Paul Singer – Elliott Investment Management LP

Period:: Q1 2026
Portfolio date:: Mar 31, 2026
No. of stocks:: 32
Portfolio value:: $20,114,694,000
Filed:: May 15, 2026
Style:: Activist / Distressed

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 15, 268 new4 added6 reduced8 exited
≡	GDXCALL – VANECK ETF TRUST	Reduce 88.00%	−12,350,000	−4.56
≡	GDXCALL – VANECK ETF TRUST	Reduce 86.00%	−12,000,000	−4.40
≡	QQQ – INVESCO QQQ TR	Sell	−1,500,000	−4.08
≡	LUV – SOUTHWEST AIRLS CO	Reduce 41.00%	−20,782,500	−3.68
≡	XLEPUT – SELECT SECTOR SPDR TR	Sell	−16,000,000	−3.17
≡	XLPPUT – SELECT SECTOR SPDR TR	Reduce 54.00%	−10,860,000	−3.15
≡	NVDAPUT – NVIDIA CORPORATION	Sell	−3,000,000	−2.48
≡	XLYPUT – SELECT SECTOR SPDR TR	Buy	4,300,000	2.33
≡	IWDPUT – ISHARES TR	Reduce 64.00%	−1,800,000	−1.54
≡	XOPPUT – SPDR SERIES TRUST	Sell	−2,398,400	−1.34
≡	HPE – HEWLETT PACKARD ENTERPRISE C	Add 47.00%	8,790,757	1.27
≡	NCLH – NORWEGIAN CRUISE LINE HLDGS	Buy	13,186,000	1.23
≡	QQQPUT – INVESCO QQQ TR	Buy	400,000	1.15
≡	BILL – BILL HOLDINGS INC	Sell	−3,000,000	−0.72
≡	DLRPUT – DIGITAL RLTY TR INC	Add 50.00%	500,000	0.66
≡	HYGPUT – ISHARES TR	Add 32.00%	1,200,000	0.62
≡	IWMPUT – ISHARES TR	Buy	500,000	0.62
≡	RIG – TRANSOCEAN LTD	Buy	15,626,834	0.52
≡	ST – SENSATA TECHNOLOGIES HLDG PL	Sell	−3,250,000	−0.48
≡	FTVPUT – FORTIVE CORP	Buy	750,000	0.21
≡	IGVPUT – ISHARES TR	Sell	−300,000	−0.14
≡	EMRPUT – EMERSON ELEC CO	Buy	200,000	0.13
≡	WPMCALL – WHEATON PRECIOUS METALS CORP	Buy	100,000	0.07
≡	HDB – HDFC BANK LTD	Add 268.00%	580,329	0.06
≡	MSTR 0.625 03/15/30 – STRATEGY INC	Reduce 37.00%	−6,000,000	−0.04
≡	FSK – FS KKR CAP CORP	Sell	−264,850	−0.02
Q4 2025filed Feb 18, 262 new7 added6 reduced3 exited
≡	IWDPUT – ISHARES TR	Reduce 44.00%	−2,200,000	−1.87
≡	XLPPUT – SELECT SECTOR SPDR TR	Add 33.00%	5,000,000	1.70
≡	GDXPUT – VANECK ETF TRUST	Add 22.00%	2,500,000	1.45
≡	XLVPUT – SELECT SECTOR SPDR TR	Sell	−2,000,000	−1.23
≡	NVDAPUT – NVIDIA CORPORATION	Reduce 31.00%	−1,330,000	−1.08
≡	IGVPUT – ISHARES TR	Reduce 85.00%	−1,700,000	−0.87
≡	QQQ – INVESCO QQQ TR	Add 20.00%	250,000	0.78
≡	QQQ – INVESCO QQQ TR	Reduce 20.00%	−250,000	−0.58
≡	IGVPUT – ISHARES TR	Reduce 50.00%	−1,000,000	−0.54
≡	WPMPUT – WHEATON PRECIOUS METALS CORP	Sell	−650,000	−0.32
≡	SDRL – SEADRILL LTD	Add 23.00%	855,012	0.21
≡	XMEPUT – SPDR SERIES TRUST	Reduce 36.00%	−500,000	−0.16
≡	OR – OR ROYALTIES INC.	Add 43.00%	930,849	0.10
≡	OXLC – OXFORD LANE CAP CORP	Sell	−1,019,239	−0.08
≡	HDB – HDFC BANK LTD	Buy	216,756	0.04
≡	GLIBK – GCI LIBERTY INC	Add 38.00%	183,033	0.03
≡	XLEPUT – SELECT SECTOR SPDR TR	Add 100.00%	8,000,000	0.02
≡	FSK – FS KKR CAP CORP	Buy	264,850	0.02
Q3 2025filed Nov 14, 2534 new1 reduced
≡	PEP – PEPSICO INC	Reduce 68.00%	−2,725,000	−99.21
≡	TFPM – TRIPLE FLAG PRECIOUS METAL	Buy	133,815,727	17.23
≡	PSX – PHILLIPS 66	Buy	19,251,000	11.52
≡	SU – SUNCOR ENERGY INC NEW	Buy	52,670,800	9.69
≡	LUV – SOUTHWEST AIRLS CO	Buy	51,128,500	7.18
≡	QQQ – INVESCO QQQ TR	Buy	2,000,000	5.28
≡	XLPPUT – SELECT SECTOR SPDR TR	Buy	15,000,000	5.17
≡	XLIPUT – SELECT SECTOR SPDR TR	Buy	7,500,000	5.09
≡	IWDPUT – ISHARES TR	Buy	5,000,000	4.48
≡	PINS – PINTEREST INC	Buy	28,000,000	3.96
≡	GDXPUT – VANECK ETF TRUST	Buy	11,500,000	3.87
≡	NVDAPUT – NVIDIA CORPORATION	Buy	4,330,000	3.56
≡	QQQ – INVESCO QQQ TR	Buy	1,250,000	3.30
≡	XLEPUT – SELECT SECTOR SPDR TR	Buy	8,000,000	3.15
≡	HPE – HEWLETT PACKARD ENTERPRISE C	Buy	18,630,978	2.01
≡	UNIT – UNITI GROUP LLC	Buy	59,012,219	1.59
≡	ETSY – ETSY INC	Buy	5,000,000	1.46
≡	XOPPUT – SPDR SERIES TRUST	Buy	2,400,000	1.40
≡	HYG – ISHARES TR	Buy	3,800,000	1.36
≡	XLVPUT – SELECT SECTOR SPDR TR	Buy	2,000,000	1.23
≡	IGVPUT – ISHARES TR	Buy	2,000,000	1.01
≡	DLRPUT – DIGITAL RLTY TR INC	Buy	1,000,000	0.76
≡	BILL – BILL HOLDINGS INC	Buy	3,000,000	0.70
≡	XMEPUT – SPDR SERIES TRUST	Buy	1,400,000	0.57
≡	CCI – CROWN CASTLE INC	Buy	1,225,000	0.52
≡	EQIX – EQUINIX INC	Buy	150,000	0.52
≡	IGVPUT – ISHARES TR	Buy	1,000,000	0.51
≡	SDRL – SEADRILL LTD	Buy	3,703,746	0.49
≡	ST – SENSATA TECHNOLOGIES HLDG PL	Buy	3,250,000	0.44
≡	OR – OR ROYALTIES INC.	Buy	2,180,151	0.38
≡	WPMPUT – WHEATON PRECIOUS METALS CORP	Buy	650,000	0.32
≡	MSTR 0.625 03/15/30 – STRATEGY INC	Buy	16,000,000	0.16
≡	W 3.5 11/15/28 – WAYFAIR INC	Buy	15,000,000	0.14
≡	GLIBK – GCI LIBERTY INC	Buy	476,895	0.08
≡	OXLC – OXFORD LANE CAP CORP	Buy	1,019,239	0.08
Q2 2025filed Nov 14, 251 new30 exited
≡	PEPPUT – PEPSICO INC	Buy	4,000,000	100.00
≡	TFPM – TRIPLE FLAG PRECIOUS METAL	Sell	−133,815,727	−18.02
≡	PSX – PHILLIPS 66	Sell	−19,251,000	−13.05
≡	SU – SUNCOR ENERGY INC NEW	Sell	−52,670,800	−11.21
≡	LUV – SOUTHWEST AIRLS CO	Sell	−53,978,500	−9.95
≡	SPYPUT – SPDR S&P 500 ETF TR	Sell	−2,160,000	−7.59
≡	QQQPUT – INVESCO QQQ TR	Sell	−2,000,000	−6.27
≡	PINS – PINTEREST INC	Sell	−28,000,000	−5.71
≡	IWDPUT – ISHARES TR	Sell	−5,000,000	−5.52
≡	XLIPUT – SELECT SECTOR SPDR TR	Sell	−3,500,000	−2.93
≡	NVDAPUT – NVIDIA CORPORATION	Sell	−2,580,000	−2.32
≡	HPE – HEWLETT PACKARD ENTERPRISE C	Sell	−18,630,978	−2.17
≡	HYG – ISHARES TR	Sell	−3,800,000	−1.74
≡	SMHPUT – VANECK ETF TRUST	Sell	−1,000,000	−1.59
≡	ETSY – ETSY INC	Sell	−5,000,000	−1.43
≡	LBRDK – LIBERTY BROADBAND CORP	Sell	−2,384,481	−1.33
≡	IWMPUT – ISHARES TR	Sell	−1,000,000	−1.23
≡	GDXPUT – VANECK ETF TRUST	Sell	−4,000,000	−1.18
≡	XMEPUT – SPDR SERIES TRUST	Sell	−2,850,000	−1.09
≡	WDC – WESTERN DIGITAL CORP	Sell	−2,250,000	−0.82
≡	DLRPUT – DIGITAL RLTY TR INC	Sell	−750,000	−0.74
≡	CCI – CROWN CASTLE INC	Sell	−1,225,000	−0.72
≡	EQIX – EQUINIX INC	Sell	−150,000	−0.68
≡	ST – SENSATA TECHNOLOGIES HLDG PL	Sell	−3,250,000	−0.56
≡	SDRL – SEADRILL LTD	Sell	−3,703,746	−0.55
≡	HLTPUT – HILTON WORLDWIDE HLDGS INC	Sell	−320,000	−0.48
≡	OR – OR ROYALTIES INC.	Sell	−2,180,151	−0.32
≡	MSTR 0.625 03/15/30 – MICROSTRATEGY INC	Sell	−16,000,000	−0.25
≡	UNIT – UNITI GROUP INC	Sell	−10,120,963	−0.25
≡	SNDK – SANDISK CORP	Sell	−749,997	−0.19
≡	W 3.5 11/15/28 – WAYFAIR INC	Sell	−15,000,000	−0.12
Q2 2025filed Aug 14, 258 new5 added2 reduced19 exited
≡	XLIPUT – SELECT SECTOR SPDR TR	Reduce 72.00%	−9,000,000	−7.88
≡	SPYPUT – SPDR S&P 500 ETF TR	Buy	2,160,000	7.59
≡	QQQPUT – INVESCO QQQ TR	Buy	2,000,000	6.27
≡	QQQ – INVESCO QQQ TR	Sell	−1,612,500	−4.99
≡	NVDAPUT – NVIDIA CORPORATION	Buy	2,580,000	2.32
≡	HPE – HEWLETT PACKARD ENTERPRISE C	Buy	18,630,978	2.17
≡	HYG – ISHARES TR	Buy	3,800,000	1.74
≡	BMRN – BIOMARIN PHARMACEUTICAL INC	Sell	−3,500,338	−1.63
≡	SMHPUT – VANECK ETF TRUST	Buy	1,000,000	1.59
≡	IWDPUT – ISHARES TR	Reduce 9.00%	−500,000	−1.31
≡	MTCH – MATCH GROUP INC NEW	Sell	−6,000,000	−1.24
≡	CSCOPUT – CISCO SYS INC	Sell	−2,000,000	−0.81
≡	DLRPUT – DIGITAL RLTY TR INC	Buy	750,000	0.74
≡	TXNCALL – TEXAS INSTRS INC	Sell	−500,000	−0.59
≡	XMEPUT – SPDR SERIES TRUST	Add 111.00%	1,500,000	0.59
≡	GDXPUT – VANECK ETF TRUST	Add 100.00%	2,000,000	0.58
≡	IWMPUT – ISHARES TR	Add 100.00%	500,000	0.57
≡	XOPPUT – SPDR SER TR	Sell	−557,200	−0.48
≡	BKNG 0.75 05/01/25 – BOOKING HOLDINGS INC	Sell	−25,000,000	−0.41
≡	E2OPEN PARENT HOLDINGS INC	Sell	−27,250,000	−0.36
≡	OR – OR ROYALTIES INC.	Buy	2,180,151	0.32
≡	MARPUT – MARRIOTT INTL INC NEW	Sell	−200,000	−0.31
≡	OSISKO GOLD ROYALTIES LTD	Sell	−2,180,151	−0.30
≡	HDB – HDFC BANK LTD	Sell	−670,215	−0.29
≡	RPD 0.25 03/15/27 – RAPID7 INC	Sell	−41,500,000	−0.25
≡	RIG – TRANSOCEAN LTD	Sell	−11,870,319	−0.25
≡	PSX – PHILLIPS 66	Add 22.00%	3,526,000	0.24
≡	HLTPUT – HILTON WORLDWIDE HLDGS INC	Add 60.00%	120,000	0.18
≡	CRMD – CORMEDIX INC	Sell	−2,444,561	−0.10
≡	ARM – ARM HOLDINGS PLC	Sell	−139,551	−0.10
≡	HWM – HOWMET AEROSPACE INC	Sell	−100,000	−0.09
≡	BL 0 03/15/26 – BLACKLINE INC	Sell	−4,500,000	−0.03
≡	WOLF 1.875 12/01/29 – WOLFSPEED INC	Sell	−12,500,000	−0.02
≡	WOLF 0.25 02/15/28 – WOLFSPEED INC	Sell	−7,500,000	−0.01
Q1 2025filed May 15, 259 new3 added6 reduced13 exited
≡	SPYPUT – SPDR S&P 500 ETF TR	Sell	−7,200,000	−25.30
≡	PSX – PHILLIPS 66	Add 1929.00%	14,950,000	12.28
≡	XLIPUT – SELECT SECTOR SPDR TR	Add 317.00%	9,500,000	8.44
≡	IWDPUT – ISHARES TR	Buy	5,500,000	6.83
≡	QQQPUT – INVESCO QQQ TR	Sell	−2,112,500	−6.48
≡	QQQ – INVESCO QQQ TR	Buy	1,612,500	4.99
≡	XLEPUT – SELECT SECTOR SPDR TR	Sell	−6,006,000	−3.09
≡	NRG – NRG ENERGY INC	Sell	−4,800,000	−2.60
≡	XLFPUT – SELECT SECTOR SPDR TR	Sell	−7,000,000	−2.03
≡	OIHPUT – VANECK ETF TRUST	Sell	−975,000	−1.59
≡	NVDAPUT – NVIDIA CORPORATION	Sell	−1,450,000	−1.17
≡	MTCH – MATCH GROUP INC NEW	Reduce 50.00%	−6,054,832	−1.13
≡	CSCOPUT – CISCO SYS INC	Buy	2,000,000	0.81
≡	EQIX – EQUINIX INC	Buy	150,000	0.81
≡	IWMPUT – ISHARES TR	Buy	500,000	0.66
≡	GDXPUT – VANECK ETF TRUST	Buy	2,000,000	0.61
≡	XMEPUT – SPDR SER TR	Reduce 50.00%	−1,350,000	−0.42
≡	OSISKO GOLD ROYALTIES LTD	Buy	2,180,151	0.30
≡	SNDK – SANDISK CORP	Buy	749,997	0.24
≡	MSTR 0.625 03/15/30 – MICROSTRATEGY INC	Buy	16,000,000	0.22
≡	MSTR 0 02/15/27 – MICROSTRATEGY INC	Sell	−15,000,000	−0.19
≡	XOPPUT – SPDR SER TR	Add 41.00%	163,000	0.17
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Sell	−18,000,000	−0.10
≡	ON 0 05/01/27 – ON SEMICONDUCTOR CORP	Sell	−10,000,000	−0.08
≡	LUV – SOUTHWEST AIRLS CO	Reduce 10.00%	−5,688,000	−0.07
≡	CFLT 0 01/15/27 – CONFLUENT INC	Sell	−12,500,000	−0.07
≡	CRMD – CORMEDIX INC	Reduce 15.00%	−426,071	−0.04
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 62.00%	−7,500,000	−0.04
≡	ICLRCALL – ICON PLC	Sell	−16,400	−0.02
≡	ARM – ARM HOLDINGS PLC	Reduce 7.00%	−10,449	−0.01
≡	BHC – BAUSCH HEALTH COS INC	Sell	−11,500	−0.00
Q4 2024filed Feb 14, 251 new1 exited
≡	QQQPUT – INVESCO QQQ TR	Buy	2,112,500	6.48
≡	QQQ – INVESCO QQQ TR	Sell	−2,112,500	−6.48
Q4 2024filed Apr 28, 255 new4 added8 reduced15 exited
≡	XLEPUT – SELECT SECTOR SPDR TR	Reduce 73.00%	−16,594,000	−7.19
≡	QQQ – INVESCO QQQ TR	Add 369.00%	1,662,500	5.34
≡	XLIPUT – SELECT SECTOR SPDR TR	Buy	3,000,000	2.37
≡	NRG – NRG ENERGY INC	Reduce 50.00%	−4,868,000	−1.96
≡	IWMPUT – ISHARES TR	Sell	−1,250,000	−1.43
≡	JETSPUT – ETF SER SOLUTIONS	Sell	−12,800,000	−1.37
≡	CATALENT INC	Sell	−4,000,000	−1.25
≡	NVDAPUT – NVIDIA CORPORATION	Buy	1,450,000	1.17
≡	CAH – CARDINAL HEALTH INC	Sell	−2,000,000	−1.14
≡	XLU – SELECT SECTOR SPDR TR	Sell	−1,460,000	−0.61
≡	ARM – ARM HOLDINGS PLC	Reduce 81.00%	−650,000	−0.48
≡	XMEPUT – SPDR SER TR	Reduce 34.00%	−1,400,000	−0.43
≡	XOPPUT – SPDR SER TR	Buy	394,200	0.31
≡	OIHPUT – VANECK ETF TRUST	Reduce 23.00%	−285,000	−0.27
≡	ALKCALL – ALASKA AIR GROUP INC	Sell	−1,000,000	−0.23
≡	EQIXPUT – EQUINIX INC	Sell	−50,000	−0.23
≡	XLBPUT – SELECT SECTOR SPDR TR	Sell	−450,000	−0.22
≡	AALCALL – AMERICAN AIRLS GROUP INC	Sell	−3,500,000	−0.20
≡	U 0 11/15/26 – UNITY SOFTWARE INC	Sell	−35,000,000	−0.16
≡	HPUT – HYATT HOTELS CORP	Sell	−200,000	−0.16
≡	MSTR 0 02/15/27 – MICROSTRATEGY INC	Add 200.00%	10,000,000	0.15
≡	BILL 0 04/01/27 – BILL HOLDINGS INC	Sell	−32,000,000	−0.15
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Reduce 55.00%	−22,000,000	−0.09
≡	CRMD – CORMEDIX INC	Add 85.00%	1,320,109	0.07
≡	IQVCALL – IQVIA HLDGS INC	Sell	−42,000	−0.05
≡	HDB – HDFC BANK LTD	Add 6.00%	36,491	0.05
≡	HSTPUT – HOST HOTELS & RESORTS INC	Sell	−500,000	−0.05
≡	ICLRCALL – ICON PLC	Reduce 62.00%	−26,800	−0.04
≡	PKPUT – PARK HOTELS & RESORTS INC	Sell	−500,000	−0.04
≡	WOLF 1.875 12/01/29 – WOLFSPEED INC	Buy	12,500,000	0.03
≡	CFLT 0 01/15/27 – CONFLUENT INC	Reduce 37.00%	−7,500,000	−0.02
≡	WOLF 0.25 02/15/28 – WOLFSPEED INC	Buy	7,500,000	0.02
Q3 2024filed Nov 14, 2411 new8 added11 reduced10 exited
≡	SPYPUT – SPDR S&P 500 ETF TR	Buy	7,200,000	21.40
≡	QQQ – INVESCO QQQ TR	Reduce 97.00%	−5,760,000	−15.96
≡	QQQ – INVESCO QQQ TR	Reduce 92.00%	−5,460,000	−15.20
≡	LUV – SOUTHWEST AIRLS CO	Add 919.00%	55,116,500	8.39
≡	XLEPUT – SELECT SECTOR SPDR TR	Reduce 96.00%	−13,950,000	−7.38
≡	MPC – MARATHON PETE CORP	Sell	−7,365,000	−7.37
≡	XLEPUT – SELECT SECTOR SPDR TR	Add 56.00%	8,100,000	2.65
≡	IBBPUT – ISHARES TR	Sell	−2,800,000	−2.22
≡	RSPPUT – INVESCO EXCHANGE TRADED FD T	Sell	−1,925,000	−1.82
≡	GDXPUT – VANECK ETF TRUST	Sell	−5,000,000	−0.98
≡	BHPCALL – BHP GROUP LTD	Sell	−2,500,000	−0.82
≡	OIHPUT – VANECK ETF TRUST	Reduce 13.00%	−190,000	−0.79
≡	XLU – SELECT SECTOR SPDR TR	Buy	1,460,000	0.61
≡	MSTR 0.75 12/15/25 – MICROSTRATEGY INC	Sell	−27,500,000	−0.55
≡	AALCALL – AMERICAN AIRLS GROUP INC	Reduce 70.00%	−8,000,000	−0.55
≡	TXNCALL – TEXAS INSTRS INC	Buy	500,000	0.53
≡	TLTCALL – ISHARES TR	Sell	−1,000,000	−0.53
≡	HYG – ISHARES TR	Sell	−1,020,000	−0.45
≡	ARMCALL – ARM HOLDINGS PLC	Add 433.00%	650,000	0.45
≡	SDRL – SEADRILL 2021 LTD	Reduce 9.00%	−347,238	−0.44
≡	XMEPUT – SPDR SER TR	Reduce 18.00%	−900,000	−0.36
≡	JETSPUT – ETF SER SOLUTIONS	Add 35.00%	3,300,000	0.30
≡	WDC – WESTERN DIGITAL CORP.	Add 90.00%	1,065,000	0.28
≡	LBRDK – LIBERTY BROADBAND CORP	Add 9.00%	191,623	0.26
≡	IWMPUT – ISHARES TR	Add 25.00%	250,000	0.26
≡	MARPUT – MARRIOTT INTL INC NEW	Buy	200,000	0.26
≡	HLTPUT – HILTON WORLDWIDE HLDGS INC	Buy	200,000	0.24
≡	ALKCALL – ALASKA AIR GROUP INC	Buy	1,000,000	0.23
≡	EQIXPUT – EQUINIX INC	Buy	50,000	0.23
≡	XLBPUT – SELECT SECTOR SPDR TR	Buy	450,000	0.22
≡	UALPUT – UNITED AIRLS HLDGS INC	Sell	−700,000	−0.20
≡	SNAPPUT – SNAP INC	Sell	−2,000,000	−0.19
≡	HPUT – HYATT HOTELS CORP	Buy	200,000	0.16
≡	XLFPUT – SELECT SECTOR SPDR TR	Reduce 7.00%	−500,000	−0.14
≡	ETSY – ETSY INC	Add 11.00%	500,000	−0.09
≡	NRG – NRG ENERGY INC	Reduce 7.00%	−691,000	−0.09
≡	ICLRCALL – ICON PLC	Buy	43,200	0.06
≡	BILL 0 04/01/27 – BILL HOLDINGS INC	Reduce 24.00%	−10,000,000	−0.06
≡	IQVCALL – IQVIA HLDGS INC	Buy	42,000	0.05
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 21.00%	−3,100,000	−0.02
Q2 2024filed Aug 14, 2413 new8 added9 reduced14 exited
≡	QQQ – INVESCO QQQ TR	Add 53.00%	2,042,100	5.69
≡	XRT – SPDR SER TR	Sell	−5,000,000	−2.45
≡	VLO – VALERO ENERGY CORP	Sell	−2,000,000	−2.12
≡	RSPPUT – INVESCO EXCHANGE TRADED FD T	Buy	1,925,000	1.82
≡	XLEPUT – SELECT SECTOR SPDR TR	Reduce 6.00%	−1,000,000	−1.45
≡	IWMPUT – ISHARES TR	Buy	1,000,000	1.17
≡	MTCH – MATCH GROUP INC NEW	Add 184.00%	7,580,013	1.12
≡	LQD – ISHARES TR	Sell	−1,500,000	−1.01
≡	LUV – SOUTHWEST AIRLS CO	Buy	6,000,000	0.99
≡	GDXPUT – VANECK ETF TRUST	Buy	5,000,000	0.98
≡	JETSPUT – ETF SER SOLUTIONS	Add 660.00%	8,250,000	0.91
≡	OIHPUT – VANECK ETF TRUST	Reduce 15.00%	−250,000	−0.90
≡	STZ – CONSTELLATION BRANDS INC	Sell	−507,000	−0.85
≡	XLFPUT – SELECT SECTOR SPDR TR	Reduce 25.00%	−2,500,000	−0.83
≡	BHPCALL – BHP GROUP LTD	Buy	2,500,000	0.82
≡	AALPUT – AMERICAN AIRLS GROUP INC	Buy	11,500,000	0.75
≡	ST – SENSATA TECHNOLOGIES HLDG PL	Buy	3,250,000	0.70
≡	XBI – SPDR SER TR	Sell	−1,125,000	−0.66
≡	0C3 – ENDEAVOR GROUP HLDGS INC	Sell	−4,100,000	−0.65
≡	ETSY – ETSY INC	Add 100.00%	2,250,000	0.57
≡	SDRL – SEADRILL 2021 LTD	Reduce 29.00%	−1,630,942	−0.57
≡	MSTR 0.75 12/15/25 – MICROSTRATEGY INC	Reduce 34.00%	−14,400,000	−0.56
≡	VNQ – VANGUARD INDEX FDS	Sell	−1,050,000	−0.56
≡	BTU – PEABODY ENERGY CORP	Sell	−3,740,000	−0.56
≡	DLR – DIGITAL RLTY TR INC	Sell	−400,000	−0.36
≡	IBBPUT – ISHARES TR	Add 24.00%	550,000	0.30
≡	EQIX – EQUINIX INC	Sell	−50,000	−0.26
≡	UALPUT – UNITED AIRLS HLDGS INC	Buy	700,000	0.20
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Reduce 45.00%	−32,500,000	−0.19
≡	SNAPPUT – SNAP INC	Buy	2,000,000	0.19
≡	ARM – ARM HOLDINGS PLC	Buy	150,000	0.14
≡	W 3.5 11/15/28 – WAYFAIR INC	Buy	15,000,000	0.12
≡	QTWO 0.125 11/15/25 – Q2 HLDGS INC	Sell	−19,323,000	−0.11
≡	LBRDK – LIBERTY BROADBAND CORP	Add 29.00%	492,858	0.09
≡	CFLT 0 01/15/27 – CONFLUENT INC	Reduce 43.00%	−15,000,000	−0.09
≡	IBIT – ISHARES BITCOIN TR	Sell	−296,010	−0.07
≡	U 0 11/15/26 – UNITY SOFTWARE INC	Reduce 22.00%	−10,000,000	−0.06
≡	HSTPUT – HOST HOTELS & RESORTS INC	Buy	500,000	0.05
≡	PKPUT – PARK HOTELS & RESORTS INC	Buy	500,000	0.04
≡	HDB – HDFC BANK LTD	Add 14.00%	78,482	0.04
≡	NVDA – NVIDIA CORPORATION	Sell	−5,000	−0.03
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 16.00%	−2,900,000	−0.02
≡	RIG – TRANSOCEAN LTD	Add 22.00%	2,119,293	−0.01
≡	PSNY – POLESTAR AUTOMOTIVE HLDG UK	Sell	−1,121,604	−0.01
Q1 2024filed May 15, 248 new11 added14 reduced11 exited
≡	SU – SUNCOR ENERGY INC NEW	Add 427.00%	42,670,800	10.34
≡	QQQ – INVESCO QQQ TR	Add 29.00%	867,900	4.09
≡	PANW 0.375 06/01/25 – PALO ALTO NETWORKS INC	Sell	−175,000,000	−2.77
≡	IBB – ISHARES TR	Reduce 64.00%	−3,997,600	−2.62
≡	VLO – VALERO ENERGY CORP	Buy	2,000,000	2.12
≡	IWM – ISHARES TR	Sell	−1,950,000	−2.09
≡	XLV – SELECT SECTOR SPDR TR	Sell	−2,055,000	−1.50
≡	XLE – SELECT SECTOR SPDR TR	Reduce 11.00%	−2,000,000	1.24
≡	BTU – PEABODY ENERGY CORP	Reduce 72.00%	−9,415,000	−1.15
≡	XLF – SELECT SECTOR SPDR TR	Add 33.00%	2,500,000	1.11
≡	MSTR 0.75 12/15/25 – MICROSTRATEGY INC	Add 249.00%	29,900,000	1.01
≡	DIA – SPDR DOW JONES INDL AVERAGE	Sell	−450,000	−0.91
≡	MAR – MARRIOTT INTL INC NEW	Sell	−750,000	−0.90
≡	MTCH – MATCH GROUP INC NEW	Add 1700.00%	3,895,800	0.88
≡	FIS – FIDELITY NATL INFORMATION SV	Sell	−2,087,923	−0.67
≡	HWM – HOWMET AEROSPACE INC	Reduce 96.00%	−2,300,000	−0.65
≡	TLT – ISHARES TR	Buy	1,000,000	0.59
≡	XBI – SPDR SER TR	Add 275.00%	825,000	0.52
≡	VNQ – VANGUARD INDEX FDS	Reduce 51.00%	−1,100,000	−0.45
≡	MPC – MARATHON PETE CORP	Reduce 33.00%	−3,700,000	0.43
≡	OIH – VANECK ETF TRUST	Reduce 11.00%	−200,000	0.40
≡	RIG – TRANSOCEAN LTD	Buy	9,751,026	0.38
≡	BMRN – BIOMARIN PHARMACEUTICAL INC	Add 17.00%	500,000	0.35
≡	BKNG 0.75 05/01/25 – BOOKING HOLDINGS INC	Buy	25,000,000	0.30
≡	SDRL – SEADRILL 2021 LTD	Reduce 9.00%	−547,111	0.20
≡	HDB – HDFC BANK LTD	Buy	555,242	0.19
≡	SNAP – SNAP INC	Sell	−2,000,000	−0.18
≡	LQD – ISHARES TR	Reduce 24.00%	−475,000	−0.15
≡	ETSY – ETSY INC	Add 18.00%	350,000	0.14
≡	EQIX – EQUINIX INC	Add 78.00%	21,900	0.14
≡	ON 0 05/01/27 – ON SEMICONDUCTOR CORP	Buy	10,000,000	0.09
≡	LBRDK – LIBERTY BROADBAND CORP	Add 6.00%	100,000	−0.09
≡	IBIT – ISHARES BITCOIN TR	Buy	296,010	0.07
≡	VAL – VALARIS LTD	Sell	−200,000	−0.07
≡	JETS – ETF SER SOLUTIONS	Add 25.00%	250,000	0.06
≡	QTWO 0.75 06/01/26 – Q2 HLDGS INC	Sell	−10,000,000	−0.05
≡	TDOC 1.25 06/01/27 – TELADOC HEALTH INC	Sell	−10,000,000	−0.04
≡	NVDA – NVIDIA CORPORATION	Buy	5,000	0.03
≡	BILL 0 04/01/27 – BILL HOLDINGS INC	Reduce 7.00%	−3,000,000	0.02
≡	RSVR – RESERVOIR MEDIA INC	Sell	−570,888	−0.02
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Reduce 12.00%	−10,000,000	0.02
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 28.00%	−7,000,000	−0.02
≡	CFLT 0 01/15/27 – CONFLUENT INC	Reduce 18.00%	−7,500,000	−0.00
≡	DLR – DIGITAL RLTY TR INC	Reduce 20.00%	−100,000	−0.00
Q4 2023filed Feb 14, 2410 new11 added12 reduced10 exited
≡	QQQ – INVESCO QQQ TR	Add 4567.00%	7,562,900	16.45
≡	QQQ – INVESCO QQQ TR	Add 1712.00%	2,834,400	6.10
≡	BTU – PEABODY ENERGY CORP	Reduce 38.00%	−7,954,807	−2.54
≡	XLI – SELECT SECTOR SPDR TR	Sell	−3,000,000	−2.35
≡	XRT – SPDR SER TR	Buy	5,000,000	1.93
≡	XME – SPDR SER TR	Buy	5,000,000	1.60
≡	BMRN – BIOMARIN PHARMACEUTICAL INC	Buy	3,000,338	1.55
≡	IWM – ISHARES TR	Add 225.00%	1,350,000	1.27
≡	HWM – HOWMET AEROSPACE INC	Reduce 56.00%	−3,040,000	−1.25
≡	SDRL – SEADRILL 2021 LTD	Reduce 12.00%	−828,221	−0.87
≡	ETSY – ETSY INC	Buy	1,900,000	0.82
≡	CCI – CROWN CASTLE INC	Buy	1,225,000	0.75
≡	STX – SEAGATE TECHNOLOGY HLDNGS PL	Sell	−1,250,000	−0.64
≡	MTCH – MATCH GROUP INC NEW	Buy	3,000,000	0.59
≡	TSM – TAIWAN SEMICONDUCTOR MFG LTD	Sell	−725,000	−0.49
≡	AAPL – APPLE INC	Sell	−350,000	−0.46
≡	ARM – ARM HOLDINGS PLC	Sell	−980,392	−0.41
≡	XLF – SELECT SECTOR SPDR TR	Add 7.00%	500,000	−0.29
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Reduce 16.00%	−16,000,000	−0.26
≡	VAL – VALARIS LTD	Reduce 63.00%	−338,323	−0.24
≡	NI – NISOURCE INC	Sell	−1,220,000	−0.23
≡	AYX 1 08/01/26 – ALTERYX INC	Sell	−30,750,000	−0.21
≡	SWKS – SKYWORKS SOLUTIONS INC	Sell	−250,000	−0.19
≡	SNAP – SNAP INC	Buy	2,000,000	0.18
≡	CFLT 0 01/15/27 – CONFLUENT INC	Reduce 25.00%	−14,500,000	−0.17
≡	IBB – ISHARES TR	Add 35.00%	1,630,000	0.17
≡	MAR – MARRIOTT INTL INC NEW	Add 50.00%	250,000	0.14
≡	XBI – SPDR SER TR	Buy	300,000	0.14
≡	U 0 11/15/26 – UNITY SOFTWARE INC	Reduce 18.00%	−10,400,000	−0.14
≡	OKTA 0.375 06/15/26 – OKTA INC	Sell	−20,000,000	−0.14
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 33.00%	−12,150,000	−0.13
≡	DIA – SPDR DOW JONES INDL AVERAGE	Add 50.00%	150,000	0.13
≡	VNQ – VANGUARD INDEX FDS	Add 10.00%	200,000	−0.13
≡	EQIX – EQUINIX INC	Buy	28,100	0.12
≡	BILL 0 04/01/27 – BILL HOLDINGS INC	Reduce 10.00%	−5,000,000	−0.11
≡	XLV – SELECT SECTOR SPDR TR	Add 47.00%	655,000	0.10
≡	TDOC 1.25 06/01/27 – TELADOC HEALTH INC	Reduce 50.00%	−10,000,000	−0.08
≡	NE – NOBLE CORP PLC	Sell	−200,000	−0.08
≡	QTWO 0.75 06/01/26 – Q2 HLDGS INC	Reduce 33.00%	−5,000,000	−0.05
≡	MTCH – MATCH GROUP INC NEW	Buy	229,200	0.04
≡	FIS – FIDELITY NATL INFORMATION SV	Add 39.00%	587,923	0.03
≡	E2OPEN PARENT HOLDINGS INC	Add 44.00%	8,334,679	−0.03
≡	RSVR – RESERVOIR MEDIA INC	Reduce 35.00%	−310,851	−0.02

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 15, 268 new4 added6 reduced8 exited
≡	GDXCALL – VANECK ETF TRUST	Reduce 88.00%	−12,350,000	−4.56
≡	GDXCALL – VANECK ETF TRUST	Reduce 86.00%	−12,000,000	−4.40
≡	QQQ – INVESCO QQQ TR	Sell	−1,500,000	−4.08
≡	LUV – SOUTHWEST AIRLS CO	Reduce 41.00%	−20,782,500	−3.68
≡	XLEPUT – SELECT SECTOR SPDR TR	Sell	−16,000,000	−3.17
≡	XLPPUT – SELECT SECTOR SPDR TR	Reduce 54.00%	−10,860,000	−3.15
≡	NVDAPUT – NVIDIA CORPORATION	Sell	−3,000,000	−2.48
≡	XLYPUT – SELECT SECTOR SPDR TR	Buy	4,300,000	2.33
≡	IWDPUT – ISHARES TR	Reduce 64.00%	−1,800,000	−1.54
≡	XOPPUT – SPDR SERIES TRUST	Sell	−2,398,400	−1.34
≡	HPE – HEWLETT PACKARD ENTERPRISE C	Add 47.00%	8,790,757	1.27
≡	NCLH – NORWEGIAN CRUISE LINE HLDGS	Buy	13,186,000	1.23
≡	QQQPUT – INVESCO QQQ TR	Buy	400,000	1.15
≡	BILL – BILL HOLDINGS INC	Sell	−3,000,000	−0.72
≡	DLRPUT – DIGITAL RLTY TR INC	Add 50.00%	500,000	0.66
≡	HYGPUT – ISHARES TR	Add 32.00%	1,200,000	0.62
≡	IWMPUT – ISHARES TR	Buy	500,000	0.62
≡	RIG – TRANSOCEAN LTD	Buy	15,626,834	0.52
≡	ST – SENSATA TECHNOLOGIES HLDG PL	Sell	−3,250,000	−0.48
≡	FTVPUT – FORTIVE CORP	Buy	750,000	0.21
≡	IGVPUT – ISHARES TR	Sell	−300,000	−0.14
≡	EMRPUT – EMERSON ELEC CO	Buy	200,000	0.13
≡	WPMCALL – WHEATON PRECIOUS METALS CORP	Buy	100,000	0.07
≡	HDB – HDFC BANK LTD	Add 268.00%	580,329	0.06
≡	MSTR 0.625 03/15/30 – STRATEGY INC	Reduce 37.00%	−6,000,000	−0.04
≡	FSK – FS KKR CAP CORP	Sell	−264,850	−0.02
Q4 2025filed Feb 18, 262 new7 added6 reduced3 exited
≡	IWDPUT – ISHARES TR	Reduce 44.00%	−2,200,000	−1.87
≡	XLPPUT – SELECT SECTOR SPDR TR	Add 33.00%	5,000,000	1.70
≡	GDXPUT – VANECK ETF TRUST	Add 22.00%	2,500,000	1.45
≡	XLVPUT – SELECT SECTOR SPDR TR	Sell	−2,000,000	−1.23
≡	NVDAPUT – NVIDIA CORPORATION	Reduce 31.00%	−1,330,000	−1.08
≡	IGVPUT – ISHARES TR	Reduce 85.00%	−1,700,000	−0.87
≡	QQQ – INVESCO QQQ TR	Add 20.00%	250,000	0.78
≡	QQQ – INVESCO QQQ TR	Reduce 20.00%	−250,000	−0.58
≡	IGVPUT – ISHARES TR	Reduce 50.00%	−1,000,000	−0.54
≡	WPMPUT – WHEATON PRECIOUS METALS CORP	Sell	−650,000	−0.32
≡	SDRL – SEADRILL LTD	Add 23.00%	855,012	0.21
≡	XMEPUT – SPDR SERIES TRUST	Reduce 36.00%	−500,000	−0.16
≡	OR – OR ROYALTIES INC.	Add 43.00%	930,849	0.10
≡	OXLC – OXFORD LANE CAP CORP	Sell	−1,019,239	−0.08
≡	HDB – HDFC BANK LTD	Buy	216,756	0.04
≡	GLIBK – GCI LIBERTY INC	Add 38.00%	183,033	0.03
≡	XLEPUT – SELECT SECTOR SPDR TR	Add 100.00%	8,000,000	0.02
≡	FSK – FS KKR CAP CORP	Buy	264,850	0.02
Q3 2025filed Nov 14, 2534 new1 reduced
≡	PEP – PEPSICO INC	Reduce 68.00%	−2,725,000	−99.21
≡	TFPM – TRIPLE FLAG PRECIOUS METAL	Buy	133,815,727	17.23
≡	PSX – PHILLIPS 66	Buy	19,251,000	11.52
≡	SU – SUNCOR ENERGY INC NEW	Buy	52,670,800	9.69
≡	LUV – SOUTHWEST AIRLS CO	Buy	51,128,500	7.18
≡	QQQ – INVESCO QQQ TR	Buy	2,000,000	5.28
≡	XLPPUT – SELECT SECTOR SPDR TR	Buy	15,000,000	5.17
≡	XLIPUT – SELECT SECTOR SPDR TR	Buy	7,500,000	5.09
≡	IWDPUT – ISHARES TR	Buy	5,000,000	4.48
≡	PINS – PINTEREST INC	Buy	28,000,000	3.96
≡	GDXPUT – VANECK ETF TRUST	Buy	11,500,000	3.87
≡	NVDAPUT – NVIDIA CORPORATION	Buy	4,330,000	3.56
≡	QQQ – INVESCO QQQ TR	Buy	1,250,000	3.30
≡	XLEPUT – SELECT SECTOR SPDR TR	Buy	8,000,000	3.15
≡	HPE – HEWLETT PACKARD ENTERPRISE C	Buy	18,630,978	2.01
≡	UNIT – UNITI GROUP LLC	Buy	59,012,219	1.59
≡	ETSY – ETSY INC	Buy	5,000,000	1.46
≡	XOPPUT – SPDR SERIES TRUST	Buy	2,400,000	1.40
≡	HYG – ISHARES TR	Buy	3,800,000	1.36
≡	XLVPUT – SELECT SECTOR SPDR TR	Buy	2,000,000	1.23
≡	IGVPUT – ISHARES TR	Buy	2,000,000	1.01
≡	DLRPUT – DIGITAL RLTY TR INC	Buy	1,000,000	0.76
≡	BILL – BILL HOLDINGS INC	Buy	3,000,000	0.70
≡	XMEPUT – SPDR SERIES TRUST	Buy	1,400,000	0.57
≡	CCI – CROWN CASTLE INC	Buy	1,225,000	0.52
≡	EQIX – EQUINIX INC	Buy	150,000	0.52
≡	IGVPUT – ISHARES TR	Buy	1,000,000	0.51
≡	SDRL – SEADRILL LTD	Buy	3,703,746	0.49
≡	ST – SENSATA TECHNOLOGIES HLDG PL	Buy	3,250,000	0.44
≡	OR – OR ROYALTIES INC.	Buy	2,180,151	0.38
≡	WPMPUT – WHEATON PRECIOUS METALS CORP	Buy	650,000	0.32
≡	MSTR 0.625 03/15/30 – STRATEGY INC	Buy	16,000,000	0.16
≡	W 3.5 11/15/28 – WAYFAIR INC	Buy	15,000,000	0.14
≡	GLIBK – GCI LIBERTY INC	Buy	476,895	0.08
≡	OXLC – OXFORD LANE CAP CORP	Buy	1,019,239	0.08
Q2 2025filed Nov 14, 251 new30 exited
≡	PEPPUT – PEPSICO INC	Buy	4,000,000	100.00
≡	TFPM – TRIPLE FLAG PRECIOUS METAL	Sell	−133,815,727	−18.02
≡	PSX – PHILLIPS 66	Sell	−19,251,000	−13.05
≡	SU – SUNCOR ENERGY INC NEW	Sell	−52,670,800	−11.21
≡	LUV – SOUTHWEST AIRLS CO	Sell	−53,978,500	−9.95
≡	SPYPUT – SPDR S&P 500 ETF TR	Sell	−2,160,000	−7.59
≡	QQQPUT – INVESCO QQQ TR	Sell	−2,000,000	−6.27
≡	PINS – PINTEREST INC	Sell	−28,000,000	−5.71
≡	IWDPUT – ISHARES TR	Sell	−5,000,000	−5.52
≡	XLIPUT – SELECT SECTOR SPDR TR	Sell	−3,500,000	−2.93
≡	NVDAPUT – NVIDIA CORPORATION	Sell	−2,580,000	−2.32
≡	HPE – HEWLETT PACKARD ENTERPRISE C	Sell	−18,630,978	−2.17
≡	HYG – ISHARES TR	Sell	−3,800,000	−1.74
≡	SMHPUT – VANECK ETF TRUST	Sell	−1,000,000	−1.59
≡	ETSY – ETSY INC	Sell	−5,000,000	−1.43
≡	LBRDK – LIBERTY BROADBAND CORP	Sell	−2,384,481	−1.33
≡	IWMPUT – ISHARES TR	Sell	−1,000,000	−1.23
≡	GDXPUT – VANECK ETF TRUST	Sell	−4,000,000	−1.18
≡	XMEPUT – SPDR SERIES TRUST	Sell	−2,850,000	−1.09
≡	WDC – WESTERN DIGITAL CORP	Sell	−2,250,000	−0.82
≡	DLRPUT – DIGITAL RLTY TR INC	Sell	−750,000	−0.74
≡	CCI – CROWN CASTLE INC	Sell	−1,225,000	−0.72
≡	EQIX – EQUINIX INC	Sell	−150,000	−0.68
≡	ST – SENSATA TECHNOLOGIES HLDG PL	Sell	−3,250,000	−0.56
≡	SDRL – SEADRILL LTD	Sell	−3,703,746	−0.55
≡	HLTPUT – HILTON WORLDWIDE HLDGS INC	Sell	−320,000	−0.48
≡	OR – OR ROYALTIES INC.	Sell	−2,180,151	−0.32
≡	MSTR 0.625 03/15/30 – MICROSTRATEGY INC	Sell	−16,000,000	−0.25
≡	UNIT – UNITI GROUP INC	Sell	−10,120,963	−0.25
≡	SNDK – SANDISK CORP	Sell	−749,997	−0.19
≡	W 3.5 11/15/28 – WAYFAIR INC	Sell	−15,000,000	−0.12
Q2 2025filed Aug 14, 258 new5 added2 reduced19 exited
≡	XLIPUT – SELECT SECTOR SPDR TR	Reduce 72.00%	−9,000,000	−7.88
≡	SPYPUT – SPDR S&P 500 ETF TR	Buy	2,160,000	7.59
≡	QQQPUT – INVESCO QQQ TR	Buy	2,000,000	6.27
≡	QQQ – INVESCO QQQ TR	Sell	−1,612,500	−4.99
≡	NVDAPUT – NVIDIA CORPORATION	Buy	2,580,000	2.32
≡	HPE – HEWLETT PACKARD ENTERPRISE C	Buy	18,630,978	2.17
≡	HYG – ISHARES TR	Buy	3,800,000	1.74
≡	BMRN – BIOMARIN PHARMACEUTICAL INC	Sell	−3,500,338	−1.63
≡	SMHPUT – VANECK ETF TRUST	Buy	1,000,000	1.59
≡	IWDPUT – ISHARES TR	Reduce 9.00%	−500,000	−1.31
≡	MTCH – MATCH GROUP INC NEW	Sell	−6,000,000	−1.24
≡	CSCOPUT – CISCO SYS INC	Sell	−2,000,000	−0.81
≡	DLRPUT – DIGITAL RLTY TR INC	Buy	750,000	0.74
≡	TXNCALL – TEXAS INSTRS INC	Sell	−500,000	−0.59
≡	XMEPUT – SPDR SERIES TRUST	Add 111.00%	1,500,000	0.59
≡	GDXPUT – VANECK ETF TRUST	Add 100.00%	2,000,000	0.58
≡	IWMPUT – ISHARES TR	Add 100.00%	500,000	0.57
≡	XOPPUT – SPDR SER TR	Sell	−557,200	−0.48
≡	BKNG 0.75 05/01/25 – BOOKING HOLDINGS INC	Sell	−25,000,000	−0.41
≡	E2OPEN PARENT HOLDINGS INC	Sell	−27,250,000	−0.36
≡	OR – OR ROYALTIES INC.	Buy	2,180,151	0.32
≡	MARPUT – MARRIOTT INTL INC NEW	Sell	−200,000	−0.31
≡	OSISKO GOLD ROYALTIES LTD	Sell	−2,180,151	−0.30
≡	HDB – HDFC BANK LTD	Sell	−670,215	−0.29
≡	RPD 0.25 03/15/27 – RAPID7 INC	Sell	−41,500,000	−0.25
≡	RIG – TRANSOCEAN LTD	Sell	−11,870,319	−0.25
≡	PSX – PHILLIPS 66	Add 22.00%	3,526,000	0.24
≡	HLTPUT – HILTON WORLDWIDE HLDGS INC	Add 60.00%	120,000	0.18
≡	CRMD – CORMEDIX INC	Sell	−2,444,561	−0.10
≡	ARM – ARM HOLDINGS PLC	Sell	−139,551	−0.10
≡	HWM – HOWMET AEROSPACE INC	Sell	−100,000	−0.09
≡	BL 0 03/15/26 – BLACKLINE INC	Sell	−4,500,000	−0.03
≡	WOLF 1.875 12/01/29 – WOLFSPEED INC	Sell	−12,500,000	−0.02
≡	WOLF 0.25 02/15/28 – WOLFSPEED INC	Sell	−7,500,000	−0.01
Q1 2025filed May 15, 259 new3 added6 reduced13 exited
≡	SPYPUT – SPDR S&P 500 ETF TR	Sell	−7,200,000	−25.30
≡	PSX – PHILLIPS 66	Add 1929.00%	14,950,000	12.28
≡	XLIPUT – SELECT SECTOR SPDR TR	Add 317.00%	9,500,000	8.44
≡	IWDPUT – ISHARES TR	Buy	5,500,000	6.83
≡	QQQPUT – INVESCO QQQ TR	Sell	−2,112,500	−6.48
≡	QQQ – INVESCO QQQ TR	Buy	1,612,500	4.99
≡	XLEPUT – SELECT SECTOR SPDR TR	Sell	−6,006,000	−3.09
≡	NRG – NRG ENERGY INC	Sell	−4,800,000	−2.60
≡	XLFPUT – SELECT SECTOR SPDR TR	Sell	−7,000,000	−2.03
≡	OIHPUT – VANECK ETF TRUST	Sell	−975,000	−1.59
≡	NVDAPUT – NVIDIA CORPORATION	Sell	−1,450,000	−1.17
≡	MTCH – MATCH GROUP INC NEW	Reduce 50.00%	−6,054,832	−1.13
≡	CSCOPUT – CISCO SYS INC	Buy	2,000,000	0.81
≡	EQIX – EQUINIX INC	Buy	150,000	0.81
≡	IWMPUT – ISHARES TR	Buy	500,000	0.66
≡	GDXPUT – VANECK ETF TRUST	Buy	2,000,000	0.61
≡	XMEPUT – SPDR SER TR	Reduce 50.00%	−1,350,000	−0.42
≡	OSISKO GOLD ROYALTIES LTD	Buy	2,180,151	0.30
≡	SNDK – SANDISK CORP	Buy	749,997	0.24
≡	MSTR 0.625 03/15/30 – MICROSTRATEGY INC	Buy	16,000,000	0.22
≡	MSTR 0 02/15/27 – MICROSTRATEGY INC	Sell	−15,000,000	−0.19
≡	XOPPUT – SPDR SER TR	Add 41.00%	163,000	0.17
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Sell	−18,000,000	−0.10
≡	ON 0 05/01/27 – ON SEMICONDUCTOR CORP	Sell	−10,000,000	−0.08
≡	LUV – SOUTHWEST AIRLS CO	Reduce 10.00%	−5,688,000	−0.07
≡	CFLT 0 01/15/27 – CONFLUENT INC	Sell	−12,500,000	−0.07
≡	CRMD – CORMEDIX INC	Reduce 15.00%	−426,071	−0.04
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 62.00%	−7,500,000	−0.04
≡	ICLRCALL – ICON PLC	Sell	−16,400	−0.02
≡	ARM – ARM HOLDINGS PLC	Reduce 7.00%	−10,449	−0.01
≡	BHC – BAUSCH HEALTH COS INC	Sell	−11,500	−0.00
Q4 2024filed Feb 14, 251 new1 exited
≡	QQQPUT – INVESCO QQQ TR	Buy	2,112,500	6.48
≡	QQQ – INVESCO QQQ TR	Sell	−2,112,500	−6.48
Q4 2024filed Apr 28, 255 new4 added8 reduced15 exited
≡	XLEPUT – SELECT SECTOR SPDR TR	Reduce 73.00%	−16,594,000	−7.19
≡	QQQ – INVESCO QQQ TR	Add 369.00%	1,662,500	5.34
≡	XLIPUT – SELECT SECTOR SPDR TR	Buy	3,000,000	2.37
≡	NRG – NRG ENERGY INC	Reduce 50.00%	−4,868,000	−1.96
≡	IWMPUT – ISHARES TR	Sell	−1,250,000	−1.43
≡	JETSPUT – ETF SER SOLUTIONS	Sell	−12,800,000	−1.37
≡	CATALENT INC	Sell	−4,000,000	−1.25
≡	NVDAPUT – NVIDIA CORPORATION	Buy	1,450,000	1.17
≡	CAH – CARDINAL HEALTH INC	Sell	−2,000,000	−1.14
≡	XLU – SELECT SECTOR SPDR TR	Sell	−1,460,000	−0.61
≡	ARM – ARM HOLDINGS PLC	Reduce 81.00%	−650,000	−0.48
≡	XMEPUT – SPDR SER TR	Reduce 34.00%	−1,400,000	−0.43
≡	XOPPUT – SPDR SER TR	Buy	394,200	0.31
≡	OIHPUT – VANECK ETF TRUST	Reduce 23.00%	−285,000	−0.27
≡	ALKCALL – ALASKA AIR GROUP INC	Sell	−1,000,000	−0.23
≡	EQIXPUT – EQUINIX INC	Sell	−50,000	−0.23
≡	XLBPUT – SELECT SECTOR SPDR TR	Sell	−450,000	−0.22
≡	AALCALL – AMERICAN AIRLS GROUP INC	Sell	−3,500,000	−0.20
≡	U 0 11/15/26 – UNITY SOFTWARE INC	Sell	−35,000,000	−0.16
≡	HPUT – HYATT HOTELS CORP	Sell	−200,000	−0.16
≡	MSTR 0 02/15/27 – MICROSTRATEGY INC	Add 200.00%	10,000,000	0.15
≡	BILL 0 04/01/27 – BILL HOLDINGS INC	Sell	−32,000,000	−0.15
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Reduce 55.00%	−22,000,000	−0.09
≡	CRMD – CORMEDIX INC	Add 85.00%	1,320,109	0.07
≡	IQVCALL – IQVIA HLDGS INC	Sell	−42,000	−0.05
≡	HDB – HDFC BANK LTD	Add 6.00%	36,491	0.05
≡	HSTPUT – HOST HOTELS & RESORTS INC	Sell	−500,000	−0.05
≡	ICLRCALL – ICON PLC	Reduce 62.00%	−26,800	−0.04
≡	PKPUT – PARK HOTELS & RESORTS INC	Sell	−500,000	−0.04
≡	WOLF 1.875 12/01/29 – WOLFSPEED INC	Buy	12,500,000	0.03
≡	CFLT 0 01/15/27 – CONFLUENT INC	Reduce 37.00%	−7,500,000	−0.02
≡	WOLF 0.25 02/15/28 – WOLFSPEED INC	Buy	7,500,000	0.02
Q3 2024filed Nov 14, 2411 new8 added11 reduced10 exited
≡	SPYPUT – SPDR S&P 500 ETF TR	Buy	7,200,000	21.40
≡	QQQ – INVESCO QQQ TR	Reduce 97.00%	−5,760,000	−15.96
≡	QQQ – INVESCO QQQ TR	Reduce 92.00%	−5,460,000	−15.20
≡	LUV – SOUTHWEST AIRLS CO	Add 919.00%	55,116,500	8.39
≡	XLEPUT – SELECT SECTOR SPDR TR	Reduce 96.00%	−13,950,000	−7.38
≡	MPC – MARATHON PETE CORP	Sell	−7,365,000	−7.37
≡	XLEPUT – SELECT SECTOR SPDR TR	Add 56.00%	8,100,000	2.65
≡	IBBPUT – ISHARES TR	Sell	−2,800,000	−2.22
≡	RSPPUT – INVESCO EXCHANGE TRADED FD T	Sell	−1,925,000	−1.82
≡	GDXPUT – VANECK ETF TRUST	Sell	−5,000,000	−0.98
≡	BHPCALL – BHP GROUP LTD	Sell	−2,500,000	−0.82
≡	OIHPUT – VANECK ETF TRUST	Reduce 13.00%	−190,000	−0.79
≡	XLU – SELECT SECTOR SPDR TR	Buy	1,460,000	0.61
≡	MSTR 0.75 12/15/25 – MICROSTRATEGY INC	Sell	−27,500,000	−0.55
≡	AALCALL – AMERICAN AIRLS GROUP INC	Reduce 70.00%	−8,000,000	−0.55
≡	TXNCALL – TEXAS INSTRS INC	Buy	500,000	0.53
≡	TLTCALL – ISHARES TR	Sell	−1,000,000	−0.53
≡	HYG – ISHARES TR	Sell	−1,020,000	−0.45
≡	ARMCALL – ARM HOLDINGS PLC	Add 433.00%	650,000	0.45
≡	SDRL – SEADRILL 2021 LTD	Reduce 9.00%	−347,238	−0.44
≡	XMEPUT – SPDR SER TR	Reduce 18.00%	−900,000	−0.36
≡	JETSPUT – ETF SER SOLUTIONS	Add 35.00%	3,300,000	0.30
≡	WDC – WESTERN DIGITAL CORP.	Add 90.00%	1,065,000	0.28
≡	LBRDK – LIBERTY BROADBAND CORP	Add 9.00%	191,623	0.26
≡	IWMPUT – ISHARES TR	Add 25.00%	250,000	0.26
≡	MARPUT – MARRIOTT INTL INC NEW	Buy	200,000	0.26
≡	HLTPUT – HILTON WORLDWIDE HLDGS INC	Buy	200,000	0.24
≡	ALKCALL – ALASKA AIR GROUP INC	Buy	1,000,000	0.23
≡	EQIXPUT – EQUINIX INC	Buy	50,000	0.23
≡	XLBPUT – SELECT SECTOR SPDR TR	Buy	450,000	0.22
≡	UALPUT – UNITED AIRLS HLDGS INC	Sell	−700,000	−0.20
≡	SNAPPUT – SNAP INC	Sell	−2,000,000	−0.19
≡	HPUT – HYATT HOTELS CORP	Buy	200,000	0.16
≡	XLFPUT – SELECT SECTOR SPDR TR	Reduce 7.00%	−500,000	−0.14
≡	ETSY – ETSY INC	Add 11.00%	500,000	−0.09
≡	NRG – NRG ENERGY INC	Reduce 7.00%	−691,000	−0.09
≡	ICLRCALL – ICON PLC	Buy	43,200	0.06
≡	BILL 0 04/01/27 – BILL HOLDINGS INC	Reduce 24.00%	−10,000,000	−0.06
≡	IQVCALL – IQVIA HLDGS INC	Buy	42,000	0.05
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 21.00%	−3,100,000	−0.02
Q2 2024filed Aug 14, 2413 new8 added9 reduced14 exited
≡	QQQ – INVESCO QQQ TR	Add 53.00%	2,042,100	5.69
≡	XRT – SPDR SER TR	Sell	−5,000,000	−2.45
≡	VLO – VALERO ENERGY CORP	Sell	−2,000,000	−2.12
≡	RSPPUT – INVESCO EXCHANGE TRADED FD T	Buy	1,925,000	1.82
≡	XLEPUT – SELECT SECTOR SPDR TR	Reduce 6.00%	−1,000,000	−1.45
≡	IWMPUT – ISHARES TR	Buy	1,000,000	1.17
≡	MTCH – MATCH GROUP INC NEW	Add 184.00%	7,580,013	1.12
≡	LQD – ISHARES TR	Sell	−1,500,000	−1.01
≡	LUV – SOUTHWEST AIRLS CO	Buy	6,000,000	0.99
≡	GDXPUT – VANECK ETF TRUST	Buy	5,000,000	0.98
≡	JETSPUT – ETF SER SOLUTIONS	Add 660.00%	8,250,000	0.91
≡	OIHPUT – VANECK ETF TRUST	Reduce 15.00%	−250,000	−0.90
≡	STZ – CONSTELLATION BRANDS INC	Sell	−507,000	−0.85
≡	XLFPUT – SELECT SECTOR SPDR TR	Reduce 25.00%	−2,500,000	−0.83
≡	BHPCALL – BHP GROUP LTD	Buy	2,500,000	0.82
≡	AALPUT – AMERICAN AIRLS GROUP INC	Buy	11,500,000	0.75
≡	ST – SENSATA TECHNOLOGIES HLDG PL	Buy	3,250,000	0.70
≡	XBI – SPDR SER TR	Sell	−1,125,000	−0.66
≡	0C3 – ENDEAVOR GROUP HLDGS INC	Sell	−4,100,000	−0.65
≡	ETSY – ETSY INC	Add 100.00%	2,250,000	0.57
≡	SDRL – SEADRILL 2021 LTD	Reduce 29.00%	−1,630,942	−0.57
≡	MSTR 0.75 12/15/25 – MICROSTRATEGY INC	Reduce 34.00%	−14,400,000	−0.56
≡	VNQ – VANGUARD INDEX FDS	Sell	−1,050,000	−0.56
≡	BTU – PEABODY ENERGY CORP	Sell	−3,740,000	−0.56
≡	DLR – DIGITAL RLTY TR INC	Sell	−400,000	−0.36
≡	IBBPUT – ISHARES TR	Add 24.00%	550,000	0.30
≡	EQIX – EQUINIX INC	Sell	−50,000	−0.26
≡	UALPUT – UNITED AIRLS HLDGS INC	Buy	700,000	0.20
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Reduce 45.00%	−32,500,000	−0.19
≡	SNAPPUT – SNAP INC	Buy	2,000,000	0.19
≡	ARM – ARM HOLDINGS PLC	Buy	150,000	0.14
≡	W 3.5 11/15/28 – WAYFAIR INC	Buy	15,000,000	0.12
≡	QTWO 0.125 11/15/25 – Q2 HLDGS INC	Sell	−19,323,000	−0.11
≡	LBRDK – LIBERTY BROADBAND CORP	Add 29.00%	492,858	0.09
≡	CFLT 0 01/15/27 – CONFLUENT INC	Reduce 43.00%	−15,000,000	−0.09
≡	IBIT – ISHARES BITCOIN TR	Sell	−296,010	−0.07
≡	U 0 11/15/26 – UNITY SOFTWARE INC	Reduce 22.00%	−10,000,000	−0.06
≡	HSTPUT – HOST HOTELS & RESORTS INC	Buy	500,000	0.05
≡	PKPUT – PARK HOTELS & RESORTS INC	Buy	500,000	0.04
≡	HDB – HDFC BANK LTD	Add 14.00%	78,482	0.04
≡	NVDA – NVIDIA CORPORATION	Sell	−5,000	−0.03
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 16.00%	−2,900,000	−0.02
≡	RIG – TRANSOCEAN LTD	Add 22.00%	2,119,293	−0.01
≡	PSNY – POLESTAR AUTOMOTIVE HLDG UK	Sell	−1,121,604	−0.01
Q1 2024filed May 15, 248 new11 added14 reduced11 exited
≡	SU – SUNCOR ENERGY INC NEW	Add 427.00%	42,670,800	10.34
≡	QQQ – INVESCO QQQ TR	Add 29.00%	867,900	4.09
≡	PANW 0.375 06/01/25 – PALO ALTO NETWORKS INC	Sell	−175,000,000	−2.77
≡	IBB – ISHARES TR	Reduce 64.00%	−3,997,600	−2.62
≡	VLO – VALERO ENERGY CORP	Buy	2,000,000	2.12
≡	IWM – ISHARES TR	Sell	−1,950,000	−2.09
≡	XLV – SELECT SECTOR SPDR TR	Sell	−2,055,000	−1.50
≡	XLE – SELECT SECTOR SPDR TR	Reduce 11.00%	−2,000,000	1.24
≡	BTU – PEABODY ENERGY CORP	Reduce 72.00%	−9,415,000	−1.15
≡	XLF – SELECT SECTOR SPDR TR	Add 33.00%	2,500,000	1.11
≡	MSTR 0.75 12/15/25 – MICROSTRATEGY INC	Add 249.00%	29,900,000	1.01
≡	DIA – SPDR DOW JONES INDL AVERAGE	Sell	−450,000	−0.91
≡	MAR – MARRIOTT INTL INC NEW	Sell	−750,000	−0.90
≡	MTCH – MATCH GROUP INC NEW	Add 1700.00%	3,895,800	0.88
≡	FIS – FIDELITY NATL INFORMATION SV	Sell	−2,087,923	−0.67
≡	HWM – HOWMET AEROSPACE INC	Reduce 96.00%	−2,300,000	−0.65
≡	TLT – ISHARES TR	Buy	1,000,000	0.59
≡	XBI – SPDR SER TR	Add 275.00%	825,000	0.52
≡	VNQ – VANGUARD INDEX FDS	Reduce 51.00%	−1,100,000	−0.45
≡	MPC – MARATHON PETE CORP	Reduce 33.00%	−3,700,000	0.43
≡	OIH – VANECK ETF TRUST	Reduce 11.00%	−200,000	0.40
≡	RIG – TRANSOCEAN LTD	Buy	9,751,026	0.38
≡	BMRN – BIOMARIN PHARMACEUTICAL INC	Add 17.00%	500,000	0.35
≡	BKNG 0.75 05/01/25 – BOOKING HOLDINGS INC	Buy	25,000,000	0.30
≡	SDRL – SEADRILL 2021 LTD	Reduce 9.00%	−547,111	0.20
≡	HDB – HDFC BANK LTD	Buy	555,242	0.19
≡	SNAP – SNAP INC	Sell	−2,000,000	−0.18
≡	LQD – ISHARES TR	Reduce 24.00%	−475,000	−0.15
≡	ETSY – ETSY INC	Add 18.00%	350,000	0.14
≡	EQIX – EQUINIX INC	Add 78.00%	21,900	0.14
≡	ON 0 05/01/27 – ON SEMICONDUCTOR CORP	Buy	10,000,000	0.09
≡	LBRDK – LIBERTY BROADBAND CORP	Add 6.00%	100,000	−0.09
≡	IBIT – ISHARES BITCOIN TR	Buy	296,010	0.07
≡	VAL – VALARIS LTD	Sell	−200,000	−0.07
≡	JETS – ETF SER SOLUTIONS	Add 25.00%	250,000	0.06
≡	QTWO 0.75 06/01/26 – Q2 HLDGS INC	Sell	−10,000,000	−0.05
≡	TDOC 1.25 06/01/27 – TELADOC HEALTH INC	Sell	−10,000,000	−0.04
≡	NVDA – NVIDIA CORPORATION	Buy	5,000	0.03
≡	BILL 0 04/01/27 – BILL HOLDINGS INC	Reduce 7.00%	−3,000,000	0.02
≡	RSVR – RESERVOIR MEDIA INC	Sell	−570,888	−0.02
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Reduce 12.00%	−10,000,000	0.02
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 28.00%	−7,000,000	−0.02
≡	CFLT 0 01/15/27 – CONFLUENT INC	Reduce 18.00%	−7,500,000	−0.00
≡	DLR – DIGITAL RLTY TR INC	Reduce 20.00%	−100,000	−0.00
Q4 2023filed Feb 14, 2410 new11 added12 reduced10 exited
≡	QQQ – INVESCO QQQ TR	Add 4567.00%	7,562,900	16.45
≡	QQQ – INVESCO QQQ TR	Add 1712.00%	2,834,400	6.10
≡	BTU – PEABODY ENERGY CORP	Reduce 38.00%	−7,954,807	−2.54
≡	XLI – SELECT SECTOR SPDR TR	Sell	−3,000,000	−2.35
≡	XRT – SPDR SER TR	Buy	5,000,000	1.93
≡	XME – SPDR SER TR	Buy	5,000,000	1.60
≡	BMRN – BIOMARIN PHARMACEUTICAL INC	Buy	3,000,338	1.55
≡	IWM – ISHARES TR	Add 225.00%	1,350,000	1.27
≡	HWM – HOWMET AEROSPACE INC	Reduce 56.00%	−3,040,000	−1.25
≡	SDRL – SEADRILL 2021 LTD	Reduce 12.00%	−828,221	−0.87
≡	ETSY – ETSY INC	Buy	1,900,000	0.82
≡	CCI – CROWN CASTLE INC	Buy	1,225,000	0.75
≡	STX – SEAGATE TECHNOLOGY HLDNGS PL	Sell	−1,250,000	−0.64
≡	MTCH – MATCH GROUP INC NEW	Buy	3,000,000	0.59
≡	TSM – TAIWAN SEMICONDUCTOR MFG LTD	Sell	−725,000	−0.49
≡	AAPL – APPLE INC	Sell	−350,000	−0.46
≡	ARM – ARM HOLDINGS PLC	Sell	−980,392	−0.41
≡	XLF – SELECT SECTOR SPDR TR	Add 7.00%	500,000	−0.29
≡	RNG 0 03/15/26 – RINGCENTRAL INC	Reduce 16.00%	−16,000,000	−0.26
≡	VAL – VALARIS LTD	Reduce 63.00%	−338,323	−0.24
≡	NI – NISOURCE INC	Sell	−1,220,000	−0.23
≡	AYX 1 08/01/26 – ALTERYX INC	Sell	−30,750,000	−0.21
≡	SWKS – SKYWORKS SOLUTIONS INC	Sell	−250,000	−0.19
≡	SNAP – SNAP INC	Buy	2,000,000	0.18
≡	CFLT 0 01/15/27 – CONFLUENT INC	Reduce 25.00%	−14,500,000	−0.17
≡	IBB – ISHARES TR	Add 35.00%	1,630,000	0.17
≡	MAR – MARRIOTT INTL INC NEW	Add 50.00%	250,000	0.14
≡	XBI – SPDR SER TR	Buy	300,000	0.14
≡	U 0 11/15/26 – UNITY SOFTWARE INC	Reduce 18.00%	−10,400,000	−0.14
≡	OKTA 0.375 06/15/26 – OKTA INC	Sell	−20,000,000	−0.14
≡	BL 0 03/15/26 – BLACKLINE INC	Reduce 33.00%	−12,150,000	−0.13
≡	DIA – SPDR DOW JONES INDL AVERAGE	Add 50.00%	150,000	0.13
≡	VNQ – VANGUARD INDEX FDS	Add 10.00%	200,000	−0.13
≡	EQIX – EQUINIX INC	Buy	28,100	0.12
≡	BILL 0 04/01/27 – BILL HOLDINGS INC	Reduce 10.00%	−5,000,000	−0.11
≡	XLV – SELECT SECTOR SPDR TR	Add 47.00%	655,000	0.10
≡	TDOC 1.25 06/01/27 – TELADOC HEALTH INC	Reduce 50.00%	−10,000,000	−0.08
≡	NE – NOBLE CORP PLC	Sell	−200,000	−0.08
≡	QTWO 0.75 06/01/26 – Q2 HLDGS INC	Reduce 33.00%	−5,000,000	−0.05
≡	MTCH – MATCH GROUP INC NEW	Buy	229,200	0.04
≡	FIS – FIDELITY NATL INFORMATION SV	Add 39.00%	587,923	0.03
≡	E2OPEN PARENT HOLDINGS INC	Add 44.00%	8,334,679	−0.03
≡	RSVR – RESERVOIR MEDIA INC	Reduce 35.00%	−310,851	−0.02

Hist

Stock

Activity

Share change

% change to portfolio

Q1 2026filed May 15, 268 new4 added6 reduced8 exited

≡

GDXCALL – VANECK ETF TRUST

Reduce 88.00%

−12,350,000

−4.56

≡

GDXCALL – VANECK ETF TRUST

Reduce 86.00%

−12,000,000

−4.40

≡

QQQ – INVESCO QQQ TR

Sell

−1,500,000

−4.08

≡

LUV – SOUTHWEST AIRLS CO

Reduce 41.00%

−20,782,500

−3.68

≡

XLEPUT – SELECT SECTOR SPDR TR

Sell

−16,000,000

−3.17

≡

XLPPUT – SELECT SECTOR SPDR TR

Reduce 54.00%

−10,860,000

−3.15

≡

NVDAPUT – NVIDIA CORPORATION

Sell

−3,000,000

−2.48

≡

XLYPUT – SELECT SECTOR SPDR TR

Buy

4,300,000

2.33

≡

IWDPUT – ISHARES TR

Reduce 64.00%

−1,800,000

−1.54

≡

XOPPUT – SPDR SERIES TRUST

Sell

−2,398,400

−1.34

≡

HPE – HEWLETT PACKARD ENTERPRISE C

Add 47.00%

8,790,757

1.27

≡

NCLH – NORWEGIAN CRUISE LINE HLDGS

Buy

13,186,000

1.23

≡

QQQPUT – INVESCO QQQ TR

Buy

400,000

1.15

≡

BILL – BILL HOLDINGS INC

Sell

−3,000,000

−0.72

≡

DLRPUT – DIGITAL RLTY TR INC

Add 50.00%

500,000

0.66

≡

HYGPUT – ISHARES TR

Add 32.00%

1,200,000

0.62

≡

IWMPUT – ISHARES TR

Buy

500,000

0.62

≡

RIG – TRANSOCEAN LTD

Buy

15,626,834

0.52

≡

ST – SENSATA TECHNOLOGIES HLDG PL

Sell

−3,250,000

−0.48

≡

FTVPUT – FORTIVE CORP

Buy

750,000

0.21

≡

IGVPUT – ISHARES TR

Sell

−300,000

−0.14

≡

EMRPUT – EMERSON ELEC CO

Buy

200,000

0.13

≡

WPMCALL – WHEATON PRECIOUS METALS CORP

Buy

100,000

0.07

≡

HDB – HDFC BANK LTD

Add 268.00%

580,329

0.06

≡

MSTR 0.625 03/15/30 – STRATEGY INC

Reduce 37.00%

−6,000,000

−0.04

≡

FSK – FS KKR CAP CORP

Sell

−264,850

−0.02

Q4 2025filed Feb 18, 262 new7 added6 reduced3 exited

≡

IWDPUT – ISHARES TR

Reduce 44.00%

−2,200,000

−1.87

≡

XLPPUT – SELECT SECTOR SPDR TR

Add 33.00%

5,000,000

1.70

≡

GDXPUT – VANECK ETF TRUST

Add 22.00%

2,500,000

1.45

≡

XLVPUT – SELECT SECTOR SPDR TR

Sell

−2,000,000

−1.23

≡

NVDAPUT – NVIDIA CORPORATION

Reduce 31.00%

−1,330,000

−1.08

≡

IGVPUT – ISHARES TR

Reduce 85.00%

−1,700,000

−0.87

≡

QQQ – INVESCO QQQ TR

Add 20.00%

250,000

0.78

≡

QQQ – INVESCO QQQ TR

Reduce 20.00%

−250,000

−0.58

≡

IGVPUT – ISHARES TR

Reduce 50.00%

−1,000,000

−0.54

≡

WPMPUT – WHEATON PRECIOUS METALS CORP

Sell

−650,000

−0.32

≡

SDRL – SEADRILL LTD

Add 23.00%

855,012

0.21

≡

XMEPUT – SPDR SERIES TRUST

Reduce 36.00%

−500,000

−0.16

≡

OR – OR ROYALTIES INC.

Add 43.00%

930,849

0.10

≡

OXLC – OXFORD LANE CAP CORP

Sell

−1,019,239

−0.08

≡

HDB – HDFC BANK LTD

Buy

216,756

0.04

≡

GLIBK – GCI LIBERTY INC

Add 38.00%

183,033

0.03

≡

XLEPUT – SELECT SECTOR SPDR TR

Add 100.00%

8,000,000

0.02

≡

FSK – FS KKR CAP CORP

Buy

264,850

0.02

Q3 2025filed Nov 14, 2534 new1 reduced

≡

PEP – PEPSICO INC

Reduce 68.00%

−2,725,000

−99.21

≡

TFPM – TRIPLE FLAG PRECIOUS METAL

Buy

133,815,727

17.23

≡

PSX – PHILLIPS 66

Buy

19,251,000

11.52

≡

SU – SUNCOR ENERGY INC NEW

Buy

52,670,800

9.69

≡

LUV – SOUTHWEST AIRLS CO

Buy

51,128,500

7.18

≡

QQQ – INVESCO QQQ TR

Buy

2,000,000

5.28

≡

XLPPUT – SELECT SECTOR SPDR TR

Buy

15,000,000

5.17

≡

XLIPUT – SELECT SECTOR SPDR TR

Buy

7,500,000

5.09

≡

IWDPUT – ISHARES TR

Buy

5,000,000

4.48

≡

PINS – PINTEREST INC

Buy

28,000,000

3.96

≡

GDXPUT – VANECK ETF TRUST

Buy

11,500,000

3.87

≡

NVDAPUT – NVIDIA CORPORATION

Buy

4,330,000

3.56

≡

QQQ – INVESCO QQQ TR

Buy

1,250,000

3.30

≡

XLEPUT – SELECT SECTOR SPDR TR

Buy

8,000,000

3.15

≡

HPE – HEWLETT PACKARD ENTERPRISE C

Buy

18,630,978

2.01

≡

UNIT – UNITI GROUP LLC

Buy

59,012,219

1.59

≡

ETSY – ETSY INC

Buy

5,000,000

1.46

≡

XOPPUT – SPDR SERIES TRUST

Buy

2,400,000

1.40

≡

HYG – ISHARES TR

Buy

3,800,000

1.36

≡

XLVPUT – SELECT SECTOR SPDR TR

Buy

2,000,000

1.23

≡

IGVPUT – ISHARES TR

Buy

2,000,000

1.01

≡

DLRPUT – DIGITAL RLTY TR INC

Buy

1,000,000

0.76

≡

BILL – BILL HOLDINGS INC

Buy

3,000,000

0.70

≡

XMEPUT – SPDR SERIES TRUST

Buy

1,400,000

0.57

≡

CCI – CROWN CASTLE INC

Buy

1,225,000

0.52

≡

EQIX – EQUINIX INC

Buy

150,000

0.52

≡

IGVPUT – ISHARES TR

Buy

1,000,000

0.51

≡

SDRL – SEADRILL LTD

Buy

3,703,746

0.49

≡

ST – SENSATA TECHNOLOGIES HLDG PL

Buy

3,250,000

0.44

≡

OR – OR ROYALTIES INC.

Buy

2,180,151

0.38

≡

WPMPUT – WHEATON PRECIOUS METALS CORP

Buy

650,000

0.32

≡

MSTR 0.625 03/15/30 – STRATEGY INC

Buy

16,000,000

0.16

≡

W 3.5 11/15/28 – WAYFAIR INC

Buy

15,000,000

0.14

≡

GLIBK – GCI LIBERTY INC

Buy

476,895

0.08

≡

OXLC – OXFORD LANE CAP CORP

Buy

1,019,239

0.08

Q2 2025filed Nov 14, 251 new30 exited

≡

PEPPUT – PEPSICO INC

Buy

4,000,000

100.00

≡

TFPM – TRIPLE FLAG PRECIOUS METAL

Sell

−133,815,727

−18.02

≡

PSX – PHILLIPS 66

Sell

−19,251,000

−13.05

≡

SU – SUNCOR ENERGY INC NEW

Sell

−52,670,800

−11.21

≡

LUV – SOUTHWEST AIRLS CO

Sell

−53,978,500

−9.95

≡

SPYPUT – SPDR S&P 500 ETF TR

Sell

−2,160,000

−7.59

≡

QQQPUT – INVESCO QQQ TR

Sell

−2,000,000

−6.27

≡

PINS – PINTEREST INC

Sell

−28,000,000

−5.71

≡

IWDPUT – ISHARES TR

Sell

−5,000,000

−5.52

≡

XLIPUT – SELECT SECTOR SPDR TR

Sell

−3,500,000

−2.93

≡

NVDAPUT – NVIDIA CORPORATION

Sell

−2,580,000

−2.32

≡

HPE – HEWLETT PACKARD ENTERPRISE C

Sell

−18,630,978

−2.17

≡

HYG – ISHARES TR

Sell

−3,800,000

−1.74

≡

SMHPUT – VANECK ETF TRUST

Sell

−1,000,000

−1.59

≡

ETSY – ETSY INC

Sell

−5,000,000

−1.43

≡

LBRDK – LIBERTY BROADBAND CORP

Sell

−2,384,481

−1.33

≡

IWMPUT – ISHARES TR

Sell

−1,000,000

−1.23

≡

GDXPUT – VANECK ETF TRUST

Sell

−4,000,000

−1.18

≡

XMEPUT – SPDR SERIES TRUST

Sell

−2,850,000

−1.09

≡

WDC – WESTERN DIGITAL CORP

Sell

−2,250,000

−0.82

≡

DLRPUT – DIGITAL RLTY TR INC

Sell

−750,000

−0.74

≡

CCI – CROWN CASTLE INC

Sell

−1,225,000

−0.72

≡

EQIX – EQUINIX INC

Sell

−150,000

−0.68

≡

ST – SENSATA TECHNOLOGIES HLDG PL

Sell

−3,250,000

−0.56

≡

SDRL – SEADRILL LTD

Sell

−3,703,746

−0.55

≡

HLTPUT – HILTON WORLDWIDE HLDGS INC

Sell

−320,000

−0.48

≡

OR – OR ROYALTIES INC.

Sell

−2,180,151

−0.32

≡

MSTR 0.625 03/15/30 – MICROSTRATEGY INC

Sell

−16,000,000

−0.25

≡

UNIT – UNITI GROUP INC

Sell

−10,120,963

−0.25

≡

SNDK – SANDISK CORP

Sell

−749,997

−0.19

≡

W 3.5 11/15/28 – WAYFAIR INC

Sell

−15,000,000

−0.12

Q2 2025filed Aug 14, 258 new5 added2 reduced19 exited

≡

XLIPUT – SELECT SECTOR SPDR TR

Reduce 72.00%

−9,000,000

−7.88

≡

SPYPUT – SPDR S&P 500 ETF TR

Buy

2,160,000

7.59

≡

QQQPUT – INVESCO QQQ TR

Buy

2,000,000

6.27

≡

QQQ – INVESCO QQQ TR

Sell

−1,612,500

−4.99

≡

NVDAPUT – NVIDIA CORPORATION

Buy

2,580,000

2.32

≡

HPE – HEWLETT PACKARD ENTERPRISE C

Buy

18,630,978

2.17

≡

HYG – ISHARES TR

Buy

3,800,000

1.74

≡

BMRN – BIOMARIN PHARMACEUTICAL INC

Sell

−3,500,338

−1.63

≡

SMHPUT – VANECK ETF TRUST

Buy

1,000,000

1.59

≡

IWDPUT – ISHARES TR

Reduce 9.00%

−500,000

−1.31

≡

MTCH – MATCH GROUP INC NEW

Sell

−6,000,000

−1.24

≡

CSCOPUT – CISCO SYS INC

Sell

−2,000,000

−0.81

≡

DLRPUT – DIGITAL RLTY TR INC

Buy

750,000

0.74

≡

TXNCALL – TEXAS INSTRS INC

Sell

−500,000

−0.59

≡

XMEPUT – SPDR SERIES TRUST

Add 111.00%

1,500,000

0.59

≡

GDXPUT – VANECK ETF TRUST

Add 100.00%

2,000,000

0.58

≡

IWMPUT – ISHARES TR

Add 100.00%

500,000

0.57

≡

XOPPUT – SPDR SER TR

Sell

−557,200

−0.48

≡

BKNG 0.75 05/01/25 – BOOKING HOLDINGS INC

Sell

−25,000,000

−0.41

≡

E2OPEN PARENT HOLDINGS INC

Sell

−27,250,000

−0.36

≡

OR – OR ROYALTIES INC.

Buy

2,180,151

0.32

≡

MARPUT – MARRIOTT INTL INC NEW

Sell

−200,000

−0.31

≡

OSISKO GOLD ROYALTIES LTD

Sell

−2,180,151

−0.30

≡

HDB – HDFC BANK LTD

Sell

−670,215

−0.29

≡

RPD 0.25 03/15/27 – RAPID7 INC

Sell

−41,500,000

−0.25

≡

RIG – TRANSOCEAN LTD

Sell

−11,870,319

−0.25

≡

PSX – PHILLIPS 66

Add 22.00%

3,526,000

0.24

≡

HLTPUT – HILTON WORLDWIDE HLDGS INC

Add 60.00%

120,000

0.18

≡

CRMD – CORMEDIX INC

Sell

−2,444,561

−0.10

≡

ARM – ARM HOLDINGS PLC

Sell

−139,551

−0.10

≡

HWM – HOWMET AEROSPACE INC

Sell

−100,000

−0.09

≡

BL 0 03/15/26 – BLACKLINE INC

Sell

−4,500,000

−0.03

≡

WOLF 1.875 12/01/29 – WOLFSPEED INC

Sell

−12,500,000

−0.02

≡

WOLF 0.25 02/15/28 – WOLFSPEED INC

Sell

−7,500,000

−0.01

Q1 2025filed May 15, 259 new3 added6 reduced13 exited

≡

SPYPUT – SPDR S&P 500 ETF TR

Sell

−7,200,000

−25.30

≡

PSX – PHILLIPS 66

Add 1929.00%

14,950,000

12.28

≡

XLIPUT – SELECT SECTOR SPDR TR

Add 317.00%

9,500,000

8.44

≡

IWDPUT – ISHARES TR

Buy

5,500,000

6.83

≡

QQQPUT – INVESCO QQQ TR

Sell

−2,112,500

−6.48

≡

QQQ – INVESCO QQQ TR

Buy

1,612,500

4.99

≡

XLEPUT – SELECT SECTOR SPDR TR

Sell

−6,006,000

−3.09

≡

NRG – NRG ENERGY INC

Sell

−4,800,000

−2.60

≡

XLFPUT – SELECT SECTOR SPDR TR

Sell

−7,000,000

−2.03

≡

OIHPUT – VANECK ETF TRUST

Sell

−975,000

−1.59

≡

NVDAPUT – NVIDIA CORPORATION

Sell

−1,450,000

−1.17

≡

MTCH – MATCH GROUP INC NEW

Reduce 50.00%

−6,054,832

−1.13

≡

CSCOPUT – CISCO SYS INC

Buy

2,000,000

0.81

≡

EQIX – EQUINIX INC

Buy

150,000

0.81

≡

IWMPUT – ISHARES TR

Buy

500,000

0.66

≡

GDXPUT – VANECK ETF TRUST

Buy

2,000,000

0.61

≡

XMEPUT – SPDR SER TR

Reduce 50.00%

−1,350,000

−0.42

≡

OSISKO GOLD ROYALTIES LTD

Buy

2,180,151

0.30

≡

SNDK – SANDISK CORP

Buy

749,997

0.24

≡

MSTR 0.625 03/15/30 – MICROSTRATEGY INC

Buy

16,000,000

0.22

≡

MSTR 0 02/15/27 – MICROSTRATEGY INC

Sell

−15,000,000

−0.19

≡

XOPPUT – SPDR SER TR

Add 41.00%

163,000

0.17

≡

RNG 0 03/15/26 – RINGCENTRAL INC

Sell

−18,000,000

−0.10

≡

ON 0 05/01/27 – ON SEMICONDUCTOR CORP

Sell

−10,000,000

−0.08

≡

LUV – SOUTHWEST AIRLS CO

Reduce 10.00%

−5,688,000

−0.07

≡

CFLT 0 01/15/27 – CONFLUENT INC

Sell

−12,500,000

−0.07

≡

CRMD – CORMEDIX INC

Reduce 15.00%

−426,071

−0.04

≡

BL 0 03/15/26 – BLACKLINE INC

Reduce 62.00%

−7,500,000

−0.04

≡

ICLRCALL – ICON PLC

Sell

−16,400

−0.02

≡

ARM – ARM HOLDINGS PLC

Reduce 7.00%

−10,449

−0.01

≡

BHC – BAUSCH HEALTH COS INC

Sell

−11,500

−0.00

Q4 2024filed Feb 14, 251 new1 exited

≡

QQQPUT – INVESCO QQQ TR

Buy

2,112,500

6.48

≡

QQQ – INVESCO QQQ TR

Sell

−2,112,500

−6.48

Q4 2024filed Apr 28, 255 new4 added8 reduced15 exited

≡

XLEPUT – SELECT SECTOR SPDR TR

Reduce 73.00%

−16,594,000

−7.19

≡

QQQ – INVESCO QQQ TR

Add 369.00%

1,662,500

5.34

≡

XLIPUT – SELECT SECTOR SPDR TR

Buy

3,000,000

2.37

≡

NRG – NRG ENERGY INC

Reduce 50.00%

−4,868,000

−1.96

≡

IWMPUT – ISHARES TR

Sell

−1,250,000

−1.43

≡

JETSPUT – ETF SER SOLUTIONS

Sell

−12,800,000

−1.37

≡

CATALENT INC

Sell

−4,000,000

−1.25

≡

NVDAPUT – NVIDIA CORPORATION

Buy

1,450,000

1.17

≡

CAH – CARDINAL HEALTH INC

Sell

−2,000,000

−1.14

≡

XLU – SELECT SECTOR SPDR TR

Sell

−1,460,000

−0.61

≡

ARM – ARM HOLDINGS PLC

Reduce 81.00%

−650,000

−0.48

≡

XMEPUT – SPDR SER TR

Reduce 34.00%

−1,400,000

−0.43

≡

XOPPUT – SPDR SER TR

Buy

394,200

0.31

≡

OIHPUT – VANECK ETF TRUST

Reduce 23.00%

−285,000

−0.27

≡

ALKCALL – ALASKA AIR GROUP INC

Sell

−1,000,000

−0.23

≡

EQIXPUT – EQUINIX INC

Sell

−50,000

−0.23

≡

XLBPUT – SELECT SECTOR SPDR TR

Sell

−450,000

−0.22

≡

AALCALL – AMERICAN AIRLS GROUP INC

Sell

−3,500,000

−0.20

≡

U 0 11/15/26 – UNITY SOFTWARE INC

Sell

−35,000,000

−0.16

≡

HPUT – HYATT HOTELS CORP

Sell

−200,000

−0.16

≡

MSTR 0 02/15/27 – MICROSTRATEGY INC

Add 200.00%

10,000,000

0.15

≡

BILL 0 04/01/27 – BILL HOLDINGS INC

Sell

−32,000,000

−0.15

≡

RNG 0 03/15/26 – RINGCENTRAL INC

Reduce 55.00%

−22,000,000

−0.09

≡

CRMD – CORMEDIX INC

Add 85.00%

1,320,109

0.07

≡

IQVCALL – IQVIA HLDGS INC

Sell

−42,000

−0.05

≡

HDB – HDFC BANK LTD

Add 6.00%

36,491

0.05

≡

HSTPUT – HOST HOTELS & RESORTS INC

Sell

−500,000

−0.05

≡

ICLRCALL – ICON PLC

Reduce 62.00%

−26,800

−0.04

≡

PKPUT – PARK HOTELS & RESORTS INC

Sell

−500,000

−0.04

≡

WOLF 1.875 12/01/29 – WOLFSPEED INC

Buy

12,500,000

0.03

≡

CFLT 0 01/15/27 – CONFLUENT INC

Reduce 37.00%

−7,500,000

−0.02

≡

WOLF 0.25 02/15/28 – WOLFSPEED INC

Buy

7,500,000

0.02

Q3 2024filed Nov 14, 2411 new8 added11 reduced10 exited

≡

SPYPUT – SPDR S&P 500 ETF TR

Buy

7,200,000

21.40

≡

QQQ – INVESCO QQQ TR

Reduce 97.00%

−5,760,000

−15.96

≡

QQQ – INVESCO QQQ TR

Reduce 92.00%

−5,460,000

−15.20

≡

LUV – SOUTHWEST AIRLS CO

Add 919.00%

55,116,500

8.39

≡

XLEPUT – SELECT SECTOR SPDR TR

Reduce 96.00%

−13,950,000

−7.38

≡

MPC – MARATHON PETE CORP

Sell

−7,365,000

−7.37

≡

XLEPUT – SELECT SECTOR SPDR TR

Add 56.00%

8,100,000

2.65

≡

IBBPUT – ISHARES TR

Sell

−2,800,000

−2.22

≡

RSPPUT – INVESCO EXCHANGE TRADED FD T

Sell

−1,925,000

−1.82

≡

GDXPUT – VANECK ETF TRUST

Sell

−5,000,000

−0.98

≡

BHPCALL – BHP GROUP LTD

Sell

−2,500,000

−0.82

≡

OIHPUT – VANECK ETF TRUST

Reduce 13.00%

−190,000

−0.79

≡

XLU – SELECT SECTOR SPDR TR

Buy

1,460,000

0.61

≡

MSTR 0.75 12/15/25 – MICROSTRATEGY INC

Sell

−27,500,000

−0.55

≡

AALCALL – AMERICAN AIRLS GROUP INC

Reduce 70.00%

−8,000,000

−0.55

≡

TXNCALL – TEXAS INSTRS INC

Buy

500,000

0.53

≡

TLTCALL – ISHARES TR

Sell

−1,000,000

−0.53

≡

HYG – ISHARES TR

Sell

−1,020,000

−0.45

≡

ARMCALL – ARM HOLDINGS PLC

Add 433.00%

650,000

0.45

≡

SDRL – SEADRILL 2021 LTD

Reduce 9.00%

−347,238

−0.44

≡

XMEPUT – SPDR SER TR

Reduce 18.00%

−900,000

−0.36

≡

JETSPUT – ETF SER SOLUTIONS

Add 35.00%

3,300,000

0.30

≡

WDC – WESTERN DIGITAL CORP.

Add 90.00%

1,065,000

0.28

≡

LBRDK – LIBERTY BROADBAND CORP

Add 9.00%

191,623

0.26

≡

IWMPUT – ISHARES TR

Add 25.00%

250,000

0.26

≡

MARPUT – MARRIOTT INTL INC NEW

Buy

200,000

0.26

≡

HLTPUT – HILTON WORLDWIDE HLDGS INC

Buy

200,000

0.24

≡

ALKCALL – ALASKA AIR GROUP INC

Buy

1,000,000

0.23

≡

EQIXPUT – EQUINIX INC

Buy

50,000

0.23

≡

XLBPUT – SELECT SECTOR SPDR TR

Buy

450,000

0.22

≡

UALPUT – UNITED AIRLS HLDGS INC

Sell

−700,000

−0.20

≡

SNAPPUT – SNAP INC

Sell

−2,000,000

−0.19

≡

HPUT – HYATT HOTELS CORP

Buy

200,000

0.16

≡

XLFPUT – SELECT SECTOR SPDR TR

Reduce 7.00%

−500,000

−0.14

≡

ETSY – ETSY INC

Add 11.00%

500,000

−0.09

≡

NRG – NRG ENERGY INC

Reduce 7.00%

−691,000

−0.09

≡

ICLRCALL – ICON PLC

Buy

43,200

0.06

≡

BILL 0 04/01/27 – BILL HOLDINGS INC

Reduce 24.00%

−10,000,000

−0.06

≡

IQVCALL – IQVIA HLDGS INC

Buy

42,000

0.05

≡

BL 0 03/15/26 – BLACKLINE INC

Reduce 21.00%

−3,100,000

−0.02

Q2 2024filed Aug 14, 2413 new8 added9 reduced14 exited

≡

QQQ – INVESCO QQQ TR

Add 53.00%

2,042,100

5.69

≡

XRT – SPDR SER TR

Sell

−5,000,000

−2.45

≡

VLO – VALERO ENERGY CORP

Sell

−2,000,000

−2.12

≡

RSPPUT – INVESCO EXCHANGE TRADED FD T

Buy

1,925,000

1.82

≡

XLEPUT – SELECT SECTOR SPDR TR

Reduce 6.00%

−1,000,000

−1.45

≡

IWMPUT – ISHARES TR

Buy

1,000,000

1.17

≡

MTCH – MATCH GROUP INC NEW

Add 184.00%

7,580,013

1.12

≡

LQD – ISHARES TR

Sell

−1,500,000

−1.01

≡

LUV – SOUTHWEST AIRLS CO

Buy

6,000,000

0.99

≡

GDXPUT – VANECK ETF TRUST

Buy

5,000,000

0.98

≡

JETSPUT – ETF SER SOLUTIONS

Add 660.00%

8,250,000

0.91

≡

OIHPUT – VANECK ETF TRUST

Reduce 15.00%

−250,000

−0.90

≡

STZ – CONSTELLATION BRANDS INC

Sell

−507,000

−0.85

≡

XLFPUT – SELECT SECTOR SPDR TR

Reduce 25.00%

−2,500,000

−0.83

≡

BHPCALL – BHP GROUP LTD

Buy

2,500,000

0.82

≡

AALPUT – AMERICAN AIRLS GROUP INC

Buy

11,500,000

0.75

≡

ST – SENSATA TECHNOLOGIES HLDG PL

Buy

3,250,000

0.70

≡

XBI – SPDR SER TR

Sell

−1,125,000

−0.66

≡

0C3 – ENDEAVOR GROUP HLDGS INC

Sell

−4,100,000

−0.65

≡

ETSY – ETSY INC

Add 100.00%

2,250,000

0.57

≡

SDRL – SEADRILL 2021 LTD

Reduce 29.00%

−1,630,942

−0.57

≡

MSTR 0.75 12/15/25 – MICROSTRATEGY INC

Reduce 34.00%

−14,400,000

−0.56

≡

VNQ – VANGUARD INDEX FDS

Sell

−1,050,000

−0.56

≡

BTU – PEABODY ENERGY CORP

Sell

−3,740,000

−0.56

≡

DLR – DIGITAL RLTY TR INC

Sell

−400,000

−0.36

≡

IBBPUT – ISHARES TR

Add 24.00%

550,000

0.30

≡

EQIX – EQUINIX INC

Sell

−50,000

−0.26

≡

UALPUT – UNITED AIRLS HLDGS INC

Buy

700,000

0.20

≡

RNG 0 03/15/26 – RINGCENTRAL INC

Reduce 45.00%

−32,500,000

−0.19

≡

SNAPPUT – SNAP INC

Buy

2,000,000

0.19

≡

ARM – ARM HOLDINGS PLC

Buy

150,000

0.14

≡

W 3.5 11/15/28 – WAYFAIR INC

Buy

15,000,000

0.12

≡

QTWO 0.125 11/15/25 – Q2 HLDGS INC

Sell

−19,323,000

−0.11

≡

LBRDK – LIBERTY BROADBAND CORP

Add 29.00%

492,858

0.09

≡

CFLT 0 01/15/27 – CONFLUENT INC

Reduce 43.00%

−15,000,000

−0.09

≡

IBIT – ISHARES BITCOIN TR

Sell

−296,010

−0.07

≡

U 0 11/15/26 – UNITY SOFTWARE INC

Reduce 22.00%

−10,000,000

−0.06

≡

HSTPUT – HOST HOTELS & RESORTS INC

Buy

500,000

0.05

≡

PKPUT – PARK HOTELS & RESORTS INC

Buy

500,000

0.04

≡

HDB – HDFC BANK LTD

Add 14.00%

78,482

0.04

≡

NVDA – NVIDIA CORPORATION

Sell

−5,000

−0.03

≡

BL 0 03/15/26 – BLACKLINE INC

Reduce 16.00%

−2,900,000

−0.02

≡

RIG – TRANSOCEAN LTD

Add 22.00%

2,119,293

−0.01

≡

PSNY – POLESTAR AUTOMOTIVE HLDG UK

Sell

−1,121,604

−0.01

Q1 2024filed May 15, 248 new11 added14 reduced11 exited

≡

SU – SUNCOR ENERGY INC NEW

Add 427.00%

42,670,800

10.34

≡

QQQ – INVESCO QQQ TR

Add 29.00%

867,900

4.09

≡

PANW 0.375 06/01/25 – PALO ALTO NETWORKS INC

Sell

−175,000,000

−2.77

≡

IBB – ISHARES TR

Reduce 64.00%

−3,997,600

−2.62

≡

VLO – VALERO ENERGY CORP

Buy

2,000,000

2.12

≡

IWM – ISHARES TR

Sell

−1,950,000

−2.09

≡

XLV – SELECT SECTOR SPDR TR

Sell

−2,055,000

−1.50

≡

XLE – SELECT SECTOR SPDR TR

Reduce 11.00%

−2,000,000

1.24

≡

BTU – PEABODY ENERGY CORP

Reduce 72.00%

−9,415,000

−1.15

≡

XLF – SELECT SECTOR SPDR TR

Add 33.00%

2,500,000

1.11

≡

MSTR 0.75 12/15/25 – MICROSTRATEGY INC

Add 249.00%

29,900,000

1.01

≡

DIA – SPDR DOW JONES INDL AVERAGE

Sell

−450,000

−0.91

≡

MAR – MARRIOTT INTL INC NEW

Sell

−750,000

−0.90

≡

MTCH – MATCH GROUP INC NEW

Add 1700.00%

3,895,800

0.88

≡

FIS – FIDELITY NATL INFORMATION SV

Sell

−2,087,923

−0.67

≡

HWM – HOWMET AEROSPACE INC

Reduce 96.00%

−2,300,000

−0.65

≡

TLT – ISHARES TR

Buy

1,000,000

0.59

≡

XBI – SPDR SER TR

Add 275.00%

825,000

0.52

≡

VNQ – VANGUARD INDEX FDS

Reduce 51.00%

−1,100,000

−0.45

≡

MPC – MARATHON PETE CORP

Reduce 33.00%

−3,700,000

0.43

≡

OIH – VANECK ETF TRUST

Reduce 11.00%

−200,000

0.40

≡

RIG – TRANSOCEAN LTD

Buy

9,751,026

0.38

≡

BMRN – BIOMARIN PHARMACEUTICAL INC

Add 17.00%

500,000

0.35

≡

BKNG 0.75 05/01/25 – BOOKING HOLDINGS INC

Buy

25,000,000

0.30

≡

SDRL – SEADRILL 2021 LTD

Reduce 9.00%

−547,111

0.20

≡

HDB – HDFC BANK LTD

Buy

555,242

0.19

≡

SNAP – SNAP INC

Sell

−2,000,000

−0.18

≡

LQD – ISHARES TR

Reduce 24.00%

−475,000

−0.15

≡

ETSY – ETSY INC

Add 18.00%

350,000

0.14

≡

EQIX – EQUINIX INC

Add 78.00%

21,900

0.14

≡

ON 0 05/01/27 – ON SEMICONDUCTOR CORP

Buy

10,000,000

0.09

≡

LBRDK – LIBERTY BROADBAND CORP

Add 6.00%

100,000

−0.09

≡

IBIT – ISHARES BITCOIN TR

Buy

296,010

0.07

≡

VAL – VALARIS LTD

Sell

−200,000

−0.07

≡

JETS – ETF SER SOLUTIONS

Add 25.00%

250,000

0.06

≡

QTWO 0.75 06/01/26 – Q2 HLDGS INC

Sell

−10,000,000

−0.05

≡

TDOC 1.25 06/01/27 – TELADOC HEALTH INC

Sell

−10,000,000

−0.04

≡

NVDA – NVIDIA CORPORATION

Buy

5,000

0.03

≡

BILL 0 04/01/27 – BILL HOLDINGS INC

Reduce 7.00%

−3,000,000

0.02

≡

RSVR – RESERVOIR MEDIA INC

Sell

−570,888

−0.02

≡

RNG 0 03/15/26 – RINGCENTRAL INC

Reduce 12.00%

−10,000,000

0.02

≡

BL 0 03/15/26 – BLACKLINE INC

Reduce 28.00%

−7,000,000

−0.02

≡

CFLT 0 01/15/27 – CONFLUENT INC

Reduce 18.00%

−7,500,000

−0.00

≡

DLR – DIGITAL RLTY TR INC

Reduce 20.00%

−100,000

−0.00

Q4 2023filed Feb 14, 2410 new11 added12 reduced10 exited

≡

QQQ – INVESCO QQQ TR

Add 4567.00%

7,562,900

16.45

≡

QQQ – INVESCO QQQ TR

Add 1712.00%

2,834,400

6.10

≡

BTU – PEABODY ENERGY CORP

Reduce 38.00%

−7,954,807

−2.54

≡

XLI – SELECT SECTOR SPDR TR

Sell

−3,000,000

−2.35

≡

XRT – SPDR SER TR

Buy

5,000,000

1.93

≡

XME – SPDR SER TR

Buy

5,000,000

1.60

≡

BMRN – BIOMARIN PHARMACEUTICAL INC

Buy

3,000,338

1.55

≡

IWM – ISHARES TR

Add 225.00%

1,350,000

1.27

≡

HWM – HOWMET AEROSPACE INC

Reduce 56.00%

−3,040,000

−1.25

≡

SDRL – SEADRILL 2021 LTD

Reduce 12.00%

−828,221

−0.87

≡

ETSY – ETSY INC

Buy

1,900,000

0.82

≡

CCI – CROWN CASTLE INC

Buy

1,225,000

0.75

≡

STX – SEAGATE TECHNOLOGY HLDNGS PL

Sell

−1,250,000

−0.64

≡

MTCH – MATCH GROUP INC NEW

Buy

3,000,000

0.59

≡

TSM – TAIWAN SEMICONDUCTOR MFG LTD

Sell

−725,000

−0.49

≡

AAPL – APPLE INC

Sell

−350,000

−0.46

≡

ARM – ARM HOLDINGS PLC

Sell

−980,392

−0.41

≡

XLF – SELECT SECTOR SPDR TR

Add 7.00%

500,000

−0.29

≡

RNG 0 03/15/26 – RINGCENTRAL INC

Reduce 16.00%

−16,000,000

−0.26

≡

VAL – VALARIS LTD

Reduce 63.00%

−338,323

−0.24

≡

NI – NISOURCE INC

Sell

−1,220,000

−0.23

≡

AYX 1 08/01/26 – ALTERYX INC

Sell

−30,750,000

−0.21

≡

SWKS – SKYWORKS SOLUTIONS INC

Sell

−250,000

−0.19

≡

SNAP – SNAP INC

Buy

2,000,000

0.18

≡

CFLT 0 01/15/27 – CONFLUENT INC

Reduce 25.00%

−14,500,000

−0.17

≡

IBB – ISHARES TR

Add 35.00%

1,630,000

0.17

≡

MAR – MARRIOTT INTL INC NEW

Add 50.00%

250,000

0.14

≡

XBI – SPDR SER TR

Buy

300,000

0.14

≡

U 0 11/15/26 – UNITY SOFTWARE INC

Reduce 18.00%

−10,400,000

−0.14

≡

OKTA 0.375 06/15/26 – OKTA INC

Sell

−20,000,000

−0.14

≡

BL 0 03/15/26 – BLACKLINE INC

Reduce 33.00%

−12,150,000

−0.13

≡

DIA – SPDR DOW JONES INDL AVERAGE

Add 50.00%

150,000

0.13

≡

VNQ – VANGUARD INDEX FDS

Add 10.00%

200,000

−0.13

≡

EQIX – EQUINIX INC

Buy

28,100

0.12

≡

BILL 0 04/01/27 – BILL HOLDINGS INC

Reduce 10.00%

−5,000,000

−0.11

≡

XLV – SELECT SECTOR SPDR TR

Add 47.00%

655,000

0.10

≡

TDOC 1.25 06/01/27 – TELADOC HEALTH INC

Reduce 50.00%

−10,000,000

−0.08

≡

NE – NOBLE CORP PLC

Sell

−200,000

−0.08

≡

QTWO 0.75 06/01/26 – Q2 HLDGS INC

Reduce 33.00%

−5,000,000

−0.05

≡

MTCH – MATCH GROUP INC NEW

Buy

229,200

0.04

≡

FIS – FIDELITY NATL INFORMATION SV

Add 39.00%

587,923

0.03

≡

E2OPEN PARENT HOLDINGS INC

Add 44.00%

8,334,679

−0.03

≡

RSVR – RESERVOIR MEDIA INC

Reduce 35.00%

−310,851

−0.02