CIK: 0001279396
Total reported value
$17.9B
Reporting period: 2026-03-31 · Number of holdings: 565
Linden Advisors LP disclosed 565 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $17.9B and a quarterly turnover rate of 52.0%.
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Linden Advisors LP's disclosed holdings carry a Herfindahl concentration index of 0.018 — mathematically equivalent to about 55 equally-sized positions, well below its 565 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.05), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 65% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add LITE 0.5 06-15-28
-1.0% $699.2M
Add LITE 1.5 12-15-29
+0.3% $448.4M
Trim LI 0.25 05-01-28
-96.6% -$254.8M
Add LITE 0.5 12-15-26
-6.0% $262.4M
Trim LEU 2.25 11-01-30
0.0% -$155.4M
Trim VAC 3.25 12-15-27
-97.4% -$147.0M
Linden Advisors is rotating within the convertible credit space: taking profits on short-dated LITE 0.5% bonds that have rallied to become 8.4% of the book, and recycling that capital into new, higher-spread positions in ITGR 1.875%, BBIO 1.75%, and a zero-coupon U 0% — a clear hunt for alpha in distressed and underappreciated converts, not a defensive retrenchment.
The fund is pricing in a stabilization of high-growth tech and biotech credit, betting that the low-coupon, high-volatility convertible structure will continue to generate positive carry and optionality. They are loading up on longer-dated names with more time to profit from equity upside (LITE 1.5%, ITGR, BBIO) while ditching EXAS outright. The opposing thesis: a recessionary spike in defaults would crush precisely these unsecured converts, and the heavy tilt toward TMT and biotech (combined >57% of assets) would amplify the pain.
The 100.0 contrarian score coupled with a positive momentum tilt (0.53) creates a structural tension — they claim to fade the crowd, yet their top inflows go to names like U and BBIO that are consensus shorts. The real vulnerability: a concentrated 17%-plus single-name exposure to Lumentum across three maturities, which transforms any credit event in that issuer from a manageable loss into a book-level gap.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 565 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | LITE 0.5 06-15-28 | Lumentum Holdings INC | Stock-Tech | 8.43% | +3.46% | -1.00% | |
| 2 | LITE 1.5 12-15-29 | Lumentum Holdings INC | Stock-Tech | 5.29% | +2.24% | +0.33% | |
| 3 | LITE 0.5 12-15-26 | Lumentum Holdings INC | Stock-Tech | 3.33% | +1.28% | -6.00% | |
| 4 | LEU 2.25 11-01-30 | Centrus Energy CORP | Stock-Energy | 2.74% | -1.22% | — | |
| 5 | APLD 2.75 06-01-30 | Applied Digital CORP | Stock-Tech | 1.94% | — | +0.07% | |
| 6 | MKSI 1.25 06-01-30 | Mks INC | Stock-Tech | 1.85% | +0.17% | -6.68% | |
| 7 | SPHR 3.5 12-01-28 | Sphere Entertainment Co | Stock-Comm Services | 1.57% | +0.18% | +1.52% | |
| 8 | U 0 03-15-30 | Unity Software INC | Stock-Tech | 1.54% | +1.54% | NEW | |
| 9 | BBIO 2.25 02-01-29 | Bridgebio Pharma INC | Stock-Healthcare | 1.50% | — | +11.68% | |
| 10 | SIRI 3.75 03-15-28 | Sirius Xm Holdings | Stock-Comm Services | 1.44% | — | — | |
| 11 | MSTR 0 12-01-29 | Strategy INC | Stock-Tech | 1.37% | +0.35% | +44.66% | |
| 12 | ITGR 1.875 03-15-30 | Integer Holdings CORP | Stock-Healthcare | 1.36% | +1.36% | NEW | |
| 13 | AFRM 0.75 12-15-29 | Affirm Holdings INC | Stock-Financials | 1.36% | — | +1.53% | |
| 14 | SEI 0.25 10-01-31 | Solaris Energy Infrastru | Stock-Energy | 1.36% | — | +2.74% | |
| 15 | VSH 2.25 09-15-30 | Vishay Intertechnology | Stock-Other | 1.27% | — | +13.73% | |
| 16 | CELC 2.75 08-01-31 | Celcuity INC | Stock-Other | 1.27% | — | -0.70% | |
| 17 | BBIO 1.75 03-01-31 | Bridgebio Pharma INC | Stock-Healthcare | 1.26% | +1.26% | NEW | |
| 18 | MSTR 0.625 03-15-30 | Strategy INC | Stock-Tech | 1.18% | -0.55% | -17.98% | |
| 19 | RUN 4 03-01-30 | Sunrun INC | Stock-Tech | 1.15% | — | +11.88% | |
| 20 | ASND 2.25 04-01-28 | Ascendis Pharma A/s | Stock-Other | 1.15% | — | +1.58% | |
| 21 | BILL 0 04-01-30 | Bill Holdings INC | Stock-Tech | 1.12% | -0.66% | -28.85% | |
| 22 | GH 1.25 02-15-31 | Guardant Health INC | Stock-Healthcare | 1.09% | — | +41.55% | |
| 23 | SVMCN 4.75 12-15-29 | Silvercorp Metals INC | Stock-Other | 1.08% | +0.26% | +14.56% | |
| 24 | PTON 5.5 12-01-29 | Peloton Interactive INC | Stock-Consumer Disc | 1.05% | — | +1.41% | |
| 25 | CLSK 0 06-15-30 | Cleanspark INC | Stock-Financials | 1.04% | — | -8.59% | |
| 26 | HAE 2.5 06-01-29 | Haemonetics CORP | Stock-Other | 1.01% | — | -3.32% | |
| 27 | FSLY 7.75 06-01-28 | Fastly INC | Stock-Tech | 0.98% | +0.98% | NEW | |
| 28 | OSIS 2.25 08-01-29 | Osi Systems INC | Stock-Tech | 0.98% | — | — | |
| 29 | AVAV 0 07-15-30 | Aerovironment INC | Stock-Industrials | 0.98% | — | +15.95% | |
| 30 | UPST 2 10-01-29 | Upstart Holdings INC | Stock-Financials | 0.97% | -0.49% | -5.61% | |
| 31 | SEDG 2.25 07-01-29 | Solar Edge Technologies | Stock-Tech | 0.96% | +0.51% | +57.05% | |
| 32 | MSTR 0 03-01-30 | Strategy INC | Stock-Tech | 0.94% | +0.94% | NEW | |
| 33 | JAZZ 3.125 09-15-30 | Jazz Investments I LTD | Stock-Healthcare | 0.92% | -0.52% | -34.20% | |
| 34 | COLL 2.875 02-15-29 | Collegium Pharma INC | Stock-Other | 0.88% | — | +0.74% | |
| 35 | LRN 1.125 09-01-27 | Stride INC | Stock-Consumer Staples | 0.81% | — | -19.24% | |
| 36 | RIOT 0.75 01-15-30 | Riot Platforms INC | Stock-Financials | 0.80% | — | -1.19% | |
| 37 | PRGS 3.5 03-01-30 | Progress Software CORP | Stock-Other | 0.76% | — | +0.66% | |
| 38 | CIFR 1.75 05-15-30 | Cipher Digital INC | Stock-Tech | 0.76% | — | — | |
| 39 | CNMD 2.25 06-15-27 | Conmed CORP | Stock-Other | 0.76% | — | +0.03% | |
| 40 | FVICN 3.75 06-30-29 | Fortuna Mining CORP | Stock-Other | 0.75% | — | +6.17% | |
| 41 | MSTR 0.875 03-15-31 | Strategy INC | Stock-Tech | 0.72% | — | +25.56% | |
| 42 | TVTX 2.25 03-01-29 | Travere Therapeutics INC | Stock-Other | 0.72% | — | +18.12% | |
| 43 | MSTR 2.25 06-15-32 | Strategy INC | Stock-Tech | 0.71% | — | +27.30% | |
| 44 | AEIS 2.5 09-15-28 | Advanced Energy Ind | Stock-Industrials | 0.68% | — | -13.74% | |
| 45 | VECO 2.875 06-01-29 | Veeco Instruments INC | Stock-Other | 0.67% | — | +5.12% | |
| 46 | IREN 3.25 06-15-30 | Iren LTD | Stock-Other | 0.66% | — | — | |
| 47 | PCRX 2.125 05-15-29 | Pacira Biosciences INC | Stock-Other | 0.66% | — | +11.75% | |
| 48 | SEI 4.75 05-01-30 | Solaris Energy Infrastru | Stock-Energy | 0.65% | — | — | |
| 49 | NEE 7.375 02-15-29 | Nextera Energy INC | Stock-Utilities | 0.62% | +0.62% | NEW | |
| 50 | MUX 5.25 08-15-30 | Mcewen INC | Stock-Other | 0.62% | +0.62% | NEW |
Performance for Q3 2026
—
Performance Last 4 Quarters
—
Based on 0 months of available history
Based on 0% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 565 | $17.9B | 52 | |
| 2025-12-31 | 472 | $16.2B | 71 | |
| 2025-09-30 | 408 | $15.0B | 100 | |
| 2025-06-30 | 376 | $16.3B | 0 | |
| 2025-03-31 | 307 | $14.7B | 100 | |
| 2024-12-31 | 264 | $12.1B | 0 | |
| 2024-09-30 | 277 | $11.9B | 0 | |
| 2024-06-30 | 291 | $12.0B | 0 | |
| 2024-03-31 | 315 | $12.6B | 0 | |
| 2023-12-31 | 332 | $10.5B | 0 | |
| 2023-09-30 | 374 | $9.7B | 0 | |
| 2023-06-30 | 398 | $9.5B | 0 | |
| 2023-03-31 | 467 | $9.5B | 0 | |
| 2022-12-31 | 575 | $9.5B | 0 | |
| 2022-09-30 | 695 | $10.9B | 0 | |
| 2022-06-30 | 724 | $10.9B | 0 | |
| 2022-03-31 | 722 | $15.9B | 0 | |
| 2021-12-31 | 723 | $16.4B | 0 | |
| 2021-09-30 | 636 | $17.0B | 0 | |
| 2021-06-30 | 821 | $18.9B | 83 | |
| 2021-03-31 | 713 | $13.5B | 67 | |
| 2020-12-31 | 481 | $13.4B | 81 | |
| 2020-09-30 | 322 | $8.3B | 100 | |
| 2020-06-30 | 261 | $6.2B | 0 | |
| 2020-03-31 | 239 | $5.6B | 76 | |
| 2019-12-31 | 238 | $8.4B | 40 | |
| 2019-09-30 | 209 | $7.4B | 58 | |
| 2019-06-30 | 189 | $6.6B | 77 | |
| 2019-03-31 | 135 | $4.4B | 53 | |
| 2018-12-31 | 127 | $3.6B | 74 | |
| 2018-09-30 | 129 | $3.3B | 51 | |
| 2018-06-30 | 128 | $3.2B | 63 | |
| 2018-03-31 | 141 | $4.2B | 59 | |
| 2017-12-31 | 120 | $3.4B | 60 | |
| 2017-09-30 | 117 | $2.8B | 68 | |
| 2017-06-30 | 102 | $2.4B | 64 | |
| 2017-03-31 | 109 | $2.7B | 68 | |
| 2016-12-31 | 107 | $2.6B | 48 | |
| 2016-09-30 | 93 | $2.2B | 54 | |
| 2016-06-30 | 92 | $2.3B | 72 | |
| 2016-03-31 | 78 | $1.8B | 67 | |
| 2015-12-31 | 70 | $1.7B | 62 | |
| 2015-09-30 | 76 | $1.5B | 90 | |
| 2015-06-30 | 65 | $841.2M | 89 | |
| 2015-03-31 | 54 | $615.0M | 97 | |
| 2014-12-31 | 50 | $529.1M | 83 | |
| 2014-09-30 | 50 | $502.0M | 80 | |
| 2014-06-30 | 49 | $457.7M | 100 | |
| 2014-03-31 | 43 | $391.4M | 100 | |
| 2013-12-31 | 48 | $566.8M | 100 | |
| 2013-09-30 | 53 | $601.1M | 73 | |
| 2013-06-30 | 44 | $770.4M | 0 |
Linden Advisors LP's most significant position changes for 2026-03-31: New buy: Unity Software INC (U 0 03-15-30); Sold out: Exact Sciences CORP (EXAS 0.375 03-01-28); New buy: Integer Holdings CORP (ITGR 1.875 03-15-30); New buy: Bridgebio Pharma INC (BBIO 1.75 03-01-31); Sold out: Alibaba Group Holding (BABA 0.5 06-01-31).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | LITE 0.5 06-15-28 | Lumentum Holdings INC | +3.5% | -1.00% | Trim |
| 2 | LITE 1.5 12-15-29 | Lumentum Holdings INC | +2.2% | +0.33% | Add |
| 3 | LITE 0.5 12-15-26 | Lumentum Holdings INC | +1.3% | -6.00% | Trim |
| 4 | SEDG 2.25 07-01-29 | Solar Edge Technologies | +0.5% | +57.05% | Add |
| 5 | ✓ | Applied Optoele | +0.4% | +81.73% | Add |
| 6 | MSTR 0 12-01-29 | Strategy INC | +0.4% | +44.66% | Add |
| 7 | COGT 1.625 11-15-31 | Cogent Biosciences INC | +0.3% | +96.75% | Add |
| 8 | SVMCN 4.75 12-15-29 | Silvercorp Metals INC | +0.3% | +14.56% | Add |
| 9 | NIO 3.875 10-15-29 | Nio INC | +0.3% | +110.18% | Add |
| 10 | SPHR 3.5 12-01-28 | Sphere Entertainment Co | +0.2% | +1.52% | Add |
| 11 | MKSI 1.25 06-01-30 | Mks INC | +0.2% | -6.68% | Trim |
| 12 | TMDX 1.5 06-01-28 | Transmedics Group INC | -0.4% | -69.75% | Trim |
| 13 | UPST 1 11-15-30 | Upstart Holdings INC | -0.4% | -22.66% | Trim |
| 14 | WB 1.375 12-01-30 | Weibo CORP | -0.5% | -87.91% | Trim |
| 15 | UPST 2 10-01-29 | Upstart Holdings INC | -0.5% | -5.61% | Trim |
| 16 | MMYT 0 02-15-28 | Makemytrip Limited | -0.5% | — | Unchanged |
| 17 | JAZZ 3.125 09-15-30 | Jazz Investments I LTD | -0.5% | -34.20% | Trim |
| 18 | MSTR 0.625 03-15-30 | Strategy INC | -0.6% | -17.98% | Trim |
| 19 | BILL 0 04-01-30 | Bill Holdings INC | -0.7% | -28.85% | Trim |
| 20 | VAC 3.25 12-15-27 | Marriott Vacation Worldw | -0.9% | -97.38% | Trim |
| 21 | LEU 2.25 11-01-30 | Centrus Energy CORP | -1.2% | — | Unchanged |
| 22 | LI 0.25 05-01-28 | Li Auto INC | -1.6% | -96.64% | Trim |
| 23 | U 0 03-15-30 | Unity Software INC | — | NEW | New buy |
| 24 | EXAS 0.375 03-01-28 | Exact Sciences CORP | — | EXIT | Sold out |
| 25 | ITGR 1.875 03-15-30 | Integer Holdings CORP | — | NEW | New buy |
| 26 | BBIO 1.75 03-01-31 | Bridgebio Pharma INC | — | NEW | New buy |
| 27 | BABA 0.5 06-01-31 | Alibaba Group Holding | — | EXIT | Sold out |
| 28 | FSLY 7.75 06-01-28 | Fastly INC | — | NEW | New buy |
| 29 | MSTR 0 03-01-30 | Strategy INC | — | NEW | New buy |
| 30 | WDC 3 11-15-28 | Western Digital CORP | — | EXIT | Sold out |
| 31 | NEE 7.375 02-15-29 | Nextera Energy INC | — | NEW | New buy |
| 32 | MUX 5.25 08-15-30 | Mcewen INC | — | NEW | New buy |
| 33 | ENPH 0 03-01-28 | Enphase Energy INC | — | EXIT | Sold out |
| 34 | ITRI 1.375 07-15-30 | Itron INC | — | NEW | New buy |
| 35 | ETSY 0.25 06-15-28 | Etsy INC | — | EXIT | Sold out |
| 36 | ARWR 0 01-15-32 | Arrowhead Research CORP | — | NEW | New buy |
| 37 | ALKTEC 1.5 03-15-30 | Alkami Technology INC | — | NEW | New buy |
| 38 | ✓ | Dynavax Technol | — | EXIT | Sold out |
| 39 | QIFTEC 0.5 04-01-30 | Qfin Holdings INC | — | NEW | New buy |
| 40 | MARA 0 03-01-30 | Mara Holdings INC | — | EXIT | Sold out |
| 41 | SNAP 0.5 05-01-30 | Snap INC | — | EXIT | Sold out |
| 42 | NVST 1.75 08-15-28 | Envista Holdings CORP | — | EXIT | Sold out |
| 43 | ATEC 0.75 03-15-30 | Alphatec Holdings INC | — | NEW | New buy |
| 44 | JOBY 0.75 02-15-32 | Joby Aviation INC | — | NEW | New buy |
| 45 | FLNC 2.25 06-15-30 | Fluence Energy INC | — | EXIT | Sold out |
| 46 | MARA 0 06-01-31 | Mara Holdings INC | — | EXIT | Sold out |
| 47 | GPN 1.5 03-01-31 | Global Payments INC | — | EXIT | Sold out |
| 48 | IQ 4.625 03-15-30 | Iqiyi INC | — | NEW | New buy |
| 49 | VNET 2 10-01-27 | Vnet Group INC | — | NEW | New buy |
| 50 | DKNG 0 03-15-28 | Draftkings Holdings INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-09-15 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-09-14 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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