Vault-13

MARRIOTT VACATIONS WORLDWIDE VAC 3.25 12.15.27

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

59 institutional holders -4 vs Q1 2026
29,001,07529.0m shares reported held*
$537.5mreported value*
7 new 19 added 12 reduced 12 sold out net bought ≈ $5.8m (-14.1m 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 ($4.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $18.68.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q4 23: 53Q1 24: 52Q2 24: 54Q3 24: 46Q4 24: 51Q1 25: 53Q2 25: 56Q3 25: 52Q4 25: 57Q1 26: 63Q2 26: 5959Q4 23Q2 24Q4 24Q2 25Q4 25Q2 26
Numbers
QuarterHolders
Q4 202353
Q1 202452
Q2 202454
Q3 202446
Q4 202451
Q1 202553
Q2 202556
Q3 202552
Q4 202557
Q1 202663
Q2 202659

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 24: 19 bought or addedQ3 24: 20 cut or sold outQ4 24: 21 bought or addedQ4 24: 16 cut or sold outQ4 24Q1 25: 23 bought or addedQ1 25: 22 cut or sold outQ2 25: 24 bought or addedQ2 25: 17 cut or sold outQ2 25Q3 25: 21 bought or addedQ3 25: 18 cut or sold outQ4 25: 25 bought or addedQ4 25: 22 cut or sold outQ4 25Q1 26: 28 bought or addedQ1 26: 21 cut or sold outQ2 26: 26 bought or addedQ2 26: 24 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20241920
Q4 20242116
Q1 20252322
Q2 20252417
Q3 20252118
Q4 20252522
Q1 20262821
Q2 20262624

Biggest buyers

Walleye Capital LLC Added +21,750,000+21.8m
OSTERWEIS CAPITAL MANAGEMENT INC Added +13,260,000+13.3m
LORD, ABBETT & CO. LLC New +10,650,000+10.7m
TORONTO DOMINION BANK New +7,800,000+7.8m
SSI INVESTMENT MANAGEMENT LLC New +5,300,000+5.3m
Verition Fund Management LLC New +5,000,000+5.0m
Ovata Capital Management Ltd New +5,000,000+5.0m
OAKTREE CAPITAL MANAGEMENT LP Added +4,774,000+4.8m
Thrivent Financial for Lutherans Added +3,000,000+3.0m
MILLENNIUM MANAGEMENT LLC Added +2,500,000+2.5m

Biggest sellers

Context Capital Management, LLC Sold out -25,000,000-25.0m
TPG GP A, LLC Reduced -13,500,000-13.5m
WOLVERINE ASSET MANAGEMENT LLC Sold out -12,750,000-12.8m
CAMDEN ASSET MANAGEMENT L P /CA Sold out -8,000,000-8.0m
SSI INVESTMENT MANAGEMENT LLC Sold out -5,300,000-5.3m
BANK OF MONTREAL /CAN/ Reduced -5,000,000-5.0m
Linden Advisors LP Sold out -4,151,000-4.2m
ROYAL BANK OF CANADA Reduced -3,771,000-3.8m
SUSQUEHANNA ADVISORS GROUP, INC. Sold out -3,500,000-3.5m
ARISTEIA CAPITAL, L.L.C. Sold out -3,000,000-3.0m

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 OSTERWEIS CAPITAL MANAGEMENT INC 2.93% of their portfolio SAN FRANCISCO, CA 63,260,00063.3m $62.2m $62.2m 2.93% Added +13.3m +13,260,000
2 OAKTREE CAPITAL MANAGEMENT LP 1.05% of their portfolio LOS ANGELES, CA 56,893,00056.9m $56.0m $56.0m 1.05% Added +4.8m +4,774,000
3 Walleye Capital LLC 0.25% of their portfolio NEW YORK, NY 53,209,00053.2m $52.3m $52.3m 0.25% Added +21.8m +21,750,000
4 ADVENT CAPITAL MANAGEMENT /DE/ 0.87% of their portfolio NEW YORK, NY 38,888,00038.9m $38.3m $38.3m 0.87% Reduced -290.0k -290,000
5 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 27,500,00027.5m $27.1m $27.1m 0.02% Added +2.5m +2,500,000
6 Fort Baker Capital Management LP 1.85% of their portfolio Larkspur, CA 23,500,00023.5m $23.2m $23.2m 1.85% Added +1.5m +1,500,000
7 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 23,000,00023.0m $22.6m $22.6m 0.04% Unchanged
8 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 17,990,00018.0m $17.7m $17.7m 0.03% Added +3.0m +3,000,000
9 TPG GP A, LLC 0.34% of their portfolio FORT WORTH, TX 17,500,00017.5m $17.2m $17.2m 0.34% Reduced -13.5m -13,500,000
10 HBK INVESTMENTS L P 0.19% of their portfolio DALLAS, TX 16,500,00016.5m $16.3m $16.3m 0.19% Unchanged
11 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 15,748,00015.7m $15.6m $15.6m 0.00% Added +1.7m +1,692,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 14,125,00014.1m $13.9m $13.9m 0.00% Added +1.9m +1,900,000
13 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 12,500,00012.5m $12.4m $12.4m 0.00% Reduced -5.0m -5,000,000
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 11,225,00011.2m $11.0m $11.0m 0.00% Added +2.1m +2,125,000
15 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 10,650,00010.7m $10.5m $10.5m 0.03% New
16 Calamos Advisors LLC 0.04% of their portfolio NAPERVILLE, IL 10,000,00010.0m $9.9m $9.9m 0.04% Unchanged
17 Daiwa Securities Group Inc. 0.02% of their portfolio CHIYODA-KU,TOKYO, M0 10,000,00010.0m $9.9m $9.9m 0.02% Added +1.0m +1,000,000
18 SHENKMAN CAPITAL MANAGEMENT INC 1.28% of their portfolio NEW YORK, NY 9,337,0009.3m $9.2m $9.2m 1.28% Added +848.0k +848,000
19 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 9,178,0009.2m $9.0m $9.0m 0.00% Reduced -427.0k -427,000
20 PALISADE CAPITAL MANAGEMENT, LP 0.36% of their portfolio FORT LEE, NJ 8,294,0008.3m $8.2m $8.2m 0.36% Added +250.0k +250,000
21 FMR LLC 0.00% of their portfolio BOSTON, MA 8,000,0408.0m $7.8m $7.8m 0.00% Added +40 +40
22 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 7,800,0007.8m $7.7m $7.7m 0.01% New
23 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 7,047,0007.0m $7.0m $7.0m 0.01% Added +225.0k +225,000
24 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 6,965,0007.0m $6.8m $6.8m 0.00% Reduced -735.0k -735,000
25 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 6,537,0006.5m $64.3k $64.3k 0.00% Unchanged
26 KIM, LLC 0.84% of their portfolio WICHITA, KS 6,285,0006.3m $6.2m $6.2m 0.84% Unchanged
27 Groupe la Francaise 0.07% of their portfolio PARIS, I0 5,800,0005.8m $5.7m $5.7m 0.07% Unchanged
28 PIPER SANDLER & CO. 3.98% of their portfolio MINNEAPOLIS, MN 5,556,0005.6m $5.4m $5.4m 3.98% Unchanged
29 SSI INVESTMENT MANAGEMENT LLC 0.30% of their portfolio Los Angeles, CA 5,300,0005.3m $5.2m $5.2m 0.30% New
30 Verition Fund Management LLC 0.03% of their portfolio GREENWICH, CT 5,000,0005.0m $4.9m $4.9m 0.03% New
31 Ovata Capital Management Ltd 0.37% of their portfolio HONG KONG, K3 5,000,0005.0m $4.9m $4.9m 0.37% New
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,034,0004.0m $4.0m $4.0m 0.00% Added +1.4m +1,411,000
33 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 4,000,0004.0m $3.9m $3.9m 0.01% Added +1.0m +1,000,000
34 CREDIT INDUSTRIEL ET COMMERCIAL 0.27% of their portfolio PARIS FRANCE, I0 2,500,0002.5m $2.5m $2.5m 0.27% Unchanged
35 UBS Group AG 0.00% of their portfolio ZURICH, V8 2,500,0002.5m $2.5m $2.5m 0.00% Added +500.0k +500,000
36 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,500,0002.5m $2.5m $2.5m 0.00% Unchanged
37 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 2,486,0002.5m $2.4m $2.4m 0.00% Reduced -1.3m -1,303,000
38 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,700,0001.7m $1.7m $1.7m 0.00% Reduced -3.8m -3,771,000
39 Ares Systematic Credit Ltd 1.01% of their portfolio LONDON, X0 1,700,0001.7m $1.7m $1.7m 1.01% Added +400.0k +400,000
40 Amundi 0.00% of their portfolio Paris, I0 1,500,0001.5m $1.5m $1.5m 0.00% Unchanged
41 Lombard Odier Asset Management (Europe) Ltd 0.06% of their portfolio LONDON, X0 1,500,0001.5m $1.5m $1.5m 0.06% Unchanged
42 AVIVA PLC 0.00% of their portfolio LONDON, X0 1,300,0001.3m $1.3m $1.3m 0.00% Reduced -200.0k -200,000
43 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,201,0001.2m $1.2m $1.2m 0.00% Added +501.0k +501,000
44 Axxion S.A. 0.06% of their portfolio GREVENMACHER, N4 700,000700.0k $788.1k $788.1k 0.06% First filing
45 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $493.7k $493.7k 0.00% Unchanged
46 ZAZOVE ASSOCIATES LLC 0.03% of their portfolio INCLINE VILLAGE, NV 386,000386.0k $380.6k $380.6k 0.03% Reduced -34.0k -34,000
47 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 240,000240.0k $235.4k $235.4k 0.00% Reduced -425.0k -425,000
48 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 236,000236.0k $232.1k $232.1k 0.00% Unchanged
49 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 118,000118.0k $116.4k $116.4k 0.00% Unchanged
50 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 67,00067.0k $65.7k $65.7k 0.00% Unchanged
51 CSS LLC/IL 0.00% of their portfolio CHICAGO, IL 50,00050.0k $49.4k $49.4k 0.00% Unchanged
52 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 25,00025.0k $24.6k $24.6k 0.00% New
53 COMMONS CAPITAL, LLC 0.01% of their portfolio NEEDHAM, MA 20,00020.0k $19.6k $19.6k 0.01% Unchanged
54 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 18,00018.0k $17.7k $17.7k 0.00% Unchanged
55 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 16,00016.0k $15.7k $15.7k 0.00% Unchanged
56 Morse Asset Management, Inc 0.00% of their portfolio DARIEN, CT 15,00015.0k $14.7k $14.7k 0.00% New
57 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 10,00010.0k $9.8k $9.8k 0.00% Reduced -2.0k -2,000
58 K2 PRINCIPAL FUND, L.P. 0.82% of their portfolio TORONTO, A6 9,0009.0k $8.9m $8.9m 0.82% Unchanged
59 ODDO BHF ASSET MANAGEMENT SAS 0.00% of their portfolio PARIS, I0 7575 $74.0k $74.0k 0.00% Reduced -75 -75