Polygon Management Ltd.
- SEC CIK
- 0001515070
- Latest filing
- Aug 12, 2026
Holdings in Q4 2025
Holdings as of Dec 31, 2025, filed Feb 17, 2026. Long positions only; changes compare share counts with Q3 2025.
- Positions
- 28
- −15 vs. Q3 2025
- Portfolio value
- $474.3M
- −$214.4M (−31.1%) vs. Q3 2025
| Security | Class | Shares | Value | % of portfolio | Share change | Action | History |
|---|---|---|---|---|---|---|---|
| PATHUiPath, Inc. | Stock | 17,450,000 | $286.0M | 60.3% | +500,000+2.9% | Added | History |
| KGEIKolibri Global Energy Inc. | COM NEW | 6,934,504 | $27.3M | 5.7% | −136,064−1.9% | Reduced | History |
| LYFTLyft, Inc. | CL A COM | 1,000,000 | $19.4M | 4.1% | 00.0% | Unchanged | History |
| AUTLAutolus Therapeutics plc | SPON ADS | 9,500,000 | $18.9M | 4.0% | 00.0% | Unchanged | History |
| CXMSprinklr, Inc. | CL A | 2,200,000 | $17.1M | 3.6% | 00.0% | Unchanged | History |
| WKWorkiva Inc | COM CL A | 150,000 | $12.9M | 2.7% | 00.0% | Unchanged | History |
| ANNXAnnexon, Inc. | COM | 2,032,455 | $10.2M | 2.2% | −80,000−3.8% | Reduced | History |
| PRAXPraxis Precision Medicines, Inc. | COM NEW | 22,952 | $6.76M | 1.4% | +22,952 | New | History |
| CLDXCelldex Therapeutics, Inc. | COM NEW | 243,800 | $6.62M | 1.4% | −59,800−19.7% | Reduced | History |
| ARWRArrowhead Pharmaceuticals, Inc. | COM | 96,935 | $6.44M | 1.4% | +15,094+18.4% | Added | History |
| PHVSPharvaris N.V. | COM | 194,612 | $5.40M | 1.1% | 00.0% | Unchanged | History |
| AXSMAxsome Therapeutics, Inc. | COM | 26,934 | $4.92M | 1.0% | −19,522−42.0% | Reduced | History |
| DYNDyne Therapeutics, Inc. | COM | 247,997 | $4.85M | 1.0% | +24,816+11.1% | Added | History |
| MBXMBX Biosciences, Inc. | COM | 143,327 | $4.52M | 1.0% | −34,513−19.4% | Reduced | History |
| RAPTRAPT Therapeutics, Inc. | COM NEW | 131,770 | $4.46M | 0.9% | +131,770 | New | History |
| AGIOAgios Pharmaceuticals, Inc. | COM | 162,018 | $4.41M | 0.9% | +162,018 | New | History |
| IMVTImmunovant, Inc. | COM | 166,187 | $4.22M | 0.9% | −22,192−11.8% | Reduced | History |
| ALKSAlkermes plc. | SHS | 141,172 | $3.95M | 0.8% | +51,560+57.5% | Added | History |
| FOLDAmicus Therapeutics, Inc. | COM | 260,771 | $3.71M | 0.8% | +139,559+115.1% | Added | History |
| AMLXAmylyx Pharmaceuticals, Inc. | COM | 272,828 | $3.30M | 0.7% | +14,586+5.6% | Added | History |
| HRMYHarmony Biosciences Holdings, Inc. | COM | 82,824 | $3.10M | 0.7% | +82,824 | New | History |
| NKTRNektar Therapeutics | COM NEW | 69,287 | $2.93M | 0.6% | +69,287 | New | History |
| KRYSKrystal Biotech, Inc. | COM | 11,814 | $2.91M | 0.6% | +6,944+142.6% | Added | History |
| MPLTMapLight Therapeutics, Inc. | COM | 164,525 | $2.89M | 0.6% | +164,525 | New | History |
| SLNSilence Therapeutics plc | ADS | 365,369 | $2.22M | 0.5% | +365,369 | New | History |
| SNOWSnowflake Inc. | Stock | 10,000 | $2.19M | 0.5% | 00.0% | Unchanged | History |
| ZVRAZevra Therapeutics, Inc. | COM NEW | 192,518 | $1.72M | 0.4% | +192,518 | New | History |
| AVDLAvadel Pharmaceuticals PLC | Stock | 43,763 | $943.1K | 0.2% | +43,763 | New | History |
Sold out since Q3 2025 (24)
Positions held at the end of Q3 2025 that are gone from this filing.
| Security | Class | Shares in Q3 2025 | Value in Q3 2025 | % of portfolio in Q3 2025 | History |
|---|---|---|---|---|---|
| Alibaba Group Hldg Ltd01609WBG6 | NOTE 0.500% 6/0 | – | $174.8M | 25.4% | – |
| Lithium Amers Corp New53680QAA6 | NOTE 1.750% 1/1 | – | $24.6M | 3.6% | – |
| Cable One, Inc.12685JAE5 | NOTE 3/1 | – | $20.8M | 3.0% | – |
| Progress Software Corp743312AB6 | NOTE 1.000% 4/1 | – | $20.6M | 3.0% | – |
| Oatly Group AB67421JAC2 | NOTE 9.250% 9/1 | – | $18.4M | 2.7% | – |
| First Majestic Silver Corp32076VAD5 | NOTE 0.375% 1/1 | – | $7.97M | 1.2% | – |
| Celcuity Inc.15102KAA8 | NOTE 2.750% 8/0 | – | $7.44M | 1.1% | – |
| TARSTarsus Pharmaceuticals, Inc. | COM | 125,000 | $7.43M | 1.1% | History |
| iShares Tr464288513 | IBOXX HI YD ETF | 72,961 | $5.92M | 0.9% | – |
| SRRKScholar Rock Holding Corp | COM | 117,882 | $4.39M | 0.6% | History |
| TECXTectonic Therapeutic, Inc. | COM | 243,728 | $3.82M | 0.6% | History |
| ABVXAbivax S.A. | SPONSORED ADS | 30,000 | $2.55M | 0.4% | History |
| ACADAcadia Pharmaceuticals Inc | COM | 86,071 | $1.84M | 0.3% | History |
| HBMHudbay Minerals Inc. | COM | 117,500 | $1.78M | 0.3% | History |
| CCJCameco Corp | Stock | 16,015 | $1.34M | 0.2% | History |
| RLAYRelay Therapeutics, Inc. | COM | 223,123 | $1.16M | 0.2% | History |
| TECKTeck Resources Ltd | CL B | 18,068 | $793.0K | 0.1% | History |
| KROSKeros Therapeutics, Inc. | COM | 43,000 | $680.3K | 0.1% | History |
| LARLithium Argentina AG | Stock | 200,000 | $668.0K | 0.1% | History |
| RAREUltragenyx Pharmaceutical Inc. | COM | 17,718 | $533.0K | 0.1% | History |
| WBIWaterBridge Infrastructure LLC | CL A SHS REPSTG | 20,000 | $504.4K | 0.1% | History |
| NXENexGen Energy Ltd. | COM | 42,000 | $375.9K | 0.1% | History |
| Diana Shipping Inc.Y2066G138 | *W EXP 12/14/202 | 233,400 | $22.8K | <0.1% | – |
| Sonder Holdings Inc.83542D110 | CALL EXP31JAN22 | 18,898 | $204 | <0.1% | – |