Q3 2025 Holdings
Filed 2025-11-14 | 35 holdings | $22.7B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Triple Flag Precious Metal(TFPM) | COM | 89679M104 | $3.9B | 133,815,727 | 17.2% |
| Phillips 66(PSX) | COM | 718546104 | $2.6B | 19,251,000 | 11.5% |
| Suncor Energy Inc New(SU) | COM | 867224107 | $2.2B | 52,670,800 | 9.7% |
| Southwest Airls Co(LUV) | COM | 844741108 | $1.6B | 51,128,500 | 7.2% |
| Invesco QQQ TR(QQQ)Put | UNIT SER 1 | 46090E103 | $1.2B | 2,000,000 | 5.3% |
| Select Sector Spdr TR(XLP)Put | SBI CONS STPLS | 81369Y308 | $1.2B | 15,000,000 | 5.2% |
| Select Sector Spdr TR(XLI)Put | INDL | 81369Y704 | $1.2B | 7,500,000 | 5.1% |
| Ishares TR(IWD)Put | RUS 1000 VAL ETF | 464287598 | $1.0B | 5,000,000 | 4.5% |
| Pinterest Inc(PINS) | CL A | 72352L106 | $900.8M | 28,000,000 | 4.0% |
| Vaneck ETF Trust(GDX)Put | GOLD MINERS ETF | 92189F106 | $878.6M | 11,500,000 | 3.9% |
| Nvidia Corporation(NVDA)Put | COM | 67066G104 | $807.9M | 4,330,000 | 3.6% |
| Invesco QQQ TR(QQQ)Call | UNIT SER 1 | 46090E103 | $750.5M | 1,250,000 | 3.3% |
| Select Sector Spdr TR(XLE)Put | ENERGY | 81369Y506 | $714.7M | 8,000,000 | 3.1% |
| Hewlett Packard Enterprise C(HPE) | COM | 42824C109 | $457.6M | 18,630,978 | 2.0% |
| Uniti Group LLC(UNIT) | COM SHS | 912932100 | $361.2M | 59,012,219 | 1.6% |
| Etsy Inc(ETSY) | COM | 29786A106 | $332.0M | 5,000,000 | 1.5% |
| Spdr Series Trust(XOP)Put | S&P OILGAS EXP | 78468R556 | $317.3M | 2,400,000 | 1.4% |
| Ishares TR(HYG) | IBOXX HI YD ETF | 464288513 | $308.5M | 3,800,000 | 1.4% |
| Select Sector Spdr TR(XLV)Put | SBI HEALTHCARE | 81369Y209 | $278.3M | 2,000,000 | 1.2% |
| Ishares TR(IGV)Put | EXPANDED TECH | 464287515 | $230.0M | 2,000,000 | 1.0% |
| Pepsico Inc(PEP) | COM | 713448108 | $179.1M | 1,275,000 | 0.8% |
| Digital Rlty TR Inc(DLR)Put | COM | 253868103 | $172.9M | 1,000,000 | 0.8% |
| Bill Holdings Inc(BILL) | COM | 090043100 | $158.9M | 3,000,000 | 0.7% |
| Spdr Series Trust(XME)Put | S&P METALS MNG | 78464A755 | $130.5M | 1,400,000 | 0.6% |
| Crown Castle Inc(CCI) | COM | 22822V101 | $118.2M | 1,225,000 | 0.5% |
| Equinix Inc(EQIX) | COM | 29444U700 | $117.5M | 150,000 | 0.5% |
| Ishares TR(IGV)Call | EXPANDED TECH | 464287515 | $115.0M | 1,000,000 | 0.5% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $111.9M | 3,703,746 | 0.5% |
| Sensata Technologies Hldg PL(ST) | SHS | G8060N102 | $99.3M | 3,250,000 | 0.4% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $87.4M | 2,180,151 | 0.4% |
| Wheaton Precious Metals Corp(WPM)Put | COM | 962879102 | $72.7M | 650,000 | 0.3% |
| Strategy Inc | NOTE 0.625% 3/1 | 594972AJ0 | $35.9M | $16,000,000 | 0.2% |
| Wayfair Inc | NOTE 3.500%11/1 | 94419LAR2 | $31.1M | $15,000,000 | 0.1% |
| GCI Liberty Inc(GLIBK) | COM SER C | 36164V800 | $17.8M | 476,895 | 0.1% |
| Oxford Lane Cap Corp(OXLC) | COM | 691543847 | $17.3M | 1,019,239 | 0.1% |