COWEN AND COMPANY, LLC

Broker-dealer

CIK

48966

Location

NEW YORK, NY

Portfolio Value

Mid $2,584,172,246

Diversification

Diversified

Reports for

Cowen Financial Products LLC

Filing Date

Global Rank

#985 / 7,442 ▼ 142 · as of Sep 2024

Top Industry

Semiconductors 28.8%

Period ended 2 years ago

Filed Nov 12, 2024 · 1y

19 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Broker-dealer

Schedule 13G, Feb 13, 2025

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2024, never from the firm's own description.

Style

Concentrated

The top 10 positions are 74.7% of the book (60%+)

Turnover

Medium turnover

63.4% over the last four quarters (30% to under 100%)

Horizon

Horizon unknown

The value-weighted holding period is at least 5.7 quarters, but 1.6% of the book was already held when coverage starts

Closest benchmark: the Nasdaq-100 as of 2024-09-30, active share 63.7%; sector active share 28.1% against the combined 13F book's sector weights.

Over time 19 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

345 tracked positions · as of Sep 30, 2024 · Δ vs Jun 30, 2024

Top Position

26.2%

+2.3 pts

Top 5

53.1%

−9.6 pts

Top 10

73.6%

−5.0 pts

HHI

994

Diversified−61

Portfolio Trend

19 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2024

Sector	% Portfolio	Value	Positions
Technology	39.5%	$1,020,748,194	43
Healthcare	18.6%	$480,048,141	51
Financial Services	14.5%	$375,564,348	95
Consumer Cyclical	11.9%	$308,083,023	21
Communication Services	11.1%	$286,328,158	16
Unclassified	1.7%	$42,674,906	67
Basic Materials	0.9%	$23,762,120	8
Real Estate	0.7%	$19,012,907	3
Industrials	0.5%	$12,885,548	31
Consumer Defensive	0.4%	$10,641,445	5
Utilities	0.1%	$2,340,283	3
Energy	0.1%	$2,083,173	2

Last Quarter's Activity

Export CSV

Sep 30, 2024 vs Jun 30, 2024

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
HTZWW	Hertz Global Holdings, Inc	+3,873,611	7,516,814	$0
KVACW	Keen Vision Acquisition Corp.	+1,911,117	3,312,360	$0
ALURW	Allurion Technologies, Inc.	+1,289,693	2,212,998	$0
—		+1,183,451	1,813,000	$18,166,260
IPXX	USA Rare Earth, Inc.	+1,045,300	1,451,258	$0
BAERW	Bridger Aerospace Group Holdings, Inc.	+680,205	1,035,404	$0
ONMDW	OneMedNet Corp	+628,749	2,970,836	$0
—		+598,987	1,006,718	$0
CXAIW	CXApp Inc.	+574,982	1,373,919	$0
MRNOW	Murano Global Investments Plc	+531,805	838,127	$0
ATEKW	Athena Technology Acquisition Corp. II	+491,020	588,263	$0
ALCYF	Alchemy Investments Acquisition Corp 1	+475,113	825,013	$8,967,891
—		+446,445	605,786	$0
—		+445,404	1,099,034	$0
AFJKR	Aimei Health Technology Co., Ltd.	+393,400	1,556,466	$0
BNAIW	Brand Engagement Network Inc.	+369,388	695,962	$0
—		+285,332	300,800	$0
MSFT	Microsoft Corp	+280,640	327,257	$140,818,686
—		+278,105	552,590	$0
—		+273,968	308,973	$0
OIOWW	OIO Group	+273,478	1,497,709	$0
—		+272,702	2,246,381	$23,250,043
—		+261,736	490,280	$0
AFJK	Aimei Health Technology Co., Ltd.	+260,111	330,073	$3,459,165
—		+257,352	517,458	$0
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
INVZ	Innoviz Technologies Ltd.	−4,374,181	3,753,135	$3,107,595
AUROW	Aurora Innovation, Inc.	−2,422,990	69,312	$0
—		−1,372,909	188,494	$0
AACT	Kodiak AI, Inc.	−1,345,140	1,963,091	$0
SMFG	Sumitomo Mitsui Financial Group, Inc.	−1,240,500	1,560,230	$19,705,704
NKE	NIKE, Inc.	−1,007,700	141	$12,464
—		−949,243	100,051	$0
PTGX	Protagonist Therapeutics, Inc	−841,294	340,974	$15,343,830
AAPL	Apple Inc.	−820,528	523,959	$122,082,447
AMD	Advanced Micro Devices Inc	−650,124	317,107	$52,030,916
—		−613,471	901,140	$0
DNA	Ginkgo Bioworks Holdings, Inc.	−487,500	12,500	$101,875
META	Meta Platforms, Inc.	−463,835	309,820	$177,353,360
CORZZ	Core Scientific, Inc./tx	−402,100	24,919	$0
—		−360,869	50,432	$0
RENE	Cartesian Growth Corp II	−319,909	153,474	$0
URGN	UroGen Pharma Ltd.	−302,893	1,796,589	$22,816,680
RGTIW	Rigetti Computing, Inc.	−294,093	400,000	$0
EMCG	Embrace Change Acquisition Corp.	−288,994	240,367	$0
EOSEW	Eos Energy Enterprises, Inc.	−286,697	273,815	$0
KVACF	Keen Vision Acquisition Corp.	−281,463	799,000	$8,597,240
IBAC	IB Acquisition Corp.	−272,036	88,346	$883,460
NVDA	Nvidia Corp	−245,742	5,559,626	$675,160,980
—		−221,724	250,000	$0
COIN	Coinbase Global, Inc.	−213,642	1,275,333	$227,226,080
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
LLY	ELI LILLY & Co	130,399	$115,525,690
GOOGL	Alphabet Inc.	419,077	$69,503,920
PLTR	Palantir Technologies Inc.	523,644	$19,479,556
SPY	Spdr S&P 500 ETF Trust	16,760	$9,616,217
CHTR	Charter Communications, Inc. /Mo/	27,985	$9,069,378
SIMA	SIM Acquisition Corp. I	697,507	$6,969,489
SIRI	Sirius Xm Holdings Inc.	241,053	$5,700,903
FSHP	Flag Ship Acquisition Corp	543,055	$5,441,411
QQQ	Invesco Qqq Trust, Series 1	10,860	$5,300,440
DTSQ	DT Cloud Star Acquisition Corp	443,445	$4,432,232
POLEU	Andretti Acquisition Corp. II	422,900	$4,229,000
EURK	Eureka Acquisition Corp	415,600	$4,180,936
AOS	Smith A O Corp	40,000	$3,593,200
CDAQF	Compass Digital Acquisition Corp.	322,500	$3,499,125
NFLX	Netflix Inc	4,500	$3,191,715
CAPNU	Cayson Acquisition Corp	317,595	$3,182,301
BNT	Brookfield Wealth Solutions Ltd.	50,885	$2,705,046
SOC	Sable Offshore Corp.	88,158	$2,083,173
QETA	Quetta Acquisition Corp	195,413	$2,032,295
FVNNU	Future Vision II Acquisition Corp.	199,865	$2,000,648
BIP	Brookfield Infrastructure Partners L.P.	55,799	$1,955,196
XLF	State Street Corp	38,000	$1,722,160
VLOS	Velos Acquisition I Corp.	165,942	$1,659,420
UBER	Uber Technologies, Inc	21,387	$1,607,446
ORKA	Oruka Therapeutics, Inc.	58,332	$1,429,717
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
GOOG	Alphabet Inc.	500,000	$91,710,000
PZZA	Papa Johns International Inc	696,800	$32,735,664
FULC	Fulcrum Therapeutics, Inc.	2,964,127	$18,377,586
—		275,950	$12,128,002
GPATU	GP-Act III Acquisition Corp.	1,185,400	$11,889,562
SLAMF	Slam Corp.	892,899	$9,929,036
CUBWU	Lionheart Holdings	835,000	$8,339,228
PWR	Quanta Services, Inc.	32,228	$8,188,812
RFAIU	RF Acquisition Corp II	716,396	$7,206,943
GBTC	Grayscale Bitcoin Trust ETF	148,000	$7,117,897
ALSAF	Alpha Star Acquisition Corp	316,023	$3,643,745
FSHPU	Flag Ship Acquisition Corp	328,895	$3,292,238
GSM	Ferroglobe PLC	520,000	$2,787,200
MACIU	Melar Acquisition Corp. I/Cayman	250,000	$2,500,000
PYPL	PayPal Holdings, Inc.	39,600	$2,297,988
SRI	Stoneridge Inc	140,000	$2,234,400
—		122,652	$1,346,718
IBRX	ImmunityBio, Inc.	200,000	$1,264,000
ACET	Adicet Bio, Inc.	801,298	$969,570
DD	DuPont de Nemours, Inc.	11,050	$889,414
OKLO	Oklo Inc.	105,000	$889,350
BYNO	byNordic Acquisition Corp	78,483	$886,073
BYD	Boyd Gaming Corp	12,500	$688,750
IMAQ	International Media Acquisition Corp.	51,137	$588,075
BNY	Bank of New York Mellon Corp	7,500	$449,175
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

345 tracked positions · $2,584,172,246 total · filing declares 628 positions · $2,969,102,367 · as of Sep 30, 2024

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 345 positions by value · page 1 of 7

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
NVDA	Nvidia Corp PUT + SHARES Technology	Added	9,945,826	+1,147,258	$677,526,245	−5.5%	6	$49.38	26.22%
COIN	Coinbase Global, Inc. Financial Services	Reduced	1,275,333	-213,642	$227,226,080	−31.3%	9	$157.78	8.79%
META	Meta Platforms, Inc. Communication Services	Reduced	309,820	-463,835	$177,353,360	−54.5%	8	$460.94	6.86%
AMZN	Amazon Com Inc PUT + SHARES Consumer Cyclical	Added	1,269,822	+590,736	$146,445,682	+11.6%	3	$183.30	5.67%
MSFT	Microsoft Corp PUT + SHARES Technology	Added	577,257	+530,640	$143,440,211	+588.4%	3	$426.47	5.55%
PTCT	Ptc Therapeutics, Inc. Healthcare	Reduced	3,590,655	-165,814	$133,213,300	+16.0%	6	$28.49	5.15%
AAPL	Apple Inc. PUT + SHARES Technology	Reduced	823,959	-520,528	$122,948,187	−56.6%	10	$185.38	4.76%
LLY	ELI LILLY & Co PUT + SHARES Healthcare	NEW	260,399	NEW	$119,846,968	NEW	1	$899.05	4.64%
TSLA	Tesla, Inc. Consumer Cyclical	Added	308,553	+69,169	$80,726,721	+70.4%	2	$186.71	3.12%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Held	2,197,385	0	$72,271,992	+21.0%	6	$17.84	2.80%
GOOGL	Alphabet Inc. PUT CALL + SHARES Communication Services	NEW	971,577	NEW	$71,881,683	NEW	1	$167.74	2.78%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Added	631,199	+106,573	$66,982,837	+77.3%	8	$81.44	2.59%
AMD	Advanced Micro Devices Inc Technology	Reduced	317,107	-650,124	$52,030,916	−66.8%	3	$161.36	2.01%
STOK	Stoke Therapeutics, Inc. Healthcare	Reduced	3,244,498	-121,246	$39,874,880	−12.3%	13	$11.54	1.54%
ESTA	Establishment Labs Holdings Inc. Healthcare	Reduced	869,948	-70,000	$37,642,649	−11.9%	19+	before history	1.46%
	PUT CALL	NEW	912,700	NEW	$24,173,053	NEW	—	—	0.94%
		Added	2,246,381	+272,702	$23,250,043	+15.0%	3	$10.18	0.90%
URGN	UroGen Pharma Ltd. Healthcare	Reduced	1,796,589	-302,893	$22,816,680	−35.2%	3	$15.87	0.88%
MERC	Mercer International Inc. Basic Materials	Held	3,300,000	0	$22,341,000	−20.7%	6	$8.82	0.86%
RCKT	Rocket Pharmaceuticals, Inc. Healthcare	Held	1,100,000	0	$20,317,000	−14.2%	14	$41.15	0.79%
SMFG	Sumitomo Mitsui Financial Group, Inc. Financial Services	Reduced	1,560,230	-1,240,500	$19,705,704	−47.5%	3	$10.73	0.76%
PLTR	Palantir Technologies Inc. Technology	NEW	523,644	NEW	$19,479,556	NEW	1	$30.69	0.75%
STHO	Star Holdings Real Estate	Added	1,324,301	+4,705	$18,328,325	+15.2%	4	$12.53	0.71%
		Added	1,813,000	+1,183,451	$18,166,260	+188.0%	2	unpriced	0.70%
PTGX	Protagonist Therapeutics, Inc Healthcare	Reduced	340,974	-841,294	$15,343,830	−62.5%	3	$27.21	0.59%
SPY	Spdr S&P 500 ETF Trust PUT CALL + SHARES	Added	191,760	+121,760	$10,128,740	+5006.5%	1	$552.93	0.39%
CHTR	Charter Communications, Inc. /Mo/ Communication Services	NEW	27,985	NEW	$9,069,378	NEW	1	$336.34	0.35%
ALCYF	Alchemy Investments Acquisition Corp 1 Financial Services	Added	825,013	+475,113	$8,967,891	+139.1%	5	$10.68	0.35%
KVACF	Keen Vision Acquisition Corp. Financial Services	Reduced	799,000	-281,463	$8,597,240	−24.8%	5	unpriced	0.33%
TAK	Takeda Pharmaceutical Co Ltd Healthcare	Held	530,600	0	$7,545,132	+9.9%	2	$13.24	0.29%
SIMA	SIM Acquisition Corp. I Financial Services	NEW	697,507	NEW	$6,969,489	NEW	1	$9.98	0.27%
CHPT	ChargePoint Holdings, Inc. PUT CALL + SHARES Consumer Cyclical	Added	9,999,012	+1,935,258	$6,316,400	−6.1%	4	$1.78	0.24%
TDS	Telephone & Data Systems Inc /De/ Communication Services	Reduced	271,509	-21,228	$6,312,584	+4.0%	3	$17.25	0.24%
ACI	Albertsons Companies, Inc. CALL + SHARES Consumer Defensive	Added	381,700	+222,700	$6,133,566	+95.3%	3	$20.47	0.24%
		Reduced	76,351	-1,500	$5,901,168	+38.3%	2	$51.63	0.23%
		Reduced	71,491	-9,915	$5,859,898	+23.6%	2	unpriced	0.23%
SIRI	Sirius Xm Holdings Inc. PUT CALL + SHARES Communication Services	NEW	1,322,953	NEW	$5,783,226	NEW	1	unpriced	0.22%
QQQ	Invesco Qqq Trust, Series 1 PUT CALL + SHARES	Added	82,260	+55,160	$5,584,747	+25986.0%	1	$473.23	0.22%
FSHP	Flag Ship Acquisition Corp Financial Services	NEW	543,055	NEW	$5,441,411	NEW	1	$10.00	0.21%
HTZ	Hertz Global Holdings, Inc PUT Industrials	Added	1,596,000	+771,000	$5,266,800	+1295.2%	—	—	0.20%
DTSQ	DT Cloud Star Acquisition Corp Financial Services	NEW	443,445	NEW	$4,432,232	NEW	1	unpriced	0.17%
POLEU	Andretti Acquisition Corp. II Financial Services	NEW	422,900	NEW	$4,229,000	NEW	1	unpriced	0.16%
EURK	Eureka Acquisition Corp Financial Services	NEW	415,600	NEW	$4,180,936	NEW	1	unpriced	0.16%
BYND	Beyond Meat, Inc. PUT + SHARES Consumer Defensive	Added	600,000	+408,800	$4,067,998	+217.1%	2	$6.57	0.16%
CEF	Sprott Physical Gold & Silver Trust Financial Services	Reduced	157,732	-50,000	$3,862,856	−15.7%	7	$18.83	0.15%
AOS	Smith A O Corp PUT + SHARES Industrials	NEW	50,000	NEW	$3,610,700	NEW	1	$82.76	0.14%
CDAQF	Compass Digital Acquisition Corp. Financial Services	NEW	322,500	NEW	$3,499,125	NEW	1	$10.88	0.14%
AFJK	Aimei Health Technology Co., Ltd. Financial Services	Added	330,073	+260,111	$3,459,165	+377.7%	3	$10.38	0.13%
NFLX	Netflix Inc PUT + SHARES Communication Services	NEW	14,500	NEW	$3,405,715	NEW	1	$668.77	0.13%
CAPNU	Cayson Acquisition Corp Financial Services	NEW	317,595	NEW	$3,182,301	NEW	1	unpriced	0.12%

Showing the top 50 of 345 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.