Q2 2025 Holdings
Filed 2025-08-14 | 159 holdings | $422.5M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| First Majestic Silver COR | P NOTE 0.375% 1/1 | 32076VAD5 | $41.6M | $43,340,000 | 9.8% |
| Abrdn Platinum ETF Trust(PPLT) | PHYSCL PLATM SHS | 003260106 | $38.4M | 312,200 | 9.1% |
| Duke Energy Corp New | NOTE 4.125% 4/1 | 26441CBY0 | $23.5M | $22,000,000 | 5.6% |
| SSR Mining in | NOTE 2.500% 4/0 | 784730AB9 | $22.7M | $21,987,000 | 5.4% |
| Sangoma Technologies Corp(SANG) | COM NEW | 80100R408 | $20.1M | 3,237,333 | 4.7% |
| PDD Holdings Inc | NOTE 12/0 | 722304AC6 | $18.0M | $18,500,000 | 4.3% |
| Equinox Gold Corp | NOTE 4.750%10/1 | 29446YAC0 | $14.7M | $12,077,000 | 3.5% |
| Cardlytics Inc | NOTE 4.250% 4/0 | 14161WAD7 | $14.3M | $34,610,000 | 3.4% |
| Magnite Inc | NOTE 0.250% 3/1 | 55955DAB6 | $13.8M | $14,225,000 | 3.3% |
| PAR Technology Corp(PAR) | COM | 698884103 | $13.1M | 188,909 | 3.1% |
| NIO Inc | NOTE 3.875%10/1 | 62914VAJ5 | $12.1M | $16,770,000 | 2.9% |
| Southern Co | NOTE 4.500% 6/1 | 842587DZ7 | $11.1M | $10,000,000 | 2.6% |
| NIO Inc | NOTE 4.625%10/1 | 62914VAK2 | $11.0M | $17,150,000 | 2.6% |
| Burford Cap LTD(BUR) | ORD SHS | G17977110 | $10.6M | 744,713 | 2.5% |
| Opko Health Inc | NOTE 3.750% 1/1 | 68375NAG8 | $10.0M | $7,311,000 | 2.4% |
| PPL Cap FDG Inc | NOTE 2.875% 3/1 | 69352PAS2 | $9.8M | $9,000,000 | 2.3% |
| Western AST Infl LKD OPP & I(WIW) | COM | 95766R104 | $8.7M | 995,797 | 2.1% |
| Ishares Silver TR(SLV) | ISHARES | 46428Q109 | $8.2M | 250,000 | 1.9% |
| Sprott Physical Silver TR(PSLV/U) | TR UNIT | 85207K107 | $8.1M | 665,000 | 1.9% |
| Beyond Meat Inc | NOTE 3/1 | 08862EAB5 | $7.9M | $93,792,000 | 1.9% |
| Txnm Energy Inc | NOTE 5.750% 6/0 | 69349HAF4 | $7.7M | $5,900,000 | 1.8% |
| Forum Energy Technologies in(FET) | COM | 34984V209 | $7.4M | 377,679 | 1.7% |
| Wolfspeed Inc | NOTE 1.750% 5/0 | 225447AD3 | $6.6M | $25,329,000 | 1.6% |
| Esperion Therapeutics Inc NE COM(ESPR) | COM | 29664W105 | $6.6M | 6,676,519 | 1.6% |
| Airbnb Inc | NOTE 3/1 | 009066AB7 | $4.8M | $5,000,000 | 1.1% |
| Docebo Inc(DCBO) | COM | 25609L105 | $4.4M | 151,920 | 1.0% |
| Cardlytics Inc | NOTE 1.000% 9/1 | 14161WAB1 | $4.4M | $4,518,000 | 1.0% |
| Zillow Group Inc(Z) | CL C CAP STK | 98954M200 | $3.5M | 49,757 | 0.8% |
| Wolfspeed Inc | NOTE 1.875%12/0 | 977852AD4 | $3.2M | $12,500,000 | 0.8% |
| Molina Healthcare Inc(MOH) | COM | 60855R100 | $3.0M | 10,115 | 0.7% |
| Esperion Therapeutics Inc NE | NOTE 4.000%11/1 | 29664WAB1 | $3.0M | $3,000,000 | 0.7% |
| Spirit Aviation Hldgs Inc(FLYYQ) | COM | 84863V101 | $2.9M | 578,947 | 0.7% |
| Wolfspeed Inc | NOTE 0.250% 2/1 | 977852AB8 | $2.6M | $10,000,000 | 0.6% |
| Telesat Corp(TSAT) | CL A & CL B SHS | 879512309 | $2.4M | 100,600 | 0.6% |
| Clarivate PLC(CLVT) | ORD SHS | G21810109 | $2.3M | 531,100 | 0.5% |
| Stoneco LTD(STNE) | COM CL A | G85158106 | $2.3M | 141,000 | 0.5% |
| Maravai Lifesciences Hldgs I(MRVI) | COM CL A | 56600D107 | $2.1M | 870,200 | 0.5% |
| ERO Copper Corp(ERO) | COM | 296006109 | $2.1M | 124,450 | 0.5% |
| KKR & Co Inc(KKR) | COM | 48251W104 | $2.0M | 14,720 | 0.5% |
| Kennedy-Wilson Holdings in(KW) | C COM | 489398107 | $1.8M | 264,660 | 0.4% |
| Hexcel Corp New(HXL) | COM | 428291108 | $1.8M | 31,723 | 0.4% |
| Brookfield Corp(BN) | CL A LTD VT SH | 11271J107 | $1.5M | 23,740 | 0.3% |
| Markel Group Inc(MKL) | COM | 570535104 | $1.0M | 515 | 0.2% |
| Microchip Technology Inc.(MCHP) | COM | 595017104 | $1.0M | 14,360 | 0.2% |
| Danaher Corporation(DHR) | COM | 235851102 | $928.4K | 4,700 | 0.2% |
| Lithia Mtrs Inc(LAD) | COM | 536797103 | $810.8K | 2,400 | 0.2% |
| Juniper Networks Inc(JNP) | COM | 48203R104 | $718.7K | 18,000 | 0.2% |
| Elevance Health Inc(ELV) | COM | 036752103 | $700.1K | 1,800 | 0.2% |
| Western Asst Infltn LKD INM(XWIAX) | COM SH BEN INT | 95766Q106 | $637.8K | 75,932 | 0.2% |
| Launch One Acquisition Corp | SHS CLASS A | G5S86M100 | $624.9K | 60,000 | 0.1% |