Vault-13

GLOBAL BUSINESS TRAVEL GROUP

COM CL A · CUSIP 37890B100

60 institutional holders -4 vs Q3 2023
222,689,543222.7m shares reported held*
$1.4bnreported value*
7 new 26 added 13 reduced 12 sold out net sold ≈ $6.5m (-1.0m 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. Holder counts are more reliable. Implied quarter-end price ≈ $6.45. Options: 2 managers hold calls ($141.9k notional), 2 hold puts ($12.9k).

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 40Q4 22: 44Q1 23: 41Q2 23: 55Q3 23: 64Q4 23: 6060Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 202240
Q4 202244
Q1 202341
Q2 202355
Q3 202364
Q4 202360

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 32 bought or addedQ4 22: 17 cut or sold outQ4 22Q1 23: 18 bought or addedQ1 23: 23 cut or sold outQ1 23Q2 23: 38 bought or addedQ2 23: 19 cut or sold outQ2 23Q3 23: 35 bought or addedQ3 23: 14 cut or sold outQ3 23Q4 23: 33 bought or addedQ4 23: 25 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 20223217
Q1 20231823
Q2 20233819
Q3 20233514
Q4 20233325

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ1 23 calls: $663Q1 23 puts: $206.2kQ1 23P/C 311.00Q2 23 calls: $358.6kQ2 23 puts: $176.4kQ2 23P/C 0.49Q3 23 calls: $96.2kQ3 23 puts: $121.8kQ3 23P/C 1.27Q4 23 calls: $141.9kQ4 23 puts: $12.9kQ4 23P/C 0.09
Numbers
QuarterCallsPutsP/C
Q1 2023$663$206.2k311.00
Q2 2023$358.6k$176.4k0.49
Q3 2023$96.2k$121.8k1.27
Q4 2023$141.9k$12.9k0.09

Biggest buyers

DENDUR CAPITAL LP Added +540,000+540.0k
ARES MANAGEMENT LLC Added +231,457+231.5k
PAR CAPITAL MANAGEMENT INC Added +228,149+228.1k
Ballast Asset Management, LP Added +125,130+125.1k
MORGAN STANLEY Added +122,916+122.9k
BlackRock Inc. Added +120,325+120.3k
STATE STREET CORP Added +88,179+88.2k
GSA CAPITAL PARTNERS LLP New +71,061+71.1k
Taconic Capital Advisors LP Added +50,000+50.0k
BARCLAYS PLC Added +38,563+38.6k

Biggest sellers

Hudson Bay Capital Management LP Reduced -921,564-921.6k
MACQUARIE GROUP LTD Reduced -721,873-721.9k
CARRONADE CAPITAL MANAGEMENT, LP Reduced -473,562-473.6k
GOLDMAN SACHS GROUP INC Sold out -292,440-292.4k
BEACONLIGHT CAPITAL, LLC Sold out -125,688-125.7k
HRT FINANCIAL LP Reduced -111,592-111.6k
CastleKnight Management LP Sold out -45,330-45.3k
OCCUDO QUANTITATIVE STRATEGIES LP Sold out -45,280-45.3k
PRELUDE CAPITAL MANAGEMENT, LLC Sold out -37,832-37.8k
MILLENNIUM MANAGEMENT LLC Sold out -33,226-33.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $141.9k22.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

GROUP ONE TRADING LLC Added $12.9k2.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Expedia Group, Inc. 13D · may seek influence filed 2026-05-05
Stated purposeEXPLANATORY NOTE: This Amendment No. 3 (the "Amendment") amends and supplements the Schedule 13D filed by the Reporting Person on June 6, 2022, as amended by Amendment No. 1 thereto filed on July 12, 2023 and Amendment No. 2 thereto filed on January 16, 2024, with respect to the Class A common stock (the "Schedule 13D"). Capitalized terms used in this Amendment and not defined herein shall have the same meanings ascribed to them in the Schedule 13D. Item 4 of the Schedule 13D is hereby amended by adding the following: Voting Agreement On May 2, 2026, the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement") with Gaia Purchaser, Inc., a Delaware corporation ("Parent"), and Gaia Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Merger… Full filing
 14.3% 74.8m≈ $702.8m 2026-05-05
BlackRock Portfolio Management LLC 13D · may seek influence -0.7 pts · filed 2026-05-05
Stated purposeAll of the Class A Common Stock of the Issuer reported on this Schedule 13D was acquired in the ordinary course of business for investment purposes by the Reporting Business Units. On May 2, 2026, the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement") with Gaia Purchaser, Inc., a Delaware corporation ("Parent"), and Gaia Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which the Issuer is to be acquired by Long Lake Management Holdings Inc. Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company (the "Merger"), with the Company surviving as a wholly owned subsidiary of Parent. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective t… Full filing
 7.5% -0.7 pts 39.2m≈ $368.0m 2026-05-05

Fell to 5% or below in the last year: AMERICAN EXPRESS CO (0.0%, 2026-10-01), Qatar Investment Authority (0.0%, 2026-09-29), Apollo Principal Holdings A GP, Ltd. (4.4%, 2026-02-20)

Holders, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 AMERICAN EXPRESS CO 97.60% of their portfolio NEW YORK, NY 157,786,199157.8m $1.0bn $1.0bn 97.60% First filing
2 Apollo Management Holdings, L.P. 1.89% of their portfolio New York, NY 25,706,88725.7m $165.8m $165.8m 1.89% Added +1 +1
3 ARES MANAGEMENT LLC 1.44% of their portfolio LOS ANGELES, CA 9,016,7739.0m $58.2m $58.2m 1.44% Added +231.5k +231,457
4 HG Vora Capital Management, LLC 2.56% of their portfolio NEW YORK, NY 7,750,0007.8m $50.0m $50.0m 2.56% Unchanged
5 Zoom Video Communications, Inc. 100.00% of their portfolio San Jose, CA 4,000,0004.0m $25.8m $25.8m 100.00% Unchanged
6 MACQUARIE GROUP LTD 0.03% of their portfolio Sydney, NSW 2000, C3 3,687,5503.7m $23.8m $23.8m 0.03% Reduced -721.9k -721,873
7 CARRONADE CAPITAL MANAGEMENT, LP 7.59% of their portfolio DARIEN, CT 3,000,0003.0m $19.4m $19.4m 7.59% Reduced -473.6k -473,562
8 DENDUR CAPITAL LP 2.93% of their portfolio NEW YORK, NY 2,990,0003.0m $19.3m $19.3m 2.93% Added +540.0k +540,000
9 BlackRock Inc. 0.00% of their portfolio New York, NY 2,143,7162.1m $13.8m $13.8m 0.00% Added +120.3k +120,325
10 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 961,454961.5k $6.2m $6.2m 0.00% Added +30.5k +30,467
11 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 815,919815.9k $5.3m $5.3m 0.00% Added +31.1k +31,087
12 PAR CAPITAL MANAGEMENT INC 0.16% of their portfolio BOSTON, MA 770,000770.0k $5.0m $5.0m 0.16% Added +228.1k +228,149
13 Hudson Bay Capital Management LP 0.03% of their portfolio STAMFORD, CT 605,390605.4k $3.9m $3.9m 0.03% Reduced -921.6k -921,564
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 594,973595.0k $3.8m $3.8m 0.00% Added +88.2k +88,179
15 Taconic Capital Advisors LP 0.33% of their portfolio NEW YORK, NY 531,453531.5k $3.4m $3.4m 0.33% Added +50.0k +50,000
16 Ballast Asset Management, LP 1.45% of their portfolio DALLAS, TX 354,018354.0k $2.3m $2.3m 1.45% Added +125.1k +125,130
17 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 345,859345.9k $2.2m $2.2m 0.00% Added +17.0k +17,005
18 Empyrean Capital Partners, LP 0.13% of their portfolio LOS ANGELES, CA 320,556320.6k $2.1m $2.1m 0.13% Unchanged
19 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 305,546305.5k $2.0m $2.0m 0.00% Added +9.3k +9,268
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 154,032154.0k $993.5k $993.5k 0.00% Added +122.9k +122,916
21 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 115,050115.0k $742.1k $742.1k 0.00% Added +2.9k +2,903
22 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 104,387104.4k $673.3k $673.3k 0.00% Added +8.7k +8,716
23 GSA CAPITAL PARTNERS LLP 0.04% of their portfolio LONDON, X0 71,06171.1k $458.0k $458.0k 0.04% New
24 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 53,73453.7k $346.6k $346.6k 0.00% Added +34.9k +34,889
25 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 51,02951.0k $329.0k $329.0k 0.00% Reduced -111.6k -111,592
26 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 47,51447.5k $306.5k $306.5k 0.00% Added +20.1k +20,081
27 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 44,39144.4k $286.3k $286.3k 0.00% Added +38.6k +38,563
28 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 43,80043.8k $282.5k $282.5k 0.00% Added +21.9k +21,900
29 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 27,32527.3k $176.2k $176.2k 0.00% Reduced -95 -95
30 Ionic Capital Management LLC 0.07% of their portfolio NEW YORK, NY 22,62622.6k $145.9k $145.9k 0.07% New
31 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 22,40022.4k $144.0k $144.0k 0.00% New
32 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 18,94818.9k $122.2k $122.2k 0.00% Unchanged
33 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 17,82817.8k $115.0k $115.0k 0.00% Unchanged
34 Vestcor Inc 0.00% of their portfolio FREDERICTON, A3 17,32417.3k $112.0k $112.0k 0.00% Unchanged
35 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 17,01117.0k $109.7k $109.7k 0.00% Unchanged
36 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 16,56316.6k $106.8k $106.8k 0.00% Added +2.5k +2,471
37 Covestor Ltd 0.07% of their portfolio LONDON, X0 16,07516.1k $104.0k $104.0k 0.07% Added +16.1k +16,068
38 AMERICAN INTERNATIONAL GROUP, INC. 0.00% of their portfolio New York, NY 16,04016.0k $103.5k $103.5k 0.00% Reduced -65 -65
39 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 14,27814.3k $92.1k $92.1k 0.00% Reduced -2.2k -2,200
40 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 13,95013.9k $90.0k $90.0k 0.00% Unchanged
41 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 13,57713.6k $87.6k $87.6k 0.00% Added +79 +79
42 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 11,44411.4k $73.8k $73.8k 0.00% Reduced -10.0k -10,015
43 MIRABELLA FINANCIAL SERVICES LLP 0.01% of their portfolio London, X0 11,32011.3k $73.0k $73.0k 0.01% New
44 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 10,53710.5k $68.0k $68.0k 0.00% Added +3.9k +3,890
45 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 10,02310.0k $64.6k $64.6k 0.00% New
46 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 9,4719.5k $61.1k $61.1k 0.00% Added +1.9k +1,910
47 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 6,6506.7k $42.9k $42.9k 0.00% Added +2.3k +2,323
48 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 5,3125.3k $34.3k $34.3k 0.00% Reduced -1.8k -1,809
49 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 4,6804.7k $30.2k $30.2k 0.00% Added +4.7k +4,664
50 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 4,5694.6k $29.0k $29.0k 0.00% Reduced -324 -324
51 Legal & General Group Plc 0.00% of their portfolio London, X0 3,4683.5k $22.4k $22.4k 0.00% Reduced -338 -338
52 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 2,6652.7k $17.2k $17.2k 0.00% Unchanged
53 Metropolitan Life Insurance Co/NY 0.00% of their portfolio New York, NY 1,8471.8k $11.9k $11.9k 0.00% Unchanged
54 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,5001.5k $9.7k $9.7k 0.00% Unchanged
55 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 338338 $2.2k $2.2k 0.00% New
56 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 167167 $1.0k $1.0k 0.00% Reduced -1.3k -1,312
57 FMR LLC 0.00% of their portfolio BOSTON, MA 163163 $1.1k $1.1k 0.00% Reduced -147 -147
58 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 100100 $645 $645 0.00% Unchanged
59 NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio ST. LOUIS, MO 5353 $342 $342 0.00% New
60 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged