Vault-13

NCL CORP LTD NCLH 2.5 02.15.27

NOTE 2.500% 2/1 · US DOMESTIC · CUSIP 62886HBK6

39 institutional holders -2 vs Q1 2025
1,385,8001.4m shares reported held*
$464.3mreported value*
7 new 15 added 6 reduced 9 sold out net sold ≈ $17.7m (-101.0k 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 ≈ $335.04.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q1 23: 34Q2 23: 38Q3 23: 39Q4 23: 38Q1 24: 37Q2 24: 30Q3 24: 32Q4 24: 39Q1 25: 41Q2 25: 3939Q1 23Q3 23Q1 24Q3 24Q1 25Q2 25
Numbers
QuarterHolders
Q1 202334
Q2 202338
Q3 202339
Q4 202338
Q1 202437
Q2 202430
Q3 202432
Q4 202439
Q1 202541
Q2 202539

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 18 bought or addedQ3 23: 19 cut or sold outQ4 23: 12 bought or addedQ4 23: 21 cut or sold outQ4 23Q1 24: 19 bought or addedQ1 24: 19 cut or sold outQ2 24: 13 bought or addedQ2 24: 13 cut or sold outQ2 24Q3 24: 17 bought or addedQ3 24: 9 cut or sold outQ4 24: 22 bought or addedQ4 24: 15 cut or sold outQ4 24Q1 25: 23 bought or addedQ1 25: 19 cut or sold outQ2 25: 22 bought or addedQ2 25: 15 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20231819
Q4 20231221
Q1 20241919
Q2 20241313
Q3 2024179
Q4 20242215
Q1 20252319
Q2 20252215

Biggest buyers

Opti Capital Management, LP New +43,200,000+43.2m
LAZARD ASSET MANAGEMENT LLC Added +25,534,000+25.5m
BNP PARIBAS FINANCIAL MARKETS Added +13,954,000+14.0m
SONA ASSET MANAGEMENT (US) LLC Added +10,000,000+10.0m
MILLENNIUM MANAGEMENT LLC Added +10,000,000+10.0m
ARISTEIA CAPITAL, L.L.C. New +6,000,000+6.0m
SHENKMAN CAPITAL MANAGEMENT INC New +5,300,000+5.3m
ADVENT CAPITAL MANAGEMENT /DE/ Added +5,236,000+5.2m
WELLINGTON MANAGEMENT GROUP LLP Added +5,132,000+5.1m
Point72 Asset Management, L.P. Added +2,500,000+2.5m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Sold out -85,470,000-85.5m
GLAZER CAPITAL, LLC Sold out -15,500,000-15.5m
GOLDMAN SACHS GROUP INC Sold out -12,373,000-12.4m
AMERIPRISE FINANCIAL INC Sold out -10,000,000-10.0m
RWC Asset Management LLP Sold out -9,900,000-9.9m
Calamos Advisors LLC Reduced -8,885,000-8.9m
Magnetar Financial LLC Sold out -4,000,000-4.0m
Sculptor Capital LP Reduced -2,000,000-2.0m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -2,000,000-2.0m
STATE STREET CORP Reduced -1,000,000-1.0m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TWO SIGMA INVESTMENTS, LP 0.11% of their portfolio NEW YORK, NY 61,105,00061.1m $61.0m $61.0m 0.11% Added +2.0m +2,000,000
2 SONA ASSET MANAGEMENT (US) LLC 2.04% of their portfolio NEW YORK, NY 60,275,00060.3m $60.3m $60.3m 2.04% Added +10.0m +10,000,000
3 Opti Capital Management, LP 2.46% of their portfolio New York, NY 43,200,00043.2m $43.4m $43.4m 2.46% New
4 LAZARD ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 42,534,00042.5m $42.6m $42.6m 0.06% Added +25.5m +25,534,000
5 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 38,839,00038.8m $39.1m $39.1m 0.01% Added +5.1m +5,132,000
6 Sculptor Capital LP 0.48% of their portfolio New York, NY 30,000,00030.0m $30.0m $30.0m 0.48% Reduced -2.0m -2,000,000
7 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 30,000,00030.0m $30.0m $30.0m 0.03% Added +10.0m +10,000,000
8 Man Group plc 0.06% of their portfolio LONDON, X0 28,969,00029.0m $29.0m $29.0m 0.06% Unchanged
9 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 27,145,00027.1m $27.1m $27.1m 0.02% Added +14.0m +13,954,000
10 Point72 Asset Management, L.P. 0.04% of their portfolio STAMFORD, CT 17,565,00017.6m $17.5m $17.5m 0.04% Added +2.5m +2,500,000
11 Hudson Bay Capital Management LP 0.09% of their portfolio STAMFORD, CT 14,000,00014.0m $14.0m $14.0m 0.09% Unchanged
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 9,425,0009.4m $9.5m $9.5m 0.00% Reduced -1.0m -1,000,000
13 ADVENT CAPITAL MANAGEMENT /DE/ 0.19% of their portfolio NEW YORK, NY 8,636,0008.6m $8.6m $8.6m 0.19% Added +5.2m +5,236,000
14 PALISADE CAPITAL MANAGEMENT, LP 0.20% of their portfolio FORT LEE, NJ 7,247,0007.2m $7.2m $7.2m 0.20% Unchanged
15 ARISTEIA CAPITAL, L.L.C. 0.17% of their portfolio GREENWICH, CT 6,000,0006.0m $6.0m $6.0m 0.17% New
16 FMR LLC 0.00% of their portfolio BOSTON, MA 5,828,0005.8m $5.8m $5.8m 0.00% Unchanged
17 SHENKMAN CAPITAL MANAGEMENT INC 0.58% of their portfolio NEW YORK, NY 5,300,0005.3m $5.9m $5.9m 0.58% New
18 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $49.8k $49.8k 0.00% Added +1.5m +1,500,000
19 BlackRock, Inc. 0.00% of their portfolio New York, NY 4,900,0004.9m $4.9m $4.9m 0.00% Added +300.0k +300,000
20 SSI INVESTMENT MANAGEMENT LLC 0.28% of their portfolio Los Angeles, CA 4,000,0004.0m $4.0m $4.0m 0.28% Added +550.0k +550,000
21 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,500,0002.5m $2.5m $2.5m 0.00% Unchanged
22 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,170,0002.2m $2.2m $2.2m 0.00% New
23 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio TORONTO, A6 2,000,0002.0m $2.0m $2.0m 0.00% Reduced -2.0m -2,000,000
24 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,750,0001.8m $1.8m $1.8m 0.00% Unchanged
25 ZAZOVE ASSOCIATES LLC 0.12% of their portfolio INCLINE VILLAGE, NV 1,500,0001.5m $1.5m $1.5m 0.12% New
26 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 1,300,0001.3m $1.3m $1.3m 0.00% Added +100.0k +100,000
27 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 835,000835.0k $833.7k $833.7k 0.00% Added +765.0k +765,000
28 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 766,000766.0k $767.7k $767.7k 0.00% Reduced -8.9m -8,885,000
29 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 602,000602.0k $597.4k $597.4k 0.00% Added +402.0k +402,000
30 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $499.2k $499.2k 0.00% Unchanged
31 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 280,000280.0k $282.0k $282.0k 0.00% New
32 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 269,000269.0k $268.2k $268.2k 0.00% New
33 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 172,000172.0k $170.7k $170.7k 0.00% Reduced -577.0k -577,000
34 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 140,000140.0k $140.3k $140.3k 0.01% Reduced -32.0k -32,000
35 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 85,00085.0k $84.8k $84.8k 0.00% Unchanged
36 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 49,00049.0k $48.9k $48.9k 0.03% Unchanged
37 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 26,41026.4k $2.6m $2.6m 0.01% Added +10.4k +10,410
38 ODDO BHF ASSET MANAGEMENT SAS 0.03% of their portfolio PARIS, I0 800800 $811.9k $811.9k 0.03% Unchanged
39 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged