Vault-13

CMS ENERGY CORP CMS 3.375 05.01.28

NOTE 3.375% 5/0 · US DOMESTIC · CUSIP 125896BX7

61 institutional holders +4 vs Q1 2025
23,123,22423.1m shares reported held*
$721.6mreported value*
8 new 19 added 15 reduced 3 sold out net bought ≈ $11.5m (-259.4k 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 ≈ $31.21.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q2 24: 47Q3 24: 54Q4 24: 58Q1 25: 57Q2 25: 6161Q2 24Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q2 202447
Q3 202454
Q4 202458
Q1 202557
Q2 202561

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 24: 26 bought or addedQ3 24: 20 cut or sold outQ3 24Q4 24: 16 bought or addedQ4 24: 24 cut or sold outQ4 24Q1 25: 26 bought or addedQ1 25: 18 cut or sold outQ1 25Q2 25: 27 bought or addedQ2 25: 18 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20242620
Q4 20241624
Q1 20252618
Q2 20252718

Biggest buyers

TENOR CAPITAL MANAGEMENT Co., L.P. New +30,000,000+30.0m
Magnetar Financial LLC New +12,500,000+12.5m
Portman Square Capital LLP New +9,900,000+9.9m
BlackRock, Inc. Added +9,455,000+9.5m
Verition Fund Management LLC New +6,500,000+6.5m
CITADEL ADVISORS LLC New +5,000,000+5.0m
Calamos Advisors LLC Added +4,471,000+4.5m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. Added +4,000,001+4.0m
Universal- Beteiligungs- und Servicegesellschaft mbH Added +3,511,000+3.5m
LAZARD ASSET MANAGEMENT LLC Added +3,383,000+3.4m

Biggest sellers

CAMDEN ASSET MANAGEMENT L P /CA Reduced -21,250,000-21.2m
Point72 Asset Management, L.P. Sold out -15,000,000-15.0m
Polar Asset Management Partners Inc. Reduced -10,000,000-10.0m
Man Group plc Reduced -10,000,000-10.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -9,780,000-9.8m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -6,145,000-6.1m
NEW YORK STATE COMMON RETIREMENT FUND Sold out -4,819,000-4.8m
BARCLAYS PLC Reduced -2,781,000-2.8m
BNP PARIBAS FINANCIAL MARKETS Reduced -2,766,000-2.8m
BANK OF AMERICA CORP /DE/ Reduced -2,012,000-2.0m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 LAZARD ASSET MANAGEMENT LLC 0.12% of their portfolio NEW YORK, NY 82,120,00082.1m $87.5m $87.5m 0.12% Added +3.4m +3,383,000
2 ADVENT CAPITAL MANAGEMENT /DE/ 1.61% of their portfolio NEW YORK, NY 68,845,00068.8m $73.4m $73.4m 1.61% Reduced -9.8m -9,780,000
3 Universal- Beteiligungs- und Servicegesellschaft mbH 0.12% of their portfolio FRANKFURT AM MAIN, 2M 63,158,00063.2m $67.6m $67.6m 0.12% Added +3.5m +3,511,000
4 Aequim Alternative Investments LP 2.08% of their portfolio MILL VALLEY, CA 60,000,00060.0m $63.9m $63.9m 2.08% Unchanged
5 Calamos Advisors LLC 0.26% of their portfolio NAPERVILLE, IL 56,418,00056.4m $60.1m $60.1m 0.26% Added +4.5m +4,471,000
6 TENOR CAPITAL MANAGEMENT Co., L.P. 0.43% of their portfolio NEW YORK, NY 30,000,00030.0m $32.1m $32.1m 0.43% New
7 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 27,957,00028.0m $29.7m $29.7m 0.02% Reduced -563.0k -563,000
8 BlackRock, Inc. 0.00% of their portfolio New York, NY 26,768,00026.8m $28.5m $28.5m 0.00% Added +9.5m +9,455,000
9 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 16,000,00016.0m $17.0m $17.0m 0.02% Unchanged
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,875,00015.9m $17.0m $17.0m 0.00% Reduced -1.0m -1,000,000
11 Magnetar Financial LLC 0.06% of their portfolio EVANSTON, IL 12,500,00012.5m $13.3m $13.3m 0.06% New
12 INCOME RESEARCH & MANAGEMENT 3.23% of their portfolio Boston, MA 11,374,00011.4m $12.1m $12.1m 3.23% Added +274.0k +274,000
13 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 11,150,00011.2m $11.9m $11.9m 0.00% Added +1.5m +1,499,000
14 OAKTREE CAPITAL MANAGEMENT LP 0.23% of their portfolio LOS ANGELES, CA 11,017,00011.0m $11.7m $11.7m 0.23% Added +550.0k +550,000
15 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.03% of their portfolio Paris, I0 11,000,00011.0m $11.7m $11.7m 0.03% Added +4.0m +4,000,001
16 CAMDEN ASSET MANAGEMENT L P /CA 0.27% of their portfolio Los Angeles, CA 10,841,00010.8m $11.5m $11.5m 0.27% Reduced -21.2m -21,250,000
17 Polar Asset Management Partners Inc. 0.27% of their portfolio TORONTO, A6 10,000,00010.0m $10.6m $10.6m 0.27% Reduced -10.0m -10,000,000
18 Portman Square Capital LLP 1.14% of their portfolio London, X0 9,900,0009.9m $10.5m $10.5m 1.14% New
19 TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio NEW YORK, NY 9,621,0009.6m $10.2m $10.2m 0.02% Added +2.1m +2,121,000
20 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 9,449,0009.4m $10.1m $10.1m 0.00% Added +189.0k +189,000
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 8,888,0008.9m $9.4m $9.4m 0.00% Reduced -899.0k -899,000
22 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 8,850,0008.8m $9.4m $9.4m 0.01% Added +600.0k +600,000
23 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 7,055,0007.1m $7.5m $7.5m 0.02% Reduced -160.0k -160,000
24 Verition Fund Management LLC 0.04% of their portfolio GREENWICH, CT 6,500,0006.5m $6.9m $6.9m 0.04% New
25 ARISTEIA CAPITAL, L.L.C. 0.18% of their portfolio GREENWICH, CT 6,000,0006.0m $6.4m $6.4m 0.18% Added +3.0m +3,000,000
26 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 5,795,0005.8m $6.2m $6.2m 0.00% Reduced -2.0m -2,012,000
27 FMR LLC 0.00% of their portfolio BOSTON, MA 5,273,0005.3m $5.6m $5.6m 0.00% Unchanged
28 GABELLI FUNDS LLC 0.04% of their portfolio Rye, NY 5,100,0005.1m $5.4m $5.4m 0.04% Unchanged
29 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 5,000,0005.0m $5.3m $5.3m 0.00% New
30 ZAZOVE ASSOCIATES LLC 0.43% of their portfolio INCLINE VILLAGE, NV 4,975,0005.0m $5.3m $5.3m 0.43% Unchanged
31 SHENKMAN CAPITAL MANAGEMENT INC 0.53% of their portfolio NEW YORK, NY 4,793,0004.8m $5.3m $5.3m 0.53% Reduced -6.1m -6,145,000
32 Man Group plc 0.01% of their portfolio LONDON, X0 4,400,0004.4m $4.7m $4.7m 0.01% Reduced -10.0m -10,000,000
33 Amundi 0.00% of their portfolio Paris, I0 4,100,0004.1m $4.4m $4.4m 0.00% Unchanged
34 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 3,486,0003.5m $3.7m $3.7m 0.00% Added +179.0k +179,000
35 SSI INVESTMENT MANAGEMENT LLC 0.20% of their portfolio Los Angeles, CA 2,683,0002.7m $2.9m $2.9m 0.20% Unchanged
36 Wellesley Asset Management 0.26% of their portfolio PORTSMOUTH, NH 2,557,0002.6m $2.7m $2.7m 0.26% Added +901.0k +901,000
37 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 2,500,0002.5m $2.7m $2.7m 0.00% Unchanged
38 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 2,250,0002.2m $2.2m $2.2m 0.02% Added +250.0k +250,000
39 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,405,0001.4m $1.5m $1.5m 0.00% Added +76.0k +76,000
40 Union Bancaire Privee, UBP SA 0.02% of their portfolio GENEVA 1, V8 1,145,0001.1m $1.0m $1.0m 0.02% Unchanged
41 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 982,000982.0k $1.0m $1.0m 0.00% Reduced -2.8m -2,766,000
42 AEGON USA Investment Management, LLC 0.72% of their portfolio CEDAR RAPIDS, IA 905,000905.0k $962.0k $962.0k 0.72% Unchanged
43 Calamos Wealth Management LLC 0.04% of their portfolio NAPERVILLE, IL 828,000828.0k $881.5k $881.5k 0.04% Reduced -51.0k -51,000
44 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 763,000763.0k $816.0k $816.0k 0.00% Unchanged
45 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 561,000561.0k $594.2k $594.2k 0.00% New
46 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 500,000500.0k $534.9k $534.9k 0.00% Added +500.0k +500,000
47 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $425.5k $425.5k 0.00% Unchanged
48 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 348,000348.0k $370.7k $370.7k 0.01% Added +100.0k +100,000
49 NOMURA HOLDINGS INC 0.18% of their portfolio TOKYO, M0 327,224327.2k $22.7m $22.7m 0.18% Added +295.6k +295,589
50 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 263,000263.0k $279.8k $279.8k 0.00% Reduced -2.8m -2,781,000
51 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 42,00042.0k $44.6k $44.6k 0.03% Unchanged
52 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 32,00032.0k $34.0k $34.0k 0.00% Unchanged
53 Oaktree Fund Advisors, LLC 0.04% of their portfolio LOS ANGLES, CA 20,00020.0k $21.3k $21.3k 0.04% Unchanged
54 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 18,00018.0k $19.1k $19.1k 0.00% Reduced -4.0k -4,000
55 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 15,00015.0k $15.9k $15.9k 0.00% New
56 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 10,00010.0k $10.6k $10.6k 0.00% Unchanged
57 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 7,0007.0k $7.4k $7.4k 0.00% Unchanged
58 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,0006.0k $6.4k $6.4k 0.00% Reduced -1.8m -1,781,000
59 Alken Asset Management Ltd 6.58% of their portfolio LONDON, X0 3,5503.5k $3.8m $3.8m 6.58% Unchanged
60 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 3,0003.0k $3.2k $3.2k 0.00% New
61 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged