Vault-13

PPL CAP FDG INC PPL 2.875 03.15.28

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

78 institutional holders -1 vs Q4 2025
98,338,43498.3m shares reported held*
$1.1bnreported value*
13 new 16 added 22 reduced 13 sold out net bought ≈ $97.3m (+87.4m 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 ($4.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $11.58.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

050100Q1 24: 57Q2 24: 64Q3 24: 67Q4 24: 73Q1 25: 76Q2 25: 76Q3 25: 72Q4 25: 79Q1 26: 7878Q1 24Q3 24Q1 25Q3 25Q1 26
Numbers
QuarterHolders
Q1 202457
Q2 202464
Q3 202467
Q4 202473
Q1 202576
Q2 202576
Q3 202572
Q4 202579
Q1 202678

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 outQ3 24: 26 bought or addedQ3 24: 22 cut or sold outQ3 24Q4 24: 31 bought or addedQ4 24: 26 cut or sold outQ1 25: 39 bought or addedQ1 25: 24 cut or sold outQ1 25Q2 25: 27 bought or addedQ2 25: 32 cut or sold outQ3 25: 31 bought or addedQ3 25: 33 cut or sold outQ3 25Q4 25: 32 bought or addedQ4 25: 34 cut or sold outQ1 26: 29 bought or addedQ1 26: 35 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20242821
Q3 20242622
Q4 20243126
Q1 20253924
Q2 20252732
Q3 20253133
Q4 20253234
Q1 20262935

Biggest buyers

WOLVERINE ASSET MANAGEMENT LLC New +65,500,000+65.5m
TWO SIGMA INVESTMENTS, LP Added +55,000,000+55.0m
Ovata Capital Management Ltd New +50,000,000+50.0m
BlackRock, Inc. Added +31,775,000+31.8m
Polar Asset Management Partners Inc. Added +30,000,000+30.0m
ZAZOVE ASSOCIATES LLC Added +27,880,000+27.9m
Point72 Asset Management, L.P. New +22,500,000+22.5m
SSI INVESTMENT MANAGEMENT LLC New +15,215,000+15.2m
TPG GP A, LLC New +10,500,000+10.5m
DLD Asset Management, LP New +10,000,000+10.0m

Biggest sellers

Calamos Advisors LLC Reduced -70,636,000-70.6m
Sculptor Capital LP Reduced -35,467,000-35.5m
MARSHALL WACE, LLP Sold out -26,000,000-26.0m
CITADEL ADVISORS LLC Sold out -25,000,000-25.0m
OAKTREE CAPITAL MANAGEMENT LP Sold out -15,672,000-15.7m
SSI INVESTMENT MANAGEMENT LLC Sold out -14,907,000-14.9m
CSS LLC/IL Reduced -8,482,000-8.5m
D. E. Shaw & Co., Inc. Sold out -7,500,000-7.5m
Parallax Volatility Advisers, L.P. Sold out -7,500,000-7.5m
WELLS FARGO & COMPANY/MN Reduced -6,989,000-7.0m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Polar Asset Management Partners Inc. 2.23% of their portfolio TORONTO, A6 80,000,00080.0m $93.8m $93.8m 2.23% Added +30.0m +30,000,000
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 72,492,00072.5m $84.9m $84.9m 0.00% Added +31.8m +31,775,000
3 ADVENT CAPITAL MANAGEMENT /DE/ 2.44% of their portfolio NEW YORK, NY 70,442,00070.4m $82.7m $82.7m 2.44% Added +2.8m +2,846,000
4 WOLVERINE ASSET MANAGEMENT LLC 1.20% of their portfolio CHICAGO, IL 65,500,00065.5m $76.7m $76.7m 1.20% New
5 Calamos Advisors LLC 0.28% of their portfolio NAPERVILLE, IL 61,093,00061.1m $71.6m $71.6m 0.28% Reduced -70.6m -70,636,000
6 TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio NEW YORK, NY 60,000,00060.0m $70.3m $70.3m 0.06% Added +55.0m +55,000,000
7 ZAZOVE ASSOCIATES LLC 3.00% of their portfolio INCLINE VILLAGE, NV 55,760,00055.8m $63.3m $63.3m 3.00% Added +27.9m +27,880,000
8 VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio San Antonio, TX 55,361,00055.4m $64.8m $64.8m 0.04% Reduced -626.0k -626,000
9 Ovata Capital Management Ltd 8.19% of their portfolio HONG KONG, K3 50,000,00050.0m $58.6m $58.6m 8.19% New
10 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 37,500,00037.5m $43.9m $43.9m 0.00% Reduced -6.0m -6,000,000
11 Universal- Beteiligungs- und Servicegesellschaft mbH 0.06% of their portfolio FRANKFURT AM MAIN, 2M 29,280,00029.3m $34.4m $34.4m 0.06% Reduced -4.8m -4,842,000
12 Sculptor Capital LP 0.36% of their portfolio New York, NY 27,500,00027.5m $32.2m $32.2m 0.36% Reduced -35.5m -35,467,000
13 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 23,846,00023.8m $279.7k $279.7k 0.00% Reduced -1.1m -1,092,000
14 Point72 Asset Management, L.P. 0.05% of their portfolio STAMFORD, CT 22,500,00022.5m $26.4m $26.4m 0.05% New
15 PenderFund Capital Management Ltd. 4.04% of their portfolio VANCOUVER, A1 22,000,00022.0m $25.8m $25.8m 4.04% Added +3.0m +3,000,000
16 Aequim Alternative Investments LP 0.49% of their portfolio MILL VALLEY, CA 21,500,00021.5m $25.2m $25.2m 0.49% Reduced -1.0m -1,000,000
17 PIER 88 INVESTMENT PARTNERS LLC 6.35% of their portfolio SAN FRANCISCO, CA 21,130,00021.1m $24.8m $24.8m 6.35% Added +1.3m +1,320,000
18 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 20,997,00021.0m $24.6m $24.6m 0.00% Reduced -275.0k -275,000
19 SSI INVESTMENT MANAGEMENT LLC 1.23% of their portfolio Los Angeles, CA 15,215,00015.2m $17.8m $17.8m 1.23% New
20 LORD, ABBETT & CO. LLC 0.05% of their portfolio JERSEY CITY, NJ 12,626,00012.6m $14.8m $14.8m 0.05% Added +307.0k +307,000
21 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 11,163,00011.2m $13.1m $13.1m 0.00% Added +1.8m +1,777,000
22 FMR LLC 0.00% of their portfolio BOSTON, MA 11,080,00011.1m $13.0m $13.0m 0.00% Unchanged
23 Kohlberg Kravis Roberts & Co. L.P. 0.24% of their portfolio NEW YORK, NY 10,805,00010.8m $12.7m $12.7m 0.24% Unchanged
24 TPG GP A, LLC 0.33% of their portfolio FORT WORTH, TX 10,500,00010.5m $12.3m $12.3m 0.33% New
25 DLD Asset Management, LP 1.19% of their portfolio NEW YORK, NY 10,000,00010.0m $11.7m $11.7m 1.19% New
26 Wellesley Asset Management 1.14% of their portfolio PORTSMOUTH, NH 9,249,0009.2m $10.9m $10.9m 1.14% Reduced -3.9m -3,932,000
27 RATIONAL ADVISORS, INC. 1.07% of their portfolio San Juan, PR 8,920,0008.9m $10.4m $10.4m 1.07% Added +1.7m +1,730,000
28 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 8,464,0008.5m $9.9m $9.9m 0.02% Unchanged
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,992,0008.0m $9.4m $9.4m 0.00% Reduced -4.6m -4,615,000
30 GABELLI FUNDS LLC 0.06% of their portfolio Rye, NY 7,600,0007.6m $8.9m $8.9m 0.06% Unchanged
31 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,541,0007.5m $8.8m $8.8m 0.00% Added +324.0k +324,000
32 Ghisallo Capital Management LLC 0.24% of their portfolio BOSTON, MA 7,500,0007.5m $8.8m $8.8m 0.24% New
33 Cutler Capital Management, LLC 2.01% of their portfolio WORCESTER, MA 6,210,0006.2m $7.3m $7.3m 2.01% Reduced -95.0k -95,000
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 6,184,0006.2m $7.2m $7.2m 0.00% Reduced -1.2m -1,209,000
35 RWC Asset Management LLP 0.22% of their portfolio LONDON, X0 4,500,0004.5m $5.3m $5.3m 0.22% Unchanged
36 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,362,0004.4m $5.1m $5.1m 0.00% Reduced -7.0m -6,989,000
37 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 3,813,0003.8m $4.5m $4.5m 0.00% Reduced -25.0k -25,000
38 SHENKMAN CAPITAL MANAGEMENT INC 0.51% of their portfolio NEW YORK, NY 3,599,0003.6m $4.2m $4.2m 0.51% Unchanged
39 KIM, LLC 0.59% of their portfolio WICHITA, KS 3,410,0003.4m $4.0m $4.0m 0.59% Reduced -2.6m -2,590,000
40 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.5m $3.5m 0.01% Unchanged
41 CSS LLC/IL 0.19% of their portfolio CHICAGO, IL 2,982,0003.0m $3.5m $3.5m 0.19% Reduced -8.5m -8,482,000
42 MIZUHO SECURITIES USA LLC 0.07% of their portfolio NEW YORK, NY 2,512,0002.5m $2.9m $2.9m 0.07% New
43 MUFG SECURITIES AMERICAS INC. 0.15% of their portfolio NEW YORK, NY 2,000,0002.0m $2.4m $2.4m 0.15% New
44 Periscope Capital Inc. 0.41% of their portfolio Toronto, A6 2,000,0002.0m $2.3m $2.3m 0.41% Unchanged
45 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,350,0001.4m $1.6m $1.6m 0.01% Unchanged
46 AEGON USA Investment Management, LLC 1.03% of their portfolio CEDAR RAPIDS, IA 1,122,0001.1m $1.3m $1.3m 1.03% Unchanged
47 CAMDEN ASSET MANAGEMENT L P /CA 0.04% of their portfolio Los Angeles, CA 1,000,0001.0m $1.2m $1.2m 0.04% Reduced -5.2m -5,230,000
48 Man Group plc 0.00% of their portfolio LONDON, X0 850,000850.0k $991.3k $991.3k 0.00% Reduced -400.0k -400,000
49 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 764,000764.0k $895.0k $895.0k 0.00% Unchanged
50 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 716,000716.0k $839.2k $839.2k 0.03% Added +13.0k +13,000
51 MacKay Shields LLC 0.02% of their portfolio New York, NY 500,000500.0k $586.4k $586.4k 0.02% Unchanged
52 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 314,000314.0k $368.0k $368.0k 0.00% Unchanged
53 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 300,000300.0k $351.6k $351.6k 0.00% Unchanged
54 Central Pacific Bank - Trust Division 0.04% of their portfolio HONOLULU, HI 262,000262.0k $306.9k $306.9k 0.04% Unchanged
55 Ares Systematic Credit Ltd 0.18% of their portfolio LONDON, X0 200,000200.0k $233.6k $233.6k 0.18% Unchanged
56 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 173,000173.0k $202.7k $202.7k 0.00% Reduced -17.0k -17,000
57 NOMURA HOLDINGS INC 0.04% of their portfolio TOKYO, M0 113,934113.9k $4.4m $4.4m 0.04% Reduced -5.4k -5,384
58 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 53,00053.0k $62.1k $62.1k 0.00% Added +37.0k +37,000
59 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 51,00051.0k $59.7k $59.7k 0.00% Added +11.0k +11,000
60 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 50,00050.0k $58.6k $58.6k 0.00% Added +14.0k +14,000
61 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 47,00047.0k $54.7k $54.7k 0.00% Unchanged
62 Capital Investment Advisory Services, LLC 0.00% of their portfolio RALEIGH, NC 46,00046.0k $53.9k $53.9k 0.00% Unchanged
63 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 44,00044.0k $50.8k $50.8k 0.00% Reduced -21.0k -21,000
64 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 38,00038.0k $44.5k $44.5k 0.00% Unchanged
65 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 32,00032.0k $37.5k $37.5k 0.00% Unchanged
66 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 27,00027.0k $31.6k $31.6k 0.00% Unchanged
67 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 21,00021.0k $24.6k $24.6k 0.00% New
68 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 17,00017.0k $19.9k $19.9k 0.00% Unchanged
69 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 15,00015.0k $17.5k $17.5k 0.00% Unchanged
70 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 13,00013.0k $15.2k $15.2k 0.00% Added +3.0k +3,000
71 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.01% of their portfolio SALINE, MI 13,00013.0k $15.1k $15.1k 0.01% Unchanged
72 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 13,00013.0k $15.1k $15.1k 0.00% New
73 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,00012.0k $14.1k $14.1k 0.00% Unchanged
74 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 5,0005.0k $5.8k $5.8k 0.00% Unchanged
75 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,0003.0k $4.0k $4.0k 0.00% New
76 LAFFER TENGLER INVESTMENTS, INC. 0.49% of their portfolio Scottsdale, AZ 2,7972.8k $3.3m $3.3m 0.49% New
77 NATIXIS 0.01% of their portfolio PARIS, I0 2,5002.5k $2.9m $2.9m 0.01% Reduced -27.5k -27,500
78 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged