Vault-13

HERBALIFE LTD HLF 4.25 06.15.28

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

29 institutional holders +6 vs Q3 2025
$277.5mprincipal reported held*
$288.0mreported value*
11 new 7 added 4 reduced 7 sold out net sold ≈ $1.1m

* 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 ($8.2m this quarter). Holder counts are more reliable.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q3 24: 20Q4 24: 25Q1 25: 25Q2 25: 24Q3 25: 23Q4 25: 2929Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q3 202420
Q4 202425
Q1 202525
Q2 202524
Q3 202523
Q4 202529

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 25Q4 25: 18 bought or addedQ4 25: 11 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q4 20241410
Q1 20251412
Q2 202579
Q3 202589
Q4 20251811

Biggest buyers

Nuveen, LLC New +22,357,000+22.4m
Balyasny Asset Management L.P. New +15,696,000+15.7m
BARINGS LLC Added +14,025,000+14.0m
Linden Advisors LP New +12,200,000+12.2m
Context Capital Management, LLC New +7,220,000+7.2m
DeepCurrents Investment Group LLC New +7,201,000+7.2m
MILLENNIUM MANAGEMENT LLC New +5,815,000+5.8m
HBK INVESTMENTS L P New +5,250,000+5.2m
TWO SIGMA INVESTMENTS, LP Added +4,438,000+4.4m
LAZARD ASSET MANAGEMENT LLC New +3,477,000+3.5m

Biggest sellers

Route One Investment Company, L.P. Sold out -59,525,000-59.5m
BAUPOST GROUP LLC/MA Sold out -17,129,000-17.1m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -15,050,000-15.1m
PALISADE CAPITAL MANAGEMENT, LP Sold out -5,267,000-5.3m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -4,798,000-4.8m
AGF MANAGEMENT LTD Sold out -1,850,000-1.9m
OAKTREE CAPITAL MANAGEMENT LP Reduced -1,605,000-1.6m
DEUTSCHE BANK AG\ Reduced -952,000-952.0k
Russell Investments Group, Ltd. Reduced -352,000-352.0k
ROYAL BANK OF CANADA Sold out -105,000-105.0k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BARINGS LLC 1.51% of their portfolio CHARLOTTE, NC 75,891,00075.9m $81.7m $81.7m 1.51% Added +14.0m +14,025,000
2 Arena Capital Advisors, LLC- CA 21.68% of their portfolio LOS ANGELES, CA 33,052,00033.1m $35.8m $35.8m 21.68% Added +2.6m +2,552,000
3 WHITEBOX ADVISORS LLC 0.58% of their portfolio MINNEAPOLIS, MN 32,321,00032.3m $34.8m $34.8m 0.58% Added +2.8m +2,750,000
4 Nuveen, LLC 0.01% of their portfolio CHARLOTTE, NC 22,357,00022.4m $24.1m $24.1m 0.01% New
5 Balyasny Asset Management L.P. 0.03% of their portfolio Chicago, IL 15,696,00015.7m $17.0m $17.0m 0.03% New
6 TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio NEW YORK, NY 13,869,00013.9m $14.9m $14.9m 0.02% Added +4.4m +4,438,000
7 Linden Advisors LP 0.08% of their portfolio New York, NY 12,200,00012.2m $13.2m $13.2m 0.08% New
8 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 9,481,0009.5m $10.3m $10.3m 0.01% Reduced -352.0k -352,000
9 Context Capital Management, LLC 0.20% of their portfolio LAJOLLA, CA 7,220,0007.2m $7.8m $7.8m 0.20% New
10 DeepCurrents Investment Group LLC 0.29% of their portfolio NEW YORK, NY 7,201,0007.2m $7.8m $7.8m 0.29% New
11 ARISTEIA CAPITAL, L.L.C. 0.22% of their portfolio GREENWICH, CT 7,000,0007.0m $7.6m $7.6m 0.22% Added +1.0m +1,000,000
12 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 5,815,0005.8m $6.3m $6.3m 0.00% New
13 Weiss Asset Management LP 0.09% of their portfolio BOSTON, MA 5,720,0005.7m $6.2m $6.2m 0.09% Not comparable
14 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 5,542,0005.5m $6.0m $6.0m 0.00% Reduced -952.0k -952,000
15 HBK INVESTMENTS L P 0.06% of their portfolio DALLAS, TX 5,250,0005.2m $5.7m $5.7m 0.06% New
16 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 3,477,0003.5m $37.7k $37.7k 0.00% New
17 FMR LLC 0.00% of their portfolio BOSTON, MA 3,078,0003.1m $3.3m $3.3m 0.00% Unchanged
18 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,743,0002.7m $3.0m $3.0m 0.00% New
19 Ares Systematic Credit Ltd 1.85% of their portfolio LONDON, X0 2,100,0002.1m $2.3m $2.3m 1.85% First filing
20 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,955,0002.0m $2.1m $2.1m 0.00% Added +155.0k +155,000
21 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,506,0001.5m $1.6m $1.6m 0.00% Added +211.0k +211,000
22 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,398,0001.4m $1.6m $1.6m 0.00% New
23 OAKTREE CAPITAL MANAGEMENT LP 0.02% of their portfolio LOS ANGELES, CA 1,242,0001.2m $1.3m $1.3m 0.02% Reduced -1.6m -1,605,000
24 AQR Arbitrage LLC 0.01% of their portfolio Greenwich, CT 600,000600.0k $650.7k $650.7k 0.01% New
25 ADVENT CAPITAL MANAGEMENT /DE/ 0.01% of their portfolio NEW YORK, NY 554,000554.0k $601.9k $601.9k 0.01% Reduced -4.8m -4,798,000
26 Abacus Planning Group, Inc. 0.01% of their portfolio COLUMBIA, SC 100,000100.0k $108.8k $108.8k 0.01% Unchanged
27 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 51,00051.0k $54.9k $54.9k 0.00% Unchanged
28 VIRTUS ADVISERS, LLC 0.02% of their portfolio HARTFORD, CT 47,00047.0k $50.6k $50.6k 0.02% Unchanged
29 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 25,00025.0k $27.8k $27.8k 0.00% Unchanged