Cowen Group

Cowen as of Sept. 30, 2011

Portfolio Holdings for Cowen

Cowen holds 207 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 17.6 $135M 1.2M 113.15
Goodrich Corporation 11.0 $85M 700k 120.69
Varian Semiconductor 6.1 $47M 656k 71.43
Cephalon 6.0 $46M 572k 80.70
iShares iBoxx $ High Yid Corp Bond (HYG) 4.5 $35M 421k 82.80
SPDR Gold Trust (GLD) 2.4 $18M 116k 158.05
Vanguard Emerging Markets ETF (VWO) 2.1 $16M 449k 35.83
Ford Motor Company (F) 2.0 $16M 1.6M 9.67
Progress Energy 1.8 $14M 268k 51.72
iShares FTSE/Xinhua China 25 Index (FXI) 1.8 $14M 439k 30.80
iShares Russell 2000 Index (IWM) 1.7 $13M 206k 64.36
ConocoPhillips (COP) 1.5 $11M 180k 63.32
AutoZone (AZO) 1.5 $11M 36k 319.19
iShares Russell 1000 Growth Index (IWF) 1.4 $11M 211k 52.59
Global Inds Ltd dbcv 2.750% 8/0 1.4 $11M 11M 0.97
Temple-Inland 1.4 $10M 332k 31.36
Dresser-Rand 1.3 $9.9M 245k 40.53
Amazon (AMZN) 1.3 $9.8M 47k 210.53
National Semiconductor Corporation 1.2 $9.1M 365k 25.00
Qualcomm (QCOM) 1.2 $9.0M 184k 48.64
Medco Health Solutions 1.1 $8.2M 175k 46.89
Yahoo! 1.0 $7.9M 603k 13.17
Lubrizol Corporation 0.8 $6.2M 46k 135.00
MAKO Surgical 0.7 $5.2M 152k 34.22
Motorola Mobility Holdings 0.7 $5.0M 131k 37.78
United States Oil Fund 0.6 $4.9M 160k 30.49
E.I. du Pont de Nemours & Company 0.6 $4.8M 120k 39.98
NetLogic Microsystems 0.6 $4.7M 99k 48.12
Chevron Corporation (CVX) 0.6 $4.7M 51k 92.60
Devon Energy Corporation (DVN) 0.6 $4.6M 83k 55.45
Vale (VALE) 0.6 $4.5M 199k 22.81
Caterpillar (CAT) 0.6 $4.3M 60k 72.07
Technology SPDR (XLK) 0.5 $4.1M 175k 23.60
AGL Resources 0.5 $4.0M 98k 40.74
Global Industries 0.5 $3.7M 470k 7.93
SPDR S&P MidCap 400 ETF (MDY) 0.5 $3.7M 26k 142.15
DPL 0.5 $3.4M 114k 30.14
SPDR Barclays Capital Convertible SecETF (CWB) 0.4 $3.3M 93k 35.63
Ameron International Corporation 0.4 $3.1M 37k 84.96
Hartford Financial Services (HIG) 0.4 $3.1M 192k 16.14
APAC Customer Services 0.4 $3.1M 362k 8.52
Cisco Systems (CSCO) 0.4 $2.9M 192k 14.99
Nalco Holding Company 0.4 $2.9M 83k 34.98
Citigroup (C) 0.4 $2.9M 100k 29.41
Northgate Minerals 0.4 $2.8M 848k 3.36
Caliper Life Sciences 0.4 $2.8M 272k 10.47
Goldman Sachs (GS) 0.4 $2.8M 30k 93.02
WebMD Health 0.4 $2.8M 92k 30.15
iShares MSCI South Korea Index Fund (EWY) 0.4 $2.8M 59k 46.57
Lkd Barclays Bk Plc Ipath S&p Etn etf 0.4 $2.7M 37k 73.21
Alcoa 0.3 $2.7M 278k 9.57
Exxon Mobil Corporation (XOM) 0.3 $2.4M 33k 72.66
Vertex Pharmaceuticals Inc note 3.350%10/0 0.3 $2.3M 2.0M 1.17
Regeneron Pharmaceuticals (REGN) 0.3 $2.3M 40k 58.20
Scientific Games (LNW) 0.3 $2.3M 328k 7.12
Capital One Financial (COF) 0.3 $2.2M 57k 39.60
McDonald's Corporation (MCD) 0.3 $2.0M 23k 88.24
CUBIST PHARM CONVERTIBLE security 0.3 $2.1M 1.5M 1.37
Crown Holdings (CCK) 0.3 $2.0M 66k 30.61
BJ's Wholesale Club 0.3 $2.0M 38k 51.25
Energy Xxi 0.3 $2.0M 93k 21.46
Computer Programs & Systems (TBRG) 0.3 $2.0M 30k 66.17
USD.001 Atlas Energy Lp ltd part 0.3 $2.0M 109k 18.57
Packaging Corporation of America (PKG) 0.2 $1.9M 83k 23.31
Rockwood Holdings 0.2 $1.8M 54k 33.69
United Therapeutics Corporation (UTHR) 0.2 $1.9M 50k 37.45
Continucare Corporation 0.2 $1.7M 274k 6.38
NVIDIA Corporation (NVDA) 0.2 $1.7M 134k 12.51
Consumer Discretionary SPDR (XLY) 0.2 $1.6M 47k 34.90
Tyco International Ltd S hs 0.2 $1.6M 40k 40.78
Powershares DB G10 Currency Harvest Fund 0.2 $1.6M 69k 22.95
El Paso Corporation 0.2 $1.5M 88k 17.47
Credit Suisse Nassau Brh etf 0.2 $1.5M 76k 20.26
Exelixis (EXEL) 0.2 $1.4M 263k 5.46
Netflix (NFLX) 0.2 $1.4M 13k 113.28
Verisign (VRSN) 0.2 $1.3M 47k 28.61
Energy Select Sector SPDR (XLE) 0.2 $1.3M 23k 58.58
SIGA Technologies (SIGA) 0.2 $1.3M 404k 3.27
Lincoln National Corporation (LNC) 0.2 $1.2M 77k 15.64
Biogen Idec (BIIB) 0.2 $1.2M 13k 93.16
Mcmoran Exploration Co. Cv. Sr conv 0.2 $1.2M 1.3M 0.96
Valeant Pharmaceuticals Int 0.1 $1.1M 30k 37.10
Equinix Inc note 3.000%10/1 0.1 $1.1M 1.0M 1.05
Smithfield Foods Inc note 4.000% 6/3 0.1 $1.1M 1.0M 1.11
Petroleo Brasileiro SA (PBR) 0.1 $1.0M 55k 19.10
iShares MSCI Emerging Markets Indx (EEM) 0.1 $1.1M 31k 34.82
Cowen 0.1 $1.1M 392k 2.71
Financial Select Sector SPDR (XLF) 0.1 $1.1M 90k 11.81
Ariad Pharmaceuticals 0.1 $1.1M 125k 8.79
Rambus Inc Del note 5.000% 6/1 0.1 $1.1M 1.0M 1.11
Human Genome Sciences 0.1 $1.0M 80k 12.69
Best Buy Inc sdcv 2.250% 1/1 0.1 $1.0M 1.0M 1.00
EarthLink 0.1 $980k 150k 6.53
iShares MSCI Australia Index Fund (EWA) 0.1 $989k 49k 20.06
International Business Machines (IBM) 0.1 $952k 5.4k 174.80
Blackboard 0.1 $896k 20k 44.65
Amgen (AMGN) 0.1 $879k 15k 57.38
Mitsubishi UFJ Financial (MUFG) 0.1 $828k 186k 4.45
Exelon Corporation (EXC) 0.1 $881k 20k 44.69
Sunoco Logistics Partners 0.1 $841k 9.5k 88.53
Dendreon Corporation 0.1 $873k 97k 9.00
Dynegy 0.1 $869k 211k 4.12
PAETEC Holding 0.1 $846k 160k 5.29
Endo Pharmaceuticals Hldgs I note 1.750% 4/1 0.1 $848k 750k 1.13
HSBC Holdings (HSBC) 0.1 $734k 19k 38.02
Medtronic 0.1 $781k 24k 33.14
Life Technologies 0.1 $769k 20k 38.45
Spdr S&p Bric 40 0.1 $741k 36k 20.41
Developers Diversified Rlty note 1.750%11/1 0.1 $767k 825k 0.93
Procera Networks 0.1 $787k 82k 9.60
Kinetic Concepts 0.1 $659k 10k 65.90
Rydex S&P Equal Weight Technology 0.1 $673k 15k 45.33
Cleveland BioLabs 0.1 $712k 281k 2.53
Rydex Etf Trust indls etf 0.1 $655k 14k 45.49
Sba Communications Corp note 4.000%10/0 0.1 $645k 500k 1.29
Eastman Chemical Company (EMN) 0.1 $634k 19k 34.27
Enterprise Products Partners (EPD) 0.1 $582k 15k 40.14
Vivus 0.1 $618k 62k 10.00
Magellan Midstream Partners 0.1 $632k 11k 60.42
Rydex Etf Trust russ 1000 0.1 $602k 22k 27.39
Te Connectivity Ltd for (TEL) 0.1 $577k 21k 28.15
InterMune 0.1 $505k 25k 20.20
Omnicare 0.1 $519k 20k 25.44
iShares MSCI EAFE Index Fund (EFA) 0.1 $529k 11k 47.81
Primus Guaranty Ltd Com Stk 0.1 $527k 100k 5.27
iShares Gold Trust 0.1 $514k 33k 15.82
PowerShares FTSE RAFI Developed Markets 0.1 $499k 16k 31.46
AVANIR Pharmaceuticals 0.1 $546k 192k 2.85
Barclays Bk Plc ipth s^p vix 0.1 $534k 10k 53.40
PharmAthene 0.1 $504k 290k 1.74
Ecolab (ECL) 0.1 $489k 10k 48.90
D.R. Horton (DHI) 0.1 $450k 50k 9.04
Seagate Technology Com Stk 0.1 $436k 42k 10.28
Savient Pharmaceuticals 0.1 $477k 116k 4.10
SPDR DJ Wilshire REIT (RWR) 0.1 $480k 8.5k 56.47
Savient Pharmaceuticals note 0.1 $492k 665k 0.74
Wal-Mart Stores (WMT) 0.1 $395k 7.3k 53.79
Pfizer (PFE) 0.1 $390k 22k 17.80
Transatlantic Holdings 0.1 $349k 7.2k 48.47
BP Prudhoe Bay Royalty Trust (BPT) 0.1 $369k 3.5k 105.43
Southern Union Company 0.1 $406k 10k 40.60
Advanced Analogic Technologies In 0.1 $420k 97k 4.33
PowerShares Dynamic Energy Explor. 0.1 $375k 20k 19.01
Rydex S&P Equal Weight Materials 0.1 $379k 7.7k 49.07
Lightbridge Corporation 0.1 $405k 157k 2.57
Market Vectors Etf Tr mtg reit etf 0.1 $379k 17k 22.89
Vertex Pharmaceuticals Incorporated (VRTX) 0.0 $333k 7.5k 44.40
General Mills (GIS) 0.0 $327k 8.4k 39.02
Buckeye Partners 0.0 $281k 4.5k 62.44
Plains All American Pipeline (PAA) 0.0 $295k 5.0k 59.00
Sangamo Biosciences (SGMO) 0.0 $329k 76k 4.36
Suburban Propane Partners (SPH) 0.0 $269k 5.8k 46.38
Sterling Ban 0.0 $299k 41k 7.26
PowerShares Water Resources 0.0 $286k 19k 15.04
Ligand Pharmaceuticals In (LGND) 0.0 $274k 20k 13.70
PowerShares Aerospace & Defense 0.0 $299k 18k 16.34
PowerShares Dynamic Food & Beverage 0.0 $270k 15k 17.93
POWERSHARES ETF TRUST II KBW HG Yld Fin 0.0 $317k 15k 20.76
Vanguard FTSE All Wld Ex USSml Cap (VSS) 0.0 $329k 4.2k 78.41
Bionovo (BNVI) 0.0 $285k 500k 0.57
PowerShares Autonomic BalancedNFA Gl ETF 0.0 $293k 25k 11.79
PowerShares Autonomic Growth NFA GloETF (PTO) 0.0 $303k 28k 10.70
Plug Power (PLUG) 0.0 $283k 156k 1.82
Johnson & Johnson (JNJ) 0.0 $241k 3.8k 63.64
Xilinx 0.0 $206k 7.5k 27.47
iShares MSCI Japan Index 0.0 $195k 21k 9.46
Measurement Specialties 0.0 $223k 8.6k 25.93
Walter Investment Management 0.0 $258k 11k 22.92
MannKind Corporation 0.0 $231k 83k 2.79
Central Fd Cda Ltd cl a 0.0 $207k 10k 20.70
Key Technology 0.0 $220k 20k 11.29
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.0 $225k 2.0k 112.44
iShares S&P GSCI Commodity-Indexed (GSG) 0.0 $263k 8.7k 30.16
Moly 0.0 $230k 7.0k 32.86
Broadwind Energy 0.0 $240k 750k 0.32
iShares MSCI Canada Index (EWC) 0.0 $267k 11k 25.50
iShares Russell Microcap Index (IWC) 0.0 $242k 6.2k 39.35
Threshold Pharmaceuticals 0.0 $247k 175k 1.41
PowerShares Cleantech Portfolio 0.0 $225k 11k 20.83
Advisorshares Tr cambria gl tac 0.0 $223k 9.3k 23.93
Market Vectors Etf Tr lat am sml cap 0.0 $200k 9.1k 22.00
PowerShares Dynamic Finl Sec Fnd 0.0 $252k 16k 15.65
Rydex Etf Trust equity 0.0 $209k 9.7k 21.60
T3 Motion 0.0 $211k 215k 0.98
RUSSELL EXCHANGE Traded Fds equity etf 0.0 $202k 8.3k 24.29
MF Global Holdings 0.0 $124k 30k 4.13
SPDR S&P Homebuilders (XHB) 0.0 $133k 10k 13.30
BioSante Pharmaceuticals 0.0 $135k 59k 2.29
VirnetX Holding Corporation 0.0 $153k 10k 15.00
Constellation Energy Partners 0.0 $180k 65k 2.78
PowerShares Dyn Leisure & Entert. 0.0 $170k 11k 16.22
Neoprobe Corp 0.0 $178k 60k 2.97
Quantum Fuel Systems Technolog 0.0 $126k 50k 2.50
Geron Corporation (GERN) 0.0 $61k 31k 1.99
Novavax 0.0 $105k 66k 1.60
KIT digital 0.0 $84k 10k 8.40
Ford Mtr Co Del *w exp 01/01/201 0.0 $111k 50k 2.22
PowerShares High Yld. Dividend Achv 0.0 $108k 13k 8.23
Api Technologies Corp 0.0 $99k 25k 3.93
Gilead Sciences (GILD) 0.0 $1.9M 52k 37.20
PDL BioPharma 0.0 $599k 104k 5.78
Celgene Corporation 0.0 $930k 17k 54.68
Consumer Staples Select Sect. SPDR (XLP) 0.0 $4.1M 138k 29.55
Cadence Pharmaceuticals 0.0 $479k 70k 6.84
Emdeon 0.0 $0 43k 0.00
Usa Technologies Inc *w exp 12/31/201 0.0 $15k 23k 0.65
Silver Bull Res 0.0 $22k 37k 0.59