Vault-13

KBR INC KBR 2.5 11.01.23

NOTE 2.500%11/0 · US DOMESTIC · CUSIP 48242WAB2

35 institutional holders -1 vs Q1 2023
10,566,00010.6m shares reported held*
$659.0mreported value*
4 new 9 added 12 reduced 5 sold out net sold ≈ $222.9m (-9.9m 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 ≈ $62.37.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 35Q4 22: 38Q1 23: 36Q2 23: 3535Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202235
Q4 202238
Q1 202336
Q2 202335

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q4 22: 16 bought or addedQ4 22: 13 cut or sold outQ4 22Q1 23: 14 bought or addedQ1 23: 16 cut or sold outQ1 23Q2 23: 13 bought or addedQ2 23: 17 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221613
Q1 20231416
Q2 20231317

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5mQ3 22 calls: $0Q3 22 puts: $1.3mQ3 22P/C —Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $0Q2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$1.3m—
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$0—

Biggest buyers

BANK OF NOVA SCOTIA Added +25,461,067+25.5m
Warberg Asset Management LLC Added +14,060,000+14.1m
Elequin Capital, LP New +13,881,000+13.9m
D. E. Shaw & Co., Inc. New +13,671,000+13.7m
PIPER SANDLER & CO. New +4,000,000+4.0m
MILLENNIUM MANAGEMENT LLC New +2,825,000+2.8m
BNP PARIBAS FINANCIAL MARKETS Added +2,612,000+2.6m
LORD, ABBETT & CO. LLC Added +866,000+866.0k
STATE STREET CORP Added +550,000+550.0k
Invesco Ltd. Added +96,000+96.0k

Biggest sellers

CITADEL ADVISORS LLC Sold out -52,750,000-52.8m
TENOR CAPITAL MANAGEMENT Co., L.P. Sold out -20,053,000-20.1m
Opti Capital Management, LP Reduced -17,197,000-17.2m
VOYA INVESTMENT MANAGEMENT LLC Reduced -12,500,000-12.5m
CAPSTONE INVESTMENT ADVISORS, LLC Reduced -10,000,000-10.0m
FMR LLC Reduced -5,967,000-6.0m
ABSOLUTE INVESTMENT ADVISERS, LLC Sold out -5,620,000-5.6m
BARCLAYS PLC Reduced -4,966,000-5.0m
BANK OF AMERICA CORP /DE/ Reduced -4,893,000-4.9m
Man Group plc Reduced -3,000,000-3.0m

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Opti Capital Management, LP 6.61% of their portfolio New York, NY 30,453,00030.5m $78.2m $78.2m 6.61% Reduced -17.2m -17,197,000
2 BANK OF NOVA SCOTIA 0.17% of their portfolio TORONTO, A6 25,681,00025.7m $66.0m $66.0m 0.17% Added +25.5m +25,461,067
3 CAPSTONE INVESTMENT ADVISORS, LLC 1.85% of their portfolio NEW YORK, NY 24,478,00024.5m $62.7m $62.7m 1.85% Reduced -10.0m -10,000,000
4 LORD, ABBETT & CO. LLC 0.07% of their portfolio JERSEY CITY, NJ 16,450,00016.4m $42.1m $42.1m 0.07% Added +866.0k +866,000
5 Man Group plc 0.12% of their portfolio LONDON, X0 15,498,00015.5m $39.8m $39.8m 0.12% Reduced -3.0m -3,000,000
6 Warberg Asset Management LLC 10.63% of their portfolio WINNETKA, IL 14,524,00014.5m $37.2m $37.2m 10.63% Added +14.1m +14,060,000
7 Elequin Capital, LP 18.18% of their portfolio NEW YORK, NY 13,881,00013.9m $35.6m $35.6m 18.18% New
8 D. E. Shaw & Co., Inc. 0.05% of their portfolio New York, NY 13,671,00013.7m $35.1m $35.1m 0.05% New
9 Alberta Investment Management Corp 0.30% of their portfolio EDMONTON, A0 12,000,00012.0m $30.8m $30.8m 0.30% Unchanged
10 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 11,000,00011.0m $23.8m $23.8m 0.01% Unchanged
11 Thrivent Financial for Lutherans 0.06% of their portfolio Minneapolis, MN 10,538,00010.5m $27.0m $27.0m 0.06% Reduced -2.8m -2,800,000
12 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 10,382,00010.4m $26.6m $26.6m 0.05% Added +2.6m +2,612,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 7,604,0007.6m $19.5m $19.5m 0.00% Added +550.0k +550,000
14 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 6,526,0006.5m $16.7m $16.7m 0.00% Added +96.0k +96,000
15 FMR LLC 0.00% of their portfolio BOSTON, MA 5,967,0006.0m $15.3m $15.3m 0.00% Reduced -6.0m -5,967,000
16 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 4,600,0004.6m $11.8m $11.8m 0.01% Reduced -12.5m -12,500,000
17 PIPER SANDLER & CO. 10.94% of their portfolio MINNEAPOLIS, MN 4,000,0004.0m $10.2m $10.2m 10.94% New
18 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 3,040,0003.0m $7.8m $7.8m 0.00% Unchanged
19 SSI INVESTMENT MANAGEMENT LLC 0.51% of their portfolio Los Angeles, CA 2,860,0002.9m $7.3m $7.3m 0.51% Unchanged
20 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 2,825,0002.8m $7.2m $7.2m 0.01% New
21 BlackRock Inc. 0.00% of their portfolio New York, NY 1,990,0002.0m $5.1m $5.1m 0.00% Unchanged
22 ZAZOVE ASSOCIATES LLC 0.29% of their portfolio INCLINE VILLAGE, NV 1,250,0001.2m $3.2m $3.2m 0.29% Unchanged
23 Periscope Capital Inc. 0.25% of their portfolio Toronto, A6 1,250,0001.2m $3.2m $3.2m 0.25% Unchanged
24 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,193,0001.2m $3.1m $3.1m 0.00% Added +5.0k +5,000
25 PALISADE CAPITAL MANAGEMENT, LP 0.02% of their portfolio FORT LEE, NJ 342,000342.0k $876.3k $876.3k 0.02% Reduced -308.0k -308,000
26 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 232,000232.0k $595.5k $595.5k 0.00% Reduced -5.0m -4,966,000
27 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 222,000222.0k $569.8k $569.8k 0.00% Reduced -1.8m -1,823,000
28 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 127,000127.0k $325.5k $325.5k 0.00% Added +45.0k +45,000
29 FIRST HAWAIIAN BANK 0.00% of their portfolio HONOLULU, HI 56,00056.0k $143.2k $143.2k 0.00% Unchanged
30 Boussard & Gavaudan Investment Management LLP 3.28% of their portfolio London, X0 13,35213.4k $34.3m $34.3m 3.28% Reduced -16.7k -16,712
31 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 12,00012.0k $30.7k $30.7k 0.00% Unchanged
32 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 11,00011.0k $28.1k $28.1k 0.00% Reduced -1.0k -1,000
33 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,0004.0k $10.2k $10.2k 0.00% Reduced -4.9m -4,893,000
34 NATIXIS 0.06% of their portfolio PARIS, I0 2,6482.6k $6.8m $6.8m 0.06% Added +432 +432
35 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged