COWEN AND COMPANY, LLC

Broker-dealer

CIK

48966

Location

NEW YORK, NY

Portfolio Value

Mid $2,951,626,202

Diversification

Diversified

Reports for

Cowen Financial Products LLC

Filing Date

Global Rank

#996 / 7,447 ▼ 124 · as of Sep 2024

Top Industry

Semiconductors 27.0%

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

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
CDAQF Compass Digital Acquisition Corp.	13G	Sep 30, 2024	1y	322,500	5.7%	—	Unconfirmed since Sep 30, 2024
CXAI CXApp Inc.	13G	Sep 30, 2024	1y	27,478	7.9%	—	Unconfirmed since Sep 30, 2024
EURK Eureka Acquisition Corp	13G	Sep 30, 2024	1y	415,600	6.7%	—	Unconfirmed since Sep 30, 2024
FSHP Flag Ship Acquisition Corp	13G	Sep 30, 2024	1y	543,055	6.1%	—	Unconfirmed since Sep 30, 2024
GCTS GCT Semiconductor Holding, Inc.	13G	Sep 30, 2024	1y	3,743,950	7.3%	—	Unconfirmed since Sep 30, 2024
HSPO now HSPOF Horizon Space Acquisition I Corp.	13G	Sep 30, 2024	1y	479,891	6.1%	—	Unconfirmed since Sep 30, 2024
ONMD OneMedNet Corp	13G	Sep 30, 2024	1y	297,084	9.5%	—	Unconfirmed since Sep 30, 2024
PLMJF Plum Acquisition Corp. III	13G	Sep 30, 2024	1y	217,825	6.9%	—	Unconfirmed since Sep 30, 2024
CNDA Concord Acquisition Corp II	13G	Dec 29, 2023	2y	805,038	5.5%	—	Unconfirmed since Dec 29, 2023
WNNR now ZPTA Zapata Quantum, Inc.	13G	Dec 29, 2023	2y	569,389	7.2%	—	Unconfirmed since Dec 29, 2023

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 43 exited, below-5% or retired stakes

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 66.0% of the book (60%+)

Turnover

Medium turnover

81.2% over the last four quarters (30% to under 100%)

Horizon

Horizon unknown

The value-weighted holding period is at least 5.5 quarters, but 1.4% of the book was already held when coverage starts

Closest benchmark: the Nasdaq-100 as of 2024-09-30, active share 65.5%; sector active share 25.1% 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

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

Top Position

23.0%

+1.6 pts

Top 5

46.5%

−9.5 pts

Top 10

64.4%

−5.7 pts

HHI

767

Diversified−77

Portfolio Trend

19 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2024

Sector	% Portfolio	Value	Positions
Technology	35.6%	$1,050,397,927	43
Healthcare	16.4%	$483,742,441	51
Financial Services	15.0%	$443,753,829	95
Consumer Cyclical	10.4%	$308,249,219	21
Communication Services	9.7%	$286,472,423	16
Unclassified	8.3%	$244,697,945	70
Basic Materials	1.3%	$39,711,672	8
Energy	1.1%	$32,530,023	2
Industrials	1.0%	$29,889,786	31
Real Estate	0.6%	$19,138,626	3
Consumer Defensive	0.4%	$10,702,028	5
Utilities	0.1%	$2,340,283	3

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	$16,461,821
KVACW	Keen Vision Acquisition Corp.	+1,911,117	3,312,360	$159,324
ALURW	Allurion Technologies, Inc.	+1,289,693	2,212,998	$88,962
—		+1,183,451	1,813,000	$18,166,260
IPXX	USA Rare Earth, Inc.	+1,045,300	1,451,258	$15,601,023
BAERW	Bridger Aerospace Group Holdings, Inc.	+680,205	1,035,404	$58,817
ONMDW	OneMedNet Corp	+628,749	2,970,836	$100,711
—		+598,987	1,006,718	$11,308,765
CXAIW	CXApp Inc.	+574,982	1,373,919	$345,403
MRNOW	Murano Global Investments Plc	+531,805	838,127	$125,719
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	$6,427,389
—		+445,404	1,099,034	$11,715,702
AFJKR	Aimei Health Technology Co., Ltd.	+393,400	1,556,466	$357,987
BNAIW	Brand Engagement Network Inc.	+369,388	695,962	$48,717
—		+285,332	300,800	$3,350,912
MSFT	Microsoft Corp	+280,640	327,257	$140,818,686
—		+278,105	552,590	$6,470,828
—		+273,968	308,973	$3,571,727
OIOWW	OIO Group	+273,478	1,497,709	$16,474
—		+272,702	2,246,381	$23,250,043
—		+261,736	490,280	$196,112
AFJK	Aimei Health Technology Co., Ltd.	+260,111	330,073	$3,459,165
—		+257,352	517,458	$5,865,748
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	$57,459
—		−1,372,909	188,494	$2,009,346
AACT	Kodiak AI, Inc.	−1,345,140	1,963,091	$21,260,275
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	$1,020,019
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	$234,296
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.	−402,100	24,919	$293,047
—		−360,869	50,432	$580,976
RENE	Cartesian Growth Corp II	−319,909	153,474	$1,760,346
URGN	UroGen Pharma Ltd.	−302,893	1,796,589	$22,816,680
RGTIW	Rigetti Computing, Inc.	−294,093	400,000	$36,760
EMCG	Embrace Change Acquisition Corp.	−288,994	240,367	$2,764,220
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	$2,750,000
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
—		1,305,806	$13,018,885
—		1,226,888	$12,293,417
—		1,051,000	$10,510,000
SPY	Spdr S&P 500 ETF Trust	16,760	$9,616,217
CHTR	Charter Communications, Inc.	27,985	$9,069,378
TLT	iShares 20+ Year Treasury Bond ETF	71,810	$7,044,561
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
—		740,000	$4,995,000
SPKLF	Spark I Acquisition Corp	428,961	$4,498,942
DTSQ	DT Cloud Star Acquisition Corp	443,445	$4,432,232
—		437,104	$4,384,153
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
—		102,261	$3,042,264
—		248,070	$2,793,268
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
—		1,004,285	$10,966,792
SLAMF	Slam Corp.	892,899	$9,929,036
—		554,305	$9,101,688
—		765,000	$8,529,750
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
TENK	Citius Oncology, Inc.	627,176	$7,124,719
GBTC	Grayscale Bitcoin Trust ETF	148,000	$7,117,897
—		622,021	$6,593,422
GDX	VanEck Gold Miners ETF	190,437	$6,461,527
CURR	Currenc Group Inc.	474,000	$5,528,840
—		472,359	$5,148,713
—		441,671	$4,638,163
—		391,230	$4,334,828
—		355,000	$3,745,250
ALSAF	Alpha Star Acquisition Corp	316,023	$3,643,745
—		311,653	$3,489,263
FSHPU	Flag Ship Acquisition Corp	328,895	$3,292,238
—		288,701	$3,169,936
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

348 tracked positions · $2,951,626,202 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 348 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	22.95%
COIN	Coinbase Global, Inc. Financial Services	Reduced	1,275,333	-213,642	$227,226,080	−31.3%	9	$157.78	7.70%
META	Meta Platforms, Inc. Communication Services	Reduced	309,820	-463,835	$177,353,360	−54.5%	8	$460.94	6.01%
AMZN	Amazon Com Inc PUT + SHARES Consumer Cyclical	Added	1,269,822	+590,736	$146,445,682	+11.6%	3	$183.30	4.96%
MSFT	Microsoft Corp PUT + SHARES Technology	Added	577,257	+530,640	$143,440,211	+588.4%	3	$426.47	4.86%
PTCT	Ptc Therapeutics, Inc. Healthcare	Reduced	3,590,655	-165,814	$133,213,300	+16.0%	6	$28.49	4.51%
AAPL	Apple Inc. PUT + SHARES Technology	Reduced	823,959	-520,528	$122,948,187	−56.6%	10	$185.38	4.17%
LLY	ELI LILLY & Co PUT + SHARES Healthcare	NEW	260,399	NEW	$119,846,968	NEW	1	$899.05	4.06%
TSLA	Tesla, Inc. Consumer Cyclical	Added	308,553	+69,169	$80,726,721	+70.4%	2	$186.71	2.73%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Held	2,197,385	0	$72,271,992	+21.0%	6	$17.84	2.45%
GOOGL	Alphabet Inc. PUT CALL + SHARES Communication Services	NEW	971,577	NEW	$71,881,683	NEW	1	$167.74	2.44%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Added	631,199	+106,573	$66,982,837	+77.3%	8	$81.44	2.27%
AMD	Advanced Micro Devices Inc Technology	Reduced	317,107	-650,124	$52,030,916	−66.8%	3	$161.36	1.76%
STOK	Stoke Therapeutics, Inc. Healthcare	Reduced	3,244,498	-121,246	$39,874,880	−12.3%	13	$11.54	1.35%
ESTA	Establishment Labs Holdings Inc. Healthcare	Reduced	869,948	-70,000	$37,642,649	−11.9%	19+	before history	1.28%
	PUT CALL + SHARES	Added	1,626,500	+1,221,600	$34,004,705	+12664.2%	1	unpriced	1.15%
ET	Energy Transfer LP Energy	Added	1,897,000	+70,000	$30,446,850	+2.7%	12	$11.26	1.03%
	PUT CALL	NEW	912,700	NEW	$24,173,053	NEW	—	—	0.82%
		Added	2,246,381	+272,702	$23,250,043	+15.0%	3	$10.18	0.79%
URGN	UroGen Pharma Ltd. Healthcare	Reduced	1,796,589	-302,893	$22,816,680	−35.2%	3	$15.87	0.77%
MERC	Mercer International Inc. Basic Materials	Held	3,300,000	0	$22,341,000	−20.7%	6	$8.82	0.76%
AACT	Kodiak AI, Inc. Technology	Reduced	1,963,091	-1,345,140	$21,260,275	−39.8%	6	unpriced	0.72%
RCKT	Rocket Pharmaceuticals, Inc. Healthcare	Held	1,100,000	0	$20,317,000	−14.2%	14	$41.15	0.69%
SMFG	Sumitomo Mitsui Financial Group, Inc. Financial Services	Reduced	1,560,230	-1,240,500	$19,705,704	−47.5%	3	$10.73	0.67%
PLTR	Palantir Technologies Inc. Technology	NEW	523,644	NEW	$19,479,556	NEW	1	$30.69	0.66%
STHO	Star Holdings Real Estate	Added	1,324,301	+4,705	$18,328,325	+15.2%	4	$12.53	0.62%
		Added	1,813,000	+1,183,451	$18,166,260	+188.0%	2	unpriced	0.62%
HTZWW	Hertz Global Holdings, Inc Industrials	Added	7,516,814	+3,873,611	$16,461,821	+84.4%	4	unpriced	0.56%
IPXX	USA Rare Earth, Inc. Basic Materials	Added	1,451,258	+1,045,300	$15,601,023	+262.5%	5	unpriced	0.53%
PTGX	Protagonist Therapeutics, Inc Healthcare	Reduced	340,974	-841,294	$15,343,830	−62.5%	3	$27.21	0.52%
		NEW	1,305,806	NEW	$13,018,885	NEW	1	unpriced	0.44%
		NEW	1,226,888	NEW	$12,293,417	NEW	1	unpriced	0.42%
		Added	1,099,034	+445,404	$11,715,702	+70.2%	5	unpriced	0.40%
		Added	1,006,718	+598,987	$11,308,765	+149.4%	3	unpriced	0.38%
		Added	975,501	+9,907	$11,257,281	+1.9%	6	unpriced	0.38%
		NEW	1,051,000	NEW	$10,510,000	NEW	1	unpriced	0.36%
SPY	Spdr S&P 500 ETF Trust PUT CALL + SHARES	Added	191,760	+121,760	$10,128,740	+5006.5%	1	$552.93	0.34%
CHTR	Charter Communications, Inc. Communication Services	NEW	27,985	NEW	$9,069,378	NEW	1	$336.34	0.31%
ALCYF	Alchemy Investments Acquisition Corp 1 Financial Services	Added	825,013	+475,113	$8,967,891	+139.1%	5	$10.68	0.30%
KVACF	Keen Vision Acquisition Corp. Financial Services	Reduced	799,000	-281,463	$8,597,240	−24.8%	5	unpriced	0.29%
		Added	212,500	+132,500	$7,605,375	+167.6%	2	unpriced	0.26%
TAK	Takeda Pharmaceutical Co Ltd Healthcare	Held	530,600	0	$7,545,132	+9.9%	2	$13.24	0.26%
TLT	iShares 20+ Year Treasury Bond ETF	NEW	71,810	NEW	$7,044,561	NEW	1	unpriced	0.24%
SIMA	SIM Acquisition Corp. I Financial Services	NEW	697,507	NEW	$6,969,489	NEW	1	$9.98	0.24%
		Added	552,590	+278,105	$6,470,828	+102.4%	5	unpriced	0.22%
		Added	605,786	+446,445	$6,427,389	+287.1%	5	unpriced	0.22%
CHPT	ChargePoint Holdings, Inc. PUT CALL + SHARES Consumer Cyclical	Added	9,999,012	+1,935,258	$6,316,400	−6.1%	4	$1.78	0.21%
TDS	Telephone & Data Systems Inc Communication Services	Reduced	271,509	-21,228	$6,312,584	+4.0%	3	$17.25	0.21%
ACI	Albertsons Companies, Inc. CALL + SHARES Consumer Defensive	Added	381,700	+222,700	$6,133,566	+95.3%	3	$20.47	0.21%
		Reduced	76,351	-1,500	$5,901,168	+38.3%	2	$51.63	0.20%

Showing the top 50 of 348 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.