MIZUHO SECURITIES USA LLC

CIK 0000812291 · Q1 2026

13F Equity AUM

$4.2B

-29.9% QoQ

Positions

683

-15 QoQ

AUM Rank

#1,123

Top 9%

Skill Alpha (FF)

—

Building track record (2q)

Quarters Tracked

~1 years

Portfolio Concentration

Top 5: 20.6%Top 10: 29.1%Top 20: 37.6%

NVDA6.0%

AAPL5.3%

MSFT3.9%

AMZN2.9%

GOOGL2.4%

AVGO2.1%

GOOG1.9%

META1.8%

TSLA1.5%

BRK/B1.3%

Others (673)70.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology28.9%

Financial Services19.8%

Communication Services8.3%

Consumer Cyclical7.8%

Healthcare7.5%

Industrials6.6%

Unclassified5.4%

Consumer Defensive3.8%

Other12.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 683Median: 0.06%Avg: 0.15%

0–0.5%

658(59.6%)

0.5–1%

12(8.2%)

1–3%

10(17.0%)

3–5%

1(3.9%)

5%+

2(11.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 581Unique: 102vs 20 funds

7.9%Low

683

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

JPMORGAN CHASE & CO

11.6%

BlackRock, Inc.

12.8%

BANK OF AMERICA CORP /DE/

10.8%

STATE STREET CORP

14.8%

FMR LLC

17.2%

MORGAN STANLEY

9.7%

GEODE CAPITAL MANAGEMENT, LLC

14.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

17%

VANGUARD CAPITAL MANAGEMENT LLC

14.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New51Increased83Decreased536Exited64

New Positions

VRT0.1%

+23K

NEE 7.299 06/01/270.1%

+100K

SC II ACQUISITION CO…0.1%

+521K

SPACSPHERE ACQUISITI…0.1%

+492K

XRPNW0.1%

+458K

RIVN 4.625 03/15/290.1%

+4.1M

XFLH CAP CORP0.1%

+375K

APEX TECH ACQUISITIO…0.1%

+400K

K2 CAP ACQUISITION C…0.1%

+381K

FUTURE MONEY ACQUISI…0.1%

+400K

Increased

WK 1.125 08/15/260.3%

+11.5M(+471%)

NET 0 08/15/260.7%

+8.8M(+53%)

METC 0 11/01/310.2%

+7.4M(+495%)

TTEK 2.25 08/15/280.2%

+5.1M(+298%)

ON 0 05/01/270.4%

+4.2M(+40%)

FLR 1.125 08/15/290.1%

+3.7M(+430%)

RIG 4.625 09/30/29 *0.5%

+3.3M(+45%)

WEC 4.375 06/01/270.9%

+1.8M(+6%)

PNW 4.75 06/15/270.1%

+1.7M(+48%)

ON 0.5 03/01/290.1%

+1.6M(+61%)

Decreased

BTU 3.25 03/01/280.3%

-3,384,000(-34%)

GVA 3.25 06/15/300.0%

-2,500,000(-72%)

POST 2.5 08/15/270.0%

-2,113,000(-80%)

MSTR 0.625 09/15/280.1%

-1,500,000(-20%)

UBER 0.875 12/01/28 0.1%

-1,491,000(-24%)

SPY0.2%

-1,375,988(-99%)

SIMAW0.0%

-565,592(-87%)

GIWWU0.0%

-534,367(-97%)

KVACW0.1%

-532,026(-64%)

AI INFRASTRUCTURE AC…0.0%

-434,974(-85%)

Exited

LNT 3.875 03/15/26

-27,885,000

EVRG 4.5 12/15/27

-12,417,000

HAYMAKER ACQUISITION…

-1,249,126

VTR 3.75 06/01/26

-9,195,000

AAM

-1,248,995

VOYAGER ACQUISITION …

-1,149,773

JBTM 0.25 05/15/26

-11,119,000

EQV VENTURES ACQUISI…

-986,062

SCIIU

-1,000,000

SPOT 0 03/15/26

-7,185,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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