Vault-13

MIDDLEBY CORP MIDD 1 09.01.25

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

64 institutional holders +5 vs Q3 2023
30,613,37630.6m shares reported held*
$893.9mreported value*
6 new 19 added 18 reduced 2 sold out net sold ≈ $3.7m (+789.2k 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 ≈ $29.20.

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 65Q4 22: 64Q1 23: 67Q2 23: 67Q3 23: 59Q4 23: 6464Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 202265
Q4 202264
Q1 202367
Q2 202367
Q3 202359
Q4 202364

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 23Q4 23: 25 bought or addedQ4 23: 20 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222726
Q1 20233128
Q2 20231631
Q3 20231728
Q4 20232520

Calls vs puts

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

CallsPuts
$0$25m$50m$75m$100mQ1 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 —Q4 23 calls: $0Q4 23 puts: $0Q4 23P/C —
Numbers
QuarterCallsPutsP/C
Q1 2023$0$65.0m—
Q2 2023$0$85.1m—
Q3 2023$0$0—
Q4 2023$0$0—

Biggest buyers

III Capital Management Added +16,100,000+16.1m
JPMORGAN CHASE & CO New +12,742,000+12.7m
Walleye Capital LLC New +8,000,000+8.0m
D. E. Shaw & Co., Inc. New +6,800,000+6.8m
Lombard Odier Asset Management (Europe) Ltd Added +6,570,000+6.6m
MILLENNIUM MANAGEMENT LLC Added +5,700,000+5.7m
Davidson Kempner Capital Management LP Added +5,000,000+5.0m
VICTORY CAPITAL MANAGEMENT INC New +4,663,000+4.7m
WELLINGTON MANAGEMENT GROUP LLP Added +4,632,000+4.6m
CAMDEN ASSET MANAGEMENT L P /CA Added +1,500,000+1.5m

Biggest sellers

Castle Creek Arbitrage, LLC Sold out -44,350,000-44.4m
Shaolin Capital Management LLC Reduced -17,500,000-17.5m
BlackRock Inc. Reduced -4,330,000-4.3m
FMR LLC Reduced -3,664,000-3.7m
STATE STREET CORP Reduced -2,500,000-2.5m
WOLVERINE ASSET MANAGEMENT LLC Sold out -2,500,000-2.5m
Segantii Capital Management Ltd Reduced -2,500,000-2.5m
BNP PARIBAS FINANCIAL MARKETS Reduced -906,000-906.0k
Man Group plc Reduced -700,000-700.0k
DEUTSCHE BANK AG\ Reduced -690,000-690.0k

Holders, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 88,780,00088.8m $108.6m $108.6m 0.11% Unchanged
2 Shaolin Capital Management LLC 3.63% of their portfolio Miami, FL 85,000,00085.0m $103.6m $103.6m 3.63% Reduced -17.5m -17,500,000
3 Man Group plc 0.27% of their portfolio LONDON, X0 76,414,00076.4m $93.2m $93.2m 0.27% Reduced -700.0k -700,000
4 III Capital Management 4.94% of their portfolio BOCA RATON, FL 70,002,00070.0m $85.4m $85.4m 4.94% Added +16.1m +16,100,000
5 Calamos Advisors LLC 0.30% of their portfolio NAPERVILLE, IL 47,312,00047.3m $57.7m $57.7m 0.30% Added +158.0k +158,000
6 Davidson Kempner Capital Management LP 0.86% of their portfolio New York, NY 40,000,00040.0m $48.7m $48.7m 0.86% Added +5.0m +5,000,000
7 ZAZOVE ASSOCIATES LLC 3.94% of their portfolio INCLINE VILLAGE, NV 25,935,00025.9m $31.6m $31.6m 3.94% Added +65.0k +65,000
8 Segantii Capital Management Ltd 1.67% of their portfolio HONG KONG, K3 22,500,00022.5m $27.5m $27.5m 1.67% Reduced -2.5m -2,500,000
9 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 21,800,00021.8m $26.6m $26.6m 0.03% Added +5.7m +5,700,000
10 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 21,500,00021.5m $26.2m $26.2m 0.05% Unchanged
11 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 21,111,00021.1m $25.8m $25.8m 0.00% Added +4.6m +4,632,000
12 Lombard Odier Asset Management (Europe) Ltd 1.59% of their portfolio LONDON, X0 19,469,00019.5m $23.8m $23.8m 1.59% Added +6.6m +6,570,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,734,00015.7m $19.2m $19.2m 0.00% Reduced -2.5m -2,500,000
14 Alberta Investment Management Corp 0.17% of their portfolio EDMONTON, A0 15,000,00015.0m $18.4m $18.4m 0.17% Unchanged
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 12,742,00012.7m $15.6m $15.6m 0.00% New
16 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 12,000,00012.0m $14.7m $14.7m 0.02% Unchanged
17 ABSOLUTE INVESTMENT ADVISERS, LLC 2.13% of their portfolio ROSEMARY BEACH, FL 11,945,00011.9m $14.6m $14.6m 2.13% Reduced -55.0k -55,000
18 BlackRock Inc. 0.00% of their portfolio New York, NY 10,582,00010.6m $12.9m $12.9m 0.00% Reduced -4.3m -4,330,000
19 CAMDEN ASSET MANAGEMENT L P /CA 0.38% of their portfolio Los Angeles, CA 10,200,00010.2m $12.4m $12.4m 0.38% Added +1.5m +1,500,000
20 FMR LLC 0.00% of their portfolio BOSTON, MA 10,000,00010.0m $12.2m $12.2m 0.00% Reduced -3.7m -3,664,000
21 PUTNAM INVESTMENTS LLC 0.02% of their portfolio BOSTON, MA 9,602,0009.6m $11.7m $11.7m 0.02% Reduced -55.0k -55,000
22 Walleye Capital LLC 0.14% of their portfolio NEW YORK, NY 8,000,0008.0m $9.8m $9.8m 0.14% New
23 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 6,800,0006.8m $8.3m $8.3m 0.01% New
24 Flow State Investments, L.P. 2.70% of their portfolio CHICAGO, IL 6,500,0006.5m $7.9m $7.9m 2.70% Added +1.5m +1,500,000
25 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 4,663,0004.7m $5.7m $5.7m 0.01% New
26 ADVENT CAPITAL MANAGEMENT /DE/ 0.12% of their portfolio NEW YORK, NY 4,160,0004.2m $5.1m $5.1m 0.12% Reduced -550.0k -550,000
27 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 4,000,0004.0m $4.9m $4.9m 0.01% Unchanged
28 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,362,0003.4m $4.1m $4.1m 0.00% Added +273.0k +273,000
29 PALISADE CAPITAL MANAGEMENT, LP 0.10% of their portfolio FORT LEE, NJ 3,191,0003.2m $3.9m $3.9m 0.10% Unchanged
30 RWC Asset Management LLP 0.22% of their portfolio LONDON, X0 3,000,0003.0m $3.7m $3.7m 0.22% Unchanged
31 BOOTHBAY FUND MANAGEMENT, LLC 0.12% of their portfolio NEW YORK, NY 2,909,0002.9m $3.5m $3.5m 0.12% Added +883.0k +883,000
32 CQS (US), LLC 0.38% of their portfolio NEW YORK, NY 2,800,0002.8m $3.4m $3.4m 0.38% Unchanged
33 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 2,750,0002.8m $3.3m $3.3m 0.00% Added +600.0k +600,000
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,735,0002.7m $3.3m $3.3m 0.00% Added +1.3m +1,269,000
35 Warberg Asset Management LLC 0.90% of their portfolio WINNETKA, IL 2,450,0002.5m $3.0m $3.0m 0.90% Added +12.0k +12,000
36 LBP AM SA 0.06% of their portfolio Paris, I0 2,300,0002.3m $2.8m $2.8m 0.06% Added +900.0k +900,000
37 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,282,0002.3m $2.8m $2.8m 0.00% Added +225.0k +225,000
38 Liberty Mutual Group Asset Management Inc. 0.77% of their portfolio Boston, MA 2,180,0002.2m $2.7m $2.7m 0.77% Unchanged
39 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,040,0002.0m $2.5m $2.5m 0.00% Reduced -690.0k -690,000
40 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 1,775,0001.8m $2.2m $2.2m 0.00% Reduced -906.0k -906,000
41 JUPITER ASSET MANAGEMENT LTD 0.02% of their portfolio London, X0 1,750,0001.8m $2.1m $2.1m 0.02% Unchanged
42 EDMOND DE ROTHSCHILD HOLDING S.A. 0.03% of their portfolio CHAMBESY, V8 1,300,0001.3m $1.6m $1.6m 0.03% Unchanged
43 Quaero Capital S.A. 1.26% of their portfolio GENEVE, V8 1,000,0001.0m $1.2m $1.2m 1.26% Unchanged
44 Calamos Wealth Management LLC 0.05% of their portfolio NAPERVILLE, IL 602,000602.0k $734.6k $734.6k 0.05% Reduced -44.0k -44,000
45 PROSPECTOR PARTNERS LLC 0.08% of their portfolio GUILFORD, CT 500,000500.0k $609.0k $609.0k 0.08% New
46 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $612.7k $612.7k 0.00% Unchanged
47 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 498,000498.0k $606.6k $606.6k 0.00% Added +478.0k +478,000
48 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 450,000450.0k $550.3k $550.3k 0.00% Reduced -400.0k -400,000
49 SSI INVESTMENT MANAGEMENT LLC 0.03% of their portfolio Los Angeles, CA 372,000372.0k $453.1k $453.1k 0.03% Reduced -429.0k -429,000
50 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 250,000250.0k $304.5k $304.5k 0.00% Reduced -100.0k -100,000
51 KBC Group NV 0.00% of their portfolio Brussels, C9 250,000250.0k $307.0k $307.0k 0.00% Unchanged
52 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 140,000140.0k $171.6k $171.6k 0.00% Unchanged
53 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 115,000115.0k $140.6k $140.6k 0.00% Added +38.0k +38,000
54 Fox Hill Wealth Management 0.07% of their portfolio DEDHAM, MA 77,00077.0k $94.0k $94.0k 0.07% First filing
55 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 75,00075.0k $91.3k $91.3k 0.00% Reduced -350.0k -350,000
56 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 66,00066.0k $80.0k $80.0k 0.00% Unchanged
57 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 29,00029.0k $35.3k $35.3k 0.00% Unchanged
58 SG Americas Securities, LLC 0.03% of their portfolio NEW YORK, NY 24,40024.4k $3.0m $3.0m 0.03% Added +22.5k +22,500
59 Boussard & Gavaudan Investment Management LLP 1.19% of their portfolio London, X0 4,9474.9k $6.1m $6.1m 1.19% Reduced -2.6k -2,638
60 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 2,0002.0k $2.4k $2.4k 0.00% New
61 OFI INVEST ASSET MANAGEMENT 0.05% of their portfolio ISSY LES MOULINEAUX, I0 1,2001.2k $1.5m $1.5m 0.05% Unchanged
62 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,0001.0k $1.2k $1.2k 0.00% Unchanged
63 NATIXIS 0.00% of their portfolio PARIS, I0 229229 $272.9k $272.9k 0.00% Reduced -186 -186
64 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged