Vault-13

CERENCE INC CRNC 1.5 07.01.28

NOTE 1.500% 7/0 · US DOMESTIC · CUSIP 156727AD1

20 institutional holders -3 vs Q1 2025
$178.7mprincipal reported held*
$158.9mreported value*
2 new 5 added 6 reduced 5 sold out net sold ≈ $1.7m (-3.0m 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 ($1.3m this quarter). Holder counts are more reliable.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q3 24: 15Q4 24: 16Q1 25: 23Q2 25: 2020Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q3 202415
Q4 202416
Q1 202523
Q2 202520

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q4 24: 5 bought or addedQ4 24: 5 cut or sold outQ4 24Q1 25: 12 bought or addedQ1 25: 10 cut or sold outQ1 25Q2 25: 7 bought or addedQ2 25: 11 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q4 202455
Q1 20251210
Q2 2025711

Biggest buyers

AGF MANAGEMENT LTD New +18,658,000+18.7m
OAKTREE CAPITAL MANAGEMENT LP Added +4,275,000+4.3m
Russell Investments Group, Ltd. Added +3,402,000+3.4m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Added +2,097,000+2.1m
Linden Advisors LP Added +725,000+725.0k
Abacus Planning Group, Inc. New +100,000+100.0k
Penn Mutual Asset Management Added +50,000+50.0k

Biggest sellers

WELLS FARGO & COMPANY/MN Reduced -6,050,000-6.0m
Opti Capital Management, LP Sold out -5,896,000-5.9m
WOLVERINE ASSET MANAGEMENT LLC Sold out -5,538,000-5.5m
Jump Financial, LLC Sold out -3,000,000-3.0m
ABSOLUTE INVESTMENT ADVISERS, LLC Sold out -3,000,000-3.0m
AMERIPRISE FINANCIAL INC Reduced -3,000,000-3.0m
READYSTATE ASSET MANAGEMENT LP Reduced -2,210,000-2.2m
SILVERBACK ASSET MANAGEMENT LLC Reduced -2,000,000-2.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -590,000-590.0k
CSS LLC/IL Reduced -275,000-275.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.27% of their portfolio New York, NY 57,225,00057.2m $44.2m $44.2m 0.27% Added +725.0k +725,000
2 HIGHBRIDGE CAPITAL MANAGEMENT LLC 1.62% of their portfolio NEW YORK, NY 40,500,00040.5m $31.3m $31.3m 1.62% Added +2.1m +2,097,000
3 AGF MANAGEMENT LTD 0.06% of their portfolio TORONTO, A6 18,658,00018.7m $14.1m $14.1m 0.06% New
4 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 10,359,00010.4m $8.0m $8.0m 0.00% Reduced -6.0m -6,050,000
5 SILVERBACK ASSET MANAGEMENT LLC 1.19% of their portfolio DURHAM, NC 10,000,00010.0m $7.7m $7.7m 1.19% Reduced -2.0m -2,000,000
6 READYSTATE ASSET MANAGEMENT LP 0.29% of their portfolio CHICAGO, IL 9,190,0009.2m $7.0m $7.0m 0.29% Reduced -2.2m -2,210,000
7 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 7,000,0007.0m $5.3m $5.3m 0.00% Reduced -3.0m -3,000,000
8 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 5,000,0005.0m $3.9m $3.9m 0.00% Unchanged
9 OAKTREE CAPITAL MANAGEMENT LP 0.07% of their portfolio LOS ANGELES, CA 4,865,0004.9m $3.7m $3.7m 0.07% Added +4.3m +4,275,000
10 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 3,812,0003.8m $3.0m $3.0m 0.00% Added +3.4m +3,402,000
11 TENOR CAPITAL MANAGEMENT Co., L.P. 0.04% of their portfolio NEW YORK, NY 3,379,0003.4m $2.6m $2.6m 0.04% Unchanged
12 Penn Mutual Asset Management 3.48% of their portfolio Conshohocken, PA 2,575,0002.6m $2.0m $2.0m 3.48% Added +50.0k +50,000
13 FMR LLC 0.00% of their portfolio BOSTON, MA 2,180,0002.2m $1.6m $1.6m 0.00% Unchanged
14 ADVENT CAPITAL MANAGEMENT /DE/ 0.04% of their portfolio NEW YORK, NY 2,115,0002.1m $1.6m $1.6m 0.04% Reduced -590.0k -590,000
15 Walleye Capital LLC 0.01% of their portfolio NEW YORK, NY 1,500,0001.5m $1.1m $1.1m 0.01% Unchanged
16 CSS LLC/IL 0.01% of their portfolio CHICAGO, IL 225,000225.0k $176.5k $176.5k 0.01% Reduced -275.0k -275,000
17 Abacus Planning Group, Inc. 0.01% of their portfolio COLUMBIA, SC 100,000100.0k $77.3k $77.3k 0.01% New
18 Context Capital Management, LLC 0.76% of their portfolio LAJOLLA, CA 29,17029.2k $22.4m $22.4m 0.76% Unchanged
19 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 2,9503.0k $229.0k $229.0k 0.00% Unchanged
20 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged