Soros Fund Management

Q1 2025 13F · by Dawn Fitzpatrick, CIO

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $4.0B · prev $4.0B
Positions: 162 · prev 147
Options notional: $1.1B
Documents: 1· no amendments

Picture59.2% US stock

Partial picture · of what this 13F reports is US stock

US stock listed on a US exchange 59.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 24.4%
Puts at notional value 8.6%
Calls at notional value 7.8%

Moves244 since the prior filing

+40.6 pp in · −40.9 pp out

New 75 +28.64 pp
Added 40 +11.93 pp
Trimmed 38 −17.36 pp
Exited 60 −23.57 pp

Options: 31 moves on a notional base, in the table below.

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 219% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions24% of US stock

SW Smurfit Westrock plc trimmed−1.72 pp trimmed−1.727.8%
AZNN Astrazeneca Plc-spons ADR trimmed−0.09 pp trimmed−0.095.1%
SPY State Street SPDR S&P 500 ETF Trust added+2.69 pp added+2.694.4%
GFL GFL Environmental Inc. Subordinate Voting Shares trimmed+0.13 pp trimmed+0.133.7%
AER Aercap Holdings N.V. trimmed−0.27 pp trimmed−0.273.3%

Positions162 in this filing · 60 exited


SWSmurfit Westrock plc	7.78%	6,852,665	$309M	trimmed−3%	−1.72 pp	3 q
AZNNAstrazeneca Plc-spons ADR	5.08%	2,742,498	$202M	trimmed−13%	−0.09 pp	5 q
SPYState Street SPDR S&P 500 ETF Trust	4.42%	313,800	$176M	added×2.7	+2.69 pp	2 q
GFLGFL Environmental Inc. Subordinate Voting Shares	3.70%	3,043,290	$147M	trimmed−5%	+0.13 pp	5 q
AERAercap Holdings N.V.	3.29%	1,279,744	$131M	trimmed−14%	−0.27 pp	9 q
FLUTFlutter Entertainment plc	3.24%	580,743	$129M	added×3.9	+2.26 pp	4 q
AEPAmerican Electric Power Company, Inc.	2.42%	878,960	$96M	new	+2.42 pp	new
LBRDKLiberty Broadband Corporation Class C	2.40%	1,119,893	$95M	held	—	36 q
ETREntergy Corporation	2.36%	1,095,279	$94M	new	+2.36 pp	new
CRMSalesforce, Inc.	2.32%	342,831	$92M	added+15%	−0.17 pp	3 q
AMZNAmazon.Com Inc	2.08%	433,641	$83M	added+31%	+0.26 pp	18 q
GOOGLAlphabet Inc. Class A	1.94%	497,458	$77M	trimmed−63%	−4.37 pp	24 q
SAROStandardAero, Inc.	1.81%	2,701,218	$72M	added×2.2	+1.05 pp	2 q
GSGoldman Sachs Group Inc.	1.67%	121,403	$66M	added×6.2	+1.39 pp	5 q
JPMJPMorgan Chase & Co.	1.43%	230,963	$57M	new	+1.43 pp	new
TKOTKO Group Holdings, Inc.	1.30%	337,726	$52M	new	+1.30 pp	new
CYBRCyberark Software LTD/ISRAEL	1.25%	147,127	$50M	added+5%	+0.08 pp	2 q
ULSUL Solutions Inc.	1.23%	866,254	$49M	trimmed−21%	−0.14 pp	4 q
NDAQNasdaq, Inc.	1.20%	625,634	$47M	added+25%	+0.23 pp	3 q
UBERUber Technologies, Inc.	1.17%	638,218	$47M	trimmed−29%	−0.19 pp	12 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	1.14%	1,700,000	$45M	new	+1.14 pp	new
