Vault-13

HERBALIFE NUTRITION LTD HLF 2.625 03.15.24

NOTE 2.625% 3/1 · US DOMESTIC · CUSIP 42703MAD5

35 institutional holders -2 vs Q4 2022
16,178,30016.2m shares reported held*
$228.1mreported value*
7 new 9 added 7 reduced 9 sold out net sold ≈ $29.6m (+7.5m 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 ($222.3k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $14.11.

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 41Q4 22: 37Q1 23: 3535Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202241
Q4 202237
Q1 202335

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 14 bought or addedQ4 22: 28 cut or sold outQ4 22Q1 23: 16 bought or addedQ1 23: 16 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221428
Q1 20231616

Biggest buyers

SHENKMAN CAPITAL MANAGEMENT INC Added +10,721,000+10.7m
OAKTREE CAPITAL MANAGEMENT LP New +8,156,000+8.2m
Fort Baker Capital Management LP Added +7,669,000+7.7m
Linden Advisors LP Added +5,600,000+5.6m
CITADEL ADVISORS LLC New +5,000,000+5.0m
Nuveen Asset Management, LLC Added +4,951,000+5.0m
ADVENT CAPITAL MANAGEMENT /DE/ Added +4,931,000+4.9m
AGF MANAGEMENT LTD Added +3,000,000+3.0m
PIPER SANDLER & CO. New +3,000,000+3.0m
Monashee Investment Management LLC Added +2,000,000+2.0m

Biggest sellers

BANK OF MONTREAL /CAN/ Reduced -19,600,000-19.6m
LAZARD ASSET MANAGEMENT LLC Sold out -14,820,000-14.8m
Birch Grove Capital LP Sold out -8,410,000-8.4m
Parallax Volatility Advisers, L.P. Reduced -8,000,000-8.0m
STATE STREET CORP Reduced -7,530,000-7.5m
Empyrean Capital Partners, LP Sold out -6,500,000-6.5m
WOLVERINE ASSET MANAGEMENT LLC Sold out -6,343,000-6.3m
CAPSTONE INVESTMENT ADVISORS, LLC Sold out -5,649,000-5.6m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -4,824,000-4.8m
WELLS FARGO & COMPANY/MN Sold out -2,066,000-2.1m

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SHENKMAN CAPITAL MANAGEMENT INC 2.70% of their portfolio NEW YORK, NY 37,575,00037.6m $35.5m $35.5m 2.70% Added +10.7m +10,721,000
2 Linden Advisors LP 0.28% of their portfolio New York, NY 28,285,00028.3m $26.9m $26.9m 0.28% Added +5.6m +5,600,000
3 ADVENT CAPITAL MANAGEMENT /DE/ 0.36% of their portfolio NEW YORK, NY 20,016,00020.0m $19.0m $19.0m 0.36% Added +4.9m +4,931,000
4 Parallax Volatility Advisers, L.P. 0.57% of their portfolio San Francisco, CA 17,000,00017.0m $16.1m $16.1m 0.57% Reduced -8.0m -8,000,000
5 Fort Baker Capital Management LP 3.27% of their portfolio Larkspur, CA 15,899,00015.9m $15.2m $15.2m 3.27% Added +7.7m +7,669,000
6 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 15,000,00015.0m $14.2m $14.2m 0.07% Unchanged
7 Nuveen Asset Management, LLC 0.01% of their portfolio CHICAGO, IL 14,978,00015.0m $14.2m $14.2m 0.01% Added +5.0m +4,951,000
8 PALISADE CAPITAL MANAGEMENT, LP 0.38% of their portfolio FORT LEE, NJ 14,838,00014.8m $14.1m $14.1m 0.38% Reduced -160.0k -160,000
9 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 8,500,0008.5m $8.1m $8.1m 0.00% Reduced -19.6m -19,600,000
10 OAKTREE CAPITAL MANAGEMENT LP 0.09% of their portfolio LOS ANGELES, CA 8,156,0008.2m $7.7m $7.7m 0.09% New
11 AGF MANAGEMENT LTD 0.05% of their portfolio TORONTO, A6 7,250,0007.2m $6.9m $6.9m 0.05% Added +3.0m +3,000,000
12 Monashee Investment Management LLC 1.84% of their portfolio Boston, MA 7,000,0007.0m $6.7m $6.7m 1.84% Added +2.0m +2,000,000
13 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 6,583,0006.6m $6.2m $6.2m 0.00% Reduced -497.0k -497,000
14 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 5,000,0005.0m $4.8m $4.8m 0.01% New
15 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,795,0004.8m $4.5m $4.5m 0.00% Added +980.0k +980,000
16 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 4,675,0004.7m $4.4m $4.4m 0.00% Reduced -7.5m -7,530,000
17 PIPER SANDLER & CO. 1.98% of their portfolio MINNEAPOLIS, MN 3,000,0003.0m $2.8m $2.8m 1.98% New
18 SSI INVESTMENT MANAGEMENT LLC 0.20% of their portfolio Los Angeles, CA 3,000,0003.0m $2.8m $2.8m 0.20% Unchanged
19 CAMDEN ASSET MANAGEMENT L P /CA 0.08% of their portfolio Los Angeles, CA 2,634,0002.6m $2.5m $2.5m 0.08% Reduced -4.8m -4,824,000
20 Pekin Hardy Strauss, Inc. 0.33% of their portfolio CHICAGO, IL 2,250,0002.2m $2.1m $2.1m 0.33% Unchanged
21 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,844,0001.8m $1.8m $1.8m 0.00% New
22 683 Capital Management, LLC 0.13% of their portfolio NEW YORK, NY 1,500,0001.5m $1.4m $1.4m 0.13% Unchanged
23 ONTARIO TEACHERS PENSION PLAN BOARD 0.01% of their portfolio Toronto, A6 1,000,0001.0m $952.0k $952.0k 0.01% Unchanged
24 Chicago Capital Management, LLC 1.04% of their portfolio CHICAGO, IL 1,000,0001.0m $950.1k $950.1k 1.04% Added +999.0k +999,000
25 Penn Capital Management Company, LLC 0.06% of their portfolio PHILADELPHIA, PA 595,000595.0k $563.8k $563.8k 0.06% New
26 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 250,000250.0k $236.9k $236.9k 0.00% Unchanged
27 PRELUDE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio NEW YORK, NY 234,000234.0k $222.3k $222.3k 0.02% Unchanged
28 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $189.9k $189.9k 0.00% Reduced -200.0k -200,000
29 LAKE STREET ADVISORS GROUP, LLC 0.00% of their portfolio PORTSMOUTH, NH 60,00060.0k $57.0k $57.0k 0.00% New
30 Marcum Wealth, LLC 0.00% of their portfolio CLEVELAND, OH 19,00019.0k $18.0k $18.0k 0.00% Unchanged
31 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 18,00018.0k $17.1k $17.1k 0.00% New
32 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 12,00012.0k $11.4k $11.4k 0.00% Unchanged
33 UBS Group AG 0.00% of their portfolio ZURICH, V8 9,0009.0k $8.5k $8.5k 0.00% Unchanged
34 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 7,3007.3k $7.0m $7.0m 0.01% Unchanged
35 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged