Vault-13

MIDDLEBY CORP MIDD 1 09.01.25

NOTE 1.000% 9/0 · US DOMESTIC · CUSIP 596278AB7

67 institutional holders +3 vs Q4 2022
26,417,89326.4m shares reported held*
$907.6mreported value*
9 new 22 added 22 reduced 6 sold out net bought ≈ $33.2m (-84.1k 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 ($1.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $34.40. Options: 0 managers hold calls (— notional), 2 hold puts ($65.0m).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 65Q4 22: 64Q1 23: 6767Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202265
Q4 202264
Q1 202367

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 27 bought or addedQ4 22: 26 cut or sold outQ4 22Q1 23: 31 bought or addedQ1 23: 28 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222726
Q1 20233128

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60m$80mQ3 22 calls: $0Q3 22 puts: $0Q3 22P/C —Q4 22 calls: $0Q4 22 puts: $25.5mQ4 22P/C —Q1 23 calls: $0Q1 23 puts: $65.0mQ1 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$0—
Q4 2022$0$25.5m—
Q1 2023$0$65.0m—

Biggest buyers

III Capital Management Added +26,659,000+26.7m
FMR LLC Added +22,489,000+22.5m
AVIVA PLC Added +20,700,000+20.7m
Shaolin Capital Management LLC Added +17,500,000+17.5m
CITIGROUP INC Added +14,308,000+14.3m
VOYA INVESTMENT MANAGEMENT LLC Added +13,000,000+13.0m
CITADEL ADVISORS LLC New +10,071,000+10.1m
Man Group plc Added +4,600,000+4.6m
BANK OF NOVA SCOTIA Added +3,969,880+4.0m
RWC Asset Management LLP New +3,000,000+3.0m

Biggest sellers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -32,724,000-32.7m
Lombard Odier Asset Management (Europe) Ltd Reduced -17,676,000-17.7m
Segantii Capital Management Ltd Sold out -15,000,000-15.0m
CAPSTONE INVESTMENT ADVISORS, LLC Sold out -12,094,000-12.1m
WELLS FARGO & COMPANY/MN Reduced -5,600,000-5.6m
BNP PARIBAS FINANCIAL MARKETS Reduced -5,000,000-5.0m
Kohlberg Kravis Roberts & Co. L.P. Sold out -4,500,000-4.5m
DLD Asset Management, LP Reduced -4,250,000-4.2m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -3,951,000-4.0m
BlackRock Inc. Reduced -2,650,000-2.6m

Biggest calls

None

Biggest puts

DAVIDSON KEMPNER PARTNERS First filing $32.5m26.2m shares
Davidson Kempner Capital Management LP Added $32.5m26.2m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.15% of their portfolio ATLANTA, GA 115,235,000115.2m $143.5m $143.5m 0.15% Added +13.0m +13,000,000
2 Shaolin Capital Management LLC 2.14% of their portfolio Miami, FL 57,500,00057.5m $71.6m $71.6m 2.14% Added +17.5m +17,500,000
3 Man Group plc 0.25% of their portfolio LONDON, X0 55,269,00055.3m $68.8m $68.8m 0.25% Added +4.6m +4,600,000
4 Castle Creek Arbitrage, LLC 7.11% of their portfolio AVON, CO 51,850,00051.9m $64.5m $64.5m 7.11% Unchanged
5 Calamos Advisors LLC 0.29% of their portfolio NAPERVILLE, IL 47,271,00047.3m $58.8m $58.8m 0.29% Added +2.0m +1,966,000
6 CAMDEN ASSET MANAGEMENT L P /CA 1.61% of their portfolio Los Angeles, CA 38,700,00038.7m $48.0m $48.0m 1.61% Reduced -500.0k -500,000
7 FMR LLC 0.00% of their portfolio BOSTON, MA 31,178,00031.2m $38.7m $38.7m 0.00% Added +22.5m +22,489,000
8 III Capital Management 2.39% of their portfolio BOCA RATON, FL 28,159,00028.2m $35.0m $35.0m 2.39% Added +26.7m +26,659,000
9 AVIVA PLC 0.13% of their portfolio LONDON, X0 24,000,00024.0m $29.7m $29.7m 0.13% Added +20.7m +20,700,000
10 MARSHALL WACE, LLP 0.07% of their portfolio LONDON, X0 21,500,00021.5m $26.8m $26.8m 0.07% Unchanged
11 ZAZOVE ASSOCIATES LLC 2.29% of their portfolio INCLINE VILLAGE, NV 20,200,00020.2m $25.1m $25.1m 2.29% Added +460.0k +460,000
12 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 20,049,00020.0m $24.9m $24.9m 0.03% Added +14.3m +14,308,000
13 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 17,404,00017.4m $21.6m $21.6m 0.00% Reduced -867.0k -867,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 16,184,00016.2m $20.1m $20.1m 0.00% Reduced -1.6m -1,650,000
15 Alberta Investment Management Corp 0.18% of their portfolio EDMONTON, A0 15,000,00015.0m $18.7m $18.7m 0.18% Unchanged
16 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 11,250,00011.2m $14.0m $14.0m 0.02% Added +750.0k +750,000
17 DLD Asset Management, LP 1.38% of their portfolio NEW YORK, NY 11,000,00011.0m $13.7m $13.7m 1.38% Reduced -4.2m -4,250,000
18 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 10,071,00010.1m $12.5m $12.5m 0.01% New
19 BlackRock Inc. 0.00% of their portfolio New York, NY 9,357,0009.4m $11.6m $11.6m 0.00% Reduced -2.6m -2,650,000
20 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 9,304,0009.3m $11.5m $11.5m 0.00% Reduced -1.9m -1,936,000
21 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 9,122,0009.1m $11.3m $11.3m 0.00% Added +1.0m +1,003,000
22 ADVENT CAPITAL MANAGEMENT /DE/ 0.21% of their portfolio NEW YORK, NY 8,710,0008.7m $10.8m $10.8m 0.21% Reduced -4.0m -3,951,000
23 PUTNAM INVESTMENTS LLC 0.02% of their portfolio BOSTON, MA 8,495,0008.5m $10.5m $10.5m 0.02% Added +125.0k +125,000
24 ABSOLUTE INVESTMENT ADVISERS, LLC 0.92% of their portfolio ROSEMARY BEACH, FL 5,000,0005.0m $6.2m $6.2m 0.92% Reduced -1.2m -1,230,000
25 Taconic Capital Advisors LP 0.38% of their portfolio NEW YORK, NY 5,000,0005.0m $6.2m $6.2m 0.38% Unchanged
26 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 4,655,0004.7m $5.8m $5.8m 0.00% Added +2.1m +2,055,000
27 PALISADE CAPITAL MANAGEMENT, LP 0.15% of their portfolio FORT LEE, NJ 4,464,0004.5m $5.6m $5.6m 0.15% Reduced -840.0k -840,000
28 BOOTHBAY FUND MANAGEMENT, LLC 0.14% of their portfolio NEW YORK, NY 4,213,0004.2m $5.2m $5.2m 0.14% Reduced -1.9m -1,850,000
29 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 4,000,0004.0m $5.0m $5.0m 0.01% Added +4.0m +3,969,880
30 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 4,000,0004.0m $4.9m $4.9m 0.02% Unchanged
31 RWC Asset Management LLP 0.12% of their portfolio LONDON, X0 3,000,0003.0m $3.7m $3.7m 0.12% New
32 MIZUHO SECURITIES USA LLC 0.21% of their portfolio NEW YORK, NY 2,952,0003.0m $3.7m $3.7m 0.21% Added +133.0k +133,000
33 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,841,0002.8m $3.5m $3.5m 0.00% Added +422.0k +422,000
34 CQS (US), LLC 0.44% of their portfolio NEW YORK, NY 2,800,0002.8m $3.5m $3.5m 0.44% Unchanged
35 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,544,0002.5m $3.2m $3.2m 0.00% Reduced -5.6m -5,600,000
36 Warberg Asset Management LLC 0.93% of their portfolio WINNETKA, IL 2,501,0002.5m $3.1m $3.1m 0.93% Reduced -1.3m -1,260,000
37 CSS LLC/IL 0.24% of their portfolio CHICAGO, IL 2,500,0002.5m $3.1m $3.1m 0.24% New
38 WOLVERINE ASSET MANAGEMENT LLC 0.06% of their portfolio CHICAGO, IL 2,500,0002.5m $3.1m $3.1m 0.06% New
39 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 2,480,0002.5m $3.1m $3.1m 0.00% Reduced -2.5m -2,520,000
40 Liberty Mutual Group Asset Management Inc. 0.61% of their portfolio Boston, MA 2,180,0002.2m $2.7m $2.7m 0.61% Added +175.0k +175,000
41 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,074,0002.1m $2.6m $2.6m 0.00% Reduced -238.0k -238,000
42 Lombard Odier Asset Management (Europe) Ltd 0.13% of their portfolio LONDON, X0 1,948,0001.9m $2.4m $2.4m 0.13% Reduced -17.7m -17,676,000
43 JUPITER ASSET MANAGEMENT LTD 0.03% of their portfolio London, X0 1,750,0001.8m $2.2m $2.2m 0.03% Reduced -500.0k -500,000
44 Polar Capital Holdings Plc 0.02% of their portfolio London, X0 1,750,0001.8m $2.2m $2.2m 0.02% Added +250.0k +250,000
45 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 1,659,0001.7m $2.0m $2.0m 0.00% Reduced -1.7m -1,700,000
46 LBP AM SA 0.04% of their portfolio Paris, I0 1,400,0001.4m $1.7m $1.7m 0.04% Added +400.0k +400,000
47 Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio ZURICH, V8 1,130,0001.1m $1.4m $1.4m 0.01% Reduced -200.0k -200,000
48 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,125,0001.1m $1.4m $1.4m 0.00% Reduced -575.0k -575,000
49 Quaero Capital S.A. 0.91% of their portfolio GENEVE, V8 1,000,0001.0m $1.2m $1.2m 0.91% Added +300.0k +300,000
50 Worth Venture Partners, LLC 0.59% of their portfolio FORT LEE, NJ 968,000968.0k $1.2m $1.2m 0.59% Reduced -440.0k -440,000
51 Calamos Wealth Management LLC 0.07% of their portfolio NAPERVILLE, IL 719,000719.0k $894.6k $894.6k 0.07% Added +169.0k +169,000
52 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $622.4k $622.4k 0.00% Unchanged
53 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 425,000425.0k $527.1k $527.1k 0.00% Unchanged
54 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 350,000350.0k $434.1k $434.1k 0.00% Unchanged
55 KBC Group NV 0.00% of their portfolio Brussels, C9 250,000250.0k $311.0k $311.0k 0.00% Unchanged
56 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 250,000250.0k $311.1k $311.1k 0.00% Reduced -5.0m -5,000,000
57 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 125,000125.0k $155.0k $155.0k 0.00% Added +75.0k +75,000
58 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 77,00077.0k $95.9k $95.9k 0.00% Unchanged
59 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 66,00066.0k $82.0k $82.0k 0.00% New
60 NOMURA HOLDINGS INC 0.05% of their portfolio TOKYO, M0 33,26033.3k $4.9m $4.9m 0.05% Reduced -16.7k -16,661
61 SG Americas Securities, LLC 0.02% of their portfolio NEW YORK, NY 11,90011.9k $1.5m $1.5m 0.02% Unchanged
62 Boussard & Gavaudan Investment Management LLP 0.85% of their portfolio London, X0 7,3007.3k $9.0m $9.0m 0.85% New
63 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 6,1006.1k $7.6m $7.6m 0.01% New
64 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 1,0001.0k $124.0k $124.0k 0.00% New
65 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,0001.0k $1.2k $1.2k 0.00% Unchanged
66 NATIXIS 0.01% of their portfolio PARIS, I0 493493 $610.8k $610.8k 0.01% New
67 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged