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Long Focus Capital Management, LLC

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13F filer, CIK 1602716, SAN JUAN, PR

Long Focus Capital Management, LLC reported $2,644,648,285 across 93 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 39% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001602716-25-000004

Period
2025-06-30
Reported value
$2.64B
Holdings
93
Top 10 weight
39%
New
10
Sold out
16

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ALIBABA GROUP HLDG LTDnew+23,500,000$29.9M
BLDRnew+199,000$23.2M
FTAIadded+150,000$17.3M
NFEnew+5,150,000$17.1M
UNHnew+52,000$16.2M

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

SecurityShares changeApprox. value
BUDexited-580,000-$35.7M
AMZNreduced-150,000-$32.9M
ASMLexited-47,800-$31.7M
CVSreduced-192,671-$13.3M
ETSYreduced-261,100-$13.1M

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, Q2 2025

Share positions as resolved from 13F-HR 0001602716-25-000004, largest first. % of portfolio is the value over $1,549,309,758, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
FTAIFTAI AVIATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 560,000 shares; 2024Q4: 480,000 shares; 2025Q1: 790,000 shares; 2025Q2: 940,000 shares 940,000$108M6.98%+150,000Timeline
PYPLPAYPAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 820,000 shares; 2024Q4: 780,000 shares; 2025Q1: 1,250,000 shares; 2025Q2: 1,250,000 shares 1,250,000$92.9M6%0Timeline
CMCSACOMCAST CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,126,900 shares; 2024Q4: 1,898,400 shares; 2025Q1: 2,070,416 shares; 2025Q2: 2,070,416 shares 2,070,416$73.9M4.77%0Timeline
ETENERGY TRANSFER L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,342,400 shares; 2024Q4: 3,342,400 shares; 2025Q1: 3,342,400 shares; 2025Q2: 3,342,400 shares 3,342,400$60.6M3.91%0Timeline
CVSCVS HEALTH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,141,100 shares; 2025Q1: 1,040,000 shares; 2025Q2: 847,329 shares 847,329$58.4M3.77%-192,671Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 628,900 shares; 2024Q4: 650,800 shares; 2025Q1: 630,800 shares; 2025Q2: 520,200 shares 520,200$52.4M3.38%-110,600Timeline
VSATVIASAT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,370,000 shares; 2025Q2: 3,049,302 shares 3,049,302$44.5M2.87%+679,302Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 719,604 shares; 2024Q4: 719,604 shares; 2025Q1: 729,504 shares; 2025Q2: 720,000 shares 720,000$38.4M2.48%-9,504Timeline
HLFHERBALIFE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,738,000 shares; 2024Q4: 4,758,127 shares; 2025Q1: 4,943,000 shares; 2025Q2: 4,355,000 shares 4,355,000$37.5M2.42%-588,000Timeline
FIPFTAI INFRASTRUCTURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 517,659 shares; 2024Q4: 517,659 shares; 2025Q1: 4,766,162 shares; 2025Q2: 6,060,162 shares 6,060,162$37.4M2.41%+1,294,000Timeline
PINSPINTEREST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 192,000 shares; 2024Q4: 907,483 shares; 2025Q1: 1,030,483 shares; 2025Q2: 1,026,000 shares 1,026,000$36.8M2.37%-4,483Timeline
LBRDALIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 310,100 shares; 2024Q4: 321,800 shares; 2025Q1: 375,000 shares; 2025Q2: 375,000 shares 375,000$36.7M2.37%0Timeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 662,200 shares; 2024Q4: 857,200 shares; 2025Q1: 1,220,800 shares; 2025Q2: 1,230,800 shares 1,230,800$34.9M2.26%+10,000Timeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,603,000 shares; 2024Q4: 1,353,000 shares; 2025Q1: 1,063,000 shares; 2025Q2: 859,818 shares 859,818$34.6M2.24%-203,182Timeline
PENNPENN ENTERTAINMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500,000 shares; 2024Q4: 1,545,000 shares; 2025Q1: 1,760,200 shares; 2025Q2: 1,880,000 shares 1,880,000$33.6M2.17%+119,800Timeline
ALIBABA GROUP HLDG LTDALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 23,500,000 shares 23,500,000$29.9M1.93%new
AURAAURA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,133,546 shares; 2024Q4: 2,537,774 shares; 2025Q1: 3,319,582 shares; 2025Q2: 4,619,582 shares 4,619,582$28.9M1.87%+1,300,000Timeline
WYNNWYNN RESORTS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 157,000 shares; 2024Q4: 163,000 shares; 2025Q1: 300,000 shares; 2025Q2: 300,000 shares 300,000$28.1M1.81%0Timeline
ONITONITY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 652,088 shares; 2024Q4: 652,088 shares; 2025Q1: 677,088 shares; 2025Q2: 677,088 shares 677,088$25.8M1.67%0Timeline
CALYCALLAWAY GOLF COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,843,000 shares; 2024Q4: 2,038,000 shares; 2025Q1: 2,950,844 shares; 2025Q2: 3,048,774 shares 3,048,774$24.5M1.58%+97,930Timeline
AGOASSURED GUARANTY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,000 shares; 2024Q4: 275,000 shares; 2025Q1: 280,000 shares; 2025Q2: 280,000 shares 280,000$24.4M1.57%0Timeline
HAPNHAPPEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,409,725 shares; 2024Q4: 1,609,725 shares; 2025Q1: 2,034,725 shares; 2025Q2: 2,010,725 shares 2,010,725$24.2M1.56%-24,000Timeline
BLDRBUILDERS FIRSTSOURCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 199,000 shares 199,000$23.2M1.5%newTimeline
BNTXBIONTECH SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 159,000 shares; 2025Q2: 207,903 shares 207,903$22.1M1.43%+48,903Timeline
UALUNITED AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 268,000 shares; 2025Q2: 268,000 shares 268,000$21.3M1.38%0Timeline
LILAKLIBERTY LATIN AMERICA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,695,400 shares; 2024Q4: 3,034,616 shares; 2025Q1: 3,295,336 shares; 2025Q2: 3,295,336 shares 3,295,336$20.5M1.32%0Timeline
IOVAIOVANCE BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,532,000 shares; 2024Q4: 5,132,000 shares; 2025Q1: 9,250,055 shares; 2025Q2: 11,820,000 shares 11,820,000$20.3M1.31%+2,569,945Timeline
WBDWARNER BROS DISCOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,450,000 shares; 2024Q4: 1,509,000 shares; 2025Q1: 1,509,000 shares; 2025Q2: 1,760,000 shares 1,760,000$20.2M1.3%+251,000Timeline
WOOFPETCO HEALTH & WELLNESS CO IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,237,121 shares; 2025Q2: 6,741,784 shares 6,741,784$19.1M1.23%+2,504,663Timeline
GLNGGOLAR LNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 390,000 shares; 2025Q2: 445,000 shares 445,000$18.3M1.18%+55,000Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 231,000 shares; 2025Q2: 81,000 shares 81,000$17.8M1.15%-150,000Timeline
BTUPEABODY ENGR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 715,058 shares; 2024Q4: 910,058 shares; 2025Q1: 1,789,858 shares; 2025Q2: 1,309,858 shares 1,309,858$17.6M1.13%-480,000Timeline
NFENEW FORTRESS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,150,000 shares 5,150,000$17.1M1.1%newTimeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 635,000 shares; 2024Q4: 757,000 shares; 2025Q1: 185,000 shares; 2025Q2: 145,000 shares 145,000$16.4M1.06%-40,000Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 52,000 shares 52,000$16.2M1.05%newTimeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 348,000 shares; 2024Q4: 286,200 shares; 2025Q1: 398,380 shares; 2025Q2: 480,380 shares 480,380$15.7M1.01%+82,000Timeline
CNCCENTENE CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 138,385 shares; 2025Q1: 388,385 shares; 2025Q2: 285,440 shares 285,440$15.5M1%-102,945Timeline
LBTYKLIBERTY GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,442,000 shares; 2024Q4: 1,442,000 shares; 2025Q1: 1,494,400 shares; 2025Q2: 1,494,400 shares 1,494,400$15.4M0.99%0Timeline
PZZAPAPA JOHNS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 180,000 shares; 2025Q1: 310,622 shares; 2025Q2: 310,622 shares 310,622$15.2M0.98%0Timeline
GSATGLOBALSTAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 370,000 shares; 2025Q2: 645,000 shares 645,000$15.2M0.98%+275,000Timeline
CTRNCITI TRENDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 591,455 shares; 2024Q4: 556,455 shares; 2025Q1: 521,455 shares; 2025Q2: 440,000 shares 440,000$14.7M0.95%-81,455Timeline
OMFONEMAIN HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 295,000 shares; 2024Q4: 265,000 shares; 2025Q1: 255,000 shares; 2025Q2: 255,000 shares 255,000$14.5M0.94%0Timeline
ARHSARHAUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,125,000 shares; 2025Q1: 1,520,800 shares; 2025Q2: 1,520,800 shares 1,520,800$13.2M0.85%0Timeline
SGHTSIGHT SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 865,097 shares; 2024Q4: 2,238,632 shares; 2025Q1: 3,126,508 shares; 2025Q2: 3,151,508 shares 3,151,508$13M0.84%+25,000Timeline
LABSTANDARD BIOTOOLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 6,700,000 shares; 2025Q2: 10,070,000 shares 10,070,000$12.1M0.78%+3,370,000Timeline
OVVOVINTIV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 310,000 shares 310,000$11.8M0.76%newTimeline
AMANTERO MIDSTREAM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 610,000 shares; 2024Q4: 610,000 shares; 2025Q1: 610,000 shares; 2025Q2: 610,000 shares 610,000$11.6M0.75%0Timeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,000 shares; 2024Q4: 595,260 shares; 2025Q1: 627,300 shares; 2025Q2: 1,117,300 shares 1,117,300$11.4M0.74%+490,000Timeline
OPRTOPORTUN FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,740,777 shares; 2024Q4: 1,740,777 shares; 2025Q1: 1,515,777 shares; 2025Q2: 1,515,777 shares 1,515,777$10.9M0.7%0Timeline
NXSTNEXSTAR MEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 130,000 shares; 2024Q4: 129,500 shares; 2025Q1: 70,500 shares; 2025Q2: 60,500 shares 60,500$10.5M0.68%-10,000Timeline
HHHHOWARD HUGHES HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 144,000 shares 144,000$9.72M0.63%newTimeline
BCYCBICYCLE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 543,092 shares; 2025Q1: 1,293,753 shares; 2025Q2: 1,317,293 shares 1,317,293$9.16M0.59%+23,540Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 94,640 shares; 2024Q4: 94,640 shares; 2025Q1: 94,640 shares; 2025Q2: 99,640 shares 99,640$8.48M0.55%+5,000Timeline
PCTPURECYCLE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,203,781 shares; 2024Q4: 603,781 shares; 2025Q1: 603,781 shares; 2025Q2: 603,781 shares 603,781$8.27M0.53%0Timeline
VLRSCONTROLADORA VUELA COMP DE AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,426,920 shares; 2024Q4: 1,426,920 shares; 2025Q1: 1,365,205 shares; 2025Q2: 1,715,205 shares 1,715,205$8.15M0.53%+350,000Timeline
TET1 ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,449,050 shares; 2024Q4: 5,650,000 shares; 2025Q1: 6,120,000 shares; 2025Q2: 6,120,000 shares 6,120,000$7.53M0.49%0Timeline
PAGSPAGSEGURO DIGITAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 922,000 shares; 2024Q4: 955,000 shares; 2025Q1: 955,000 shares; 2025Q2: 760,000 shares 760,000$7.33M0.47%-195,000Timeline
CLLSCELLECTIS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,617,293 shares; 2024Q4: 4,617,293 shares; 2025Q1: 4,717,293 shares; 2025Q2: 4,717,293 shares 4,717,293$7.12M0.46%0Timeline
APGAPI GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 127,893 shares; 2025Q1: 127,893 shares; 2025Q2: 132,893 shares 132,893$6.78M0.44%+5,000Timeline
DALDELTA AIR LINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 120,000 shares 120,000$5.9M0.38%newTimeline
ADAPYADAPTIMMUNE THERAPEUTICS PLC SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,299,890 shares; 2024Q4: 20,494,393 shares; 2025Q1: 23,756,687 shares; 2025Q2: 23,756,687 shares 23,756,687$5.69M0.37%0Timeline
LVSLAS VEGAS SANDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,000 shares; 2024Q4: 268,000 shares; 2025Q1: 303,000 shares; 2025Q2: 123,000 shares 123,000$5.35M0.35%-180,000Timeline
CLVTCLARIVATE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,175,000 shares; 2024Q4: 1,175,000 shares; 2025Q1: 1,175,000 shares; 2025Q2: 1,175,000 shares 1,175,000$5.05M0.33%0Timeline
BACBANK OF AMER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 93,000 shares; 2024Q4: 93,000 shares; 2025Q1: 93,000 shares; 2025Q2: 93,000 shares 93,000$4.4M0.28%0Timeline
LOMALOMA NEGRA C I A S A MTN 14Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 377,600 shares; 2024Q4: 377,600 shares; 2025Q1: 377,600 shares; 2025Q2: 377,600 shares 377,600$4.14M0.27%0Timeline
BIOXBIOCERES CROP SOLUTIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 322,817 shares; 2024Q4: 744,748 shares; 2025Q1: 829,748 shares; 2025Q2: 829,748 shares 829,748$3.71M0.24%0Timeline
