Vault-13

NATIONAL INSTRS CORP

COM · CUSIP 636518102

357 institutional holders -31 vs Q1 2023
116,608,218116.6m shares reported held*
$6.6bnreported value*
52 new 107 added 138 reduced 86 sold out net sold ≈ $544.0m (-8.7m 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 ($7.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $56.65. Options: 15 managers hold calls ($21.0m notional), 14 hold puts ($11.2m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 293Q4 22: 326Q1 23: 388Q2 23: 357357Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 2022293
Q4 2022326
Q1 2023388
Q2 2023357

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 22: 155 bought or addedQ4 22: 144 cut or sold outQ4 22Q1 23: 205 bought or addedQ1 23: 201 cut or sold outQ1 23Q2 23: 159 bought or addedQ2 23: 224 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022155144
Q1 2023205201
Q2 2023159224

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ3 22 calls: $2.7mQ3 22 puts: $2.4mQ3 22P/C 0.88Q4 22 calls: $16.2mQ4 22 puts: $3.3mQ4 22P/C 0.20Q1 23 calls: $226.9mQ1 23 puts: $152.2mQ1 23P/C 0.67Q2 23 calls: $21.0mQ2 23 puts: $11.2mQ2 23P/C 0.53
Numbers
QuarterCallsPutsP/C
Q3 2022$2.7m$2.4m0.88
Q4 2022$16.2m$3.3m0.20
Q1 2023$226.9m$152.2m0.67
Q2 2023$21.0m$11.2m0.53

Biggest buyers

Pentwater Capital Management LP Added +2,050,000+2.0m
PSquared Asset Management AG New +1,909,700+1.9m
OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) Added +1,480,246+1.5m
Front Street Capital Management, Inc. Added +1,425,585+1.4m
ALPINE ASSOCIATES MANAGEMENT INC. New +1,362,000+1.4m
FIL Ltd New +1,314,467+1.3m
TIG Advisors, LLC Added +1,001,873+1.0m
BARCLAYS PLC Added +986,417+986.4k
Balyasny Asset Management L.P. Added +983,658+983.7k
PICTON MAHONEY ASSET MANAGEMENT New +969,300+969.3k

Biggest sellers

Sarasin & Partners LLP Reduced -5,567,654-5.6m
T. Rowe Price Investment Management, Inc. Sold out -3,533,896-3.5m
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Reduced -2,137,396-2.1m
TOMS Capital Investment Management LP Sold out -2,005,513-2.0m
Third Point LLC Sold out -2,000,000-2.0m
Segantii Capital Management Ltd Sold out -1,770,000-1.8m
JANUS HENDERSON GROUP PLC Reduced -1,431,215-1.4m
RIVERBRIDGE PARTNERS LLC Reduced -1,288,576-1.3m
CITADEL ADVISORS LLC Reduced -1,075,110-1.1m
Nekton Capital Ltd. Sold out -932,419-932.4k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $6.3m110.0k shares
CSS LLC/IL Added $3.8m65.4k shares
SUMMIT SECURITIES GROUP LLC Added $2.9m50.0k shares
UBS Group AG New $1.9m33.1k shares
Walleye Trading LLC Added $1.4m25.0k shares
GROUP ONE TRADING LLC Reduced $1.2m20.1k shares
Parallax Volatility Advisers, L.P. Reduced $1.1m18.4k shares
CITADEL ADVISORS LLC Reduced $929.9k16.2k shares
Maven Securities LTD Reduced $688.9k12.0k shares
SIMPLEX TRADING, LLC Reduced $522.0k9.1k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.2m55.1k shares
EQUITEC PROPRIETARY MARKETS, LLC New $2.7m46.3k shares
FIFTH LANE CAPITAL, LP Reduced $2.1m37.0k shares
Parallax Volatility Advisers, L.P. Reduced $2.0m34.6k shares
CSS LLC/IL New $597.0k10.4k shares
PEAK6 Investments LLC Reduced $281.3k4.9k shares
SIMPLEX TRADING, LLC Reduced $269.0k4.7k shares
CITADEL ADVISORS LLC Reduced $40.2k700 shares
GROUP ONE TRADING LLC Reduced $34.4k600 shares
BANK OF AMERICA CORP /DE/ New $11.5k200 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VANGUARD GROUP INC 0.02% of their portfolio Valley Forge, PA 13,649,36613.6m $783.5m $783.5m 0.02% Added +219.2k +219,214
2 BlackRock Inc. 0.02% of their portfolio New York, NY 11,885,44611.9m $682.2m $682.2m 0.02% Added +216.6k +216,568
3 Pentwater Capital Management LP 4.92% of their portfolio Naples, FL 6,850,0006.8m $393.2m $393.2m 4.92% Added +2.0m +2,050,000
4 HBK INVESTMENTS L P 11.81% of their portfolio DALLAS, TX 6,478,5116.5m $371.9m $371.9m 11.81% Not comparable
5 TIG Advisors, LLC 16.44% of their portfolio New York, NY 4,755,3044.8m $273.0m $273.0m 16.44% Added +1.0m +1,001,873
6 JANUS HENDERSON GROUP PLC 0.16% of their portfolio LONDON, X0 4,542,7734.5m $260.8m $260.8m 0.16% Reduced -1.4m -1,431,215
7 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 3,643,8933.6m $209.2m $209.2m 0.01% Reduced -83.4k -83,449
8 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 2.64% of their portfolio CHICAGO, IL 2,175,0082.2m $124.8m $124.8m 2.64% Added +1.5m +1,480,246
9 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 2,027,1332.0m $116.4m $116.4m 0.01% Added +95.2k +95,187
10 PSquared Asset Management AG 12.90% of their portfolio ZURICH, V8 1,909,7001.9m $109.6m $109.6m 12.90% New
11 Amundi 0.05% of their portfolio Paris, I0 1,787,9931.8m $102.5m $102.5m 0.05% Added +500.3k +500,306
12 WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.32% of their portfolio CHICAGO, IL 1,763,2121.8m $101.2m $101.2m 0.32% Reduced -2.1m -2,137,396
13 Balyasny Asset Management L.P. 0.28% of their portfolio Chicago, IL 1,730,9251.7m $99.4m $99.4m 0.28% Added +983.7k +983,658
14 DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio AUSTIN, TX 1,671,7781.7m $96.0m $96.0m 0.03% Reduced -27.1k -27,078
15 Front Street Capital Management, Inc. 2.00% of their portfolio MISSOULA, MT 1,651,0671.7m $9.5m $9.5m 2.00% Added +1.4m +1,425,585
16 MILLENNIUM MANAGEMENT LLC 0.10% of their portfolio NEW YORK, NY 1,589,4031.6m $91.2m $91.2m 0.10% Added +388.7k +388,737
17 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio SAN FRANCISCO, CA 1,434,8061.4m $82.4m $82.4m 0.02% Reduced -37.2k -37,243
18 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,424,4111.4m $81.8m $81.8m 0.02% Reduced -14.9k -14,939
19 ALPINE ASSOCIATES MANAGEMENT INC. 3.52% of their portfolio PALM BEACH, FL 1,362,0001.4m $78.2m $78.2m 3.52% New
20 FIL Ltd 0.08% of their portfolio HAMILTON, D0 1,314,4671.3m $75.5m $75.5m 0.08% New
21 NORGES BANK 0.01% of their portfolio OSLO, Q8 1,308,1251.3m $75.1m $75.1m 0.01% Added +34.2k +34,153
22 Nuveen Asset Management, LLC 0.02% of their portfolio CHICAGO, IL 1,171,6441.2m $67.3m $67.3m 0.02% Added +219.1k +219,132
23 BARCLAYS PLC 0.04% of their portfolio LONDON, X0 1,016,6261.0m $58.4m $58.4m 0.04% Added +986.4k +986,417
24 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 998,736998.7k $57.3m $57.3m 0.01% Reduced -137.3k -137,350
25 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 996,006996.0k $57.2m $57.2m 0.01% Added +702.6k +702,599
26 PICTON MAHONEY ASSET MANAGEMENT 2.73% of their portfolio Toronto, A6 969,300969.3k $55.6m $55.6m 2.73% New
27 WATER ISLAND CAPITAL LLC 5.12% of their portfolio NEW YORK, NY 959,494959.5k $55.1m $55.1m 5.12% Added +937.7k +937,744
28 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 904,360904.4k $51.9m $51.9m 0.01% Reduced -837.4k -837,391
29 Stephens Investment Management Group LLC 0.81% of their portfolio LITTLE ROCK, AR 900,975901.0k $51.7m $51.7m 0.81% Reduced -311 -311
30 KRYGER CAPITAL Ltd 5.24% of their portfolio LONDON, X0 892,222892.2k $51.2m $51.2m 5.24% New
31 Carlson Capital, L.P. 4.21% of their portfolio DALLAS, TX 855,000855.0k $49.1m $49.1m 4.21% New
32 Man Group plc 0.15% of their portfolio LONDON, X0 846,386846.4k $48.6m $48.6m 0.15% New
33 Magnetar Financial LLC 1.07% of their portfolio EVANSTON, IL 845,732845.7k $48.5m $48.5m 1.07% New
34 ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio NASHVILLE, TN 819,577819.6k $47.0m $47.0m 0.02% Added +583.9k +583,932
35 Qube Research & Technologies Ltd 0.18% of their portfolio LONDON, X0 811,469811.5k $46.6m $46.6m 0.18% Added +324.0k +324,002
36 BANK OF NOVA SCOTIA 0.11% of their portfolio TORONTO, A6 758,283758.3k $43.5m $43.5m 0.11% Added +629.5k +629,480
37 California Public Employees Retirement System 0.04% of their portfolio Sacramento, CA 754,171754.2k $43.3m $43.3m 0.04% Added +507.9k +507,941
38 Robeco Schweiz AG 0.56% of their portfolio ZURICH, V8 658,000658.0k $37.8m $37.8m 0.56% Reduced -590.0k -590,000
39 Davidson Kempner Capital Management LP 0.70% of their portfolio New York, NY 582,343582.3k $33.4m $33.4m 0.70% Reduced -193.2k -193,208
40 Legal & General Group Plc 0.01% of their portfolio London, X0 559,521559.5k $32.1m $32.1m 0.01% Reduced -834 -834
41 Oribel Capital Management, LP 2.81% of their portfolio NEW YORK, NY 523,400523.4k $30.0m $30.0m 2.81% Added +143.5k +143,500
42 Melqart Asset Management (UK) Ltd 2.74% of their portfolio London, X0 522,634522.6k $30.0m $30.0m 2.74% Added +224.1k +224,104
43 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 519,231519.2k $29.8m $29.8m 0.02% Reduced -3.0k -2,992
44 PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio DES MOINES, IA 498,344498.3k $28.6m $28.6m 0.02% Reduced -18.6k -18,601
45 RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio NEW YORK, NY 472,166472.2k $27.1m $27.1m 0.04% Reduced -27.4k -27,400
46 New York Life Investment Management LLC 0.28% of their portfolio New York, NY 461,596461.6k $26.5m $26.5m 0.28% New
47 AMERICAN CAPITAL MANAGEMENT INC 0.91% of their portfolio NEW YORK, NY 458,662458.7k $26.3m $26.3m 0.91% Reduced -127.0k -127,049
48 GABELLI FUNDS LLC 0.20% of their portfolio Rye, NY 457,712457.7k $26.3m $26.3m 0.20% Added +308.7k +308,707
49 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 441,132441.1k $25.3m $25.3m 0.01% Reduced -7.1k -7,116
50 ROYCE & ASSOCIATES LP 0.24% of their portfolio New York, NY 427,314427.3k $24.5m $24.5m 0.24% Added +10.0k +10,030
51 GABELLI & Co INVESTMENT ADVISERS, INC. 4.03% of their portfolio Rye, NY 419,252419.3k $24.1m $24.1m 4.03% Added +309.5k +309,502
52 RHUMBLINE ADVISERS 0.03% of their portfolio BOSTON, MA 417,068417.1k $23.9m $23.9m 0.03% Added +29.2k +29,192
53 STATE OF WISCONSIN INVESTMENT BOARD 0.06% of their portfolio MADISON, WI 387,896387.9k $22.3m $22.3m 0.06% Added +219.0k +218,970
54 UBS Group AG 0.01% of their portfolio ZURICH, V8 383,263383.3k $22.0m $22.0m 0.01% Added +279.7k +279,727
55 MCDANIEL TERRY & CO 2.18% of their portfolio AUSTIN, TX 373,078373.1k $21.4m $21.4m 2.18% Reduced -62.8k -62,757
56 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 371,233371.2k $21.3m $21.3m 0.02% Reduced -1.1m -1,075,110
57 SCHAPER BENZ & WISE INVESTMENT COUNSEL INC/WI 2.04% of their portfolio NEENAH, WI 370,299370.3k $21.3m $21.3m 2.04% Reduced -13.1k -13,063
58 FIRST TRUST ADVISORS LP 0.02% of their portfolio Wheaton, IL 370,000370.0k $21.2m $21.2m 0.02% Reduced -26.8k -26,756
59 Westchester Capital Management, LLC 0.73% of their portfolio VALHALLA, NY 365,295365.3k $21.0m $21.0m 0.73% Added +168.5k +168,533
60 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 343,931343.9k $19.7m $19.7m 0.02% Added +101.0k +100,977
61 EXCHANGE TRADED CONCEPTS, LLC 0.48% of their portfolio Oklahoma City, OK 336,691336.7k $19.3m $19.3m 0.48% Reduced -14.7k -14,687
62 AQR Arbitrage LLC 0.80% of their portfolio Greenwich, CT 323,932323.9k $18.6m $18.6m 0.80% New
63 Grantham, Mayo, Van Otterloo & Co. LLC 0.09% of their portfolio Boston, MA 323,720323.7k $18.6m $18.6m 0.09% New
64 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 322,173322.2k $18.5m $18.5m 0.01% Added +243.4k +243,358
65 Hudson Bay Capital Management LP 0.17% of their portfolio STAMFORD, CT 300,305300.3k $17.2m $17.2m 0.17% Reduced -379.8k -379,751
66 LOOMIS SAYLES & CO L P 0.03% of their portfolio BOSTON, MA 298,425298.4k $17.1m $17.1m 0.03% Reduced -408.5k -408,478
67 Cinctive Capital Management LP 0.65% of their portfolio New York, NY 290,087290.1k $16.7m $16.7m 0.65% Added +240.1k +240,087
68 Swiss National Bank 0.01% of their portfolio ZURICH, V8 286,300286.3k $16.4m $16.4m 0.01% Added +4.5k +4,500
69 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 284,792284.8k $16.3m $16.3m 0.00% Reduced -81.8k -81,804
70 Calamos Advisors LLC 0.08% of their portfolio NAPERVILLE, IL 276,662276.7k $15.9m $15.9m 0.08% New
71 HARVEST MANAGEMENT LLC 15.49% of their portfolio New York, NY 264,400264.4k $15.2m $15.2m 15.49% Reduced -63.4k -63,400
72 Versor Investments LP 2.59% of their portfolio New York, NY 260,804260.8k $15.0m $15.0m 2.59% New
73 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 251,359251.4k $13.2m $13.2m 0.01% Unchanged
74 HSBC HOLDINGS PLC 0.02% of their portfolio LONDON, X0 245,952246.0k $14.2m $14.2m 0.02% Added +233.3k +233,291
75 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 242,383242.4k $13.9m $13.9m 0.00% Reduced -878.2k -878,196
76 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 238,750238.8k $13.7m $13.7m 0.00% Reduced -311.1k -311,083
77 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 231,255231.3k $13.3m $13.3m 0.00% Added +204.0k +203,973
78 NATIONAL BANK OF CANADA /FI/ 0.03% of their portfolio MONTREAL, A8 230,000230.0k $13.2m $13.2m 0.03% Added +196.0k +196,000
79 Penserra Capital Management LLC 0.26% of their portfolio ORINDA, CA 229,348229.3k $13.2m $13.2m 0.26% Added +105.6k +105,603
80 CREDIT SUISSE AG/ 0.01% of their portfolio ZURICH, V8 227,796227.8k $13.1m $13.1m 0.01% Added +56.4k +56,404
81 Verition Fund Management LLC 0.20% of their portfolio GREENWICH, CT 219,903219.9k $12.6m $12.6m 0.20% Added +147.2k +147,233
82 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.05% of their portfolio TORONTO, A6 212,472212.5k $12.2m $12.2m 0.05% Added +207.9k +207,943
83 TOKIO MARINE ASSET MANAGEMENT CO LTD 0.75% of their portfolio Tokyo, M0 205,400205.4k $11.8m $11.8m 0.75% Added +155.9k +155,900
84 Berry Street Capital Management LLP 4.89% of their portfolio LONDON, X0 200,000200.0k $11.5m $11.5m 4.89% Reduced -125.0k -125,000
85 AMERICAN INTERNATIONAL GROUP, INC. 0.07% of their portfolio New York, NY 199,328199.3k $11.4m $11.4m 0.07% Reduced -2.2k -2,222
86 Capula Management Ltd 1.36% of their portfolio Grand Cayman, E9 197,048197.0k $11.3m $11.3m 1.36% Not comparable
87 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.02% of their portfolio Boston, MA 196,264196.3k $11.3m $11.3m 0.02% Added +103.5k +103,478
88 BARDIN HILL MANAGEMENT PARTNERS LP 2.95% of their portfolio NEW YORK, NY 195,244195.2k $11.2m $11.2m 2.95% Added +121.5k +121,518
89 Varma Mutual Pension Insurance Co 0.13% of their portfolio Varma, H9 188,310188.3k $10.8m $10.8m 0.13% Reduced -80.7k -80,704
90 NATIXIS 0.09% of their portfolio PARIS, I0 185,973186.0k $10.7m $10.7m 0.09% Added +15.7k +15,673
91 NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio ALBANY, NY 176,690176.7k $10.1m $10.1m 0.02% Reduced -2.6k -2,600
92 Ergoteles LLC 0.47% of their portfolio NEW YORK, NY 172,237172.2k $9.9m $9.9m 0.47% Added +150.0k +150,021
93 Retirement Systems of Alabama 0.04% of their portfolio MONTGOMERY, AL 169,461169.5k $9.7m $9.7m 0.04% Reduced -1.1k -1,143
94 DEPRINCE RACE & ZOLLO INC 0.22% of their portfolio Winter Park, FL 168,775168.8k $9.7m $9.7m 0.22% Reduced -322.0k -322,017
95 Leeward Investments, LLC - MA 0.44% of their portfolio BOSTON, MA 164,700164.7k $9.5m $9.5m 0.44% Reduced -111.5k -111,531
96 Advantage Alpha Capital Partners LP 1.86% of their portfolio SAN FRANCISCO, CA 161,704161.7k $9.3m $9.3m 1.86% Unchanged
97 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio WEST SACRAMENTO, CA 159,680159.7k $9.2m $9.2m 0.01% Reduced -4.0k -3,973
98 ING GROEP NV 0.07% of their portfolio AMSTERDAM, P7 157,100157.1k $9.0m $9.0m 0.07% Added +23.3k +23,300
99 Weiss Multi-Strategy Advisers LLC 0.18% of their portfolio NEW YORK, NY 149,083149.1k $8.6m $8.6m 0.18% Added +139.1k +139,083
100 Genus Capital Management Inc. 1.24% of their portfolio VANCOUVER, A1 146,465146.5k $8.4m $8.4m 1.24% First filing