Vault-13

MIDDLEBY CORP MIDD 1 09.01.25

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

59 institutional holders -8 vs Q2 2023
29,747,20029.7m shares reported held*
$825.2mreported value*
3 new 14 added 18 reduced 10 sold out net bought ≈ $107.0m (+4.6m 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 ≈ $27.74.

Trends to Q3 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 65Q4 22: 64Q1 23: 67Q2 23: 67Q3 23: 5959Q3 22Q4 22Q1 23Q2 23Q3 23
Numbers
QuarterHolders
Q3 202265
Q4 202264
Q1 202367
Q2 202367
Q3 202359

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 23Q3 23: 17 bought or addedQ3 23: 28 cut or sold outQ3 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222726
Q1 20233128
Q2 20231631
Q3 20231728

Calls vs puts

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

CallsPuts
$0$25m$50m$75m$100mQ4 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 —Q3 23 calls: $0Q3 23 puts: $0Q3 23P/C —
Numbers
QuarterCallsPutsP/C
Q4 2022$0$25.5m—
Q1 2023$0$65.0m—
Q2 2023$0$85.1m—
Q3 2023$0$0—

Biggest buyers

Shaolin Capital Management LLC New +102,500,000+102.5m
Man Group plc Added +23,050,000+23.1m
III Capital Management Added +17,600,000+17.6m
Lombard Odier Asset Management (Europe) Ltd Added +10,951,000+11.0m
MILLENNIUM MANAGEMENT LLC Added +10,000,000+10.0m
Davidson Kempner Capital Management LP Added +8,800,000+8.8m
ABSOLUTE INVESTMENT ADVISERS, LLC Added +6,000,000+6.0m
BlackRock Inc. Added +5,430,000+5.4m
Segantii Capital Management Ltd Added +5,000,000+5.0m
BNP PARIBAS FINANCIAL MARKETS Added +2,431,000+2.4m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -23,165,000-23.2m
CITADEL ADVISORS LLC Sold out -17,571,000-17.6m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -13,000,000-13.0m
Castle Creek Arbitrage, LLC Reduced -7,500,000-7.5m
ROYAL BANK OF CANADA Reduced -6,860,000-6.9m
DLD Asset Management, LP Sold out -6,750,000-6.8m
BANK OF NOVA SCOTIA Sold out -4,078,091-4.1m
AVIVA PLC Sold out -3,000,000-3.0m
CSS LLC/IL Sold out -2,500,000-2.5m
BANK OF AMERICA CORP /DE/ Reduced -2,416,000-2.4m

Holders, Q3 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Shaolin Capital Management LLC 4.14% of their portfolio Miami, FL 102,500,000102.5m $114.9m $114.9m 4.14% New
2 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 88,780,00088.8m $99.8m $99.8m 0.11% Reduced -23.2m -23,165,000
3 Man Group plc 0.27% of their portfolio LONDON, X0 77,114,00077.1m $86.4m $86.4m 0.27% Added +23.1m +23,050,000
4 III Capital Management 3.62% of their portfolio BOCA RATON, FL 53,902,00053.9m $60.4m $60.4m 3.62% Added +17.6m +17,600,000
5 Calamos Advisors LLC 0.29% of their portfolio NAPERVILLE, IL 47,154,00047.2m $52.8m $52.8m 0.29% Reduced -96.0k -96,000
6 Castle Creek Arbitrage, LLC 11.70% of their portfolio AVON, CO 44,350,00044.4m $49.7m $49.7m 11.70% Reduced -7.5m -7,500,000
7 Davidson Kempner Capital Management LP 0.60% of their portfolio New York, NY 35,000,00035.0m $39.2m $39.2m 0.60% Added +8.8m +8,800,000
8 ZAZOVE ASSOCIATES LLC 3.01% of their portfolio INCLINE VILLAGE, NV 25,870,00025.9m $29.0m $29.0m 3.01% Added +2.2m +2,170,000
9 Segantii Capital Management Ltd 1.05% of their portfolio HONG KONG, K3 25,000,00025.0m $28.0m $28.0m 1.05% Added +5.0m +5,000,000
10 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 21,500,00021.5m $24.1m $24.1m 0.05% Unchanged
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 18,234,00018.2m $20.4m $20.4m 0.00% Reduced -900.0k -900,000
12 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 16,479,00016.5m $18.5m $18.5m 0.00% Reduced -144.0k -144,000
13 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 16,100,00016.1m $18.1m $18.1m 0.02% Added +10.0m +10,000,000
14 Alberta Investment Management Corp 0.18% of their portfolio EDMONTON, A0 15,000,00015.0m $16.8m $16.8m 0.18% Unchanged
15 BlackRock Inc. 0.00% of their portfolio New York, NY 14,912,00014.9m $16.7m $16.7m 0.00% Added +5.4m +5,430,000
16 FMR LLC 0.00% of their portfolio BOSTON, MA 13,664,00013.7m $15.3m $15.3m 0.00% Reduced -1.9m -1,925,000
17 Lombard Odier Asset Management (Europe) Ltd 0.76% of their portfolio LONDON, X0 12,899,00012.9m $14.5m $14.5m 0.76% Added +11.0m +10,951,000
18 ABSOLUTE INVESTMENT ADVISERS, LLC 1.92% of their portfolio ROSEMARY BEACH, FL 12,000,00012.0m $13.4m $13.4m 1.92% Added +6.0m +6,000,000
19 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 12,000,00012.0m $13.5m $13.5m 0.02% Added +750.0k +750,000
20 PUTNAM INVESTMENTS LLC 0.02% of their portfolio BOSTON, MA 9,657,0009.7m $10.8m $10.8m 0.02% Added +1.1m +1,122,000
21 CAMDEN ASSET MANAGEMENT L P /CA 0.36% of their portfolio Los Angeles, CA 8,700,0008.7m $9.7m $9.7m 0.36% Reduced -13.0m -13,000,000
22 Flow State Investments, L.P. 2.10% of their portfolio CHICAGO, IL 5,000,0005.0m $5.6m $5.6m 2.10% Reduced -200.0k -200,000
23 ADVENT CAPITAL MANAGEMENT /DE/ 0.12% of their portfolio NEW YORK, NY 4,710,0004.7m $5.3m $5.3m 0.12% Unchanged
24 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 4,000,0004.0m $4.5m $4.5m 0.01% Unchanged
25 PALISADE CAPITAL MANAGEMENT, LP 0.10% of their portfolio FORT LEE, NJ 3,191,0003.2m $3.6m $3.6m 0.10% Reduced -350.0k -350,000
26 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,089,0003.1m $3.5m $3.5m 0.00% Reduced -2.1m -2,136,000
27 RWC Asset Management LLP 0.22% of their portfolio LONDON, X0 3,000,0003.0m $3.4m $3.4m 0.22% Unchanged
28 CQS (US), LLC 0.37% of their portfolio NEW YORK, NY 2,800,0002.8m $3.1m $3.1m 0.37% Unchanged
29 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,730,0002.7m $3.1m $3.1m 0.00% Reduced -845.0k -845,000
30 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 2,681,0002.7m $3.0m $3.0m 0.01% Added +2.4m +2,431,000
31 WOLVERINE ASSET MANAGEMENT LLC 0.05% of their portfolio CHICAGO, IL 2,500,0002.5m $2.8m $2.8m 0.05% Unchanged
32 Warberg Asset Management LLC 0.85% of their portfolio WINNETKA, IL 2,438,0002.4m $2.7m $2.7m 0.85% Unchanged
33 Liberty Mutual Group Asset Management Inc. 0.68% of their portfolio Boston, MA 2,180,0002.2m $2.4m $2.4m 0.68% Unchanged
34 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 2,150,0002.1m $2.6m $2.6m 0.00% Added +891.0k +891,000
35 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,057,0002.1m $2.3m $2.3m 0.00% Reduced -6.9m -6,860,000
36 BOOTHBAY FUND MANAGEMENT, LLC 0.07% of their portfolio NEW YORK, NY 2,026,0002.0m $2.3m $2.3m 0.07% Reduced -1.6m -1,580,000
37 JUPITER ASSET MANAGEMENT LTD 0.02% of their portfolio London, X0 1,750,0001.8m $2.0m $2.0m 0.02% Unchanged
38 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,466,0001.5m $1.6m $1.6m 0.00% Reduced -2.4m -2,416,000
39 LBP AM SA 0.03% of their portfolio Paris, I0 1,400,0001.4m $1.6m $1.6m 0.03% Unchanged
40 EDMOND DE ROTHSCHILD HOLDING S.A. 0.03% of their portfolio CHAMBESY, V8 1,300,0001.3m $1.5m $1.5m 0.03% Unchanged
41 Quaero Capital S.A. 1.07% of their portfolio GENEVE, V8 1,000,0001.0m $1.1m $1.1m 1.07% Unchanged
42 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 850,000850.0k $952.7k $952.7k 0.00% Unchanged
43 SSI INVESTMENT MANAGEMENT LLC 0.07% of their portfolio Los Angeles, CA 801,000801.0k $896.7k $896.7k 0.07% New
44 Calamos Wealth Management LLC 0.05% of their portfolio NAPERVILLE, IL 646,000646.0k $723.8k $723.8k 0.05% Reduced -40.0k -40,000
45 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $560.6k $560.6k 0.00% Unchanged
46 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 425,000425.0k $475.8k $475.8k 0.00% Unchanged
47 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 350,000350.0k $391.8k $391.8k 0.00% Unchanged
48 KBC Group NV 0.00% of their portfolio Brussels, C9 250,000250.0k $281.0k $281.0k 0.00% Unchanged
49 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 140,000140.0k $157.0k $157.0k 0.00% Added +95.0k +95,000
50 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 77,00077.0k $86.6k $86.6k 0.00% Unchanged
51 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 66,00066.0k $74.0k $74.0k 0.00% Unchanged
52 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 29,00029.0k $32.5k $32.5k 0.00% Unchanged
53 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 20,00020.0k $22.4k $22.4k 0.00% Reduced -1.7m -1,729,000
54 Boussard & Gavaudan Investment Management LLP 1.00% of their portfolio London, X0 7,5857.6k $8.5m $8.5m 1.00% Reduced -2.7k -2,715
55 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 1,9001.9k $212.0k $212.0k 0.00% Unchanged
56 OFI INVEST ASSET MANAGEMENT 0.05% of their portfolio ISSY LES MOULINEAUX, I0 1,2001.2k $1.3m $1.3m 0.05% New
57 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,0001.0k $1.1k $1.1k 0.00% Unchanged
58 NATIXIS 0.00% of their portfolio PARIS, I0 415415 $465.5k $465.5k 0.00% Reduced -267 -267
59 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged