Vault-13

FRANCHISE GROUP INC

COM · Common Stock · CUSIP 35180X105

161 institutional holders +26 vs Q1 2023
24,098,25924.1m shares reported held*
$688.5mreported value*
58 new 28 added 56 reduced 33 sold out net bought ≈ $88.4m (+3.1m 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 ≈ $28.57. Options: 11 managers hold calls ($26.9m notional), 7 hold puts ($942.1k).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 147Q4 22: 137Q1 23: 135Q2 23: 161161Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 2022147
Q4 2022137
Q1 2023135
Q2 2023161

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 22: 72 bought or addedQ4 22: 69 cut or sold outQ4 22Q1 23: 71 bought or addedQ1 23: 58 cut or sold outQ1 23Q2 23: 86 bought or addedQ2 23: 89 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20227269
Q1 20237158
Q2 20238689

Calls vs puts

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

CallsPuts
$0$10m$20m$30m$40mQ3 22 calls: $4.4mQ3 22 puts: $11.1mQ3 22P/C 2.52Q4 22 calls: $33.5mQ4 22 puts: $5.8mQ4 22P/C 0.17Q1 23 calls: $26.5mQ1 23 puts: $15.7mQ1 23P/C 0.59Q2 23 calls: $26.9mQ2 23 puts: $942.1kQ2 23P/C 0.03
Numbers
QuarterCallsPutsP/C
Q3 2022$4.4m$11.1m2.52
Q4 2022$33.5m$5.8m0.17
Q1 2023$26.5m$15.7m0.59
Q2 2023$26.9m$942.1k0.03

Biggest buyers

Pentwater Capital Management LP New +1,800,000+1.8m
Magnetar Financial LLC New +1,658,158+1.7m
NOMURA HOLDINGS INC New +1,377,099+1.4m
GLAZER CAPITAL, LLC New +1,161,801+1.2m
BARCLAYS PLC Added +876,861+876.9k
UBS Group AG Added +782,482+782.5k
ALPINE ASSOCIATES MANAGEMENT INC. New +651,400+651.4k
GOLDMAN SACHS GROUP INC Added +530,782+530.8k
AQR Arbitrage LLC New +403,610+403.6k
JANUS HENDERSON GROUP PLC Added +396,351+396.4k

Biggest sellers

FMR LLC Reduced -4,967,240-5.0m
ROYCE & ASSOCIATES LP Reduced -1,084,831-1.1m
SILVERCREST ASSET MANAGEMENT GROUP LLC Sold out -921,592-921.6k
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Sold out -840,489-840.5k
CAPITAL MANAGEMENT CORP /VA Sold out -760,251-760.3k
CANNELL CAPITAL LLC Sold out -503,471-503.5k
VANGUARD GROUP INC Reduced -229,331-229.3k
Samjo Capital LLC Sold out -132,000-132.0k
Squarepoint Ops LLC Reduced -131,294-131.3k
CITADEL ADVISORS LLC Reduced -127,550-127.5k

Biggest calls

CITADEL ADVISORS LLC Added $13.4m469.2k shares
GROUP ONE TRADING LLC Added $7.5m263.5k shares
SIMPLEX TRADING, LLC Added $2.2m77.5k shares
WOLVERINE TRADING, LLC Reduced $1.4m50.2k shares
JANE STREET GROUP, LLC Reduced $830.6k29.0k shares
CSS LLC/IL New $727.5k25.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $481.2k16.8k shares
SUMMIT SECURITIES GROUP LLC New $212.0k7.4k shares
Belvedere Trading LLC New $40.1k1.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $429.6k15.0k shares
Belvedere Trading LLC New $266.4k9.3k shares
CITADEL ADVISORS LLC Reduced $174.7k6.1k shares
GROUP ONE TRADING LLC Reduced $54.4k1.9k shares
SIMPLEX TRADING, LLC Reduced $17.0k600 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares
FNY Investment Advisers, LLC New $013 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Pentwater Capital Management LP 0.65% of their portfolio Naples, FL 1,800,0001.8m $51.6m $51.6m 0.65% New
2 BlackRock Inc. 0.00% of their portfolio New York, NY 1,728,7781.7m $49.5m $49.5m 0.00% Reduced -107.3k -107,344
3 Magnetar Financial LLC 1.04% of their portfolio EVANSTON, IL 1,658,1581.7m $47.5m $47.5m 1.04% New
4 NOMURA HOLDINGS INC 0.40% of their portfolio TOKYO, M0 1,377,0991.4m $39.4m $39.4m 0.40% New
5 GLAZER CAPITAL, LLC 2.20% of their portfolio New York, NY 1,161,8011.2m $33.3m $33.3m 2.20% New
6 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,128,5181.1m $32.3m $32.3m 0.00% Reduced -229.3k -229,331
7 EQUITEC PROPRIETARY MARKETS, LLC 22.76% of their portfolio CHICAGO, IL 1,123,1681.1m $32.2m $32.2m 22.76% Added +230.3k +230,301
8 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 890,054890.1k $25.5m $25.5m 0.02% Added +876.9k +876,861
9 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 884,164884.2k $25.3m $25.3m 0.05% Added +318.4k +318,400
10 UBS Group AG 0.01% of their portfolio ZURICH, V8 805,439805.4k $23.1m $23.1m 0.01% Added +782.5k +782,482
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 703,217703.2k $20.1m $20.1m 0.00% Reduced -41.1k -41,145
12 AMERICAN FINANCIAL GROUP INC 6.07% of their portfolio CINCINNATI, OH 686,115686.1k $19.6m $19.6m 6.07% Unchanged
13 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 654,877654.9k $18.8m $18.8m 0.01% Reduced -62.5k -62,497
14 ALPINE ASSOCIATES MANAGEMENT INC. 0.84% of their portfolio PALM BEACH, FL 651,400651.4k $18.7m $18.7m 0.84% New
15 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 578,210578.2k $16.6m $16.6m 0.00% Added +530.8k +530,782
16 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 500,259500.3k $14.3m $14.3m 0.00% Reduced -30.7k -30,689
17 JANUS HENDERSON GROUP PLC 0.01% of their portfolio LONDON, X0 408,153408.2k $11.7m $11.7m 0.01% Added +396.4k +396,351
18 AQR Arbitrage LLC 0.50% of their portfolio Greenwich, CT 403,610403.6k $11.6m $11.6m 0.50% New
19 Ergoteles LLC 0.50% of their portfolio NEW YORK, NY 363,788363.8k $10.4m $10.4m 0.50% New
20 Qube Research & Technologies Ltd 0.04% of their portfolio LONDON, X0 361,763361.8k $10.4m $10.4m 0.04% New
21 LGT Group Foundation 0.25% of their portfolio VADUZ, N2 359,972360.0k $10.3m $10.3m 0.25% Reduced -10.1k -10,079
22 Woodline Partners LP 0.10% of their portfolio San Francisco, CA 301,500301.5k $8.6m $8.6m 0.10% New
23 ROYCE & ASSOCIATES LP 0.08% of their portfolio New York, NY 279,373279.4k $8.0m $8.0m 0.08% Reduced -1.1m -1,084,831
24 Vazirani Asset Management LLC 12.73% of their portfolio NEW YORK, NY 250,000250.0k $7.2m $7.2m 12.73% New
25 BARDIN HILL MANAGEMENT PARTNERS LP 1.86% of their portfolio NEW YORK, NY 246,553246.6k $7.1m $7.1m 1.86% New
26 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 240,394240.4k $6.9m $6.9m 0.01% New
27 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 229,727229.7k $6.6m $6.6m 0.00% Added +9.0k +8,963
28 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 219,873219.9k $6.3m $6.3m 0.00% Reduced -22.0k -22,030
29 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 157,249157.2k $4.5m $4.5m 0.00% Added +127.2k +127,249
30 Alpine Global Management, LLC 0.62% of their portfolio NEW YORK, NY 150,000150.0k $4.3m $4.3m 0.62% New
31 MIRIA Asset Management Ltd 9.28% of their portfolio ST.JULIANS, O1 126,000126.0k $3.6m $3.6m 9.28% New
32 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 124,357124.4k $3.6m $3.6m 0.00% Reduced -9.2k -9,210
33 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 123,009123.0k $3.5m $3.5m 0.01% Reduced -29.5k -29,466
34 GABELLI FUNDS LLC 0.03% of their portfolio Rye, NY 121,313121.3k $3.5m $3.5m 0.03% New
35 AWM Investment Company, Inc. 0.46% of their portfolio NEW YORK, NY 117,595117.6k $3.4m $3.4m 0.46% Unchanged
36 EHP Funds Inc. 0.89% of their portfolio TORONTO, Z4 110,000110.0k $3.2m $3.2m 0.89% New
37 Precept Management LLC 5.26% of their portfolio Dallas, TX 100,000100.0k $2.5m $2.5m 5.26% New
38 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 93,97094.0k $2.7m $2.7m 0.00% Reduced -9.4k -9,386
39 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 90,16690.2k $2.6m $2.6m 0.00% Reduced -127.5k -127,550
40 Skandinaviska Enskilda Banken AB (publ) 0.02% of their portfolio STOCKHOLM, V7 89,88789.9k $2.6m $2.6m 0.02% New
41 Kellner Capital, LLC 2.92% of their portfolio NEW YORK, NY 88,80088.8k $2.5m $2.5m 2.92% New
42 GABELLI & Co INVESTMENT ADVISERS, INC. 0.41% of their portfolio Rye, NY 86,20086.2k $2.5m $2.5m 0.41% New
43 New York Life Investment Management LLC 0.02% of their portfolio New York, NY 78,88678.9k $2.3m $2.3m 0.02% New
44 Carmignac Gestion 0.04% of their portfolio PARIS, I0 76,02876.0k $2.2m $2.2m 0.04% Not comparable
45 LMR Partners LLP 0.05% of their portfolio LONDON, X0 75,00075.0k $2.1m $2.1m 0.05% New
46 FNY Investment Advisers, LLC 2.73% of their portfolio NEW YORK, NY 75,00075.0k $2.1m $2.1m 2.73% New
47 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 69,65369.7k $2.0m $2.0m 0.00% Added +22.5k +22,512
48 Truvestments Capital LLC 0.97% of their portfolio SARASOTA, FL 68,16968.2k $2.0m $2.0m 0.97% Reduced -5.0k -4,973
49 WOLVERINE ASSET MANAGEMENT LLC 0.04% of their portfolio CHICAGO, IL 68,16368.2k $2.0m $2.0m 0.04% New
50 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 65,86065.9k $1.9m $1.9m 0.00% Reduced -2.6k -2,576
51 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio COLUMBUS, OH 64,20964.2k $1.8m $1.8m 0.01% Added +64.1k +64,105
52 GARDNER LEWIS ASSET MANAGEMENT L P 0.67% of their portfolio CHADDS FORD, PA 64,00064.0k $1.8m $1.8m 0.67% New
53 Secure Asset Management, LLC 0.54% of their portfolio Troy, MI 61,48261.5k $1.8m $1.8m 0.54% Added +3.8k +3,774
54 WOLVERINE TRADING, LLC 0.02% of their portfolio CHICAGO, IL 56,61756.6k $1.6m $1.6m 0.02% Reduced -2.0k -2,007
55 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 55,59155.6k $1.6m $1.6m 0.00% Reduced -42.9k -42,869
56 Centiva Capital, LP 0.08% of their portfolio New York, NY 53,28653.3k $1.5m $1.5m 0.08% New
57 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 52,89952.9k $1.5m $1.5m 0.00% Added +19.2k +19,194
58 Olympiad Research LP 1.48% of their portfolio Stamford, CT 52,35652.4k $1.5m $1.5m 1.48% New
59 CANTOR FITZGERALD, L. P. 0.03% of their portfolio NEW YORK, NY 51,18851.2k $1.5m $1.5m 0.03% New
60 WATER ISLAND CAPITAL LLC 0.14% of their portfolio NEW YORK, NY 50,80950.8k $1.5m $1.5m 0.14% New
61 Swiss National Bank 0.00% of their portfolio ZURICH, V8 49,80049.8k $1.4m $1.4m 0.00% Reduced -7.9k -7,900
62 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 46,09846.1k $1.3m $1.3m 0.00% Added +7.7k +7,748
63 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 45,20045.2k $1.3m $1.3m 0.00% New
64 Ionic Capital Management LLC 0.52% of their portfolio NEW YORK, NY 45,00045.0k $1.3m $1.3m 0.52% New
65 GROUP ONE TRADING LLC 0.05% of their portfolio CHICAGO, IL 42,00142.0k $1.2m $1.2m 0.05% Reduced -101.4k -101,445
66 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 41,76141.8k $1.2m $1.2m 0.00% Reduced -14.8k -14,818
67 Hunting Hill Global Capital, LLC 0.65% of their portfolio New York, NY 38,00038.0k $1.1m $1.1m 0.65% New
68 Advisors Asset Management, Inc. 0.02% of their portfolio Monument, CO 36,51036.5k $1.0m $1.0m 0.02% Reduced -10.3k -10,339
69 PRELUDE CAPITAL MANAGEMENT, LLC 0.09% of their portfolio NEW YORK, NY 36,46736.5k $1.0m $1.0m 0.09% Reduced -14.0k -13,986
70 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 34,86034.9k $998.4k $998.4k 0.00% Added +3.0k +3,049
71 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 34,72934.7k $994.6k $994.6k 0.00% Added +2.8k +2,832
72 EP Wealth Advisors, LLC 0.01% of their portfolio TORRANCE, CA 34,21934.2k $397.4k $397.4k 0.01% Added +7.6k +7,642
73 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 33,48433.5k $959.0k $959.0k 0.00% Reduced -2.9k -2,906
74 Walleye Capital LLC 0.02% of their portfolio NEW YORK, NY 33,37533.4k $955.9k $955.9k 0.02% Added +22.9k +22,863
75 Black Maple Capital Management LP 1.09% of their portfolio MILWAUKEE, WI 32,75932.8k $938.2k $938.2k 1.09% New
76 Mint Tower Capital Management B.V. 0.12% of their portfolio AMSTERDAM, P7 32,02132.0k $917.0k $917.0k 0.12% New
77 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 29,03729.0k $791.3k $791.3k 0.00% Unchanged
78 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 28,57728.6k $818.0k $818.0k 0.00% Reduced -3.3k -3,285
79 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 27,66427.7k $792.3k $792.3k 0.00% Reduced -5.5k -5,524
80 Straight Path Wealth Management 0.49% of their portfolio Jenison, MI 25,10025.1k $718.9k $718.9k 0.49% Reduced -100 -100
81 Diametric Capital, LP 0.32% of their portfolio BOSTON, MA 25,00025.0k $716.0k $716.0k 0.32% New
82 Crystalline Management Inc. 0.51% of their portfolio Montreal, Quebec, Z4 25,00025.0k $716.0k $716.0k 0.51% New
83 PenderFund Capital Management Ltd. 0.28% of their portfolio VANCOUVER, A1 23,55023.6k $894 $894 0.28% New
84 BCK CAPITAL MANAGEMENT LP 0.50% of their portfolio STAMFORD, CT 23,00023.0k $658.7k $658.7k 0.50% New
85 SMITH CHAS P & ASSOCIATES PA CPAS 0.04% of their portfolio LAKELAND, FL 21,67021.7k $621.0k $621.0k 0.04% Unchanged
86 TIG Advisors, LLC 0.04% of their portfolio New York, NY 20,91520.9k $599.0k $599.0k 0.04% New
87 ExodusPoint Capital Management, LP 0.01% of their portfolio NEW YORK, NY 19,65019.6k $563.0k $563.0k 0.01% New
88 Legal & General Group Plc 0.00% of their portfolio London, X0 19,23119.2k $550.8k $550.8k 0.00% Added +7.8k +7,814
89 Ancora Advisors LLC 0.01% of their portfolio Cleveland, OH 17,27517.3k $494.8k $494.8k 0.01% Unchanged
90 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 16,41016.4k $470.0k $470.0k 0.00% Reduced -12.1k -12,134
91 Rafferty Asset Management, LLC 0.00% of their portfolio New York, NY 15,98516.0k $457.8k $457.8k 0.00% Reduced -646 -646
92 Cutler Group LLC / CA 0.11% of their portfolio SAN FRANCISCO, CA 15,79815.8k $452.0k $452.0k 0.11% Added +773 +773
93 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 15,78215.8k $452.0k $452.0k 0.00% Reduced -1.1k -1,087
94 SUMMIT SECURITIES GROUP LLC 0.19% of their portfolio NEW YORK, NY 15,60015.6k $447.0k $447.0k 0.19% New
95 DRIVE WEALTH MANAGEMENT, LLC 0.16% of their portfolio LEHI, UT 15,12115.1k $433.1k $433.1k 0.16% Reduced -2.8k -2,778
96 ProShare Advisors LLC 0.00% of their portfolio BETHESDA, MD 14,80814.8k $424.1k $424.1k 0.00% New
97 CANADA LIFE ASSURANCE Co 0.00% of their portfolio WINNIPEG, A2 13,78913.8k $397.0k $397.0k 0.00% Unchanged
98 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 13,24013.2k $379.2k $379.2k 0.00% Unchanged
99 GAM Holding AG 0.03% of their portfolio Zurich, V8 12,90012.9k $369.5k $369.5k 0.03% New
100 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 12,07812.1k $345.9k $345.9k 0.00% Unchanged