Vault-13

PPL CAP FDG INC PPL 2.875 03.15.28

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

72 institutional holders -4 vs Q2 2025
25,928,00025.9m shares reported held*
$1.1bnreported value*
10 new 21 added 21 reduced 12 sold out net bought ≈ $4.6m (-3.9m 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 ($4.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $42.45.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 24: 57Q2 24: 64Q3 24: 67Q4 24: 73Q1 25: 76Q2 25: 76Q3 25: 7272Q1 24Q3 24Q1 25Q3 25
Numbers
QuarterHolders
Q1 202457
Q2 202464
Q3 202467
Q4 202473
Q1 202576
Q2 202576
Q3 202572

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 25Q3 25: 31 bought or addedQ3 25: 33 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q2 20242821
Q3 20242622
Q4 20243126
Q1 20253924
Q2 20252732
Q3 20253133

Biggest buyers

Universal- Beteiligungs- und Servicegesellschaft mbH Added +20,042,000+20.0m
ADVENT CAPITAL MANAGEMENT /DE/ Added +18,638,000+18.6m
JPMORGAN CHASE & CO Added +14,909,000+14.9m
TWO SIGMA INVESTMENTS, LP Added +14,500,000+14.5m
LAZARD ASSET MANAGEMENT LLC New +11,862,000+11.9m
Polar Asset Management Partners Inc. Added +10,000,000+10.0m
OAKTREE CAPITAL MANAGEMENT LP Added +4,352,000+4.4m
Calamos Advisors LLC Added +3,999,000+4.0m
MORGAN STANLEY Added +3,805,000+3.8m
CITIGROUP INC Added +3,700,000+3.7m

Biggest sellers

BlackRock, Inc. Reduced -48,520,000-48.5m
ZAZOVE ASSOCIATES LLC Reduced -14,640,000-14.6m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -9,740,000-9.7m
SILVERBACK ASSET MANAGEMENT LLC Sold out -7,000,000-7.0m
ARISTEIA CAPITAL, L.L.C. Reduced -5,000,000-5.0m
INCOME RESEARCH & MANAGEMENT Reduced -3,645,000-3.6m
Ameritas Investment Partners, Inc. Sold out -2,050,000-2.0m
Wellesley Asset Management Reduced -1,800,000-1.8m
RWC Asset Management LLP Reduced -1,500,000-1.5m
WESTWOOD HOLDINGS GROUP INC Sold out -1,500,000-1.5m

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Calamos Advisors LLC 0.56% of their portfolio NAPERVILLE, IL 120,977,000121.0m $138.3m $138.3m 0.56% Added +4.0m +3,999,000
2 ADVENT CAPITAL MANAGEMENT /DE/ 1.98% of their portfolio NEW YORK, NY 77,086,00077.1m $88.1m $88.1m 1.98% Added +18.6m +18,638,000
3 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 69,446,00069.4m $79.3m $79.3m 0.01% Added +966.0k +966,000
4 CAMDEN ASSET MANAGEMENT L P /CA 1.62% of their portfolio Los Angeles, CA 64,280,00064.3m $73.4m $73.4m 1.62% Reduced -9.7m -9,740,000
5 VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio San Antonio, TX 56,618,00056.6m $64.7m $64.7m 0.04% Reduced -817.0k -817,000
6 Sculptor Capital LP 0.87% of their portfolio New York, NY 54,967,00055.0m $62.8m $62.8m 0.87% Unchanged
7 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 36,000,00036.0m $41.2m $41.2m 0.05% Unchanged
8 TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio NEW YORK, NY 35,000,00035.0m $40.0m $40.0m 0.06% Added +14.5m +14,500,000
9 Polar Asset Management Partners Inc. 0.81% of their portfolio TORONTO, A6 35,000,00035.0m $40.0m $40.0m 0.81% Added +10.0m +10,000,000
10 ARISTEIA CAPITAL, L.L.C. 1.22% of their portfolio GREENWICH, CT 34,750,00034.8m $39.7m $39.7m 1.22% Reduced -5.0m -5,000,000
11 ZAZOVE ASSOCIATES LLC 2.92% of their portfolio INCLINE VILLAGE, NV 28,080,00028.1m $32.1m $32.1m 2.92% Reduced -14.6m -14,640,000
12 BlackRock, Inc. 0.00% of their portfolio New York, NY 25,317,00025.3m $28.9m $28.9m 0.00% Reduced -48.5m -48,520,000
13 Universal- Beteiligungs- und Servicegesellschaft mbH 0.04% of their portfolio FRANKFURT AM MAIN, 2M 22,542,00022.5m $25.8m $25.8m 0.04% Added +20.0m +20,042,000
14 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 20,526,00020.5m $23.4m $23.4m 0.00% Added +14.9m +14,909,000
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 20,255,00020.3m $23.1m $23.1m 0.00% Added +1.5m +1,500,000
16 PIER 88 INVESTMENT PARTNERS LLC 4.03% of their portfolio SAN FRANCISCO, CA 18,850,00018.9m $21.5m $21.5m 4.03% Reduced -980.0k -980,000
17 Aequim Alternative Investments LP 0.44% of their portfolio MILL VALLEY, CA 17,500,00017.5m $20.0m $20.0m 0.44% Unchanged
18 OAKTREE CAPITAL MANAGEMENT LP 0.30% of their portfolio LOS ANGELES, CA 15,733,00015.7m $18.0m $18.0m 0.30% Added +4.4m +4,352,000
19 SSI INVESTMENT MANAGEMENT LLC 1.22% of their portfolio Los Angeles, CA 15,722,00015.7m $17.9m $17.9m 1.22% Reduced -130.0k -130,000
20 Wellesley Asset Management 1.58% of their portfolio PORTSMOUTH, NH 13,989,00014.0m $15.8m $15.8m 1.58% Reduced -1.8m -1,800,000
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 12,867,00012.9m $14.7m $14.7m 0.00% Added +3.8m +3,805,000
22 LORD, ABBETT & CO. LLC 0.04% of their portfolio JERSEY CITY, NJ 12,502,00012.5m $14.3m $14.3m 0.04% Reduced -214.0k -214,000
23 Verition Fund Management LLC 0.08% of their portfolio GREENWICH, CT 12,500,00012.5m $14.3m $14.3m 0.08% Unchanged
24 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 12,033,00012.0m $13.7m $13.7m 0.00% Added +1.0m +1,000,000
25 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 11,862,00011.9m $135.6k $135.6k 0.00% New
26 FMR LLC 0.00% of their portfolio BOSTON, MA 11,080,00011.1m $12.6m $12.6m 0.00% Reduced -1.2m -1,214,000
27 Kohlberg Kravis Roberts & Co. L.P. 0.21% of their portfolio NEW YORK, NY 10,805,00010.8m $12.3m $12.3m 0.21% Added +645.0k +645,000
28 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 9,431,0009.4m $10.8m $10.8m 0.00% Added +409.0k +409,000
29 PenderFund Capital Management Ltd. 1.74% of their portfolio VANCOUVER, A1 9,000,0009.0m $10.3m $10.3m 1.74% Unchanged
30 INCOME RESEARCH & MANAGEMENT 4.75% of their portfolio Boston, MA 8,501,0008.5m $9.7m $9.7m 4.75% Reduced -3.6m -3,645,000
31 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 7,889,0007.9m $9.0m $9.0m 0.02% Reduced -900.0k -900,000
32 GABELLI FUNDS LLC 0.06% of their portfolio Rye, NY 7,600,0007.6m $8.7m $8.7m 0.06% Unchanged
33 ANGELO GORDON & CO., L.P. 1.05% of their portfolio NEW YORK, NY 7,500,0007.5m $8.6m $8.6m 1.05% Unchanged
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 6,685,0006.7m $7.6m $7.6m 0.00% Reduced -831.0k -831,000
35 Cutler Capital Management, LLC 2.30% of their portfolio WORCESTER, MA 6,315,0006.3m $7.2m $7.2m 2.30% Reduced -15.0k -15,000
36 RATIONAL ADVISORS, INC. 0.71% of their portfolio San Juan, PR 6,280,0006.3m $7.2m $7.2m 0.71% Reduced -980.0k -980,000
37 SHENKMAN CAPITAL MANAGEMENT INC 0.53% of their portfolio NEW YORK, NY 4,734,0004.7m $5.4m $5.4m 0.53% Unchanged
38 RWC Asset Management LLP 0.25% of their portfolio LONDON, X0 4,500,0004.5m $5.1m $5.1m 0.25% Reduced -1.5m -1,500,000
39 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 4,340,0004.3m $5.0m $5.0m 0.00% Added +3.7m +3,700,000
40 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 3,838,0003.8m $4.4m $4.4m 0.00% Added +163.0k +163,000
41 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 3,500,0003.5m $4.0m $4.0m 0.00% New
42 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 3,163,0003.2m $3.6m $3.6m 0.00% Added +489.0k +489,000
43 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.4m $3.4m 0.01% New
44 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,770,0001.8m $2.0m $2.0m 0.00% New
45 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,350,0001.4m $1.5m $1.5m 0.01% Unchanged
46 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 1,317,0001.3m $1.5m $1.5m 0.00% Reduced -1.0m -1,008,000
47 AEGON USA Investment Management, LLC 0.87% of their portfolio CEDAR RAPIDS, IA 1,122,0001.1m $1.3m $1.3m 0.87% Unchanged
48 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 706,000706.0k $807.2k $807.2k 0.03% Reduced -44.0k -44,000
49 Warberg Asset Management LLC 0.19% of their portfolio WINNETKA, IL 606,000606.0k $692.2k $692.2k 0.19% New
50 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 600,000600.0k $685.5k $685.5k 0.00% Added +150.0k +150,000
51 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 578,000578.0k $660.8k $660.8k 0.00% Added +50.0k +50,000
52 MacKay Shields LLC 0.02% of their portfolio New York, NY 503,000503.0k $574.8k $574.8k 0.02% Added +3.0k +3,000
53 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $455.9k $455.9k 0.00% Reduced -200.0k -200,000
54 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 300,000300.0k $343.0k $343.0k 0.00% Unchanged
55 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 279,000279.0k $318.0k $318.0k 0.00% New
56 Central Pacific Bank - Trust Division 0.04% of their portfolio HONOLULU, HI 262,000262.0k $299.1k $299.1k 0.04% Unchanged
57 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 198,000198.0k $218.0k $218.0k 0.00% Added +15.0k +15,000
58 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 63,00063.0k $71.3k $71.3k 0.00% Added +40.0k +40,000
59 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 57,00057.0k $65.2k $65.2k 0.00% New
60 Capital Investment Advisory Services, LLC 0.00% of their portfolio RALEIGH, NC 46,00046.0k $52.5k $52.5k 0.00% Unchanged
61 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 40,00040.0k $45.7k $45.7k 0.00% Reduced -11.0k -11,000
62 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 38,00038.0k $43.4k $43.4k 0.00% Unchanged
63 LAFFER TENGLER INVESTMENTS, INC. 0.46% of their portfolio Scottsdale, AZ 25,59025.6k $2.9m $2.9m 0.46% New
64 National Philanthropic Trust 0.00% of their portfolio Jenkintown, PA 22,00022.0k $25.1k $25.1k 0.00% New
65 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 18,00018.0k $20.5k $20.5k 0.00% Unchanged
66 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 17,00017.0k $19.4k $19.4k 0.00% Unchanged
67 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.01% of their portfolio SALINE, MI 13,00013.0k $14.7k $14.7k 0.01% Unchanged
68 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 13,00013.0k $14.7k $14.7k 0.00% New
69 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,00012.0k $13.7k $13.7k 0.00% Unchanged
70 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 10,00010.0k $11.4k $11.4k 0.00% Unchanged
71 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 5,0005.0k $5.7k $5.7k 0.00% Unchanged
72 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Reduced -750.0k -750,000