L & S Advisors Inc

13F filer, CIK 1392364, Los Angeles, CA

L & S Advisors Inc reported $810,539,936 across 352 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-09. Its ten largest share positions make up 21.93% of the portfolio.

Filed 2025-05-09 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:06 UTC13F-HR 0001104659-25-046554

Period: 2025-03-31
Reported value: $811M
Holdings: 352
Top 10 weight: 21.93%
New: 73
Sold out: 55

Largest buys vs the previous quarter

Security	Shares change	Approx. value
GLDadded	+76,223	$22M
XLEadded	+130,705	$12.2M
SRLNadded	+215,760	$8.87M
ABBVadded	+35,048	$7.34M
GILDnew	+65,246	$7.31M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
SPYreduced	-45,938	-$25.7M
WFCexited	-137,361	-$9.65M
CMIexited	-26,149	-$9.12M
RLexited	-37,226	-$8.6M
BACreduced	-199,769	-$8.34M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001104659-25-046554, largest first. % of portfolio is the value over $810,539,936, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
SRLNSSGA ACTIVE ETF TR	629,125	$25.9M	3.19%	+215,760	Timeline
AAPLAPPLE INC	110,288	$24.5M	3.02%	-8,496	Timeline
GLDSPDR GOLD TR	77,757	$22.4M	2.76%	+76,223	Timeline
NVDANVIDIA CORPORATION	161,078	$17.5M	2.15%	+948	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	29,479	$16.5M	2.03%	-45,938	Timeline
MSFTMICROSOFT CORP	40,207	$15.1M	1.86%	-9,913	Timeline
METAMETA PLATFORMS INC	25,716	$14.8M	1.83%	-4,507	Timeline
AMZNAMAZON COM INC	73,175	$13.9M	1.72%	-16,877	Timeline
LONZPIMCO ETF TR	271,091	$13.7M	1.69%	+133,189	Timeline
DIASTATE STR SPDR DOW JONES IND	32,128	$13.5M	1.66%	-312	Timeline
LLYELI LILLY & CO	16,075	$13.3M	1.64%	+5,326	Timeline
XLESELECT SECTOR SPDR TR	133,341	$12.5M	1.54%	+130,705	Timeline
PANWPALO ALTO NETWORKS INC	66,015	$11.3M	1.39%	-577	Timeline
ABBVABBVIE INC	53,595	$11.2M	1.39%	+35,048	Timeline
NOCNORTHROP GRUMMAN CORP	19,788	$10.1M	1.25%	+13,948	Timeline
CSCOCISCO SYS INC	156,743	$9.67M	1.19%	+51,233	Timeline
ABTABBOTT LABORATORIES	69,107	$9.17M	1.13%	+51,037	Timeline
GOOGLALPHABET INC	56,080	$8.67M	1.07%	+1,264	Timeline
JPMJPMORGAN CHASE & CO	34,985	$8.58M	1.06%	-11,744	Timeline
AVGOBROADCOM INC	49,469	$8.28M	1.02%	-18,106	Timeline
WMBWILLIAMS COS INC	134,361	$8.03M	0.99%	+56,702	Timeline
ISRGINTUITIVE SURGICAL INC	16,175	$8.01M	0.99%	-5,848	Timeline
AMLPALPS ETF TR	154,083	$8M	0.99%	+6,039	Timeline
EXEEXPAND ENERGY CORPORATION	67,369	$7.5M	0.93%	+5,000	Timeline
GILDGILEAD SCIENCES INC	65,246	$7.31M	0.9%	new	Timeline
NEENEXTERA ENERGY INC	100,755	$7.14M	0.88%	+54,924	Timeline
CTRECARETRUST REIT INC	248,514	$7.1M	0.88%	new	Timeline
PHPARKER-HANNIFIN CORP	11,650	$7.08M	0.87%	-3,919	Timeline
GSGOLDMAN SACHS GROUP INC	12,878	$7.03M	0.87%	-4,502	Timeline
ROPROPER TECHNOLOGIES INC	11,704	$6.9M	0.85%	new	Timeline
CVSCVS HEALTH CORP	100,912	$6.84M	0.84%	new	Timeline
ALLALLSTATE CORP	32,548	$6.74M	0.83%	+17,111	Timeline
ETNEATON CORP PLC	24,560	$6.68M	0.82%	-3,797	Timeline
