Vault-13

PPL CAP FDG INC PPL 2.875 03.15.28

NOTE 2.875% 3/1 · US DOMESTIC · CUSIP 69352PAS2

76 institutional holders +3 vs Q4 2024
31,882,70931.9m shares reported held*
$1.1bnreported value*
15 new 24 added 12 reduced 12 sold out net bought ≈ $23.1m (-23.0m 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 ($4.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $33.30.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 24: 57Q2 24: 64Q3 24: 67Q4 24: 73Q1 25: 7676Q1 24Q2 24Q3 24Q4 24Q1 25
Numbers
QuarterHolders
Q1 202457
Q2 202464
Q3 202467
Q4 202473
Q1 202576

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 24: 28 bought or addedQ2 24: 21 cut or sold outQ2 24Q3 24: 26 bought or addedQ3 24: 22 cut or sold outQ3 24Q4 24: 31 bought or addedQ4 24: 26 cut or sold outQ4 24Q1 25: 39 bought or addedQ1 25: 24 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20242821
Q3 20242622
Q4 20243126
Q1 20253924

Biggest buyers

CAMDEN ASSET MANAGEMENT L P /CA Added +47,500,000+47.5m
BlackRock, Inc. Added +26,450,000+26.4m
Sculptor Capital LP Added +19,000,000+19.0m
CITADEL ADVISORS LLC New +16,500,000+16.5m
PenderFund Capital Management Ltd. New +11,000,000+11.0m
Calamos Advisors LLC Added +10,082,000+10.1m
WELLS FARGO & COMPANY/MN Added +9,261,000+9.3m
Thrivent Financial for Lutherans New +8,879,000+8.9m
TWO SIGMA INVESTMENTS, LP New +7,500,000+7.5m
Linden Advisors LP New +7,500,000+7.5m

Biggest sellers

Polar Asset Management Partners Inc. Reduced -90,000,000-90.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -44,645,000-44.6m
NEW YORK STATE COMMON RETIREMENT FUND Sold out -8,931,000-8.9m
Thrivent Financial for Lutherans Sold out -8,379,000-8.4m
MUFG SECURITIES AMERICAS INC. Sold out -6,660,000-6.7m
TORONTO DOMINION BANK Sold out -5,000,000-5.0m
ARISTEIA CAPITAL, L.L.C. Sold out -3,741,000-3.7m
JPMORGAN CHASE & CO Reduced -3,562,000-3.6m
Wellesley Asset Management Reduced -2,241,000-2.2m
Invesco Ltd. Reduced -1,850,000-1.9m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Calamos Advisors LLC 0.58% of their portfolio NAPERVILLE, IL 109,083,000109.1m $122.4m $122.4m 0.58% Added +10.1m +10,082,000
2 CAMDEN ASSET MANAGEMENT L P /CA 2.45% of their portfolio Los Angeles, CA 81,859,00081.9m $91.6m $91.6m 2.45% Added +47.5m +47,500,000
3 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 66,880,00066.9m $74.8m $74.8m 0.01% Reduced -1.9m -1,850,000
4 BlackRock, Inc. 0.00% of their portfolio New York, NY 65,122,00065.1m $72.9m $72.9m 0.00% Added +26.4m +26,450,000
5 ADVENT CAPITAL MANAGEMENT /DE/ 1.51% of their portfolio NEW YORK, NY 58,861,00058.9m $66.0m $66.0m 1.51% Reduced -44.6m -44,645,000
6 VICTORY CAPITAL MANAGEMENT INC 0.07% of their portfolio San Antonio, TX 58,179,00058.2m $65.2m $65.2m 0.07% Added +554.0k +554,000
7 Polar Asset Management Partners Inc. 1.86% of their portfolio TORONTO, A6 50,000,00050.0m $56.1m $56.1m 1.86% Reduced -90.0m -90,000,000
8 Sculptor Capital LP 1.25% of their portfolio New York, NY 49,500,00049.5m $55.5m $55.5m 1.25% Added +19.0m +19,000,000
9 ZAZOVE ASSOCIATES LLC 4.11% of their portfolio INCLINE VILLAGE, NV 42,720,00042.7m $47.9m $47.9m 4.11% Added +220.0k +220,000
10 MARSHALL WACE, LLP 0.06% of their portfolio LONDON, X0 41,000,00041.0m $46.0m $46.0m 0.06% Unchanged
11 PIER 88 INVESTMENT PARTNERS LLC 4.71% of their portfolio SAN FRANCISCO, CA 21,960,00022.0m $24.6m $24.6m 4.71% Added +1.1m +1,080,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 20,285,00020.3m $22.8m $22.8m 0.00% Reduced -1.8m -1,750,000
13 Aequim Alternative Investments LP 0.78% of their portfolio MILL VALLEY, CA 17,500,00017.5m $19.6m $19.6m 0.78% Unchanged
14 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 16,500,00016.5m $18.5m $18.5m 0.02% New
15 SSI INVESTMENT MANAGEMENT LLC 1.39% of their portfolio Los Angeles, CA 15,932,00015.9m $17.8m $17.8m 1.39% Added +705.0k +705,000
16 Wellesley Asset Management 1.65% of their portfolio PORTSMOUTH, NH 14,731,00014.7m $16.5m $16.5m 1.65% Reduced -2.2m -2,241,000
17 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 13,682,00013.7m $15.3m $15.3m 0.00% Added +5.2m +5,170,000
18 FMR LLC 0.00% of their portfolio BOSTON, MA 13,625,00013.6m $15.2m $15.2m 0.00% Unchanged
19 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,507,00012.5m $14.0m $14.0m 0.00% Added +4.8m +4,821,000
20 Kohlberg Kravis Roberts & Co. L.P. 0.31% of their portfolio NEW YORK, NY 12,160,00012.2m $13.6m $13.6m 0.31% Added +3.2m +3,160,000
21 INCOME RESEARCH & MANAGEMENT 5.67% of their portfolio Boston, MA 11,900,00011.9m $13.3m $13.3m 5.67% Unchanged
22 OAKTREE CAPITAL MANAGEMENT LP 0.25% of their portfolio LOS ANGELES, CA 11,081,00011.1m $12.4m $12.4m 0.25% Added +2.6m +2,582,000
23 PenderFund Capital Management Ltd. 0.05% of their portfolio VANCOUVER, A1 11,000,00011.0m $172.4k $172.4k 0.05% New
24 LORD, ABBETT & CO. LLC 0.04% of their portfolio JERSEY CITY, NJ 10,082,00010.1m $11.3m $11.3m 0.04% Added +4.9m +4,912,000
25 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 10,038,00010.0m $11.2m $11.2m 0.00% Added +2.0m +2,005,000
26 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 9,415,0009.4m $10.6m $10.6m 0.00% Added +9.3m +9,261,000
27 RATIONAL ADVISORS, INC. 1.06% of their portfolio San Juan, PR 9,390,0009.4m $10.5m $10.5m 1.06% Added +1.1m +1,080,000
28 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 9,022,0009.0m $10.1m $10.1m 0.00% Added +1.9m +1,888,000
29 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 8,879,0008.9m $9.9m $9.9m 0.02% New
30 GABELLI FUNDS LLC 0.06% of their portfolio Rye, NY 7,600,0007.6m $8.5m $8.5m 0.06% Unchanged
31 ANGELO GORDON & CO., L.P. 1.46% of their portfolio NEW YORK, NY 7,500,0007.5m $8.4m $8.4m 1.46% Unchanged
32 TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio NEW YORK, NY 7,500,0007.5m $8.4m $8.4m 0.02% New
33 Linden Advisors LP 0.06% of their portfolio New York, NY 7,500,0007.5m $8.4m $8.4m 0.06% New
34 Cutler Capital Management, LLC 2.48% of their portfolio WORCESTER, MA 6,380,0006.4m $7.1m $7.1m 2.48% Reduced -55.0k -55,000
35 RWC Asset Management LLP 0.35% of their portfolio LONDON, X0 6,000,0006.0m $6.7m $6.7m 0.35% Unchanged
36 Parallax Volatility Advisers, L.P. 0.18% of their portfolio San Francisco, CA 5,000,0005.0m $5.6m $5.6m 0.18% New
37 SHENKMAN CAPITAL MANAGEMENT INC 0.59% of their portfolio NEW YORK, NY 4,948,0004.9m $5.8m $5.8m 0.59% New
38 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 4,643,0004.6m $5.2m $5.2m 0.01% New
39 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 3,675,0003.7m $4.1m $4.1m 0.01% Unchanged
40 Ameritas Investment Partners, Inc. 0.08% of their portfolio LINCOLN, NE 2,050,0002.0m $2.3m $2.3m 0.08% Unchanged
41 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 2,000,0002.0m $2.2m $2.2m 0.00% New
42 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,600,0001.6m $1.8m $1.8m 0.01% Added +600.0k +600,000
43 WESTWOOD HOLDINGS GROUP INC 0.01% of their portfolio DALLAS, TX 1,500,0001.5m $1.7m $1.7m 0.01% Unchanged
44 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,500,0001.5m $1.7m $1.7m 0.00% New
45 AEGON USA Investment Management, LLC 1.00% of their portfolio CEDAR RAPIDS, IA 1,122,0001.1m $1.3m $1.3m 1.00% Unchanged
46 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 968,000968.0k $1.1m $1.1m 0.00% Reduced -3.6m -3,562,000
47 Calamos Wealth Management LLC 0.05% of their portfolio NAPERVILLE, IL 819,000819.0k $919.0k $919.0k 0.05% Reduced -33.0k -33,000
48 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 638,000638.0k $716.3k $716.3k 0.00% Added +124.0k +124,000
49 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 600,000600.0k $673.6k $673.6k 0.00% Unchanged
50 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 516,000516.0k $578.9k $578.9k 0.00% First filing
51 MacKay Shields LLC 0.02% of their portfolio New York, NY 500,000500.0k $560.8k $560.8k 0.02% Unchanged
52 Teton Advisors, Inc. 0.35% of their portfolio Rye, NY 500,000500.0k $561.1k $561.1k 0.35% Unchanged
53 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 442,000442.0k $495.7k $495.7k 0.00% Reduced -7.0k -7,000
54 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 300,000300.0k $336.6k $336.6k 0.00% Unchanged
55 Central Pacific Bank - Trust Division 0.04% of their portfolio HONOLULU, HI 262,000262.0k $293.2k $293.2k 0.04% Unchanged
56 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 160,000160.0k $177.8k $177.8k 0.00% Reduced -5.0k -5,000
57 NOMURA HOLDINGS INC 0.02% of their portfolio TOKYO, M0 96,08496.1k $3.5m $3.5m 0.02% Added +87.7k +87,697
58 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 84,00084.0k $94.0k $94.0k 0.00% Unchanged
59 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 51,00051.0k $57.1k $57.1k 0.00% Added +16.0k +16,000
60 B. Riley Wealth Advisors, Inc. 0.00% of their portfolio MEMPHIS, TN 46,00046.0k $51.5k $51.5k 0.00% New
61 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 38,00038.0k $42.5k $42.5k 0.00% New
62 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 23,00023.0k $25.8k $25.8k 0.00% Unchanged
63 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 17,00017.0k $19.0k $19.0k 0.00% Reduced -40.0k -40,000
64 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 17,00017.0k $19.0k $19.0k 0.00% Unchanged
65 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 15,00015.0k $16.0k $16.0k 0.00% Added +15.0k +14,985
66 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 15,00015.0k $16.8k $16.8k 0.00% Unchanged
67 Oaktree Fund Advisors, LLC 0.02% of their portfolio LOS ANGLES, CA 14,00014.0k $15.7k $15.7k 0.02% Unchanged
68 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.01% of their portfolio SALINE, MI 13,00013.0k $14.6k $14.6k 0.01% Unchanged
69 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 13,00013.0k $14.5k $14.5k 0.00% New
70 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 13,00013.0k $14.6k $14.6k 0.00% Unchanged
71 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,00012.0k $13.4k $13.4k 0.00% New
72 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 10,00010.0k $11.2k $11.2k 0.00% Added +4.0k +4,000
73 Context Capital Management, LLC 0.12% of their portfolio LAJOLLA, CA 2,7952.8k $3.1m $3.1m 0.12% Reduced -5.0k -5,000
74 LAFFER TENGLER INVESTMENTS, INC. 0.63% of their portfolio Scottsdale, AZ 2,6252.6k $3.0m $3.0m 0.63% Added +3 +3
75 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged
76 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% New