Vault-13

IONIS PHARMACEUTICALS INC IONS 1.75 06.15.28

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

48 institutional holders -3 vs Q2 2025
11,170,22011.2m shares reported held*
$751.4mreported value*
7 new 12 added 18 reduced 10 sold out net bought ≈ $49.5m (-7.0m 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 ≈ $67.27.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 24: 37Q3 24: 46Q4 24: 48Q1 25: 47Q2 25: 51Q3 25: 4848Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q2 202437
Q3 202446
Q4 202448
Q1 202547
Q2 202551
Q3 202548

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 25Q3 25: 19 bought or addedQ3 25: 28 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q3 20242418
Q4 20242119
Q1 20251623
Q2 20252220
Q3 20251928

Biggest buyers

DEERFIELD MANAGEMENT COMPANY, L.P. New +60,000,000+60.0m
DLD Asset Management, LP New +25,000,000+25.0m
CSS LLC/IL New +24,500,000+24.5m
VOYA INVESTMENT MANAGEMENT LLC Added +20,500,000+20.5m
Linden Advisors LP Added +17,352,000+17.4m
WELLS FARGO & COMPANY/MN Added +6,336,000+6.3m
M&G PLC New +6,329,000+6.3m
Universal- Beteiligungs- und Servicegesellschaft mbH Added +5,020,000+5.0m
JPMORGAN CHASE & CO Added +3,135,000+3.1m
STATE OF WISCONSIN INVESTMENT BOARD Added +1,000,000+1.0m

Biggest sellers

ADVENT CAPITAL MANAGEMENT /DE/ Reduced -37,446,000-37.4m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -26,555,000-26.6m
WOLVERINE ASSET MANAGEMENT LLC Reduced -11,709,000-11.7m
Nuveen, LLC Sold out -11,500,000-11.5m
NEW YORK STATE COMMON RETIREMENT FUND Sold out -8,108,000-8.1m
TENOR CAPITAL MANAGEMENT Co., L.P. Sold out -8,000,000-8.0m
ROYAL BANK OF CANADA Reduced -5,880,000-5.9m
LAZARD ASSET MANAGEMENT LLC Reduced -4,594,000-4.6m
BlackRock, Inc. Reduced -3,500,000-3.5m
Amundi Sold out -3,300,000-3.3m

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.13% of their portfolio ATLANTA, GA 95,465,00095.5m $132.3m $132.3m 0.13% Added +20.5m +20,500,000
2 DEERFIELD MANAGEMENT COMPANY, L.P. 1.27% of their portfolio New York, NY 60,000,00060.0m $82.7m $82.7m 1.27% New
3 CAMDEN ASSET MANAGEMENT L P /CA 1.47% of their portfolio Los Angeles, CA 48,106,00048.1m $66.5m $66.5m 1.47% Reduced -26.6m -26,555,000
4 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 37,237,00037.2m $516.0k $516.0k 0.00% Reduced -4.6m -4,594,000
5 WOLVERINE ASSET MANAGEMENT LLC 0.58% of their portfolio CHICAGO, IL 28,562,00028.6m $39.5m $39.5m 0.58% Reduced -11.7m -11,709,000
6 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 27,954,00028.0m $38.7m $38.7m 0.01% Reduced -743.0k -743,000
7 MacKay Shields LLC 1.31% of their portfolio New York, NY 27,793,00027.8m $38.5m $38.5m 1.31% Unchanged
8 Calamos Advisors LLC 0.14% of their portfolio NAPERVILLE, IL 25,737,00025.7m $35.5m $35.5m 0.14% Added +63.0k +63,000
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 25,225,00025.2m $34.9m $34.9m 0.00% Reduced -3.5m -3,500,000
10 DLD Asset Management, LP 4.46% of their portfolio NEW YORK, NY 25,000,00025.0m $34.6m $34.6m 4.46% New
11 CSS LLC/IL 2.02% of their portfolio CHICAGO, IL 24,500,00024.5m $33.9m $33.9m 2.02% New
12 Linden Advisors LP 0.18% of their portfolio New York, NY 19,930,00019.9m $27.6m $27.6m 0.18% Added +17.4m +17,352,000
13 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 12,780,00012.8m $17.7m $17.7m 0.00% Reduced -2.2m -2,250,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,200,00012.2m $16.8m $16.8m 0.00% Added +1.0m +1,000,000
15 Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio FRANKFURT AM MAIN, 2M 11,835,00011.8m $16.4m $16.4m 0.03% Added +5.0m +5,020,000
16 ADVENT CAPITAL MANAGEMENT /DE/ 0.29% of their portfolio NEW YORK, NY 9,250,0009.2m $12.8m $12.8m 0.29% Reduced -37.4m -37,446,000
17 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 9,000,0009.0m $12.4m $12.4m 0.00% Reduced -3.0m -3,000,000
18 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 7,994,0008.0m $11.0m $11.0m 0.00% Reduced -5.9m -5,880,000
19 FMR LLC 0.00% of their portfolio BOSTON, MA 6,989,0007.0m $9.7m $9.7m 0.00% Reduced -314.0k -314,000
20 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,863,0006.9m $9.5m $9.5m 0.00% Added +6.3m +6,336,000
21 M&G PLC 0.05% of their portfolio London, X0 6,329,0006.3m $8.7m $8.7m 0.05% New
22 Sonora Investment Management Group, LLC 0.51% of their portfolio TUCSON, AZ 5,283,0005.3m $7.3m $7.3m 0.51% Reduced -2.0k -2,000
23 SHENKMAN CAPITAL MANAGEMENT INC 0.70% of their portfolio NEW YORK, NY 5,058,0005.1m $7.1m $7.1m 0.70% Reduced -1.7m -1,697,000
24 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,418,0004.4m $6.1m $6.1m 0.00% Added +3.1m +3,135,000
25 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $4.1m $4.1m 0.01% Added +1.0m +1,000,000
26 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,500,0002.5m $3.4m $3.4m 0.01% Unchanged
27 RWC Asset Management LLP 0.16% of their portfolio LONDON, X0 2,420,0002.4m $3.3m $3.3m 0.16% Reduced -580.0k -580,000
28 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,268,0002.3m $3.1m $3.1m 0.00% Added +859.0k +859,000
29 SSI INVESTMENT MANAGEMENT LLC 0.19% of their portfolio Los Angeles, CA 2,000,0002.0m $2.8m $2.8m 0.19% Unchanged
30 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 2,000,0002.0m $2.8m $2.8m 0.02% Unchanged
31 Man Group plc 0.00% of their portfolio LONDON, X0 1,630,0001.6m $2.2m $2.2m 0.00% Reduced -620.0k -620,000
32 Union Bancaire Privee, UBP SA 0.02% of their portfolio GENEVA 1, V8 1,425,0001.4m $1.7m $1.7m 0.02% Unchanged
33 Kohlberg Kravis Roberts & Co. L.P. 0.03% of their portfolio NEW YORK, NY 1,375,0001.4m $1.9m $1.9m 0.03% Added +725.0k +725,000
34 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,264,0001.3m $1.7m $1.7m 0.00% Unchanged
35 AXA Investment Managers S.A. 0.00% of their portfolio PUTEAUX, I0 935,000935.0k $611.7k $611.7k 0.00% First filing
36 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 810,000810.0k $1.1m $1.1m 0.00% New
37 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 720,000720.0k $995.0k $995.0k 0.00% Reduced -156.0k -156,000
38 PALISADE CAPITAL MANAGEMENT, LP 0.02% of their portfolio FORT LEE, NJ 500,000500.0k $690.9k $690.9k 0.02% Reduced -500.0k -500,000
39 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 500,000500.0k $690.9k $690.9k 0.00% Unchanged
40 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 391,000391.0k $540.3k $540.3k 0.00% Added +30.0k +30,000
41 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 262,000262.0k $362.1k $362.1k 0.00% Unchanged
42 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 203,000203.0k $280.0k $280.0k 0.00% Reduced -884.0k -884,000
43 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 144,000144.0k $198.5k $198.5k 0.01% Unchanged
44 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 73,00073.0k $100.9k $100.9k 0.00% Unchanged
45 Lombard Odier Asset Management (Europe) Ltd 0.76% of their portfolio LONDON, X0 72,90272.9k $14.8m $14.8m 0.76% New
46 NOMURA HOLDINGS INC 0.02% of their portfolio TOKYO, M0 52,31852.3k $3.4m $3.4m 0.02% Added +18.1k +18,091
47 UBS Group AG 0.00% of their portfolio ZURICH, V8 17,00017.0k $23.5k $23.5k 0.00% New
48 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Reduced -725.0k -725,000