Vault-13

MIDDLEBY CORP MIDD 1 09.01.25

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

67 institutional holders +0 vs Q1 2023
25,121,98225.1m shares reported held*
$801.7mreported value*
5 new 11 added 24 reduced 7 sold out net sold ≈ $131.2m (-1.9m 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 ≈ $31.91. Options: 0 managers hold calls (— notional), 1 hold puts ($85.1m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 65Q4 22: 64Q1 23: 67Q2 23: 6767Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202265
Q4 202264
Q1 202367
Q2 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 23Q2 23: 16 bought or addedQ2 23: 31 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222726
Q1 20233128
Q2 20231631

Calls vs puts

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

CallsPuts
$0$25m$50m$75m$100mQ3 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 —Q2 23 calls: $0Q2 23 puts: $85.1mQ2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$0—
Q4 2022$0$25.5m—
Q1 2023$0$65.0m—
Q2 2023$0$85.1m—

Biggest buyers

Segantii Capital Management Ltd New +20,000,000+20.0m
III Capital Management Added +8,143,000+8.1m
CITADEL ADVISORS LLC Added +7,500,000+7.5m
MILLENNIUM MANAGEMENT LLC New +6,100,000+6.1m
Flow State Investments, L.P. New +5,200,000+5.2m
ZAZOVE ASSOCIATES LLC Added +3,500,000+3.5m
BARCLAYS PLC Added +3,151,000+3.2m
STATE STREET CORP Added +2,950,000+3.0m
EDMOND DE ROTHSCHILD HOLDING S.A. New +1,300,000+1.3m
ABSOLUTE INVESTMENT ADVISERS, LLC Added +1,000,000+1.0m

Biggest sellers

Shaolin Capital Management LLC Sold out -57,500,000-57.5m
AVIVA PLC Reduced -21,000,000-21.0m
CITIGROUP INC Reduced -18,300,000-18.3m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -17,000,000-17.0m
FMR LLC Reduced -15,589,000-15.6m
BANK OF AMERICA CORP /DE/ Reduced -5,422,000-5.4m
DLD Asset Management, LP Reduced -4,250,000-4.2m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -4,000,000-4.0m
VOYA INVESTMENT MANAGEMENT LLC Reduced -3,290,000-3.3m
MIZUHO SECURITIES USA LLC Sold out -2,952,000-3.0m

Biggest calls

None

Biggest puts

Shaolin Capital Management LLC New $85.1m68.5m 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, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.14% of their portfolio ATLANTA, GA 111,945,000111.9m $139.5m $139.5m 0.14% Reduced -3.3m -3,290,000
2 Man Group plc 0.21% of their portfolio LONDON, X0 54,064,00054.1m $67.2m $67.2m 0.21% Reduced -1.2m -1,205,000
3 Castle Creek Arbitrage, LLC 8.01% of their portfolio AVON, CO 51,850,00051.9m $64.5m $64.5m 8.01% Unchanged
4 Calamos Advisors LLC 0.30% of their portfolio NAPERVILLE, IL 47,250,00047.2m $58.9m $58.9m 0.30% Reduced -21.0k -21,000
5 III Capital Management 3.53% of their portfolio BOCA RATON, FL 36,302,00036.3m $45.2m $45.2m 3.53% Added +8.1m +8,143,000
6 Davidson Kempner Capital Management LP 0.68% of their portfolio New York, NY 26,200,00026.2m $32.5m $32.5m 0.68% Not comparable
7 ZAZOVE ASSOCIATES LLC 2.69% of their portfolio INCLINE VILLAGE, NV 23,700,00023.7m $29.5m $29.5m 2.69% Added +3.5m +3,500,000
8 CAMDEN ASSET MANAGEMENT L P /CA 0.93% of their portfolio Los Angeles, CA 21,700,00021.7m $26.9m $26.9m 0.93% Reduced -17.0m -17,000,000
9 MARSHALL WACE, LLP 0.06% of their portfolio LONDON, X0 21,500,00021.5m $26.8m $26.8m 0.06% Unchanged
10 Segantii Capital Management Ltd 1.47% of their portfolio HONG KONG, K3 20,000,00020.0m $25.0m $25.0m 1.47% New
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 19,134,00019.1m $23.9m $23.9m 0.00% Added +3.0m +2,950,000
12 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 17,571,00017.6m $21.9m $21.9m 0.02% Added +7.5m +7,500,000
13 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 16,623,00016.6m $20.7m $20.7m 0.00% Reduced -781.0k -781,000
14 FMR LLC 0.00% of their portfolio BOSTON, MA 15,589,00015.6m $19.4m $19.4m 0.00% Reduced -15.6m -15,589,000
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% Unchanged
17 BlackRock Inc. 0.00% of their portfolio New York, NY 9,482,0009.5m $11.8m $11.8m 0.00% Added +125.0k +125,000
18 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 8,917,0008.9m $11.1m $11.1m 0.00% Reduced -205.0k -205,000
19 PUTNAM INVESTMENTS LLC 0.02% of their portfolio BOSTON, MA 8,535,0008.5m $10.6m $10.6m 0.02% Added +40.0k +40,000
20 DLD Asset Management, LP 1.13% of their portfolio NEW YORK, NY 6,750,0006.8m $8.4m $8.4m 1.13% Reduced -4.2m -4,250,000
21 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 6,100,0006.1m $7.6m $7.6m 0.01% New
22 ABSOLUTE INVESTMENT ADVISERS, LLC 1.05% of their portfolio ROSEMARY BEACH, FL 6,000,0006.0m $7.5m $7.5m 1.05% Added +1.0m +1,000,000
23 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 5,225,0005.2m $6.5m $6.5m 0.00% Added +3.2m +3,151,000
24 Flow State Investments, L.P. 2.73% of their portfolio CHICAGO, IL 5,200,0005.2m $6.5m $6.5m 2.73% New
25 ADVENT CAPITAL MANAGEMENT /DE/ 0.12% of their portfolio NEW YORK, NY 4,710,0004.7m $5.9m $5.9m 0.12% Reduced -4.0m -4,000,000
26 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 4,078,0914.1m $5.0m $5.0m 0.01% Added +78.1k +78,091
27 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 4,000,0004.0m $5.0m $5.0m 0.02% Unchanged
28 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,882,0003.9m $4.8m $4.8m 0.00% Reduced -5.4m -5,422,000
29 BOOTHBAY FUND MANAGEMENT, LLC 0.14% of their portfolio NEW YORK, NY 3,606,0003.6m $4.5m $4.5m 0.14% Reduced -607.0k -607,000
30 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 3,575,0003.6m $4.4m $4.4m 0.00% Reduced -1.1m -1,080,000
31 PALISADE CAPITAL MANAGEMENT, LP 0.12% of their portfolio FORT LEE, NJ 3,541,0003.5m $4.4m $4.4m 0.12% Reduced -923.0k -923,000
32 AVIVA PLC 0.02% of their portfolio LONDON, X0 3,000,0003.0m $3.7m $3.7m 0.02% Reduced -21.0m -21,000,000
33 RWC Asset Management LLP 0.18% of their portfolio LONDON, X0 3,000,0003.0m $3.7m $3.7m 0.18% Unchanged
34 CQS (US), LLC 0.42% of their portfolio NEW YORK, NY 2,800,0002.8m $3.5m $3.5m 0.42% Unchanged
35 CSS LLC/IL 0.24% of their portfolio CHICAGO, IL 2,500,0002.5m $3.1m $3.1m 0.24% Unchanged
36 WOLVERINE ASSET MANAGEMENT LLC 0.06% of their portfolio CHICAGO, IL 2,500,0002.5m $3.1m $3.1m 0.06% Unchanged
37 Taconic Capital Advisors LP 0.19% of their portfolio NEW YORK, NY 2,500,0002.5m $3.1m $3.1m 0.19% Reduced -2.5m -2,500,000
38 Warberg Asset Management LLC 0.87% of their portfolio WINNETKA, IL 2,438,0002.4m $3.0m $3.0m 0.87% Reduced -63.0k -63,000
39 Liberty Mutual Group Asset Management Inc. 0.69% of their portfolio Boston, MA 2,180,0002.2m $2.7m $2.7m 0.69% Unchanged
40 Lombard Odier Asset Management (Europe) Ltd 0.12% of their portfolio LONDON, X0 1,948,0001.9m $2.4m $2.4m 0.12% Unchanged
41 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,941,0001.9m $2.4m $2.4m 0.00% Reduced -900.0k -900,000
42 JUPITER ASSET MANAGEMENT LTD 0.02% of their portfolio London, X0 1,750,0001.8m $2.2m $2.2m 0.02% Unchanged
43 Polar Capital Holdings Plc 0.01% of their portfolio London, X0 1,750,0001.8m $2.2m $2.2m 0.01% Unchanged
44 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,749,0001.7m $2.2m $2.2m 0.00% Reduced -18.3m -18,300,000
45 LBP AM SA 0.04% of their portfolio Paris, I0 1,400,0001.4m $1.8m $1.8m 0.04% Unchanged
46 EDMOND DE ROTHSCHILD HOLDING S.A. 0.03% of their portfolio CHAMBESY, V8 1,300,0001.3m $1.6m $1.6m 0.03% New
47 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 1,259,0001.3m $1.5m $1.5m 0.00% Reduced -400.0k -400,000
48 Quaero Capital S.A. 0.96% of their portfolio GENEVE, V8 1,000,0001.0m $1.2m $1.2m 0.96% Unchanged
49 Worth Venture Partners, LLC 0.63% of their portfolio FORT LEE, NJ 918,000918.0k $1.1m $1.1m 0.63% Reduced -50.0k -50,000
50 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 850,000850.0k $1.0m $1.0m 0.00% Reduced -280.0k -280,000
51 Calamos Wealth Management LLC 0.06% of their portfolio NAPERVILLE, IL 686,000686.0k $854.9k $854.9k 0.06% Reduced -33.0k -33,000
52 COMERICA BANK 0.00% of their portfolio DALLAS, TX 620,000620.0k $0 $0 0.00% First filing
53 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $623.7k $623.7k 0.00% Unchanged
54 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 425,000425.0k $527.6k $527.6k 0.00% Unchanged
55 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 350,000350.0k $434.5k $434.5k 0.00% Unchanged
56 KBC Group NV 0.00% of their portfolio Brussels, C9 250,000250.0k $313.0k $313.0k 0.00% Unchanged
57 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 250,000250.0k $311.6k $311.6k 0.00% Unchanged
58 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 125,000125.0k $155.2k $155.2k 0.00% Unchanged
59 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 77,00077.0k $96.0k $96.0k 0.00% Unchanged
60 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 66,00066.0k $82.0k $82.0k 0.00% Unchanged
61 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 45,00045.0k $56.1k $56.1k 0.00% Reduced -2.5m -2,499,000
62 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 29,00029.0k $36.0k $36.0k 0.00% New
63 Boussard & Gavaudan Investment Management LLP 1.23% of their portfolio London, X0 10,30010.3k $12.9m $12.9m 1.23% Added +3.0k +3,000
64 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 1,9001.9k $236.0k $236.0k 0.00% Reduced -10.0k -10,000
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 682682 $852.8k $852.8k 0.01% Added +189 +189
67 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged