Vault-13

DROPBOX INC DBX 0 03.01.26

NOTE 3/0 · US DOMESTIC · CUSIP 26210CAC8

63 institutional holders +5 vs Q1 2023
31,904,60031.9m shares reported held*
$645.8mreported value*
11 new 14 added 16 reduced 6 sold out net sold ≈ $2.1m (+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 ($8.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $20.50. Options: 0 managers hold calls (— notional), 1 hold puts ($15.1m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 60Q4 22: 62Q1 23: 58Q2 23: 6363Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202260
Q4 202262
Q1 202358
Q2 202363

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 24 bought or addedQ4 22: 22 cut or sold outQ4 22Q1 23: 25 bought or addedQ1 23: 25 cut or sold outQ1 23Q2 23: 25 bought or addedQ2 23: 22 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222422
Q1 20232525
Q2 20232522

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$10m$20m$30mQ3 22 calls: $0Q3 22 puts: $21.6mQ3 22P/C —Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $15.1mQ2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$21.6m—
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$15.1m—

Biggest buyers

BANK OF MONTREAL /CAN/ Added +13,668,000+13.7m
TWO SIGMA INVESTMENTS, LP Added +8,388,000+8.4m
MacKay Shields LLC New +7,960,000+8.0m
WELLS FARGO & COMPANY/MN Added +6,801,000+6.8m
RWC Asset Management LLP Added +6,000,000+6.0m
Jefferies Financial Group Inc. New +4,532,000+4.5m
SONA ASSET MANAGEMENT (US) LLC Added +3,375,000+3.4m
Flow State Investments, L.P. New +3,000,000+3.0m
STATE STREET CORP Added +3,000,000+3.0m
Maven Securities LTD New +3,000,000+3.0m

Biggest sellers

STEELHEAD PARTNERS LLC Sold out -11,240,000-11.2m
Opti Capital Management, LP Sold out -10,850,000-10.8m
GOLDMAN SACHS GROUP INC Reduced -5,500,000-5.5m
AVIVA PLC Reduced -5,000,000-5.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -4,940,000-4.9m
ROYAL BANK OF CANADA Reduced -4,745,000-4.7m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -4,426,000-4.4m
FMR LLC Reduced -3,900,000-3.9m
Taconic Capital Advisors LP Reduced -3,500,000-3.5m
BNP PARIBAS FINANCIAL MARKETS Reduced -3,399,000-3.4m

Biggest calls

None

Biggest puts

Shaolin Capital Management LLC New $15.1m16.0m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.17% of their portfolio New York, NY 117,469,000117.5m $111.0m $111.0m 1.17% Unchanged
2 Invesco Ltd. 0.02% of their portfolio ATLANTA, GA 72,124,00072.1m $68.0m $68.0m 0.02% Unchanged
3 TWO SIGMA INVESTMENTS, LP 0.11% of their portfolio NEW YORK, NY 41,888,00041.9m $39.5m $39.5m 0.11% Added +8.4m +8,388,000
4 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 39,279,00039.3m $37.1m $37.1m 0.01% Added +13.7m +13,668,000
5 SONA ASSET MANAGEMENT (US) LLC 6.68% of their portfolio NEW YORK, NY 30,175,00030.2m $28.6m $28.6m 6.68% Added +3.4m +3,375,000
6 Calamos Advisors LLC 0.11% of their portfolio NAPERVILLE, IL 23,000,00023.0m $21.7m $21.7m 0.11% Unchanged
7 CAMDEN ASSET MANAGEMENT L P /CA 0.71% of their portfolio Los Angeles, CA 21,850,00021.9m $20.6m $20.6m 0.71% Added +1.5m +1,500,000
8 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 20,622,00020.6m $19.4m $19.4m 0.03% Added +564.0k +564,000
9 AVIVA PLC 0.08% of their portfolio LONDON, X0 20,000,00020.0m $19.0m $19.0m 0.08% Reduced -5.0m -5,000,000
10 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 18,167,00018.2m $17.2m $17.2m 0.00% Added +6.8m +6,801,000
11 ADVENT CAPITAL MANAGEMENT /DE/ 0.34% of their portfolio NEW YORK, NY 17,888,00017.9m $16.9m $16.9m 0.34% Reduced -4.9m -4,940,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 16,679,00016.7m $15.8m $15.8m 0.00% Added +3.0m +3,000,000
13 BlackRock Inc. 0.00% of their portfolio New York, NY 16,310,00016.3m $15.4m $15.4m 0.00% Reduced -350.0k -350,000
14 TENOR CAPITAL MANAGEMENT Co., L.P. 0.32% of their portfolio NEW YORK, NY 15,900,00015.9m $15.1m $15.1m 0.32% Added +2.9m +2,900,000
15 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 14,550,00014.6m $13.7m $13.7m 0.02% Added +500.0k +500,000
16 III Capital Management 0.90% of their portfolio BOCA RATON, FL 12,144,00012.1m $11.5m $11.5m 0.90% Added +1.5m +1,500,000
17 SHENKMAN CAPITAL MANAGEMENT INC 0.89% of their portfolio NEW YORK, NY 12,051,00012.1m $11.4m $11.4m 0.89% Reduced -1.3m -1,280,000
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 11,712,00011.7m $11.1m $11.1m 0.00% Reduced -1.1m -1,098,000
19 DeepCurrents Investment Group LLC 0.45% of their portfolio NEW YORK, NY 11,093,00011.1m $10.5m $10.5m 0.45% Unchanged
20 ABSOLUTE INVESTMENT ADVISERS, LLC 1.46% of their portfolio ROSEMARY BEACH, FL 11,000,00011.0m $10.4m $10.4m 1.46% Added +738.0k +738,000
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 10,748,00010.7m $10.1m $10.1m 0.00% Added +120.0k +120,000
22 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 9,675,0009.7m $9.1m $9.1m 0.00% Reduced -5.5m -5,500,000
23 LMR Partners LLP 0.19% of their portfolio LONDON, X0 9,000,0009.0m $8.5m $8.5m 0.19% Unchanged
24 Man Group plc 0.03% of their portfolio LONDON, X0 8,605,0008.6m $8.2m $8.2m 0.03% Reduced -445.0k -445,000
25 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 8,500,0008.5m $8.1m $8.1m 0.02% Unchanged
26 MacKay Shields LLC 0.21% of their portfolio New York, NY 7,960,0008.0m $7.5m $7.5m 0.21% New
27 RWC Asset Management LLP 0.30% of their portfolio LONDON, X0 6,500,0006.5m $6.1m $6.1m 0.30% Added +6.0m +6,000,000
28 Paloma Partners Management Co 1.16% of their portfolio GREENWICH, CT 5,325,0005.3m $5.0m $5.0m 1.16% Reduced -1.4m -1,375,000
29 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 5,300,0005.3m $4.7m $4.7m 0.00% Unchanged
30 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 5,094,0005.1m $4.8m $4.8m 0.00% Reduced -4.7m -4,745,000
31 OMERS ADMINISTRATION Corp 0.07% of their portfolio TORONTO, A6 5,000,0005.0m $4.7m $4.7m 0.07% Unchanged
32 Jefferies Financial Group Inc. 0.09% of their portfolio NEW YORK, NY 4,532,0004.5m $4.3m $4.3m 0.09% New
33 FMR LLC 0.00% of their portfolio BOSTON, MA 3,900,0003.9m $3.7m $3.7m 0.00% Reduced -3.9m -3,900,000
34 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 3,530,0003.5m $3.3m $3.3m 0.00% Reduced -200.0k -200,000
35 CSS LLC/IL 0.23% of their portfolio CHICAGO, IL 3,182,0003.2m $3.0m $3.0m 0.23% Unchanged
36 Amundi 0.00% of their portfolio Paris, I0 3,100,0003.1m $2.9m $2.9m 0.00% Unchanged
37 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 3,074,0003.1m $2.9m $2.9m 0.00% Reduced -4.4m -4,426,000
38 Maven Securities LTD 0.43% of their portfolio ST HELIER, Y9 3,000,0003.0m $3.0m $3.0m 0.43% New
39 Flow State Investments, L.P. 1.20% of their portfolio CHICAGO, IL 3,000,0003.0m $2.8m $2.8m 1.20% New
40 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 2,559,0002.6m $2.4m $2.4m 0.00% Unchanged
41 Taconic Capital Advisors LP 0.14% of their portfolio NEW YORK, NY 2,500,0002.5m $2.4m $2.4m 0.14% Reduced -3.5m -3,500,000
42 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 2,470,0002.5m $2.3m $2.3m 0.00% Unchanged
43 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,000,0002.0m $1.9m $1.9m 0.00% Reduced -3.4m -3,399,000
44 PALISADE CAPITAL MANAGEMENT, LP 0.04% of their portfolio FORT LEE, NJ 1,700,0001.7m $1.6m $1.6m 0.04% New
45 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,482,0001.5m $1.4m $1.4m 0.00% Added +1.1m +1,125,000
46 LBP AM SA 0.02% of their portfolio Paris, I0 1,000,0001.0m $944.5k $944.5k 0.02% Unchanged
47 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 700,000700.0k $658.9k $658.9k 0.00% Unchanged
48 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 300,000300.0k $282.8k $282.8k 0.00% Unchanged
49 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 300,000300.0k $283.4k $283.4k 0.00% Unchanged
50 KBC Group NV 0.00% of their portfolio Brussels, C9 300,000300.0k $283.0k $283.0k 0.00% Unchanged
51 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 248,000248.0k $233.7k $233.7k 0.00% Reduced -685.0k -685,000
52 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 163,000163.0k $153.6k $153.6k 0.00% New
53 BOOTHBAY FUND MANAGEMENT, LLC 0.00% of their portfolio NEW YORK, NY 110,000110.0k $104.0k $104.0k 0.00% New
54 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 48,00048.0k $45.2k $45.2k 0.00% New
55 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 38,00038.0k $36.1k $36.1k 0.01% New
56 LAKE STREET ADVISORS GROUP, LLC 0.00% of their portfolio PORTSMOUTH, NH 31,00031.0k $29.0k $29.0k 0.00% Unchanged
57 K2 PRINCIPAL FUND, L.P. 4.79% of their portfolio TORONTO, A6 15,85915.9k $15.1m $15.1m 4.79% Unchanged
58 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 5,0005.0k $471.2k $471.2k 0.00% New
59 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 5,0005.0k $472.0k $472.0k 0.00% Reduced -2.2k -2,160
60 Activest Wealth Management 0.07% of their portfolio AVENTURA, FL 3,6003.6k $100.0k $100.0k 0.07% New
61 Verition Fund Management LLC 0.05% of their portfolio GREENWICH, CT 3,2253.2k $3.1m $3.1m 0.05% Unchanged
62 Candriam S.C.A. 0.02% of their portfolio STRASSEN, N4 3,2003.2k $3.0m $3.0m 0.02% Unchanged
63 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged