COWEN AND COMPANY, LLC

CIK

48966

Location

NEW YORK, NY

Portfolio Value

Small $595,524,386

Diversification

Diversified

Filing Date

Global Rank

#709 / 7,303 ▲ 11

Top Industry

Semiconductors 34.4%

3Y Alpha vs SPY

+2.7%

Period ended 1 year ago

Filed Nov 12, 2024 · 1y

19 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+88.5%

SPY

+76.5%

Annualised alpha

+2.7%

Max drawdown

−34.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

132 positions · as of Sep 30, 2024 · Δ vs Jun 30, 2024

Top Position

31.6%

+0.1 pts

Top 5

56.4%

−8.8 pts

Top 10

76.6%

−3.2 pts

HHI

1,261

Diversified−105

Portfolio Trend

19 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2024

Sector	% Portfolio	Value	Positions
Technology	45.5%	$1,736,164,426	18
Healthcare	15.6%	$595,524,386	28
Consumer Cyclical	11.4%	$435,799,245	12
Communication Services	10.4%	$397,406,242	9
Financial Services	9.6%	$364,486,588	37
Unclassified	4.0%	$151,614,268	5
Industrials	1.1%	$42,677,992	10
Energy	0.9%	$32,530,023	2
Basic Materials	0.7%	$25,163,882	4
Real Estate	0.6%	$21,223,490	2
Consumer Defensive	0.3%	$11,561,697	3
Utilities	0.1%	$2,197,196	2

Last Quarter's Activity

Export CSV

Sep 30, 2024 vs Jun 30, 2024

Added To

Positions the filer increased

20 positions

Ticker	Company	Δ Shares	Shares	Value
CCIX	Churchill Capital Corp IX/Cayman	+1,183,451	1,813,000	$18,166,260
NVDA	Nvidia Corp	+1,147,258	9,945,826	$1,207,821,108
HTZ	Hertz Global Holdings, Inc	+771,000	1,596,000	$5,266,800
AMZN	Amazon Com Inc	+590,736	1,269,822	$236,605,932
MSFT	Microsoft Corp	+530,640	577,257	$248,393,686
ALCYF	Alchemy Investments Acquisition Corp 1	+475,113	825,013	$8,967,891
ESHA	ESH Acquisition Corp.	+446,445	605,786	$6,427,389
BYND	Beyond Meat, Inc.	+408,800	600,000	$4,068,000
AFJK	Aimei Health Technology Co., Ltd.	+260,111	330,073	$3,459,165
ACI	Albertsons Companies, Inc.	+222,700	381,700	$7,053,816
PLMJF	Plum Acquisition Corp. III	+149,500	217,825	$2,369,936
SPY	Spdr S&P 500 ETF Trust	+121,760	191,760	$110,024,217
BABA	Alibaba Group Holding Ltd	+106,573	631,199	$66,982,837
BKHA	Black Hawk Acquisition Corp	+89,384	143,000	$1,464,320
ET	Energy Transfer LP	+70,000	1,897,000	$30,446,850
TSLA	Tesla, Inc.	+69,169	308,553	$80,726,721
QQQ	Invesco Qqq Trust, Series 1	+55,160	82,260	$40,148,638
EXEL	Exelixis, Inc.	+15,362	44,362	$1,151,193
FNF	Fidelity National Financial, Inc.	+10,500	28,200	$1,687,648
STHO	Star Holdings	+4,705	1,324,301	$18,328,325
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
NKE	NIKE, Inc.	−1,652,700	355,141	$31,394,464
HYAC	Haymaker Acquisition Corp. 4	−1,372,909	188,494	$2,009,346
SMFG	Sumitomo Mitsui Financial Group, Inc.	−1,240,500	1,560,230	$19,705,704
LEGT	Legato Merger Corp. III	−949,243	100,051	$1,020,019
PTGX	Protagonist Therapeutics, Inc	−841,294	340,974	$15,343,830
AMD	Advanced Micro Devices Inc	−650,124	317,107	$52,030,916
AAPL	Apple Inc.	−520,528	823,959	$191,982,447
META	Meta Platforms, Inc.	−463,835	309,820	$177,353,360
URGN	UroGen Pharma Ltd.	−302,893	1,796,589	$22,816,680
KVAC	Keen Vision Acquisition Corp.	−281,463	799,000	$8,597,240
IBAC	IB Acquisition Corp.	−272,036	88,346	$883,460
TBMC	Trailblazer Merger Corp I	−221,724	250,000	$2,750,000
COIN	Coinbase Global, Inc.	−213,642	1,275,333	$227,226,080
PCSC	Perceptive Capital Solutions Corp	−201,838	100,000	$1,002,000
AMPX	Amprius Technologies, Inc.	−190,000	60,000	$66,600
PTCT	Ptc Therapeutics, Inc.	−165,814	3,590,655	$133,213,300
STOK	Stoke Therapeutics, Inc.	−121,246	3,244,498	$39,874,880
SGML	Sigma Lithium Corp	−109,300	25,000	$309,000
BNY	Bank of New York Mellon Corp	−91,200	33,000	$2,371,380
UCFI	CN Healthy Food Tech Group Corp.	−79,100	43,168	$439,881
ESTA	Establishment Labs Holdings Inc.	−70,000	869,948	$37,642,649
CEF	Sprott Physical Gold & Silver Trust	−50,000	157,732	$3,862,856
PWR	Quanta Services, Inc.	−45,728	75,800	$22,599,770
GTM	ZoomInfo Technologies Inc.	−35,000	23,900	$246,648
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
LLY	ELI LILLY & Co	260,399	$230,697,890
GOOGL	Alphabet Inc.	971,577	$161,136,045
SIRI	Sirius Xm Holdings Inc.	1,322,953	$31,287,838
PLTR	Palantir Technologies Inc.	523,644	$19,479,556
VACH	Voyager Acquisition Corp./Cayman Islands	1,305,806	$13,018,885
CHTR	Charter Communications, Inc. /Mo/	27,985	$9,069,378
TJX	Tjx Companies Inc /De/	72,600	$8,533,404
TRV	Travelers Companies, Inc.	31,241	$7,314,142
SIMA	SIM Acquisition Corp. I	697,507	$6,969,489
HPE	Hewlett Packard Enterprise Co	300,000	$6,138,000
BIDU	Baidu, Inc.	53,600	$5,643,544
FSHP	Flag Ship Acquisition Corp	543,055	$5,441,411
SPKL	Spark I Acquisition Corp	428,961	$4,498,942
AOS	Smith A O Corp	50,000	$4,491,500
CCK	Crown Holdings, Inc.	34,400	$3,298,272
BNTX	BioNTech SE	25,402	$3,016,995
MPT	Medical Properties Trust Inc	494,900	$2,895,165
CLF	Cleveland-Cliffs Inc.	193,687	$2,473,382
SOC	Sable Offshore Corp.	88,158	$2,083,173
QETA	Quetta Acquisition Corp	195,413	$2,032,295
BIPH	Brookfield Infrastructure Partners L.P.	55,799	$1,955,196
SERV	Serve Robotics Inc. /DE/	240,000	$1,908,000
BNT	Brookfield Wealth Solutions Ltd.	50,885	$1,803,364
MBAV	M3-Brigade Acquisition V Corp.	165,942	$1,659,420
UBER	Uber Technologies, Inc	21,387	$1,607,446
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
PZZA	Papa Johns International Inc	696,800	$32,735,664
FULC	Fulcrum Therapeutics, Inc.	2,965,427	$18,385,646
SLAMF	Slam Corp.	892,899	$9,929,036
GBTC	Grayscale Bitcoin Trust ETF	148,000	$7,117,897
PYPL	PayPal Holdings, Inc.	108,000	$6,267,240
MRK	Merck & Co., Inc.	33,900	$4,196,820
CL	Colgate Palmolive Co	42,300	$4,104,792
SRPT	Sarepta Therapeutics, Inc.	24,500	$3,871,000
CTSH	Cognizant Technology Solutions Corp	50,000	$3,400,000
ELV	Elevance Health, Inc.	6,210	$3,364,950
ITT	Itt Inc.	23,255	$3,004,080
GSM	Ferroglobe PLC	520,000	$2,787,200
IBRX	ImmunityBio, Inc.	400,000	$2,528,000
MRNA	Moderna, Inc.	20,000	$2,375,000
SRI	Stoneridge Inc	140,000	$2,234,400
DD	DuPont de Nemours, Inc.	64,550	$2,173,901
BYD	Boyd Gaming Corp	35,200	$1,939,520
STWD	Starwood Property Trust, Inc.	75,100	$1,422,394
OKE	Oneok Inc /New/	17,100	$1,394,505
SMPL	Simply Good Foods Co	36,600	$1,322,358
OKLO	Oklo Inc.	105,000	$889,350
EQR	Equity Residential	10,400	$721,136
CGC	Canopy Growth Corp	100,800	$650,160
MITK	Mitek Systems Inc	50,000	$559,000
EVLV	Evolv Technologies Holdings, Inc.	200,000	$510,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

28 positions · $595,524,386 total · Healthcare only · as of Sep 30, 2024

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
LLY	ELI LILLY & Co Healthcare	NEW	260,399	NEW	$230,697,890	NEW	38.74%
PTCT	Ptc Therapeutics, Inc. Healthcare	Reduced	3,590,655	-165,814	$133,213,300	+16.0%	22.37%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Held	2,197,385	0	$72,271,992	+21.0%	12.14%
STOK	Stoke Therapeutics, Inc. Healthcare	Reduced	3,244,498	-121,246	$39,874,880	−12.3%	6.70%
ESTA	Establishment Labs Holdings Inc. Healthcare	Reduced	869,948	-70,000	$37,642,649	−11.9%	6.32%
URGN	UroGen Pharma Ltd. Healthcare	Reduced	1,796,589	-302,893	$22,816,680	−35.2%	3.83%
RCKT	Rocket Pharmaceuticals, Inc. Healthcare	Held	1,100,000	0	$20,317,000	−14.2%	3.41%
PTGX	Protagonist Therapeutics, Inc Healthcare	Reduced	340,974	-841,294	$15,343,830	−62.5%	2.58%
TAK	Takeda Pharmaceutical Co Ltd Healthcare	Held	530,600	0	$7,545,132	+9.9%	1.27%
BNTX	BioNTech SE Healthcare	NEW	25,402	NEW	$3,016,995	NEW	0.51%
XGN	Exagen Inc. Healthcare	Held	891,366	0	$2,754,320	+69.8%	0.46%
ORKA	Oruka Therapeutics, Inc. Healthcare	NEW	58,332	NEW	$1,429,717	NEW	0.24%
GH	Guardant Health, Inc. Healthcare	NEW	52,000	NEW	$1,192,880	NEW	0.20%
DNLI	Denali Therapeutics Inc. Healthcare	NEW	40,800	NEW	$1,188,504	NEW	0.20%
EXEL	Exelixis, Inc. Healthcare	Added	44,362	+15,362	$1,151,193	+76.7%	0.19%
CYTK	Cytokinetics Inc Healthcare	Held	20,000	0	$1,056,000	−2.5%	0.18%
CLDX	Celldex Therapeutics, Inc. Healthcare	NEW	24,600	NEW	$836,154	NEW	0.14%
SMMT	Summit Therapeutics Inc. Healthcare	Held	25,000	0	$547,500	+180.8%	0.09%
PHAT	Phathom Pharmaceuticals, Inc. Healthcare	NEW	30,000	NEW	$542,400	NEW	0.09%
LAB	Standard Biotools Inc. Healthcare	Held	274,420	0	$529,630	+9.0%	0.09%
EVH	Evolent Health, Inc. Healthcare	NEW	12,600	NEW	$356,328	NEW	0.06%
EWTX	Edgewise Therapeutics, Inc. Healthcare	NEW	11,000	NEW	$293,590	NEW	0.05%
MDXH	MDxHealth SA Healthcare	NEW	135,090	NEW	$280,987	NEW	0.05%
HLN	Haleon plc Healthcare	NEW	25,000	NEW	$264,500	NEW	0.04%
DNA	Ginkgo Bioworks Holdings, Inc. Healthcare	NEW	12,500	NEW	$101,875	NEW	0.02%
LQDA	Liquidia Corp Healthcare	NEW	10,000	NEW	$100,000	NEW	0.02%
GRFS	Grifols SA Healthcare	NEW	10,000	NEW	$88,800	NEW	0.01%
ADGM	Adagio Medical Holdings, Inc. Healthcare	NEW	27,000	NEW	$69,660	NEW	0.01%