CRBGCorebridge Financial, Inc.	1.08%	1,362,850	$43M	added×2.1	+0.58 pp	6 q
CPCanadian Pacific Kansas City Limited	1.05%	594,960	$42M	added×2.2	+0.55 pp	3 q
ACNAccenture PLC	1.04%	132,482	$41M	trimmed−28%	−0.59 pp	16 q
LPLALPL Financial Holdings Inc.	1.03%	125,000	$41M	new	+1.03 pp	new
FSLRFirst Solar, Inc.	0.98%	307,144	$39M	added+42%	+0.02 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.94%	71,100	$37M	trimmed−9%	−0.05 pp	2 q
CRHCRH Public Limited Company	0.91%	412,487	$36M	trimmed−17%	−0.23 pp	7 q
IBKRInteractive Brokers Group, Inc. Class A	0.83%	198,157	$33M	trimmed−11%	−0.15 pp	13 q
ATIATI Inc.	0.80%	613,884	$32M	added+57%	+0.26 pp	4 q
LVSLas Vegas Sands Corp.	0.79%	806,962	$31M	new	+0.79 pp	new
ITRIItron Inc	0.78%	296,000	$31M	trimmed−3%	−0.05 pp	4 q
RUNSunrun Inc	0.77%	5,189,486	$30M	added×3.1	+0.38 pp	5 q
BHFBrighthouse Financial, Inc.	0.75%	516,904	$30M	new	+0.75 pp	new
DDOGDatadog, Inc. Class A	0.75%	299,958	$30M	added+56%	+0.06 pp	7 q
ESGREnstar Group Ltd	0.71%	85,192	$28M	new	+0.71 pp	new
JWNNordstrom, Inc.	0.70%	1,129,912	$28M	new	+0.70 pp	new
FDXFedEx Corporation	0.68%	111,448	$27M	added×3.8	+0.47 pp	2 q
NBIXNeurocrine Biosciences Inc	0.67%	239,823	$27M	added+20%	−0.01 pp	7 q
BGCBGC Group, Inc. Class A	0.65%	2,812,453	$26M	added+40%	+0.19 pp	7 q
MUBiShares National Muni Bond ETF	0.64%	241,400	$25M	held	—	21 q
KELKellanova	0.64%	309,119	$25M	new	+0.64 pp	new
EDConsolidated Edison, Inc.	0.63%	225,350	$25M	new	+0.63 pp	new
TECKTeck Resources Limited	0.61%	667,818	$24M	added+92%	+0.26 pp	7 q
INSMInsmed, Inc.	0.59%	307,211	$23M	trimmed−32%	−0.20 pp	4 q
1HEESH&E Equipment Services Inc	0.56%	233,027	$22M	new	+0.56 pp	new
VIKViking Holdings Ltd	0.56%	557,680	$22M	trimmed−38%	−0.43 pp	4 q
ADIAnalog Devices, Inc.	0.54%	106,200	$21M	new	+0.54 pp	new
GLWCorning Incorporated	0.54%	470,000	$22M	added+16%	+0.06 pp	2 q
PL0Playa Hotels & Resorts NV	0.54%	1,608,579	$21M	new	+0.54 pp	new
VFHVanguard Financials ETF	0.53%	174,588	$21M	held	—	10 q
DNBDun & Bradstreet Holdings, Inc.	0.52%	2,300,000	$21M	new	+0.52 pp	new
SNOWSnowflake Inc.	0.52%	141,322	$21M	added+69%	+0.20 pp	4 q
SWTXSpringworks Therapeutics Inc	0.51%	456,832	$20M	trimmed−24%	−0.03 pp	5 q
IEXIDEX Corporation	0.50%	109,262	$20M	added×3.6	+0.34 pp	2 q
DASHDoorDash, Inc. Class A	0.49%	105,422	$19M	trimmed−32%	−0.16 pp	9 q
EMXCiShares MSCI Emerging Markets ex China ETF	0.49%	354,686	$20M	held	—	9 q
SAILSailPoint, Inc.	0.49%	1,034,730	$19M	new	+0.49 pp	new
SLNOSoleno Therapeutics, Inc.	0.49%	270,663	$19M	new	+0.49 pp	new
