SSI INVESTMENT MANAGEMENT INC

Hedge Fund • Convert Bond Arb

SSI INVESTMENT MANAGEMENT INC is a Hedge Fund specializing in Convert Bond Arb based in Los Angeles, CA led by Syed Fazal Mehdi, reporting $2.2B in AUM as of Q3 2025 with 81% ETF concentration, 63% concentrated in top 10 holdings, and 23% allocation to IVV.

PresidentSyed Fazal Mehdi

Portfolio Value: $289.0M
Positions: 68
Top Holding: IVV at 22.94%
Last Reported: Q3 2025

Address2121 Avenue Of The Stars, Suite 2050, Los Angeles, CA, 90067, United States

Top Holdings

Largest long holdings in SSI INVESTMENT MANAGEMENT INC's portfolio (62.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 iShares Core S&P 500 ETF IVV	ETF ETF	$66.3M	22.94%	+$4.8M Bought	— 99.1K shares	Q1 2015 Held for 10y 8m
2 iShares iBoxx $ Investment Grade Corporate Bond LQD	ETF ETF	$15.7M	5.43%	+$31.7K Bought	— 140.9K shares	Q1 2023 Held for 2y 8m
3 BTSGU BrightSpring Health Services BTSGU	Medical - Healthcare Information Services Healthcare	$15.2M	5.25%	-$24.7K Sold	— 150.1K shares	Q1 2025 Held for 8 months
4 iShares Core MSCI Emerging Markets IEMG	ETF ETF	$14.8M	5.12%	+$7.3M Bought	— 224.6K shares	Q4 2020 Held for 4y 11m
5 Vanguard Total International Stock VXUS	ETF ETF	$14.1M	4.87%	+$35.7K Bought	— 191.4K shares	Q1 2021 Held for 4y 8m
6 iShares U.S. Technology IYW	ETF ETF	$12.9M	4.47%	-$2.7M Sold	— 65.9K shares	Q4 2023 Held for 1y 11m
7 Microchip Technology Incorporated Depositary Shares Each Representing a 1/20th Interest in a Share of 7.50% Series A Mandatory Convertible Preferred Stock MCHPP	Semiconductors Technology	$12.0M	4.16%	-$236.1K Sold	0.04% 203.7K shares	Q1 2025 Held for 8 months
8 Janus Henderson AAA CLO JAAA	ETF ETF	$10.7M	3.72%	+$106.4K Bought	— 211.5K shares	Q2 2024 Held for 1y 5m
9 FT Vest Laddered Buffer BUFR	ETF ETF	$9.7M	3.35%	+$35.2K Bought	— 289.4K shares	Q3 2023 Held for 2y 2m
10 Invesco S&P 500 Equal Weight ETF RSP	ETF ETF	$9.4M	3.27%	+$93.5K Bought	— 49.8K shares	Q1 2025 Held for 8 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in SSI INVESTMENT MANAGEMENT INC's latest filing

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Market Value

$289.0M

Prior: $274.0M

Q/Q Change

+5.48%

+$15.0M

Net Flows % of MV

-2.31%

Turnover Ratio

6.53%

New Purchases

0 stocks

Added To

15 stocks

+$13.1M

Sold Out Of

2 stocks

$10.1M

Reduced Holdings

8 stocks

-$9.7M

Increased Positions

Position	Shares Δ	Change
1 iShares Core MSCI Emerging Markets IEMG	+97.65%	113.6K → 224.6K +$7.3M
2 iShares Core S&P 500 ETF IVV	+7.86%	91.8K → 99.1K +$4.8M
3 Xtrackers MSCI EAFE High Dividend Yield Equity HDEF	+1.98%	136.5K → 139.2K +$79.5K
4 iShares Russell 2000 IWM	+1.83%	20.1K → 20.4K +$89.0K
5 iShares 7-10 Year Treasury Bond IEF	+1.7%	79.8K → 81.1K +$130.6K

Decreased Positions

Position	Shares Δ	Change
1 iShares MSCI USA Quality Factor QUAL	Sold	41.8K → 0 −$7.6M
2 iShares MSCI India INDA	Sold	44.1K → 0 −$2.5M
3 Invesco KBW Bank ETF KBWB	-47.46%	124.7K → 65.5K −$4.6M
4 iShares MSCI ACWI ex US ACWX	-19.76%	131.0K → 105.1K −$1.7M
5 iShares U.S. Technology IYW	-17.18%	79.6K → 65.9K −$2.7M