VTIVANGUARD INDEX FDS	24,291	$6.68M	0.82%	-61	Timeline
BSXBOSTON SCIENTIFIC CORP	63,565	$6.41M	0.79%	-35,145	Timeline
EQTEQT CORP	119,372	$6.38M	0.79%	+66,633	Timeline
VSTVISTRA CORP	54,166	$6.36M	0.78%	-17,404	Timeline
LNGCHENIERE ENERGY INC	23,885	$5.53M	0.68%	+8,369	Timeline
COSTCOSTCO WHOLESALE CORPORATION	5,788	$5.47M	0.68%	-2,387	Timeline
BRK-BBERKSHIRE HATHAWAY INC DEL	9,616	$5.12M	0.63%	+7,641	Timeline
CRMSALESFORCE INC	18,522	$4.97M	0.61%	-6,413	Timeline
FIDELITY MUNICIPAL MONEYMAR…FIDELITY MUNICIPAL MONEYMARKET	4,587,078	$4.59M	0.57%	+79,000
CCITIGROUP INC	63,108	$4.48M	0.55%	-26,558	Timeline
WMTWALMART INC	50,898	$4.47M	0.55%	-65,730	Timeline
IBMINTERNATIONAL BUSINESS MACHS	17,534	$4.36M	0.54%	-13,906	Timeline
STTSTATE STR CORP	48,437	$4.34M	0.54%	-34,518	Timeline
BNYBANK OF NY MELLON CORP	51,240	$4.3M	0.53%	new	Timeline
TSMTAIWAN SEMICONDUCTOR MANUFAC	25,778	$4.28M	0.53%	-129	Timeline
MMM3M CO	28,932	$4.25M	0.52%	-31,208	Timeline
NFLXNETFLIX INC.	4,472	$4.17M	0.51%	-3,173	Timeline
DUKDUKE ENERGY CORP NEW	33,842	$4.13M	0.51%	+132	Timeline
CATCATERPILLAR INC	12,473	$4.11M	0.51%	new	Timeline
DOVDOVER CORP	23,353	$4.1M	0.51%	-11,609	Timeline
SOSOUTHERN CO	44,341	$4.08M	0.5%	+186	Timeline
KMIKINDER MORGAN INC DEL	142,343	$4.06M	0.5%	+364	Timeline
TAT&T INC	143,366	$4.05M	0.5%	-12,648	Timeline
OKEONEOK INC NEW	40,775	$4.05M	0.5%	+109	Timeline
INTUINTUIT	6,437	$3.95M	0.49%	-2,700	Timeline
PGPROCTER & GAMBLE CO	22,929	$3.91M	0.48%	0	Timeline
TSLATESLA INC	14,752	$3.82M	0.47%	-11	Timeline
VZVERIZON COMMUNICATIONS INC	84,113	$3.82M	0.47%	new	Timeline
CMECME GROUP INC	14,055	$3.73M	0.46%	+847	Timeline
AVUSAMERICAN CENTY ETF TR	39,893	$3.69M	0.45%	-4,102	Timeline
CRWDCROWDSTRIKE HLDGS INC	10,323	$3.64M	0.45%	+4,590	Timeline
WELLWELLTOWER INC	23,026	$3.53M	0.44%	new	Timeline
UNHUNITEDHEALTH GROUP INC	6,497	$3.4M	0.42%	+85	Timeline
HWMHOWMET AEROSPACE INC	26,137	$3.39M	0.42%	-977	Timeline
CEGCONSTELLATION ENERGY CORP	16,788	$3.38M	0.42%	+939	Timeline
WMWASTE MGMT INC DEL	14,615	$3.38M	0.42%	+85	Timeline
NRGNRG ENERGY INC	34,689	$3.31M	0.41%	-103	Timeline
LBLANDBRIDGE COMPANY LLC	45,708	$3.29M	0.41%	new	Timeline
DUHPDIMENSIONAL ETF TRUST	96,388	$3.19M	0.39%	-3,873	Timeline
TTTRANE TECHNOLOGIES PLC	8,976	$3.02M	0.37%	-2,832	Timeline
OREALTY INCOME CORP	51,953	$3.01M	0.37%	new	Timeline
IBNICICI BK LTD	93,621	$2.95M	0.36%	+1,301	Timeline
AVBAVALONBAY CMNTYS INC	13,638	$2.93M	0.36%	new	Timeline
FRTFEDERAL RLTY INVT TR NEW	29,824	$2.92M	0.36%	new	Timeline
HDHOME DEPOT INC	7,880	$2.89M	0.36%	+523	Timeline
AXPAMERICAN EXPRESS CO	10,688	$2.88M	0.35%	-15,472	Timeline
ARANTERO RESOURCES CORP	69,924	$2.83M	0.35%	new	Timeline
KLACKLA CORP	4,133	$2.81M	0.35%	+83	Timeline
SYKSTRYKER CORPORATION	7,426	$2.76M	0.34%	+527	Timeline
BWXTBWX TECHNOLOGIES INC	27,817	$2.74M	0.34%	+1,098	Timeline
AEEAMEREN CORP	26,961	$2.71M	0.33%	new	Timeline
ZTSZOETIS INC	16,168	$2.66M	0.33%	+263	Timeline
ORCLORACLE CORP	18,597	$2.6M	0.32%	+2,421	Timeline
DLRDIGITAL RLTY TR INC	18,119	$2.6M	0.32%	-43,757	Timeline
APDAIR PRODUCTS AND CHEMICALS I	8,248	$2.43M	0.3%	-13,017	Timeline
RYCEYROLLS-ROYCE HOLDINGS-SP ADR	247,367	$2.43M	0.3%	new	Timeline
EADSYAIRBUS SE - UNSP ADR	52,927	$2.33M	0.29%	new	Timeline
SAFRYSAFRAN SA-UNSPON ADR	34,919	$2.31M	0.29%	new	Timeline
LRCXLAM RESEARCH CORP	31,704	$2.3M	0.28%	+1,271	Timeline
JQUAJ P MORGAN EXCHANGE TRADED F	37,890	$2.14M	0.26%	-2,611	Timeline
GEGE AEROSPACE	10,587	$2.12M	0.26%	+9,231	Timeline
BEBLOOM ENERGY CORP	106,590	$2.1M	0.26%	-4,495	Timeline
SIEMENS ENERGY AGSIEMENS ENERGY AG	35,397	$2.08M	0.26%	-3,583
CBCHUBB LIMITED	6,831	$2.06M	0.25%	new	Timeline
LIILENNOX INTL INC	3,673	$2.06M	0.25%	-76	Timeline
NULGNUSHARES ETF TR	25,442	$1.99M	0.25%	-1,966	Timeline
GEVGE VERNOVA INC	6,494	$1.98M	0.24%	-14,451	Timeline
XOMEXXON MOBIL CORP	16,490	$1.96M	0.24%	-32	Timeline
TMUST-MOBILE US INC	7,164	$1.91M	0.24%	+232	Timeline
SPOTSPOTIFY TECHNOLOGY S A	3,422	$1.88M	0.23%	-461	Timeline
JCIJOHNSON CONTROLS INTERNATION	23,205	$1.86M	0.23%	-17,445	Timeline
FXLFIRST TR EXCHANGE-TRADED FD	13,623	$1.8M	0.22%	-1,831	Timeline
MRKMERCK & CO INC	19,691	$1.77M	0.22%	-12	Timeline
MELIMERCADOLIBRE INC	901	$1.76M	0.22%	-3	Timeline
DEUSDBX ETF TR	32,730	$1.76M	0.22%	-1,927	Timeline
GPORGULFPORT ENERGY CORP	9,458	$1.74M	0.21%	-70	Timeline
DELLDELL TECHNOLOGIES INC	19,091	$1.74M	0.21%	-11,716	Timeline
KTOSKRATOS DEFENSE & SEC SOLUTIO	58,590	$1.74M	0.21%	-1,073	Timeline
NOWSERVICENOW INC	2,182	$1.74M	0.21%	-8,459	Timeline
MOATVANECK ETF TRUST	19,291	$1.7M	0.21%	+4,703	Timeline
QEFASPDR INDEX SHS FDS	21,099	$1.67M	0.21%	+1,966	Timeline
VEAVANGUARD TAX-MANAGED FDS	32,440	$1.65M	0.2%	+4,995	Timeline
ZGZILLOW GROUP INC	24,446	$1.63M	0.2%	+350	Timeline
FDTFIRST TR EXCH TRD ALPHDX FD	28,047	$1.63M	0.2%	+1,403	Timeline
VRTXVERTEX PHARMACEUTICALS INC	3,304	$1.6M	0.2%	+493	Timeline
GOOGALPHABET INC	10,016	$1.56M	0.19%	+31	Timeline
ICEINTERCONTINENTAL EXCHANGE IN	9,003	$1.55M	0.19%	new	Timeline
CRSCARPENTER TECHNOLOGY CORP	8,558	$1.55M	0.19%	-386	Timeline
QDEFFLEXSHARES TR	22,023	$1.54M	0.19%	-1,953	Timeline
BONDPIMCO ETF TR	16,296	$1.51M	0.19%	0	Timeline
BTSGBRIGHTSPRING HEALTH SVCS INC	82,059	$1.48M	0.18%	-1,693	Timeline
DBNDDOUBLELINE ETF TRUST	31,930	$1.47M	0.18%	0	Timeline
JNJJOHNSON & JOHNSON	8,639	$1.43M	0.18%	-71	Timeline
ENVXENOVIX CORPORATION	191,975	$1.41M	0.17%	+64,471	Timeline
TMOTHERMO FISHER SCIENTIFIC INC	2,831	$1.41M	0.17%	+289	Timeline
SNOWSNOWFLAKE INC	9,573	$1.4M	0.17%	+1,061	Timeline
BABOEING CO	8,148	$1.39M	0.17%	+6,728	Timeline
EMBJEMBRAER S.A.	29,115	$1.35M	0.17%	new	Timeline
APOAPOLLO GLOBAL MGMT INC	9,712	$1.33M	0.16%	-53,889	Timeline
SNPSSYNOPSYS INC	3,015	$1.29M	0.16%	+100	Timeline
EZMWISDOMTREE TR	21,579	$1.29M	0.16%	+1,653	Timeline
RDVYFIRST TR EXCHANGE TRADED FD	20,593	$1.21M	0.15%	+655	Timeline
CLSCELESTICA INC	14,858	$1.17M	0.14%	-8,903	Timeline
DTDYNATRACE INC	23,919	$1.13M	0.14%	new	Timeline
GSIMXGLDMN SCHS GQG PRT INTL-INST	51,813	$1.1M	0.14%	0	Timeline
BAESYBAE SYSTEMS PLC -SPON ADR	13,107	$1.08M	0.13%	new	Timeline
DDOGDATADOG INC	10,709	$1.06M	0.13%	-1,015	Timeline
VRTVERTIV HOLDINGS CO	14,651	$1.06M	0.13%	-2,545	Timeline
BEIERSDORF AG ORD FBEIERSDORF AG ORD F	7,750	$1M	0.12%	0
QUALISHARES TR	5,772	$986K	0.12%	-170	Timeline
AIQGLOBAL X FDS	26,470	$963K	0.12%	+8,449	Timeline
MINTPIMCO ETF TR	9,543	$960K	0.12%	+3,947	Timeline
CLOBVANECK ETF TRUST	18,136	$919K	0.11%	+9,096	Timeline
DFAEDIMENSIONAL ETF TRUST	33,912	$878K	0.11%	-805	Timeline
IQLTISHARES TR	21,885	$869K	0.11%	-7,349	Timeline
IWMISHARES TR	4,331	$864K	0.11%	+974	Timeline
PDNINVESCO EXCH TRADED FD TR II	25,392	$850K	0.1%	+983	Timeline
SPTMSPDR SERIES TRUST	12,339	$839K	0.1%	+1,703	Timeline
JEPIJ P MORGAN EXCHANGE TRADED F	14,384	$822K	0.1%	-441	Timeline
FTSLFIRST TR EXCHANGE-TRADED FD	17,974	$820K	0.1%	-423	Timeline
REGLPROSHARES TR	9,950	$802K	0.1%	0	Timeline
QQQINVESCO QQQ TR	1,682	$789K	0.1%	-292	Timeline
DFASDIMENSIONAL ETF TRUST	12,905	$771K	0.1%	+740	Timeline
KOCOCA COLA CO	10,657	$763K	0.09%	-1	Timeline
PFFDGLOBAL X FDS	39,136	$745K	0.09%	-403	Timeline
VUGVANGUARD INDEX FDS	1,997	$741K	0.09%	0	Timeline
VWOVANGUARD INTL EQUITY INDEX F	16,141	$731K	0.09%	+3,923	Timeline
BXBLACKSTONE INC	5,226	$730K	0.09%	+1,076	Timeline
HRDG LVNR INTL EQUITYHRDG LVNR INTL EQUITY	26,414	$685K	0.08%	0
HYBLSSGA ACTIVE TR	23,951	$673K	0.08%	-695	Timeline
MDYSTATE STR SPDR S&P MIDCAP 40	1,251	$667K	0.08%	+24	Timeline
USBUS BANCORP	15,800	$667K	0.08%	0	Timeline
JVALJ P MORGAN EXCHANGE TRADED F	15,775	$653K	0.08%	+767	Timeline
USHYISHARES TR	15,931	$586K	0.07%	+5,194	Timeline
BYDDYBYD Company Ltd Unsponsored AD	5,753	$583K	0.07%	new	Timeline
HOPEHOPE BANCORP INC	55,332	$579K	0.07%	new	Timeline
XLFSELECT SECTOR SPDR TR	11,269	$561K	0.07%	-16	Timeline
XLKSELECT SECTOR SPDR TR	2,575	$532K	0.07%	+10	Timeline
HYGVFLEXSHARES TR	12,901	$521K	0.06%	-357	Timeline
BACBANK OF AMER CORP	10,791	$450K	0.06%	-199,769	Timeline
CVXCHEVRON CORPORATION	2,299	$385K	0.05%	-2	Timeline
JPEMJ P MORGAN EXCHANGE TRADED F	7,175	$378K	0.05%	+663	Timeline
DGRWWISDOMTREE TR	4,617	$369K	0.05%	-15	Timeline
AVDEAMERICAN CENTY ETF TR	5,393	$357K	0.04%	0	Timeline
HONHONEYWELL INTL INC	1,668	$353K	0.04%	-20,418	Timeline
XLRESELECT SECTOR SPDR TR	8,305	$348K	0.04%	-154	Timeline
EATON VANCE HIGH INCOMEEATON VANCE HIGH INCOME	81,922	$342K	0.04%	+4,018
COWZPACER FDS TR	5,912	$324K	0.04%	-2,528	Timeline
MFDXPIMCO EQUITY SER	9,615	$307K	0.04%	0	Timeline
VVISA INC	873	$306K	0.04%	-15,641	Timeline
QTECFIRST TR EXCHANGE-TRADED FD	1,759	$305K	0.04%	-54	Timeline
IVWISHARES TR	3,246	$301K	0.04%	+20	Timeline
EPDENTERPRISE PRODS PARTNERS L	8,590	$293K	0.04%	-750	Timeline
DFA US CORE EQUITY 1 IDFA US CORE EQUITY 1 I	6,999	$289K	0.04%	new
XLVSELECT SECTOR SPDR TR	1,977	$289K	0.04%	new	Timeline
IVEISHARES TR	1,491	$284K	0.04%	+33	Timeline
IAKISHARES TR	2,058	$284K	0.03%	new	Timeline
XLUSELECT SECTOR SPDR TR	3,511	$277K	0.03%	+18	Timeline
ITAISHARES TR	1,795	$275K	0.03%	new	Timeline
XLISELECT SECTOR SPDR TR	1,933	$253K	0.03%	-3	Timeline
USFRWISDOMTREE TR	5,000	$252K	0.03%	0	Timeline
ANETARISTA NETWORKS INC	3,220	$249K	0.03%	-18,833	Timeline
IWOISHARES TR	960	$245K	0.03%	0	Timeline
IGVISHARES TR	2,739	$244K	0.03%	+354	Timeline
ADBEADOBE INC	635	$244K	0.03%	-13	Timeline
FCNTXFIDELITY CONTRAFUND	12,055	$241K	0.03%	-1,416	Timeline
BMYBRISTOL-MYERS SQUIBB CO	3,836	$234K	0.03%	+41	Timeline
IXNISHARES TR	3,013	$228K	0.03%	0	Timeline
CITHE CIGNA GROUP	669	$220K	0.03%	new	Timeline
FFWMFIRST FNDTN INC	42,230	$219K	0.03%	new	Timeline
TILTFLEXSHARES TR	1,059	$218K	0.03%	-66	Timeline
ETENERGY TRANSFER L P	10,899	$203K	0.02%	+85	Timeline
AMERICAN CENTURY CA HIGHYIE…AMERICAN CENTURY CA HIGHYIELD	15,983	$153K	0.02%	+149
CCLFXCLIFFWATER CORPORATE LENDING FUND…	10,558	$115K	0.01%	new	Timeline
CYPRESS DEV CORPCYPRESS DEV CORP	10,000	$2K	<0.01%	0
GTLLGLOBAL TECHNOLOGIES LTD CL-A	310,000	$62	<0.01%	0	Timeline
LTNCLABOR SMART INC COMMON STOCK (	28,571	$40	<0.01%	0	Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

The largest 100 of 142. All 142

Security	Type	Amount	Value	Change
United States of AmericaUnited States of America #N/A	principal	5,369,000	$5.32M	0
US TREASUR NT 250226UST NO…US TREASUR NT 250226UST NOTE … Treas	principal	5,262,000	$5.19M	+4,987,000
IIP OPERATING PARTNERIIP OPERATING PARTNER 5.500 05/25/26 '26	principal	3,285,000	$3.21M	+627,000
US TREASUR NT 40226UST N…US TREASUR NT 40226UST NOTE … Treas	principal	2,697,000	$2.69M	0
US TREASUR NTUS TREASUR NT FIX	principal	2,500,000	$2.49M	0
US TREASURUS TREASUR FIX	principal	2,313,000	$2.31M	0
UNITED STATES TREAS BILLS 0…UNITED STATES TREAS BILLS 0.000 1… US Treasury	principal	2,250,000	$2.2M	0
PETROLEOS MEXICANOSPETROLEOS MEXICANOS FIXED	principal	1,989,000	$1.98M	+233,000
BLACKROCK TCP CAPBLACKROCK TCP CAP FIXED	principal	1,983,000	$1.98M	+288,000
CITRIX SYSTEMS INCCITRIX SYSTEMS INC FIXED	principal	2,150,000	$1.98M	+62,000
GLOBAL MARINE INCGLOBAL MARINE INC FIXED	principal	1,950,000	$1.83M	+135,000
PARK-OHIO INDUSTRIES INCPARK-OHIO INDUSTRIES INC FIXED	principal	1,745,000	$1.69M	+150,000
AMC ENTERTAINMENTAMC ENTERTAINMENT 6.125 05/15/27 '26	principal	1,888,000	$1.66M	+55,000
TITAN INTERNATIONAL INCTITAN INTERNATIONAL INC FIXED	principal	1,610,000	$1.59M	+145,000
US TREASURY BILL25U S T BIL…US TREASURY BILL25U S T BILL DUE … BIL	principal	1,596,000	$1.58M	new
Mercer International IncMercer International Inc Corporate Bond - Domestic	principal	1,763,000	$1.51M	+110,000
PETROLEOS MEXICANOSPETROLEOS MEXICANOS FIXED	principal	1,535,000	$1.5M	-25,000
US TREASURYUS TREASURY FIX	principal	1,515,000	$1.5M	new
KEYCORP CAPITALKEYCORP CAPITAL FIXED	principal	1,470,000	$1.48M	0
FS KKR Cap 7.875 01/15/29 …FS KKR Cap 7.875 01/15/29 28 01/… Fixed Income	principal	1,325,000	$1.41M	+145,000
TIAA FSB HOLDINGS INCTIAA FSB HOLDINGS INC FIXED	principal	1,370,000	$1.36M	-95,000