CSXCSX Corporation	0.48%	652,526	$19M	trimmed−8%	−0.09 pp	9 q
HUBSHubspot, Inc.	0.47%	32,623	$19M	new	+0.47 pp	new
BERYBerry Global Group, Inc.	0.46%	261,662	$18M	new	+0.46 pp	new
NOCNorthrop Grumman Corp.	0.46%	35,925	$18M	new	+0.46 pp	new
PRMBPrimo Brands Corporation	0.44%	490,909	$17M	new	+0.44 pp	new
KKRKKR & Co. Inc.	0.43%	148,147	$17M	new	+0.43 pp	new
PDCOPatterson Companies, Inc.	0.43%	545,179	$17M	new	+0.43 pp	new
SGISomnigroup International Inc.	0.43%	283,195	$17M	new	+0.43 pp	new
PONYPony AI Inc.	0.42%	1,901,848	$17M	added×2.1	+0.10 pp	2 q
ALNYAlnylam Pharmaceuticals, Inc.	0.41%	60,000	$16M	new	+0.41 pp	new
AURAurora Innovation, Inc. Class A	0.40%	2,357,685	$16M	added×2.7	+0.26 pp	5 q
KEYKeyCorp	0.40%	995,600	$16M	added+20%	+0.05 pp	6 q
ITCIIntra-Cellular Therapies Inc.	0.39%	116,588	$15M	new	+0.39 pp	new
WWDWoodward, Inc.	0.39%	84,586	$15M	new	+0.39 pp	new
ATSGAir Transport Services Group, Inc.	0.38%	677,819	$15M	new	+0.38 pp	new
LEUCentrus Energy Corp.	0.37%	233,305	$15M	added+5%	0.00 pp	2 q
KRMNKarman Holdings Inc.	0.37%	438,580	$15M	new	+0.37 pp	new
ASAmer Sports, Inc.	0.37%	550,270	$15M	added0%	−0.01 pp	2 q
NKENike, Inc.	0.36%	227,320	$14M	added+40%	+0.05 pp	18 q
PTVEPactiv Evergreen Inc.	0.36%	790,220	$14M	new	+0.36 pp	new
WDCWestern Digital Corp.	0.36%	350,000	$14M	new	+0.36 pp	new
LOARLoar Holdings Inc.	0.35%	196,356	$14M	trimmed−13%	−0.07 pp	4 q
OCOwens Corning	0.35%	96,251	$14M	new	+0.35 pp	new
TLTiShares 20+ Year Treasury Bond ETF	0.34%	150,000	$14M	added+50%	+0.12 pp	2 q
EOLSEvolus, Inc.	0.30%	995,485	$12M	trimmed−10%	0.00 pp	6 q
GLGlobe Life Inc.	0.30%	89,600	$12M	added+87%	+0.17 pp	2 q
ALLYAlly Financial Inc.	0.29%	320,973	$12M	new	+0.29 pp	new
ADTADT Inc.	0.28%	1,359,600	$11M	new	+0.28 pp	new
ONBOld National Bancorp	0.28%	525,785	$11M	trimmed−53%	−0.33 pp	2 q
TG7Triumph Group Inc	0.28%	433,839	$11M	new	+0.28 pp	new
WAYWaystar Holding Corp.	0.28%	296,354	$11M	added+19%	+0.05 pp	2 q
ASTSAST SpaceMobile, Inc. Class A	0.27%	470,000	$11M	new	+0.27 pp	new
ALLThe Allstate Corporation	0.26%	50,270	$10M	trimmed−30%	−0.08 pp	7 q
BSXBoston Scientific Corp.	0.25%	100,000	$10M	held	—	4 q
FCNCAFirst Citizens BancShares Inc	0.25%	5,444	$10M	added+9%	−0.01 pp	8 q
MCKMcKesson Corporation	0.25%	15,000	$10M	new	+0.25 pp	new
OSOneStream, Inc. Class A	0.25%	467,850	$10M	trimmed−63%	−0.64 pp	3 q
ALKAlaska Air Group, Inc.	0.23%	186,448	$9M	added+6%	−0.05 pp	2 q
AZEKThe AZEK Company Inc.	0.23%	185,000	$9M	new	+0.23 pp	new
AAMIAcadian Asset Management Inc.	0.23%	346,293	$9M	held	—	21 q
DHRDanaher Corporation	0.21%	40,000	$8M	trimmed−69%	−0.54 pp	2 q
IPGThe Interpublic Group of Companies, Inc.	0.21%	305,560	$8M	new	+0.21 pp	new
NOWServicenow, Inc.	0.21%	10,542	$8M	added+37%	+0.01 pp	3 q
WBAWalgreens Boots Alliance, Inc	0.21%	750,000	$8M	new	+0.21 pp	new
CMECME Group Inc.	0.20%	30,028	$8M	held	—	34 q
FXIiShares China Large-Cap ETF	0.20%	225,000	$8M	new	+0.20 pp	new
KWEBKraneShares CSI China Internet ETF	0.20%	225,404	$8M	trimmed−88%	−1.19 pp	2 q
RPDRapid7, Inc.	0.20%	298,237	$8M	added+57%	+0.01 pp	3 q
RDFNRedfin Corporation	0.20%	870,230	$8M	new	+0.20 pp	new
AAAlcoa Corporation	0.19%	250,192	$8M	new	+0.19 pp	new
CARRCarrier Global Corporation	0.19%	119,636	$8M	new	+0.19 pp	new
ZWSZurn Elkay Water Solutions Corporation	0.19%	225,370	$7M	new	+0.19 pp	new
AMATApplied Materials Inc	0.18%	49,518	$7M	new	+0.18 pp	new
ITGRInteger Holdings Corporation	0.18%	61,783	$7M	new	+0.18 pp	new
JDJD.com, Inc.	0.18%	175,000	$7M	trimmed−94%	−2.19 pp	4 q
SYFSynchrony Financial	0.18%	138,402	$7M	trimmed−80%	−0.97 pp	3 q
NBISNebius Group N.V. Class A	0.18%	333,333	$7M	trimmed−31%	−0.16 pp	2 q
BKNGBooking Holdings Inc.	0.17%	1,500	$7M	trimmed−28%	−0.09 pp	11 q
FBMSFirst Bancshares INC/MS	0.17%	197,205	$7M	new	+0.17 pp	new
DESPDespegar.com Corp	0.17%	352,384	$7M	new	+0.17 pp	new
LCIILCI Industries	0.16%	70,740	$6M	new	+0.16 pp	new
NVDANvidia Corp	0.16%	57,753	$6M	new	+0.16 pp	new
LAZLazard, Inc.	0.15%	133,950	$6M	added+16%	0.00 pp	5 q
DHID.R. Horton Inc.	0.14%	43,700	$6M	trimmed−73%	−0.43 pp	6 q
FSUNFirstSun Capital Bancorp	0.14%	150,000	$5M	new	+0.14 pp	new
SFDSmithfield Foods, Inc.	0.14%	276,560	$6M	new	+0.14 pp	new
TDYTeledyne Technologies Incorporated	0.12%	9,264	$5M	trimmed−41%	−0.06 pp	6 q
RKTRocket Companies, Inc.	0.11%	360,400	$4M	new	+0.11 pp	new
TTAMTitan America SA	0.11%	325,694	$4M	new	+0.11 pp	new
ALKTAlkami Technology, Inc.	0.10%	148,700	$4M	new	+0.10 pp	new
BOWBowhead Specialty Holdings Inc.	0.10%	96,254	$4M	new	+0.10 pp	new
EWCiShares MSCI Canada ETF	0.10%	97,700	$4M	held	—	7 q
FGF&G Annuities & Life, Inc.	0.09%	100,000	$4M	new	+0.09 pp	new
UCBUnited Community Banks, Inc.	0.09%	120,000	$3M	new	+0.09 pp	new
EVGOEVgo Inc. Class A	0.08%	1,125,400	$3M	added+99%	+0.02 pp	2 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.07%	22,951	$3M	new	+0.07 pp	new
CFLTConfluent, Inc. Class A	0.07%	125,000	$3M	new	+0.07 pp	new
CRWVCoreWeave, Inc. Class A	0.07%	75,000	$3M	new	+0.07 pp	new
TTANServiceTitan, Inc. Class A	0.07%	27,356	$3M	added+9%	+0.01 pp	2 q
PENNPENN Entertainment, Inc.	0.06%	150,000	$2M	trimmed−64%	−0.15 pp	2 q
