Vault-13

IONIS PHARMACEUTICALS INC IONS 1.75 06.15.28

NOTE 1.750% 6/1 · US DOMESTIC · CUSIP 462222AF7

51 institutional holders +4 vs Q1 2025
18,189,22718.2m shares reported held*
$564.6mreported value*
7 new 15 added 17 reduced 3 sold out net sold ≈ $80.8m (+5.0m 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 ≈ $31.04.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 24: 37Q3 24: 46Q4 24: 48Q1 25: 47Q2 25: 5151Q2 24Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q2 202437
Q3 202446
Q4 202448
Q1 202547
Q2 202551

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 24: 24 bought or addedQ3 24: 18 cut or sold outQ3 24Q4 24: 21 bought or addedQ4 24: 19 cut or sold outQ4 24Q1 25: 16 bought or addedQ1 25: 23 cut or sold outQ1 25Q2 25: 22 bought or addedQ2 25: 20 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20242418
Q4 20242119
Q1 20251623
Q2 20252220

Biggest buyers

ADVENT CAPITAL MANAGEMENT /DE/ Added +15,882,000+15.9m
TENOR CAPITAL MANAGEMENT Co., L.P. New +8,000,000+8.0m
ROYAL BANK OF CANADA Added +7,902,000+7.9m
NEW YORK STATE COMMON RETIREMENT FUND Added +3,152,000+3.2m
LAZARD ASSET MANAGEMENT LLC Added +2,342,000+2.3m
SSI INVESTMENT MANAGEMENT LLC New +2,000,000+2.0m
STATE OF WISCONSIN INVESTMENT BOARD New +2,000,000+2.0m
BANK OF AMERICA CORP /DE/ New +1,409,000+1.4m
BlackRock, Inc. Added +1,305,000+1.3m
Jefferies Financial Group Inc. New +1,210,000+1.2m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -55,035,000-55.0m
BANK OF MONTREAL /CAN/ Reduced -20,500,000-20.5m
Linden Advisors LP Reduced -9,500,000-9.5m
WOLVERINE ASSET MANAGEMENT LLC Reduced -8,900,000-8.9m
WELLINGTON MANAGEMENT GROUP LLP Reduced -8,112,000-8.1m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -6,669,000-6.7m
CITIGROUP INC Reduced -4,002,000-4.0m
MacKay Shields LLC Reduced -3,000,000-3.0m
MORGAN STANLEY Reduced -2,625,000-2.6m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -2,064,000-2.1m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.08% of their portfolio ATLANTA, GA 74,965,00075.0m $78.9m $78.9m 0.08% Reduced -55.0m -55,035,000
2 CAMDEN ASSET MANAGEMENT L P /CA 1.83% of their portfolio Los Angeles, CA 74,661,00074.7m $78.3m $78.3m 1.83% Reduced -2.1m -2,064,000
3 ADVENT CAPITAL MANAGEMENT /DE/ 1.08% of their portfolio NEW YORK, NY 46,696,00046.7m $49.2m $49.2m 1.08% Added +15.9m +15,882,000
4 LAZARD ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 41,831,00041.8m $44.1m $44.1m 0.06% Added +2.3m +2,342,000
5 WOLVERINE ASSET MANAGEMENT LLC 0.71% of their portfolio CHICAGO, IL 40,271,00040.3m $42.4m $42.4m 0.71% Reduced -8.9m -8,900,000
6 BlackRock, Inc. 0.00% of their portfolio New York, NY 28,725,00028.7m $30.1m $30.1m 0.00% Added +1.3m +1,305,000
7 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 28,697,00028.7m $30.2m $30.2m 0.01% Reduced -8.1m -8,112,000
8 MacKay Shields LLC 0.94% of their portfolio New York, NY 27,793,00027.8m $29.3m $29.3m 0.94% Reduced -3.0m -3,000,000
9 Calamos Advisors LLC 0.12% of their portfolio NAPERVILLE, IL 25,674,00025.7m $27.0m $27.0m 0.12% Reduced -15.0k -15,000
10 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 15,030,00015.0m $15.8m $15.8m 0.00% Reduced -2.6m -2,625,000
11 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 13,874,00013.9m $14.6m $14.6m 0.00% Added +7.9m +7,902,000
12 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 12,000,00012.0m $12.6m $12.6m 0.00% Unchanged
13 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 11,500,00011.5m $12.1m $12.1m 0.00% Reduced -1.5m -1,500,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,200,00011.2m $11.8m $11.8m 0.00% Reduced -500.0k -500,000
15 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 8,108,0008.1m $8.5m $8.5m 0.01% Added +3.2m +3,152,000
16 TENOR CAPITAL MANAGEMENT Co., L.P. 0.11% of their portfolio NEW YORK, NY 8,000,0008.0m $8.4m $8.4m 0.11% New
17 FMR LLC 0.00% of their portfolio BOSTON, MA 7,303,0007.3m $7.7m $7.7m 0.00% Unchanged
18 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 6,815,0006.8m $7.2m $7.2m 0.01% Unchanged
19 SHENKMAN CAPITAL MANAGEMENT INC 0.75% of their portfolio NEW YORK, NY 6,755,0006.8m $7.6m $7.6m 0.75% Reduced -6.7m -6,669,000
20 Sonora Investment Management Group, LLC 0.41% of their portfolio TUCSON, AZ 5,285,0005.3m $5.5m $5.5m 0.41% Reduced -214.0k -214,000
21 Amundi 0.00% of their portfolio Paris, I0 3,300,0003.3m $3.6m $3.6m 0.00% Unchanged
22 RWC Asset Management LLP 0.17% of their portfolio LONDON, X0 3,000,0003.0m $3.2m $3.2m 0.17% Reduced -700.0k -700,000
23 Linden Advisors LP 0.02% of their portfolio New York, NY 2,578,0002.6m $2.7m $2.7m 0.02% Reduced -9.5m -9,500,000
24 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,500,0002.5m $2.6m $2.6m 0.01% Added +1 +1
25 Man Group plc 0.01% of their portfolio LONDON, X0 2,250,0002.2m $2.4m $2.4m 0.01% Added +900.0k +900,000
26 AXA S.A. 0.01% of their portfolio PARIS, I0 2,035,0002.0m $2.1m $2.1m 0.01% Unchanged
27 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 2,000,0002.0m $2.1m $2.1m 0.01% New
28 SSI INVESTMENT MANAGEMENT LLC 0.15% of their portfolio Los Angeles, CA 2,000,0002.0m $2.1m $2.1m 0.15% New
29 WESTWOOD HOLDINGS GROUP INC 0.01% of their portfolio DALLAS, TX 2,000,0002.0m $2.0m $2.0m 0.01% Added +1.0m +1,000,000
30 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,632,0001.6m $1.7m $1.7m 0.00% Reduced -4.0m -4,002,000
31 Union Bancaire Privee, UBP SA 0.02% of their portfolio GENEVA 1, V8 1,425,0001.4m $1.3m $1.3m 0.02% Unchanged
32 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,409,0001.4m $1.5m $1.5m 0.00% New
33 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,283,0001.3m $1.4m $1.4m 0.00% Unchanged
34 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,264,0001.3m $1.3m $1.3m 0.00% Reduced -20.5m -20,500,000
35 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 1,210,0001.2m $1.3m $1.3m 0.02% New
36 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,087,0001.1m $1.1m $1.1m 0.00% Added +1.1m +1,077,000
37 PALISADE CAPITAL MANAGEMENT, LP 0.03% of their portfolio FORT LEE, NJ 1,000,0001.0m $1.1m $1.1m 0.03% Unchanged
38 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 876,000876.0k $919.3k $919.3k 0.00% Added +190.0k +190,000
39 Erste Asset Management GmbH 0.01% of their portfolio VIENNA, C4 725,000725.0k $764.4k $764.4k 0.01% Added +725.0k +725,000
40 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 650,000650.0k $684.5k $684.5k 0.01% Added +325.0k +325,000
41 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 527,000527.0k $555.0k $555.0k 0.00% Reduced -217.0k -217,000
42 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 500,000500.0k $525.4k $525.4k 0.00% Unchanged
43 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 361,000361.0k $380.6k $380.6k 0.00% Added +11.0k +11,000
44 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 262,000262.0k $274.9k $274.9k 0.00% Unchanged
45 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 144,000144.0k $151.6k $151.6k 0.01% Reduced -35.0k -35,000
46 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 73,00073.0k $76.6k $76.6k 0.00% Unchanged
47 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 34,22734.2k $1.4m $1.4m 0.01% Added +23.2k +23,246
48 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 21,00021.0k $22.0k $22.0k 0.00% Added +11.0k +11,000
49 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 15,00015.0k $16.2k $16.2k 0.00% New
50 Context Capital Management, LLC 0.14% of their portfolio LAJOLLA, CA 4,0004.0k $4.2m $4.2m 0.14% New
51 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged