Vault-13

IONIS PHARMACEUTICALS INC IONS 1.75 06.15.28

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

55 institutional holders +7 vs Q3 2025
11,554,14911.6m shares reported held*
$1.4bnreported value*
15 new 8 added 21 reduced 8 sold out net bought ≈ $17.6m (+5.7m 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 ≈ $119.19.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 24: 37Q3 24: 46Q4 24: 48Q1 25: 47Q2 25: 51Q3 25: 48Q4 25: 5555Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q2 202437
Q3 202446
Q4 202448
Q1 202547
Q2 202551
Q3 202548
Q4 202555

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 25Q4 25: 23 bought or addedQ4 25: 29 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 20242418
Q4 20242119
Q1 20251623
Q2 20252220
Q3 20251928
Q4 20252329

Biggest buyers

TWO SIGMA INVESTMENTS, LP New +30,250,000+30.2m
Balyasny Asset Management L.P. New +30,000,000+30.0m
LMR Partners LLP New +27,300,000+27.3m
MILLENNIUM MANAGEMENT LLC New +15,500,000+15.5m
TENOR CAPITAL MANAGEMENT Co., L.P. New +10,750,000+10.8m
ARISTEIA CAPITAL, L.L.C. New +10,000,000+10.0m
CITIGROUP INC New +5,384,000+5.4m
BANK OF AMERICA CORP /DE/ Added +5,345,000+5.3m
Jefferies Financial Group Inc. New +5,338,000+5.3m
Focus Partners Wealth New +5,283,000+5.3m

Biggest sellers

WOLVERINE ASSET MANAGEMENT LLC Reduced -26,689,000-26.7m
CSS LLC/IL Reduced -21,071,000-21.1m
MacKay Shields LLC Reduced -17,383,000-17.4m
LAZARD ASSET MANAGEMENT LLC Reduced -13,456,000-13.5m
MORGAN STANLEY Reduced -12,686,000-12.7m
Calamos Advisors LLC Reduced -12,528,000-12.5m
WELLINGTON MANAGEMENT GROUP LLP Reduced -9,461,000-9.5m
AMERIPRISE FINANCIAL INC Sold out -9,000,000-9.0m
BlackRock, Inc. Reduced -7,860,000-7.9m
Universal- Beteiligungs- und Servicegesellschaft mbH Reduced -6,689,000-6.7m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.15% of their portfolio ATLANTA, GA 95,885,00095.9m $152.7m $152.7m 0.15% Added +420.0k +420,000
2 DEERFIELD MANAGEMENT COMPANY, L.P. 1.22% of their portfolio New York, NY 60,000,00060.0m $95.3m $95.3m 1.22% Unchanged
3 CAMDEN ASSET MANAGEMENT L P /CA 1.93% of their portfolio Los Angeles, CA 48,066,00048.1m $76.3m $76.3m 1.93% Reduced -40.0k -40,000
4 TWO SIGMA INVESTMENTS, LP 0.07% of their portfolio NEW YORK, NY 30,250,00030.2m $48.0m $48.0m 0.07% New
5 Balyasny Asset Management L.P. 0.09% of their portfolio Chicago, IL 30,000,00030.0m $47.7m $47.7m 0.09% New
6 LMR Partners LLP 0.42% of their portfolio LONDON, X0 27,300,00027.3m $43.3m $43.3m 0.42% New
7 DLD Asset Management, LP 4.39% of their portfolio NEW YORK, NY 26,500,00026.5m $42.3m $42.3m 4.39% Added +1.5m +1,500,000
8 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 23,781,00023.8m $378.6k $378.6k 0.00% Reduced -13.5m -13,456,000
9 Linden Advisors LP 0.20% of their portfolio New York, NY 19,930,00019.9m $31.7m $31.7m 0.20% Unchanged
10 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 18,493,00018.5m $29.4m $29.4m 0.01% Reduced -9.5m -9,461,000
11 BlackRock, Inc. 0.00% of their portfolio New York, NY 17,365,00017.4m $27.6m $27.6m 0.00% Reduced -7.9m -7,860,000
12 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 15,500,00015.5m $24.6m $24.6m 0.02% New
13 Calamos Advisors LLC 0.09% of their portfolio NAPERVILLE, IL 13,209,00013.2m $21.0m $21.0m 0.09% Reduced -12.5m -12,528,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,200,00012.2m $19.3m $19.3m 0.00% Unchanged
15 TENOR CAPITAL MANAGEMENT Co., L.P. 0.24% of their portfolio NEW YORK, NY 10,750,00010.8m $17.1m $17.1m 0.24% New
16 MacKay Shields LLC 0.58% of their portfolio New York, NY 10,410,00010.4m $16.6m $16.6m 0.58% Reduced -17.4m -17,383,000
17 ARISTEIA CAPITAL, L.L.C. 0.45% of their portfolio GREENWICH, CT 10,000,00010.0m $15.9m $15.9m 0.45% New
18 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 7,613,0007.6m $12.1m $12.1m 0.00% Added +5.3m +5,345,000
19 FMR LLC 0.00% of their portfolio BOSTON, MA 6,989,0007.0m $11.1m $11.1m 0.00% Unchanged
20 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 6,494,0006.5m $10.3m $10.3m 0.00% Reduced -1.5m -1,500,000
21 M&G PLC 0.05% of their portfolio London, X0 6,329,0006.3m $10.0m $10.0m 0.05% Unchanged
22 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 5,384,0005.4m $8.6m $8.6m 0.01% New
23 Jefferies Financial Group Inc. 0.07% of their portfolio NEW YORK, NY 5,338,0005.3m $8.5m $8.5m 0.07% New
24 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 5,283,0005.3m $8.3m $8.3m 0.01% New
25 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 5,146,0005.1m $8.2m $8.2m 0.01% Reduced -6.7m -6,689,000
26 ADVENT CAPITAL MANAGEMENT /DE/ 0.19% of their portfolio NEW YORK, NY 5,056,0005.1m $8.1m $8.1m 0.19% Reduced -4.2m -4,194,000
27 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 4,466,0004.5m $7.1m $7.1m 0.02% New
28 CSS LLC/IL 0.31% of their portfolio CHICAGO, IL 3,429,0003.4m $5.4m $5.4m 0.31% Reduced -21.1m -21,071,000
29 Amundi 0.14% of their portfolio Paris, I0 3,200,0003.2m $508.3m $508.3m 0.14% New
30 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 3,135,0003.1m $5.0m $5.0m 0.01% Added +635.0k +635,000
31 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $4.8m $4.8m 0.01% Unchanged
32 SSI INVESTMENT MANAGEMENT LLC 0.25% of their portfolio Los Angeles, CA 2,340,0002.3m $3.7m $3.7m 0.25% Added +340.0k +340,000
33 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 2,002,0002.0m $3.2m $3.2m 0.00% Added +1.2m +1,192,000
34 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 2,000,0002.0m $2.0m $2.0m 0.02% Unchanged
35 WOLVERINE ASSET MANAGEMENT LLC 0.04% of their portfolio CHICAGO, IL 1,873,0001.9m $3.0m $3.0m 0.04% Reduced -26.7m -26,689,000
36 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,557,0001.6m $2.5m $2.5m 0.00% Added +1.4m +1,354,000
37 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 1,500,0001.5m $2.4m $2.4m 0.00% New
38 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,474,0001.5m $2.3m $2.3m 0.00% Reduced -5.4m -5,389,000
39 Union Bancaire Privee, UBP SA 0.02% of their portfolio GENEVA 1, V8 1,325,0001.3m $1.8m $1.8m 0.02% Reduced -100.0k -100,000
40 Ares Systematic Credit Ltd 1.68% of their portfolio LONDON, X0 1,300,0001.3m $2.1m $2.1m 1.68% First filing
41 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,264,0001.3m $2.0m $2.0m 0.00% Unchanged
42 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,111,0001.1m $1.8m $1.8m 0.00% Reduced -3.3m -3,307,000
43 Kohlberg Kravis Roberts & Co. L.P. 0.02% of their portfolio NEW YORK, NY 760,000760.0k $1.2m $1.2m 0.02% Reduced -615.0k -615,000
44 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 750,000750.0k $1.2m $1.2m 0.01% New
45 PALISADE CAPITAL MANAGEMENT, LP 0.02% of their portfolio FORT LEE, NJ 486,000486.0k $772.7k $772.7k 0.02% Reduced -14.0k -14,000
46 Man Group plc 0.00% of their portfolio LONDON, X0 180,000180.0k $286.4k $286.4k 0.00% Reduced -1.4m -1,450,000
47 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 145,000145.0k $230.6k $230.6k 0.01% Added +1.0k +1,000
48 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 105,000105.0k $166.8k $166.8k 0.00% Reduced -157.0k -157,000
49 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 94,00094.0k $149.3k $149.3k 0.00% Reduced -12.7m -12,686,000
50 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 73,00073.0k $118.8k $118.8k 0.00% Unchanged
51 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 31,00031.0k $49.2k $49.2k 0.00% Reduced -360.0k -360,000
52 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 13,00013.0k $20.6k $20.6k 0.00% New
53 Boussard & Gavaudan Investment Management LLP 1.53% of their portfolio London, X0 12,75012.8k $20.2m $20.2m 1.53% New
54 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 5,0255.0k $397.5k $397.5k 0.00% Reduced -47.3k -47,293
55 ODDO BHF ASSET MANAGEMENT SAS 0.02% of their portfolio PARIS, I0 374374 $595.0k $595.0k 0.02% Not comparable