Linden Advisors LP
Reported US equity positions for Q1 2026 — $17.9B across 565 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| LITE 0.5 06.15.28 Lumentum Holdings INC 0.5 06/15/2028 | $1.5B | 8.4% | 281,381,000 |
| LITE 1.5 12.15.29 Lumentum Holdings INC 1.5 12/15/2029 | $944.3M | 5.3% | 93,648,000 |
| LITE 0.5 12.15.26 Lumentum Holdings INC 0.5 12/15/2026 | $595.4M | 3.3% | 84,348,000 |
| LEU 2.25 11.01.30 Centrus Energy Corp 2.25 11/01/2030 | $488.6M | 2.7% | 239,902,000 |
| APLD 2.75 06.01.30 Applied Digital Corp 2.75 06/01/2030 | $346.5M | 1.9% | 130,530,000 |
| MKSI 1.25 06.01.30 Mks INC 1.25 06/01/2030 | $329.8M | 1.8% | 198,888,000 |
| SPHR 3.5 12.01.28 Sphere Entertainment Co 3.5 12/01/2028 | $281.2M | 1.6% | 83,540,000 |
| U 0 03.15.30 Unity Software INC 0 03/15/2030 | $275.9M | 1.5% | 275,607,000 |
| BBIO 2.25 02.01.29 Bridgebio Pharma INC 2.25 02/01/2029 | $268.5M | 1.5% | 239,048,000 |
| SIRI 3.75 03.15.28 Liberty Media Corp 3.75 03/15/2028 | $257.9M | 1.4% | 249,419,000 |
| MSTR 0 12.01.29 Strategy INC Note 12/0 | $244.7M | 1.4% | 293,133,000 |
| ITGR 1.875 03.15.30 Integer Holdings Corp 1.875 03/15/2030 144a | $243.7M | 1.4% | 253,838,000 |
| AFRM 0.75 12.15.29 Affirm Holdings INC 0.75 12/15/2029 | $242.7M | 1.4% | 259,623,000 |
| SEI 0.25 10.01.31 Solaris Energy Infrastru 0.25 10/01/2031 | $242.4M | 1.4% | 193,774,000 |
| VSH 2.25 09.15.30 Vishay Intertechnology 2.25 09/15/2030 | $227.5M | 1.3% | 236,601,000 |
| CELC 2.75 08.01.31 Celcuity INC 2.75 08/01/2031 | $226.4M | 1.3% | 92,715,000 |
| BBIO 1.75 03.01.31 Bridgebio Pharma INC 1.75 03/01/2031 144a | $225.4M | 1.3% | 132,723,000 |
| MSTR 0.625 03.15.30 Strategy INC Note 0.625 3/1 | $210.2M | 1.2% | 182,440,000 |
| RUN 4 03.01.30 Sunrun INC 4 03/01/2030 144a | $205.8M | 1.2% | 172,585,000 |
| ASND 2.25 04.01.28 Ascendis Pharma A/S 2.25 04/01/2028 | $205.5M | 1.2% | 139,570,000 |
| BILL 0 04.01.30 Bill Holdings INC 0 04/01/2030 144a | $199.2M | 1.1% | 223,559,000 |
| GH 1.25 02.15.31 Guardant Health INC 1.25 02/15/2031 | $194.9M | 1.1% | 115,820,000 |
| SVMCN 4.75 12.15.29 Silvercorp Metals INC 4.75 12/15/2029 144a | $192.3M | 1.1% | 74,768,000 |
| PTON 5.5 12.01.29 Peloton Interactive INC 5.5 12/01/2029 | $187.4M | 1.0% | 139,590,000 |
| CLSK 0 06.15.30 Cleanspark INC 0 06/15/2030 144a | $186.2M | 1.0% | 191,496,000 |
| HAE 2.5 06.01.29 Haemonetics Corp 2.5 06/01/2029 | $180.5M | 1.0% | 189,401,000 |
| FSLY 7.75 06.01.28 Fastly INC 7.75 06/01/2028 | $175.2M | 1.0% | 94,000,000 |
| OSIS 2.25 08.01.29 Osi Systems INC 2.25 08/01/2029 | $175.0M | 1.0% | 114,046,000 |
| AVAV 0 07.15.30 Aerovironment INC 0 07/15/2030 | $174.4M | 1.0% | 177,364,000 |
