Vault-13

PPL CAP FDG INC PPL 2.875 03.15.28

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

76 institutional holders +0 vs Q1 2025
29,792,01529.8m shares reported held*
$1.0bnreported value*
10 new 17 added 22 reduced 10 sold out net bought ≈ $10.9m (-2.1m 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 ($4.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $34.95.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 24: 57Q2 24: 64Q3 24: 67Q4 24: 73Q1 25: 76Q2 25: 7676Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q1 202457
Q2 202464
Q3 202467
Q4 202473
Q1 202576
Q2 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 25Q2 25: 27 bought or addedQ2 25: 32 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q2 20242821
Q3 20242622
Q4 20243126
Q1 20253924
Q2 20252732

Biggest buyers

ARISTEIA CAPITAL, L.L.C. New +39,750,000+39.8m
TWO SIGMA INVESTMENTS, LP Added +13,000,000+13.0m
Verition Fund Management LLC New +12,500,000+12.5m
BlackRock, Inc. Added +8,715,000+8.7m
Calamos Advisors LLC Added +7,895,000+7.9m
SILVERBACK ASSET MANAGEMENT LLC New +7,000,000+7.0m
Sculptor Capital LP Added +5,467,000+5.5m
JPMORGAN CHASE & CO Added +4,649,000+4.6m
LORD, ABBETT & CO. LLC Added +2,634,000+2.6m
Invesco Ltd. Added +1,600,000+1.6m

Biggest sellers

Polar Asset Management Partners Inc. Reduced -25,000,000-25.0m
CITADEL ADVISORS LLC Sold out -16,500,000-16.5m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -7,839,000-7.8m
Linden Advisors LP Sold out -7,500,000-7.5m
WELLS FARGO & COMPANY/MN Reduced -6,741,000-6.7m
MARSHALL WACE, LLP Reduced -5,000,000-5.0m
Parallax Volatility Advisers, L.P. Sold out -5,000,000-5.0m
BANK OF AMERICA CORP /DE/ Reduced -4,991,000-5.0m
LAZARD ASSET MANAGEMENT LLC Sold out -4,643,000-4.6m
MORGAN STANLEY Reduced -4,620,000-4.6m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Calamos Advisors LLC 0.54% of their portfolio NAPERVILLE, IL 116,978,000117.0m $126.3m $126.3m 0.54% Added +7.9m +7,895,000
2 CAMDEN ASSET MANAGEMENT L P /CA 1.87% of their portfolio Los Angeles, CA 74,020,00074.0m $79.9m $79.9m 1.87% Reduced -7.8m -7,839,000
3 BlackRock, Inc. 0.00% of their portfolio New York, NY 73,837,00073.8m $79.7m $79.7m 0.00% Added +8.7m +8,715,000
4 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 68,480,00068.5m $74.0m $74.0m 0.01% Added +1.6m +1,600,000
5 ADVENT CAPITAL MANAGEMENT /DE/ 1.39% of their portfolio NEW YORK, NY 58,448,00058.4m $63.3m $63.3m 1.39% Reduced -413.0k -413,000
6 VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio San Antonio, TX 57,435,00057.4m $62.0m $62.0m 0.04% Reduced -744.0k -744,000
7 Sculptor Capital LP 0.96% of their portfolio New York, NY 54,967,00055.0m $59.4m $59.4m 0.96% Added +5.5m +5,467,000
8 ZAZOVE ASSOCIATES LLC 3.76% of their portfolio INCLINE VILLAGE, NV 42,720,00042.7m $46.1m $46.1m 3.76% Unchanged
9 ARISTEIA CAPITAL, L.L.C. 1.22% of their portfolio GREENWICH, CT 39,750,00039.8m $43.0m $43.0m 1.22% New
10 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 36,000,00036.0m $38.9m $38.9m 0.05% Reduced -5.0m -5,000,000
11 Polar Asset Management Partners Inc. 0.67% of their portfolio TORONTO, A6 25,000,00025.0m $27.0m $27.0m 0.67% Reduced -25.0m -25,000,000
12 TWO SIGMA INVESTMENTS, LP 0.04% of their portfolio NEW YORK, NY 20,500,00020.5m $22.1m $22.1m 0.04% Added +13.0m +13,000,000
13 PIER 88 INVESTMENT PARTNERS LLC 3.98% of their portfolio SAN FRANCISCO, CA 19,830,00019.8m $21.4m $21.4m 3.98% Reduced -2.1m -2,130,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 18,755,00018.8m $20.4m $20.4m 0.00% Reduced -1.5m -1,530,000
15 Aequim Alternative Investments LP 0.62% of their portfolio MILL VALLEY, CA 17,500,00017.5m $18.9m $18.9m 0.62% Unchanged
16 SSI INVESTMENT MANAGEMENT LLC 1.21% of their portfolio Los Angeles, CA 15,852,00015.9m $17.1m $17.1m 1.21% Reduced -80.0k -80,000
17 Wellesley Asset Management 1.63% of their portfolio PORTSMOUTH, NH 15,789,00015.8m $17.1m $17.1m 1.63% Added +1.1m +1,058,000
18 LORD, ABBETT & CO. LLC 0.04% of their portfolio JERSEY CITY, NJ 12,716,00012.7m $13.7m $13.7m 0.04% Added +2.6m +2,634,000
19 Verition Fund Management LLC 0.08% of their portfolio GREENWICH, CT 12,500,00012.5m $13.5m $13.5m 0.08% New
20 FMR LLC 0.00% of their portfolio BOSTON, MA 12,294,00012.3m $13.3m $13.3m 0.00% Reduced -1.3m -1,331,000
21 INCOME RESEARCH & MANAGEMENT 3.51% of their portfolio Boston, MA 12,146,00012.1m $13.1m $13.1m 3.51% Added +246.0k +246,000
22 OAKTREE CAPITAL MANAGEMENT LP 0.24% of their portfolio LOS ANGELES, CA 11,381,00011.4m $12.3m $12.3m 0.24% Added +300.0k +300,000
23 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 11,033,00011.0m $11.9m $11.9m 0.00% Added +995.0k +995,000
24 Kohlberg Kravis Roberts & Co. L.P. 0.23% of their portfolio NEW YORK, NY 10,160,00010.2m $11.0m $11.0m 0.23% Reduced -2.0m -2,000,000
25 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 9,062,0009.1m $9.8m $9.8m 0.00% Reduced -4.6m -4,620,000
26 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 9,022,0009.0m $9.8m $9.8m 0.00% Unchanged
27 PenderFund Capital Management Ltd. 2.32% of their portfolio VANCOUVER, A1 9,000,0009.0m $9.8m $9.8m 2.32% Reduced -2.0m -2,000,000
28 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 8,789,0008.8m $9.6m $9.6m 0.02% Reduced -90.0k -90,000
29 GABELLI FUNDS LLC 0.06% of their portfolio Rye, NY 7,600,0007.6m $8.2m $8.2m 0.06% Unchanged
30 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 7,516,0007.5m $8.1m $8.1m 0.00% Reduced -5.0m -4,991,000
31 ANGELO GORDON & CO., L.P. 1.08% of their portfolio NEW YORK, NY 7,500,0007.5m $8.1m $8.1m 1.08% Unchanged
32 RATIONAL ADVISORS, INC. 0.78% of their portfolio San Juan, PR 7,260,0007.3m $7.8m $7.8m 0.78% Reduced -2.1m -2,130,000
33 SILVERBACK ASSET MANAGEMENT LLC 1.16% of their portfolio DURHAM, NC 7,000,0007.0m $7.6m $7.6m 1.16% New
34 Cutler Capital Management, LLC 2.38% of their portfolio WORCESTER, MA 6,330,0006.3m $6.8m $6.8m 2.38% Reduced -50.0k -50,000
35 RWC Asset Management LLP 0.34% of their portfolio LONDON, X0 6,000,0006.0m $6.5m $6.5m 0.34% Unchanged
36 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,617,0005.6m $6.1m $6.1m 0.00% Added +4.6m +4,649,000
37 SHENKMAN CAPITAL MANAGEMENT INC 0.53% of their portfolio NEW YORK, NY 4,734,0004.7m $5.3m $5.3m 0.53% Reduced -214.0k -214,000
38 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 3,675,0003.7m $4.0m $4.0m 0.01% Unchanged
39 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,674,0002.7m $2.9m $2.9m 0.00% Reduced -6.7m -6,741,000
40 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,500,0002.5m $2.7m $2.7m 0.00% Added +1.0m +1,000,000
41 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 2,325,0002.3m $2.5m $2.5m 0.00% Added +325.0k +325,000
42 Ameritas Investment Partners, Inc. 0.07% of their portfolio LINCOLN, NE 2,050,0002.0m $2.2m $2.2m 0.07% Unchanged
43 WESTWOOD HOLDINGS GROUP INC 0.01% of their portfolio DALLAS, TX 1,500,0001.5m $1.5m $1.5m 0.01% Unchanged
44 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,350,0001.4m $1.5m $1.5m 0.01% Reduced -250.0k -250,000
45 AEGON USA Investment Management, LLC 0.91% of their portfolio CEDAR RAPIDS, IA 1,122,0001.1m $1.2m $1.2m 0.91% Unchanged
46 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 771,000771.0k $832.7k $832.7k 0.00% New
47 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 750,000750.0k $809.9k $809.9k 0.03% Reduced -69.0k -69,000
48 Erste Asset Management GmbH 0.01% of their portfolio VIENNA, C4 750,000750.0k $813.8k $813.8k 0.01% Added +750.0k +750,000
49 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 640,000640.0k $691.2k $691.2k 0.00% New
50 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 600,000600.0k $648.0k $648.0k 0.00% Unchanged
51 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 528,000528.0k $570.3k $570.3k 0.00% Added +12.0k +12,000
52 MacKay Shields LLC 0.02% of their portfolio New York, NY 500,000500.0k $541.3k $541.3k 0.02% Unchanged
53 Teton Advisors, Inc. 0.33% of their portfolio Rye, NY 500,000500.0k $539.9k $539.9k 0.33% Unchanged
54 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 450,000450.0k $485.1k $485.1k 0.00% New
55 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 442,000442.0k $478.5k $478.5k 0.00% Unchanged
56 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 300,000300.0k $324.0k $324.0k 0.00% Unchanged
57 Central Pacific Bank - Trust Division 0.04% of their portfolio HONOLULU, HI 262,000262.0k $283.0k $283.0k 0.04% Unchanged
58 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 183,000183.0k $197.6k $197.6k 0.00% Added +23.0k +23,000
59 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 51,00051.0k $55.1k $55.1k 0.00% Unchanged
60 Capital Investment Advisory Services, LLC 0.00% of their portfolio RALEIGH, NC 46,00046.0k $49.7k $49.7k 0.00% New
61 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 38,00038.0k $41.0k $41.0k 0.00% Unchanged
62 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 23,00023.0k $24.8k $24.8k 0.00% Unchanged
63 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 18,00018.0k $19.4k $19.4k 0.00% Added +5.0k +5,000
64 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 17,00017.0k $18.5k $18.5k 0.00% Unchanged
65 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 17,00017.0k $18.4k $18.4k 0.00% Unchanged
66 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 15,00015.0k $16.1k $16.1k 0.00% Unchanged
67 Oaktree Fund Advisors, LLC 0.03% of their portfolio LOS ANGLES, CA 14,00014.0k $15.2k $15.2k 0.03% Unchanged
68 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.01% of their portfolio SALINE, MI 13,00013.0k $14.0k $14.0k 0.01% Unchanged
69 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 13,00013.0k $14.0k $14.0k 0.00% New
70 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,00012.0k $12.9k $12.9k 0.00% New
71 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 10,45610.5k $354.3k $354.3k 0.00% Reduced -85.6k -85,628
72 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 10,00010.0k $10.8k $10.8k 0.00% Unchanged
73 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 5,0005.0k $5.4k $5.4k 0.00% New
74 Context Capital Management, LLC 0.10% of their portfolio LAJOLLA, CA 2,7952.8k $3.0m $3.0m 0.10% Unchanged
75 LAFFER TENGLER INVESTMENTS, INC. 0.50% of their portfolio Scottsdale, AZ 2,5592.6k $2.8m $2.8m 0.50% Reduced -66 -66
76 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged