| Issuer | % book | Value | Conviction | Business |
|---|
| $NDQ · INVESCO QQQ TRUST SERIES 1 | 5.1% | $986,977,800 | Med | |
| $XOP · STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF | 2.8% | $545,490,000 | Med | |
| $PBR · PETROLEO BRASILEIRO SA - PETROBRAS | 2.0% | $379,065,957 | Med | |
| Indivior Pharmaceuticals Inc | 1.1% | $219,859,531 | Med | Opioid addiction treatment pharmaceuticals |
| $INDV · INDIVIOR PHARMACEUTICALS INC | 1.1% | $212,875,428 | Med | Opioid addiction treatment pharmaceuticals |
| CREDO TECHNOLOGY GROUP HOLDING LTD | 0.8% | $151,787,790 | Med | High-speed connectivity semiconductors for data centers |
| $COIN 0.5 06.01.26 · COINBASE GLOBAL INC | 0.8% | $156,683,175 | Med | Cryptocurrency exchange platform |
| $QTWO 0.75 06.01.26 · Q2 HOLDINGS INC | 0.6% | $122,653,962 | Med | Cloud banking software for financial institutions |
| LYONDELLBASELL INDUSTRIES NV | 0.6% | $120,840,000 | Med | |
| $PRGS 1 04.15.26 · PROGRESS SOFTWARE CORP | 0.6% | $108,330,489 | Med | |
| $YPF · YPF SA | 0.6% | $122,917,236 | Med | |
| $EMBJ · EMBRAER SA | 0.4% | $79,682,820 | Med | |
| $FOUR 0.5 08.01.27 · SHIFT4 PAYMENTS INC | 0.4% | $77,009,310 | Med | Integrated payment processing |
| SIMPLY GOOD FOODS CO/THE | 0.3% | $48,598,671 | Med | Nutritional snacks and shakes (Atkins, Quest) |
| $PCG 4.25 12.01.27 · PG&E CORP | 0.1% | $12,434,709 | Med | California electric and gas utility |
| $MFG · MAYFAIR GOLD CORP | 0.1% | $13,865,501 | Med | |
| $BKLN · INVESCO SENIOR INCOME TRUST | 0.1% | $12,247,224 | Med | |
| $AKAM 1.125 02.15.29 · AKAMAI TECHNOLOGIES INC | 0.1% | $18,531,408 | Med | Content delivery network and cloud security |
| $NRA · NRG ENERGY INC | 0.1% | $21,494,853 | Med | Power generation and retail electricity |
| $SHAZ · SHARONAI HOLDINGS INC | 0.1% | $22,730,000 | Med | |
| $MOON · BLUE MOON METALS INC | 0.1% | $10,878,757 | Med | |
| $ARWR 0 01.15.32 · ARROWHEAD PHARMACEUTICALS INC | 0.1% | $11,465,140 | Med | RNAi therapeutics drug developer |
| $PMT 8.5 06.01.29 · PENNYMAC MORTGAGE INVESTMENT TRUST | 0.1% | $12,456,105 | Med | Mortgage REIT |
| $PD 1.5 10.15.28 * · PAGERDUTY INC | 0.1% | $16,109,073 | Med | Incident response and IT operations software |
| $PDD · PDD HOLDINGS INC | 0.0% | $1,478,442 | Med | Pinduoduo and Temu e-commerce platforms |
| $IMCR 2.5 02.01.30 · IMMUNOCORE HOLDINGS PLC | 0.0% | $2,253,783 | Med | TCR-based cancer immunotherapy biotech (UK) |
| $UBER 0.875 12.01.28 2028 · UBER TECHNOLOGIES INC | 0.0% | $7,225,500 | Med | Ride-hailing and food delivery platform |
| $JBTM 0.25 05.15.26 · JBT MAREL CORP | 0.0% | $8,765,631 | Med | |
| $RIVN 3.625 10.15.30 · RIVIAN AUTOMOTIVE INC | 0.0% | $3,744,780 | Med | Electric trucks and delivery vans |
| $RPD 0.25 03.15.27 · RAPID7 INC | 0.0% | $4,723,776 | Med | Cybersecurity and vulnerability management |
| $MTH 1.75 05.15.28 · MERITAGE HOMES CORP | 0.0% | $5,517,600 | Med | |
| $NOG 3.625 04.15.29 · NORTHERN OIL & GAS INC | 0.0% | $6,602,061 | Med | Non-operated oil and gas mineral interests |
| $ALRM 2.25 06.01.29 · ALARM.COM HOLDINGS INC | 0.0% | $2,791,530 | Med | |
| $IRTC 1.5 09.01.29 · IRHYTHM TECHNOLOGIES INC | 0.0% | $4,438,800 | Med | Wearable cardiac monitoring (Zio patch) |
| $SNOW 0 10.01.27 · SNOWFLAKE INC | 0.0% | $5,678,400 | Med | Cloud data warehouse and analytics platform |
| ILLUMINATION ACQUISITION CORP I | 0.0% | $7,440,000 | Med | |
| Issuer | % book | Δ shares | Conviction | Business |
|---|
| TORM PLC | 10.5% | +171% | Med | Product tanker shipping |
| $EXE · EXPAND ENERGY CORP | 8.9% | +210% | Med | Natural gas exploration and production |
| ANGLOGOLD ASHANTI PLC | 4.9% | +151% | Low | Global gold mining company |
| $GTX · GARRETT MOTION INC | 4.1% | +156% | Low | Turbochargers and automotive technology |
| $CORZ · CORE SCIENTIFIC INC | 3.0% | +273% | Low | Bitcoin mining and data-center hosting |
| $VNOM · VIPER ENERGY INC | 2.8% | +81% | Low | Oil and gas mineral and royalty interests |
| $TDS · TELEPHONE AND DATA SYSTEMS INC | 2.8% | +249% | Low | Regional telecom and wireless (US Cellular) |
| $TLN · TALEN ENERGY CORP | 2.4% | +129% | Low | Independent power producer (nuclear and gas) |
| $STKL · SUNOPTA INC | 2.1% | +200% | Low | |
| $B · BARRICK MINING CORP | 1.7% | +165% | Low | Global gold and copper mining |
| $BVXB · ITAU UNIBANCO HOLDING SA | 1.6% | +165% | Low | Brazilian banking group |
| LIBERTY GLOBAL LTD | 1.6% | +200% | Low | International cable and broadband operator |
| $JBLU 0.5 04.01.26 · JETBLUE AIRWAYS CORP | 1.5% | +215% | Low | US passenger airline |
| $NOK · NOKIA OYJ | 1.4% | +79% | Low | |
| $RIOT 0.75 01.15.30 · RIOT PLATFORMS INC | 1.4% | +192% | Low | Bitcoin mining company |
| $0HQK · CBL & ASSOCIATES PROPERTIES INC | 1.3% | +157% | Low | |
| $TAC · TRANSALTA CORP | 1.3% | +200% | Low | |
| $FCX · FREEPORT-MCMORAN INC | 1.1% | +163% | Low | Copper and gold mining |
| $ECHO 3.875 11.30.30 · ECHOSTAR CORP | 1.0% | +200% | Low | Satellite communications and Dish/Boost wireless |
| $AERO · GRUPO AEROMEXICO SAB DE CV | 0.9% | +215% | Low | Mexico's flagship airline |
| $ETSY 0.25 06.15.28 · ETSY INC | 0.9% | +266% | Low | Online marketplace for handmade and vintage goods |
| $PEB 1.75 12.15.26 · PEBBLEBROOK HOTEL TRUST | 0.9% | +336% | Low | Upscale hotel and resort REIT |
| XP INC | 0.9% | +187% | Low | Brazilian investment platform and brokerage |
| $AWK 3.625 06.15.26 · AMERICAN WATER CAPITAL CORP | 0.9% | +4797% | Low | Financing arm of American Water utility |
| $VAC 3.25 12.15.27 · MARRIOTT VACATIONS WORLDWIDE CORP | 0.8% | +287% | Low | |
| $ENPH 0 03.01.28 · ENPHASE ENERGY INC | 0.8% | +345% | Low | Solar microinverters and energy storage |
| $BLCO · BAUSCH LOMB CORP | 0.8% | +200% | Low | |
| LIBERTY LATIN AMERICA LTD | 0.8% | +200% | Low | |
| $KRC · KILROY REALTY CORP | 0.8% | +200% | Low | West Coast office and life science REIT |
| $BMRN 1.25 05.15.27 · BIOMARIN PHARMACEUTICAL INC | 0.8% | +299% | Low | Rare-disease enzyme and gene therapies |
| $BSY 0.375 07.01.27 · BENTLEY SYSTEMS INC | 0.7% | +1995% | Low | Infrastructure engineering software |
| $SEALTD 0.25 09.15.26 · SEA LTD | 0.7% | +270% | Low | Southeast Asia gaming, e-commerce and fintech (Shopee) |
| $RWAY · RUNWAY GROWTH FINANCE CORP | 0.7% | +200% | Low | |
| $OKTA 0.375 06.15.26 · OKTA INC | 0.7% | +398% | Low | Identity and access management software |
| $XYZ 0 05.01.26 · BLOCK INC | 0.6% | +460% | Low | Square merchant payments and Cash App |
| $DKNG 0 03.15.28 · DRAFTKINGS INC | 0.6% | +428% | Low | Online sports betting and fantasy sports |
| $DXCM 0.375 05.15.28 · DEXCOM INC | 0.6% | +333% | Low | Continuous glucose monitoring devices |
| $AMPH 2 03.15.29 · AMPHASTAR PHARMACEUTICALS INC | 0.5% | +162% | Low | Injectable and inhalation generic pharmaceuticals |
| $ECVT · ECOVYST INC | 0.5% | +69% | Low | Specialty catalysts and chemical services |
| $TDOC 1.25 06.01.27 · TELADOC HEALTH INC | 0.5% | +158% | Low | Telehealth and virtual care services |
| $U 0 11.15.26 · UNITY SOFTWARE INC | 0.5% | +1088% | Low | Real-time 3D game development engine |
| $CNMD 2.25 06.15.27 · CONMED CORP | 0.5% | +169% | Low | Surgical devices and equipment |
| $AD · ARRAY DIGITAL INFRASTRUCTURE INC | 0.5% | +200% | Low | |
| $CX · CEMEX SAB DE CV | 0.5% | +44% | Low | |
| $TX · TERNIUM SA | 0.4% | +166% | Low | |
| $SPB 3.375 06.01.29 · SPECTRUM BRANDS HOLDINGS INC | 0.4% | +185% | Low | Consumer products (batteries, pet, home) |
| $ARRY 1 12.01.28 · ARRAY TECHNOLOGIES INC | 0.4% | +180% | Low | Solar tracking systems |
| RICE ACQUISITION CORP 3 | 0.4% | +200% | Low | Special-purpose acquisition company (blank-check) |
| $CBRL 0.625 06.15.26 · CRACKER BARREL OLD COUNTRY STORE INC | 0.4% | +137% | Low | Country-themed restaurant and retail chain |
| $SNAP 0 05.01.27 · SNAP INC | 0.3% | +203% | Low | Snapchat social media platform |
| $FFC0 · OAKTREE SPECIALTY LENDING CORP | 0.3% | +200% | Low | |
| $TEO · TELECOM ARGENTINA SA | 0.3% | +107% | Low | |
| $FIVN 1 03.15.29 · FIVE9 INC | 0.3% | +115% | Low | Cloud contact-center software |
| $ITRI 1.375 07.15.30 · ITRON INC | 0.2% | +257% | Low | Utility smart meters and grid technology |
| $AVAV 0 07.15.30 · AEROVIRONMENT INC | 0.2% | +96% | Low | Military drones and unmanned systems |
| $NBR 1.75 06.15.29 · NABORS INDUSTRIES LTD | 0.2% | +101% | Low | Land and offshore drilling rigs |
| $AFRM 0 11.15.26 · AFFIRM HOLDINGS INC | 0.2% | +562% | Low | Buy-now-pay-later installment lending |
| $UPWK 0.25 08.15.26 · UPWORK INC | 0.2% | +433% | Low | Online freelance work marketplace |
| $MSTR 0 12.01.29 · STRATEGY INC | 0.2% | +529% | Low | Enterprise analytics software and Bitcoin treasury (MicroStrategy) |
| $COGT 1.625 11.15.31 · COGENT BIOSCIENCES INC | 0.2% | +301% | Low | Precision-oncology therapeutics |
| $NVST 1.75 08.15.28 · ENVISTA HOLDINGS CORP | 0.2% | +56% | Low | Dental products and technology |
| $ZD 1.75 11.01.26 · ZIFF DAVIS INC | 0.2% | +200% | Low | Digital media and internet publishing |
| $XYZ 0.25 11.01.27 · BLOCK INC | 0.2% | +455% | Low | Square merchant payments and Cash App |
| $BATL · BATTALION OIL CORP | 0.2% | +200% | Low | |
| $BXMT 5.5 03.15.27 · BLACKSTONE MORTGAGE TRUST INC | 0.2% | +224% | Low | Commercial real-estate mortgage REIT |
| $SMRT · SMARTRENT INC | 0.2% | +200% | Low | Smart-home technology for rental properties |
| $SYNA 0.75 12.01.31 · SYNAPTICS INC | 0.2% | +140% | Low | Human-interface and IoT semiconductors |
| $JD 0.25 06.01.29 · JD.COM INC | 0.2% | +72% | Low | Chinese e-commerce and logistics giant |
| $NEO 0.25 01.15.28 · NEOGENOMICS INC | 0.1% | +136% | Low | Cancer genetic and molecular testing labs |
| $SNAP 0.125 03.01.28 · SNAP INC | 0.1% | +34% | Low | Snapchat social media platform |
| $CRNC 1.5 07.01.28 · CERENCE INC | 0.1% | +170% | Low | Conversational AI for automotive |
| $RWT 7.75 06.15.27 · REDWOOD TRUST INC | 0.1% | +232% | Low | Residential mortgage REIT and credit investor |
| $CALY 2.75 05.01.26 · CALLAWAY GOLF CO | 0.1% | +187% | Low | |
| $OPTU · OPTIMUM COMMUNICATIONS INC | 0.1% | +193% | Low | |
| $SNAP 0.75 08.01.26 · SNAP INC | 0.1% | +200% | Low | Snapchat social media platform |
| $SO 4.5 06.15.27 · SOUTHERN CO/THE | 0.1% | +121% | Low | Electric utility holding company (Southeast US) |
| $GPRE 2.25 03.15.27 · GREEN PLAINS INC | 0.1% | +95% | Low | Ethanol production and biorefining |
| LIBERTY LATIN AMERICA LTD | 0.1% | +200% | Low | |
| $DDOG 0 12.01.29 · DATADOG INC | 0.1% | +208% | Low | Cloud monitoring and observability platform |
| $TCOM 0.75 06.15.29 · TRIP.COM GROUP LTD | 0.1% | +1815% | Low | |
| $RGEN 1 12.15.28 · REPLIGEN CORP | 0.1% | +175% | Low | Bioprocessing products for biologic-drug manufacturing |
| $UPST 0.25 08.15.26 · UPSTART HOLDINGS INC | 0.1% | +103% | Low | |
| $ZD 3.625 03.01.28 · ZIFF DAVIS INC | 0.1% | +200% | Low | Digital media and internet publishing |
| $NTNX 0.25 10.01.27 · NUTANIX INC | 0.1% | +1040% | Low | Hybrid-cloud and hyperconverged infrastructure software |
| $WGO 3.25 01.15.30 · WINNEBAGO INDUSTRIES INC | 0.1% | +39% | Low | Recreational vehicles and motorhomes |
| $MX · MAGNACHIP SEMICONDUCTOR CORP | 0.1% | +200% | Low | |
| REDFIN CORP | 0.1% | +133% | Low | Online real-estate brokerage |
| $LCII 1.125 05.15.26 · LCI INDUSTRIES | 0.1% | +176% | Low | RV and recreational vehicle components |
| $PENN 2.75 05.15.26 · PENN ENTERTAINMENT INC | 0.1% | +479% | Low | Casinos and online sports betting |
| RICE ACQUISITION CORP 3 | 0.0% | +200% | Low | Special-purpose acquisition company (blank-check) |
| $MSTR 0.875 03.15.31 · STRATEGY INC | 0.0% | +408% | Low | Enterprise analytics software and Bitcoin treasury (MicroStrategy) |
| $HAE 2.5 06.01.29 · HAEMONETICS CORP | 0.0% | +178% | Low | Blood and plasma management technology |
| $NEE 3 03.01.27 · NEXTERA ENERGY INC | 0.0% | +200% | Low | Utility and renewable power generator (Florida) |
| $POST 2.5 08.15.27 · POST HOLDINGS INC | 0.0% | +121% | Low | Packaged foods and cereals |
| $CELC 2.75 08.01.31 · CELCUITY INC | 0.0% | +157% | Low | Targeted-oncology drug developer |
| $GLAD 5.875 10.01.30 · GLADSTONE CAPITAL CORP | 0.0% | +655% | Low | Business development company (lower middle-market) |
| ALVOTECH SA | 0.0% | +200% | Low | Icelandic biosimilar medicines developer and manufacturer |
| $CAKE 0.375 06.15.26 · CHEESECAKE FACTORY INC/THE | 0.0% | +233% | Low | Casual-dining restaurant chain |
| $DOCN 0 12.01.26 · DIGITALOCEAN HOLDINGS INC | 0.0% | +376% | Low | Cloud computing for developers and SMBs |
| $BILL 0 04.01.27 · BILL HOLDINGS INC | 0.0% | +200% | Low | SMB accounts-payable and spend software |
| $BTAI · BIOXCEL THERAPEUTICS INC | 0.0% | +200% | Low | |
| $PSN 2.625 03.01.29 · PARSONS CORP | 0.0% | +433% | Low | Defense and infrastructure engineering services |
| $HDB · HDFC BANK LTD | 0.0% | +163% | Low | Indian private-sector bank |