# EDGAR Filing Document

**Accession Number:** 0001837309
**File Stem:** 0001172661-25-003304
**Filing Date:** 2025-8
**Character Count:** 31449
**Document Hash:** 912978d2b69849cfc01a5b529c7048c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003304.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001172661-25-003304

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Polar Capital Holdings Plc
- **CENTRAL INDEX KEY:** 0001837309

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20910
- **FILM NUMBER:** 251214905

**BUSINESS ADDRESS:**
- **STREET 1:** 16 PALACE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1E 5JD
- **BUSINESS PHONE:** 02072272700

**MAIL ADDRESS:**
- **STREET 1:** 16 PALACE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1E 5JD

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Polar Capital Holdings Plc<br>**Address:** 16 Palace Street<br>London, X0 SW1E 5JD

**Form 13F File Number:** 028-20910

**CRD Number (if applicable):** 000136133

**SEC File Number (if applicable):** 801-64644

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Samir Ayub<br>**Title:** Group Finance Director<br>**Phone:** 44-0-20-7227-2700

**Signature, Place, and Date of Signing:**

/s/ Samir Ayub  London, X0  08-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 270

**Form 13F Information Table Value Total:** $19105821490

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                           | Form 13F File Number   |
|:---|:---|:---|
|  | Polar Capital LLP              | 028-13167              |
|  | Polar Capital (Switzerland) AG | 028-23030              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 89BIO INC | COM | 282559103 |  | 24304500 | 2475000 | SH |  | DFND | 1 | 2475000 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 40707521 | 299298 | SH |  | DFND | 1 | 299298 | 0 | 0 |
| ADDUS HOMECARE CORP | COM | 006739106 |  | 3402597 | 29539 | SH |  | DFND | 1 | 29539 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 449502306 | 3167740 | SH |  | DFND | 1 | 3167740 | 0 | 0 |
| AFFILIATED MANAGERS GROUP IN | COM | 008252108 |  | 7767102 | 39473 | SH |  | DFND | 1 | 39473 | 0 | 0 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 32921702 | 476160 | SH |  | DFND | 1 | 476160 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 48511600 | 460000 | SH |  | DFND | 1 | 460000 | 0 | 0 |
| AGCO CORP | COM | 001084102 |  | 18034328 | 174819 | SH |  | DFND | 1 | 174819 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 211545 | 750 | SH |  | DFND | 12 | 750 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 17281164 | 235030 | SH |  | DFND | 1 | 235030 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 80716732 | 711725 | SH |  | DFND | 1 | 711725 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | NOTE 1.000% 9/1 | 02043QAB3 |  | 3223675 | 2500000 | PRN |  | DFND | 1 | 2500000 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 77446375 | 237500 | SH |  | DFND | 1 | 237500 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 171071368 | 964380 | SH |  | DFND | 1 | 964380 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 170412119 | 966987 | SH |  | DFND | 12 | 966987 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 226888311 | 1034178 | SH |  | DFND | 12 | 1034178 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 20614036 | 225932 | SH |  | DFND | 1 | 225932 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 23428124 | 73447 | SH |  | DFND | 1 | 73447 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 203879151 | 2064599 | SH |  | DFND | 12 | 2064599 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 23957189 | 100652 | SH |  | DFND | 12 | 100652 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 23406149 | 1352175 | SH |  | DFND | 1 | 1352175 | 0 | 0 |
| APOGEE THERAPEUTICS INC | COM | 03770N101 |  | 21497850 | 495000 | SH |  | DFND | 1 | 495000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 210468799 | 1036638 | SH |  | DFND | 1 | 1036638 | 0 | 0 |
| APTARGROUP INC | COM | 038336103 |  | 23417727 | 149701 | SH |  | DFND | 1 | 149701 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 308659500 | 3390000 | SH |  | DFND | 1 | 3390000 | 0 | 0 |
| ARCUTIS BIOTHERAPEUTICS INC | COM | 03969K108 |  | 70190780 | 5006475 | SH |  | DFND | 1 | 5006475 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 6258928 | 36137 | SH |  | DFND | 1 | 36137 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 103458634 | 1011227 | SH |  | DFND | 1 | 1011227 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 144600310 | 837777 | SH |  | DFND | 1 | 837777 | 0 | 0 |
| ASTERA LABS INC | COM | 04626A103 |  | 64287897 | 710992 | SH |  | DFND | 1 | 710992 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 5819916 | 18800 | SH |  | DFND | 12 | 18800 | 0 | 0 |
| AVADEL PHARMACEUTICALS PLC | COM SHS | G29687103 |  | 35394141 | 3999338 | SH |  | DFND | 1 | 3999338 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 50278991 | 1770387 | SH |  | DFND | 1 | 1770387 | 0 | 0 |
| AXIS CAP HLDGS LTD | SHS | G0692U109 |  | 9666888 | 93112 | SH |  | DFND | 1 | 93112 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 130989215 | 158211 | SH |  | DFND | 1 | 158211 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 20156948 | 425971 | SH |  | DFND | 1 | 425971 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 9232176 | 101330 | SH |  | DFND | 1 | 101330 | 0 | 0 |
| BBB FOODS INC | CL A COM | G0896C103 |  | 28205104 | 1016034 | SH |  | DFND | 1 | 1016034 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 214899750 | 2925000 | SH |  | DFND | 1 | 2925000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 56831204 | 116992 | SH |  | DFND | 1 | 116992 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 3417407 | 3257 | SH |  | DFND | 1 | 3257 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 3885640 | 25977 | SH |  | DFND | 1 | 25977 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 30381932 | 5248 | SH |  | DFND | 1 | 5248 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 48791744 | 454257 | SH |  | DFND | 1 | 454257 | 0 | 0 |
| BOWHEAD SPECIALTY HLDGS INC | COM SHS | 10240L102 |  | 23456250 | 625000 | SH |  | DFND | 1 | 625000 | 0 | 0 |
| BRAZE INC | COM CL A | 10576N102 |  | 4369775 | 155508 | SH |  | DFND | 1 | 155508 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 831621165 | 3016946 | SH |  | DFND | 12 | 3016946 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 59869800 | 540000 | SH |  | DFND | 1 | 540000 | 0 | 0 |
| BRUKER CORP | COM | 116794108 |  | 18271829 | 443491 | SH |  | DFND | 1 | 443491 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 8266086 | 70838 | SH |  | DFND | 1 | 70838 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 13698877 | 142771 | SH |  | DFND | 1 | 142771 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 8554016 | 40205 | SH |  | DFND | 1 | 40205 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 12823104 | 76328 | SH |  | DFND | 1 | 76328 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 2561650 | 35000 | SH |  | DFND | 12 | 35000 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 21676094 | 55836 | SH |  | DFND | 1 | 55836 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 219671591 | 1407159 | SH |  | DFND | 1 | 1407159 | 0 | 0 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 |  | 24998652 | 1228435 | SH |  | DFND | 1 | 1228435 | 0 | 0 |
| CELLEBRITE DI LTD | ORDINARY SHARES | M2197Q107 |  | 3363760 | 210235 | SH |  | DFND | 1 | 210235 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 17326735 | 1049293 | SH |  | DFND | 1 | 1049293 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 10023128 | 184656 | SH |  | DFND | 1 | 184656 | 0 | 0 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 |  | 13140000 | 1000000 | SH |  | DFND | 1 | 1000000 | 0 | 0 |
| CERUS CORP | COM | 157085101 |  | 19091 | 13540 | SH |  | DFND | 1 | 13540 | 0 | 0 |
| CG ONCOLOGY INC | COM | 156944100 |  | 28565212 | 1098662 | SH |  | DFND | 1 | 1098662 | 0 | 0 |
| CHEFS WHSE INC | NOTE 2.375%12/1 | 163086AE1 |  | 4679940 | 3000000 | PRN |  | DFND | 1 | 3000000 | 0 | 0 |
| CHEMED CORP NEW | COM | 16359R103 |  | 2482369 | 5098 | SH |  | DFND | 1 | 5098 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 217290000 | 750000 | SH |  | DFND | 1 | 750000 | 0 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 104470256 | 1284523 | SH |  | DFND | 1 | 1284523 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 6775722 | 79602 | SH |  | DFND | 1 | 79602 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 374810395 | 1913958 | SH |  | DFND | 1 | 1913958 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 183254647 | 2054194 | SH |  | DFND | 1 | 2054194 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE 0.250% 4/0 | 19260QAF4 |  | 6885182 | 5260000 | PRN |  | DFND | 1 | 5260000 | 0 | 0 |
| CORE  MAIN INC | CL A | 21874C102 |  | 13957869 | 231282 | SH |  | DFND | 1 | 231282 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 87458643 | 1663028 | SH |  | DFND | 1 | 1663028 | 0 | 0 |
| CREDIT ACCEP CORP MICH | COM | 225310101 |  | 16807115 | 32992 | SH |  | DFND | 1 | 32992 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 221147141 | 2388456 | SH |  | DFND | 1 | 2388456 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 16520144 | 179958 | SH |  | DFND | 1 | 179958 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 137785672 | 270534 | SH |  | DFND | 1 | 270534 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 172283571 | 423426 | SH |  | DFND | 1 | 423426 | 0 | 0 |
| CYTOKINETICS INC | NOTE 3.500% 7/0 | 23282WAC4 |  | 2126880 | 2000000 | PRN |  | DFND | 1 | 2000000 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 92459169 | 2798401 | SH |  | DFND | 1 | 2798401 | 0 | 0 |
| DAY ONE BIOPHARMACEUTICALS I | COM | 23954D109 |  | 13709651 | 2109177 | SH |  | DFND | 1 | 2109177 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 18344794 | 36077 | SH |  | DFND | 1 | 36077 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 |  | 7991868 | 255066 | SH |  | DFND | 1 | 255066 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 166528351 | 675544 | SH |  | DFND | 1 | 675544 | 0 | 0 |
| DOXIMITY INC | CL A | 26622P107 |  | 23532232 | 383636 | SH |  | DFND | 1 | 383636 | 0 | 0 |
| DUKE ENERGY CORP NEW | NOTE 4.125% 4/1 | 26441CBY0 |  | 1058990 | 1000000 | PRN |  | DFND | 1 | 1000000 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 17970877 | 50340 | SH |  | DFND | 1 | 50340 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 21615285 | 80223 | SH |  | DFND | 1 | 80223 | 0 | 0 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 12782250 | 975000 | SH |  | DFND | 1 | 975000 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 19918366 | 254678 | SH |  | DFND | 1 | 254678 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 22082815 | 56774 | SH |  | DFND | 1 | 56774 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 55036377 | 70602 | SH |  | DFND | 1 | 70602 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 54675689 | 445859 | SH |  | DFND | 1 | 445859 | 0 | 0 |
| ENLIVEN THERAPEUTICS INC | COM | 29337E102 |  | 61188898 | 3050294 | SH |  | DFND | 1 | 3050294 | 0 | 0 |
| ENSIGN GROUP INC | COM | 29358P101 |  | 2563647 | 16619 | SH |  | DFND | 1 | 16619 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 6035855 | 107591 | SH |  | DFND | 1 | 107591 | 0 | 0 |
| ESSENT GROUP LTD | COM | G3198U102 |  | 162452750 | 2675000 | SH |  | DFND | 1 | 2675000 | 0 | 0 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 139508425 | 410500 | SH |  | DFND | 1 | 410500 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 16310366 | 306932 | SH |  | DFND | 1 | 306932 | 0 | 0 |
| FABRINET | SHS | G3323L100 |  | 193965743 | 658225 | SH |  | DFND | 1 | 658225 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 10300882 | 47306 | SH |  | DFND | 1 | 47306 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 30011715 | 368649 | SH |  | DFND | 1 | 368649 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 41438250 | 675000 | SH |  | DFND | 1 | 675000 | 0 | 0 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 4909920 | 231600 | SH |  | DFND | 1 | 231600 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 9987366 | 57928 | SH |  | DFND | 1 | 57928 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 187152776 | 3749054 | SH |  | DFND | 1 | 3749054 | 0 | 0 |
| FLUOR CORP | NOTE 1.125% 8/1 | 343412AJ1 |  | 1315250 | 1000000 | PRN |  | DFND | 1 | 1000000 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 10233276 | 31967 | SH |  | DFND | 1 | 31967 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 259344352 | 490115 | SH |  | DFND | 12 | 490115 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 36538210 | 402226 | SH |  | DFND | 1 | 402226 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 7927589 | 63783 | SH |  | DFND | 1 | 63783 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 62889587 | 1065564 | SH |  | DFND | 1 | 1065564 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 10997727 | 15539 | SH |  | DFND | 1 | 15539 | 0 | 0 |
| GOODRX HLDGS INC | COM CL A | 38246G108 |  | 105825 | 21250 | SH |  | DFND | 1 | 21250 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 56930466 | 11318184 | SH |  | DFND | 1 | 11318184 | 0 | 0 |
| H WORLD GROUP LTD | NOTE 3.000% 5/0 | 44332NAB2 |  | 1604985 | 1500000 | PRN |  | DFND | 1 | 1500000 | 0 | 0 |
| HAGERTY INC | CL A COM | 405166109 |  | 53775363 | 5319027 | SH |  | DFND | 1 | 5319027 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 2287107 | 5970 | SH |  | DFND | 1 | 5970 | 0 | 0 |
| HUBSPOT INC | COM | 443573100 |  | 12284824 | 22070 | SH |  | DFND | 1 | 22070 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 |  | 13657630 | 97799 | SH |  | DFND | 1 | 97799 | 0 | 0 |
| IMAX CORP | NOTE 0.500% 4/0 | 45245EAJ8 |  | 3370139 | 3000000 | PRN |  | DFND | 1 | 3000000 | 0 | 0 |
| IMMUNOME INC | COM | 45257U108 |  | 9300000 | 1000000 | SH |  | DFND | 1 | 1000000 | 0 | 0 |
| IMPINJ INC | NOTE 1.125% 5/1 | 453204AD1 |  | 3786211 | 3031000 | PRN |  | DFND | 1 | 3031000 | 0 | 0 |
| IMPINJ INC | COM | 453204109 |  | 10501002 | 94544 | SH |  | DFND | 1 | 94544 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 70242694 | 697960 | SH |  | DFND | 1 | 697960 | 0 | 0 |
| INSTALLED BLDG PRODS INC | COM | 45780R101 |  | 2479400 | 13750 | SH |  | DFND | 12 | 13750 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 21227572 | 67565 | SH |  | DFND | 1 | 67565 | 0 | 0 |
| INTEGER HLDGS CORP | COM | 45826H109 |  | 32423869 | 263673 | SH |  | DFND | 1 | 263673 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 31831715 | 574476 | SH |  | DFND | 1 | 574476 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 38655845 | 210693 | SH |  | DFND | 1 | 210693 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 15814063 | 53647 | SH |  | DFND | 1 | 53647 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 53370470 | 98214 | SH |  | DFND | 1 | 98214 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 39510000 | 1000000 | SH |  | DFND | 1 | 1000000 | 0 | 0 |
| IRHYTHM TECHNOLOGIES INC | COM | 450056106 |  | 207846 | 1350 | SH |  | DFND | 1 | 1350 | 0 | 0 |
| JD.COM INC | NOTE 0.250% 6/0 | 47215PAJ5 |  | 2606600 | 2500000 | PRN |  | DFND | 1 | 2500000 | 0 | 0 |
| JFROG LTD | ORD SHS | M6191J100 |  | 9584533 | 218426 | SH |  | DFND | 1 | 218426 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 |  | 10617428 | 41510 | SH |  | DFND | 1 | 41510 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 35036203 | 120852 | SH |  | DFND | 1 | 120852 | 0 | 0 |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 |  | 49896135 | 587774 | SH |  | DFND | 1 | 587774 | 0 | 0 |
| KE HLDGS INC | SPONSORED ADS | 482497104 |  | 215470 | 12146 | SH |  | DFND | 1 | 12146 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 201937417 | 225442 | SH |  | DFND | 1 | 225442 | 0 | 0 |
| KLAVIYO INC | COM SER A | 49845K101 |  | 8287947 | 246812 | SH |  | DFND | 1 | 246812 | 0 | 0 |
| KORRO BIO INC | COM | 500946108 |  | 3122500 | 250000 | SH |  | DFND | 1 | 250000 | 0 | 0 |
| KYMERA THERAPEUTICS INC | COM | 501575104 |  | 10910000 | 250000 | SH |  | DFND | 1 | 250000 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 135459415 | 1391611 | SH |  | DFND | 1 | 1391611 | 0 | 0 |
| LANTHEUS HLDGS INC | NOTE 2.625%12/1 | 516544AB9 |  | 3812940 | 3000000 | PRN |  | DFND | 1 | 3000000 | 0 | 0 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 |  | 1816911 | 51195 | SH |  | DFND | 1 | 51195 | 0 | 0 |
| LI AUTO INC | NOTE 0.250% 5/0 | 50202MAB8 |  | 2987750 | 2500000 | PRN |  | DFND | 1 | 2500000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE 2.250% 8/1 | 531229AQ5 |  | 1340390 | 1000000 | PRN |  | DFND | 1 | 1000000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 19118275 | 182950 | SH |  | DFND | 1 | 182950 | 0 | 0 |
| LIFESTANCE HEALTH GROUP INC | COM | 53228F101 |  | 94353 | 18250 | SH |  | DFND | 1 | 18250 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 5118754 | 10910 | SH |  | DFND | 12 | 10910 | 0 | 0 |
| LITTELFUSE INC | COM | 537008104 |  | 7590013 | 33476 | SH |  | DFND | 1 | 33476 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 14976891 | 67503 | SH |  | DFND | 1 | 67503 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE 0.500%12/1 | 55024UAD1 |  | 11178935 | 9500000 | PRN |  | DFND | 1 | 9500000 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 156287386 | 1644092 | SH |  | DFND | 12 | 1644092 | 0 | 0 |
| MACOM TECH SOLUTIONS HLDGS I | COM | 55405Y100 |  | 133338653 | 930551 | SH |  | DFND | 1 | 930551 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 68218082 | 225410 | SH |  | DFND | 1 | 225410 | 0 | 0 |
| MAKEMYTRIP LIMITED MAURITIUS | SHS | V5633W109 |  | 34843365 | 355472 | SH |  | DFND | 1 | 355472 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 167778240 | 84000 | SH |  | DFND | 1 | 84000 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 9242421 | 33829 | SH |  | DFND | 1 | 33829 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 198962400 | 910000 | SH |  | DFND | 1 | 910000 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 18034200 | 233000 | SH |  | DFND | 12 | 233000 | 0 | 0 |
| MASTERBRAND INC | COMMON STOCK | 57638P104 |  | 6263732 | 573077 | SH |  | DFND | 1 | 573077 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 30728003 | 54682 | SH |  | DFND | 1 | 54682 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 21682227 | 29589 | SH |  | DFND | 1 | 29589 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 250788253 | 95954 | SH |  | DFND | 1 | 95954 | 0 | 0 |
| MERIT MED SYS INC | COM | 589889104 |  | 35828267 | 383272 | SH |  | DFND | 1 | 383272 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 84741177 | 1611049 | SH |  | DFND | 1 | 1611049 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1015001440 | 1375173 | SH |  | DFND | 1 | 1375173 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 215886795 | 1751617 | SH |  | DFND | 1 | 1751617 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 698656796 | 1383728 | SH |  | DFND | 1 | 1383728 | 0 | 0 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 49617750 | 975000 | SH |  | DFND | 1 | 975000 | 0 | 0 |
| MKS INC. | COM | 55306N104 |  | 10946789 | 110173 | SH |  | DFND | 1 | 110173 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 18551490 | 58991 | SH |  | DFND | 1 | 58991 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 8813129 | 12050 | SH |  | DFND | 12 | 12050 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 11682000 | 247500 | SH |  | DFND | 1 | 247500 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 6437745 | 193500 | SH |  | DFND | 12 | 193500 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 8095550 | 90534 | SH |  | DFND | 1 | 90534 | 0 | 0 |
| NETEASE INC | SPONSORED ADS | 64110W102 |  | 255702 | 1900 | SH |  | DFND | 1 | 1900 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 212454314 | 158651 | SH |  | DFND | 1 | 158651 | 0 | 0 |
| NEUROPACE INC | COM | 641288105 |  | 34510250 | 3097868 | SH | Call | DFND | 1 | 3097868 | 0 | 0 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 45596978 | 2517779 | SH |  | DFND | 1 | 2517779 | 0 | 0 |
| NICE LTD | NOTE 9/1 | 653656AB4 |  | 5865000 | 6000000 | PRN |  | DFND | 1 | 6000000 | 0 | 0 |
| NLIGHT INC | COM | 65487K100 |  | 3723043 | 189179 | SH |  | DFND | 1 | 189179 | 0 | 0 |
| NOVA LTD | COM | M7516K103 |  | 71491731 | 259781 | SH |  | DFND | 1 | 259781 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 94786019 | 6908602 | SH |  | DFND | 1 | 6908602 | 0 | 0 |
| NUTANIX INC | CL A | 67059N108 |  | 13026675 | 170417 | SH |  | DFND | 1 | 170417 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 62267438 | 816087 | SH |  | DFND | 1 | 816087 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 1465000 | 20000 | SH |  | DFND | 12 | 20000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1543823141 | 9771651 | SH |  | DFND | 12 | 9771651 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 9897597 | 45300 | SH |  | DFND | 12 | 45300 | 0 | 0 |
| OKTA INC | CL A | 679295105 |  | 9112765 | 91155 | SH |  | DFND | 1 | 91155 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 4847925 | 92500 | SH |  | DFND | 12 | 92500 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 10880400 | 306519 | SH |  | DFND | 1 | 306519 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 316673530 | 1448445 | SH |  | DFND | 1 | 1448445 | 0 | 0 |
| ORUKA THERAPEUTICS INC | COM | 687604108 |  | 10929750 | 975000 | SH |  | DFND | 1 | 975000 | 0 | 0 |
| PACIRA BIOSCIENCES INC | COM | 695127100 |  | 21759875 | 910455 | SH |  | DFND | 1 | 910455 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 90904310 | 666845 | SH |  | DFND | 1 | 666845 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 105405153 | 515076 | SH |  | DFND | 1 | 515076 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 60160661 | 574820 | SH |  | DFND | 1 | 574820 | 0 | 0 |
| PENUMBRA INC | COM | 70975L107 |  | 17033303 | 66373 | SH |  | DFND | 1 | 66373 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 148099828 | 554972 | SH |  | DFND | 1 | 554972 | 0 | 0 |
| PURE STORAGE INC | CL A | 74624M102 |  | 85560080 | 1485934 | SH |  | DFND | 1 | 1485934 | 0 | 0 |
| QIAGEN NV | COM SHS | N72482206 |  | 7910293 | 154067 | SH |  | DFND | 1 | 154067 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 20745845 | 130264 | SH |  | DFND | 1 | 130264 | 0 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 63759770 | 423456 | SH |  | DFND | 1 | 423456 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 36750000 | 70000 | SH |  | DFND | 1 | 70000 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 |  | 106618500 | 537500 | SH |  | DFND | 1 | 537500 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 332190526 | 1367602 | SH |  | DFND | 1 | 1367602 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 27653387 | 751655 | SH |  | DFND | 1 | 751655 | 0 | 0 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 79042475 | 1250870 | SH |  | DFND | 1 | 1250870 | 0 | 0 |
| RLI CORP | COM | 749607107 |  | 38637700 | 535000 | SH |  | DFND | 1 | 535000 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 333564646 | 3562583 | SH |  | DFND | 1 | 3562583 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 43155880 | 410227 | SH |  | DFND | 1 | 410227 | 0 | 0 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 13805750 | 1225000 | SH |  | DFND | 1 | 1225000 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 13890086 | 86756 | SH |  | DFND | 1 | 86756 | 0 | 0 |
| RYAN SPECIALTY HOLDINGS INC | CL A | 78351F107 |  | 103004850 | 1515000 | SH |  | DFND | 1 | 1515000 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 53130000 | 1500000 | SH |  | DFND | 1 | 1500000 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 83406471 | 521486 | SH |  | DFND | 1 | 521486 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 157971927 | 1094519 | SH |  | DFND | 1 | 1094519 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 79322540 | 77156 | SH |  | DFND | 1 | 77156 | 0 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 11304559 | 114199 | SH |  | DFND | 1 | 114199 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 186083889 | 1613211 | SH |  | DFND | 1 | 1613211 | 0 | 0 |
| SITIME CORP | COM | 82982T106 |  | 7142229 | 33519 | SH |  | DFND | 1 | 33519 | 0 | 0 |
| SNOWFLAKE INC | CL A | 833445109 |  | 194537806 | 869365 | SH |  | DFND | 1 | 869365 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | NOTE 4.750% 5/0 | 83419XAA6 |  | 3683281 | 2750000 | PRN | Call | DFND | 1 | 2750000 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 68490150 | 817500 | SH |  | DFND | 1 | 817500 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 317480019 | 413741 | SH |  | DFND | 1 | 413741 | 0 | 0 |
| SPOTIFY USA INC | NOTE 3/1 | 84921RAB6 |  | 3792000 | 2500000 | PRN |  | DFND | 1 | 2500000 | 0 | 0 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 11152650 | 745000 | SH |  | DFND | 1 | 745000 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 13359780 | 161350 | SH |  | DFND | 1 | 161350 | 0 | 0 |
| STEREOTAXIS INC | COM NEW | 85916J409 |  | 37450 | 17665 | SH |  | DFND | 1 | 17665 | 0 | 0 |
| STEVANATO GROUP S P A | ORD SHS | T9224W109 |  | 15981324 | 654168 | SH |  | DFND | 1 | 654168 | 0 | 0 |
| STOKE THERAPEUTICS INC | COM | 86150R107 |  | 10029382 | 883646 | SH |  | DFND | 1 | 883646 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 21280000 | 1000000 | SH |  | DFND | 1 | 1000000 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 |  | 31593757 | 1002340 | SH |  | DFND | 1 | 1002340 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 16551538 | 218531 | SH |  | DFND | 1 | 218531 | 0 | 0 |
| TAYSHA GENE THERAPIES INC | COM SHS | 877619106 |  | 11550000 | 5000000 | SH |  | DFND | 1 | 5000000 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 202404 | 1200 | SH |  | DFND | 2 | 1200 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 95356767 | 300185 | SH |  | DFND | 12 | 300185 | 0 | 0 |
| TOAST INC | CL A | 888787108 |  | 21036111 | 474963 | SH |  | DFND | 1 | 474963 | 0 | 0 |
| TOPBUILD CORP | COM | 89055F103 |  | 2913660 | 9000 | SH |  | DFND | 12 | 9000 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 139923420 | 523000 | SH |  | DFND | 1 | 523000 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | NOTE 2.250% 3/0 | 89422GAA5 |  | 2865120 | 3000000 | PRN | Call | DFND | 1 | 3000000 | 0 | 0 |
| TRIP COM GROUP LTD | NOTE 0.750% 6/1 | 89677QAB3 |  | 2765825 | 2500000 | PRN |  | DFND | 1 | 2500000 | 0 | 0 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 59405545 | 1013055 | SH |  | DFND | 1 | 1013055 | 0 | 0 |
| TRUPANION INC | COM | 898202106 |  | 71955000 | 1300000 | SH |  | DFND | 1 | 1300000 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 |  | 98522469 | 792236 | SH |  | DFND | 1 | 792236 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 90353TAM2 |  | 5689800 | 4000000 | PRN |  | DFND | 1 | 4000000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 95789617 | 1026684 | SH |  | DFND | 12 | 1026684 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 20048286 | 551383 | SH |  | DFND | 1 | 551383 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 9788173 | 12992 | SH |  | DFND | 1 | 12992 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 28963919 | 92842 | SH |  | DFND | 1 | 92842 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 |  | 9621775 | 397594 | SH |  | DFND | 1 | 397594 | 0 | 0 |
| US FOODS HLDG CORP | COM | 912008109 |  | 28760463 | 373464 | SH |  | DFND | 1 | 373464 | 0 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 26846595 | 825795 | SH |  | DFND | 1 | 825795 | 0 | 0 |
| VERASTEM INC | COM NEW | 92337C203 |  | 4150000 | 1000000 | SH |  | DFND | 1 | 1000000 | 0 | 0 |
| VERONA PHARMA PLC | SPONSORED ADS | 925050106 |  | 82757500 | 875000 | SH |  | DFND | 1 | 875000 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 38955000 | 87500 | SH |  | DFND | 1 | 87500 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 301023473 | 2344237 | SH |  | DFND | 12 | 2344237 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 55884515 | 157399 | SH |  | DFND | 1 | 157399 | 0 | 0 |
| VISTEON CORP | COM NEW | 92839U206 |  | 373200 | 4000 | SH |  | DFND | 2 | 4000 | 0 | 0 |
| VTEX | SHS CL A | G9470A102 |  | 41483185 | 6285331 | SH |  | DFND | 1 | 6285331 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 25486357 | 260650 | SH |  | DFND | 1 | 260650 | 0 | 0 |
| WATTS WATER TECHNOLOGIES INC | CL A | 942749102 |  | 10509339 | 42740 | SH |  | DFND | 1 | 42740 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 6522750 | 1003500 | SH |  | DFND | 1 | 1003500 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 84611913 | 2703256 | SH |  | DFND | 1 | 2703256 | 0 | 0 |
| XOMETRY INC | CLASS A COM | 98423F109 |  | 14623873 | 432787 | SH |  | DFND | 1 | 432787 | 0 | 0 |
| Y-MABS THERAPEUTICS INC | COM | 984241109 |  | 8071998 | 1789800 | SH |  | DFND | 1 | 1789800 | 0 | 0 |

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