Vault-13

PALO ALTO NETWORKS INC PANW 0.75 07.01.23

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

66 institutional holders -8 vs Q4 2022
8,849,2238.8m shares reported held*
$3.9bnreported value*
4 new 21 added 21 reduced 13 sold out net bought ≈ $160.3m (-72.2m 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 ($7.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $442.88.

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 78Q4 22: 74Q1 23: 6666Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202278
Q4 202274
Q1 202366

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 24 bought or addedQ4 22: 27 cut or sold outQ4 22Q1 23: 25 bought or addedQ1 23: 34 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222427
Q1 20232534

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 —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$24.4m$95.8m3.92
Q4 2022$0$0—
Q1 2023$0$0—

Biggest buyers

Shaolin Capital Management LLC Added +117,036,000+117.0m
Aequim Alternative Investments LP New +69,226,000+69.2m
BANK OF NOVA SCOTIA Added +44,550,207+44.6m
TWO SIGMA INVESTMENTS, LP Added +35,120,000+35.1m
FMR LLC Added +21,635,000+21.6m
Hudson Bay Capital Management LP Added +14,134,000+14.1m
QVT Financial LP Added +12,864,000+12.9m
LAZARD ASSET MANAGEMENT LLC Added +11,650,000+11.7m
DLD Asset Management, LP Added +11,000,000+11.0m
BANK OF AMERICA CORP /DE/ Added +10,421,000+10.4m

Biggest sellers

WHITEBOX ADVISORS LLC Sold out -101,512,000-101.5m
Aequim Alternative Investments LP Sold out -69,226,000-69.2m
Calamos Advisors LLC Reduced -25,510,000-25.5m
SSI INVESTMENT MANAGEMENT LLC Sold out -16,223,000-16.2m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -15,418,000-15.4m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduced -11,800,000-11.8m
BNP PARIBAS FINANCIAL MARKETS Sold out -11,602,000-11.6m
Man Group plc Reduced -9,400,000-9.4m
PALISADE CAPITAL MANAGEMENT, LP Sold out -7,495,000-7.5m
BlackRock Inc. Reduced -5,675,000-5.7m

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.66% of their portfolio New York, NY 181,900,000181.9m $407.9m $407.9m 0.66% Added +7.5m +7,500,000
2 Shaolin Capital Management LLC 10.54% of their portfolio Miami, FL 157,036,000157.0m $352.5m $352.5m 10.54% Added +117.0m +117,036,000
3 TWO SIGMA INVESTMENTS, LP 0.87% of their portfolio NEW YORK, NY 130,889,000130.9m $293.3m $293.3m 0.87% Added +35.1m +35,120,000
4 TENOR CAPITAL MANAGEMENT Co., L.P. 5.26% of their portfolio NEW YORK, NY 117,463,000117.5m $264.5m $264.5m 5.26% Unchanged
5 Mint Tower Capital Management B.V. 35.44% of their portfolio AMSTERDAM, P7 115,526,000115.5m $259.1m $259.1m 35.44% Added +199.0k +199,000
6 Calamos Advisors LLC 1.29% of their portfolio NAPERVILLE, IL 115,173,000115.2m $258.2m $258.2m 1.29% Reduced -25.5m -25,510,000
7 LAZARD ASSET MANAGEMENT LLC 0.24% of their portfolio NEW YORK, NY 80,345,00080.3m $180.2m $180.2m 0.24% Added +11.7m +11,650,000
8 Sculptor Capital LP 4.02% of their portfolio New York, NY 71,590,00071.6m $160.5m $160.5m 4.02% Added +10.0m +10,000,000
9 Aequim Alternative Investments LP 4.94% of their portfolio MILL VALLEY, CA 69,226,00069.2m $155.3m $155.3m 4.94% New
10 ONTARIO TEACHERS PENSION PLAN BOARD 1.46% of their portfolio Toronto, A6 63,500,00063.5m $141.5m $141.5m 1.46% Unchanged
11 VOYA INVESTMENT MANAGEMENT LLC 0.14% of their portfolio ATLANTA, GA 60,435,00060.4m $135.6m $135.6m 0.14% Added +2.5m +2,500,000
12 FMR LLC 0.00% of their portfolio BOSTON, MA 46,170,00046.2m $103.4m $103.4m 0.00% Added +21.6m +21,635,000
13 BANK OF NOVA SCOTIA 0.30% of their portfolio TORONTO, A6 44,872,00044.9m $100.9m $100.9m 0.30% Added +44.6m +44,550,207
14 Man Group plc 0.35% of their portfolio LONDON, X0 43,228,00043.2m $97.0m $97.0m 0.35% Reduced -9.4m -9,400,000
15 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 36,821,00036.8m $82.5m $82.5m 0.01% Added +10.4m +10,421,000
16 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 35,236,00035.2m $79.1m $79.1m 0.00% Reduced -5.1m -5,104,000
17 DLD Asset Management, LP 7.70% of their portfolio NEW YORK, NY 34,100,00034.1m $76.6m $76.6m 7.70% Added +11.0m +11,000,000
18 Hudson Bay Capital Management LP 0.44% of their portfolio STAMFORD, CT 33,268,00033.3m $74.6m $74.6m 0.44% Added +14.1m +14,134,000
19 Parallax Volatility Advisers, L.P. 2.36% of their portfolio San Francisco, CA 30,000,00030.0m $67.2m $67.2m 2.36% Unchanged
20 MacKay Shields LLC 1.74% of their portfolio New York, NY 28,278,00028.3m $63.4m $63.4m 1.74% Reduced -508.0k -508,000
21 QVT Financial LP 3.69% of their portfolio New York, NY 27,864,00027.9m $62.5m $62.5m 3.69% Added +12.9m +12,864,000
22 BlackRock Inc. 0.00% of their portfolio New York, NY 22,125,00022.1m $49.6m $49.6m 0.00% Reduced -5.7m -5,675,000
23 CAPSTONE INVESTMENT ADVISORS, LLC 1.39% of their portfolio NEW YORK, NY 20,000,00020.0m $44.9m $44.9m 1.39% Unchanged
24 BOOTHBAY FUND MANAGEMENT, LLC 1.02% of their portfolio NEW YORK, NY 17,238,00017.2m $38.7m $38.7m 1.02% Added +5.5m +5,452,000
25 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio NEW YORK, NY 16,900,00016.9m $38.0m $38.0m 0.02% Reduced -11.8m -11,800,000
26 III Capital Management 2.45% of their portfolio BOCA RATON, FL 16,000,00016.0m $35.9m $35.9m 2.45% Added +4.6m +4,562,000
27 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 15,136,00015.1m $33.9m $33.9m 0.00% Added +9.3m +9,303,000
28 CQS (US), LLC 3.52% of their portfolio NEW YORK, NY 12,450,00012.4m $27.9m $27.9m 3.52% Reduced -950.0k -950,000
29 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 12,000,00012.0m $26.9m $26.9m 0.01% Unchanged
30 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.04% of their portfolio BALA CYNWYD, PA 10,000,00010.0m $22.4m $22.4m 0.04% Reduced -15.4m -15,418,000
31 Alberta Investment Management Corp 0.22% of their portfolio EDMONTON, A0 10,000,00010.0m $22.4m $22.4m 0.22% Reduced -5.0m -5,000,000
32 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 9,093,0009.1m $19.8m $19.8m 0.01% Added +7.8m +7,793,000
33 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,496,0006.5m $14.6m $14.6m 0.00% Added +1.7m +1,689,000
34 Warberg Asset Management LLC 4.27% of their portfolio WINNETKA, IL 6,339,0006.3m $14.2m $14.2m 4.27% Added +286.0k +286,000
35 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 6,000,0006.0m $13.4m $13.4m 0.02% Unchanged
36 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.05% of their portfolio Paris, I0 6,000,0006.0m $13.5m $13.5m 0.05% Reduced -2.0m -2,000,000
37 M&G INVESTMENT MANAGEMENT LTD 0.08% of their portfolio London, X0 5,183,0005.2m $11.7m $11.7m 0.08% Reduced -179.0k -179,000
38 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,898,0003.9m $8.7m $8.7m 0.00% Unchanged
39 Amundi 0.00% of their portfolio Paris, I0 3,888,0003.9m $8.5m $8.5m 0.00% Reduced -200.0k -200,000
40 Worth Venture Partners, LLC 3.53% of their portfolio FORT LEE, NJ 3,211,0003.2m $7.2m $7.2m 3.53% Added +1.1m +1,063,000
41 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,149,0003.1m $7.1m $7.1m 0.00% Reduced -1.2m -1,205,000
42 Nicholas Investment Partners, LP 0.53% of their portfolio RANCHO SANTA FE, CA 3,100,0003.1m $6.9m $6.9m 0.53% Unchanged
43 MACQUARIE GROUP LTD 0.01% of their portfolio Sydney, NSW 2000, C3 2,513,0002.5m $5.6m $5.6m 0.01% New
44 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 2,500,0002.5m $5.6m $5.6m 0.01% New
45 AXA S.A. 0.02% of their portfolio PARIS, I0 2,176,0002.2m $4.9m $4.9m 0.02% Reduced -300.0k -300,000
46 Walleye Capital LLC 0.09% of their portfolio NEW YORK, NY 2,000,0002.0m $4.5m $4.5m 0.09% Unchanged
47 ZAZOVE ASSOCIATES LLC 0.31% of their portfolio INCLINE VILLAGE, NV 1,500,0001.5m $3.4m $3.4m 0.31% Unchanged
48 JUPITER ASSET MANAGEMENT LTD 0.03% of their portfolio London, X0 900,000900.0k $2.0m $2.0m 0.03% Reduced -250.0k -250,000
49 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $1.1m $1.1m 0.00% Unchanged
50 Calamos Wealth Management LLC 0.07% of their portfolio NAPERVILLE, IL 392,000392.0k $878.9k $878.9k 0.07% Reduced -11.0k -11,000
51 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 300,000300.0k $672.1k $672.1k 0.00% Unchanged
52 RWC Asset Management LLP 0.02% of their portfolio LONDON, X0 300,000300.0k $672.8k $672.8k 0.02% Unchanged
53 PROSPECTOR PARTNERS LLC 0.07% of their portfolio GUILFORD, CT 200,000200.0k $448.1k $448.1k 0.07% Reduced -200.0k -200,000
54 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 160,000160.0k $358.9k $358.9k 0.01% First filing
55 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 120,000120.0k $183.0k $183.0k 0.00% Unchanged
56 EDMOND DE ROTHSCHILD HOLDING S.A. 0.01% of their portfolio CHAMBESY, V8 118,000118.0k $264.6k $264.6k 0.01% Unchanged
57 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 53,00053.0k $118.9k $118.9k 0.00% Reduced -1.1m -1,129,000
58 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 36,00036.0k $80.7k $80.7k 0.00% Unchanged
59 Chiron Investment Management, LLC 0.01% of their portfolio NEW YORK, NY 25,00025.0k $56.0k $56.0k 0.01% Unchanged
60 Goldstein Advisors, LLC 0.01% of their portfolio Madison, WI 21,00021.0k $47.0k $47.0k 0.01% Reduced -16.0k -16,000
61 Savant Capital, LLC 0.00% of their portfolio ROCKFORD, IL 12,00012.0k $27.0k $27.0k 0.00% Unchanged
62 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 10,00010.0k $22.4k $22.4k 0.00% New
63 Candriam S.C.A. 0.02% of their portfolio STRASSEN, N4 2,6702.7k $3.5m $3.5m 0.02% Added +2.0k +2,010
64 LAFFER TENGLER INVESTMENTS, INC. 0.74% of their portfolio Scottsdale, AZ 1,2231.2k $2.7m $2.7m 0.74% Reduced -19 -19
65 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 650650 $146.0k $146.0k 0.00% Reduced -25.9k -25,900
66 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged