Q2 2025 Holdings
Filed 2025-08-14 | 75 holdings | $3.0B | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Ishares TR(HYG)Put | IBOXX HI YD ETF | 464288513 | $443.6M | 5,500,000 | 14.9% |
| Ishares TR(IWM)Put | RUSSELL 2000 ETF | 464287655 | $377.6M | 1,750,000 | 12.7% |
| Aercap Holdings NV(AER) | SHS | N00985106 | $167.5M | 1,432,000 | 5.6% |
| Shell PLC(SHEL) | SPON ADS | 780259305 | $161.9M | 2,300,000 | 5.4% |
| Hess Corp(HES) | COM | 42809H107 | $125.5M | 906,000 | 4.2% |
| Liberty Broadband Corp(LBRDK) | COM SER C | 530307305 | $90.6M | 920,781 | 3.0% |
| Marathon Pete Corp(MPC) | COM | 56585A102 | $88.2M | 531,000 | 3.0% |
| Txnm Energy Inc(TXNM) | COM | 69349H107 | $81.2M | 1,442,554 | 2.7% |
| Spdr S&P 500 ETF TR(SPY) | TR UNIT | 78462F103 | $77.1M | 124,848 | 2.6% |
| Acadian Asset Management Inc(AAMI) | COM | 10948W103 | $66.3M | 1,880,634 | 2.2% |
| Enova Intl Inc(ENVA) | COM | 29357K103 | $63.3M | 567,538 | 2.1% |
| CVS Health Corp(CVS) | COM | 126650100 | $59.5M | 862,000 | 2.0% |
| PG&E Corp(PCG) | COM | 69331C108 | $57.2M | 4,100,000 | 1.9% |
| Newmark Group Inc(NMRK) | CL A | 65158N102 | $53.0M | 4,360,150 | 1.8% |
| Cardinal Health Inc(CAH) | COM | 14149Y108 | $52.3M | 311,300 | 1.8% |
| Skechers U S A Inc(SKAA) | CL A | 830566105 | $51.8M | 821,000 | 1.7% |
| Altice USA Inc(OPTU) | CL A | 02156K103 | $49.4M | 23,100,000 | 1.7% |
| Liberty Broadband Corp(LBRDA) | COM SER A | 530307107 | $48.9M | 500,000 | 1.6% |
| Alight Inc(ALIT) | COM CL A | 01626W101 | $48.1M | 8,500,000 | 1.6% |
| British Amern TOB PLC(BMTA) | SPONSORED ADR | 110448107 | $45.0M | 950,000 | 1.5% |
| Blackline Inc | NOTE 1.000% 6/0 | 09239BAF6 | $44.8M | $42,000,000 | 1.5% |
| Bristow Group Inc(VTOL) | COM | 11040G103 | $42.1M | 1,276,000 | 1.4% |
| Pagerduty Inc | NOTE 1.500%10/1 | 69553PAD2 | $38.2M | $40,000,000 | 1.3% |
| Vishay Intertechnology Inc | NOTE 2.250% 9/1 | 928298AR9 | $37.6M | $42,000,000 | 1.3% |
| James Hardie Inds PLC(JHX) | SPONSORED ADR | 47030M106 | $33.8M | 1,257,000 | 1.1% |
| Capital One Finl Corp(COF) | COM | 14040H105 | $31.9M | 150,000 | 1.1% |
| Churchill Cap Corp X | UNIT 05/14/2030 | G2130T124 | $30.9M | 3,000,000 | 1.0% |
| Unitedhealth Group Inc(UNH) | COM | 91324P102 | $29.3M | 94,000 | 1.0% |
| Churchill Capital Corp IX | CL A SHS | G21301109 | $27.7M | 2,633,582 | 0.9% |
| Novagold RES Inc(NG) | COM NEW | 66987E206 | $26.7M | 6,539,000 | 0.9% |
| Nextnav Inc(NN) | COMMON STOCK | 65345N106 | $25.6M | 1,685,000 | 0.9% |
| ON Semiconductor Corp | NOTE 0.500% 3/0 | 682189AU9 | $25.4M | $27,500,000 | 0.9% |
| Advanced Energy Inds | NOTE 2.500% 9/1 | 007973AE0 | $22.2M | $18,500,000 | 0.7% |
| Phillips 66(PSX) | COM | 718546104 | $21.2M | 178,000 | 0.7% |
| Siriusxm Holdings Inc(SIRI) | COMMON STOCK | 829933100 | $20.8M | 905,623 | 0.7% |
| MKS Inc. | NOTE 1.250% 6/0 | 55306NAB0 | $20.3M | $20,500,000 | 0.7% |
| Ardagh Metal Packaging S A(AMBP) | SHS | L02235106 | $17.1M | 4,000,000 | 0.6% |
| Perpetua Resources Corp(PPTA) | COM | 714266103 | $17.0M | 1,396,500 | 0.6% |
| Sinclair Inc(SBGI) | CL A | 829242106 | $15.8M | 1,144,493 | 0.5% |
| Ftai Infrastructure Inc(FIP) | COMMON STOCK | 35953C106 | $14.6M | 2,372,000 | 0.5% |
| Sabre Corp(SABR) | COM | 78573M104 | $14.3M | 4,520,099 | 0.5% |
| Liberty Media Corp del(LLYVK*) | COM LBTY LIV S C | 531229722 | $14.3M | 175,771 | 0.5% |
| Nexgen Energy LTD(NXE) | COM | 65340P106 | $14.2M | 2,051,600 | 0.5% |
| Amphastar Pharmaceuticals in | NOTE 2.000% 3/1 | 03209RAB9 | $13.0M | $15,000,000 | 0.4% |
| Chefs Whse Inc | NOTE 2.375%12/1 | 163086AE1 | $12.5M | $8,000,000 | 0.4% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $11.9M | 100,000 | 0.4% |
| Telephone & Data SYS Inc(TDS) | COM NEW | 879433829 | $11.6M | 325,000 | 0.4% |
| American Coastal INS Corp(ACIC) | COM | 910710102 | $10.5M | 940,500 | 0.4% |
| BIT Digital Inc(BTBT) | SHS | G1144A105 | $9.3M | 4,250,000 | 0.3% |
| Itron Inc | NOTE 1.375% 7/1 | 465741AQ9 | $9.0M | $7,500,000 | 0.3% |