CSS LLC/IL

CIK 0001103646 · Q1 2026

13F Equity AUM

$2.1B

-7.2% QoQ

Positions

815

-53 QoQ

AUM Rank

#1,751

Top 14%

Skill Alpha (FF)

—

Building track record (1q)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 25.2%Top 10: 32.0%Top 20: 41.7%

LITE 0.5 06/15/2810.4%

SATS 3.875 11/30/307.0%

JAZZ 2 06/15/263.1%

LYV 3.125 01/15/292.4%

RIG 4.625 09/30/29 *2.4%

BTU 3.25 03/01/281.8%

GME1.4%

NEXTERA ENERGY INC1.3%

CNP 4.25 08/15/261.2%

PEN1.2%

Others (805)68.0%

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

Sector Allocation

Fixed Income20.6%

Financial Services19.1%

Technology19.0%

Unclassified10.9%

Healthcare8.3%

Energy4.3%

Consumer Cyclical4.1%

Industrials2.7%

Other11.0%

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

Position Sizing

Positions: 815Median: 0.04%Avg: 0.12%

0–0.5%

777(45.9%)

0.5–1%

24(17.7%)

1–3%

11(15.9%)

3–5%

1(3.1%)

5%+

2(17.4%)

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

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Portfolio Overlap

Shared: 632Unique: 183vs 20 funds

8.4%Low

815

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

10.7%

MORGAN STANLEY

9.9%

BANK OF AMERICA CORP /DE/

10.5%

BlackRock, Inc.

12.3%

STATE STREET CORP

13.2%

FMR LLC

14%

GEODE CAPITAL MANAGEMENT, LLC

11%

VANGUARD CAPITAL MANAGEMENT LLC

11%

VANGUARD PORTFOLIO MANAGEMENT LLC

12.5%

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

New191Increased194Decreased276Exited244

New Positions

NEXTERA ENERGY INC1.3%

+541K

CNP 4.25 08/15/261.2%

+21.0M

PEN1.2%

+74K

ALNY 1 09/15/271.1%

+18.6M

BRIDGEBIO PHARMA INC0.8%

+10.1M

SNOW 0 10/01/290.8%

+13.0M

NET 0 08/15/260.8%

+13.4M

CHEESECAKE FACTORY I…0.6%

+13.2M

3M40.5%

+54K

XRX0.4%

+7.2M

Increased

SO 4.5 06/15/270.4%

+7.0M(+5405%)

VSH 2.25 09/15/300.5%

+6.7M(+201%)

SATS 3.875 11/30/307.0%

+3.1M(+8%)

CSGS 3.875 09/15/280.4%

+2.5M(+50%)

WOLF 2.5 06/15/310.7%

+2.4M(+36%)

CELC 2.75 08/01/310.7%

+2.1M(+50%)

ATEC 0.75 08/01/260.3%

+2.0M(+38%)

WK 1.25 08/15/280.2%

+1.8M(+61%)

MARA 0 03/01/300.6%

+1.4M(+12%)

AMC0.1%

+462K(+55%)

Decreased

JAZZ 2 06/15/263.1%

-12,500,000(-19%)

HAE 2.5 06/01/290.0%

-12,378,000(-99%)

EQXCN 4.75 10/15/280.9%

-11,000,000(-58%)

BTU 3.25 03/01/281.8%

-9,606,000(-32%)

SNOW 0 10/01/270.1%

-8,893,000(-86%)

PPL 2.875 03/15/280.2%

-8,482,000(-74%)

SMCI 3.5 03/01/290.1%

-8,000,000(-84%)

FLNC 2.25 06/15/300.3%

-4,000,000(-39%)

GH 1.25 02/15/310.6%

-3,986,000(-36%)

RIVN 3.625 10/15/300.1%

-3,941,000(-61%)

Exited

-44,792,000

-330,000

-7,500,000

-26,500,000

-13,980,000

-10,500,000

-10,317,000

-5,124,000

-3,000,000

-9,331,000

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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