Vault-13

ENPHASE ENERGY INC ENPH 0 03.01.26

NOTE 3/0 · US DOMESTIC · CUSIP 29355AAH0

31 institutional holders -4 vs Q3 2025
18,110,00018.1m shares reported held*
$633.9mreported value*
2 new 7 added 6 reduced 6 sold out net bought ≈ $935.5k (+2.0m 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 ($11.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $35.64.

Trends to Q4 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: 37Q3 25: 35Q4 25: 3131Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 202535
Q4 202531

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 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 25Q3 25: 15 bought or addedQ3 25: 12 cut or sold outQ4 25: 9 bought or addedQ4 25: 12 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20241734
Q2 20241324
Q3 20241317
Q4 20241622
Q1 20251716
Q2 20251718
Q3 20251512
Q4 2025912

Biggest buyers

OSTERWEIS CAPITAL MANAGEMENT INC Added +58,500,000+58.5m
DeepCurrents Investment Group LLC Added +15,975,000+16.0m
M&G PLC Added +9,448,000+9.4m
Radcliffe Capital Management, L.P. Added +7,000,000+7.0m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. New +2,500,000+2.5m
BlackRock, Inc. Added +2,000,000+2.0m
STATE STREET CORP Added +600,000+600.0k
PIPER SANDLER & CO. Added +500,000+500.0k
GRAHAM CAPITAL WEALTH MANAGEMENT, LLC New +44,000+44.0k

Biggest sellers

MILLENNIUM MANAGEMENT LLC Reduced -39,000,000-39.0m
VOYA INVESTMENT MANAGEMENT LLC Sold out -35,870,000-35.9m
JPMORGAN CHASE & CO Reduced -5,312,000-5.3m
Daiwa Securities Group Inc. Sold out -5,000,000-5.0m
Mint Tower Capital Management B.V. Sold out -4,000,000-4.0m
OAKTREE CAPITAL MANAGEMENT LP Reduced -2,149,000-2.1m
Russell Investments Group, Ltd. Reduced -1,200,000-1.2m
BARCLAYS PLC Sold out -1,096,000-1.1m
CITIGROUP INC Reduced -821,000-821.0k
PALISADE CAPITAL MANAGEMENT, LP Reduced -630,000-630.0k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Radcliffe Capital Management, L.P. 8.06% of their portfolio BALA CYNWYD, PA 149,750,000149.8m $148.1m $148.1m 8.06% Added +7.0m +7,000,000
2 WOLVERINE ASSET MANAGEMENT LLC 1.17% of their portfolio CHICAGO, IL 82,793,00082.8m $82.0m $82.0m 1.17% Unchanged
3 OSTERWEIS CAPITAL MANAGEMENT INC 2.87% of their portfolio SAN FRANCISCO, CA 68,500,00068.5m $67.8m $67.8m 2.87% Added +58.5m +58,500,000
4 Opti Capital Management, LP 3.97% of their portfolio New York, NY 55,000,00055.0m $54.5m $54.5m 3.97% Unchanged
5 DeepCurrents Investment Group LLC 1.75% of their portfolio NEW YORK, NY 47,397,00047.4m $47.0m $47.0m 1.75% Added +16.0m +15,975,000
6 Verition Fund Management LLC 0.21% of their portfolio GREENWICH, CT 39,500,00039.5m $39.1m $39.1m 0.21% Unchanged
7 M&G PLC 0.13% of their portfolio London, X0 26,397,00026.4m $26.1m $26.1m 0.13% Added +9.4m +9,448,000
8 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 23,000,00023.0m $22.8m $22.8m 0.02% Reduced -39.0m -39,000,000
9 Calamos Advisors LLC 0.08% of their portfolio NAPERVILLE, IL 20,000,00020.0m $19.8m $19.8m 0.08% Unchanged
10 Aequim Alternative Investments LP 0.39% of their portfolio MILL VALLEY, CA 20,000,00020.0m $19.8m $19.8m 0.39% Unchanged
11 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.08% of their portfolio HARRISBURG, PA 15,610,00015.6m $15.4m $15.4m 0.08% Unchanged
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,950,00012.9m $12.8m $12.8m 0.00% Added +600.0k +600,000
13 TORONTO DOMINION BANK 0.02% of their portfolio TORONTO, ONTARIO, A6 12,937,00012.9m $12.7m $12.7m 0.02% Unchanged
14 OAKTREE CAPITAL MANAGEMENT LP 0.18% of their portfolio LOS ANGELES, CA 10,911,00010.9m $10.8m $10.8m 0.18% Reduced -2.1m -2,149,000
15 PIPER SANDLER & CO. 7.42% of their portfolio MINNEAPOLIS, MN 10,664,00010.7m $10.5m $10.5m 7.42% Added +500.0k +500,000
16 PALISADE CAPITAL MANAGEMENT, LP 0.25% of their portfolio FORT LEE, NJ 8,675,0008.7m $8.6m $8.6m 0.25% Reduced -630.0k -630,000
17 BlackRock, Inc. 0.00% of their portfolio New York, NY 7,968,0008.0m $7.9m $7.9m 0.00% Added +2.0m +2,000,000
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 6,052,0006.1m $5.9m $5.9m 0.00% Reduced -5.3m -5,312,000
19 SSI INVESTMENT MANAGEMENT LLC 0.17% of their portfolio Los Angeles, CA 2,500,0002.5m $2.5m $2.5m 0.17% Unchanged
20 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 2,500,0002.5m $2.5m $2.5m 0.00% New
21 ADVENT CAPITAL MANAGEMENT /DE/ 0.05% of their portfolio NEW YORK, NY 2,175,0002.2m $2.2m $2.2m 0.05% Unchanged
22 SOROS FUND MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 1,000,0001.0m $990.6k $990.6k 0.01% Unchanged
23 ZAZOVE ASSOCIATES LLC 0.03% of their portfolio INCLINE VILLAGE, NV 400,000400.0k $396.1k $396.1k 0.03% Unchanged
24 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 366,000366.0k $362.4k $362.4k 0.00% Reduced -1.2m -1,200,000
25 Amundi 0.01% of their portfolio Paris, I0 200,000200.0k $19.8m $19.8m 0.01% Unchanged
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 145,000145.0k $143.0k $143.0k 0.00% Unchanged
27 GRAHAM CAPITAL WEALTH MANAGEMENT, LLC 0.04% of their portfolio WASHINGTON, DC 44,00044.0k $43.5k $43.5k 0.04% New
28 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 38,00038.0k $37.5k $37.5k 0.00% Reduced -821.0k -821,000
29 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,0006.0k $5.9k $5.9k 0.00% Unchanged
30 K2 PRINCIPAL FUND, L.P. 0.52% of their portfolio TORONTO, A6 5,1005.1k $5.1m $5.1m 0.52% Unchanged
31 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 5,0005.0k $4.9k $4.9k 0.00% Unchanged