SPNTSiriusPoint Ltd.	0.06%	138,678	$2M	new	+0.06 pp	new
SYRESpyre Therapeutics, Inc.	0.05%	125,000	$2M	trimmed−50%	−0.10 pp	5 q
AFRMAffirm Holdings, Inc. Class A	0.05%	45,000	$2M	new	+0.05 pp	new
EQHEquitable Holdings, Inc.	0.05%	37,500	$2M	new	+0.05 pp	new
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	0.05%	20,000	$2M	trimmed−96%	−1.47 pp	2 q
PSNParsons Corporation	0.05%	30,751	$2M	new	+0.05 pp	new
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF	0.05%	65,336	$2M	added+30%	+0.01 pp	20 q
HGHamilton Insurance Group, Ltd. Class B	0.05%	100,000	$2M	trimmed−50%	−0.05 pp	6 q
CIFRCipher Digital Inc.	0.04%	775,956	$2M	new	+0.04 pp	new
NPBNorthpointe Bancshares, Inc.	0.04%	100,358	$1M	new	+0.04 pp	new
BBOTBridgeBio Oncology Therapeutics, Inc.	0.04%	150,000	$2M	trimmed−68%	−0.08 pp	5 q
GMEGameStop Corp. Class A	0.03%	60,500	$1M	new	+0.03 pp	new
PACBPacific Biosciences of California, Inc.	0.03%	1,000,000	$1M	trimmed−58%	−0.08 pp	5 q
EFSIEagle Financial Services Inc	0.02%	25,000	$819,750	new	+0.02 pp	new
PCGPG&E Corporation	0.02%	57,542	$988,572	trimmed−47%	−0.04 pp	2 q
XLFState Street Financial Select Sector SPDR ETF	0.02%	12,270	$611,169	held	—	6 q
BBNXBeta Bionics, Inc.	0.01%	25,968	$317,848	new	+0.01 pp	new
CBLLCeriBell, Inc.	0.01%	25,356	$487,089	added+1%	−0.01 pp	2 q
SASRSandy Spring Bancorp Inc	0.01%	15,458	$432,051	new	+0.01 pp	new
KMTSKestra Medical Technologies, Ltd.	0.01%	15,000	$373,800	new	+0.01 pp	new
GOOGAlphabet Inc. Class C	0.00%	633	$98,894	added+9%	0.00 pp	3 q
unresolvedBeyond Air Inc	0.00%	500,000	$136,250	trimmed−50%	−0.01 pp	3 q
GRABGrab Holdings Limited Class A	0.00%	12,258	$55,529	new	0.00 pp	new
IWMiShares Russell 2000 ETF	—	−751,800	—	exited	−4.16 pp	—
AJGArthur J. Gallagher & Co.	—	−300,000	—	exited	−2.13 pp	—
BABAAlibaba Group Holding Limited	—	−850,000	—	exited	−1.80 pp	—
PG&E Corpconvertible	—	−825,000	—	exited	−1.03 pp	—
JJacobs Solutions Inc.	—	−298,568	—	exited	−1.00 pp	—
VTRVentas, Inc.	—	−550,000	—	exited	−0.81 pp	—
EXKExact Sciences Corp	—	−496,938	—	exited	−0.70 pp	—
SRPTSarepta Therapeutics,, Inc.	—	−230,893	—	exited	−0.70 pp	—
VLYValley National Bancorp	—	−3,000,000	—	exited	−0.68 pp	—
LLYEli Lilly & Co.	—	−33,639	—	exited	−0.65 pp	—
CGThe Carlyle Group Inc.	—	−459,585	—	exited	−0.58 pp	—
MSFTMicrosoft Corp	—	−53,287	—	exited	−0.56 pp	—
AUBAtlantic Union Bankshares Corporation	—	−575,846	—	exited	−0.55 pp	—
TEAMAtlassian Corporation Class A	—	−86,160	—	exited	−0.52 pp	—
COOThe Cooper Companies, Inc.	—	−225,930	—	exited	−0.52 pp	—
MCHPMicrochip Technology Inc	—	−328,900	—	exited	−0.47 pp	—
EWEdwards Lifesciences Corp	—	−250,000	—	exited	−0.46 pp	—
ADCAgree Realty Corporation	—	−215,000	—	exited	−0.38 pp	—
PRVAPrivia Health Group, Inc.	—	−700,000	—	exited	−0.34 pp	—
ORAOrmat Technologies, Inc.	—	−150,000	—	exited	−0.25 pp	—
XHBState Street SPDR S&P Homebuilders ETF	—	−95,100	—	exited	−0.25 pp	—
ASBAssociated Banc-Corp	—	−400,000	—	exited	−0.24 pp	—
BABoeing Company	—	−53,818	—	exited	−0.24 pp	—
CTRECareTrust REIT, Inc	—	−350,000	—	exited	−0.24 pp	—
SNYSanofi	—	−200,000	—	exited	−0.24 pp	—
XLBState Street Materials Select Sector SPDR ETF	—	−113,231	—	exited	−0.24 pp	—
RSPInvesco S&P 500 Equal Weight ETF	—	−50,508	—	exited	−0.22 pp	—
WULFTeraWulf Inc.	—	−1,525,000	—	exited	−0.22 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−40,169	—	exited	−0.20 pp	—
RNRRenaissanceRe Holdings Ltd.	—	−32,110	—	exited	−0.20 pp	—
EXCExelon Corporation	—	−200,000	—	exited	−0.19 pp	—
AIGAmerican International Group, Inc.	—	−90,800	—	exited	−0.17 pp	—
APLDApplied Digital Corporation	—	−830,000	—	exited	−0.16 pp	—
96ZInformatica Inc - Class A	—	−250,000	—	exited	−0.16 pp	—
DARDarling Ingredients Inc.	—	−182,930	—	exited	−0.15 pp	—
SMTCSemtech Corp	—	−100,000	—	exited	−0.15 pp	—
SRESempra	—	−70,000	—	exited	−0.15 pp	—
NXTNextpower Inc.	—	−153,282	—	exited	−0.14 pp	—
XLUState Street Utilities Select Sector SPDR ETF	—	−72,000	—	exited	−0.14 pp	—
SQMSociedad Quimica y Minera de Chile SA	—	−154,531	—	exited	−0.14 pp	—
IYRiShares U.S. Real Estate ETF	—	−54,400	—	exited	−0.13 pp	—
MAGNMagnera Corporation	—	−275,000	—	exited	−0.13 pp	—
CBOECboe Global Markets, Inc.	—	−23,588	—	exited	−0.12 pp	—
KYMRKymera Therapeutics, Inc.	—	−120,373	—	exited	−0.12 pp	—
SMCISuper Micro Computer, Inc.	—	−163,500	—	exited	−0.12 pp	—
WASHWashington Trust Bancorp Inc	—	−135,000	—	exited	−0.11 pp	—
FVRFrontView REIT, Inc.	—	−220,000	—	exited	−0.10 pp	—
DCOMDime Commercial Bancshares, Inc.	—	−100,000	—	exited	−0.08 pp	—
SESea Limited	—	−25,449	—	exited	−0.07 pp	—
TOSTToast, Inc.	—	−77,184	—	exited	−0.07 pp	—
PEGPublic Service Enterprise Group Incorporated	—	−30,000	—	exited	−0.06 pp	—
THRYThryv Holdings, Inc.	—	−150,000	—	exited	−0.06 pp	—
IRENIREN Limited	—	−232,018	—	exited	−0.06 pp	—
GXOGXO Logistics, Inc.	—	−50,000	—	exited	−0.05 pp	—
INGMIngram Micro Holding Corporation	—	−100,000	—	exited	−0.05 pp	—
KLCKinderCare Learning Companies, Inc.	—	−100,000	—	exited	−0.04 pp	—
JOBYJoby Aviation, Inc.	—	−134,957	—	exited	−0.03 pp	—
UPBUpstream Bio, Inc.	—	−46,350	—	exited	−0.02 pp	—
SEPNSepterna, Inc.	—	−10,000	—	exited	−0.01 pp	—
SEDGSolarEdge Technologies, Inc.	—	−34,200	—	exited	−0.01 pp	—

Other 13(f) securities

Options 20

Contract	% of notional	Shares	Notional
FSLR CALL	18.47%	1,600,000	$202M
TLT CALL	17.87%	2,150,000	$196M
SPY PUT	10.22%	200,000	$112M
AAPL PUT	9.13%	450,000	$100M
XLE PUT	6.40%	750,000	$70M
FXI PUT	4.91%	1,500,000	$54M
UNH PUT	4.78%	100,000	$52M
IWM PUT	4.55%	250,000	$50M
ASHR PUT	3.40%	1,400,000	$37M
ALLY PUT	3.33%	1,000,000	$36M
NET CALL	3.09%	300,000	$34M
XOP PUT	3.01%	250,000	$33M
TAN PUT	2.78%	1,000,000	$30M
CRM CALL	2.45%	100,000	$27M
MCHP CALL	2.21%	500,000	$24M
CFLT CALL	1.18%	550,000	$13M
RUN CALL	0.80%	1,500,000	$9M
AKAM CALL	0.77%	104,400	$8M
RPD CALL	0.49%	202,400	$5M
GME CALL	0.15%	75,000	$2M

Notes 27

Issue	% of notes	Principal	Value
Rivian Auto Inc	9.51%	159,436,000	$156M
Digitalocean Holdings	9.47%	166,500,000	$155M
Spotify USA Inc	9.43%	129,500,000	$155M
Centerpoint Energy Inc	9.03%	136,500,000	$148M
Dropbox Inc	7.90%	131,250,000	$129M
Dropbox Inc	6.01%	100,000,000	$99M
Wayfair Inc	5.62%	94,000,000	$92M
Marriott Vacation Worldw	5.55%	94,754,000	$91M
Okta Inc	4.73%	79,136,000	$78M
RAPID7 Inc	4.05%	72,250,000	$66M
Confluent Inc	3.95%	70,000,000	$65M
Alliant Energy Corp	3.92%	60,000,000	$64M
PG&E Corp	3.88%	60,000,000	$64M
Rivian Auto Inc	3.84%	72,500,000	$63M
Penn Entertainment Inc	2.19%	35,000,000	$36M
Lumentum Holdings Inc	1.72%	30,500,000	$28M
Sunrun Inc	1.52%	34,950,000	$25M
Lumentum Holdings Inc	1.34%	21,250,000	$22M
Wolfspeed Inc	1.16%	73,000,000	$19M
Ford Motor Company	1.15%	19,300,000	$19M
Wolfspeed Inc	1.09%	30,000,000	$18M
Wolfspeed Inc	1.07%	74,000,000	$18M
Okta Inc	0.61%	10,500,000	$10M
Bentley Systems Inc	0.59%	10,000,000	$10M
Snap Inc	0.52%	10,000,000	$8M
Snap Inc	0.08%	1,500,000	$1M
Enphase Energy Inc	0.06%	1,000,000	$951,564

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000902664-25-002391
SEC cross-check: SEC data set not published yet

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