Vault-13

NCL CORP LTD NCLH 1.125 02.15.27

NOTE 1.125% 2/1 · US DOMESTIC · CUSIP 62886HBD2

54 institutional holders -8 vs Q1 2025
27,335,00027.3m shares reported held*
$1.1bnreported value*
7 new 14 added 17 reduced 14 sold out net sold ≈ $300.2m (+10.4m 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 ≈ $40.47.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q4 22: 50Q1 23: 54Q2 23: 60Q3 23: 55Q4 23: 55Q1 24: 62Q2 24: 56Q3 24: 59Q4 24: 62Q1 25: 62Q2 25: 5454Q4 22Q2 23Q4 23Q2 24Q4 24Q2 25
Numbers
QuarterHolders
Q4 202250
Q1 202354
Q2 202360
Q3 202355
Q4 202355
Q1 202462
Q2 202456
Q3 202459
Q4 202462
Q1 202562
Q2 202554

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 30 bought or addedQ3 23: 25 cut or sold outQ4 23: 19 bought or addedQ4 23: 18 cut or sold outQ4 23Q1 24: 27 bought or addedQ1 24: 20 cut or sold outQ2 24: 23 bought or addedQ2 24: 33 cut or sold outQ2 24Q3 24: 25 bought or addedQ3 24: 17 cut or sold outQ4 24: 29 bought or addedQ4 24: 24 cut or sold outQ4 24Q1 25: 30 bought or addedQ1 25: 29 cut or sold outQ2 25: 21 bought or addedQ2 25: 31 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20233025
Q4 20231918
Q1 20242720
Q2 20242333
Q3 20242517
Q4 20242924
Q1 20253029
Q2 20252131

Biggest buyers

Opti Capital Management, LP New +50,000,000+50.0m
TWO SIGMA INVESTMENTS, LP New +49,397,000+49.4m
MILLENNIUM MANAGEMENT LLC Added +15,750,000+15.8m
LAZARD ASSET MANAGEMENT LLC Added +9,205,000+9.2m
Sculptor Capital LP Added +8,475,000+8.5m
Magnetar Financial LLC Added +8,133,000+8.1m
Fort Baker Capital Management LP New +6,802,000+6.8m
BlackRock, Inc. Added +6,405,000+6.4m
ROYAL BANK OF CANADA Added +5,276,000+5.3m
ABSOLUTE INVESTMENT ADVISERS, LLC Added +4,286,000+4.3m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -306,780,000-306.8m
Calamos Advisors LLC Reduced -27,680,000-27.7m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -26,303,000-26.3m
AMERIPRISE FINANCIAL INC Sold out -15,000,000-15.0m
OAKTREE CAPITAL MANAGEMENT LP Sold out -12,559,000-12.6m
ZAZOVE ASSOCIATES LLC Sold out -11,870,000-11.9m
SSI INVESTMENT MANAGEMENT LLC Reduced -10,444,000-10.4m
Jefferies Financial Group Inc. Sold out -8,017,000-8.0m
Fort Baker Capital Management LP Sold out -6,802,000-6.8m
FMR LLC Reduced -6,725,000-6.7m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.37% of their portfolio ATLANTA, GA 373,340,000373.3m $367.7m $367.7m 0.37% Reduced -306.8m -306,780,000
2 Kohlberg Kravis Roberts & Co. L.P. 2.86% of their portfolio NEW YORK, NY 140,491,400140.5m $138.4m $138.4m 2.86% Reduced -235.0k -235,000
3 LAZARD ASSET MANAGEMENT LLC 0.14% of their portfolio NEW YORK, NY 101,901,000101.9m $100.4m $100.4m 0.14% Added +9.2m +9,205,000
4 Opti Capital Management, LP 2.80% of their portfolio New York, NY 50,000,00050.0m $49.4m $49.4m 2.80% New
5 TWO SIGMA INVESTMENTS, LP 0.09% of their portfolio NEW YORK, NY 49,397,00049.4m $48.5m $48.5m 0.09% New
6 Calamos Advisors LLC 0.17% of their portfolio NAPERVILLE, IL 40,509,00040.5m $39.9m $39.9m 0.17% Reduced -27.7m -27,680,000
7 MacKay Shields LLC 1.24% of their portfolio New York, NY 39,299,00039.3m $38.7m $38.7m 1.24% Reduced -5.8m -5,849,000
8 Sculptor Capital LP 0.62% of their portfolio New York, NY 38,725,00038.7m $38.1m $38.1m 0.62% Added +8.5m +8,475,000
9 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 36,449,00036.4m $35.9m $35.9m 0.03% Added +15.8m +15,750,000
10 ADVENT CAPITAL MANAGEMENT /DE/ 0.67% of their portfolio NEW YORK, NY 30,802,00030.8m $30.3m $30.3m 0.67% Reduced -26.3m -26,303,000
11 Magnetar Financial LLC 0.12% of their portfolio EVANSTON, IL 25,100,00025.1m $24.8m $24.8m 0.12% Added +8.1m +8,133,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,988,00022.0m $21.7m $21.7m 0.00% Added +600.0k +600,000
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 18,205,00018.2m $17.9m $17.9m 0.00% Added +6.4m +6,405,000
14 Lombard Odier Asset Management (USA) Corp 3.57% of their portfolio New York, NY 14,500,00014.5m $14.3m $14.3m 3.57% Unchanged
15 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 13,937,00013.9m $13.7m $13.7m 0.01% Added +3.5m +3,538,000
16 FMR LLC 0.00% of their portfolio BOSTON, MA 13,896,00013.9m $13.7m $13.7m 0.00% Reduced -6.7m -6,725,000
17 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 13,750,00013.8m $13.5m $13.5m 0.01% Added +2.5m +2,500,000
18 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 12,948,00012.9m $12.7m $12.7m 0.00% Unchanged
19 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 10,841,00010.8m $10.7m $10.7m 0.03% Reduced -5.8m -5,834,000
20 ABSOLUTE INVESTMENT ADVISERS, LLC 1.27% of their portfolio ROSEMARY BEACH, FL 10,500,00010.5m $10.3m $10.3m 1.27% Added +4.3m +4,286,000
21 Man Group plc 0.02% of their portfolio LONDON, X0 7,536,0007.5m $7.4m $7.4m 0.02% Unchanged
22 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 6,802,0006.8m $6.7m $6.7m 0.00% Added +5.3m +5,276,000
23 Fort Baker Capital Management LP 1.18% of their portfolio Larkspur, CA 6,802,0006.8m $6.7m $6.7m 1.18% New
24 Amundi 0.00% of their portfolio Paris, I0 6,275,0006.3m $6.2m $6.2m 0.00% Reduced -3.2m -3,250,000
25 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 5,000,0005.0m $4.9m $4.9m 0.01% Added +1 +1
26 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 4,363,0004.4m $4.3m $4.3m 0.00% Reduced -3.1m -3,138,000
27 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 3,971,0004.0m $3.9m $3.9m 0.00% Unchanged
28 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,969,0004.0m $3.9m $3.9m 0.00% Added +19.0k +19,000
29 SSI INVESTMENT MANAGEMENT LLC 0.27% of their portfolio Los Angeles, CA 3,883,0003.9m $3.8m $3.8m 0.27% Reduced -10.4m -10,444,000
30 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 3,374,0003.4m $3.3m $3.3m 0.01% Unchanged
31 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 3,234,0003.2m $31.8k $31.8k 0.00% New
32 PALISADE CAPITAL MANAGEMENT, LP 0.08% of their portfolio FORT LEE, NJ 2,800,0002.8m $2.8m $2.8m 0.08% Unchanged
33 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,901,0001.9m $1.9m $1.9m 0.00% Reduced -2.5m -2,535,000
34 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,844,0001.8m $1.8m $1.8m 0.00% Reduced -776.0k -776,000
35 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 1,150,0001.1m $1.1m $1.1m 0.00% Unchanged
36 SHENKMAN CAPITAL MANAGEMENT INC 0.11% of their portfolio NEW YORK, NY 1,048,0001.0m $1.1m $1.1m 0.11% Reduced -3.1m -3,149,000
37 Erste Asset Management GmbH 0.01% of their portfolio VIENNA, C4 1,000,0001.0m $981.3k $981.3k 0.01% Added +1.0m +1,000,000
38 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 800,000800.0k $789.1k $789.1k 0.00% Unchanged
39 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 700,000700.0k $689.2k $689.2k 0.00% Reduced -300.0k -300,000
40 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 573,000573.0k $564.1k $564.1k 0.00% Reduced -912.0k -912,000
41 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 445,000445.0k $437.9k $437.9k 0.00% New
42 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 434,000434.0k $429.1k $429.1k 0.00% Unchanged
43 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 362,000362.0k $355.7k $355.7k 0.00% Unchanged
44 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 300,000300.0k $295.5k $295.5k 0.01% Unchanged
45 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 285,000285.0k $237.0k $237.0k 0.00% Reduced -2.9m -2,855,000
46 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 174,000174.0k $171.3k $171.3k 0.00% Added +31.0k +31,000
47 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 127,000127.0k $124.8k $124.8k 0.00% Unchanged
48 Central Pacific Bank - Trust Division 0.01% of their portfolio HONOLULU, HI 80,00080.0k $78.6k $78.6k 0.01% Reduced -765.0k -765,000
49 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 32,00032.0k $27.7k $27.7k 0.00% Unchanged
50 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 31,00031.0k $30.5k $30.5k 0.00% Unchanged
51 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 23,00023.0k $23.0k $23.0k 0.00% New
52 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 15,00015.0k $14.8k $14.8k 0.00% New
53 Candriam S.C.A. 0.00% of their portfolio STRASSEN, N4 600600 $593.3k $593.3k 0.00% Unchanged
54 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged