Vault-13

GLOBAL BUSINESS TRAVEL GROUP

COM CL A · CUSIP 37890B100

75 institutional holders +10 vs Q1 2024
234,733,844234.7m shares reported held*
$1.5bnreported value*
14 new 43 added 6 reduced 6 sold out net bought ≈ $28.0m (+4.2m 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 ≈ $6.60. Options: 3 managers hold calls ($86.2k notional), 1 hold puts ($0).

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 40Q4 22: 44Q1 23: 41Q2 23: 55Q3 23: 64Q4 23: 60Q1 24: 65Q2 24: 7575Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 202240
Q4 202244
Q1 202341
Q2 202355
Q3 202364
Q4 202360
Q1 202465
Q2 202475

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 22: 32 bought or addedQ4 22: 17 cut or sold outQ4 22Q1 23: 18 bought or addedQ1 23: 23 cut or sold outQ2 23: 38 bought or addedQ2 23: 19 cut or sold outQ2 23Q3 23: 35 bought or addedQ3 23: 14 cut or sold outQ4 23: 33 bought or addedQ4 23: 25 cut or sold outQ4 23Q1 24: 30 bought or addedQ1 24: 28 cut or sold outQ2 24: 57 bought or addedQ2 24: 12 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 20223217
Q1 20231823
Q2 20233819
Q3 20233514
Q4 20233325
Q1 20243028
Q2 20245712

Calls vs puts

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

CallsPuts
$0$50k$100k$150k$200kQ3 23 calls: $96.2kQ3 23 puts: $121.8kQ3 23P/C 1.27Q4 23 calls: $141.9kQ4 23 puts: $12.9kQ4 23P/C 0.09Q1 24 calls: $107.0kQ1 24 puts: $163.0kQ1 24P/C 1.52Q2 24 calls: $86.2kQ2 24 puts: $0Q2 24P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2023$96.2k$121.8k1.27
Q4 2023$141.9k$12.9k0.09
Q1 2024$107.0k$163.0k1.52
Q2 2024$86.2k$00.00

Biggest buyers

BlackRock Inc. Added +4,595,921+4.6m
ARES MANAGEMENT LLC Added +1,867,266+1.9m
GEODE CAPITAL MANAGEMENT, LLC Added +1,115,434+1.1m
STATE STREET CORP Added +957,877+957.9k
Bank of New York Mellon Corp Added +925,018+925.0k
PB INVESTMENT PARTNERS, L.P. New +609,859+609.9k
VANGUARD GROUP INC Added +569,859+569.9k
Alpine Global Management, LLC New +257,513+257.5k
MILLENNIUM MANAGEMENT LLC New +223,678+223.7k
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Added +212,762+212.8k

Biggest sellers

HG Vora Capital Management, LLC Reduced -5,525,000-5.5m
MACQUARIE GROUP LTD Sold out -3,249,765-3.2m
Eisler Capital (US) LLC Sold out -119,358-119.4k
Tidal Investments LLC Reduced -98,370-98.4k
Ionic Capital Management LLC Reduced -30,793-30.8k
AMERICAN INTERNATIONAL GROUP, INC. Sold out -15,904-15.9k
Covestor Ltd Reduced -15,191-15.2k
Beach Point Capital Management LP Reduced -12,339-12.3k
Metropolitan Life Insurance Co/NY Sold out -1,937-1.9k
Russell Investments Group, Ltd. Reduced -1,866-1.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $81.2k12.3k shares
SIMPLEX TRADING, LLC New $5.0k900 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

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, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 AMERICAN EXPRESS CO 99.93% of their portfolio NEW YORK, NY 157,786,199157.8m $1.0bn $1.0bn 99.93% Unchanged
2 Apollo Management Holdings, L.P. 2.97% of their portfolio New York, NY 25,706,88625.7m $169.7m $169.7m 2.97% Unchanged
3 ARES MANAGEMENT LLC 2.13% of their portfolio LOS ANGELES, CA 10,884,03910.9m $71.8m $71.8m 2.13% Added +1.9m +1,867,266
4 Beach Point Capital Management LP 16.51% of their portfolio Santa Monica, CA 7,062,1437.1m $46.6m $46.6m 16.51% Reduced -12.3k -12,339
5 BlackRock Inc. 0.00% of their portfolio New York, NY 6,674,8716.7m $44.1m $44.1m 0.00% Added +4.6m +4,595,921
6 Zoom Video Communications, Inc. 100.00% of their portfolio San Jose, CA 4,000,0004.0m $26.4m $26.4m 100.00% Unchanged
7 DENDUR CAPITAL LP 4.64% of their portfolio NEW YORK, NY 3,792,4913.8m $25.0m $25.0m 4.64% Added +18.1k +18,105
8 CARRONADE CAPITAL MANAGEMENT, LP 6.94% of their portfolio DARIEN, CT 3,200,0713.2m $21.1m $21.1m 6.94% Added +156.3k +156,292
9 HG Vora Capital Management, LLC 0.93% of their portfolio NEW YORK, NY 2,175,0002.2m $14.4m $14.4m 0.93% Reduced -5.5m -5,525,000
10 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,952,7592.0m $12.9m $12.9m 0.00% Added +1.1m +1,115,434
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,600,4501.6m $10.6m $10.6m 0.00% Added +957.9k +957,877
12 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,541,7591.5m $10.2m $10.2m 0.00% Added +569.9k +569,859
13 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 1,007,8611.0m $6.7m $6.7m 0.00% Added +925.0k +925,018
14 Taconic Capital Advisors LP 0.43% of their portfolio NEW YORK, NY 777,331777.3k $5.1m $5.1m 0.43% Added +70.4k +70,358
15 PAR CAPITAL MANAGEMENT INC 0.16% of their portfolio BOSTON, MA 746,730746.7k $4.9m $4.9m 0.16% Unchanged
16 PB INVESTMENT PARTNERS, L.P. 3.27% of their portfolio BURLINGAME, CA 609,859609.9k $4.0m $4.0m 3.27% New
17 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 568,837568.8k $3.8m $3.8m 0.00% Added +212.8k +212,762
18 Tidal Investments LLC 0.04% of their portfolio Milwaukee, WI 464,562464.6k $3.1m $3.1m 0.04% Reduced -98.4k -98,370
19 Ballast Asset Management, LP 1.47% of their portfolio DALLAS, TX 410,854410.9k $2.7m $2.7m 1.47% Added +23.9k +23,932
20 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 327,786327.8k $2.2m $2.2m 0.00% Added +35.9k +35,923
21 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 325,909325.9k $2.2m $2.2m 0.00% Added +210.9k +210,859
22 Empyrean Capital Partners, LP 0.13% of their portfolio LOS ANGELES, CA 320,556320.6k $2.1m $2.1m 0.13% Unchanged
23 Alpine Global Management, LLC 0.30% of their portfolio NEW YORK, NY 257,513257.5k $1.7m $1.7m 0.30% New
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 240,726240.7k $1.6m $1.6m 0.00% Added +63.8k +63,774
25 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 223,678223.7k $1.5m $1.5m 0.00% New
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 197,890197.9k $1.3m $1.3m 0.00% Added +171.1k +171,050
27 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 143,883143.9k $949.6k $949.6k 0.00% Added +116.2k +116,175
28 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 131,320131.3k $866.7k $866.7k 0.00% Added +120.1k +120,140
29 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 116,767116.8k $770.7k $770.7k 0.00% New
30 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 114,695114.7k $757.0k $757.0k 0.00% Added +98.2k +98,213
31 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 105,700105.7k $697.6k $697.6k 0.00% Added +85.8k +85,800
32 Ionic Capital Management LLC 0.35% of their portfolio NEW YORK, NY 100,452100.5k $663.0k $663.0k 0.35% Reduced -30.8k -30,793
33 UBS Group AG 0.00% of their portfolio ZURICH, V8 93,38293.4k $616.3k $616.3k 0.00% Added +59.3k +59,274
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 79,88279.9k $527.2k $527.2k 0.00% Added +61.3k +61,342
35 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 74,16174.2k $489.5k $489.5k 0.00% New
36 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 73,49473.5k $485.1k $485.1k 0.00% Added +55.7k +55,666
37 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 69,17169.2k $456.5k $456.5k 0.00% Added +911 +911
38 Corebridge Financial, Inc. 0.00% of their portfolio HOUSTON, TX 67,51967.5k $445.6k $445.6k 0.00% First filing
39 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 54,58854.6k $360.3k $360.3k 0.00% Added +22.6k +22,650
40 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 52,90152.9k $349.1k $349.1k 0.00% Added +34.0k +33,953
41 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 51,07251.1k $337.1k $337.1k 0.00% Added +37.5k +37,512
42 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 48,61748.6k $320.9k $320.9k 0.00% Added +3.0k +3,023
43 EntryPoint Capital, LLC 0.14% of their portfolio NEW YORK, NY 44,49744.5k $293.7k $293.7k 0.14% Added +43.3k +43,300
44 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 43,25043.2k $285.4k $285.4k 0.00% Added +31.3k +31,270
45 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 42,97743.0k $283.6k $283.6k 0.00% Added +20.2k +20,208
46 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 42,31442.3k $279.3k $279.3k 0.00% Added +32.5k +32,525
47 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 39,95140.0k $264.0k $264.0k 0.00% New
48 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 27,57227.6k $182.0k $182.0k 0.00% Added +13.4k +13,375
49 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 27,42927.4k $181.0k $181.0k 0.00% Added +9.9k +9,942
50 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 22,21522.2k $146.6k $146.6k 0.00% New
51 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.00% of their portfolio BALA CYNWYD, PA 21,66521.7k $143.0k $143.0k 0.00% New
52 Legal & General Group Plc 0.00% of their portfolio London, X0 18,59718.6k $122.2k $122.2k 0.00% Added +15.1k +15,129
53 ANTIPODES PARTNERS Ltd 0.00% of their portfolio ROYAL EXCHANGE, C3 18,13618.1k $119.7k $119.7k 0.00% Unchanged
54 Mariner, LLC 0.00% of their portfolio Overland Park, KS 18,05018.1k $119.1k $119.1k 0.00% Added +7.0k +6,975
55 Vestcor Inc 0.00% of their portfolio FREDERICTON, A3 17,32417.3k $114.0k $114.0k 0.00% Unchanged
56 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 17,04717.0k $112.5k $112.5k 0.00% New
57 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 16,29816.3k $107.6k $107.6k 0.00% New
58 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 16,27016.3k $107.4k $107.4k 0.00% First filing
59 CANTOR FITZGERALD, L. P. 0.02% of their portfolio NEW YORK, NY 12,36112.4k $81.6k $81.6k 0.02% New
60 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 12,29612.3k $81.2k $81.2k 0.00% Added +9.6k +9,631
61 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 11,80411.8k $78.0k $78.0k 0.00% Added +8.4k +8,358
62 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 9,0949.1k $60.0k $60.0k 0.00% Added +5.8k +5,849
63 Quarry LP 0.01% of their portfolio NEW YORK, NY 6,3386.3k $41.8k $41.8k 0.01% New
64 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 4,7704.8k $31.5k $31.5k 0.00% Added +3.4k +3,435
65 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 4,3424.3k $29.0k $29.0k 0.00% Added +3.3k +3,254
66 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,5001.5k $9.9k $9.9k 0.00% Unchanged
67 CWM, LLC 0.00% of their portfolio OMAHA, NE 1,1281.1k $7.0k $7.0k 0.00% Added +1.1k +1,088
68 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 742742 $4.7k $4.7k 0.00% New
69 FMR LLC 0.00% of their portfolio BOSTON, MA 653653 $4.3k $4.3k 0.00% Added +259 +259
70 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 524524 $3.5k $3.5k 0.00% Reduced -1.9k -1,866
71 NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio ST. LOUIS, MO 149149 $983 $983 0.00% Added +96 +96
72 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 100100 $680 $680 0.00% Unchanged
73 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 6060 $396 $396 0.00% New
74 Covestor Ltd 0.00% of their portfolio LONDON, X0 2727 $0 $0 0.00% Reduced -15.2k -15,191
75 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged