Vault-13

NCL CORP LTD NCLH 5.375 08.01.25

NOTE 5.375% 8/0 · US DOMESTIC · CUSIP 62886HAX9

24 institutional holders -16 vs Q1 2025
8,284,6708.3m shares reported held*
$110.9mreported value*
5 new 2 added 8 reduced 23 sold out net sold ≈ $377.9m (-1.0k 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 ≈ $13.38.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 40Q4 22: 41Q1 23: 44Q2 23: 48Q3 23: 52Q4 23: 44Q1 24: 49Q2 24: 49Q3 24: 48Q4 24: 48Q1 25: 40Q2 25: 2424Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202240
Q4 202241
Q1 202344
Q2 202348
Q3 202352
Q4 202344
Q1 202449
Q2 202449
Q3 202448
Q4 202448
Q1 202540
Q2 202524

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 23 bought or addedQ3 23: 22 cut or sold outQ4 23: 19 bought or addedQ4 23: 26 cut or sold outQ4 23Q1 24: 23 bought or addedQ1 24: 22 cut or sold outQ2 24: 27 bought or addedQ2 24: 22 cut or sold outQ2 24Q3 24: 20 bought or addedQ3 24: 28 cut or sold outQ4 24: 20 bought or addedQ4 24: 28 cut or sold outQ4 24Q1 25: 18 bought or addedQ1 25: 26 cut or sold outQ2 25: 7 bought or addedQ2 25: 31 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232322
Q4 20231926
Q1 20242322
Q2 20242722
Q3 20242028
Q4 20242028
Q1 20251826
Q2 2025731

Biggest buyers

Sculptor Capital LP New +30,500,000+30.5m
CITIGROUP INC Added +3,151,000+3.2m
Shaolin Capital Management LLC New +2,500,000+2.5m
ZAZOVE ASSOCIATES LLC New +1,425,000+1.4m
JANE STREET GROUP, LLC New +845,000+845.0k
Jefferies Financial Group Inc. New +468,000+468.0k
JPMORGAN CHASE & CO Added +59,000+59.0k

Biggest sellers

D. E. Shaw & Co., Inc. Sold out -108,597,000-108.6m
MOORE CAPITAL MANAGEMENT, LP Sold out -57,091,000-57.1m
MILLENNIUM MANAGEMENT LLC Sold out -56,250,000-56.2m
TWO SIGMA INVESTMENTS, LP Sold out -32,407,000-32.4m
BNP PARIBAS FINANCIAL MARKETS Reduced -27,806,000-27.8m
AQR Arbitrage LLC Sold out -26,500,000-26.5m
Calamos Advisors LLC Sold out -15,297,000-15.3m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -10,098,000-10.1m
STATE STREET CORP Sold out -9,800,000-9.8m
FMR LLC Sold out -6,180,000-6.2m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 0.48% of their portfolio NEW YORK, NY 30,976,00031.0m $35.4m $35.4m 0.48% Reduced -696.0k -696,000
2 Sculptor Capital LP 0.55% of their portfolio New York, NY 30,500,00030.5m $33.9m $33.9m 0.55% New
3 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 8,589,0008.6m $9.6m $9.6m 0.01% Added +3.2m +3,151,000
4 MIZUHO SECURITIES USA LLC 0.19% of their portfolio NEW YORK, NY 8,106,0008.1m $9.0m $9.0m 0.19% First filing
5 MacKay Shields LLC 0.15% of their portfolio New York, NY 4,046,0004.0m $4.5m $4.5m 0.15% Reduced -171.0k -171,000
6 Shaolin Capital Management LLC 0.12% of their portfolio Miami, FL 2,500,0002.5m $2.8m $2.8m 0.12% New
7 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 2,275,0002.3m $2.6m $2.6m 0.00% Unchanged
8 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,193,0002.2m $2.5m $2.5m 0.00% Reduced -27.8m -27,806,000
9 PALISADE CAPITAL MANAGEMENT, LP 0.05% of their portfolio FORT LEE, NJ 1,436,0001.4m $1.6m $1.6m 0.05% Unchanged
10 ZAZOVE ASSOCIATES LLC 0.13% of their portfolio INCLINE VILLAGE, NV 1,425,0001.4m $1.6m $1.6m 0.13% New
11 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,198,0001.2m $1.3m $1.3m 0.00% Reduced -6.0k -6,000
12 ADVENT CAPITAL MANAGEMENT /DE/ 0.02% of their portfolio NEW YORK, NY 944,000944.0k $1.1m $1.1m 0.02% Reduced -10.1m -10,098,000
13 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 845,000845.0k $935.5k $935.5k 0.00% New
14 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 468,000468.0k $534.9k $534.9k 0.01% New
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 407,000407.0k $450.0k $450.0k 0.00% Added +59.0k +59,000
16 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 126,000126.0k $141.1k $141.1k 0.00% Reduced -1.0k -1,000
17 Man Group plc 0.00% of their portfolio LONDON, X0 47,00047.0k $52.1k $52.1k 0.00% Reduced -413.0k -413,000
18 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 38,00038.0k $42.5k $42.5k 0.00% Unchanged
19 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 21,52021.5k $2.4m $2.4m 0.01% Unchanged
20 Balboa Wealth Partners 0.00% of their portfolio SCOTTSDALE, AZ 19,00019.0k $21.1k $21.1k 0.00% Reduced -4.0k -4,000
21 Triton Wealth Management, PLLC 0.15% of their portfolio SUN CITY, AZ 14,67014.7k $344.7k $344.7k 0.15% First filing
22 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 4,0004.0k $4.5k $4.5k 0.00% Unchanged
23 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 4,0004.0k $4.5k $4.5k 0.00% Unchanged
24 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged