Vault-13

DROPBOX INC DBX 0 03.01.26

NOTE 3/0 · US DOMESTIC · CUSIP 26210CAC8

48 institutional holders -5 vs Q1 2025
11,648,00011.6m shares reported held*
$676.4mreported value*
3 new 15 added 17 reduced 8 sold out net bought ≈ $9.0m (-5.1m 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 ≈ $58.07.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 60Q4 22: 62Q1 23: 58Q2 23: 63Q3 23: 61Q4 23: 61Q1 24: 59Q2 24: 51Q3 24: 49Q4 24: 50Q1 25: 53Q2 25: 4848Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202260
Q4 202262
Q1 202358
Q2 202363
Q3 202361
Q4 202361
Q1 202459
Q2 202451
Q3 202449
Q4 202450
Q1 202553
Q2 202548

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 23 bought or addedQ3 23: 25 cut or sold outQ4 23: 20 bought or addedQ4 23: 22 cut or sold outQ4 23Q1 24: 24 bought or addedQ1 24: 34 cut or sold outQ2 24: 20 bought or addedQ2 24: 25 cut or sold outQ2 24Q3 24: 13 bought or addedQ3 24: 27 cut or sold outQ4 24: 18 bought or addedQ4 24: 21 cut or sold outQ4 24Q1 25: 24 bought or addedQ1 25: 19 cut or sold outQ2 25: 18 bought or addedQ2 25: 25 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232325
Q4 20232022
Q1 20242434
Q2 20242025
Q3 20241327
Q4 20241821
Q1 20252419
Q2 20251825

Biggest buyers

LAZARD ASSET MANAGEMENT LLC Added +19,802,000+19.8m
Linden Advisors LP Added +10,273,000+10.3m
ROYAL BANK OF CANADA Added +9,287,000+9.3m
Balyasny Asset Management L.P. Added +4,500,000+4.5m
LMR Partners LLP Added +4,000,000+4.0m
SUSQUEHANNA ADVISORS GROUP, INC. Added +3,500,000+3.5m
GOLDMAN SACHS GROUP INC Added +3,000,000+3.0m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Added +3,000,000+3.0m
Jefferies Financial Group Inc. New +1,718,000+1.7m
BARCLAYS PLC Added +797,000+797.0k

Biggest sellers

SOROS FUND MANAGEMENT LLC Reduced -7,500,000-7.5m
WELLS FARGO & COMPANY/MN Reduced -6,595,000-6.6m
STEELHEAD PARTNERS LLC Reduced -6,000,000-6.0m
SONA ASSET MANAGEMENT (US) LLC Reduced -5,000,000-5.0m
OMERS ADMINISTRATION Corp Sold out -5,000,000-5.0m
MILLENNIUM MANAGEMENT LLC Reduced -4,000,000-4.0m
BANK OF AMERICA CORP /DE/ Reduced -3,250,000-3.2m
BNP PARIBAS FINANCIAL MARKETS Reduced -3,074,000-3.1m
Warberg Asset Management LLC Sold out -2,003,000-2.0m
Groupe la Francaise Sold out -2,000,000-2.0m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SOROS FUND MANAGEMENT LLC 2.10% of their portfolio NEW YORK, NY 123,750,000123.8m $122.6m $122.6m 2.10% Reduced -7.5m -7,500,000
2 Linden Advisors LP 0.51% of their portfolio New York, NY 84,279,00084.3m $83.6m $83.6m 0.51% Added +10.3m +10,273,000
3 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 60,268,00060.3m $59.6m $59.6m 0.01% Unchanged
4 STEELHEAD PARTNERS LLC 2.74% of their portfolio SEATTLE, WA 55,000,00055.0m $54.5m $54.5m 2.74% Reduced -6.0m -6,000,000
5 LAZARD ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 46,313,00046.3m $46.0m $46.0m 0.06% Added +19.8m +19,802,000
6 HIGHBRIDGE CAPITAL MANAGEMENT LLC 2.13% of their portfolio NEW YORK, NY 42,000,00042.0m $41.2m $41.2m 2.13% Added +3.0m +3,000,000
7 Balyasny Asset Management L.P. 0.09% of their portfolio Chicago, IL 42,000,00042.0m $41.7m $41.7m 0.09% Added +4.5m +4,500,000
8 DLD Asset Management, LP 3.36% of their portfolio NEW YORK, NY 28,500,00028.5m $28.4m $28.4m 3.36% Reduced -1.0m -1,000,000
9 Calamos Advisors LLC 0.10% of their portfolio NAPERVILLE, IL 23,000,00023.0m $22.8m $22.8m 0.10% Unchanged
10 LMR Partners LLP 0.31% of their portfolio LONDON, X0 20,000,00020.0m $19.8m $19.8m 0.31% Added +4.0m +4,000,000
11 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 14,607,00014.6m $14.5m $14.5m 0.01% Reduced -3.1m -3,074,000
12 SONA ASSET MANAGEMENT (US) LLC 0.47% of their portfolio NEW YORK, NY 14,000,00014.0m $13.9m $13.9m 0.47% Reduced -5.0m -5,000,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 13,729,00013.7m $13.6m $13.6m 0.00% Added +200.0k +200,000
14 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 12,268,00012.3m $12.1m $12.1m 0.00% Added +9.3m +9,287,000
15 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 11,300,00011.3m $11.2m $11.2m 0.01% Added +750.0k +750,000
16 ABSOLUTE INVESTMENT ADVISERS, LLC 1.35% of their portfolio ROSEMARY BEACH, FL 11,000,00011.0m $10.9m $10.9m 1.35% Unchanged
17 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 10,000,00010.0m $9.9m $9.9m 0.01% Reduced -4.0m -4,000,000
18 BlackRock, Inc. 0.00% of their portfolio New York, NY 6,915,0006.9m $6.8m $6.8m 0.00% Reduced -75.0k -75,000
19 MacKay Shields LLC 0.19% of their portfolio New York, NY 5,911,0005.9m $5.8m $5.8m 0.19% Reduced -215.0k -215,000
20 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,578,0005.6m $5.5m $5.5m 0.00% Reduced -323.0k -323,000
21 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 5,077,0005.1m $5.0m $5.0m 0.00% Reduced -3.2m -3,250,000
22 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $49.4k $49.4k 0.00% Added +3.5m +3,500,000
23 FMR LLC 0.00% of their portfolio BOSTON, MA 4,600,0004.6m $4.5m $4.5m 0.00% Added +520.0k +520,000
24 PALISADE CAPITAL MANAGEMENT, LP 0.13% of their portfolio FORT LEE, NJ 4,464,0004.5m $4.4m $4.4m 0.13% Unchanged
25 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 3,663,0003.7m $3.6m $3.6m 0.00% Added +3.0m +3,000,000
26 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,202,0003.2m $3.2m $3.2m 0.00% Reduced -509.0k -509,000
27 ADVENT CAPITAL MANAGEMENT /DE/ 0.06% of their portfolio NEW YORK, NY 2,604,0002.6m $2.6m $2.6m 0.06% Unchanged
28 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 2,503,0002.5m $2.5m $2.5m 0.01% Reduced -997.0k -997,000
29 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,930,0001.9m $1.9m $1.9m 0.00% Reduced -6.6m -6,595,000
30 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,875,0001.9m $1.8m $1.8m 0.00% Added +797.0k +797,000
31 Jefferies Financial Group Inc. 0.03% of their portfolio NEW YORK, NY 1,718,0001.7m $1.7m $1.7m 0.03% New
32 Quaero Capital S.A. 2.12% of their portfolio GENEVE, V8 1,700,0001.7m $1.7m $1.7m 2.12% Unchanged
33 Man Group plc 0.00% of their portfolio LONDON, X0 1,435,0001.4m $1.4m $1.4m 0.00% Reduced -600.0k -600,000
34 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,418,0001.4m $1.4m $1.4m 0.00% Added +222.0k +222,000
35 DNCA FINANCE 0.05% of their portfolio PARIS, I0 600,000600.0k $594.4k $594.4k 0.05% Unchanged
36 UBS Group AG 0.00% of their portfolio ZURICH, V8 498,000498.0k $492.3k $492.3k 0.00% Added +497.0k +497,000
37 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $392.0k $392.0k 0.00% Reduced -100.0k -100,000
38 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 183,000183.0k $180.9k $180.9k 0.00% Reduced -1.0k -1,000
39 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 55,00055.0k $54.4k $54.4k 0.00% Added +2.0k +2,000
40 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 46,00046.0k $45.5k $45.5k 0.03% Unchanged
41 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 29,00029.0k $28.7k $28.7k 0.01% Reduced -6.0k -6,000
42 K2 PRINCIPAL FUND, L.P. 2.52% of their portfolio TORONTO, A6 13,85913.9k $13.7m $13.7m 2.52% Unchanged
43 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 10,00010.0k $9.9k $9.9k 0.00% New
44 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 8,3008.3k $821.0k $821.0k 0.00% Unchanged
45 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 6,0006.0k $5.9k $5.9k 0.00% Unchanged
46 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 5,0005.0k $4.9k $4.9k 0.00% Unchanged
47 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,0001.0k $989 $989 0.00% New
48 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged