Vault-13

AMERICAN AIRLINES GROUP INC AAL 6.5 07.01.25

NOTE 6.500% 7/0 · US DOMESTIC · CUSIP 02376RAF9

55 institutional holders -6 vs Q1 2025
29,396,00029.4m shares reported held*
$939.3mreported value*
17 new 14 added 10 reduced 23 sold out net sold ≈ $229.8m (-10.7m 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 ≈ $31.95.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 67Q4 22: 73Q1 23: 74Q2 23: 74Q3 23: 76Q4 23: 73Q1 24: 75Q2 24: 70Q3 24: 64Q4 24: 72Q1 25: 61Q2 25: 5555Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202267
Q4 202273
Q1 202374
Q2 202374
Q3 202376
Q4 202373
Q1 202475
Q2 202470
Q3 202464
Q4 202472
Q1 202561
Q2 202555

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q3 23: 33 bought or addedQ3 23: 34 cut or sold outQ4 23: 34 bought or addedQ4 23: 34 cut or sold outQ4 23Q1 24: 34 bought or addedQ1 24: 31 cut or sold outQ2 24: 29 bought or addedQ2 24: 40 cut or sold outQ2 24Q3 24: 24 bought or addedQ3 24: 32 cut or sold outQ4 24: 29 bought or addedQ4 24: 31 cut or sold outQ4 24Q1 25: 22 bought or addedQ1 25: 44 cut or sold outQ2 25: 31 bought or addedQ2 25: 33 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20233334
Q4 20233434
Q1 20243431
Q2 20242940
Q3 20242432
Q4 20242931
Q1 20252244
Q2 20253133

Biggest buyers

GLAZER CAPITAL, LLC New +109,035,000+109.0m
MILLENNIUM MANAGEMENT LLC New +49,765,000+49.8m
MORGAN STANLEY New +38,398,000+38.4m
Shaolin Capital Management LLC Added +35,740,000+35.7m
Mint Tower Capital Management B.V. New +27,500,000+27.5m
CITIGROUP INC Added +21,046,000+21.0m
Radcliffe Capital Management, L.P. New +17,000,000+17.0m
LORD, ABBETT & CO. LLC New +16,500,000+16.5m
RiverPark Advisors, LLC New +15,709,000+15.7m
KIM, LLC New +15,000,000+15.0m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -253,660,000-253.7m
MOORE CAPITAL MANAGEMENT, LP Sold out -71,047,000-71.0m
CSS LLC/IL Reduced -64,683,000-64.7m
LAZARD ASSET MANAGEMENT LLC Sold out -42,451,000-42.5m
AQR Arbitrage LLC Sold out -31,545,000-31.5m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Sold out -28,575,000-28.6m
STATE STREET CORP Sold out -20,252,000-20.3m
Jain Global LLC Sold out -15,000,000-15.0m
Balyasny Asset Management L.P. Sold out -13,500,000-13.5m
ANGELO GORDON & CO., L.P. Reduced -12,500,000-12.5m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.15% of their portfolio ATLANTA, GA 146,200,000146.2m $146.3m $146.3m 0.15% Reduced -253.7m -253,660,000
2 Shaolin Capital Management LLC 5.33% of their portfolio Miami, FL 118,600,000118.6m $122.5m $122.5m 5.33% Added +35.7m +35,740,000
3 GLAZER CAPITAL, LLC 3.90% of their portfolio New York, NY 109,035,000109.0m $109.0m $109.0m 3.90% New
4 Walleye Capital LLC 0.58% of their portfolio NEW YORK, NY 62,241,00062.2m $62.3m $62.3m 0.58% Added +7.5m +7,500,000
5 SONA ASSET MANAGEMENT (US) LLC 2.04% of their portfolio NEW YORK, NY 60,246,00060.2m $60.2m $60.2m 2.04% Added +6.3m +6,346,000
6 WHITEBOX ADVISORS LLC 1.56% of their portfolio MINNEAPOLIS, MN 57,486,00057.5m $57.4m $57.4m 1.56% Unchanged
7 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 49,765,00049.8m $49.8m $49.8m 0.04% New
8 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 38,398,00038.4m $38.4m $38.4m 0.00% New
9 Mint Tower Capital Management B.V. 4.14% of their portfolio AMSTERDAM, P7 27,500,00027.5m $27.5m $27.5m 4.14% New
10 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 25,209,00025.2m $25.2m $25.2m 0.02% Added +21.0m +21,046,000
11 ANGELO GORDON & CO., L.P. 2.59% of their portfolio NEW YORK, NY 19,500,00019.5m $19.5m $19.5m 2.59% Reduced -12.5m -12,500,000
12 Radcliffe Capital Management, L.P. 1.29% of their portfolio BALA CYNWYD, PA 17,000,00017.0m $17.0m $17.0m 1.29% New
13 LORD, ABBETT & CO. LLC 0.05% of their portfolio JERSEY CITY, NJ 16,500,00016.5m $16.5m $16.5m 0.05% New
14 RiverPark Advisors, LLC 9.66% of their portfolio NEW YORK, NY 15,709,00015.7m $15.7m $15.7m 9.66% New
15 KIM, LLC 1.56% of their portfolio WICHITA, KS 15,000,00015.0m $15.0m $15.0m 1.56% New
16 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.03% of their portfolio TORONTO, A6 13,000,00013.0m $13.0m $13.0m 0.03% New
17 ADVENT CAPITAL MANAGEMENT /DE/ 0.24% of their portfolio NEW YORK, NY 11,131,00011.1m $11.1m $11.1m 0.24% Added +1.0m +1,026,000
18 Calamos Advisors LLC 0.04% of their portfolio NAPERVILLE, IL 10,500,00010.5m $10.5m $10.5m 0.04% Reduced -7.0m -7,000,000
19 Sculptor Capital LP 0.16% of their portfolio New York, NY 10,000,00010.0m $10.0m $10.0m 0.16% New
20 QVT Financial LP 1.40% of their portfolio New York, NY 10,000,00010.0m $10.0m $10.0m 1.40% Added +1.5m +1,500,000
21 Lombard Odier Asset Management (Europe) Ltd 0.63% of their portfolio LONDON, X0 8,772,0008.8m $8.8m $8.8m 0.63% Unchanged
22 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 6,550,0006.5m $6.6m $6.6m 0.01% Reduced -3.5m -3,500,000
23 Man Group plc 0.01% of their portfolio LONDON, X0 5,229,0005.2m $5.2m $5.2m 0.01% Unchanged
24 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,000,0005.0m $5.0m $5.0m 0.00% Added +5.0m +4,998,000
25 Parallax Volatility Advisers, L.P. 0.20% of their portfolio San Francisco, CA 5,000,0005.0m $5.0m $5.0m 0.20% Unchanged
26 Fort Baker Capital Management LP 0.83% of their portfolio Larkspur, CA 4,581,0004.6m $4.7m $4.7m 0.83% New
27 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 3,562,0003.6m $3.6m $3.6m 0.00% Reduced -5.9m -5,934,000
28 SSI INVESTMENT MANAGEMENT LLC 0.24% of their portfolio Los Angeles, CA 3,357,0003.4m $3.4m $3.4m 0.24% Added +3.0m +2,981,000
29 PALISADE CAPITAL MANAGEMENT, LP 0.09% of their portfolio FORT LEE, NJ 3,100,0003.1m $3.1m $3.1m 0.09% New
30 RWC Asset Management LLP 0.15% of their portfolio LONDON, X0 2,900,0002.9m $2.9m $2.9m 0.15% Reduced -1.0m -1,000,000
31 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 2,750,0002.8m $2.8m $2.8m 0.00% Added +1.8m +1,750,000
32 CSS LLC/IL 0.16% of their portfolio CHICAGO, IL 2,500,0002.5m $2.5m $2.5m 0.16% Reduced -64.7m -64,683,000
33 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,500,0002.5m $2.6m $2.6m 0.01% Added +1 +1
34 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.01% of their portfolio HARRISBURG, PA 2,490,0002.5m $2.5m $2.5m 0.01% New
35 MacKay Shields LLC 0.07% of their portfolio New York, NY 2,315,0002.3m $2.3m $2.3m 0.07% Reduced -5.0m -5,000,000
36 ZAZOVE ASSOCIATES LLC 0.16% of their portfolio INCLINE VILLAGE, NV 2,000,0002.0m $2.0m $2.0m 0.16% Reduced -6.3m -6,305,000
37 FEDERATED HERMES, INC. 0.00% of their portfolio PITTSBURGH, PA 2,000,0002.0m $2.0m $2.0m 0.00% Unchanged
38 OAKTREE CAPITAL MANAGEMENT LP 0.03% of their portfolio LOS ANGELES, CA 1,500,0001.5m $1.5m $1.5m 0.03% New
39 Kohlberg Kravis Roberts & Co. L.P. 0.02% of their portfolio NEW YORK, NY 874,000874.0k $874.8k $874.8k 0.02% Unchanged
40 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 846,000846.0k $845.2k $845.2k 0.00% Unchanged
41 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 750,000750.0k $774.5k $774.5k 0.00% Reduced -716.0k -716,000
42 Erste Asset Management GmbH 0.01% of their portfolio VIENNA, C4 740,000740.0k $739.7k $739.7k 0.01% New
43 M&G PLC 0.00% of their portfolio London, X0 500,000500.0k $500.0k $500.0k 0.00% New
44 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 416,000416.0k $416.0k $416.0k 0.00% Added +11.0k +11,000
45 BEESE FULMER INVESTMENT MANAGEMENT, INC. 0.01% of their portfolio CANTON, OH 175,000175.0k $175.1k $175.1k 0.01% Unchanged
46 Sonora Investment Management Group, LLC 0.01% of their portfolio TUCSON, AZ 150,000150.0k $154.9k $154.9k 0.01% Unchanged
47 VIRTUS ADVISERS, LLC 0.04% of their portfolio HARTFORD, CT 60,00060.0k $59.9k $59.9k 0.04% Unchanged
48 Pinnacle Holdings, LLC 0.02% of their portfolio TULSA, OK 50,00050.0k $50.0k $50.0k 0.02% Unchanged
49 Full Sail Capital, LLC 0.00% of their portfolio OKLAHOMA CITY, OK 50,00050.0k $50.0k $50.0k 0.00% Unchanged
50 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 21,75021.8k $2.2m $2.2m 0.01% Added +19.9k +19,860
51 Rokos Capital Management LLP 0.25% of their portfolio LONDON, X0 15,00015.0k $15.0m $15.0m 0.25% New
52 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 15,00015.0k $15.0k $15.0k 0.00% Unchanged
53 K2 PRINCIPAL FUND, L.P. 2.59% of their portfolio TORONTO, A6 14,13714.1k $14.1m $14.1m 2.59% Added +9.1k +9,137
54 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4,0004.0k $4.0k $4.0k 0.00% Added +2.0k +2,000
55 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged