Vault-13

DROPBOX INC DBX 0 03.01.28

NOTE 3/0 · US DOMESTIC · CUSIP 26210CAD6

59 institutional holders -9 vs Q1 2025
13,188,96313.2m shares reported held*
$625.9mreported value*
4 new 19 added 10 reduced 13 sold out net sold ≈ $15.0m (-3.3m 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 ≈ $47.46.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 60Q4 22: 62Q1 23: 65Q2 23: 65Q3 23: 68Q4 23: 69Q1 24: 69Q2 24: 73Q3 24: 68Q4 24: 69Q1 25: 68Q2 25: 5959Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202260
Q4 202262
Q1 202365
Q2 202365
Q3 202368
Q4 202369
Q1 202469
Q2 202473
Q3 202468
Q4 202469
Q1 202568
Q2 202559

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 29 bought or addedQ3 23: 22 cut or sold outQ4 23: 24 bought or addedQ4 23: 30 cut or sold outQ4 23Q1 24: 35 bought or addedQ1 24: 29 cut or sold outQ2 24: 23 bought or addedQ2 24: 28 cut or sold outQ2 24Q3 24: 19 bought or addedQ3 24: 27 cut or sold outQ4 24: 18 bought or addedQ4 24: 23 cut or sold outQ4 24Q1 25: 23 bought or addedQ1 25: 32 cut or sold outQ2 25: 23 bought or addedQ2 25: 23 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232922
Q4 20232430
Q1 20243529
Q2 20242328
Q3 20241927
Q4 20241823
Q1 20252332
Q2 20252323

Biggest buyers

HIGHBRIDGE CAPITAL MANAGEMENT LLC Added +18,553,000+18.6m
LAZARD ASSET MANAGEMENT LLC Added +14,052,000+14.1m
BNP PARIBAS FINANCIAL MARKETS Added +12,127,000+12.1m
Polar Asset Management Partners Inc. New +10,000,000+10.0m
Mirabaud Asset Management (France) SAS New +8,000,000+8.0m
TENOR CAPITAL MANAGEMENT Co., L.P. New +8,000,000+8.0m
CITADEL ADVISORS LLC New +7,950,000+8.0m
BlackRock, Inc. Added +4,735,000+4.7m
FMR LLC Added +4,528,000+4.5m
Parallax Volatility Advisers, L.P. Added +2,500,000+2.5m

Biggest sellers

Nuveen, LLC Sold out -14,900,000-14.9m
Paloma Partners Management Co Sold out -13,500,000-13.5m
TWO SIGMA INVESTMENTS, LP Sold out -12,500,000-12.5m
WELLS FARGO & COMPANY/MN Sold out -10,271,000-10.3m
DLD Asset Management, LP Sold out -10,000,000-10.0m
AQR Arbitrage LLC Reduced -9,575,000-9.6m
Linden Advisors LP Sold out -8,768,000-8.8m
Brevan Howard Capital Management LP Sold out -7,500,000-7.5m
SOROS FUND MANAGEMENT LLC Reduced -7,500,000-7.5m
OMERS ADMINISTRATION Corp Sold out -5,000,000-5.0m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SOROS FUND MANAGEMENT LLC 1.61% of their portfolio NEW YORK, NY 92,500,00092.5m $93.8m $93.8m 1.61% Reduced -7.5m -7,500,000
2 Shaolin Capital Management LLC 2.98% of their portfolio Miami, FL 67,500,00067.5m $68.5m $68.5m 2.98% Unchanged
3 HIGHBRIDGE CAPITAL MANAGEMENT LLC 2.16% of their portfolio NEW YORK, NY 41,553,00041.6m $41.8m $41.8m 2.16% Added +18.6m +18,553,000
4 Calamos Advisors LLC 0.14% of their portfolio NAPERVILLE, IL 32,670,00032.7m $33.3m $33.3m 0.14% Unchanged
5 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 29,682,00029.7m $29.8m $29.8m 0.00% Reduced -1.6m -1,607,000
6 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 25,293,00025.3m $25.7m $25.7m 0.02% Added +12.1m +12,127,000
7 MacKay Shields LLC 0.80% of their portfolio New York, NY 24,613,00024.6m $25.1m $25.1m 0.80% Unchanged
8 AQR Arbitrage LLC 0.57% of their portfolio Greenwich, CT 23,880,00023.9m $24.3m $24.3m 0.57% Reduced -9.6m -9,575,000
9 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 21,722,00021.7m $22.1m $22.1m 0.03% Added +14.1m +14,052,000
10 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 20,000,00020.0m $20.4m $20.4m 0.02% Unchanged
11 BlackRock, Inc. 0.00% of their portfolio New York, NY 15,945,00015.9m $16.2m $16.2m 0.00% Added +4.7m +4,735,000
12 SONA ASSET MANAGEMENT (US) LLC 0.50% of their portfolio NEW YORK, NY 14,500,00014.5m $14.7m $14.7m 0.50% Unchanged
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 13,285,00013.3m $13.5m $13.5m 0.00% Reduced -1.3m -1,300,000
14 SHENKMAN CAPITAL MANAGEMENT INC 1.25% of their portfolio NEW YORK, NY 12,306,00012.3m $12.5m $12.5m 1.25% Reduced -1.4m -1,436,000
15 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 11,000,00011.0m $11.1m $11.1m 0.00% Unchanged
16 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 10,251,00010.3m $10.4m $10.4m 0.00% Reduced -1.9m -1,859,000
17 Polar Asset Management Partners Inc. 0.25% of their portfolio TORONTO, A6 10,000,00010.0m $10.2m $10.2m 0.25% New
18 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 9,115,0009.1m $9.2m $9.2m 0.00% Added +129.0k +129,000
19 OFI INVEST ASSET MANAGEMENT 0.19% of their portfolio ISSY LES MOULINEAUX, I0 8,800,0008.8m $7.6m $7.6m 0.19% Added +1.6m +1,600,000
20 FMR LLC 0.00% of their portfolio BOSTON, MA 8,438,0008.4m $8.5m $8.5m 0.00% Added +4.5m +4,528,000
21 TENOR CAPITAL MANAGEMENT Co., L.P. 0.11% of their portfolio NEW YORK, NY 8,000,0008.0m $8.1m $8.1m 0.11% New
22 Mirabaud Asset Management (France) SAS 8.22% of their portfolio PARIS, I0 8,000,0008.0m $8.2m $8.2m 8.22% New
23 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 7,950,0008.0m $8.1m $8.1m 0.01% New
24 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 6,864,0006.9m $7.0m $7.0m 0.00% Unchanged
25 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 5,500,0005.5m $5.6m $5.6m 0.01% Unchanged
26 Radcliffe Capital Management, L.P. 0.39% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $5.1m $5.1m 0.39% Unchanged
27 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 4,930,0004.9m $5.0m $5.0m 0.00% Reduced -1.4m -1,443,000
28 Parallax Volatility Advisers, L.P. 0.18% of their portfolio San Francisco, CA 4,500,0004.5m $4.6m $4.6m 0.18% Added +2.5m +2,500,000
29 CAMDEN ASSET MANAGEMENT L P /CA 0.11% of their portfolio Los Angeles, CA 4,430,0004.4m $4.5m $4.5m 0.11% Added +55.0k +55,000
30 Walleye Capital LLC 0.04% of their portfolio NEW YORK, NY 4,000,0004.0m $4.1m $4.1m 0.04% Added +1.0m +1,000,000
31 ADVENT CAPITAL MANAGEMENT /DE/ 0.09% of their portfolio NEW YORK, NY 3,914,0003.9m $4.0m $4.0m 0.09% Added +446.0k +446,000
32 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 3,750,0003.8m $3.8m $3.8m 0.01% Unchanged
33 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,606,0003.6m $3.7m $3.7m 0.00% Added +1.6m +1,604,000
34 Kohlberg Kravis Roberts & Co. L.P. 0.08% of their portfolio NEW YORK, NY 3,600,0003.6m $3.6m $3.6m 0.08% Added +1.6m +1,600,000
35 Wellesley Asset Management 0.34% of their portfolio PORTSMOUTH, NH 3,500,0003.5m $3.5m $3.5m 0.34% Added +2.0m +2,000,000
36 RWC Asset Management LLP 0.16% of their portfolio LONDON, X0 3,100,0003.1m $3.1m $3.1m 0.16% Unchanged
37 Union Bancaire Privee, UBP SA 0.04% of their portfolio GENEVA 1, V8 3,025,0003.0m $2.6m $2.6m 0.04% Unchanged
38 KIM, LLC 0.26% of their portfolio WICHITA, KS 2,500,0002.5m $2.5m $2.5m 0.26% Reduced -500.0k -500,000
39 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 2,479,0002.5m $2.5m $2.5m 0.01% Reduced -750.0k -750,000
40 Man Group plc 0.00% of their portfolio LONDON, X0 2,200,0002.2m $2.2m $2.2m 0.00% Unchanged
41 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 2,148,0002.1m $2.2m $2.2m 0.00% Added +2.0m +2,000,000
42 WESTWOOD HOLDINGS GROUP INC 0.01% of their portfolio DALLAS, TX 2,000,0002.0m $2.0m $2.0m 0.01% Unchanged
43 PROSPECTOR PARTNERS LLC 0.16% of their portfolio GUILFORD, CT 1,400,0001.4m $1.4m $1.4m 0.16% Unchanged
44 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,158,0001.2m $1.2m $1.2m 0.00% Unchanged
45 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 880,000880.0k $887.5k $887.5k 0.00% Unchanged
46 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 667,000667.0k $679.0k $679.0k 0.00% Reduced -20.0k -20,000
47 INGALLS & SNYDER LLC 0.01% of their portfolio NEW YORK, NY 340,000340.0k $345.0k $345.0k 0.01% Unchanged
48 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 300,000300.0k $301.5k $301.5k 0.00% Unchanged
49 DNCA FINANCE 0.02% of their portfolio PARIS, I0 250,000250.0k $254.5k $254.5k 0.02% Unchanged
50 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 207,000207.0k $209.7k $209.7k 0.00% Unchanged
51 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 170,000170.0k $172.2k $172.2k 0.00% Unchanged
52 NOMURA HOLDINGS INC 0.03% of their portfolio TOKYO, M0 116,978117.0k $3.3m $3.3m 0.03% Added +77.9k +77,926
53 SSI INVESTMENT MANAGEMENT LLC 0.01% of their portfolio Los Angeles, CA 88,00088.0k $89.1k $89.1k 0.01% Unchanged
54 VIRTUS ADVISERS, LLC 0.05% of their portfolio HARTFORD, CT 74,00074.0k $75.0k $75.0k 0.05% Unchanged
55 Boussard & Gavaudan Investment Management LLP 1.90% of their portfolio London, X0 14,61014.6k $14.8m $14.8m 1.90% Added +5.0k +5,000
56 Candriam S.C.A. 0.03% of their portfolio STRASSEN, N4 4,9004.9k $5.1m $5.1m 0.03% Added +4.3k +4,300
57 Alken Asset Management Ltd 3.89% of their portfolio LONDON, X0 2,2002.2k $2.2m $2.2m 3.89% Added +1.0k +1,000
58 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 375375 $380.9k $380.9k 0.01% Unchanged
59 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged