Vault-13

LIGAND PHARMACEUTICALS INC LGND 0.75 05.15.23

NOTE 0.750% 5/1 · US DOMESTIC · CUSIP 53220KAF5

27 institutional holders +1 vs Q4 2022
5,162,0005.2m shares reported held*
$61.5mreported value*
3 new 3 added 2 reduced 2 sold out net bought ≈ $5.2m (+265.0k 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 ($9.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $13.82.

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0102030Q3 22: 24Q4 22: 26Q1 23: 2727Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202224
Q4 202226
Q1 202327

Buyers vs sellers

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

Bought or addedCut or sold out
10010Q4 22: 8 bought or addedQ4 22: 5 cut or sold outQ4 22Q1 23: 6 bought or addedQ1 23: 4 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 202285
Q1 202364

Biggest buyers

RiverPark Advisors, LLC New +9,863,000+9.9m
Cohanzick Management, LLC New +9,863,000+9.9m
Catalyst Capital Advisors LLC New +275,000+275.0k
PIPER SANDLER & CO. Added +60,000+60.0k
Financial Sense Advisors, Inc. Added +50,000+50.0k
MORGAN STANLEY Added +9,000+9.0k

Biggest sellers

OAKTREE CAPITAL MANAGEMENT LP Reduced -10,297,000-10.3m
JPMORGAN CHASE & CO Sold out -2,687,000-2.7m
Russell Investments Group, Ltd. Reduced -1,829,000-1.8m
TRUIST FINANCIAL CORP Sold out -60,000-60.0k

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 OAKTREE CAPITAL MANAGEMENT LP 0.12% of their portfolio LOS ANGELES, CA 10,697,00010.7m $10.6m $10.6m 0.12% Reduced -10.3m -10,297,000
2 RiverPark Advisors, LLC 6.55% of their portfolio NEW YORK, NY 9,863,0009.9m $9.8m $9.8m 6.55% New
3 Cohanzick Management, LLC 7.80% of their portfolio Pleasantville, NY 9,863,0009.9m $9.8m $9.8m 7.80% New
4 CAPSTONE INVESTMENT ADVISORS, LLC 0.23% of their portfolio NEW YORK, NY 7,500,0007.5m $7.4m $7.4m 0.23% Unchanged
5 PALISADE CAPITAL MANAGEMENT, LP 0.17% of their portfolio FORT LEE, NJ 6,270,0006.3m $6.2m $6.2m 0.17% Unchanged
6 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 5,000,0005.0m $5.0m $5.0m 0.01% Unchanged
7 WESTWOOD HOLDINGS GROUP INC 0.04% of their portfolio DALLAS, TX 4,000,0004.0m $4.0m $4.0m 0.04% Unchanged
8 Radcliffe Capital Management, L.P. 0.19% of their portfolio BALA CYNWYD, PA 3,117,0003.1m $3.1m $3.1m 0.19% Unchanged
9 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 3,000,0003.0m $3.0m $3.0m 0.00% Unchanged
10 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,540,0002.5m $2.5m $2.5m 0.00% Reduced -1.8m -1,829,000
11 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 2,500,0002.5m $2.5m $2.5m 0.00% Unchanged
12 SSI INVESTMENT MANAGEMENT LLC 0.14% of their portfolio Los Angeles, CA 2,000,0002.0m $2.0m $2.0m 0.14% Unchanged
13 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,000,0002.0m $2.0m $2.0m 0.01% Unchanged
14 Penn Mutual Asset Management 1.18% of their portfolio Conshohocken, PA 1,256,0001.3m $1.2m $1.2m 1.18% Unchanged
15 PROSPECTOR PARTNERS LLC 0.06% of their portfolio GUILFORD, CT 400,000400.0k $396.1k $396.1k 0.06% Unchanged
16 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 300,000300.0k $298.7k $298.7k 0.00% Unchanged
17 Cutler Capital Management, LLC 0.13% of their portfolio WORCESTER, MA 300,000300.0k $297.1k $297.1k 0.13% Unchanged
18 Catalyst Capital Advisors LLC 0.01% of their portfolio San Juan, PR 275,000275.0k $273.0k $273.0k 0.01% New
19 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 250,000250.0k $247.8k $247.8k 0.00% Unchanged
20 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 213,000213.0k $211.4k $211.4k 0.00% Unchanged
21 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio HARRISBURG, PA 197,000197.0k $195.1k $195.1k 0.00% Unchanged
22 Financial Sense Advisors, Inc. 0.08% of their portfolio SAN DIEGO, CA 180,000180.0k $178.8k $178.8k 0.08% Added +50.0k +50,000
23 PIPER SANDLER & CO. 0.05% of their portfolio MINNEAPOLIS, MN 73,00073.0k $72.3k $72.3k 0.05% Added +60.0k +60,000
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 19,00019.0k $18.8k $18.8k 0.00% Added +9.0k +9,000
25 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 15,00015.0k $14.9k $14.9k 0.00% Unchanged
26 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 10,00010.0k $9.9k $9.9k 0.00% Unchanged
27 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged