Vault-13

HERBALIFE LTD HLF 4.25 06.15.28

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

19 institutional holders -10 vs Q4 2025
$273.5mprincipal reported held*
$316.1mreported value*
0 new 7 added 8 reduced 9 sold out net bought ≈ $2.1m

* 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 ($6.8m this quarter). Holder counts are more reliable.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0102030Q3 24: 20Q4 24: 25Q1 25: 25Q2 25: 24Q3 25: 23Q4 25: 29Q1 26: 1919Q3 24Q1 25Q3 25Q1 26
Numbers
QuarterHolders
Q3 202420
Q4 202425
Q1 202525
Q2 202524
Q3 202523
Q4 202529
Q1 202619

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 25Q1 26: 7 bought or addedQ1 26: 17 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q4 20241410
Q1 20251412
Q2 202579
Q3 202589
Q4 20251811
Q1 2026717

Biggest buyers

Linden Advisors LP Added +35,231,000+35.2m
DeepCurrents Investment Group LLC Added +18,747,000+18.7m
MILLENNIUM MANAGEMENT LLC Added +14,007,000+14.0m
Balyasny Asset Management L.P. Added +9,431,000+9.4m
ADVENT CAPITAL MANAGEMENT /DE/ Added +2,446,000+2.4m
ARISTEIA CAPITAL, L.L.C. Added +1,000,000+1.0m
BNP PARIBAS FINANCIAL MARKETS Added +571,000+571.0k

Biggest sellers

Nuveen, LLC Sold out -22,357,000-22.4m
BARINGS LLC Reduced -19,066,000-19.1m
Arena Capital Advisors, LLC- CA Reduced -8,052,000-8.1m
Context Capital Management, LLC Sold out -7,220,000-7.2m
DEUTSCHE BANK AG\ Sold out -5,542,000-5.5m
HBK INVESTMENTS L P Sold out -5,250,000-5.2m
WHITEBOX ADVISORS LLC Reduced -3,000,000-3.0m
Russell Investments Group, Ltd. Reduced -2,506,000-2.5m
BANK OF AMERICA CORP /DE/ Sold out -1,955,000-2.0m
JPMORGAN CHASE & CO Sold out -1,398,000-1.4m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BARINGS LLC 1.09% of their portfolio CHARLOTTE, NC 56,825,00056.8m $67.8m $67.8m 1.09% Reduced -19.1m -19,066,000
2 Linden Advisors LP 0.32% of their portfolio New York, NY 47,431,00047.4m $56.6m $56.6m 0.32% Added +35.2m +35,231,000
3 WHITEBOX ADVISORS LLC 0.49% of their portfolio MINNEAPOLIS, MN 29,321,00029.3m $35.0m $35.0m 0.49% Reduced -3.0m -3,000,000
4 DeepCurrents Investment Group LLC 1.27% of their portfolio NEW YORK, NY 25,948,00025.9m $30.9m $30.9m 1.27% Added +18.7m +18,747,000
5 Balyasny Asset Management L.P. 0.06% of their portfolio Chicago, IL 25,127,00025.1m $30.1m $30.1m 0.06% Added +9.4m +9,431,000
6 Arena Capital Advisors, LLC- CA 15.18% of their portfolio LOS ANGELES, CA 25,000,00025.0m $30.3m $30.3m 15.18% Reduced -8.1m -8,052,000
7 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 19,822,00019.8m $23.6m $23.6m 0.02% Added +14.0m +14,007,000
8 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 13,316,00013.3m $15.9m $15.9m 0.01% Reduced -553.0k -553,000
9 ARISTEIA CAPITAL, L.L.C. 0.22% of their portfolio GREENWICH, CT 8,000,0008.0m $9.6m $9.6m 0.22% Added +1.0m +1,000,000
10 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 6,975,0007.0m $8.4m $8.4m 0.01% Reduced -2.5m -2,506,000
11 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 3,448,0003.4m $41.4k $41.4k 0.00% Reduced -29.0k -29,000
12 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 3,314,0003.3m $4.0m $4.0m 0.00% Added +571.0k +571,000
13 FMR LLC 0.00% of their portfolio BOSTON, MA 3,078,0003.1m $3.7m $3.7m 0.00% Unchanged
14 ADVENT CAPITAL MANAGEMENT /DE/ 0.11% of their portfolio NEW YORK, NY 3,000,0003.0m $3.6m $3.6m 0.11% Added +2.4m +2,446,000
15 Ares Systematic Credit Ltd 1.50% of their portfolio LONDON, X0 1,600,0001.6m $1.9m $1.9m 1.50% Reduced -500.0k -500,000
16 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,194,0001.2m $1.4m $1.4m 0.00% Reduced -312.0k -312,000
17 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 51,00051.0k $60.8k $60.8k 0.00% Unchanged
18 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 47,00047.0k $56.0k $56.0k 0.03% Unchanged
19 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 25,00025.0k $29.6k $29.6k 0.00% Unchanged