Vault-13

ENPHASE ENERGY INC ENPH 0 03.01.26

NOTE 3/0 · US DOMESTIC · CUSIP 29355AAH0

37 institutional holders -2 vs Q1 2025
18,500,50018.5m shares reported held*
$591.2mreported value*
6 new 11 added 11 reduced 7 sold out net bought ≈ $28.4m (+2.2m 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 ($7.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $32.38.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 51Q4 22: 53Q1 23: 53Q2 23: 65Q3 23: 70Q4 23: 60Q1 24: 49Q2 24: 44Q3 24: 42Q4 24: 38Q1 25: 39Q2 25: 3737Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202251
Q4 202253
Q1 202353
Q2 202365
Q3 202370
Q4 202360
Q1 202449
Q2 202444
Q3 202442
Q4 202438
Q1 202539
Q2 202537

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 33 bought or addedQ3 23: 35 cut or sold outQ4 23: 21 bought or addedQ4 23: 39 cut or sold outQ4 23Q1 24: 17 bought or addedQ1 24: 34 cut or sold outQ2 24: 13 bought or addedQ2 24: 24 cut or sold outQ2 24Q3 24: 13 bought or addedQ3 24: 17 cut or sold outQ4 24: 16 bought or addedQ4 24: 22 cut or sold outQ4 24Q1 25: 17 bought or addedQ1 25: 16 cut or sold outQ2 25: 17 bought or addedQ2 25: 18 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20233335
Q4 20232139
Q1 20241734
Q2 20241324
Q3 20241317
Q4 20241622
Q1 20251716
Q2 20251718

Biggest buyers

Radcliffe Capital Management, L.P. Added +70,450,000+70.5m
Verition Fund Management LLC Added +50,122,325+50.1m
Opti Capital Management, LP Added +22,500,000+22.5m
MILLENNIUM MANAGEMENT LLC Added +14,000,000+14.0m
OAKTREE CAPITAL MANAGEMENT LP Added +12,004,000+12.0m
Calamos Advisors LLC Added +10,000,000+10.0m
Daiwa Securities Group Inc. New +9,100,000+9.1m
BARCLAYS PLC Added +6,121,000+6.1m
Aequim Alternative Investments LP Added +5,000,000+5.0m
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS Added +4,670,000+4.7m

Biggest sellers

Linden Advisors LP Reduced -37,250,000-37.2m
VOYA INVESTMENT MANAGEMENT LLC Reduced -35,870,000-35.9m
LAZARD ASSET MANAGEMENT LLC Sold out -21,732,000-21.7m
WOLVERINE ASSET MANAGEMENT LLC Reduced -15,000,000-15.0m
STEELHEAD PARTNERS LLC Sold out -13,000,000-13.0m
CONNING INC. Sold out -3,900,000-3.9m
BANK OF AMERICA CORP /DE/ Sold out -3,269,000-3.3m
DeepCurrents Investment Group LLC Reduced -2,500,000-2.5m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. Reduced -2,499,999-2.5m
BNP PARIBAS FINANCIAL MARKETS Sold out -2,151,000-2.2m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Radcliffe Capital Management, L.P. 10.20% of their portfolio BALA CYNWYD, PA 140,250,000140.2m $133.9m $133.9m 10.20% Added +70.5m +70,450,000
2 WOLVERINE ASSET MANAGEMENT LLC 1.33% of their portfolio CHICAGO, IL 82,793,00082.8m $79.3m $79.3m 1.33% Reduced -15.0m -15,000,000
3 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 50,500,00050.5m $48.4m $48.4m 0.04% Added +14.0m +14,000,000
4 Verition Fund Management LLC 0.28% of their portfolio GREENWICH, CT 50,164,00050.2m $48.1m $48.1m 0.28% Added +50.1m +50,122,325
5 Linden Advisors LP 0.28% of their portfolio New York, NY 48,394,00048.4m $46.4m $46.4m 0.28% Reduced -37.2m -37,250,000
6 Opti Capital Management, LP 2.04% of their portfolio New York, NY 37,500,00037.5m $36.0m $36.0m 2.04% Added +22.5m +22,500,000
7 VOYA INVESTMENT MANAGEMENT LLC 0.03% of their portfolio ATLANTA, GA 35,870,00035.9m $34.4m $34.4m 0.03% Reduced -35.9m -35,870,000
8 OAKTREE CAPITAL MANAGEMENT LP 0.45% of their portfolio LOS ANGELES, CA 23,501,00023.5m $22.5m $22.5m 0.45% Added +12.0m +12,004,000
9 DeepCurrents Investment Group LLC 0.75% of their portfolio NEW YORK, NY 21,422,00021.4m $20.5m $20.5m 0.75% Reduced -2.5m -2,500,000
10 Calamos Advisors LLC 0.08% of their portfolio NAPERVILLE, IL 20,000,00020.0m $19.2m $19.2m 0.08% Added +10.0m +10,000,000
11 Aequim Alternative Investments LP 0.63% of their portfolio MILL VALLEY, CA 20,000,00020.0m $19.2m $19.2m 0.63% Added +5.0m +5,000,000
12 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.08% of their portfolio HARRISBURG, PA 15,500,00015.5m $14.8m $14.8m 0.08% Added +4.7m +4,670,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,850,00011.8m $11.3m $11.3m 0.00% Reduced -1.5m -1,500,000
14 Daiwa Securities Group Inc. 0.03% of their portfolio CHIYODA-KU,TOKYO, M0 9,100,0009.1m $8.7m $8.7m 0.03% New
15 PALISADE CAPITAL MANAGEMENT, LP 0.25% of their portfolio FORT LEE, NJ 9,055,0009.1m $8.7m $8.7m 0.25% Added +250.0k +250,000
16 TORONTO DOMINION BANK 0.02% of their portfolio TORONTO, ONTARIO, A6 8,250,0008.2m $7.8m $7.8m 0.02% Reduced -1.0m -1,000,000
17 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 7,274,0007.3m $7.0m $7.0m 0.00% Added +6.1m +6,121,000
18 BlackRock, Inc. 0.00% of their portfolio New York, NY 6,168,0006.2m $5.9m $5.9m 0.00% Reduced -300.0k -300,000
19 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 5,144,0005.1m $4.9m $4.9m 0.01% Unchanged
20 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,475,0004.5m $4.3m $4.3m 0.00% Reduced -714.0k -714,000
21 PIPER SANDLER & CO. 3.08% of their portfolio MINNEAPOLIS, MN 4,164,0004.2m $4.0m $4.0m 3.08% New
22 Mint Tower Capital Management B.V. 0.58% of their portfolio AMSTERDAM, P7 4,000,0004.0m $3.8m $3.8m 0.58% New
23 SSI INVESTMENT MANAGEMENT LLC 0.17% of their portfolio Los Angeles, CA 2,500,0002.5m $2.4m $2.4m 0.17% New
24 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,500,0002.5m $2.4m $2.4m 0.01% Reduced -2.5m -2,499,999
25 ADVENT CAPITAL MANAGEMENT /DE/ 0.05% of their portfolio NEW YORK, NY 2,175,0002.2m $2.1m $2.1m 0.05% Unchanged
26 SOROS FUND MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 1,000,0001.0m $957.5k $957.5k 0.02% Unchanged
27 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $479.3k $479.3k 0.00% Unchanged
28 ZAZOVE ASSOCIATES LLC 0.03% of their portfolio INCLINE VILLAGE, NV 400,000400.0k $383.3k $383.3k 0.03% New
29 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 290,000290.0k $276.0k $276.0k 0.00% Added +145.0k +145,000
30 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 225,000225.0k $214.9k $214.9k 0.00% Reduced -2.1m -2,075,000
31 Amundi 0.00% of their portfolio Paris, I0 200,000200.0k $192.0k $192.0k 0.00% Unchanged
32 GRAHAM CAPITAL WEALTH MANAGEMENT, LLC 0.05% of their portfolio WASHINGTON, DC 44,00044.0k $42.0k $42.0k 0.05% Unchanged
33 Oaktree Fund Advisors, LLC 0.02% of their portfolio LOS ANGLES, CA 10,00010.0k $9.6k $9.6k 0.02% New
34 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,0006.0k $5.8k $5.8k 0.00% Unchanged
35 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 5,0005.0k $4.8k $4.8k 0.00% Unchanged
36 Alpine Global Management, LLC 0.11% of their portfolio NEW YORK, NY 500500 $477.5k $477.5k 0.11% Reduced -500 -500
37 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged