Vault-13

NCL CORP LTD NCLH 1.125 02.15.27

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

35 institutional holders -19 vs Q2 2025
3,180,6703.2m shares reported held*
$190.5mreported value*
6 new 9 added 13 reduced 24 sold out net sold ≈ $959.7m (-24.2m 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 ≈ $59.88.

Trends to Q3 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: 54Q3 25: 3535Q4 22Q3 23Q2 24Q1 25Q3 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
Q3 202535

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 23: 19 bought or addedQ4 23: 18 cut or sold outQ1 24: 27 bought or addedQ1 24: 20 cut or sold outQ1 24Q2 24: 23 bought or addedQ2 24: 33 cut or sold outQ3 24: 25 bought or addedQ3 24: 17 cut or sold outQ3 24Q4 24: 29 bought or addedQ4 24: 24 cut or sold outQ1 25: 30 bought or addedQ1 25: 29 cut or sold outQ1 25Q2 25: 21 bought or addedQ2 25: 31 cut or sold outQ3 25: 15 bought or addedQ3 25: 37 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20231918
Q1 20242720
Q2 20242333
Q3 20242517
Q4 20242924
Q1 20253029
Q2 20252131
Q3 20251537

Biggest buyers

SOROS FUND MANAGEMENT LLC New +37,675,000+37.7m
JPMORGAN CHASE & CO Added +16,317,000+16.3m
ZAZOVE ASSOCIATES LLC New +13,050,000+13.1m
Jefferies Financial Group Inc. New +1,884,000+1.9m
Western Asset Management Company, LLC New +1,500,000+1.5m
BARCLAYS PLC Added +1,306,000+1.3m
MORGAN STANLEY Added +1,150,000+1.1m
BANK OF AMERICA CORP /DE/ Added +1,008,000+1.0m
GOLDMAN SACHS GROUP INC Added +1,000,000+1.0m
WELLS FARGO & COMPANY/MN Added +715,000+715.0k

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -367,955,000-368.0m
Kohlberg Kravis Roberts & Co. L.P. Sold out -140,491,400-140.5m
LAZARD ASSET MANAGEMENT LLC Sold out -101,901,000-101.9m
Opti Capital Management, LP Sold out -50,000,000-50.0m
TWO SIGMA INVESTMENTS, LP Sold out -49,397,000-49.4m
Calamos Advisors LLC Sold out -40,509,000-40.5m
MILLENNIUM MANAGEMENT LLC Sold out -36,449,000-36.4m
Sculptor Capital LP Reduced -31,225,000-31.2m
Magnetar Financial LLC Sold out -25,100,000-25.1m
STATE STREET CORP Sold out -21,988,000-22.0m

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MacKay Shields LLC 1.37% of their portfolio New York, NY 39,311,00039.3m $40.3m $40.3m 1.37% Added +12.0k +12,000
2 SOROS FUND MANAGEMENT LLC 0.61% of their portfolio NEW YORK, NY 37,675,00037.7m $38.8m $38.8m 0.61% New
3 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 16,890,00016.9m $17.2m $17.2m 0.00% Added +16.3m +16,317,000
4 Lombard Odier Asset Management (USA) Corp 3.37% of their portfolio New York, NY 14,500,00014.5m $14.9m $14.9m 3.37% Unchanged
5 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 14,098,00014.1m $14.4m $14.4m 0.00% Added +1.1m +1,150,000
6 ZAZOVE ASSOCIATES LLC 1.22% of their portfolio INCLINE VILLAGE, NV 13,050,00013.1m $13.4m $13.4m 1.22% New
7 ADVENT CAPITAL MANAGEMENT /DE/ 0.23% of their portfolio NEW YORK, NY 10,034,00010.0m $10.3m $10.3m 0.23% Reduced -20.8m -20,768,000
8 Sculptor Capital LP 0.11% of their portfolio New York, NY 7,500,0007.5m $7.7m $7.7m 0.11% Reduced -31.2m -31,225,000
9 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 5,385,0005.4m $5.5m $5.5m 0.01% Reduced -368.0m -367,955,000
10 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 5,363,0005.4m $5.5m $5.5m 0.00% Added +1.0m +1,000,000
11 PALISADE CAPITAL MANAGEMENT, LP 0.09% of their portfolio FORT LEE, NJ 3,050,0003.0m $3.1m $3.1m 0.09% Added +250.0k +250,000
12 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,909,0002.9m $3.0m $3.0m 0.00% Added +1.0m +1,008,000
13 Fort Baker Capital Management LP 0.47% of their portfolio Larkspur, CA 2,802,0002.8m $2.9m $2.9m 0.47% Reduced -4.0m -4,000,000
14 FMR LLC 0.00% of their portfolio BOSTON, MA 2,420,0002.4m $2.5m $2.5m 0.00% Reduced -11.5m -11,476,000
15 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 1,884,0001.9m $1.9m $1.9m 0.02% New
16 Western Asset Management Company, LLC 3.41% of their portfolio Pasadena, CA 1,500,0001.5m $1.5m $1.5m 3.41% New
17 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,480,0001.5m $1.5m $1.5m 0.00% Added +1.3m +1,306,000
18 SHENKMAN CAPITAL MANAGEMENT INC 0.11% of their portfolio NEW YORK, NY 1,048,0001.0m $1.1m $1.1m 0.11% Unchanged
19 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,000,0001.0m $1.0m $1.0m 0.00% Reduced -12.8m -12,750,000
20 Union Bancaire Privee, UBP SA 0.01% of their portfolio GENEVA 1, V8 785,000785.0k $692.7k $692.7k 0.01% Added +500.0k +500,000
21 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 730,000730.0k $745.5k $745.5k 0.00% Added +715.0k +715,000
22 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 442,000442.0k $452.4k $452.4k 0.00% Reduced -3.5m -3,527,000
23 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 362,000362.0k $370.5k $370.5k 0.00% Unchanged
24 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 300,000300.0k $307.8k $307.8k 0.01% Unchanged
25 SSI INVESTMENT MANAGEMENT LLC 0.01% of their portfolio Los Angeles, CA 187,000187.0k $191.4k $191.4k 0.01% Reduced -3.7m -3,696,000
26 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 127,000127.0k $130.0k $130.0k 0.00% Unchanged
27 Amundi 0.00% of their portfolio Paris, I0 125,000125.0k $126.9k $126.9k 0.00% Reduced -6.2m -6,150,000
28 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 37,00037.0k $38.0k $38.0k 0.00% Reduced -6.8m -6,765,000
29 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 31,00031.0k $31.7k $31.7k 0.00% Unchanged
30 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 23,00023.0k $23.3k $23.3k 0.00% Unchanged
31 Triton Wealth Management, PLLC 0.12% of their portfolio SUN CITY, AZ 14,67014.7k $327.3k $327.3k 0.12% New
32 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 8,0008.0k $8.2k $8.2k 0.00% Reduced -13.9m -13,929,000
33 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 2,0002.0k $2.0k $2.0k 0.00% New
34 Candriam S.C.A. 0.00% of their portfolio STRASSEN, N4 300300 $308.7k $308.7k 0.00% Reduced -300 -300
35 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Reduced -1.0m -1,000,000