
| Etsy Inc | NOTE 0.125%10/0 | 29786AAJ5 | $120.8M | $119,222,000 | 2.8% |
| Ishares TR(IGSB) | ISHS 1-5YR INVS | 464288646 | $120.0M | 2,270,000 | 2.7% |
| Invesco Exchange Traded FD T(RSP)Call | S&P500 EQL WGT | 46137V357 | $113.1M | 590,500 | 2.6% |
| Itron Inc | NOTE3/1 | 465741AN6 | $110.1M | $110,965,000 | 2.5% |
| Txnm Energy Inc(TXNM) | COM | 69349H107 | $108.0M | 1,834,874 | 2.5% |
| Akamai Technologies Inc | NOTE 0.375% 9/0 | 00971TAL5 | $105.7M | $105,002,000 | 2.4% |
| Ishares Inc(EWZ)Call | MSCI BRAZIL ETF | 464286400 | $104.8M | 3,300,000 | 2.4% |
| Kimberly-Clark Corp(KMB)Call | COM | 494368103 | $88.3M | 875,500 | 2.0% |
| Trip COM Group LTD | NOTE 0.750% 6/1 | 89677QAB3 | $80.0M | $65,000,000 | 1.8% |
| Jazz Investments I LTD | NOTE 2.000% 6/1 | 472145AF8 | $74.5M | $64,300,000 | 1.7% |
| Bill Holdings Inc | NOTE4/0 | 090043AF7 | $74.0M | $80,150,000 | 1.7% |
| Microchip Technology Inc. | NOTE 0.750% 6/0 | 595017BG8 | $68.3M | $69,563,000 | 1.6% |
| Apollo Global Mgmt Inc | SER A MAND CNV | 03769M304 | $67.9M | 900,000 | 1.5% |
| Invesco QQQ TR(QQQ)Call | UNIT SER 1 | 46090E103 | $61.4M | 100,000 | 1.4% |
| Ishares TR(TLT)Call | 20 YR TR BD ETF | 464287432 | $52.3M | 600,000 | 1.2% |
| Ishares TR(TLT)Put | 20 YR TR BD ETF | 464287432 | $52.3M | 600,000 | 1.2% |
| Kyivstar Group LTD(KYIV) | ORD SHS | G5331N101 | $49.8M | 3,834,088 | 1.1% |
| Ishares TR(IWM)Call | RUSSELL 2000 ETF | 464287655 | $49.2M | 200,000 | 1.1% |
| Ishares TR(IWM)Put | RUSSELL 2000 ETF | 464287655 | $49.2M | 200,000 | 1.1% |
| Akamai Technologies Inc | NOTE 1.125% 2/1 | 00971TAN1 | $45.8M | $46,318,000 | 1.0% |
| Ford MTR Co | NOTE3/1 | 345370CZ1 | $44.1M | $42,500,000 | 1.0% |
| Dexcom Inc | NOTE 0.375% 5/1 | 252131AM9 | $43.8M | $47,500,000 | 1.0% |
| Coinbase Global Inc | NOTE 0.250% 4/0 | 19260QAF4 | $41.1M | $40,000,000 | 0.9% |
| H World Group LTD | NOTE 3.000% 5/0 | 44332NAB2 | $38.3M | $30,000,000 | 0.9% |
| Tyler TEX Indpt SCH Dist | NOTE 0.250% 3/1 | 902252AB1 | $37.4M | $37,000,000 | 0.9% |
| Albemarle Corp(ALBPA) | 7.25% DEP SHS A | 012653200 | $35.4M | 600,000 | 0.8% |
| Hewlett Packard Enterprise C(HPEPC) | 7.625 MAND CONV | 42824C208 | $34.8M | 525,000 | 0.8% |
| Dropbox Inc | NOTE3/0 | 26210CAC8 | $34.2M | $34,500,000 | 0.8% |
| Echostar Corp(SATS) | CL A | 278768106 | $33.1M | 304,650 | 0.8% |
| Nvidia Corporation(NVDA)Put | COM | 67066G104 | $32.6M | 175,000 | 0.7% |
| LI Auto Inc | NOTE 0.250% 5/0 | 50202MAB8 | $31.8M | $31,500,000 | 0.7% |
| Strategy Inc(MSTR)Put | CL A NEW | 594972408 | $30.4M | 200,000 | 0.7% |
| Spotify USA Inc | NOTE3/1 | 84921RAB6 | $30.2M | $26,500,000 | 0.7% |
| Draftkings Inc New | NOTE3/1 | 26142RAB0 | $30.1M | $32,900,000 | 0.7% |
| Warner Bros Discovery Inc(WBD) | COM SER A | 934423104 | $28.8M | 1,000,000 | 0.7% |
| Kyivstar Group LTD(KYIV)Call | ORD SHS | G5331N101 | $27.7M | 2,137,300 | 0.6% |
| Coinbase Global Inc | NOTE 0.500% 6/0 | 19260QAB3 | $25.0M | $25,024,000 | 0.6% |
| Dropbox Inc | NOTE3/0 | 26210CAD6 | $24.7M | $24,500,000 | 0.6% |
| Bridgebio Pharma Inc | NOTE 2.250% 2/0 | 10806XAD4 | $24.5M | $21,730,000 | 0.6% |
| American Axle & MFG Hldgs in(DCH) | COM | 024061103 | $24.0M | 3,737,937 | 0.5% |
| The Realreal Inc | DEBT 4.000% 2/1 | 88339PAJ0 | $23.6M | $13,897,000 | 0.5% |
| Blue Acquisition Corp. | ORD SHS CL A | G1331A108 | $20.0M | 1,960,185 | 0.5% |
| Chemours Co(CC) | COM | 163851108 | $19.5M | 1,651,275 | 0.4% |
| Ishares TR(ITB)Call | US HOME CONS ETF | 464288752 | $19.3M | 200,000 | 0.4% |