MGTXMEIRAGTX HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 189,745 shares; 2025Q1: 249,745 shares; 2025Q2: 524,745 shares 524,745$3.42M0.22%+275,000Timeline
TLYSTILLYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,151,931 shares; 2024Q4: 2,181,931 shares; 2025Q1: 2,181,931 shares; 2025Q2: 2,181,931 shares 2,181,931$3.01M0.19%0Timeline
NESRNATIONAL ENERGY SERVICES REUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 497,921 shares; 2025Q1: 497,921 shares; 2025Q2: 497,921 shares 497,921$3M0.19%0Timeline
CEPUCENTRAL PUERTO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 592,696 shares; 2024Q4: 272,696 shares; 2025Q1: 232,696 shares; 2025Q2: 232,696 shares 232,696$2.72M0.18%0Timeline
APOAPOLLO GLOBAL MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 57,000 shares; 2024Q4: 13,750 shares; 2025Q1: 13,750 shares; 2025Q2: 18,750 shares 18,750$2.66M0.17%+5,000Timeline
AIOTPOWERFLEET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 337,504 shares 337,504$1.45M0.09%newTimeline
ETSYETSY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 280,100 shares; 2025Q1: 290,100 shares; 2025Q2: 29,000 shares 29,000$1.45M0.09%-261,100Timeline
PARPAR TECHNOLOGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,357 shares; 2024Q4: 20,357 shares; 2025Q1: 20,357 shares; 2025Q2: 20,357 shares 20,357$1.41M0.09%0Timeline
SUPVGRUPO SUPERVIELLE S.A.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 345,689 shares; 2024Q4: 170,689 shares; 2025Q1: 125,672 shares; 2025Q2: 125,672 shares 125,672$1.33M0.09%0Timeline
JILLJ JILL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,320 shares; 2024Q4: 76,320 shares; 2025Q1: 76,320 shares; 2025Q2: 76,320 shares 76,320$1.12M0.07%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,980 shares; 2024Q4: 5,980 shares; 2025Q1: 5,980 shares; 2025Q2: 5,980 shares 5,980$1.05M0.07%0Timeline
XPLSOLITARIO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,409,700 shares; 2024Q4: 1,409,700 shares; 2025Q1: 1,409,700 shares; 2025Q2: 1,409,700 shares 1,409,700$916K0.06%0Timeline
ACHVACHIEVE LIFE SCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 248,099 shares; 2024Q4: 248,099 shares; 2025Q1: 248,099 shares; 2025Q2: 248,099 shares 248,099$561K0.04%0Timeline
DXLGDESTINATION XL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 438,042 shares; 2024Q4: 438,042 shares; 2025Q1: 498,042 shares; 2025Q2: 498,042 shares 498,042$553K0.04%0Timeline
SFSTSOUTHERN FIRST BANCSHARESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,000 shares; 2024Q4: 7,964 shares; 2025Q1: 7,964 shares; 2025Q2: 7,964 shares 7,964$303K0.02%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
CMCSACOMCAST CORP NEW COMcall9,792,100$349M+2,778,800
BBARRICK MNG CORP COM SHScall14,383,400$299Mnew
GMGENERAL MTRS CO Stockcall1,710,000$84.1M+450,000
CHTRCHARTER COMMUNICATIONS INC COMcall205,000$83.8M+28,000
CVSCVS HEALTH CORP COMcall1,090,500$75.2M-310,000
INTCINTEL CORP COMcall3,050,000$68.3M+100,000
BUDANHEUSER BUSCH INBEV SA NV ADRcall795,600$54.7M-1,730,000
CCITIGROUP INC COMcall360,000$30.6M-60,000
BABAALIBABA GROUP HLDG LTD SPONSORED ADScall225,000$25.5M0
CZRCAESARS ENTERTAINMENT INC NE COMcall351,100$9.97M+201,100
PFEPFIZER INC COMcall363,300$8.66Mnew
ETENERGY TRANSFER L P COM UT LTD PTNcall300,000$5.44M0

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
RSPINVESCO EXCHANGE TRADED FD T3,025,000$524Mcall
BARRICK GOLD CORPBARRICK GOLD CORP11,614,800$226Mcall
BUDANHEUSER BUSCH INBEV SA NV580,000$35.7Mshares
ASMLASML HLDG NV47,800$31.7Mshares
AZUL S AAZUL S A5,932,943$9.73Mshares
FSLRFIRST SOLAR INC70,000$8.85Mshares
ECHOECHOSTAR CORP310,000$7.93Mshares
ALAIR LEASE CORP142,707$6.89Mshares
SUNRISE COMMUNICATIONS AGSUNRISE COMMUNICATIONS AG138,399$6.68Mshares
BABOEING CO35,000$5.97Mcall
MTGMGIC INVT CORP WIS95,000$2.35Mshares
CMPCOMPASS MINERALS INTL INC222,370$2.07Mshares
ARCOARCOS DORADOS HLDGS INC150,000$1.21Mshares
EXEEXPAND ENERGY CORPORATION10,300$1.15Mshares
GTLSCHART INDS INC3,726$538Kshares
GPROGOPRO INC280,700$186Kshares

How Q2 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).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001602716-25-000004 base2025-08-14acceptance time not in the bulk data set