Icahn Enterprises LP / Icah…Icahn Enterprises LP / Icahn Ente… Corporate Bond - Domestic	principal	1,390,000	$1.32M	-5,000
US TREASURYUS TREASURY FIXED	principal	1,250,000	$1.25M	0
JEFFERIES FIN GROUPJEFFERIES FIN GROUP FIXED	principal	1,221,000	$1.22M	0
US TREASUR NT 0750326UST NO…US TREASUR NT 0750326UST NOTE … Treas	principal	1,261,000	$1.22M	new
TRANSOCEAN INCTRANSOCEAN INC FIXED	principal	1,285,000	$1.13M	+372,000
Icahn Enterprises LP / Icah…Icahn Enterprises LP / Icahn Ente… Corporate Bond - Domestic	principal	1,055,000	$1.04M	+628,000
Genesis Energy LP / Genesis…Genesis Energy LP / Genesis Energ… Corporate Bond - Domestic	principal	995,000	$1.02M	+226,000
UNITED STATES TREAS NTS 2.7…UNITED STATES TREAS NTS 2.750 08/… TREASURY NOTE	principal	1,030,000	$1.02M	0
CDK GLOBAL INCCDK GLOBAL INC FIXED	principal	1,097,000	$998K	0
TEGNA IncTEGNA Inc Corporate Bond - Domestic	principal	1,020,000	$944K	0
HECLA MINING COHECLA MINING CO FIXED	principal	940,000	$941K	-35,000
SASOL FINANCING USA LLCSASOL FINANCING USA LLC FIXED	principal	910,000	$874K	+390,000
MGM GROWTH/MGM FINANCEMGM GROWTH/MGM FINANCE FIXED	principal	808,000	$804K	+270,000
US TREASURYUS TREASURY FIXED	principal	800,000	$778K	new
VALERO ENERGY CORPVALERO ENERGY CORP FIXED	principal	750,000	$773K	+500,000
UNITED AIR 2020-1 B PTTUNITED AIR 2020-1 B PTT FIXED	principal	755,328	$753K	+252,528
CLEVELAND-CLIFFS STEELCLEVELAND-CLIFFS STEEL FIXED	principal	734,000	$731K	+5,000
US Treasury 1.625 02/15/26 …US Treasury 1.625 02/15/26 02/15/… Fixed Income	principal	707,000	$692K	new
NEW MOUNTAIN FINANCE CORNEW MOUNTAIN FINANCE COR FIXED	principal	675,000	$681K	+355,000
SFL CORP LTDSFL CORP LTD FIXED	principal	651,000	$669K	0
US TREASURYUS TREASURY FIX	principal	671,000	$667K	new
CARNIVAL CORPCARNIVAL CORP FIXED	principal	616,000	$627K	-425,000
US TREASUUS TREASU FIX	principal	600,000	$598K	0
US Treasury 2.250 03/31/26 …US Treasury 2.250 03/31/26 03/31/… Fixed Income	principal	605,000	$594K	new
VITAL ENERGY INCVITAL ENERGY INC FIXED	principal	582,000	$590K	new
CONCENTRIX CORPCONCENTRIX CORP FIXED	principal	575,000	$586K	+100,000
CARNIVAL CORPCARNIVAL CORP FIXED	principal	525,000	$552K	new
United States of AmericaUnited States of America #N/A	principal	549,000	$548K	0
HF SINCLAIR CORPHF SINCLAIR CORP FIXED	principal	540,000	$547K	+190,000
US TREASURYUS TREASURY FIX	principal	550,000	$546K	new
KENNEDY-WILSON INCKENNEDY-WILSON INC 5.000 03/01/31 '26	principal	608,000	$532K	+150,000
PVH CORPPVH CORP FIXED	principal	520,000	$519K	+205,000
US TREASURYUS TREASURY FIXED	principal	516,000	$499K	0
ALBEMARLE CORPALBEMARLE CORP FIXED	principal	497,000	$493K	new
RADIAN GROUP INCRADIAN GROUP INC FIXED	principal	475,000	$475K	+150,000
Kinross Gold CorpKinross Gold Corp #N/A	principal	475,000	$473K	new
US TREASU NT 2.625 01/26UST…US TREASU NT 2.625 01/26UST NOTE … NOT	principal	477,000	$471K	new
VERISIGN INCVERISIGN INC FIXED	principal	465,000	$464K	new
PARAMOUNT GLOBALPARAMOUNT GLOBAL FIXED	principal	475,000	$460K	+59,000
US TREASUR NT 050226UST NO…US TREASUR NT 050226UST NOTE … Treas	principal	475,000	$460K	new
BARCLAYS PLCBARCLAYS PLC FIXED	principal	450,000	$451K	new
US TREASUR NT 4.75 07/25UST…US TREASUR NT 4.75 07/25UST NOTE … FIX	principal	450,000	$451K	0
US TREASURYUS TREASURY FIXED	principal	450,000	$441K	0
BLACKROCK TCP CAP CORPBLACKROCK TCP CAP CORP FIXED	principal	450,000	$437K	+175,000
OLD DOMIN ELECTRIC CORPOLD DOMIN ELECTRIC CORP FIXED	principal	431,639	$435K	new
MAIN STREET CAPITAL CORPMAIN STREET CAPITAL CORP FIXED	principal	420,000	$429K	new
DISCOVERY COMMUNICATIONSDISCOVERY COMMUNICATIONS FIXED	principal	425,000	$425K	+75,000
DEVON OEI OPERATING LLCDEVON OEI OPERATING LLC FIXED	principal	400,000	$424K	new
REGAL REXNORD CORPORATIONSE…REGAL REXNORD CORPORATIONSER B FIXED	principal	413,000	$416K	+113,000
CONCENTRIX CORPCONCENTRIX CORP FIXED	principal	394,000	$410K	+20,000
US TREASU NTUS TREASU NT FIX	principal	405,000	$404K	new
SEMPRA 5 4 26 …SEMPRA 5 4 26 … CORPORATE BONDS	principal	400,000	$403K	new
MERITAGE HOMES CORPMERITAGE HOMES CORP FIXED	principal	400,000	$403K	new
AMERICAN NATIONAL GROUPAMERICAN NATIONAL GROUP FIXED	principal	400,000	$400K	new
BANK OF AMERICA CORPBANK OF AMERICA CORP FIXED	principal	400,000	$399K	0
NOKIA OYJNOKIA OYJ FIXED	principal	400,000	$395K	new
CONSTELLATION EN GEN LLCCONSTELLATION EN GEN LLC FIXED	principal	395,000	$394K	0
MERCURY GENERAL CORPMERCURY GENERAL CORP FIXED	principal	400,000	$394K	new
LLOYDS BANKING GROUP PLCLLOYDS BANKING GROUP PLC FIXED	principal	385,000	$384K	0
AMER AIRLN 14-1 A PTTAMER AIRLN 14-1 A PTT FIXED	principal	393,330	$384K	new
RENAISSANCERE FINANCERENAISSANCERE FINANCE FIXED	principal	375,000	$375K	new
HCA INCHCA INC FIXED	principal	375,000	$374K	new
TARGA RESOURCES PARTNERSTARGA RESOURCES PARTNERS FIXED	principal	370,000	$372K	new
WARNERMEDIA HOLDINGS INCWARNERMEDIA HOLDINGS INC FIXED	principal	375,000	$366K	new
BANC OF CALIFORNIA INCBANC OF CALIFORNIA INC FIXED	principal	365,000	$364K	0
GLP CAPITAL LP / FIN IIGLP CAPITAL LP / FIN II FIXED	principal	351,000	$352K	0
WOLFSPEED INCWOLFSPEED INC NOTE 1.875%12/0	principal	1,575,000	$349K	-10,000
VIATRIS INCVIATRIS INC UDD	principal	350,000	$345K	new
BGC GROUP INCBGC GROUP INC FIXED	principal	335,000	$333K	0
ARROW ELECTRONICS INCARROW ELECTRONICS INC FIXED	principal	325,000	$325K	0
XYLEM INCXYLEM INC FIXED	principal	325,000	$319K	0
EDISON INTERNATIONALEDISON INTERNATIONAL FIXED	principal	325,000	$318K	0
VERISIGN INCVERISIGN INC FIXED	principal	315,000	$315K	0
LEGGETT & PLATT INC 3.5 11/…LEGGETT & PLATT INC 3.5 11/15/2027 Corp Bond	principal	325,000	$312K	new
GLOBAL PART/GLP FINANCEGLOBAL PART/GLP FINANCE FIXED	principal	308,000	$307K	0
AMER AIRLN 15-2 AAAMER AIRLN 15-2 AA FIXED	principal	315,488	$306K	-13,034
APACHE CORPAPACHE CORP FIXED	principal	300,000	$306K	0
DELTA AIR LINESDELTA AIR LINES FIXED	principal	300,000	$305K	0
COMERICA BANKCOMERICA BANK FIXED	principal	305,000	$304K	0

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
US TREASURY BILL25U S…US TREASURY BILL25U S T BIL…	10,193,000	$10.1M	principal
WFCWELLS FARGO & CO	137,361	$9.65M	shares
CMICUMMINS INC	26,149	$9.12M	shares
RLRALPH LAUREN CORP	37,226	$8.6M	shares
SOFISOFI TECHNOLOGIES INC	522,312	$8.04M	shares
ROKROCKWELL AUTOMATION INC	24,727	$7.07M	shares
SPGSIMON PPTY GROUP INC NEW	40,133	$6.91M	shares
BLKBLACKROCK INC	6,530	$6.69M	shares
MRVLMARVELL TECHNOLOGY INC	54,797	$6.05M	shares
VOOVANGUARD INDEX FDS	10,980	$5.92M	shares
US TREASU NT 4.12501/25UST …US TREASU NT 4.12501/25UST NOTE …	5,741,000	$5.74M	principal
DALDELTA AIR LINES INC	74,942	$4.53M	shares
TFCTRUIST FINL CORP	104,399	$4.53M	shares
SRESEMPRA	41,601	$3.65M	shares
PSAPUBLIC STORAGE	11,359	$3.4M	shares
CMGCHIPOTLE MEXICAN GRILL INC	55,735	$3.36M	shares
JEFJEFFERIES FINANCIAL GROUP IN	41,433	$3.25M	shares
SBGSYSCHNEIDER ELECT SE-UNSP ADR	55,195	$2.74M	shares
FDXFEDEX CORP	8,766	$2.47M	shares
PWRQUANTA SVCS INC	7,729	$2.44M	shares
LULULULULEMON ATHLETICA INC	5,596	$2.14M	shares
COHRCOHERENT CORP	18,731	$1.77M	shares
DHID R HORTON INC	12,470	$1.74M	shares
FSLRFIRST SOLAR INC	9,791	$1.73M	shares
US TREASURYUS TREASURY	1,553,000	$1.54M	principal
US TREASURYUS TREASURY	1,518,000	$1.51M	principal
US TREASURYUS TREASURY	1,465,000	$1.46M	principal
US TREASURYUS TREASURY	1,451,000	$1.45M	principal
US TREASUR NT 1.502/25UST …US TREASUR NT 1.502/25UST NOTE …	1,397,000	$1.39M	principal
MDBMONGODB INC	5,724	$1.33M	shares
AGXARGAN INC	9,518	$1.3M	shares
TTDTHE TRADE DESK INC	7,277	$855K	shares
US TREASURY BILL25U S…US TREASURY BILL25U S T BIL…	821,000	$819K	principal
IYCISHARES TR	6,278	$604K	shares
UNITED STATES TREAS NTS 2 0…UNITED STATES TREAS NTS 2 02/15/2…	510,000	$508K	principal
HEXCEL CORPHEXCEL CORP	450,000	$449K	principal
STEPSTEPSTONE GROUP INC	7,433	$430K	shares
SMHVANECK ETF TRUST	1,664	$403K	shares
JPSTJ P MORGAN EXCHANGE TRADED F	7,411	$373K	shares
US TREASURYUS TREASURY	341,000	$339K	principal
ZIMMER BIOMET HOLDINGSZIMMER BIOMET HOLDINGS	325,000	$324K	principal
CELEANSE US HOLDINGS LLCCELEANSE US HOLDINGS LLC	314,000	$314K	principal
HCA INCHCA INC	300,000	$300K	principal
FS KKR CAPITALFS KKR CAPITAL	300,000	$300K	principal
OAKTREE SPECIALTY LENDOAKTREE SPECIALTY LEND	300,000	$299K	principal
LEIDOS INCLEIDOS INC	300,000	$299K	principal
ALLERGAN FUNDINGALLERGAN FUNDING	300,000	$298K	principal
DISDISNEY WALT CO	2,572	$286K	shares
PAVEGLOBAL X FDS	6,905	$279K	shares
SMRNUSCALE PWR CORP	15,435	$277K	shares
HYATT HOTELS CORPHYATT HOTELS CORP	250,000	$250K	principal
CITIZENS BANK NA/RICITIZENS BANK NA/RI	250,000	$250K	principal
AMERICAN TOWER CORPAMERICAN TOWER CORP	250,000	$250K	principal
SOXXISHARES TR	987	$213K	shares
IWYISHARES TR	903	$212K	shares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001104659-25-046554	base		2025-05-09	acceptance time not in the bulk data set	2026-10-07 18:25:06 UTC