Vault-13

MARRIOTT VACATIONS WORLDWIDE VAC 3.25 12.15.27

NOTE 3.250%12/1 · US DOMESTIC · CUSIP 57164YAF4

54 institutional holders +2 vs Q1 2024
42,198,00042.2m shares reported held*
$707.0mreported value*
9 new 15 added 14 reduced 7 sold out net sold ≈ $5.3m (-1.8m 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 ≈ $16.75.

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q4 23: 53Q1 24: 52Q2 24: 5454Q4 23Q1 24Q2 24
Numbers
QuarterHolders
Q4 202353
Q1 202452
Q2 202454

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 24: 28 bought or addedQ1 24: 19 cut or sold outQ1 24Q2 24: 24 bought or addedQ2 24: 21 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q1 20242819
Q2 20242421

Biggest buyers

Linden Advisors LP Added +13,500,000+13.5m
Lombard Odier Asset Management (Europe) Ltd New +12,400,000+12.4m
BANK OF MONTREAL /CAN/ Added +6,692,000+6.7m
CAMDEN ASSET MANAGEMENT L P /CA Added +5,500,000+5.5m
VOYA INVESTMENT MANAGEMENT LLC New +5,000,000+5.0m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Added +4,000,000+4.0m
KIM, LLC New +2,000,000+2.0m
Kohlberg Kravis Roberts & Co. L.P. Added +1,850,000+1.9m
BARCLAYS PLC Added +1,466,000+1.5m
BlackRock Inc. Added +1,075,000+1.1m

Biggest sellers

AQR Arbitrage LLC Reduced -14,625,000-14.6m
BNP PARIBAS FINANCIAL MARKETS Reduced -8,927,000-8.9m
Centiva Capital, LP Sold out -7,500,000-7.5m
TWO SIGMA INVESTMENTS, LP Sold out -7,500,000-7.5m
LAZARD ASSET MANAGEMENT LLC Reduced -6,500,000-6.5m
OAKTREE CAPITAL MANAGEMENT LP Reduced -4,319,000-4.3m
HBK INVESTMENTS L P Reduced -3,500,000-3.5m
Russell Investments Group, Ltd. Sold out -2,681,000-2.7m
MORGAN STANLEY Reduced -2,340,000-2.3m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. Sold out -2,000,000-2.0m

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.21% of their portfolio New York, NY 158,689,000158.7m $145.0m $145.0m 1.21% Added +13.5m +13,500,000
2 CAMDEN ASSET MANAGEMENT L P /CA 2.18% of their portfolio Los Angeles, CA 79,275,00079.3m $72.1m $72.1m 2.18% Added +5.5m +5,500,000
3 ADVENT CAPITAL MANAGEMENT /DE/ 1.56% of their portfolio NEW YORK, NY 70,379,00070.4m $64.5m $64.5m 1.56% Reduced -1.0m -1,001,000
4 Calamos Advisors LLC 0.18% of their portfolio NAPERVILLE, IL 40,605,00040.6m $37.1m $37.1m 0.18% Unchanged
5 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.03% of their portfolio Toronto, A6 35,846,00035.8m $32.9m $32.9m 0.03% Added +405.0k +405,000
6 ANGELO GORDON & CO., L.P. 6.67% of their portfolio NEW YORK, NY 18,000,00018.0m $16.4m $16.4m 6.67% Unchanged
7 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 15,910,00015.9m $14.5m $14.5m 0.03% Added +40.0k +40,000
8 HBK INVESTMENTS L P 0.33% of their portfolio DALLAS, TX 15,000,00015.0m $13.7m $13.7m 0.33% Reduced -3.5m -3,500,000
9 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 12,792,00012.8m $11.6m $11.6m 0.02% Added +879.0k +879,000
10 Lombard Odier Asset Management (Europe) Ltd 0.57% of their portfolio LONDON, X0 12,400,00012.4m $11.6m $11.6m 0.57% New
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,175,00011.2m $10.2m $10.2m 0.00% Reduced -1.4m -1,400,000
12 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 7,500,0007.5m $6.8m $6.8m 0.00% Added +6.7m +6,692,000
13 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 6,526,0006.5m $5.9m $5.9m 0.01% Unchanged
14 Amundi 0.00% of their portfolio Paris, I0 6,000,0006.0m $5.4m $5.4m 0.00% Added +1.0m +1,000,000
15 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 6,000,0006.0m $5.5m $5.5m 0.01% Added +4.0m +4,000,000
16 SHENKMAN CAPITAL MANAGEMENT INC 0.43% of their portfolio NEW YORK, NY 5,505,0005.5m $5.0m $5.0m 0.43% Reduced -354.0k -354,000
17 BlackRock Inc. 0.00% of their portfolio New York, NY 5,450,0005.5m $5.0m $5.0m 0.00% Added +1.1m +1,075,000
18 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 5,000,0005.0m $4.5m $4.5m 0.00% Reduced -610.0k -610,000
19 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 5,000,0005.0m $4.6m $4.6m 0.00% New
20 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,397,0004.4m $4.0m $4.0m 0.00% Reduced -236.0k -236,000
21 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 4,305,0004.3m $3.9m $3.9m 0.00% Added +140.0k +140,000
22 OAKTREE CAPITAL MANAGEMENT LP 0.07% of their portfolio LOS ANGELES, CA 4,201,0004.2m $3.8m $3.8m 0.07% Reduced -4.3m -4,319,000
23 Daiwa Securities Group Inc. 0.02% of their portfolio CHIYODA-KU,TOKYO, M0 4,028,0004.0m $3.7m $3.7m 0.02% Reduced -72.0k -72,000
24 SSI INVESTMENT MANAGEMENT LLC 0.24% of their portfolio Los Angeles, CA 3,500,0003.5m $3.2m $3.2m 0.24% Unchanged
25 RWC Asset Management LLP 0.23% of their portfolio LONDON, X0 3,500,0003.5m $3.2m $3.2m 0.23% Unchanged
26 Kohlberg Kravis Roberts & Co. L.P. 0.09% of their portfolio NEW YORK, NY 3,281,0003.3m $3.0m $3.0m 0.09% Added +1.9m +1,850,000
27 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,624,0002.6m $2.4m $2.4m 0.00% Reduced -8.9m -8,927,000
28 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 2,580,0002.6m $2.4m $2.4m 0.00% Unchanged
29 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 2,500,0002.5m $2.3m $2.3m 0.00% Reduced -6.5m -6,500,000
30 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,118,0002.1m $1.9m $1.9m 0.00% Added +850.0k +850,000
31 WESTWOOD HOLDINGS GROUP INC 0.85% of their portfolio DALLAS, TX 2,000,0002.0m $182.0m $182.0m 0.85% Unchanged
32 Man Group plc 0.00% of their portfolio LONDON, X0 2,000,0002.0m $1.8m $1.8m 0.00% Added +850.0k +850,000
33 KIM, LLC 0.20% of their portfolio WICHITA, KS 2,000,0002.0m $1.8m $1.8m 0.20% New
34 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,833,0001.8m $1.7m $1.7m 0.00% Added +1.5m +1,466,000
35 AVIVA PLC 0.00% of their portfolio LONDON, X0 1,800,0001.8m $1.6m $1.6m 0.00% Added +510.0k +510,000
36 Ionic Capital Management LLC 0.79% of their portfolio NEW YORK, NY 1,650,0001.6m $1.5m $1.5m 0.79% Unchanged
37 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,170,0001.2m $1.1m $1.1m 0.00% Reduced -2.3m -2,340,000
38 Liberty Mutual Group Asset Management Inc. 0.16% of their portfolio Boston, MA 1,160,0001.2m $1.1m $1.1m 0.16% Unchanged
39 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $365.2k $365.2k 0.00% Unchanged
40 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 335,000335.0k $304.9k $304.9k 0.00% Unchanged
41 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 236,000236.0k $215.9k $215.9k 0.00% Unchanged
42 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 221,000221.0k $202.2k $202.2k 0.00% New
43 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 130,000130.0k $118.3k $118.3k 0.00% New
44 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 108,000108.0k $98.3k $98.3k 0.00% New
45 KBC Group NV 0.00% of their portfolio Brussels, C9 100,000100.0k $91.0k $91.0k 0.00% New
46 AQR Arbitrage LLC 0.00% of their portfolio Greenwich, CT 70,00070.0k $64.0k $64.0k 0.00% Reduced -14.6m -14,625,000
47 Financiere des Professionnels - Fonds d'investissement inc. 0.00% of their portfolio MONTREAL, A8 60,00060.0k $54.6k $54.6k 0.00% Unchanged
48 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 32,00032.0k $29.0k $29.0k 0.00% New
49 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 16,00016.0k $14.4k $14.4k 0.00% New
50 Marcum Wealth, LLC 0.00% of their portfolio CLEVELAND, OH 12,00012.0k $10.9k $10.9k 0.00% Unchanged
51 Oaktree Fund Advisors, LLC 0.01% of their portfolio LOS ANGLES, CA 10,00010.0k $9.2k $9.2k 0.01% Unchanged
52 Context Capital Management, LLC 0.17% of their portfolio LAJOLLA, CA 5,2655.3k $4.8m $4.8m 0.17% Reduced -235 -235
53 Alpine Global Management, LLC 0.32% of their portfolio NEW YORK, NY 2,0002.0k $1.8m $1.8m 0.32% Reduced -1.5k -1,545
54 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged