Vault-13

HERBALIFE LTD HLF 4.25 06.15.28

NOTE 4.250% 6/1 · US DOMESTIC · CUSIP 42703MAF0

23 institutional holders -1 vs Q2 2025
$267.2mprincipal reported held*
$244.3mreported value*
3 new 5 added 6 reduced 3 sold out net bought ≈ $23.2m (-19.6m 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 ($7.0m this quarter). Holder counts are more reliable.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q3 24: 20Q4 24: 25Q1 25: 25Q2 25: 24Q3 25: 2323Q3 24Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q3 202420
Q4 202425
Q1 202525
Q2 202524
Q3 202523

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q4 24: 14 bought or addedQ4 24: 10 cut or sold outQ4 24Q1 25: 14 bought or addedQ1 25: 12 cut or sold outQ1 25Q2 25: 7 bought or addedQ2 25: 9 cut or sold outQ2 25Q3 25: 8 bought or addedQ3 25: 9 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20241410
Q1 20251412
Q2 202579
Q3 202589

Biggest buyers

Arena Capital Advisors, LLC- CA New +30,500,000+30.5m
BARINGS LLC Added +23,852,000+23.9m
TWO SIGMA INVESTMENTS, LP New +9,431,000+9.4m
PALISADE CAPITAL MANAGEMENT, LP Added +3,267,000+3.3m
Russell Investments Group, Ltd. Added +1,522,000+1.5m
BANK OF AMERICA CORP /DE/ Added +1,443,000+1.4m
DEUTSCHE BANK AG\ Added +557,000+557.0k
ROYAL BANK OF CANADA New +105,000+105.0k

Biggest sellers

JANUS HENDERSON GROUP PLC Sold out -17,627,000-17.6m
AGF MANAGEMENT LTD Reduced -13,800,000-13.8m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -8,767,000-8.8m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -2,357,000-2.4m
ALGEBRIS (UK) LTD Sold out -2,000,000-2.0m
OAKTREE CAPITAL MANAGEMENT LP Reduced -895,000-895.0k
Universal- Beteiligungs- und Servicegesellschaft mbH Reduced -298,000-298.0k
Jefferies Financial Group Inc. Sold out -255,000-255.0k
FMR LLC Reduced -100,000-100.0k

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BARINGS LLC 1.09% of their portfolio CHARLOTTE, NC 61,866,00061.9m $57.2m $57.2m 1.09% Added +23.9m +23,852,000
2 Route One Investment Company, L.P. 2.24% of their portfolio San Francisco, CA 59,525,00059.5m $56.2m $56.2m 2.24% Unchanged
3 Arena Capital Advisors, LLC- CA 11.81% of their portfolio LOS ANGELES, CA 30,500,00030.5m $28.4m $28.4m 11.81% New
4 WHITEBOX ADVISORS LLC 0.51% of their portfolio MINNEAPOLIS, MN 29,571,00029.6m $27.3m $27.3m 0.51% Unchanged
5 BAUPOST GROUP LLC/MA 0.33% of their portfolio BOSTON, MA 17,129,00017.1m $15.8m $15.8m 0.33% Unchanged
6 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.72% of their portfolio NEW YORK, NY 15,050,00015.1m $14.3m $14.3m 0.72% Reduced -8.8m -8,767,000
7 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 9,833,0009.8m $9.4m $9.4m 0.01% Added +1.5m +1,522,000
8 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 9,431,0009.4m $8.7m $8.7m 0.01% New
9 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 6,494,0006.5m $6.0m $6.0m 0.00% Added +557.0k +557,000
10 ARISTEIA CAPITAL, L.L.C. 0.17% of their portfolio GREENWICH, CT 6,000,0006.0m $5.6m $5.6m 0.17% Unchanged
11 ADVENT CAPITAL MANAGEMENT /DE/ 0.11% of their portfolio NEW YORK, NY 5,352,0005.4m $5.0m $5.0m 0.11% Reduced -2.4m -2,357,000
12 PALISADE CAPITAL MANAGEMENT, LP 0.13% of their portfolio FORT LEE, NJ 5,267,0005.3m $5.0m $5.0m 0.13% Added +3.3m +3,267,000
13 FMR LLC 0.00% of their portfolio BOSTON, MA 3,078,0003.1m $2.8m $2.8m 0.00% Reduced -100.0k -100,000
14 OAKTREE CAPITAL MANAGEMENT LP 0.04% of their portfolio LOS ANGELES, CA 2,847,0002.8m $2.7m $2.7m 0.04% Reduced -895.0k -895,000
15 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,850,0001.9m $1.7m $1.7m 0.01% Reduced -13.8m -13,800,000
16 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,800,0001.8m $1.7m $1.7m 0.00% Added +1.4m +1,443,000
17 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,295,0001.3m $1.2m $1.2m 0.00% Reduced -298.0k -298,000
18 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 105,000105.0k $99.0k $99.0k 0.00% New
19 Abacus Planning Group, Inc. 0.01% of their portfolio COLUMBIA, SC 100,000100.0k $93.9k $93.9k 0.01% Unchanged
20 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 51,00051.0k $47.1k $47.1k 0.00% Unchanged
21 VIRTUS ADVISERS, LLC 0.02% of their portfolio HARTFORD, CT 47,00047.0k $43.5k $43.5k 0.02% Unchanged
22 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 25,00025.0k $23.7k $23.7k 0.00% Unchanged
23 Chicago Capital Management, LLC 1.76% of their portfolio CHICAGO, IL 2,0462.0k $2.0m $2.0m 1.76% Unchanged