Lombard Odier Asset Management (Europe) Ltd

Lombard Odier Asset Management (Europe) Ltd (CIK 0001535784, $1.85B AUM, WhaleScore 79) filed its March 31, 2026 13F-HR on May 15 with 190 holdings and $1.83B total reported value — down from $2.02B at December 31, 2025 — reflecting both market depreciation and active repositioning. The quarter delivered 66 portfolio changes (16 new, 16 sold, 17 increased, 15 decreased, 2 unchanged), the densest single-quarter turnover in the register's recent history. The dominant trade is a large utility/energy bond rotation: DUKE ENERGY (DUK 4.125% 2026) surged +56.8% in share count (+52.4M shares, +$24.4M); CENTERPOINT ENERGY (CNP 4.25% 2026) +36.8% (+9.1M shares, +$13.3M); PG&E (PCG 4.25% 2027) +51.7% (+9.8M shares, +$10.8M); NEXTERA ENERGY CAP (NEE 3% 2027) +18.3% (+3.1M shares, +$6.8M). Concurrently, the manager shed mega-cap growth: AMZN -59.6% (cut to 96,983 shares, -$35.2M), MSFT -38.6% (to 36,571 shares, -$15.3M), GOOGL -0.3% (trim 900 shares, -$6.9M), CCK -31.7%, ECL -28.6%, MFC -22.2%, LYV convertible -20.1%. Ten new positions appeared: UBER (equity + convertible double-entry totaling ~$50M), ON SEMICONDUCTOR (ON 0% convertible, $26.4M), INTUIT ($16.4M), SNOWFLAKE (SNOW 0% convertible, $15.4M), NEXTPOWER INC ($15.4M), ADVANCED DRAIN SYS ($15.2M), MSCI ($14.7M), CADENCE DESIGN SYSTEMS ($14.7M), MARSH & MCLENNAN ($14.6M); sold COINBASE, JD.COM, DEXCOM, and BILL Holdings convertibles plus XYLEM, AECOM, LINDE, DEERE, and MKSI. The honest read: a European equity manager with heavy convertibles/bonds overlay repositioning into rate-sensitive utilities and selective software buys while trimming high-conviction but extended large-cap tech — a legitimate cross-sector reallocation rather than a panic, executed at quarter-end when valuation spreads were wide.