Vault-13

IONIS PHARMACEUTICALS INC IONS 1.75 06.15.28

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

48 institutional holders -7 vs Q4 2025
13,974,05614.0m shares reported held*
$776.6mreported value*
5 new 18 added 11 reduced 12 sold out net sold ≈ $39.9m (+2.4m 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 ≈ $55.58.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q2 24: 37Q3 24: 46Q4 24: 48Q1 25: 47Q2 25: 51Q3 25: 48Q4 25: 55Q1 26: 4848Q2 24Q4 24Q2 25Q4 25Q1 26
Numbers
QuarterHolders
Q2 202437
Q3 202446
Q4 202448
Q1 202547
Q2 202551
Q3 202548
Q4 202555
Q1 202648

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 outQ1 25: 16 bought or addedQ1 25: 23 cut or sold outQ1 25Q2 25: 22 bought or addedQ2 25: 20 cut or sold outQ3 25: 19 bought or addedQ3 25: 28 cut or sold outQ3 25Q4 25: 23 bought or addedQ4 25: 29 cut or sold outQ1 26: 23 bought or addedQ1 26: 23 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242418
Q4 20242119
Q1 20251623
Q2 20252220
Q3 20251928
Q4 20252329
Q1 20262323

Biggest buyers

CITADEL ADVISORS LLC New +58,000,000+58.0m
DLD Asset Management, LP Added +28,500,000+28.5m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +10,960,000+11.0m
LMR Partners LLP Added +10,000,000+10.0m
BNP PARIBAS FINANCIAL MARKETS Added +6,631,000+6.6m
Balyasny Asset Management L.P. Added +5,000,000+5.0m
JPMORGAN CHASE & CO Added +4,206,000+4.2m
WELLS FARGO & COMPANY/MN Added +3,508,000+3.5m
LORD, ABBETT & CO. LLC Added +2,601,000+2.6m
SSI INVESTMENT MANAGEMENT LLC New +2,340,000+2.3m

Biggest sellers

CAMDEN ASSET MANAGEMENT L P /CA Sold out -48,066,000-48.1m
TWO SIGMA INVESTMENTS, LP Sold out -30,250,000-30.2m
Linden Advisors LP Sold out -19,930,000-19.9m
MILLENNIUM MANAGEMENT LLC Sold out -15,500,000-15.5m
VOYA INVESTMENT MANAGEMENT LLC Reduced -10,635,000-10.6m
LAZARD ASSET MANAGEMENT LLC Reduced -7,250,000-7.2m
BANK OF AMERICA CORP /DE/ Reduced -6,633,000-6.6m
CITIGROUP INC Sold out -5,384,000-5.4m
WELLINGTON MANAGEMENT GROUP LLP Reduced -4,630,000-4.6m
Jefferies Financial Group Inc. Reduced -4,430,000-4.4m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.13% of their portfolio ATLANTA, GA 85,250,00085.2m $128.6m $128.6m 0.13% Reduced -10.6m -10,635,000
2 DEERFIELD MANAGEMENT COMPANY, L.P. 1.07% of their portfolio New York, NY 60,000,00060.0m $90.6m $90.6m 1.07% Unchanged
3 CITADEL ADVISORS LLC 0.06% of their portfolio MIAMI, FL 58,000,00058.0m $87.6m $87.6m 0.06% New
4 DLD Asset Management, LP 8.43% of their portfolio NEW YORK, NY 55,000,00055.0m $83.1m $83.1m 8.43% Added +28.5m +28,500,000
5 LMR Partners LLP 0.52% of their portfolio LONDON, X0 37,300,00037.3m $56.2m $56.2m 0.52% Added +10.0m +10,000,000
6 Balyasny Asset Management L.P. 0.10% of their portfolio Chicago, IL 35,000,00035.0m $52.9m $52.9m 0.10% Added +5.0m +5,000,000
7 TENOR CAPITAL MANAGEMENT Co., L.P. 0.51% of their portfolio NEW YORK, NY 21,710,00021.7m $32.9m $32.9m 0.51% Added +11.0m +10,960,000
8 BlackRock, Inc. 0.00% of their portfolio New York, NY 19,190,00019.2m $28.9m $28.9m 0.00% Added +1.8m +1,825,000
9 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 16,531,00016.5m $249.4k $249.4k 0.00% Reduced -7.2m -7,250,000
10 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 13,863,00013.9m $21.0m $21.0m 0.00% Reduced -4.6m -4,630,000
11 Calamos Advisors LLC 0.08% of their portfolio NAPERVILLE, IL 13,353,00013.4m $20.2m $20.2m 0.08% Added +144.0k +144,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,900,00011.9m $18.1m $18.1m 0.00% Reduced -300.0k -300,000
13 MacKay Shields LLC 0.58% of their portfolio New York, NY 10,410,00010.4m $15.7m $15.7m 0.58% Unchanged
14 ARISTEIA CAPITAL, L.L.C. 0.35% of their portfolio GREENWICH, CT 10,000,00010.0m $15.1m $15.1m 0.35% Unchanged
15 M&G PLC 0.06% of their portfolio London, X0 7,331,0007.3m $11.1m $11.1m 0.06% Added +1.0m +1,002,000
16 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 7,067,0007.1m $10.6m $10.6m 0.03% Added +2.6m +2,601,000
17 FMR LLC 0.00% of their portfolio BOSTON, MA 6,989,0007.0m $10.5m $10.5m 0.00% Unchanged
18 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 6,662,0006.7m $10.1m $10.1m 0.01% Added +6.6m +6,631,000
19 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,317,0005.3m $7.8m $7.8m 0.00% Added +4.2m +4,206,000
20 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 5,279,0005.3m $8.0m $8.0m 0.01% Reduced -4.0k -4,000
21 ADVENT CAPITAL MANAGEMENT /DE/ 0.23% of their portfolio NEW YORK, NY 5,132,0005.1m $7.8m $7.8m 0.23% Added +76.0k +76,000
22 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,982,0005.0m $7.5m $7.5m 0.00% Added +3.5m +3,508,000
23 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 4,674,0004.7m $7.1m $7.1m 0.01% Reduced -472.0k -472,000
24 Amundi 0.00% of their portfolio Paris, I0 3,450,0003.5m $5.2k $5.2k 0.00% Added +250.0k +250,000
25 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 3,135,0003.1m $4.8m $4.8m 0.01% Unchanged
26 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $4.5m $4.5m 0.01% Unchanged
27 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 2,460,0002.5m $3.7m $3.7m 0.00% Added +458.0k +458,000
28 SSI INVESTMENT MANAGEMENT LLC 0.24% of their portfolio Los Angeles, CA 2,340,0002.3m $3.5m $3.5m 0.24% New
29 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,160,0002.2m $3.3m $3.3m 0.00% Reduced -4.3m -4,334,000
30 Union Bancaire Privee, UBP SA 0.03% of their portfolio GENEVA 1, V8 1,855,0001.9m $2.4m $2.4m 0.03% Added +530.0k +530,000
31 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,558,0001.6m $2.4m $2.4m 0.00% Added +1.0k +1,000
32 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,264,0001.3m $1.9m $1.9m 0.00% Unchanged
33 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 980,000980.0k $1.5m $1.5m 0.00% Reduced -6.6m -6,633,000
34 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 908,000908.0k $1.4m $1.4m 0.02% Reduced -4.4m -4,430,000
35 Kohlberg Kravis Roberts & Co. L.P. 0.02% of their portfolio NEW YORK, NY 760,000760.0k $1.1m $1.1m 0.02% Unchanged
36 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 750,000750.0k $1.1m $1.1m 0.01% Unchanged
37 Ares Systematic Credit Ltd 0.58% of their portfolio LONDON, X0 500,000500.0k $735.7k $735.7k 0.58% Reduced -800.0k -800,000
38 Man Group plc 0.00% of their portfolio LONDON, X0 180,000180.0k $272.1k $272.1k 0.00% Unchanged
39 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 148,000148.0k $223.7k $223.7k 0.01% Added +3.0k +3,000
40 UBS Group AG 0.00% of their portfolio ZURICH, V8 120,000120.0k $180.8k $180.8k 0.00% New
41 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 105,000105.0k $158.2k $158.2k 0.00% Unchanged
42 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 94,00094.0k $141.6k $141.6k 0.00% Unchanged
43 NOMURA HOLDINGS INC 0.05% of their portfolio TOKYO, M0 85,05785.1k $6.4m $6.4m 0.05% Added +80.0k +80,032
44 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 73,00073.0k $117.2k $117.2k 0.00% Unchanged
45 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 28,62528.6k $2.1m $2.1m 0.00% New
46 Boussard & Gavaudan Investment Management LLP 0.14% of their portfolio London, X0 1,0001.0k $1.5m $1.5m 0.14% Reduced -11.8k -11,750
47 Alpine Global Management, LLC 0.14% of their portfolio NEW YORK, NY 600600 $907.2k $907.2k 0.14% New
48 ODDO BHF ASSET MANAGEMENT SAS 0.02% of their portfolio PARIS, I0 374374 $567.4k $567.4k 0.02% Unchanged