Soros Fund Management

Q2 2025 13F · by Dawn Fitzpatrick, CIO

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $3.8B · prev $4.0B
Positions: 141 · prev 162
Options notional: $2.1B
Documents: 1· no amendments

Picture47.1% US stock

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

US stock listed on a US exchange 47.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 26.1%
Puts at notional value 14.8%
Calls at notional value 12.1%

Moves245 since the prior filing

+38.4 pp in · −38.6 pp out

New 52 +20.25 pp
Added 48 +18.16 pp
Trimmed 34 −8.44 pp
Exited 73 −30.15 pp

Options: 38 moves on a notional base, in the table below.

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 260% a year, about 0.4 years per position

Low
Moderate
High

Top 5 positions23% of US stock

SW Smurfit Westrock plc added+0.83 pp added+0.838.6%
GFL GFL Environmental Inc. Subordinate Voting Shares trimmed+0.14 pp trimmed+0.143.8%
LBRDK Liberty Broadband Corporation Class C added+1.38 pp added+1.383.8%
FLUT Flutter Entertainment plc trimmed+0.49 pp trimmed+0.493.7%
IBKR Interactive Brokers Group, Inc. Class A added+2.47 pp added+2.473.3%

Positions141 in this filing · 73 exited


SWSmurfit Westrock plc	8.61%	7,480,587	$323M	added+9%	+0.83 pp	4 q
GFLGFL Environmental Inc. Subordinate Voting Shares	3.84%	2,852,374	$144M	trimmed−6%	+0.14 pp	6 q
LBRDKLiberty Broadband Corporation Class C	3.78%	1,440,391	$142M	added+29%	+1.38 pp	37 q
FLUTFlutter Entertainment plc	3.73%	490,080	$140M	trimmed−16%	+0.49 pp	5 q
IBKRInteractive Brokers Group, Inc. Class A	3.30%	2,233,727	$124M	added×2.8	+2.47 pp	14 q
BROBrown & Brown, Inc.	2.96%	1,000,000	$111M	new	+2.96 pp	new
CRMSalesforce, Inc.	2.83%	389,776	$106M	added+14%	+0.51 pp	4 q
AERAercap Holdings N.V.	2.55%	816,489	$96M	trimmed−36%	−0.74 pp	10 q
ETREntergy Corporation	2.39%	1,077,874	$90M	trimmed−2%	+0.03 pp	2 q
NVDANvidia Corp	2.28%	540,292	$85M	added×9.4	+2.12 pp	2 q
SAROStandardAero, Inc.	2.26%	2,681,784	$85M	trimmed−1%	+0.45 pp	3 q
AMZNAmazon.Com Inc	2.24%	382,858	$84M	trimmed−12%	+0.16 pp	19 q
ARMKAramark	1.73%	1,550,092	$65M	new	+1.73 pp	new
SNOWSnowflake Inc.	1.63%	273,338	$61M	added+93%	+1.11 pp	5 q
TKOTKO Group Holdings, Inc.	1.63%	335,518	$61M	trimmed−1%	+0.33 pp	2 q
CRBGCorebridge Financial, Inc.	1.59%	1,685,056	$60M	added+24%	+0.51 pp	7 q
CRCLCircle Internet Group, Inc.	1.47%	305,000	$55M	new	+1.47 pp	new
ULSUL Solutions Inc.	1.47%	756,596	$55M	trimmed−13%	+0.24 pp	5 q
CRHCRH Public Limited Company	1.45%	594,262	$55M	added+44%	+0.54 pp	8 q
UBERUber Technologies, Inc.	1.34%	538,416	$50M	trimmed−16%	+0.17 pp	13 q
DDOGDatadog, Inc. Class A	1.28%	356,502	$48M	added+19%	+0.53 pp	8 q
IEFiShares 7-10 Year Treasury Bond ETF	1.28%	500,000	$48M	new	+1.28 pp	new
IDAIDACORP, Inc.	1.25%	406,400	$47M	new	+1.25 pp	new
KKRKKR & Co. Inc.	1.22%	343,185	$46M	added×2.3	+0.79 pp	2 q
SGISomnigroup International Inc.	1.15%	634,729	$43M	added×2.2	+0.72 pp	2 q
BHFBrighthouse Financial, Inc.	1.10%	764,750	$41M	added+48%	+0.35 pp	2 q
JBTMJBT Marel Corporation	1.06%	330,306	$40M	new	+1.06 pp	new
BGCBGC Group, Inc. Class A	0.98%	3,604,231	$37M	added+28%	+0.33 pp	8 q
ESGREnstar Group Ltd	0.93%	103,411	$35M	added+21%	+0.22 pp	2 q
DNBDun & Bradstreet Holdings, Inc.	0.89%	3,660,959	$33M	added+59%	+0.37 pp	2 q
BPMCBlueprint Medicines Corporation	0.85%	250,000	$32M	new	+0.85 pp	new
ATIATI Inc.	0.83%	362,695	$31M	trimmed−41%	+0.03 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.83%	100,000	$31M	added+41%	−0.11 pp	3 q
SAILSailPoint, Inc.	0.82%	1,352,235	$31M	added+31%	+0.33 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.79%	47,778	$30M	trimmed−85%	−3.63 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	0.76%	1,158,950	$28M	added×3.8	+0.55 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.76%	125,478	$28M	new	+0.76 pp	new
SRADSportradar Group AG Class A	0.76%	1,017,188	$29M	new	+0.76 pp	new
PONYPony AI Inc.	0.75%	2,128,603	$28M	added+12%	+0.33 pp	3 q
FSLRFirst Solar, Inc.	0.73%	166,063	$27M	trimmed−46%	−0.25 pp	3 q
MUBiShares National Muni Bond ETF	0.67%	241,400	$25M	held	—	22 q
ASAmer Sports, Inc.	0.65%	625,890	$24M	added+14%	+0.28 pp	3 q
CPCanadian Pacific Kansas City Limited	0.64%	301,837	$24M	trimmed−49%	−0.41 pp	4 q
SNDKSandisk Corporation	0.64%	526,825	$24M	new	+0.64 pp	new
SWTXSpringworks Therapeutics Inc	0.63%	501,989	$24M	added+10%	+0.12 pp	6 q
KRMNKarman Holdings Inc.	0.62%	464,280	$23M	added+6%	+0.25 pp	2 q
EMXCiShares MSCI Emerging Markets ex China ETF	0.60%	354,686	$22M	held	—	10 q
PRMBPrimo Brands Corporation	0.60%	759,800	$23M	added+55%	+0.16 pp	2 q
ACNAccenture PLC	0.60%	75,259	$22M	trimmed−43%	−0.44 pp	17 q
KELKellanova	0.59%	280,083	$22M	trimmed−9%	−0.05 pp	2 q
NKENike, Inc.	0.57%	302,320	$21M	added+33%	+0.21 pp	19 q
AZEKThe AZEK Company Inc.	0.56%	383,866	$21M	added×2.1	+0.33 pp	2 q
CYBRCyberark Software LTD/ISRAEL	0.55%	50,931	$21M	trimmed−65%	−0.70 pp	3 q
AVDXAvidXchange Holdings, Inc.	0.54%	2,079,567	$20M	new	+0.54 pp	new
WWDWoodward, Inc.	0.54%	82,427	$20M	trimmed−3%	+0.15 pp	2 q
CSXCSX Corporation	0.52%	592,799	$19M	trimmed−9%	+0.04 pp	10 q
IEXIDEX Corporation	0.52%	111,420	$20M	added+2%	+0.02 pp	3 q
AMRZAmrize Ltd	0.52%	390,000	$19M	new	+0.52 pp	new
ONBOld National Bancorp	0.49%	855,685	$18M	added+63%	+0.21 pp	3 q
EVGOEVgo Inc. Class A	0.48%	4,976,983	$18M	added×4.4	+0.40 pp	3 q
OSOneStream, Inc. Class A	0.47%	625,800	$18M	added+34%	+0.22 pp	4 q
TPGTPG Inc. Class A	0.47%	335,835	$18M	new	+0.47 pp	new
JCIJohnson Controls International plc	0.46%	164,310	$17M	new	+0.46 pp	new
MSFTMicrosoft Corp	0.44%	33,410	$17M	new	+0.44 pp	new
ALLYAlly Financial Inc.	0.42%	406,200	$16M	added+27%	+0.13 pp	2 q
CVLTCommvault Systems, Inc.	0.42%	90,000	$16M	new	+0.42 pp	new
ETWOE2open Parent Holdings, Inc.	0.42%	4,900,000	$16M	new	+0.42 pp	new
SKAASkechers USA Inc-cl A	0.42%	250,000	$16M	new	+0.42 pp	new
AMATApplied Materials Inc	0.41%	83,513	$15M	added+69%	+0.23 pp	2 q
GLGlobe Life Inc.	0.41%	124,500	$15M	added+39%	+0.11 pp	3 q
DASHDoorDash, Inc. Class A	0.40%	60,274	$15M	trimmed−43%	−0.09 pp	10 q
GSGoldman Sachs Group Inc.	0.40%	20,961	$15M	trimmed−83%	−1.27 pp	6 q
LOARLoar Holdings Inc.	0.40%	172,564	$15M	trimmed−12%	+0.05 pp	5 q
BKNGBooking Holdings Inc.	0.39%	2,500	$14M	added+67%	+0.22 pp	12 q
AAMIAcadian Asset Management Inc.	0.39%	415,593	$15M	added+20%	+0.16 pp	22 q
ALLThe Allstate Corporation	0.38%	70,870	$14M	added+41%	+0.12 pp	8 q
NOCNorthrop Grumman Corp.	0.37%	28,000	$14M	trimmed−22%	−0.09 pp	2 q
KEYKeyCorp	0.36%	771,100	$13M	trimmed−23%	−0.04 pp	7 q
OCOwens Corning	0.36%	97,261	$13M	added+1%	+0.01 pp	2 q
WAYWaystar Holding Corp.	0.36%	333,153	$14M	added+12%	+0.08 pp	3 q
FCNCAFirst Citizens BancShares Inc	0.34%	6,555	$13M	added+20%	+0.09 pp	9 q
CRWVCoreWeave, Inc. Class A	0.33%	75,692	$12M	added+1%	+0.26 pp	2 q
SMASmartStop Self Storage REIT, Inc.	0.32%	328,428	$12M	new	+0.32 pp	new
TG7Triumph Group Inc	0.32%	459,243	$12M	added+6%	+0.04 pp	2 q
GGALGrupo Financiero Galicia SA	0.31%	228,252	$12M	new	+0.31 pp	new
ADIAnalog Devices, Inc.	0.29%	46,200	$11M	trimmed−57%	−0.25 pp	2 q
TTANServiceTitan, Inc. Class A	0.29%	100,000	$11M	added×3.7	+0.22 pp	3 q
RTXRTX Corporation	0.28%	71,795	$10M	new	+0.28 pp	new
ETOReToro Group Ltd. Class A	0.28%	160,000	$11M	new	+0.28 pp	new
KWEBKraneShares CSI China Internet ETF	0.27%	293,404	$10M	added+30%	+0.07 pp	3 q
KDKKodiak AI, Inc.	0.27%	900,000	$10M	new	+0.27 pp	new
ADTADT Inc.	0.25%	1,128,566	$10M	trimmed−17%	−0.03 pp	2 q
CTRICenturi Holdings, Inc.	0.24%	400,000	$9M	new	+0.24 pp	new
WBAWalgreens Boots Alliance, Inc	0.23%	750,000	$9M	held	—	2 q
WDCWestern Digital Corp.	0.23%	134,323	$9M	trimmed−62%	−0.13 pp	2 q
CMECME Group Inc.	0.22%	30,028	$8M	held	—	35 q
LAZLazard, Inc.	0.21%	160,750	$8M	added+20%	+0.06 pp	6 q
SYFSynchrony Financial	0.20%	114,961	$8M	trimmed−17%	+0.02 pp	4 q
GLXYGalaxy Digital Inc. Class A	0.18%	310,800	$7M	new	+0.18 pp	new
LOWLowe's Companies Inc.	0.18%	30,000	$7M	new	+0.18 pp	new
CIFRCipher Digital Inc.	0.17%	1,300,000	$6M	added+68%	+0.13 pp	2 q
RPDRapid7, Inc.	0.16%	253,845	$6M	trimmed−15%	−0.04 pp	4 q
TTAMTitan America SA	0.16%	476,406	$6M	added+46%	+0.05 pp	2 q
TEAMAtlassian Corporation Class A	0.15%	27,581	$6M	new	+0.15 pp	new
FTVFortive Corporation	0.14%	100,000	$5M	new	+0.14 pp	new
SLDESlide Insurance Holdings, Inc.	0.14%	250,000	$5M	new	+0.14 pp	new
GOOGLAlphabet Inc. Class A	0.13%	26,970	$5M	trimmed−95%	−1.81 pp	25 q
EQHEquitable Holdings, Inc.	0.13%	86,500	$5M	added×2.3	+0.08 pp	2 q
9666699DMarex UK Holdings Ltd	0.13%	124,476	$5M	new	+0.13 pp	new
AAPLApple Inc.	0.12%	21,131	$4M	new	+0.12 pp	new
FDXFedEx Corporation	0.12%	20,000	$5M	trimmed−82%	−0.56 pp	3 q
EWCiShares MSCI Canada ETF	0.12%	97,700	$5M	held	—	8 q
HNGEHinge Health, Inc.	0.10%	75,000	$4M	new	+0.10 pp	new
8ZVAspen Insurance Holdings-a	0.10%	120,000	$4M	new	+0.10 pp	new
RKTRocket Companies, Inc.	0.09%	250,000	$4M	trimmed−31%	−0.02 pp	2 q
COOPMr. Cooper Group Inc.	0.08%	19,922	$3M	new	+0.08 pp	new
BDCBelden Inc.	0.07%	21,505	$2M	new	+0.07 pp	new
CWANClearwater Analytics Hds-a	0.07%	125,000	$3M	new	+0.07 pp	new
HOLXHologic Inc	0.07%	39,137	$3M	new	+0.07 pp	new
SHLSShoals Technologies Group, Inc. Class A	0.07%	610,241	$3M	new	+0.07 pp	new
HGHamilton Insurance Group, Ltd. Class B	0.07%	120,000	$3M	added+20%	+0.02 pp	7 q
ECVTEcovyst Inc.	0.06%	286,674	$2M	new	+0.06 pp	new
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	0.06%	20,000	$2M	held	—	3 q
MNTNMNTN, Inc.	0.06%	100,000	$2M	new	+0.06 pp	new
2663476DGolden Ocean Group Ltd	0.05%	250,000	$2M	new	+0.05 pp	new
LWACULightWave Acquisition Corp.	0.05%	200,000	$2M	new	+0.05 pp	new
CAICaris Life Sciences, Inc.	0.04%	50,000	$1M	new	+0.04 pp	new
CHYMChime Financial, Inc. Class A	0.04%	40,000	$1M	new	+0.04 pp	new
MIRMirion Technologies, Inc.	0.04%	71,700	$2M	new	+0.04 pp	new
NXTNextpower Inc.	0.04%	25,000	$1M	new	+0.04 pp	new
FICOFair Isaac Corporation	0.03%	540	$987,098	new	+0.03 pp	new
RDFNRedfin Corporation	0.03%	94,790	$1M	trimmed−89%	−0.17 pp	2 q
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF	0.03%	31,925	$963,816	trimmed−51%	−0.02 pp	21 q
TSLATesla, Inc.	0.03%	3,209	$1M	new	+0.03 pp	new
AIIAmerican Integrity Insurance Group, Inc.	0.02%	40,000	$735,600	new	+0.02 pp	new
OMDAOmada Health, Inc.	0.02%	35,000	$640,500	new	+0.02 pp	new
RBRKRubrik, Inc.	0.02%	6,672	$597,744	new	+0.02 pp	new
BBNXBeta Bionics, Inc.	0.01%	25,000	$364,000	trimmed−4%	0.00 pp	2 q
KMTSKestra Medical Technologies, Ltd.	0.01%	15,000	$248,700	held	—	2 q
VTRSViatris Inc.	0.00%	12,303	$109,866	new	0.00 pp	new
GRABGrab Holdings Limited Class A	0.00%	14,677	$73,825	added+20%	0.00 pp	2 q
AZNNAstrazeneca Plc-spons ADR	—	−2,742,498	—	exited	−5.08 pp	—
AEPAmerican Electric Power Company, Inc.	—	−878,960	—	exited	−2.42 pp	—
JPMJPMorgan Chase & Co.	—	−230,963	—	exited	−1.43 pp	—
NDAQNasdaq, Inc.	—	−625,634	—	exited	−1.20 pp	—
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	—	−1,700,000	—	exited	−1.14 pp	—
LPLALPL Financial Holdings Inc.	—	−125,000	—	exited	−1.03 pp	—
LVSLas Vegas Sands Corp.	—	−806,962	—	exited	−0.79 pp	—
ITRIItron Inc	—	−296,000	—	exited	−0.78 pp	—
RUNSunrun Inc	—	−5,189,486	—	exited	−0.77 pp	—
JWNNordstrom, Inc.	—	−1,129,912	—	exited	−0.70 pp	—
NBIXNeurocrine Biosciences Inc	—	−239,823	—	exited	−0.67 pp	—
EDConsolidated Edison, Inc.	—	−225,350	—	exited	−0.63 pp	—
TECKTeck Resources Limited	—	−667,818	—	exited	−0.61 pp	—
INSMInsmed, Inc.	—	−307,211	—	exited	−0.59 pp	—
1HEESH&E Equipment Services Inc	—	−233,027	—	exited	−0.56 pp	—
VIKViking Holdings Ltd	—	−557,680	—	exited	−0.56 pp	—
GLWCorning Incorporated	—	−470,000	—	exited	−0.54 pp	—
PL0Playa Hotels & Resorts NV	—	−1,608,579	—	exited	−0.54 pp	—
VFHVanguard Financials ETF	—	−174,588	—	exited	−0.53 pp	—
SLNOSoleno Therapeutics, Inc.	—	−270,663	—	exited	−0.49 pp	—
HUBSHubspot, Inc.	—	−32,623	—	exited	−0.47 pp	—
BERYBerry Global Group, Inc.	—	−261,662	—	exited	−0.46 pp	—
PDCOPatterson Companies, Inc.	—	−545,179	—	exited	−0.43 pp	—
ALNYAlnylam Pharmaceuticals, Inc.	—	−60,000	—	exited	−0.41 pp	—
AURAurora Innovation, Inc. Class A	—	−2,357,685	—	exited	−0.40 pp	—
ITCIIntra-Cellular Therapies Inc.	—	−116,588	—	exited	−0.39 pp	—
ATSGAir Transport Services Group, Inc.	—	−677,819	—	exited	−0.38 pp	—
LEUCentrus Energy Corp.	—	−233,305	—	exited	−0.37 pp	—
PTVEPactiv Evergreen Inc.	—	−790,220	—	exited	−0.36 pp	—
TLTiShares 20+ Year Treasury Bond ETF	—	−150,000	—	exited	−0.34 pp	—
EOLSEvolus, Inc.	—	−995,485	—	exited	−0.30 pp	—
ASTSAST SpaceMobile, Inc. Class A	—	−470,000	—	exited	−0.27 pp	—
BSXBoston Scientific Corp.	—	−100,000	—	exited	−0.25 pp	—
MCKMcKesson Corporation	—	−15,000	—	exited	−0.25 pp	—
ALKAlaska Air Group, Inc.	—	−186,448	—	exited	−0.23 pp	—
DHRDanaher Corporation	—	−40,000	—	exited	−0.21 pp	—
NOWServicenow, Inc.	—	−10,542	—	exited	−0.21 pp	—
FXIiShares China Large-Cap ETF	—	−225,000	—	exited	−0.20 pp	—
AAAlcoa Corporation	—	−250,192	—	exited	−0.19 pp	—
CARRCarrier Global Corporation	—	−119,636	—	exited	−0.19 pp	—
ZWSZurn Elkay Water Solutions Corporation	—	−225,370	—	exited	−0.19 pp	—
ITGRInteger Holdings Corporation	—	−61,783	—	exited	−0.18 pp	—
JDJD.com, Inc.	—	−175,000	—	exited	−0.18 pp	—
NBISNebius Group N.V. Class A	—	−333,333	—	exited	−0.18 pp	—
FBMSFirst Bancshares INC/MS	—	−197,205	—	exited	−0.17 pp	—
DESPDespegar.com Corp	—	−352,384	—	exited	−0.17 pp	—
LCIILCI Industries	—	−70,740	—	exited	−0.16 pp	—
DHID.R. Horton Inc.	—	−43,700	—	exited	−0.14 pp	—
FSUNFirstSun Capital Bancorp	—	−150,000	—	exited	−0.14 pp	—
SFDSmithfield Foods, Inc.	—	−276,560	—	exited	−0.14 pp	—
TDYTeledyne Technologies Incorporated	—	−9,264	—	exited	−0.12 pp	—
ALKTAlkami Technology, Inc.	—	−148,700	—	exited	−0.10 pp	—
BOWBowhead Specialty Holdings Inc.	—	−96,254	—	exited	−0.10 pp	—
FGF&G Annuities & Life, Inc.	—	−100,000	—	exited	−0.09 pp	—
UCBUnited Community Banks, Inc.	—	−120,000	—	exited	−0.09 pp	—
NETCloudflare, Inc. Class A, par value $0.001 per share	—	−22,951	—	exited	−0.07 pp	—
CFLTConfluent, Inc. Class A	—	−125,000	—	exited	−0.07 pp	—
PENNPENN Entertainment, Inc.	—	−150,000	—	exited	−0.06 pp	—
SPNTSiriusPoint Ltd.	—	−138,678	—	exited	−0.06 pp	—
SYRESpyre Therapeutics, Inc.	—	−125,000	—	exited	−0.05 pp	—
AFRMAffirm Holdings, Inc. Class A	—	−45,000	—	exited	−0.05 pp	—
PSNParsons Corporation	—	−30,751	—	exited	−0.05 pp	—
NPBNorthpointe Bancshares, Inc.	—	−100,358	—	exited	−0.04 pp	—
BBOTBridgeBio Oncology Therapeutics, Inc.	—	−150,000	—	exited	−0.04 pp	—
GMEGameStop Corp. Class A	—	−60,500	—	exited	−0.03 pp	—
PACBPacific Biosciences of California, Inc.	—	−1,000,000	—	exited	−0.03 pp	—
EFSIEagle Financial Services Inc	—	−25,000	—	exited	−0.02 pp	—
PCGPG&E Corporation	—	−57,542	—	exited	−0.02 pp	—
XLFState Street Financial Select Sector SPDR ETF	—	−12,270	—	exited	−0.02 pp	—
CBLLCeriBell, Inc.	—	−25,356	—	exited	−0.01 pp	—
SASRSandy Spring Bancorp Inc	—	−15,458	—	exited	−0.01 pp	—
GOOGAlphabet Inc. Class C	—	−633	—	exited	0.00 pp	—
unresolvedBeyond Air Inc	—	−500,000	—	exited	0.00 pp	—

Other 13(f) securities

Options 30

Contract	% of notional	Shares	Notional
SPY PUT	15.52%	537,500	$332M
FSLR CALL	12.68%	1,638,200	$271M
IWM PUT	10.59%	1,050,000	$227M
QQQ CALL	10.31%	400,000	$221M
XLP PUT	5.30%	1,400,000	$113M
XLI PUT	4.83%	700,000	$103M
EFA PUT	4.18%	1,000,000	$89M
RUN CALL	3.63%	9,500,000	$78M
MSFT CALL	3.49%	150,000	$75M
IWM CALL	3.03%	300,000	$65M
SPY CALL	2.89%	100,000	$62M
FXI CALL	2.58%	1,500,000	$55M
GE PUT	2.41%	200,000	$51M
NVDA PUT	2.22%	300,000	$47M
AAPL CALL	1.92%	200,000	$41M
ALLY PUT	1.82%	1,000,000	$39M
LOW PUT	1.81%	175,000	$39M
UBER PUT	1.74%	400,000	$37M
UNH PUT	1.46%	100,000	$31M
CFLT CALL	1.17%	1,000,000	$25M
GM PUT	1.15%	500,000	$25M
NVDA CALL	1.11%	150,000	$24M
F PUT	1.01%	2,000,000	$22M
AAPL PUT	0.72%	75,000	$15M
GM CALL	0.58%	250,000	$12M
GME CALL	0.57%	500,000	$12M
SHLS CALL	0.50%	2,500,000	$11M
RPD CALL	0.42%	384,700	$9M
RUN PUT	0.38%	1,000,000	$8M
WOLF CALL	0.01%	543,500	$216,748

Notes 31

Issue	% of notes	Principal	Value
Spotify USA Inc	10.40%	142,500,000	$216M
Global Payments Inc	8.64%	200,000,000	$179M
PG&E Corp	7.90%	165,000,000	$164M
Digitalocean Holdings	7.50%	166,500,000	$156M
Rivian Auto Inc	7.29%	148,436,000	$151M
Centerpoint Energy Inc	7.13%	136,500,000	$148M
Dropbox Inc	5.90%	123,750,000	$123M
Dropbox Inc	4.52%	92,500,000	$94M
Marriott Vacation Worldw	4.43%	94,754,000	$92M
Confluent Inc	4.28%	95,000,000	$89M
Alliant Energy Corp	4.27%	86,000,000	$89M
Southern Co	4.08%	77,000,000	$85M
Cloudflare Inc	3.57%	62,500,000	$74M
RAPID7 Inc	3.24%	72,250,000	$67M
Snap Inc	2.20%	47,500,000	$46M
Okta Inc	2.06%	43,136,000	$43M
Wayfair Inc	2.06%	37,500,000	$43M
Jd.com Inc	1.88%	37,500,000	$39M
Sunrun Inc	1.77%	51,580,000	$37M
Rivian Auto Inc	1.52%	35,000,000	$31M
Blackline Inc	1.44%	28,000,000	$30M
Dayforce Inc	1.16%	25,000,000	$24M
Lumentum Holdings Inc	0.64%	11,250,000	$13M
Okta Inc	0.49%	10,500,000	$10M
Wolfspeed Inc	0.46%	38,000,000	$10M
Snap Inc	0.42%	10,000,000	$9M
Draftkings Holdings Inc	0.24%	5,500,000	$5M
Wolfspeed Inc	0.24%	20,000,000	$5M
Wolfspeed Inc	0.18%	15,000,000	$4M
Snap Inc	0.07%	1,500,000	$1M
Enphase Energy Inc	0.05%	1,000,000	$957,500

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000902664-25-003648
SEC cross-check: SEC data set not published yet

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