| UPST 2 10.01.29 Upstart Holdings INC 2 10/01/2029 144a | $173.2M | 1.0% | 176,645,000 |
| SEDG 2.25 07.01.29 Solar Edge Technologies 2.25 07/01/2029 | $171.0M | 1.0% | 99,473,000 |
| MSTR 0 03.01.30 Strategy INC 0 03/01/2030 | $167.5M | 0.9% | 192,225,000 |
| JAZZ 3.125 09.15.30 Jazz Investments I LTD 3.125 09/15/2030 | $163.7M | 0.9% | 115,450,000 |
| COLL 2.875 02.15.29 Collegium Pharma INC 2.875 02/15/2029 | $157.7M | 0.9% | 135,690,000 |
| LRN 1.125 09.01.27 Stride INC 1.125 09/01/2027 | $144.9M | 0.8% | 83,952,000 |
| RIOT 0.75 01.15.30 Riot Platforms INC 0.75 01/15/2030 144a | $143.6M | 0.8% | 124,424,000 |
| PRGS 3.5 03.01.30 Progress Software Corp 3.5 03/01/2030 | $135.7M | 0.8% | 152,347,000 |
| CIFR 1.75 05.15.30 Cipher Mining 1.75 05/15/2030 | $135.6M | 0.8% | 44,000,000 |
| CNMD 2.25 06.15.27 Conmed Corp 2.25 06/15/2027 | $135.2M | 0.8% | 139,220,000 |
| FVICN 3.75 06.30.29 Fortuna Mining Corp 3.75 06/30/2029 144a | $134.5M | 0.8% | 77,376,000 |
| MSTR 0.875 03.15.31 Strategy INC 0.875 03/15/2031 | $127.9M | 0.7% | 132,639,000 |
| TVTX 2.25 03.01.29 Travere Therapeutics INC 2.25 03/01/2029 | $127.9M | 0.7% | 101,062,000 |
| MSTR 2.25 06.15.32 Strategy INC Note 2.250 6/1 | $126.1M | 0.7% | 123,038,000 |
| AEIS 2.5 09.15.28 Advanced Energy Ind 2.5 09/15/2028 | $121.5M | 0.7% | 50,507,000 |
| VECO 2.875 06.01.29 Veeco Instruments INC 2.875 06/01/2029 | $120.4M | 0.7% | 86,800,000 |
| IREN 3.25 06.15.30 Iren LTD 3.25 06/15/2030 | $118.2M | 0.7% | 51,777,000 |
| PCRX 2.125 05.15.29 Pacira Biosciences INC 2.125 05/15/2029 | $117.8M | 0.7% | 121,495,000 |
| SEI 4.75 05.01.30 Solaris Energy Infrastru 4.75 05/01/2030 | $115.3M | 0.6% | 48,669,000 |
| NEE 7.375 02.15.29 Nextera Energy INC | $110.6M | 0.6% | 2,200,000 |
| MUX 5.25 08.15.30 Mcewen Mining INC 5.25 08/15/2030 144a | $110.4M | 0.6% | 52,550,000 |
| LIVN 2.5 03.15.29 Livanova PLC 2.5 03/15/2029 | $106.2M | 0.6% | 91,015,000 |
| COGT 1.625 11.15.31 Cogent Biosciences INC 1.625 11/15/2031 | $106.2M | 0.6% | 86,765,000 |
| W 3.5 11.15.28 Wayfair INC 3.5 11/15/2028 | $105.4M | 0.6% | 60,256,000 |
| BBIO 2.5 03.15.27 Bridgebio Pharma INC 2.5 03/15/2027 | $105.3M | 0.6% | 58,430,000 |
| COIN 0.25 04.01.30 Coinbase Global INC 0.25 04/01/2030 144a | $103.7M | 0.6% | 111,426,000 |
| ENOV 3.875 10.15.28 Enovis Corp 3.875 10/15/2028 | $103.4M | 0.6% | 106,748,000 |
| ITRI 1.375 07.15.30 Itron INC 1.375 07/15/2030 144a | $100.2M | 0.6% | 99,437,000 |
| GH 0 11.15.27 Guardant Health INC 0 11/15/2027 | $99.6M | 0.6% | 96,940,000 |
| 03823UAE2 Applied Optoelectronics 2.75 01/15/2030 144a | $98.1M | 0.5% | 44,070,000 |
| ECPG 4 03.15.29 Encore Capital Group INC 4 03/15/2029 | $96.1M | 0.5% | 75,960,000 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.