Vault-13

MIDDLEBY CORP MIDD 1 09.01.25

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

57 institutional holders -7 vs Q4 2023
23,562,61123.6m shares reported held*
$1.0bnreported value*
5 new 12 added 22 reduced 11 sold out net bought ≈ $83.6m (+2.6m 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 ≈ $43.61.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 65Q4 22: 64Q1 23: 67Q2 23: 67Q3 23: 59Q4 23: 64Q1 24: 5757Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202265
Q4 202264
Q1 202367
Q2 202367
Q3 202359
Q4 202364
Q1 202457

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 23Q1 24: 17 bought or addedQ1 24: 33 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20222726
Q1 20233128
Q2 20231631
Q3 20231728
Q4 20232520
Q1 20241733

Calls vs puts

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

CallsPuts
$0$25m$50m$75m$100mQ2 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 —Q1 24 calls: $0Q1 24 puts: $0Q1 24P/C —
Numbers
QuarterCallsPutsP/C
Q2 2023$0$85.1m—
Q3 2023$0$0—
Q4 2023$0$0—
Q1 2024$0$0—

Biggest buyers

MILLENNIUM MANAGEMENT LLC Added +80,769,000+80.8m
LAZARD ASSET MANAGEMENT LLC Added +48,500,000+48.5m
BNP PARIBAS FINANCIAL MARKETS Added +27,011,000+27.0m
ZAZOVE ASSOCIATES LLC Added +22,935,000+22.9m
LORD, ABBETT & CO. LLC New +15,582,000+15.6m
VICTORY CAPITAL MANAGEMENT INC Added +15,254,000+15.3m
BANK OF AMERICA CORP /DE/ Added +9,146,000+9.1m
FRANKLIN RESOURCES INC New +6,266,000+6.3m
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +5,000,000+5.0m
Man Group plc Added +4,100,000+4.1m

Biggest sellers

Shaolin Capital Management LLC Reduced -40,000,000-40.0m
Segantii Capital Management Ltd Sold out -22,500,000-22.5m
III Capital Management Reduced -19,306,000-19.3m
Alberta Investment Management Corp Sold out -15,000,000-15.0m
ABSOLUTE INVESTMENT ADVISERS, LLC Sold out -11,945,000-11.9m
JPMORGAN CHASE & CO Reduced -11,026,000-11.0m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -8,700,000-8.7m
Walleye Capital LLC Sold out -8,000,000-8.0m
Lombard Odier Asset Management (Europe) Ltd Reduced -7,386,000-7.4m
D. E. Shaw & Co., Inc. Sold out -6,800,000-6.8m

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MILLENNIUM MANAGEMENT LLC 0.11% of their portfolio NEW YORK, NY 102,569,000102.6m $134.9m $134.9m 0.11% Added +80.8m +80,769,000
2 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 88,780,00088.8m $116.8m $116.8m 0.11% Unchanged
3 Man Group plc 0.28% of their portfolio LONDON, X0 80,514,00080.5m $105.8m $105.8m 0.28% Added +4.1m +4,100,000
4 III Capital Management 3.79% of their portfolio BOCA RATON, FL 50,696,00050.7m $66.6m $66.6m 3.79% Reduced -19.3m -19,306,000
5 ZAZOVE ASSOCIATES LLC 4.35% of their portfolio INCLINE VILLAGE, NV 48,870,00048.9m $64.2m $64.2m 4.35% Added +22.9m +22,935,000
6 LAZARD ASSET MANAGEMENT LLC 0.08% of their portfolio NEW YORK, NY 48,566,00048.6m $63.9m $63.9m 0.08% Added +48.5m +48,500,000
7 Calamos Advisors LLC 0.30% of their portfolio NAPERVILLE, IL 47,265,00047.3m $62.1m $62.1m 0.30% Reduced -47.0k -47,000
8 Shaolin Capital Management LLC 2.12% of their portfolio Miami, FL 45,000,00045.0m $59.2m $59.2m 2.12% Reduced -40.0m -40,000,000
9 Davidson Kempner Capital Management LP 0.68% of their portfolio New York, NY 35,000,00035.0m $46.0m $46.0m 0.68% Reduced -5.0m -5,000,000
10 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 28,786,00028.8m $37.8m $37.8m 0.05% Added +27.0m +27,011,000
11 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 21,500,00021.5m $28.3m $28.3m 0.05% Unchanged
12 VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio San Antonio, TX 19,917,00019.9m $26.2m $26.2m 0.03% Added +15.3m +15,254,000
13 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 17,705,00017.7m $23.3m $23.3m 0.00% Reduced -3.4m -3,406,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,734,00015.7m $20.6m $20.6m 0.00% Unchanged
15 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 15,582,00015.6m $20.5m $20.5m 0.03% New
16 FMR LLC 0.00% of their portfolio BOSTON, MA 12,100,00012.1m $15.9m $15.9m 0.00% Added +2.1m +2,100,000
17 Lombard Odier Asset Management (Europe) Ltd 1.01% of their portfolio LONDON, X0 12,083,00012.1m $15.9m $15.9m 1.01% Reduced -7.4m -7,386,000
18 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 11,881,00011.9m $15.6m $15.6m 0.00% Added +9.1m +9,146,000
19 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 11,500,00011.5m $15.1m $15.1m 0.02% Reduced -500.0k -500,000
20 BlackRock Inc. 0.00% of their portfolio New York, NY 10,882,00010.9m $14.3m $14.3m 0.00% Added +300.0k +300,000
21 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 6,266,0006.3m $8.2m $8.2m 0.00% New
22 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $6.6m $6.6m 0.01% New
23 ADVENT CAPITAL MANAGEMENT /DE/ 0.14% of their portfolio NEW YORK, NY 4,160,0004.2m $5.5m $5.5m 0.14% Unchanged
24 Flow State Investments, L.P. 1.54% of their portfolio CHICAGO, IL 4,000,0004.0m $5.3m $5.3m 1.54% Reduced -2.5m -2,500,000
25 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 4,000,0004.0m $5.3m $5.3m 0.01% Unchanged
26 PALISADE CAPITAL MANAGEMENT, LP 0.11% of their portfolio FORT LEE, NJ 3,032,0003.0m $4.0m $4.0m 0.11% Reduced -159.0k -159,000
27 RWC Asset Management LLP 0.25% of their portfolio LONDON, X0 3,000,0003.0m $3.9m $3.9m 0.25% Unchanged
28 CQS (US), LLC 0.95% of their portfolio NEW YORK, NY 2,800,0002.8m $3.7m $3.7m 0.95% Unchanged
29 Liberty Mutual Group Asset Management Inc. 0.82% of their portfolio Boston, MA 2,180,0002.2m $2.9m $2.9m 0.82% Unchanged
30 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,765,0001.8m $2.3m $2.3m 0.00% Reduced -517.0k -517,000
31 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,716,0001.7m $2.2m $2.2m 0.00% Reduced -11.0m -11,026,000
32 BOOTHBAY FUND MANAGEMENT, LLC 0.06% of their portfolio NEW YORK, NY 1,529,0001.5m $2.0m $2.0m 0.06% Reduced -1.4m -1,380,000
33 CAMDEN ASSET MANAGEMENT L P /CA 0.07% of their portfolio Los Angeles, CA 1,500,0001.5m $2.0m $2.0m 0.07% Reduced -8.7m -8,700,000
34 Warberg Asset Management LLC 0.46% of their portfolio WINNETKA, IL 1,500,0001.5m $2.0m $2.0m 0.46% Reduced -950.0k -950,000
35 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,290,0001.3m $1.7m $1.7m 0.00% Reduced -750.0k -750,000
36 JUPITER ASSET MANAGEMENT LTD 0.02% of their portfolio London, X0 1,250,0001.2m $1.6m $1.6m 0.02% Reduced -500.0k -500,000
37 OFI INVEST ASSET MANAGEMENT 0.08% of their portfolio ISSY LES MOULINEAUX, I0 1,201,2001.2m $3.0m $3.0m 0.08% Added +1.2m +1,200,000
38 Quaero Capital S.A. 2.04% of their portfolio GENEVE, V8 1,000,0001.0m $1.3m $1.3m 2.04% Unchanged
39 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 941,000941.0k $1.1m $1.1m 0.00% Reduced -1.8m -1,809,000
40 EDMOND DE ROTHSCHILD HOLDING S.A. 0.02% of their portfolio CHAMBESY, V8 920,000920.0k $1.2m $1.2m 0.02% Reduced -380.0k -380,000
41 Calamos Wealth Management LLC 0.05% of their portfolio NAPERVILLE, IL 630,000630.0k $828.2k $828.2k 0.05% Added +28.0k +28,000
42 PROSPECTOR PARTNERS LLC 0.08% of their portfolio GUILFORD, CT 500,000500.0k $656.8k $656.8k 0.08% Unchanged
43 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $657.2k $657.2k 0.00% Unchanged
44 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 450,000450.0k $588.7k $588.7k 0.00% Unchanged
45 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 395,000395.0k $519.8k $519.8k 0.00% Added +280.0k +280,000
46 SSI INVESTMENT MANAGEMENT LLC 0.04% of their portfolio Los Angeles, CA 363,000363.0k $476.8k $476.8k 0.04% Reduced -9.0k -9,000
47 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 250,000250.0k $328.4k $328.4k 0.00% Unchanged
48 KBC Group NV 0.00% of their portfolio Brussels, C9 250,000250.0k $329.0k $329.0k 0.00% Unchanged
49 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 140,000140.0k $182.6k $182.6k 0.00% Reduced -358.0k -358,000
50 Fox Hill Wealth Management 0.07% of their portfolio DEDHAM, MA 76,00076.0k $99.1k $99.1k 0.07% Reduced -1.0k -1,000
51 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 49,00049.0k $63.9k $63.9k 0.00% Reduced -3.3m -3,313,000
52 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 29,00029.0k $38.1k $38.1k 0.00% Unchanged
53 SG Americas Securities, LLC 0.02% of their portfolio NEW YORK, NY 24,40024.4k $3.2m $3.2m 0.02% Unchanged
54 Colonial Trust Advisors 0.00% of their portfolio SPARTANBURG, SC 16,00016.0k $21.0k $21.0k 0.00% New
55 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 5,4115.4k $870.1k $870.1k 0.01% New
56 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 2,0002.0k $2.6k $2.6k 0.00% Unchanged
57 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged