SONA ASSET MANAGEMENT LLC

Hedge Fund • Multi-Strategy

SONA ASSET MANAGEMENT LLC is a Multi-Strategy Hedge Fund based in New York, NY led by John Brian Aylward, reporting $22.6B in AUM as of Q3 2025 with 37% ETF concentration, 69% concentrated in top 10 holdings, and 18% allocation to EMB.

CEOJohn Brian Aylward

Portfolio Value: $770.4M
Positions: 73
Top Holding: EMB at 18.15%
Last Reported: Q3 2025

Address730 3rd Avenue, 26th Floor, New York, NY, 10017, United States

Top Holdings

Largest long holdings in SONA ASSET MANAGEMENT LLC's portfolio (69.4% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 iShares J.P. Morgan USD Emerging Markets Bond EMB	ETF ETF	$139.8M	18.15%	+$139.8M New	— 1.5M shares	Q3 2025 Held for 2 months
2 TXNM Energy TXNM	Unknown Unknown	$94.1M	12.21%	+$41.8M Bought	1.58% 1.7M shares	Q2 2025 Held for 5 months
3 iShares Trust IGSB	ETF ETF	$60.2M	7.81%	-$74.2M Sold	— 1.1M shares	Q2 2025 Held for 5 months
4 Norfolk Southern NSC	Railroads Industrials	$56.9M	7.38%	+$56.9M New	0.08% 189.3K shares	Q3 2025 Held for 2 months
5 iShares iBoxx $ Investment Grade Corporate Bond LQD	ETF ETF	$44.2M	5.73%	-$599.5M Sold	— 396.2K shares	Q1 2024 Held for 1y 8m
6 Chart Industries GTLS	Industrial - Machinery Industrials	$41.8M	5.42%	+$41.8M New	0.46% 208.6K shares	Q3 2025 Held for 2 months
7 Electronic Arts EA	Electronic Gaming & Multimedia Technology	$37.4M	4.85%	+$37.4M New	0.07% 185.4K shares	Q3 2025 Held for 2 months
8 KYIV Kyivstar Group Ltd. Common Shares KYIV	Unknown Unknown	$26.7M	3.47%	+$26.7M New	0.93% 2.1M shares	Q3 2025 Held for 2 months
9 Borr Drilling BORR	Oil & Gas Drilling Energy	$17.2M	2.23%	+$17.2M New	2.23% 6.4M shares	Q3 2025 Held for 2 months
10 CyberArk Software CYBR	Software - Infrastructure Technology	$16.1M	2.09%	+$16.1M New	0.07% 33.4K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in SONA ASSET MANAGEMENT LLC's latest filing

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Market Value

$770.4M

Prior: $1.3B

Q/Q Change

-41.49%

-$546.3M

Net Flows % of MV

-79.62%

Turnover Ratio

101.33%

New Purchases

32 stocks

$404.9M

Added To

6 stocks

+$53.5M

Sold Out Of

22 stocks

$305.5M

Reduced Holdings

11 stocks

-$766.3M

Increased Positions

Position	Shares Δ	Change
1 iShares J.P. Morgan USD Emerging Markets Bond EMB	New	0 → 1.5M +$139.8M
2 Norfolk Southern NSC	New	0 → 189.3K +$56.9M
3 Chart Industries GTLS	New	0 → 208.6K +$41.8M
4 Electronic Arts EA	New	0 → 185.4K +$37.4M
5 KYIV Kyivstar Group Ltd. Common Shares KYIV	New	0 → 2.1M +$26.7M

Decreased Positions

Position	Shares Δ	Change
1 Vanguard Intermediate-Term Corporate Bond VCIT	Sold	1.3M → 0 −$103.7M
2 iShares 7-10 Year Treasury Bond IEF	Sold	725.0K → 0 −$69.4M
3 Cohen Circle Acquisition Corp. CCIR	Sold	1.9M → 0 −$20.4M
4 Skechers SKX	Sold	307.8K → 0 −$19.4M
5 TeraWulf WULF	Sold	2.7M → 0 −$11.8M

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Analytics

Portfolio insights and performance metrics for SONA ASSET MANAGEMENT LLC

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Sector Allocation

ETF

36.50%

Industrials

13.80%

Technology

12.20%

Energy

4.80%

Communication Services

4.70%

Consumer Cyclical

2.80%

Healthcare

2.60%

Real Estate

1.50%

Basic Materials

1.20%

Consumer Defensive

0.80%

Financial Services

0.50%

Utilities

0.40%

Market Cap Distribution

Mega Cap (> $200B)

1.46%

Large Cap ($10B - $200B)

21.21%

Mid Cap ($2B - $10B)

30.80%

Small Cap ($300M - $2B)

7.25%

Micro Cap ($50M - $300M)

0.52%

Nano Cap (< $50M)

0.44%

N/A (ETF or Unknown)

38.33%

Portfolio Concentration

Top 10 Holdings %

69.36%

Top 20 Holdings %

81.68%

Top 50 Holdings %

96.86%

Top 100 Holdings %

100.0%