Vault-13

FIRSTENERGY CORP FE 4 05.01.26

NOTE 4.000% 5/0 · US DOMESTIC · CUSIP 337932AR8

41 institutional holders -23 vs Q1 2025
11,817,58411.8m shares reported held*
$279.5mreported value*
3 new 8 added 17 reduced 26 sold out net sold ≈ $1.1bn (-7.2m 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. Holder counts are more reliable. Implied quarter-end price ≈ $23.65.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q2 24: 52Q3 24: 56Q4 24: 56Q1 25: 64Q2 25: 4141Q2 24Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q2 202452
Q3 202456
Q4 202456
Q1 202564
Q2 202541

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q3 24: 28 bought or addedQ3 24: 18 cut or sold outQ3 24Q4 24: 21 bought or addedQ4 24: 22 cut or sold outQ4 24Q1 25: 28 bought or addedQ1 25: 23 cut or sold outQ1 25Q2 25: 11 bought or addedQ2 25: 43 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20242818
Q4 20242122
Q1 20252823
Q2 20251143

Biggest buyers

AQR Arbitrage LLC Added +25,246,000+25.2m
MORGAN STANLEY New +9,513,000+9.5m
CITIGROUP INC Added +8,639,000+8.6m
BANK OF AMERICA CORP /DE/ New +5,015,000+5.0m
CSS LLC/IL Added +3,000,000+3.0m
TORONTO DOMINION BANK Added +2,500,000+2.5m
CAPSTONE INVESTMENT ADVISORS, LLC Added +1,500,000+1.5m
JANE STREET GROUP, LLC Added +850,000+850.0k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC New +27,000+27.0k
Jefferies Financial Group Inc. Added +22,000+22.0k

Biggest sellers

Hudson Bay Capital Management LP Sold out -311,387,000-311.4m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -90,000,000-90.0m
Sculptor Capital LP Sold out -82,500,000-82.5m
BlackRock, Inc. Sold out -76,881,000-76.9m
Invesco Ltd. Sold out -63,844,000-63.8m
TWO SIGMA INVESTMENTS, LP Reduced -58,045,000-58.0m
Magnetar Financial LLC Sold out -56,650,000-56.6m
CAMDEN ASSET MANAGEMENT L P /CA Sold out -47,060,000-47.1m
BANK OF MONTREAL /CAN/ Reduced -45,250,000-45.2m
Aequim Alternative Investments LP Reduced -42,500,000-42.5m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 AQR Arbitrage LLC 0.85% of their portfolio Greenwich, CT 35,870,00035.9m $36.1m $36.1m 0.85% Added +25.2m +25,246,000
2 Aequim Alternative Investments LP 0.66% of their portfolio MILL VALLEY, CA 20,000,00020.0m $20.1m $20.1m 0.66% Reduced -42.5m -42,500,000
3 TORONTO DOMINION BANK 0.04% of their portfolio TORONTO, ONTARIO, A6 17,500,00017.5m $17.6m $17.6m 0.04% Added +2.5m +2,500,000
4 CAPSTONE INVESTMENT ADVISORS, LLC 0.14% of their portfolio NEW YORK, NY 16,000,00016.0m $16.1m $16.1m 0.14% Added +1.5m +1,500,000
5 Shaolin Capital Management LLC 0.66% of their portfolio Miami, FL 15,000,00015.0m $15.2m $15.2m 0.66% Reduced -15.5m -15,500,000
6 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 14,925,00014.9m $15.0m $15.0m 0.00% Reduced -625.0k -625,000
7 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 14,589,00014.6m $14.7m $14.7m 0.01% Reduced -45.2m -45,250,000
8 TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio NEW YORK, NY 13,000,00013.0m $13.1m $13.1m 0.02% Reduced -58.0m -58,045,000
9 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 12,735,00012.7m $12.9m $12.9m 0.03% Reduced -905.0k -905,000
10 ADVENT CAPITAL MANAGEMENT /DE/ 0.28% of their portfolio NEW YORK, NY 12,593,00012.6m $12.7m $12.7m 0.28% Reduced -14.8m -14,801,000
11 JONES ROAD CAPITAL MANAGEMENT, L.P. 11.76% of their portfolio NEW YORK, NY 12,000,00012.0m $12.1m $12.1m 11.76% Unchanged
12 MIZUHO SECURITIES USA LLC 0.23% of their portfolio NEW YORK, NY 10,866,00010.9m $10.9m $10.9m 0.23% First filing
13 Point72 Asset Management, L.P. 0.03% of their portfolio STAMFORD, CT 10,844,00010.8m $10.9m $10.9m 0.03% Reduced -36.7m -36,656,000
14 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 10,821,00010.8m $10.9m $10.9m 0.01% Added +8.6m +8,639,000
15 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.28% of their portfolio CHICAGO, IL 10,000,00010.0m $10.1m $10.1m 0.28% Not comparable
16 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 9,513,0009.5m $9.6m $9.6m 0.00% New
17 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 5,015,0005.0m $5.0m $5.0m 0.00% New
18 Man Group plc 0.01% of their portfolio LONDON, X0 4,747,0004.7m $4.8m $4.8m 0.01% Reduced -1.8m -1,803,000
19 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 4,105,0004.1m $4.2m $4.2m 0.00% Reduced -26.6m -26,550,000
20 CSS LLC/IL 0.25% of their portfolio CHICAGO, IL 4,000,0004.0m $4.0m $4.0m 0.25% Added +3.0m +3,000,000
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,989,0004.0m $4.0m $4.0m 0.00% Reduced -7.3m -7,285,000
22 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,622,0002.6m $2.6m $2.6m 0.00% Reduced -6.0m -6,002,000
23 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 1,997,0002.0m $2.0m $2.0m 0.00% Reduced -7.2m -7,231,000
24 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,700,0001.7m $1.7m $1.7m 0.00% Reduced -2.0m -1,954,000
25 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 1,600,0001.6m $1.6m $1.6m 0.00% Unchanged
26 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 1,350,0001.4m $1.4m $1.4m 0.00% Added +850.0k +850,000
27 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,005,0001.0m $1.0m $1.0m 0.00% Reduced -7.6m -7,608,000
28 SHENKMAN CAPITAL MANAGEMENT INC 0.10% of their portfolio NEW YORK, NY 984,000984.0k $1.0m $1.0m 0.10% Reduced -3.3m -3,307,000
29 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 865,000865.0k $874.8k $874.8k 0.00% Unchanged
30 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 800,000800.0k $806.0k $806.0k 0.00% Unchanged
31 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 703,000703.0k $707.7k $707.7k 0.00% Unchanged
32 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 144,000144.0k $144.8k $144.8k 0.00% Unchanged
33 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 51,00051.0k $51.3k $51.3k 0.00% Unchanged
34 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 33,00033.0k $33.2k $33.2k 0.00% Added +22.0k +22,000
35 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 29,50029.5k $3.0m $3.0m 0.01% Unchanged
36 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 27,00027.0k $27.0k $27.0k 0.00% New
37 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 21,00021.0k $21.1k $21.1k 0.00% Added +9.0k +9,000
38 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 13,00013.0k $13.1k $13.1k 0.00% Unchanged
39 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 5,3655.4k $216.0k $216.0k 0.00% Unchanged
40 LAFFER TENGLER INVESTMENTS, INC. 0.40% of their portfolio Scottsdale, AZ 2,2192.2k $2.3m $2.3m 0.40% Reduced -63 -63
41 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged