Vault-13

MARRIOTT VACATIONS WORLDWIDE VAC 0 01.15.26

NOTE 1/1 · US DOMESTIC · CUSIP 57164YAD9

36 institutional holders -6 vs Q3 2025
17,976,00018.0m shares reported held*
$776.7mreported value*
5 new 11 added 5 reduced 11 sold out net bought ≈ $99.6m (-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 ≈ $43.21.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 61Q4 22: 65Q1 23: 63Q2 23: 64Q3 23: 56Q4 23: 52Q1 24: 44Q2 24: 46Q3 24: 43Q4 24: 44Q1 25: 33Q2 25: 40Q3 25: 42Q4 25: 3636Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202261
Q4 202265
Q1 202363
Q2 202364
Q3 202356
Q4 202352
Q1 202444
Q2 202446
Q3 202443
Q4 202444
Q1 202533
Q2 202540
Q3 202542
Q4 202536

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 24: 21 bought or addedQ1 24: 21 cut or sold outQ2 24: 15 bought or addedQ2 24: 15 cut or sold outQ2 24Q3 24: 12 bought or addedQ3 24: 19 cut or sold outQ4 24: 12 bought or addedQ4 24: 14 cut or sold outQ4 24Q1 25: 12 bought or addedQ1 25: 21 cut or sold outQ2 25: 15 bought or addedQ2 25: 14 cut or sold outQ2 25Q3 25: 26 bought or addedQ3 25: 19 cut or sold outQ4 25: 16 bought or addedQ4 25: 16 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20242121
Q2 20241515
Q3 20241219
Q4 20241214
Q1 20251221
Q2 20251514
Q3 20252619
Q4 20251616

Biggest buyers

OSTERWEIS CAPITAL MANAGEMENT INC New +71,011,000+71.0m
Radcliffe Capital Management, L.P. Added +56,286,000+56.3m
GLAZER CAPITAL, LLC Added +33,765,000+33.8m
KIM, LLC Added +20,510,000+20.5m
SOROS FUND MANAGEMENT LLC Added +5,855,000+5.9m
Fort Baker Capital Management LP New +5,000,000+5.0m
PIPER SANDLER & CO. Added +3,500,000+3.5m
WELLS FARGO & COMPANY/MN Added +3,122,000+3.1m
Amundi New +2,200,000+2.2m
Lombard Odier Asset Management (Europe) Ltd New +2,200,000+2.2m

Biggest sellers

LAZARD ASSET MANAGEMENT LLC Sold out -101,506,000-101.5m
MILLENNIUM MANAGEMENT LLC Reduced -45,167,000-45.2m
Thrivent Financial for Lutherans Sold out -12,665,000-12.7m
STATE STREET CORP Sold out -11,044,000-11.0m
CSS LLC/IL Sold out -10,199,000-10.2m
ANGELO GORDON & CO., L.P. Sold out -10,000,000-10.0m
BlackRock, Inc. Sold out -5,455,000-5.5m
BANK OF AMERICA CORP /DE/ Reduced -2,915,000-2.9m
ROYAL BANK OF CANADA Sold out -2,473,000-2.5m
BANK OF MONTREAL /CAN/ Reduced -1,980,000-2.0m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Radcliffe Capital Management, L.P. 6.17% of their portfolio BALA CYNWYD, PA 113,786,000113.8m $113.4m $113.4m 6.17% Added +56.3m +56,286,000
2 SOROS FUND MANAGEMENT LLC 1.12% of their portfolio NEW YORK, NY 83,609,00083.6m $83.4m $83.4m 1.12% Added +5.9m +5,855,000
3 OSTERWEIS CAPITAL MANAGEMENT INC 3.00% of their portfolio SAN FRANCISCO, CA 71,011,00071.0m $70.9m $70.9m 3.00% New
4 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 55,500,00055.5m $55.4m $55.4m 0.04% Reduced -45.2m -45,167,000
5 GLAZER CAPITAL, LLC 1.40% of their portfolio New York, NY 53,265,00053.3m $53.2m $53.2m 1.40% Added +33.8m +33,765,000
6 TORONTO DOMINION BANK 0.05% of their portfolio TORONTO, ONTARIO, A6 28,678,00028.7m $28.3m $28.3m 0.05% Added +1.4m +1,428,000
7 KIM, LLC 3.09% of their portfolio WICHITA, KS 27,000,00027.0m $27.0m $27.0m 3.09% Added +20.5m +20,510,000
8 PIPER SANDLER & CO. 9.51% of their portfolio MINNEAPOLIS, MN 13,547,00013.5m $13.4m $13.4m 9.51% Added +3.5m +3,500,000
9 BERKLEY W R CORP 0.69% of their portfolio Greenwich, CT 12,434,00012.4m $12.4m $12.4m 0.69% Unchanged
10 FMR LLC 0.00% of their portfolio BOSTON, MA 10,000,00010.0m $10.0m $10.0m 0.00% Unchanged
11 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 9,000,0009.0m $8.9m $8.9m 0.00% Reduced -2.0m -1,980,000
12 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 8,650,0008.7m $8.6m $8.6m 0.01% Unchanged
13 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 8,100,0008.1m $8.1m $8.1m 0.01% Added +100.0k +100,000
14 Calamos Advisors LLC 0.03% of their portfolio NAPERVILLE, IL 7,000,0007.0m $7.0m $7.0m 0.03% Unchanged
15 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 5,917,0005.9m $5.9m $5.9m 0.00% Added +3.1m +3,122,000
16 CORBYN INVESTMENT MANAGEMENT INC/MD 1.49% of their portfolio Lutherville, MD 5,117,0005.1m $5.1m $5.1m 1.49% Added +153.0k +153,000
17 Fort Baker Capital Management LP 0.55% of their portfolio Larkspur, CA 5,000,0005.0m $5.0m $5.0m 0.55% New
18 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 5,000,0005.0m $4.9m $4.9m 0.01% Unchanged
19 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio HARRISBURG, PA 4,635,0004.6m $4.6m $4.6m 0.02% Unchanged
20 PALISADE CAPITAL MANAGEMENT, LP 0.10% of their portfolio FORT LEE, NJ 3,400,0003.4m $3.4m $3.4m 0.10% Reduced -996.0k -996,000
21 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,000,0003.0m $3.0m $3.0m 0.00% Unchanged
22 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,512,2002.5m $2.5m $2.5m 0.00% Reduced -2.9m -2,915,000
23 Kohlberg Kravis Roberts & Co. L.P. 0.04% of their portfolio NEW YORK, NY 2,447,0002.4m $2.4m $2.4m 0.04% Added +447.0k +447,000
24 Amundi 0.06% of their portfolio Paris, I0 2,200,0002.2m $219.2m $219.2m 0.06% New
25 Lombard Odier Asset Management (Europe) Ltd 0.11% of their portfolio LONDON, X0 2,200,0002.2m $2.2m $2.2m 0.11% New
26 AQR Arbitrage LLC 0.02% of their portfolio Greenwich, CT 1,000,0001.0m $998.8k $998.8k 0.02% Unchanged
27 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 750,000750.0k $748.5k $748.5k 0.00% Unchanged
28 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 702,000702.0k $694.7k $694.7k 0.00% Unchanged
29 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 600,000600.0k $598.8k $598.8k 0.00% Unchanged
30 ZAZOVE ASSOCIATES LLC 0.02% of their portfolio INCLINE VILLAGE, NV 260,000260.0k $259.5k $259.5k 0.02% Unchanged
31 FINANCIAL CONSULATE, INC 0.02% of their portfolio HUNT VALLEY, MD 170,000170.0k $168.2k $168.2k 0.02% Unchanged
32 SHENKMAN CAPITAL MANAGEMENT INC 0.01% of their portfolio NEW YORK, NY 78,00078.0k $77.9k $77.9k 0.01% Reduced -56.0k -56,000
33 Wealthspire Advisors, LLC 0.00% of their portfolio NEW YORK, NY 68,00068.0k $67.3k $67.3k 0.00% Added +43.0k +43,000
34 K2 PRINCIPAL FUND, L.P. 1.54% of their portfolio TORONTO, A6 15,00015.0k $15.0m $15.0m 1.54% Unchanged
35 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 3,0003.0k $3.0k $3.0k 0.00% Unchanged
36 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 3,0003.0k $3.0k $3.0k 0.00% New