Vault-13

PPL CAP FDG INC PPL 2.875 03.15.28

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

77 institutional holders -1 vs Q1 2026
92,598,57392.6m shares reported held*
$1.0bnreported value*
9 new 18 added 19 reduced 11 sold out net sold ≈ $56.4m (-5.7m 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 ($4.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $11.34.

Trends to Q2 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: 78Q2 26: 7777Q1 24Q3 24Q1 25Q3 25Q1 26Q2 26
Numbers
QuarterHolders
Q1 202457
Q2 202464
Q3 202467
Q4 202473
Q1 202576
Q2 202576
Q3 202572
Q4 202579
Q1 202678
Q2 202677

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 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 25Q1 26: 29 bought or addedQ1 26: 35 cut or sold outQ2 26: 27 bought or addedQ2 26: 30 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242622
Q4 20243126
Q1 20253924
Q2 20252732
Q3 20253133
Q4 20253234
Q1 20262935
Q2 20262730

Biggest buyers

SUSQUEHANNA ADVISORS GROUP, INC. New +17,814,000+17.8m
Ovata Capital Management Ltd Added +17,500,000+17.5m
SSI INVESTMENT MANAGEMENT LLC New +15,231,000+15.2m
AMERIPRISE FINANCIAL INC Added +14,000,000+14.0m
Point72 Asset Management, L.P. Added +12,500,000+12.5m
Universal- Beteiligungs- und Servicegesellschaft mbH Added +10,943,000+10.9m
ADVENT CAPITAL MANAGEMENT /DE/ Added +9,641,000+9.6m
MORGAN STANLEY Added +8,055,000+8.1m
LAZARD ASSET MANAGEMENT LLC Added +7,358,000+7.4m
BANK OF AMERICA CORP /DE/ Added +7,174,000+7.2m

Biggest sellers

Polar Asset Management Partners Inc. Reduced -50,000,000-50.0m
ZAZOVE ASSOCIATES LLC Reduced -27,945,000-27.9m
BlackRock, Inc. Reduced -25,703,000-25.7m
SSI INVESTMENT MANAGEMENT LLC Sold out -15,215,000-15.2m
DLD Asset Management, LP Sold out -10,000,000-10.0m
JPMORGAN CHASE & CO Sold out -7,541,000-7.5m
TWO SIGMA INVESTMENTS, LP Reduced -7,500,000-7.5m
Ghisallo Capital Management LLC Sold out -7,500,000-7.5m
FRANKLIN RESOURCES INC Reduced -5,033,000-5.0m
WELLS FARGO & COMPANY/MN Reduced -4,146,000-4.1m

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ADVENT CAPITAL MANAGEMENT /DE/ 2.09% of their portfolio NEW YORK, NY 80,083,00080.1m $91.7m $91.7m 2.09% Added +9.6m +9,641,000
2 Ovata Capital Management Ltd 5.75% of their portfolio HONG KONG, K3 67,500,00067.5m $76.6m $76.6m 5.75% Added +17.5m +17,500,000
3 WOLVERINE ASSET MANAGEMENT LLC 0.97% of their portfolio CHICAGO, IL 65,500,00065.5m $74.4m $74.4m 0.97% Unchanged
4 VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio San Antonio, TX 60,731,00060.7m $68.9m $68.9m 0.04% Added +5.4m +5,370,000
5 Calamos Advisors LLC 0.25% of their portfolio NAPERVILLE, IL 60,515,00060.5m $68.7m $68.7m 0.25% Reduced -578.0k -578,000
6 TWO SIGMA INVESTMENTS, LP 0.04% of their portfolio NEW YORK, NY 52,500,00052.5m $59.6m $59.6m 0.04% Reduced -7.5m -7,500,000
7 BlackRock, Inc. 0.00% of their portfolio New York, NY 46,789,00046.8m $53.1m $53.1m 0.00% Reduced -25.7m -25,703,000
8 Universal- Beteiligungs- und Servicegesellschaft mbH 0.07% of their portfolio FRANKFURT AM MAIN, 2M 40,223,00040.2m $46.0m $46.0m 0.07% Added +10.9m +10,943,000
9 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 37,500,00037.5m $42.6m $42.6m 0.00% Unchanged
10 Point72 Asset Management, L.P. 0.06% of their portfolio STAMFORD, CT 35,000,00035.0m $39.7m $39.7m 0.06% Added +12.5m +12,500,000
11 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 31,204,00031.2m $354.6k $354.6k 0.00% Added +7.4m +7,358,000
12 Sculptor Capital LP 0.36% of their portfolio New York, NY 31,000,00031.0m $35.2m $35.2m 0.36% Added +3.5m +3,500,000
13 Polar Asset Management Partners Inc. 0.62% of their portfolio TORONTO, A6 30,000,00030.0m $34.1m $34.1m 0.62% Reduced -50.0m -50,000,000
14 ZAZOVE ASSOCIATES LLC 2.58% of their portfolio INCLINE VILLAGE, NV 27,815,00027.8m $31.6m $31.6m 2.58% Reduced -27.9m -27,945,000
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 25,797,00025.8m $29.4m $29.4m 0.00% Added +4.8m +4,800,000
16 PenderFund Capital Management Ltd. 3.23% of their portfolio VANCOUVER, A1 22,000,00022.0m $25.2m $25.2m 3.23% Unchanged
17 Aequim Alternative Investments LP 0.38% of their portfolio MILL VALLEY, CA 21,500,00021.5m $24.4m $24.4m 0.38% Unchanged
18 PIER 88 INVESTMENT PARTNERS LLC 5.70% of their portfolio SAN FRANCISCO, CA 21,130,00021.1m $24.0m $24.0m 5.70% Unchanged
19 SUSQUEHANNA ADVISORS GROUP, INC. 0.01% of their portfolio BALA CYNWYD, PA 17,814,00017.8m $202.1k $202.1k 0.01% New
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 16,047,00016.0m $18.2m $18.2m 0.00% Added +8.1m +8,055,000
21 SSI INVESTMENT MANAGEMENT LLC 1.00% of their portfolio Los Angeles, CA 15,231,00015.2m $17.3m $17.3m 1.00% New
22 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 14,050,00014.1m $16.1m $16.1m 0.00% Added +14.0m +14,000,000
23 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 13,358,00013.4m $15.2m $15.2m 0.00% Added +7.2m +7,174,000
24 LORD, ABBETT & CO. LLC 0.04% of their portfolio JERSEY CITY, NJ 12,164,00012.2m $13.8m $13.8m 0.04% Reduced -462.0k -462,000
25 FMR LLC 0.00% of their portfolio BOSTON, MA 10,965,00011.0m $12.4m $12.4m 0.00% Reduced -115.0k -115,000
26 Kohlberg Kravis Roberts & Co. L.P. 0.20% of their portfolio NEW YORK, NY 10,160,00010.2m $11.5m $11.5m 0.20% Reduced -645.0k -645,000
27 CSS LLC/IL 0.45% of their portfolio CHICAGO, IL 8,988,0009.0m $10.2m $10.2m 0.45% Added +6.0m +6,006,000
28 RATIONAL ADVISORS, INC. 0.93% of their portfolio San Juan, PR 8,920,0008.9m $10.1m $10.1m 0.93% Unchanged
29 TPG GP A, LLC 0.20% of their portfolio FORT WORTH, TX 8,900,0008.9m $10.1m $10.1m 0.20% Reduced -1.6m -1,600,000
30 Wellesley Asset Management 0.87% of their portfolio PORTSMOUTH, NH 8,480,0008.5m $9.5m $9.5m 0.87% Reduced -769.0k -769,000
31 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 8,394,0008.4m $9.6m $9.6m 0.02% Reduced -70.0k -70,000
32 GABELLI FUNDS LLC 0.06% of their portfolio Rye, NY 7,600,0007.6m $8.6m $8.6m 0.06% Unchanged
33 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 6,130,0006.1m $7.0m $7.0m 0.00% Reduced -5.0m -5,033,000
34 Cutler Capital Management, LLC 1.79% of their portfolio WORCESTER, MA 6,065,0006.1m $6.9m $6.9m 1.79% Reduced -145.0k -145,000
35 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 5,345,0005.3m $6.1m $6.1m 0.00% New
36 RWC Asset Management LLP 0.19% of their portfolio LONDON, X0 4,500,0004.5m $5.1m $5.1m 0.19% Unchanged
37 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 4,000,0004.0m $4.5m $4.5m 0.01% Added +1.0m +1,000,000
38 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 3,983,0004.0m $4.6m $4.6m 0.00% Added +170.0k +170,000
39 MIZUHO SECURITIES USA LLC 0.03% of their portfolio NEW YORK, NY 2,512,0002.5m $2.9m $2.9m 0.03% Unchanged
40 MUFG SECURITIES AMERICAS INC. 0.12% of their portfolio NEW YORK, NY 2,000,0002.0m $2.3m $2.3m 0.12% Unchanged
41 Periscope Capital Inc. 0.36% of their portfolio Toronto, A6 2,000,0002.0m $2.3m $2.3m 0.36% Unchanged
42 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,731,0001.7m $2.0m $2.0m 0.00% Added +967.0k +967,000
43 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,150,0001.1m $1.3m $1.3m 0.01% Reduced -200.0k -200,000
44 AEGON USA Investment Management, LLC 0.91% of their portfolio CEDAR RAPIDS, IA 1,122,0001.1m $1.3m $1.3m 0.91% Unchanged
45 Man Group plc 0.00% of their portfolio LONDON, X0 850,000850.0k $962.1k $962.1k 0.00% Unchanged
46 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 742,000742.0k $842.4k $842.4k 0.03% Added +26.0k +26,000
47 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 685,000685.0k $774.6k $774.6k 0.01% Added +641.0k +641,000
48 MacKay Shields LLC 0.02% of their portfolio New York, NY 500,000500.0k $568.1k $568.1k 0.02% Unchanged
49 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 314,000314.0k $356.7k $356.7k 0.00% Unchanged
50 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 300,000300.0k $340.6k $340.6k 0.00% Unchanged
51 Central Pacific Bank - Trust Division 0.03% of their portfolio HONOLULU, HI 262,000262.0k $297.4k $297.4k 0.03% Unchanged
52 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 259,000259.0k $295.5k $295.5k 0.00% New
53 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 216,000216.0k $245.4k $245.4k 0.00% Reduced -4.1m -4,146,000
54 Ares Systematic Credit Ltd 0.14% of their portfolio LONDON, X0 200,000200.0k $227.2k $227.2k 0.14% Unchanged
55 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 168,000168.0k $190.7k $190.7k 0.00% Reduced -5.0k -5,000
56 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 135,000135.0k $153.4k $153.4k 0.00% Added +82.0k +82,000
57 Crestwood Advisors Group, LLC 0.00% of their portfolio BOSTON, MA 95,00095.0k $107.8k $107.8k 0.00% New
58 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 93,27893.3k $3.4m $3.4m 0.01% Reduced -20.7k -20,656
59 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 51,00051.0k $57.9k $57.9k 0.00% Unchanged
60 Capital Investment Advisory Services, LLC 0.00% of their portfolio RALEIGH, NC 46,00046.0k $52.2k $52.2k 0.00% Unchanged
61 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 43,00043.0k $48.6k $48.6k 0.00% Reduced -4.0k -4,000
62 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 38,00038.0k $43.1k $43.1k 0.00% Unchanged
63 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 26,00026.0k $29.6k $29.6k 0.00% Reduced -1.0k -1,000
64 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 21,00021.0k $23.8k $23.8k 0.00% New
65 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 21,00021.0k $23.8k $23.8k 0.00% Unchanged
66 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 17,00017.0k $19.2k $19.2k 0.00% New
67 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 17,00017.0k $19.4k $19.4k 0.00% Unchanged
68 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 15,00015.0k $17.0k $17.0k 0.00% Unchanged
69 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 13,00013.0k $14.8k $14.8k 0.00% Unchanged
70 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 13,00013.0k $14.7k $14.7k 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% Unchanged
72 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 10,00010.0k $11.3k $11.3k 0.00% New
73 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 5,0005.0k $5.7k $5.7k 0.00% Unchanged
74 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,0003.0k $3.0k $3.0k 0.00% Unchanged
75 LAFFER TENGLER INVESTMENTS, INC. 0.42% of their portfolio Scottsdale, AZ 2,8552.9k $3.3m $3.3m 0.42% New
76 BOUSSARD & GAVAUDAN GESTION SAS 0.14% of their portfolio PARIS, I0 2,4402.4k $2.8m $2.8m 0.14% First filing
77 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged