Vault-13

LIVE NATION ENTERTAINMENT IN LYV 3.125 01.15.29

NOTE 3.125% 1/1 · US DOMESTIC · CUSIP 538034BA6

65 institutional holders -11 vs Q3 2025
5,489,7705.5m shares reported held*
$1.3bnreported value*
7 new 20 added 18 reduced 17 sold out net sold ≈ $50.2m (+2.7m 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 ≈ $242.16.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100Q4 23: 1Q1 24: 72Q2 24: 69Q3 24: 67Q4 24: 78Q1 25: 75Q2 25: 83Q3 25: 76Q4 25: 6565Q4 23Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q4 20231
Q1 202472
Q2 202469
Q3 202467
Q4 202478
Q1 202575
Q2 202583
Q3 202576
Q4 202565

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 24: 70 bought or addedQ1 24: 1 cut or sold outQ2 24: 30 bought or addedQ2 24: 33 cut or sold outQ2 24Q3 24: 21 bought or addedQ3 24: 36 cut or sold outQ4 24: 33 bought or addedQ4 24: 41 cut or sold outQ4 24Q1 25: 32 bought or addedQ1 25: 40 cut or sold outQ2 25: 42 bought or addedQ2 25: 36 cut or sold outQ2 25Q3 25: 30 bought or addedQ3 25: 42 cut or sold outQ4 25: 27 bought or addedQ4 25: 35 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024701
Q2 20243033
Q3 20242136
Q4 20243341
Q1 20253240
Q2 20254236
Q3 20253042
Q4 20252735

Biggest buyers

D. E. Shaw & Co., Inc. New +86,010,000+86.0m
CITADEL ADVISORS LLC Added +27,500,000+27.5m
ADVENT CAPITAL MANAGEMENT /DE/ Added +9,775,000+9.8m
Aequim Alternative Investments LP Added +5,325,000+5.3m
MARINER INVESTMENT GROUP LLC New +5,000,000+5.0m
WELLS FARGO & COMPANY/MN Added +4,110,000+4.1m
CITIGROUP INC Added +3,522,000+3.5m
GOLDMAN SACHS GROUP INC New +3,045,000+3.0m
PICTON MAHONEY ASSET MANAGEMENT New +3,000,000+3.0m
VOYA INVESTMENT MANAGEMENT LLC Added +2,625,000+2.6m

Biggest sellers

LMR Partners LLP Sold out -55,000,000-55.0m
JPMORGAN CHASE & CO Reduced -16,678,000-16.7m
SILVERBACK ASSET MANAGEMENT LLC Sold out -13,632,000-13.6m
Opti Capital Management, LP Reduced -13,448,000-13.4m
READYSTATE ASSET MANAGEMENT LP Sold out -12,500,000-12.5m
CSS LLC/IL Reduced -12,500,000-12.5m
WOLVERINE ASSET MANAGEMENT LLC Sold out -10,884,000-10.9m
WELLINGTON MANAGEMENT GROUP LLP Sold out -10,680,000-10.7m
MILLENNIUM MANAGEMENT LLC Sold out -10,000,000-10.0m
BANK OF NOVA SCOTIA Sold out -10,000,000-10.0m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Polar Asset Management Partners Inc. 4.03% of their portfolio TORONTO, A6 140,000,000140.0m $203.4m $203.4m 4.03% Unchanged
2 CITADEL ADVISORS LLC 0.09% of their portfolio MIAMI, FL 86,500,00086.5m $125.8m $125.8m 0.09% Added +27.5m +27,500,000
3 D. E. Shaw & Co., Inc. 0.10% of their portfolio New York, NY 86,010,00086.0m $125.1m $125.1m 0.10% New
4 Opti Capital Management, LP 6.30% of their portfolio New York, NY 59,377,00059.4m $86.4m $86.4m 6.30% Reduced -13.4m -13,448,000
5 Alberta Investment Management Corp 0.37% of their portfolio EDMONTON, A0 42,500,00042.5m $61.9m $61.9m 0.37% Unchanged
6 Aequim Alternative Investments LP 1.15% of their portfolio MILL VALLEY, CA 39,825,00039.8m $58.0m $58.0m 1.15% Added +5.3m +5,325,000
7 Jain Global LLC 0.49% of their portfolio NEW YORK, NY 34,500,00034.5m $50.2m $50.2m 0.49% Reduced -500.0k -500,000
8 CSS LLC/IL 2.69% of their portfolio CHICAGO, IL 32,756,00032.8m $47.6m $47.6m 2.69% Reduced -12.5m -12,500,000
9 TWO SIGMA INVESTMENTS, LP 0.07% of their portfolio NEW YORK, NY 32,000,00032.0m $46.5m $46.5m 0.07% Unchanged
10 CAMDEN ASSET MANAGEMENT L P /CA 0.92% of their portfolio Los Angeles, CA 24,975,00025.0m $36.3m $36.3m 0.92% Unchanged
11 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 22,252,00022.3m $32.4m $32.4m 0.01% Added +4.1m +4,110,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,285,00021.3m $31.3m $31.3m 0.00% Added +1.1m +1,150,000
13 Clearbridge Investments, LLC 0.00% of their portfolio NEW YORK, NY 20,333,00020.3m $3.0m $3.0m 0.00% Reduced -14.0k -14,000
14 TENOR CAPITAL MANAGEMENT Co., L.P. 0.41% of their portfolio NEW YORK, NY 20,000,00020.0m $29.4m $29.4m 0.41% Added +1.0m +1,000,000
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 19,824,00019.8m $28.8m $28.8m 0.00% Reduced -16.7m -16,678,000
16 Point72 Asset Management, L.P. 0.04% of their portfolio STAMFORD, CT 19,600,00019.6m $28.5m $28.5m 0.04% Added +1.1m +1,100,000
17 MARSHALL WACE, LLP 0.03% of their portfolio LONDON, X0 18,000,00018.0m $26.2m $26.2m 0.03% Unchanged
18 Calamos Advisors LLC 0.09% of their portfolio NAPERVILLE, IL 15,423,00015.4m $22.5m $22.5m 0.09% Reduced -315.0k -315,000
19 ADVENT CAPITAL MANAGEMENT /DE/ 0.50% of their portfolio NEW YORK, NY 14,629,00014.6m $21.5m $21.5m 0.50% Added +9.8m +9,775,000
20 FMR LLC 0.00% of their portfolio BOSTON, MA 13,641,00013.6m $19.8m $19.8m 0.00% Added +1.1m +1,066,000
21 BlackRock, Inc. 0.00% of their portfolio New York, NY 12,615,00012.6m $18.3m $18.3m 0.00% Added +1.2m +1,230,000
22 Warberg Asset Management LLC 4.64% of their portfolio WINNETKA, IL 10,617,00010.6m $15.4m $15.4m 4.64% Added +53.0k +53,000
23 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 10,000,00010.0m $14.5m $14.5m 0.01% Unchanged
24 M&G PLC 0.07% of their portfolio London, X0 9,050,0009.1m $13.1m $13.1m 0.07% Unchanged
25 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 9,016,0009.0m $13.2m $13.2m 0.02% Reduced -2.2m -2,240,000
26 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 8,325,0008.3m $12.1m $12.1m 0.01% Added +2.6m +2,625,000
27 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 7,500,0007.5m $10.9m $10.9m 0.00% Added +1.0m +1,000,000
28 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 7,188,0007.2m $10.5m $10.5m 0.00% Added +701.0k +701,000
29 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 7,066,0007.1m $10.3m $10.3m 0.03% Reduced -6.6m -6,642,000
30 Union Bancaire Privee, UBP SA 0.08% of their portfolio GENEVA 1, V8 5,562,0005.6m $7.0m $7.0m 0.08% Added +1.2m +1,206,000
31 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 5,267,0005.3m $7.7m $7.7m 0.00% Added +521.0k +521,000
32 Parallax Volatility Advisers, L.P. 0.24% of their portfolio San Francisco, CA 5,250,0005.2m $7.6m $7.6m 0.24% Unchanged
33 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 5,250,0005.2m $7.7m $7.7m 0.01% Unchanged
34 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 5,219,0005.2m $7.6m $7.6m 0.01% Added +3.5m +3,522,000
35 MARINER INVESTMENT GROUP LLC 0.43% of their portfolio NEW YORK, NY 5,000,0005.0m $7.3m $7.3m 0.43% New
36 SSI INVESTMENT MANAGEMENT LLC 0.49% of their portfolio Los Angeles, CA 4,944,0004.9m $7.2m $7.2m 0.49% Reduced -456.0k -456,000
37 MacKay Shields LLC 0.24% of their portfolio New York, NY 4,789,0004.8m $7.0m $7.0m 0.24% Reduced -96.0k -96,000
38 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,139,0003.1m $4.6m $4.6m 0.00% Added +352.0k +352,000
39 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,119,0003.1m $4.5m $4.5m 0.00% Added +2.2m +2,224,000
40 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 3,045,0003.0m $4.4m $4.4m 0.00% New
41 PICTON MAHONEY ASSET MANAGEMENT 0.05% of their portfolio Toronto, A6 3,000,0003.0m $4.4m $4.4m 0.05% New
42 PALISADE CAPITAL MANAGEMENT, LP 0.09% of their portfolio FORT LEE, NJ 2,187,0002.2m $3.2m $3.2m 0.09% Reduced -70.0k -70,000
43 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 2,151,0002.2m $3.2m $3.2m 0.01% Added +185.0k +185,000
44 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 2,000,0002.0m $2.0m $2.0m 0.02% Unchanged
45 OFI INVEST ASSET MANAGEMENT 0.03% of their portfolio ISSY LES MOULINEAUX, I0 1,900,0001.9m $2.4m $2.4m 0.03% Unchanged
46 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,541,0001.5m $2.2m $2.2m 0.00% Reduced -2.0m -1,962,000
47 Linden Advisors LP 0.01% of their portfolio New York, NY 1,500,0001.5m $2.2m $2.2m 0.01% New
48 Kohlberg Kravis Roberts & Co. L.P. 0.02% of their portfolio NEW YORK, NY 1,058,0001.1m $1.5m $1.5m 0.02% Unchanged
49 Man Group plc 0.00% of their portfolio LONDON, X0 594,000594.0k $863.8k $863.8k 0.00% Reduced -1.2m -1,156,000
50 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 443,000443.0k $644.0k $644.0k 0.00% Reduced -2.7m -2,743,000
51 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 350,000350.0k $509.0k $509.0k 0.00% Unchanged
52 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 158,000158.0k $229.6k $229.6k 0.00% Reduced -3.0k -3,000
53 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 150,000150.0k $218.5k $218.5k 0.00% Unchanged
54 Ares Systematic Credit Ltd 0.12% of their portfolio LONDON, X0 100,000100.0k $147.0k $147.0k 0.12% First filing
55 Calamos Wealth Management LLC 0.00% of their portfolio NAPERVILLE, IL 53,00053.0k $77.2k $77.2k 0.00% Reduced -64.0k -64,000
56 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 46,00046.0k $66.8k $66.8k 0.00% Unchanged
57 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 27,94027.9k $4.1m $4.1m 0.01% Added +10.9k +10,940
58 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 26,00026.0k $37.8k $37.8k 0.01% Unchanged
59 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 16,00016.0k $23.2k $23.2k 0.00% New
60 Boussard & Gavaudan Investment Management LLP 1.40% of their portfolio London, X0 12,50012.5k $18.5m $18.5m 1.40% Reduced -500 -500
61 K2 PRINCIPAL FUND, L.P. 0.75% of their portfolio TORONTO, A6 5,0005.0k $7.3m $7.3m 0.75% Unchanged
62 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 4,0004.0k $5.8k $5.8k 0.00% New
63 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 2,2702.3k $323.5k $323.5k 0.00% Reduced -1.2k -1,227
64 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,3301.3k $1.9k $1.9k 0.00% Unchanged
65 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 1,0001.0k $1.5k $1.5k 0.00% Unchanged