Vault-13

PALO ALTO NETWORKS INC PANW 0.75 07.01.23

NOTE 0.750% 7/0 · US DOMESTIC · CUSIP 697435AD7

74 institutional holders -4 vs Q3 2022
81,027,01581.0m shares reported held*
$2.7bnreported value*
2 new 22 added 19 reduced 8 sold out net sold ≈ $52.8m (+60.5m 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 ($3.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $32.85.

Trends to Q4 2022

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 78Q4 22: 7474Q3 22Q4 22
Numbers
QuarterHolders
Q3 202278
Q4 202274

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$25m$50m$75m$100mQ3 22 calls: $24.4mQ3 22 puts: $95.8mQ3 22P/C 3.92Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$24.4m$95.8m3.92
Q4 2022$0$0—

Biggest buyers

Aequim Alternative Investments LP New +69,226,000+69.2m
TWO SIGMA INVESTMENTS, LP Added +42,400,000+42.4m
Calamos Advisors LLC Added +24,910,000+24.9m
Mint Tower Capital Management B.V. Added +11,239,000+11.2m
CAPSTONE INVESTMENT ADVISORS, LLC Added +10,000,000+10.0m
PALISADE CAPITAL MANAGEMENT, LP New +7,495,000+7.5m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Added +4,150,000+4.2m
BOOTHBAY FUND MANAGEMENT, LLC Added +2,695,000+2.7m
Shaolin Capital Management LLC Added +2,500,000+2.5m
LAZARD ASSET MANAGEMENT LLC Added +2,045,000+2.0m

Biggest sellers

Aequim Alternative Investments LP Sold out -71,226,000-71.2m
III Capital Management Reduced -43,473,000-43.5m
BNP PARIBAS FINANCIAL MARKETS Reduced -29,577,000-29.6m
BANK OF NOVA SCOTIA Reduced -23,043,207-23.0m
Invesco Ltd. Sold out -10,900,000-10.9m
WHITEBOX ADVISORS LLC Reduced -10,000,000-10.0m
PALISADE CAPITAL MANAGEMENT, LP Sold out -8,285,000-8.3m
SILVERBACK ASSET MANAGEMENT LLC Sold out -7,785,000-7.8m
TENOR CAPITAL MANAGEMENT Co., L.P. Reduced -7,500,000-7.5m
Verition Fund Management LLC Sold out -7,000,000-7.0m

Holders, Q4 2022

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.47% of their portfolio New York, NY 174,400,000174.4m $275.8m $275.8m 0.47% Unchanged
2 Calamos Advisors LLC 1.07% of their portfolio NAPERVILLE, IL 140,683,000140.7m $222.5m $222.5m 1.07% Added +24.9m +24,910,000
3 TENOR CAPITAL MANAGEMENT Co., L.P. 4.44% of their portfolio NEW YORK, NY 117,463,000117.5m $186.3m $186.3m 4.44% Reduced -7.5m -7,500,000
4 Mint Tower Capital Management B.V. 20.57% of their portfolio AMSTERDAM, P7 115,327,000115.3m $182.4m $182.4m 20.57% Added +11.2m +11,239,000
5 WHITEBOX ADVISORS LLC 5.99% of their portfolio MINNEAPOLIS, MN 101,512,000101.5m $160.4m $160.4m 5.99% Reduced -10.0m -10,000,000
6 TWO SIGMA INVESTMENTS, LP 0.49% of their portfolio NEW YORK, NY 95,769,00095.8m $151.3m $151.3m 0.49% Added +42.4m +42,400,000
7 Aequim Alternative Investments LP 2.98% of their portfolio MILL VALLEY, CA 69,226,00069.2m $109.6m $109.6m 2.98% New
8 LAZARD ASSET MANAGEMENT LLC 0.15% of their portfolio NEW YORK, NY 68,695,00068.7m $108.7m $108.7m 0.15% Added +2.0m +2,045,000
9 ONTARIO TEACHERS PENSION PLAN BOARD 1.08% of their portfolio Toronto, A6 63,500,00063.5m $100.9m $100.9m 1.08% Unchanged
10 Sculptor Capital LP 1.81% of their portfolio New York, NY 61,590,00061.6m $97.5m $97.5m 1.81% Unchanged
11 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 57,935,00057.9m $91.7m $91.7m 0.11% Reduced -2.0m -2,045,000
12 Man Group plc 0.30% of their portfolio LONDON, X0 52,628,00052.6m $83.3m $83.3m 0.30% Reduced -810.0k -810,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 40,340,00040.3m $63.9m $63.9m 0.00% Added +1.4m +1,450,000
14 Shaolin Capital Management LLC 1.89% of their portfolio Miami, FL 40,000,00040.0m $63.3m $63.3m 1.89% Added +2.5m +2,500,000
15 Parallax Volatility Advisers, L.P. 1.23% of their portfolio San Francisco, CA 30,000,00030.0m $47.4m $47.4m 1.23% Unchanged
16 MacKay Shields LLC 1.16% of their portfolio New York, NY 28,786,00028.8m $45.6m $45.6m 1.16% Unchanged
17 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio NEW YORK, NY 28,700,00028.7m $45.3m $45.3m 0.02% Added +4.2m +4,150,000
18 BlackRock Inc. 0.00% of their portfolio New York, NY 27,800,00027.8m $43.9m $43.9m 0.00% Added +1.1m +1,075,000
19 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 26,400,00026.4m $41.7m $41.7m 0.01% Reduced -3.1m -3,100,000
20 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.08% of their portfolio BALA CYNWYD, PA 25,418,00025.4m $40.2m $40.2m 0.08% Added +500.0k +500,000
21 FMR LLC 0.00% of their portfolio BOSTON, MA 24,535,00024.5m $38.8m $38.8m 0.00% Added +1.0m +1,000,000
22 DLD Asset Management, LP 3.78% of their portfolio NEW YORK, NY 23,100,00023.1m $36.6m $36.6m 3.78% Added +600.0k +600,000
23 CAPSTONE INVESTMENT ADVISORS, LLC 0.83% of their portfolio NEW YORK, NY 20,000,00020.0m $31.6m $31.6m 0.83% Added +10.0m +10,000,000
24 Hudson Bay Capital Management LP 0.35% of their portfolio STAMFORD, CT 19,134,00019.1m $30.3m $30.3m 0.35% Unchanged
25 SSI INVESTMENT MANAGEMENT LLC 1.62% of their portfolio Los Angeles, CA 16,223,00016.2m $25.6m $25.6m 1.62% Reduced -3.3m -3,260,000
26 QVT Financial LP 1.41% of their portfolio New York, NY 15,000,00015.0m $23.7m $23.7m 1.41% Unchanged
27 Alberta Investment Management Corp 0.21% of their portfolio EDMONTON, A0 15,000,00015.0m $23.8m $23.8m 0.21% Unchanged
28 CQS (US), LLC 2.78% of their portfolio NEW YORK, NY 13,400,00013.4m $21.2m $21.2m 2.78% Unchanged
29 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 12,000,00012.0m $19.0m $19.0m 0.01% Unchanged
30 BOOTHBAY FUND MANAGEMENT, LLC 0.57% of their portfolio NEW YORK, NY 11,786,00011.8m $18.7m $18.7m 0.57% Added +2.7m +2,695,000
31 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 11,602,00011.6m $18.3m $18.3m 0.05% Reduced -29.6m -29,577,000
32 III Capital Management 2.25% of their portfolio BOCA RATON, FL 11,438,00011.4m $18.1m $18.1m 2.25% Reduced -43.5m -43,473,000
33 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.05% of their portfolio Paris, I0 8,000,0008.0m $12.6m $12.6m 0.05% Unchanged
34 PALISADE CAPITAL MANAGEMENT, LP 0.32% of their portfolio FORT LEE, NJ 7,495,0007.5m $11.9m $11.9m 0.32% New
35 Warberg Asset Management LLC 2.93% of their portfolio WINNETKA, IL 6,053,0006.1m $9.6m $9.6m 2.93% Added +151.0k +151,000
36 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 6,000,0006.0m $9.5m $9.5m 0.01% Unchanged
37 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,833,0005.8m $9.2m $9.2m 0.00% Reduced -1.9m -1,900,000
38 M&G INVESTMENT MANAGEMENT LTD 0.06% of their portfolio London, X0 5,362,0005.4m $8.5m $8.5m 0.06% Reduced -2.6m -2,589,000
39 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,807,0004.8m $7.6m $7.6m 0.00% Added +41.0k +41,000
40 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,354,0004.4m $6.9m $6.9m 0.00% Added +100.0k +100,000
41 SHENKMAN CAPITAL MANAGEMENT INC 0.42% of their portfolio NEW YORK, NY 4,335,0004.3m $6.8m $6.8m 0.42% Added +177.0k +177,000
42 Amundi 0.00% of their portfolio Paris, I0 4,088,0004.1m $6.3m $6.3m 0.00% Unchanged
43 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,898,0003.9m $6.2m $6.2m 0.00% Reduced -1.0m -1,000,000
44 Nicholas Investment Partners, LP 0.43% of their portfolio RANCHO SANTA FE, CA 3,100,0003.1m $4.9m $4.9m 0.43% Unchanged
45 MACQUARIE GROUP LTD 0.01% of their portfolio Sydney, NSW 2000, C3 2,847,0002.8m $4.5m $4.5m 0.01% Unchanged
46 AXA S.A. 0.01% of their portfolio PARIS, I0 2,476,0002.5m $3.9m $3.9m 0.01% Reduced -2.5m -2,476,000
47 Worth Venture Partners, LLC 2.02% of their portfolio FORT LEE, NJ 2,148,0002.1m $3.4m $3.4m 2.02% Added +184.0k +184,000
48 Walleye Capital LLC 0.07% of their portfolio NEW YORK, NY 2,000,0002.0m $3.2m $3.2m 0.07% Unchanged
49 ZAZOVE ASSOCIATES LLC 0.22% of their portfolio INCLINE VILLAGE, NV 1,500,0001.5m $2.4m $2.4m 0.22% Unchanged
50 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,300,0001.3m $2.1m $2.1m 0.00% Added +1.3m +1,295,200
51 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,182,0001.2m $1.9m $1.9m 0.00% First filing
52 JUPITER ASSET MANAGEMENT LTD 0.03% of their portfolio London, X0 1,150,0001.1m $1.8m $1.8m 0.03% Unchanged
53 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 600,000600.0k $948.9k $948.9k 0.00% Unchanged
54 Periscope Capital Inc. 0.04% of their portfolio Toronto, A6 600,000600.0k $949.3k $949.3k 0.04% Reduced -1.4m -1,400,000
55 Federation des caisses Desjardins du Quebec 0.01% of their portfolio LEVIS, A8 508,000508.0k $804.0k $804.0k 0.01% Unchanged
56 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $789.7k $789.7k 0.00% Unchanged
57 Calamos Wealth Management LLC 0.05% of their portfolio NAPERVILLE, IL 403,000403.0k $637.4k $637.4k 0.05% Reduced -2.0k -2,000
58 PROSPECTOR PARTNERS LLC 0.09% of their portfolio GUILFORD, CT 400,000400.0k $632.0k $632.0k 0.09% Unchanged
59 FIRST HAWAIIAN BANK 0.02% of their portfolio HONOLULU, HI 327,000327.0k $517.0k $517.0k 0.02% Reduced -62.0k -62,000
60 BANK OF NOVA SCOTIA 0.13% of their portfolio TORONTO, A6 321,793321.8k $50.2m $50.2m 0.13% Reduced -23.0m -23,043,207
61 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 300,000300.0k $474.0k $474.0k 0.00% Unchanged
62 RWC Asset Management LLP 0.01% of their portfolio LONDON, X0 300,000300.0k $474.5k $474.5k 0.01% Unchanged
63 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 120,000120.0k $236.3k $236.3k 0.00% Reduced -1.5m -1,480,000
64 EDMOND DE ROTHSCHILD HOLDING S.A. 0.00% of their portfolio CHAMBESY, V8 118,000118.0k $186.6k $186.6k 0.00% Unchanged
65 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 42,95943.0k $60.0k $60.0k 0.00% Reduced -36.4k -36,381
66 Goldstein Advisors, LLC 0.01% of their portfolio Madison, WI 37,00037.0k $58.0k $58.0k 0.01% First filing
67 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 36,00036.0k $56.9k $56.9k 0.00% Unchanged
68 SG Americas Securities, LLC 0.06% of their portfolio NEW YORK, NY 26,55026.6k $4.2m $4.2m 0.06% Added +4.2k +4,160
69 Chiron Investment Management, LLC 0.01% of their portfolio NEW YORK, NY 25,00025.0k $39.5k $39.5k 0.01% Unchanged
70 Savant Capital, LLC 0.00% of their portfolio ROCKFORD, IL 12,00012.0k $19.0k $19.0k 0.00% Unchanged
71 Boussard & Gavaudan Investment Management LLP 0.85% of their portfolio London, X0 4,7734.8k $7.5m $7.5m 0.85% Added +2.3k +2,273
72 LAFFER TENGLER INVESTMENTS, INC. 0.57% of their portfolio Scottsdale, AZ 1,2421.2k $2.0m $2.0m 0.57% Reduced -70 -70
73 Candriam S.C.A. 0.01% of their portfolio STRASSEN, N4 660660 $1.0m $1.0m 0.01% Added +200 +200
74 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged