Vault-13

ALNYLAM PHARMACEUTICALS INC ALNY 1 09.15.27

NOTE 1.000% 9/1 · US DOMESTIC · CUSIP 02043QAB3

71 institutional holders -2 vs Q1 2025
9,004,0009.0m shares reported held*
$1.3bnreported value*
11 new 14 added 25 reduced 13 sold out net sold ≈ $179.3m (+2.7m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $143.18.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 23: 57Q4 23: 70Q1 24: 72Q2 24: 68Q3 24: 60Q4 24: 68Q1 25: 73Q2 25: 7171Q3 23Q1 24Q3 24Q1 25Q2 25
Numbers
QuarterHolders
Q3 202357
Q4 202370
Q1 202472
Q2 202468
Q3 202460
Q4 202468
Q1 202573
Q2 202571

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 23: 37 bought or addedQ4 23: 23 cut or sold outQ4 23Q1 24: 32 bought or addedQ1 24: 35 cut or sold outQ2 24: 29 bought or addedQ2 24: 37 cut or sold outQ2 24Q3 24: 25 bought or addedQ3 24: 39 cut or sold outQ4 24: 24 bought or addedQ4 24: 31 cut or sold outQ4 24Q1 25: 32 bought or addedQ1 25: 30 cut or sold outQ2 25: 25 bought or addedQ2 25: 38 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q4 20233723
Q1 20243235
Q2 20242937
Q3 20242539
Q4 20242431
Q1 20253230
Q2 20252538

Biggest buyers

TENOR CAPITAL MANAGEMENT Co., L.P. Added +36,814,000+36.8m
Opti Capital Management, LP New +27,000,000+27.0m
STEELHEAD PARTNERS LLC Added +22,000,000+22.0m
MILLENNIUM MANAGEMENT LLC New +20,000,000+20.0m
Davidson Kempner Capital Management LP Added +15,000,000+15.0m
BNP PARIBAS FINANCIAL MARKETS Added +10,956,000+11.0m
LAZARD ASSET MANAGEMENT LLC Added +10,195,000+10.2m
Alberta Investment Management Corp Added +10,000,000+10.0m
MANUFACTURERS LIFE INSURANCE COMPANY, THE New +8,500,000+8.5m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND New +5,000,000+5.0m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -139,685,000-139.7m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -74,000,000-74.0m
FMR LLC Reduced -26,700,000-26.7m
ARISTEIA CAPITAL, L.L.C. Sold out -18,000,000-18.0m
ZAZOVE ASSOCIATES LLC Reduced -7,635,000-7.6m
CAPSTONE INVESTMENT ADVISORS, LLC Sold out -7,500,000-7.5m
Point72 Asset Management, L.P. Sold out -5,000,000-5.0m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -4,824,000-4.8m
Mirabaud Asset Management (France) SAS Sold out -4,300,000-4.3m
BlackRock, Inc. Reduced -3,435,000-3.4m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.23% of their portfolio ATLANTA, GA 176,685,000176.7m $230.0m $230.0m 0.23% Reduced -139.7m -139,685,000
2 DEERFIELD MANAGEMENT COMPANY, L.P. 2.60% of their portfolio New York, NY 110,000,000110.0m $143.2m $143.2m 2.60% Unchanged
3 STEELHEAD PARTNERS LLC 4.26% of their portfolio SEATTLE, WA 65,000,00065.0m $84.6m $84.6m 4.26% Added +22.0m +22,000,000
4 Davidson Kempner Capital Management LP 1.29% of their portfolio New York, NY 65,000,00065.0m $84.4m $84.4m 1.29% Added +15.0m +15,000,000
5 LAZARD ASSET MANAGEMENT LLC 0.10% of their portfolio NEW YORK, NY 54,618,00054.6m $71.1m $71.1m 0.10% Added +10.2m +10,195,000
6 TENOR CAPITAL MANAGEMENT Co., L.P. 0.96% of their portfolio NEW YORK, NY 54,335,00054.3m $70.9m $70.9m 0.96% Added +36.8m +36,814,000
7 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 45,645,00045.6m $59.3m $59.3m 0.01% Unchanged
8 Calamos Advisors LLC 0.23% of their portfolio NAPERVILLE, IL 41,319,00041.3m $53.8m $53.8m 0.23% Reduced -7.0k -7,000
9 Aequim Alternative Investments LP 1.59% of their portfolio MILL VALLEY, CA 37,500,00037.5m $48.8m $48.8m 1.59% Reduced -2.5m -2,500,000
10 Opti Capital Management, LP 2.00% of their portfolio New York, NY 27,000,00027.0m $35.2m $35.2m 2.00% New
11 Alberta Investment Management Corp 0.26% of their portfolio EDMONTON, A0 25,000,00025.0m $32.6m $32.6m 0.26% Added +10.0m +10,000,000
12 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 20,000,00020.0m $26.0m $26.0m 0.02% New
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 19,920,00019.9m $25.9m $25.9m 0.00% Reduced -1.5m -1,525,000
14 DeepCurrents Investment Group LLC 0.87% of their portfolio NEW YORK, NY 18,257,00018.3m $23.8m $23.8m 0.87% Reduced -2.5m -2,500,000
15 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 18,208,00018.2m $23.8m $23.8m 0.00% Added +2.5m +2,490,000
16 FMR LLC 0.00% of their portfolio BOSTON, MA 18,048,00018.0m $23.4m $23.4m 0.00% Reduced -26.7m -26,700,000
17 ZAZOVE ASSOCIATES LLC 1.90% of their portfolio INCLINE VILLAGE, NV 17,845,00017.8m $23.2m $23.2m 1.90% Reduced -7.6m -7,635,000
18 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 16,498,00016.5m $21.5m $21.5m 0.02% Added +11.0m +10,956,000
19 MacKay Shields LLC 0.64% of their portfolio New York, NY 15,268,00015.3m $19.9m $19.9m 0.64% Reduced -83.0k -83,000
20 Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio FRANKFURT AM MAIN, 2M 14,691,00014.7m $19.2m $19.2m 0.03% Reduced -2.2m -2,171,000
21 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 12,300,00012.3m $15.9m $15.9m 0.02% Unchanged
22 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 11,028,00011.0m $14.3m $14.3m 0.00% Added +1.1m +1,053,000
23 BlackRock, Inc. 0.00% of their portfolio New York, NY 9,950,0009.9m $12.9m $12.9m 0.00% Reduced -3.4m -3,435,000
24 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio Toronto, A6 8,500,0008.5m $11.0m $11.0m 0.01% New
25 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 6,849,0006.8m $8.9m $8.9m 0.00% Added +113.0k +113,000
26 SSI INVESTMENT MANAGEMENT LLC 0.63% of their portfolio Los Angeles, CA 6,837,0006.8m $8.9m $8.9m 0.63% Reduced -241.0k -241,000
27 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,503,0005.5m $7.1m $7.1m 0.00% Reduced -47.0k -47,000
28 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 5,000,0005.0m $6.5m $6.5m 0.01% Reduced -3.0m -3,000,000
29 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 5,000,0005.0m $6.5m $6.5m 0.01% New
30 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 4,950,0005.0m $6.4m $6.4m 0.02% Unchanged
31 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 4,500,0004.5m $5.8m $5.8m 0.00% Reduced -1.5m -1,502,000
32 SHENKMAN CAPITAL MANAGEMENT INC 0.54% of their portfolio NEW YORK, NY 3,625,0003.6m $5.5m $5.5m 0.54% Reduced -4.8m -4,824,000
33 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,486,0003.5m $4.5m $4.5m 0.00% Added +1.7m +1,743,000
34 Nicholas Investment Partners, LP 0.38% of their portfolio RANCHO SANTA FE, CA 3,250,0003.2m $4.2m $4.2m 0.38% New
35 Amundi 0.00% of their portfolio Paris, I0 3,200,0003.2m $4.2m $4.2m 0.00% Unchanged
36 Man Group plc 0.01% of their portfolio LONDON, X0 2,910,0002.9m $3.8m $3.8m 0.01% Reduced -250.0k -250,000
37 RWC Asset Management LLP 0.18% of their portfolio LONDON, X0 2,700,0002.7m $3.5m $3.5m 0.18% Reduced -1.4m -1,400,000
38 AXA S.A. 0.01% of their portfolio PARIS, I0 2,650,0002.6m $3.5m $3.5m 0.01% Unchanged
39 GABELLI FUNDS LLC 0.02% of their portfolio Rye, NY 2,500,0002.5m $3.3m $3.3m 0.02% Unchanged
40 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 2,500,0002.5m $2.5m $2.5m 0.02% New
41 Polar Capital Holdings Plc 0.02% of their portfolio London, X0 2,500,0002.5m $3.2m $3.2m 0.02% Unchanged
42 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 2,150,0002.1m $2.8m $2.8m 0.00% Unchanged
43 Union Bancaire Privee, UBP SA 0.03% of their portfolio GENEVA 1, V8 2,130,0002.1m $2.3m $2.3m 0.03% Unchanged
44 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 2,000,0002.0m $2.6m $2.6m 0.01% New
45 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 1,700,0001.7m $2.2m $2.2m 0.00% Added +700.0k +700,000
46 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,660,0001.7m $2.2m $2.2m 0.00% Unchanged
47 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 1,602,0001.6m $2.1m $2.1m 0.00% New
48 Erste Asset Management GmbH 0.02% of their portfolio VIENNA, C4 1,400,0001.4m $1.8m $1.8m 0.02% Added +1.4m +1,400,000
49 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,268,0001.3m $1.6m $1.6m 0.00% Reduced -1.1m -1,063,000
50 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 1,200,0001.2m $1.6m $1.6m 0.00% Unchanged
51 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 950,000950.0k $1.2m $1.2m 0.01% Reduced -400.0k -400,000
52 OAKTREE CAPITAL MANAGEMENT LP 0.02% of their portfolio LOS ANGELES, CA 750,000750.0k $976.1k $976.1k 0.02% Reduced -250.0k -250,000
53 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 710,000710.0k $915.5k $915.5k 0.00% Reduced -2.0k -2,000
54 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 490,000490.0k $639.4k $639.4k 0.00% Added +97.0k +97,000
55 Central Pacific Bank - Trust Division 0.06% of their portfolio HONOLULU, HI 368,000368.0k $478.0k $478.0k 0.06% Reduced -30.0k -30,000
56 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 251,000251.0k $326.0k $326.0k 0.00% Unchanged
57 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 200,000200.0k $259.8k $259.8k 0.00% New
58 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 200,000200.0k $260.3k $260.3k 0.01% Unchanged
59 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 136,000136.0k $176.7k $176.7k 0.00% Reduced -2.0m -1,992,000
60 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 79,00079.0k $102.6k $102.6k 0.00% Unchanged
61 Calamos Wealth Management LLC 0.00% of their portfolio NAPERVILLE, IL 65,00065.0k $84.6k $84.6k 0.00% Reduced -15.0k -15,000
62 VIRTUS ADVISERS, LLC 0.04% of their portfolio HARTFORD, CT 47,00047.0k $61.1k $61.1k 0.04% Unchanged
63 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 24,00024.0k $31.2k $31.2k 0.00% Added +2.0k +2,000
64 Balboa Wealth Partners 0.00% of their portfolio SCOTTSDALE, AZ 15,00015.0k $19.4k $19.4k 0.00% Reduced -2.0k -2,000
65 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 2,0002.0k $2.6k $2.6k 0.00% Unchanged
66 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 2,0002.0k $2.6k $2.6k 0.00% Unchanged
67 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,0001.0k $1.3k $1.3k 0.00% New
68 Alken Asset Management Ltd 2.26% of their portfolio LONDON, X0 1,0001.0k $1.3m $1.3m 2.26% New
69 UBS Group AG 0.00% of their portfolio ZURICH, V8 330330 $429 $429 0.00% Unchanged
70 Candriam S.C.A. 0.00% of their portfolio STRASSEN, N4 200200 $258.5k $258.5k 0.00% Unchanged
71 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged