Vault-13

FIRST MAJESTIC SILVER CORP AGCN 0.375 01.15.27

NOTE 0.375% 1/1 · GLOBAL · CUSIP 32076VAD5

20 institutional holders -3 vs Q1 2025
5,000,0005.0m shares reported held*
$222.5mreported value*
0 new 6 added 3 reduced 3 sold out net sold ≈ $5.7m

* 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 ($1.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $44.80.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q4 22: 12Q1 23: 13Q2 23: 14Q3 23: 21Q4 23: 23Q1 24: 19Q2 24: 25Q3 24: 23Q4 24: 25Q1 25: 23Q2 25: 2020Q4 22Q2 23Q4 23Q2 24Q4 24Q2 25
Numbers
QuarterHolders
Q4 202212
Q1 202313
Q2 202314
Q3 202321
Q4 202323
Q1 202419
Q2 202425
Q3 202423
Q4 202425
Q1 202523
Q2 202520

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 23: 11 bought or addedQ3 23: 4 cut or sold outQ4 23: 7 bought or addedQ4 23: 4 cut or sold outQ4 23Q1 24: 7 bought or addedQ1 24: 9 cut or sold outQ2 24: 15 bought or addedQ2 24: 7 cut or sold outQ2 24Q3 24: 3 bought or addedQ3 24: 12 cut or sold outQ4 24: 10 bought or addedQ4 24: 8 cut or sold outQ4 24Q1 25: 8 bought or addedQ1 25: 6 cut or sold outQ2 25: 6 bought or addedQ2 25: 6 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023114
Q4 202374
Q1 202479
Q2 2024157
Q3 2024312
Q4 2024108
Q1 202586
Q2 202566

Biggest buyers

PenderFund Capital Management Ltd. Added +5,690,000+5.7m
OAKTREE CAPITAL MANAGEMENT LP Added +4,979,000+5.0m
CITIGROUP INC Added +2,250,000+2.2m
BANK OF MONTREAL /CAN/ Added +475,000+475.0k
Russell Investments Group, Ltd. Added +242,000+242.0k
K2 PRINCIPAL FUND, L.P. Added +5,000+5.0k

Biggest sellers

Tetragon Partners GP Ltd Reduced -9,000,000-9.0m
WOLVERINE ASSET MANAGEMENT LLC Reduced -5,000,000-5.0m
SSI INVESTMENT MANAGEMENT LLC Sold out -2,250,000-2.2m
WELLS FARGO & COMPANY/MN Sold out -1,750,000-1.8m
Fore Capital, LLC Sold out -1,500,000-1.5m
Oaktree Fund Advisors, LLC Reduced -9,000-9.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 PenderFund Capital Management Ltd. 9.84% of their portfolio VANCOUVER, A1 43,340,00043.3m $41.6m $41.6m 9.84% Added +5.7m +5,690,000
2 WOLVERINE ASSET MANAGEMENT LLC 0.61% of their portfolio CHICAGO, IL 37,475,00037.5m $36.4m $36.4m 0.61% Reduced -5.0m -5,000,000
3 HBK INVESTMENTS L P 0.43% of their portfolio DALLAS, TX 24,957,00025.0m $24.2m $24.2m 0.43% Unchanged
4 OAKTREE CAPITAL MANAGEMENT LP 0.39% of their portfolio LOS ANGELES, CA 20,605,00020.6m $19.6m $19.6m 0.39% Added +5.0m +4,979,000
5 LMR Partners LLP 0.29% of their portfolio LONDON, X0 19,000,00019.0m $18.4m $18.4m 0.29% Unchanged
6 TENOR CAPITAL MANAGEMENT Co., L.P. 0.17% of their portfolio NEW YORK, NY 12,674,00012.7m $12.3m $12.3m 0.17% Unchanged
7 Tetragon Partners GP Ltd 1.31% of their portfolio GRAND CAYMAN, E9 7,500,0007.5m $7.3m $7.3m 1.31% Reduced -9.0m -9,000,000
8 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 5,311,0005.3m $5.0m $5.0m 0.00% Added +2.2m +2,250,000
9 MIZUHO SECURITIES USA LLC 0.10% of their portfolio NEW YORK, NY 5,000,0005.0m $4.8m $4.8m 0.10% First filing
10 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,647,0003.6m $3.5m $3.5m 0.00% Unchanged
11 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 3,541,0003.5m $3.4m $3.4m 0.00% Added +242.0k +242,000
12 ADVENT CAPITAL MANAGEMENT /DE/ 0.03% of their portfolio NEW YORK, NY 1,410,0001.4m $1.3m $1.3m 0.03% Unchanged
13 Claret Asset Management Corp 0.12% of their portfolio MONTREAL, A8 985,000985.0k $950.0k $950.0k 0.12% Unchanged
14 Periscope Capital Inc. 0.34% of their portfolio Toronto, A6 915,000915.0k $891.9k $891.9k 0.34% Unchanged
15 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 725,000725.0k $703.2k $703.2k 0.00% Added +475.0k +475,000
16 Context Capital Management, LLC 0.97% of their portfolio LAJOLLA, CA 30,21130.2k $28.8m $28.8m 0.97% Unchanged
17 K2 PRINCIPAL FUND, L.P. 2.58% of their portfolio TORONTO, A6 14,50014.5k $14.1m $14.1m 2.58% Added +5.0k +5,000
18 Oaktree Fund Advisors, LLC 0.02% of their portfolio LOS ANGLES, CA 11,00011.0k $10.5k $10.5k 0.02% Reduced -9.0k -9,000
19 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 5,9005.9k $568.0k $568.0k 0.00% Unchanged
20 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged