Vault-13

DROPBOX INC DBX 0 03.01.28

NOTE 3/0 · US DOMESTIC · CUSIP 26210CAD6

61 institutional holders +6 vs Q1 2026
12,839,61512.8m shares reported held*
$666.6mreported value*
11 new 11 added 18 reduced 5 sold out net bought ≈ $60.0m (-2.9m 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 ≈ $51.92.

Trends to Q2 2026

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: 59Q3 25: 61Q4 25: 61Q1 26: 55Q2 26: 6161Q3 22Q3 23Q3 24Q3 25Q2 26
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
Q3 202561
Q4 202561
Q1 202655
Q2 202661

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 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 25Q3 25: 21 bought or addedQ3 25: 21 cut or sold outQ4 25: 21 bought or addedQ4 25: 25 cut or sold outQ4 25Q1 26: 27 bought or addedQ1 26: 31 cut or sold outQ2 26: 22 bought or addedQ2 26: 23 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20241927
Q4 20241823
Q1 20252332
Q2 20252323
Q3 20252121
Q4 20252125
Q1 20262731
Q2 20262223

Calls vs puts

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

CallsPuts
$0$50k$100k$150kQ3 25 calls: $0Q3 25 puts: $120.8kQ3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —Q2 26 calls: $0Q2 26 puts: $0Q2 26P/C —
Numbers
QuarterCallsPutsP/C
Q3 2025$0$120.8k—
Q4 2025$0$0—
Q1 2026$0$0—
Q2 2026$0$0—

Biggest buyers

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC New +62,700,000+62.7m
Point72 Asset Management, L.P. New +30,000,000+30.0m
Nuveen, LLC New +30,000,000+30.0m
Walleye Capital LLC New +21,500,000+21.5m
Brevan Howard Capital Management LP New +20,000,000+20.0m
Wellesley Asset Management Added +5,869,000+5.9m
Man Group plc Added +5,000,000+5.0m
SILVERBACK ASSET MANAGEMENT LLC Added +5,000,000+5.0m
STATE STREET CORP Added +4,000,000+4.0m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. New +3,750,000+3.8m

Biggest sellers

LAZARD ASSET MANAGEMENT LLC Reduced -31,295,000-31.3m
BNP PARIBAS FINANCIAL MARKETS Reduced -24,705,000-24.7m
BANK OF AMERICA CORP /DE/ Reduced -23,426,000-23.4m
JPMORGAN CHASE & CO Reduced -21,836,000-21.8m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -17,176,000-17.2m
Balyasny Asset Management L.P. Reduced -14,000,000-14.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Reduced -10,000,000-10.0m
CITIGROUP INC Sold out -7,478,000-7.5m
BARCLAYS PLC Reduced -6,200,000-6.2m
TORONTO DOMINION BANK Reduced -5,200,000-5.2m

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SOROS FUND MANAGEMENT LLC 1.37% of their portfolio NEW YORK, NY 103,500,000103.5m $104.6m $104.6m 1.37% Unchanged
2 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 62,700,00062.7m $63.3m $63.3m 0.01% New
3 Balyasny Asset Management L.P. 0.08% of their portfolio Chicago, IL 43,500,00043.5m $44.0m $44.0m 0.08% Reduced -14.0m -14,000,000
4 Point72 Asset Management, L.P. 0.05% of their portfolio STAMFORD, CT 30,000,00030.0m $30.0m $30.0m 0.05% New
5 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 30,000,00030.0m $30.3m $30.3m 0.01% New
6 Wellesley Asset Management 2.45% of their portfolio PORTSMOUTH, NH 28,266,00028.3m $26.8m $26.8m 2.45% Added +5.9m +5,869,000
7 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 26,679,00026.7m $27.0m $27.0m 0.02% Reduced -1.5m -1,500,000
8 MacKay Shields LLC 0.82% of their portfolio New York, NY 24,323,00024.3m $24.6m $24.6m 0.82% Unchanged
9 SILVERBACK ASSET MANAGEMENT LLC 2.91% of their portfolio DURHAM, NC 22,800,00022.8m $23.0m $23.0m 2.91% Added +5.0m +5,000,000
10 Walleye Capital LLC 0.10% of their portfolio NEW YORK, NY 21,500,00021.5m $21.8m $21.8m 0.10% New
11 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 20,000,00020.0m $20.2m $20.2m 0.02% Unchanged
12 Brevan Howard Capital Management LP 0.28% of their portfolio ST. HELIER, Y9 20,000,00020.0m $20.2m $20.2m 0.28% New
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 19,160,00019.2m $19.3m $19.3m 0.00% Added +4.0m +4,000,000
14 Davidson Kempner Capital Management LP 0.28% of their portfolio New York, NY 17,500,00017.5m $17.7m $17.7m 0.28% Not comparable
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 16,298,00016.3m $16.3m $16.3m 0.00% Reduced -21.8m -21,836,000
16 Daiwa Securities Group Inc. 0.03% of their portfolio CHIYODA-KU,TOKYO, M0 15,000,00015.0m $15.1m $15.1m 0.03% Added +1.5m +1,500,000
17 BlackRock, Inc. 0.00% of their portfolio New York, NY 13,895,00013.9m $14.0m $14.0m 0.00% Added +2.8m +2,825,000
18 TENOR CAPITAL MANAGEMENT Co., L.P. 0.18% of their portfolio NEW YORK, NY 12,500,00012.5m $12.6m $12.6m 0.18% Reduced -10.0m -10,000,000
19 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 8,500,0008.5m $8.6m $8.6m 0.01% Added +3.0m +3,000,000
20 OFI INVEST ASSET MANAGEMENT 0.07% of their portfolio ISSY LES MOULINEAUX, I0 8,200,0008.2m $7.2m $7.2m 0.07% Unchanged
21 FMR LLC 0.00% of their portfolio BOSTON, MA 7,983,0008.0m $8.1m $8.1m 0.00% Reduced -50.0k -50,000
22 Man Group plc 0.01% of their portfolio LONDON, X0 6,900,0006.9m $7.0m $7.0m 0.01% Added +5.0m +5,000,000
23 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,216,0006.2m $6.3m $6.3m 0.00% Reduced -1.8m -1,832,000
24 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 5,127,0005.1m $51.9k $51.9k 0.00% Reduced -31.3m -31,295,000
25 ONTARIO TEACHERS PENSION PLAN BOARD 0.03% of their portfolio Toronto, A6 5,000,0005.0m $5.1m $5.1m 0.03% Unchanged
26 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 5,000,0005.0m $5.0m $5.0m 0.01% Reduced -5.2m -5,200,000
27 Radcliffe Capital Management, L.P. 0.38% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $5.0m $5.0m 0.38% Unchanged
28 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 4,938,0004.9m $5.0m $5.0m 0.00% Reduced -689.0k -689,000
29 PALISADE CAPITAL MANAGEMENT, LP 0.21% of their portfolio FORT LEE, NJ 4,845,0004.8m $4.9m $4.9m 0.21% Added +2.2m +2,200,000
30 Calamos Advisors LLC 0.02% of their portfolio NAPERVILLE, IL 4,581,0004.6m $4.6m $4.6m 0.02% Unchanged
31 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 4,233,0004.2m $4.3m $4.3m 0.00% Added +2.5m +2,500,000
32 Lombard Odier Asset Management (Europe) Ltd 0.18% of their portfolio LONDON, X0 4,154,0004.2m $4.2m $4.2m 0.18% Unchanged
33 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 4,000,0004.0m $4.0m $4.0m 0.01% Added +1.0m +1,000,000
34 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,754,0003.8m $3.8m $3.8m 0.00% Unchanged
35 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 3,750,0003.8m $3.8m $3.8m 0.00% New
36 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 3,000,0003.0m $30.2k $30.2k 0.00% Reduced -5.0m -5,000,000
37 SHENKMAN CAPITAL MANAGEMENT INC 0.38% of their portfolio NEW YORK, NY 2,691,0002.7m $2.7m $2.7m 0.38% Reduced -17.2m -17,176,000
38 CSS LLC/IL 0.11% of their portfolio CHICAGO, IL 2,500,0002.5m $2.5m $2.5m 0.11% New
39 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,241,0002.2m $2.3m $2.3m 0.00% Reduced -23.4m -23,426,000
40 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,113,0002.1m $2.1m $2.1m 0.00% Reduced -24.7m -24,705,000
41 III Capital Management 0.26% of their portfolio BOCA RATON, FL 1,000,0001.0m $1.0m $1.0m 0.26% New
42 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 484,000484.0k $488.6k $488.6k 0.00% Reduced -237.0k -237,000
43 DNCA FINANCE 0.02% of their portfolio PARIS, I0 350,000350.0k $352.6k $352.6k 0.02% Added +250.0k +250,000
44 INGALLS & SNYDER LLC 0.01% of their portfolio NEW YORK, NY 265,000265.0k $267.0k $267.0k 0.01% Reduced -25.0k -25,000
45 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 235,000235.0k $236.7k $236.7k 0.00% Unchanged
46 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 207,000207.0k $209.0k $209.0k 0.00% Unchanged
47 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 99,61599.6k $2.7m $2.7m 0.01% Reduced -175.0k -174,963
48 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 57,00057.0k $57.5k $57.5k 0.00% Unchanged
49 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 53,00053.0k $53.2k $53.2k 0.00% Unchanged
50 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 50,00050.0k $50.4k $50.4k 0.00% Reduced -3.8m -3,846,000
51 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 38,00038.0k $38.1k $38.1k 0.00% Unchanged
52 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 27,00027.0k $27.3k $27.3k 0.00% Unchanged
53 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 25,00025.0k $25.2k $25.2k 0.00% New
54 Squarepoint Ops LLC 0.04% of their portfolio NEW YORK, NY 20,00020.0k $20.2m $20.2m 0.04% New
55 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 19,00019.0k $19.1k $19.1k 0.00% Reduced -6.2m -6,200,000
56 Mariner, LLC 0.00% of their portfolio Overland Park, KS 14,00014.0k $14.1k $14.1k 0.00% Unchanged
57 K2 PRINCIPAL FUND, L.P. 1.11% of their portfolio TORONTO, A6 12,00012.0k $12.1m $12.1m 1.11% Unchanged
58 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 3,0003.0k $3.0k $3.0k 0.00% Unchanged
59 Candriam S.C.A. 0.01% of their portfolio STRASSEN, N4 1,2001.2k $1.2m $1.2m 0.01% Unchanged
60 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,0001.0k $1.0k $1.0k 0.00% Unchanged
61 Intellectus Partners, LLC 0.04% of their portfolio SAN FRANCISCO, CA 208208 $210.0k $210.0k 0.04% New