Vault-13

PPL CAP FDG INC PPL 2.875 03.15.28

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

79 institutional holders +7 vs Q3 2025
36,435,86836.4m shares reported held*
$1.0bnreported value*
14 new 18 added 27 reduced 7 sold out net sold ≈ $59.5m (+10.5m 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 ($4.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $28.48.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 24: 57Q2 24: 64Q3 24: 67Q4 24: 73Q1 25: 76Q2 25: 76Q3 25: 72Q4 25: 7979Q1 24Q3 24Q1 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 202457
Q2 202464
Q3 202467
Q4 202473
Q1 202576
Q2 202576
Q3 202572
Q4 202579

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 outQ4 24: 31 bought or addedQ4 24: 26 cut or sold outQ4 24Q1 25: 39 bought or addedQ1 25: 24 cut or sold outQ2 25: 27 bought or addedQ2 25: 32 cut or sold outQ2 25Q3 25: 31 bought or addedQ3 25: 33 cut or sold outQ4 25: 32 bought or addedQ4 25: 34 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 20242821
Q3 20242622
Q4 20243126
Q1 20253924
Q2 20252732
Q3 20253133
Q4 20253234

Biggest buyers

CITADEL ADVISORS LLC New +25,000,000+25.0m
ANGELO GORDON & CO., L.P. Added +18,000,000+18.0m
BlackRock, Inc. Added +15,400,000+15.4m
Polar Asset Management Partners Inc. Added +15,000,000+15.0m
LAZARD ASSET MANAGEMENT LLC Added +13,076,000+13.1m
Universal- Beteiligungs- und Servicegesellschaft mbH Added +11,580,000+11.6m
CSS LLC/IL New +11,464,000+11.5m
Calamos Advisors LLC Added +10,752,000+10.8m
PenderFund Capital Management Ltd. Added +10,000,000+10.0m
WELLS FARGO & COMPANY/MN Added +8,188,000+8.2m

Biggest sellers

CAMDEN ASSET MANAGEMENT L P /CA Reduced -58,050,000-58.0m
TWO SIGMA INVESTMENTS, LP Reduced -30,000,000-30.0m
ARISTEIA CAPITAL, L.L.C. Reduced -29,500,000-29.5m
Invesco Ltd. Reduced -25,946,000-25.9m
JPMORGAN CHASE & CO Reduced -13,309,000-13.3m
Verition Fund Management LLC Sold out -12,500,000-12.5m
AMERIPRISE FINANCIAL INC Reduced -11,997,000-12.0m
MARSHALL WACE, LLP Reduced -10,000,000-10.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -9,490,000-9.5m
INCOME RESEARCH & MANAGEMENT Sold out -8,501,000-8.5m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Calamos Advisors LLC 0.59% of their portfolio NAPERVILLE, IL 131,729,000131.7m $144.7m $144.7m 0.59% Added +10.8m +10,752,000
2 ADVENT CAPITAL MANAGEMENT /DE/ 1.73% of their portfolio NEW YORK, NY 67,596,00067.6m $74.8m $74.8m 1.73% Reduced -9.5m -9,490,000
3 Sculptor Capital LP 0.83% of their portfolio New York, NY 62,967,00063.0m $69.2m $69.2m 0.83% Added +8.0m +8,000,000
4 VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio San Antonio, TX 55,987,00056.0m $61.4m $61.4m 0.03% Reduced -631.0k -631,000
5 Polar Asset Management Partners Inc. 1.09% of their portfolio TORONTO, A6 50,000,00050.0m $54.9m $54.9m 1.09% Added +15.0m +15,000,000
6 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 43,500,00043.5m $47.7m $47.7m 0.00% Reduced -25.9m -25,946,000
7 BlackRock, Inc. 0.00% of their portfolio New York, NY 40,717,00040.7m $44.7m $44.7m 0.00% Added +15.4m +15,400,000
8 Universal- Beteiligungs- und Servicegesellschaft mbH 0.06% of their portfolio FRANKFURT AM MAIN, 2M 34,122,00034.1m $37.8m $37.8m 0.06% Added +11.6m +11,580,000
9 ZAZOVE ASSOCIATES LLC 2.65% of their portfolio INCLINE VILLAGE, NV 27,880,00027.9m $30.6m $30.6m 2.65% Reduced -200.0k -200,000
10 MARSHALL WACE, LLP 0.03% of their portfolio LONDON, X0 26,000,00026.0m $28.6m $28.6m 0.03% Reduced -10.0m -10,000,000
11 ANGELO GORDON & CO., L.P. 2.64% of their portfolio NEW YORK, NY 25,500,00025.5m $28.0m $28.0m 2.64% Added +18.0m +18,000,000
12 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 25,000,00025.0m $27.5m $27.5m 0.02% New
13 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 24,938,00024.9m $274.0k $274.0k 0.00% Added +13.1m +13,076,000
14 Aequim Alternative Investments LP 0.49% of their portfolio MILL VALLEY, CA 22,500,00022.5m $24.7m $24.7m 0.49% Added +5.0m +5,000,000
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,272,00021.3m $23.5m $23.5m 0.00% Added +1.0m +1,017,000
16 PIER 88 INVESTMENT PARTNERS LLC 4.86% of their portfolio SAN FRANCISCO, CA 19,810,00019.8m $21.7m $21.7m 4.86% Added +960.0k +960,000
17 PenderFund Capital Management Ltd. 3.31% of their portfolio VANCOUVER, A1 19,000,00019.0m $21.0m $21.0m 3.31% Added +10.0m +10,000,000
18 OAKTREE CAPITAL MANAGEMENT LP 0.28% of their portfolio LOS ANGELES, CA 15,672,00015.7m $17.2m $17.2m 0.28% Reduced -61.0k -61,000
19 SSI INVESTMENT MANAGEMENT LLC 1.11% of their portfolio Los Angeles, CA 14,907,00014.9m $16.4m $16.4m 1.11% Reduced -815.0k -815,000
20 Wellesley Asset Management 1.51% of their portfolio PORTSMOUTH, NH 13,181,00013.2m $14.5m $14.5m 1.51% Reduced -808.0k -808,000
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 12,607,00012.6m $13.8m $13.8m 0.00% Reduced -260.0k -260,000
22 LORD, ABBETT & CO. LLC 0.04% of their portfolio JERSEY CITY, NJ 12,319,00012.3m $13.5m $13.5m 0.04% Reduced -183.0k -183,000
23 CSS LLC/IL 0.71% of their portfolio CHICAGO, IL 11,464,00011.5m $12.6m $12.6m 0.71% New
24 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11,351,00011.4m $12.5m $12.5m 0.00% Added +8.2m +8,188,000
25 FMR LLC 0.00% of their portfolio BOSTON, MA 11,080,00011.1m $12.2m $12.2m 0.00% Unchanged
26 Kohlberg Kravis Roberts & Co. L.P. 0.19% of their portfolio NEW YORK, NY 10,805,00010.8m $11.9m $11.9m 0.19% Unchanged
27 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 9,386,0009.4m $10.3m $10.3m 0.00% Reduced -45.0k -45,000
28 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 8,464,0008.5m $9.4m $9.4m 0.02% Added +575.0k +575,000
29 GABELLI FUNDS LLC 0.06% of their portfolio Rye, NY 7,600,0007.6m $8.3m $8.3m 0.06% Unchanged
30 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 7,500,0007.5m $8.2m $8.2m 0.01% Added +4.0m +4,000,000
31 Parallax Volatility Advisers, L.P. 0.26% of their portfolio San Francisco, CA 7,500,0007.5m $8.2m $8.2m 0.26% New
32 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 7,393,0007.4m $8.1m $8.1m 0.00% Added +708.0k +708,000
33 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,217,0007.2m $7.9m $7.9m 0.00% Reduced -13.3m -13,309,000
34 RATIONAL ADVISORS, INC. 0.81% of their portfolio San Juan, PR 7,190,0007.2m $7.9m $7.9m 0.81% Added +910.0k +910,000
35 Cutler Capital Management, LLC 2.07% of their portfolio WORCESTER, MA 6,305,0006.3m $6.9m $6.9m 2.07% Reduced -10.0k -10,000
36 CAMDEN ASSET MANAGEMENT L P /CA 0.17% of their portfolio Los Angeles, CA 6,230,0006.2m $6.8m $6.8m 0.17% Reduced -58.0m -58,050,000
37 KIM, LLC 0.76% of their portfolio WICHITA, KS 6,000,0006.0m $6.6m $6.6m 0.76% New
38 ARISTEIA CAPITAL, L.L.C. 0.16% of their portfolio GREENWICH, CT 5,250,0005.2m $5.8m $5.8m 0.16% Reduced -29.5m -29,500,000
39 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 5,000,0005.0m $5.5m $5.5m 0.01% Reduced -30.0m -30,000,000
40 RWC Asset Management LLP 0.24% of their portfolio LONDON, X0 4,500,0004.5m $4.9m $4.9m 0.24% Unchanged
41 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 3,838,0003.8m $4.2m $4.2m 0.00% Unchanged
42 SHENKMAN CAPITAL MANAGEMENT INC 0.42% of their portfolio NEW YORK, NY 3,599,0003.6m $4.0m $4.0m 0.42% Reduced -1.1m -1,135,000
43 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.3m $3.3m 0.01% Unchanged
44 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 2,500,0002.5m $2.7m $2.7m 0.00% New
45 Periscope Capital Inc. 0.43% of their portfolio Toronto, A6 2,000,0002.0m $2.2m $2.2m 0.43% New
46 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 1,355,0001.4m $1.5m $1.5m 0.00% Added +755.0k +755,000
47 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,350,0001.4m $1.5m $1.5m 0.01% Unchanged
48 Man Group plc 0.00% of their portfolio LONDON, X0 1,250,0001.2m $1.4m $1.4m 0.00% New
49 AEGON USA Investment Management, LLC 0.87% of their portfolio CEDAR RAPIDS, IA 1,122,0001.1m $1.2m $1.2m 0.87% Unchanged
50 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 764,000764.0k $838.5k $838.5k 0.00% Reduced -1.0m -1,006,000
51 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 703,000703.0k $772.2k $772.2k 0.03% Reduced -3.0k -3,000
52 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 559,000559.0k $613.5k $613.5k 0.00% Reduced -3.8m -3,781,000
53 MacKay Shields LLC 0.02% of their portfolio New York, NY 500,000500.0k $549.4k $549.4k 0.02% Reduced -3.0k -3,000
54 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 314,000314.0k $344.6k $344.6k 0.00% Reduced -86.0k -86,000
55 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 300,000300.0k $329.5k $329.5k 0.00% Unchanged
56 Central Pacific Bank - Trust Division 0.04% of their portfolio HONOLULU, HI 262,000262.0k $287.5k $287.5k 0.04% Unchanged
57 Ares Systematic Credit Ltd 0.18% of their portfolio LONDON, X0 200,000200.0k $221.4k $221.4k 0.18% First filing
58 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 190,000190.0k $204.1k $204.1k 0.00% Reduced -8.0k -8,000
59 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 119,318119.3k $4.2m $4.2m 0.01% New
60 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 65,00065.0k $71.4k $71.4k 0.00% Added +8.0k +8,000
61 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 47,00047.0k $51.3k $51.3k 0.00% Reduced -16.0k -16,000
62 Capital Investment Advisory Services, LLC 0.00% of their portfolio RALEIGH, NC 46,00046.0k $50.5k $50.5k 0.00% Unchanged
63 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 40,00040.0k $43.9k $43.9k 0.00% Unchanged
64 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 38,00038.0k $41.7k $41.7k 0.00% Unchanged
65 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 36,00036.0k $39.5k $39.5k 0.00% Reduced -12.0m -11,997,000
66 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 32,00032.0k $35.1k $35.1k 0.00% New
67 NATIXIS 0.13% of their portfolio PARIS, I0 30,00030.0k $33.3m $33.3m 0.13% New
68 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 27,00027.0k $29.6k $29.6k 0.00% Reduced -551.0k -551,000
69 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 18,00018.0k $19.8k $19.8k 0.00% New
70 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 17,00017.0k $18.9k $18.9k 0.00% Unchanged
71 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 16,00016.0k $17.6k $17.6k 0.00% Reduced -263.0k -263,000
72 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 15,00015.0k $16.4k $16.4k 0.00% New
73 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.01% of their portfolio SALINE, MI 13,00013.0k $14.2k $14.2k 0.01% New
74 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 13,00013.0k $14.2k $14.2k 0.00% Unchanged
75 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,00012.0k $13.1k $13.1k 0.00% Unchanged
76 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 10,00010.0k $11.0k $11.0k 0.00% Unchanged
77 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 5,0005.0k $5.5k $5.5k 0.00% Unchanged
78 LAFFER TENGLER INVESTMENTS, INC. 0.43% of their portfolio Scottsdale, AZ 2,5502.5k $2.8m $2.8m 0.43% New
79 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged