Vault-13

PALO ALTO NETWORKS INC PANW 0.375 06.01.25

NOTE 0.375% 6/0 · US DOMESTIC · CUSIP 697435AF2

87 institutional holders +5 vs Q4 2022
84,669,47384.7m shares reported held*
$4.0bnreported value*
17 new 21 added 25 reduced 12 sold out net bought ≈ $154.5m (+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. Holder counts are more reliable. Implied quarter-end price ≈ $47.54.

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 76Q4 22: 82Q1 23: 8787Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202276
Q4 202282
Q1 202387

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 32 bought or addedQ4 22: 29 cut or sold outQ4 22Q1 23: 38 bought or addedQ1 23: 37 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 20223229
Q1 20233837

Biggest buyers

Shaolin Capital Management LLC Added +84,000,000+84.0m
Elliott Investment Management L.P. Added +75,000,000+75.0m
III Capital Management New +69,914,000+69.9m
Daiwa Securities Group Inc. Added +52,500,000+52.5m
TWO SIGMA INVESTMENTS, LP Added +42,183,000+42.2m
Portman Square Capital LLP New +40,000,000+40.0m
Calamos Advisors LLC Added +37,287,000+37.3m
BANK OF AMERICA CORP /DE/ Added +30,824,000+30.8m
BANK OF MONTREAL /CAN/ New +22,900,000+22.9m
FMR LLC Added +21,775,000+21.8m

Biggest sellers

Linden Advisors LP Reduced -185,200,000-185.2m
WHITEBOX ADVISORS LLC Sold out -86,179,000-86.2m
Castle Creek Arbitrage, LLC Sold out -46,000,000-46.0m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -45,568,000-45.6m
D. E. Shaw & Co., Inc. Reduced -27,500,000-27.5m
Mint Tower Capital Management B.V. Sold out -20,317,000-20.3m
Lombard Odier Asset Management (Europe) Ltd Sold out -19,224,000-19.2m
Segantii Capital Management Ltd Reduced -15,000,000-15.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -12,902,000-12.9m
CITADEL ADVISORS LLC Reduced -12,500,000-12.5m

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.48% of their portfolio ATLANTA, GA 221,805,000221.8m $448.4m $448.4m 0.48% Added +1.2m +1,250,000
2 Elliott Investment Management L.P. 4.33% of their portfolio WEST PALM BEACH, FL 175,000,000175.0m $353.1m $353.1m 4.33% Added +75.0m +75,000,000
3 Linden Advisors LP 3.35% of their portfolio New York, NY 157,369,000157.4m $317.7m $317.7m 3.35% Reduced -185.2m -185,200,000
4 Shaolin Capital Management LLC 8.24% of their portfolio Miami, FL 136,500,000136.5m $275.7m $275.7m 8.24% Added +84.0m +84,000,000
5 Calamos Advisors LLC 1.12% of their portfolio NAPERVILLE, IL 110,955,000111.0m $223.9m $223.9m 1.12% Added +37.3m +37,287,000
6 TENOR CAPITAL MANAGEMENT Co., L.P. 3.14% of their portfolio NEW YORK, NY 78,293,00078.3m $158.1m $158.1m 3.14% Added +6.5m +6,500,000
7 Daiwa Securities Group Inc. 0.98% of their portfolio CHIYODA-KU,TOKYO, M0 70,000,00070.0m $141.3m $141.3m 0.98% Added +52.5m +52,500,000
8 III Capital Management 9.65% of their portfolio BOCA RATON, FL 69,914,00069.9m $141.1m $141.1m 9.65% New
9 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 67,003,00067.0m $135.1m $135.1m 0.02% Added +30.8m +30,824,000
10 LAZARD ASSET MANAGEMENT LLC 0.15% of their portfolio NEW YORK, NY 56,023,00056.0m $113.2m $113.2m 0.15% Added +7.6m +7,555,000
11 FMR LLC 0.00% of their portfolio BOSTON, MA 52,650,00052.6m $106.2m $106.2m 0.00% Added +21.8m +21,775,000
12 D. E. Shaw & Co., Inc. 0.16% of their portfolio New York, NY 50,539,00050.5m $102.1m $102.1m 0.16% Reduced -27.5m -27,500,000
13 CITADEL ADVISORS LLC 0.11% of their portfolio MIAMI, FL 50,000,00050.0m $100.9m $100.9m 0.11% Reduced -12.5m -12,500,000
14 TWO SIGMA INVESTMENTS, LP 0.25% of their portfolio NEW YORK, NY 42,500,00042.5m $85.7m $85.7m 0.25% Added +42.2m +42,183,000
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 41,173,00041.2m $83.1m $83.1m 0.00% Reduced -7.0m -7,050,000
16 Portman Square Capital LLP 20.33% of their portfolio London, X0 40,000,00040.0m $80.9m $80.9m 20.33% New
17 BNP PARIBAS FINANCIAL MARKETS 0.17% of their portfolio PARIS, I0 39,841,00039.8m $80.4m $80.4m 0.17% Added +5.4m +5,356,000
18 LORD, ABBETT & CO. LLC 0.14% of their portfolio JERSEY CITY, NJ 37,967,00038.0m $76.7m $76.7m 0.14% Added +803.0k +803,000
19 LORD, ABBETT & CO. LLC 0.14% of their portfolio JERSEY CITY, NJ 37,967,00038.0m $76.7m $76.7m 0.14% Added +803.0k +803,000
20 CAPSTONE INVESTMENT ADVISORS, LLC 2.37% of their portfolio NEW YORK, NY 37,850,00037.9m $76.5m $76.5m 2.37% Unchanged
21 ADVENT CAPITAL MANAGEMENT /DE/ 1.19% of their portfolio NEW YORK, NY 30,633,00030.6m $61.9m $61.9m 1.19% Reduced -12.9m -12,902,000
22 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 27,107,00027.1m $54.7m $54.7m 0.01% Reduced -4.7m -4,738,000
23 MacKay Shields LLC 1.48% of their portfolio New York, NY 26,642,00026.6m $53.8m $53.8m 1.48% Reduced -513.0k -513,000
24 MIZUHO SECURITIES USA LLC 3.00% of their portfolio NEW YORK, NY 25,885,00025.9m $52.2m $52.2m 3.00% Added +10.3m +10,276,000
25 Tetragon Partners GP Ltd 6.76% of their portfolio GRAND CAYMAN, E9 25,000,00025.0m $50.5m $50.5m 6.76% Unchanged
26 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 22,900,00022.9m $44.8m $44.8m 0.02% New
27 Alberta Investment Management Corp 0.44% of their portfolio EDMONTON, A0 22,500,00022.5m $45.4m $45.4m 0.44% Unchanged
28 AVIVA PLC 0.18% of their portfolio LONDON, X0 20,000,00020.0m $40.3m $40.3m 0.18% Unchanged
29 Parallax Volatility Advisers, L.P. 1.41% of their portfolio San Francisco, CA 20,000,00020.0m $40.3m $40.3m 1.41% New
30 SSI INVESTMENT MANAGEMENT LLC 2.76% of their portfolio Los Angeles, CA 19,459,00019.5m $39.2m $39.2m 2.76% Added +19.0m +19,004,000
31 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio NEW YORK, NY 19,000,00019.0m $38.3m $38.3m 0.02% New
32 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 14,347,00014.3m $28.9m $28.9m 0.01% Reduced -5.2m -5,175,000
33 PUTNAM INVESTMENTS LLC 0.04% of their portfolio BOSTON, MA 13,239,00013.2m $26.7m $26.7m 0.04% Added +613.0k +613,000
34 BlackRock Inc. 0.00% of their portfolio New York, NY 11,938,00011.9m $24.1m $24.1m 0.00% Reduced -6.5m -6,525,000
35 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.04% of their portfolio BALA CYNWYD, PA 11,188,00011.2m $22.6m $22.6m 0.04% Reduced -45.6m -45,568,000
36 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 10,400,00010.4m $21.0m $21.0m 0.01% Added +225.0k +225,000
37 ONTARIO TEACHERS PENSION PLAN BOARD 0.21% of their portfolio Toronto, A6 10,360,00010.4m $20.8m $20.8m 0.21% Unchanged
38 HBK INVESTMENTS L P 0.73% of their portfolio DALLAS, TX 10,000,00010.0m $20.2m $20.2m 0.73% New
39 Segantii Capital Management Ltd 0.91% of their portfolio HONG KONG, K3 10,000,00010.0m $20.2m $20.2m 0.91% Reduced -15.0m -15,000,000
40 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.03% of their portfolio FRANKFURT AM MAIN, 2M 8,500,0008.5m $17.2m $17.2m 0.03% Reduced -3.2m -3,250,000
41 PALISADE CAPITAL MANAGEMENT, LP 0.35% of their portfolio FORT LEE, NJ 6,350,0006.3m $12.8m $12.8m 0.35% Added +5.3m +5,350,000
42 CREDIT SUISSE AG/ 0.01% of their portfolio ZURICH, V8 5,830,0005.8m $8.4m $8.4m 0.01% Reduced -1.3m -1,348,000
43 Fore Capital, LLC 15.71% of their portfolio New York, NY 5,000,0005.0m $10.1m $10.1m 15.71% Unchanged
44 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 3,953,0004.0m $8.0m $8.0m 0.00% New
45 Ovata Capital Management Ltd 2.58% of their portfolio HONG KONG, K3 3,000,0003.0m $6.1m $6.1m 2.58% Unchanged
46 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,534,0002.5m $5.1m $5.1m 0.00% Reduced -438.0k -438,000
47 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 2,504,0002.5m $5.1m $5.1m 0.01% Added +1.1m +1,084,000
48 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,245,0002.2m $4.5m $4.5m 0.00% Reduced -4.7m -4,729,000
49 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,188,0002.2m $4.4m $4.4m 0.00% Reduced -419.0k -419,000
50 ZAZOVE ASSOCIATES LLC 0.37% of their portfolio INCLINE VILLAGE, NV 2,000,0002.0m $4.0m $4.0m 0.37% New
51 SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio London, X0 1,866,0001.9m $3.8m $3.8m 0.01% Unchanged
52 SHENKMAN CAPITAL MANAGEMENT INC 0.28% of their portfolio NEW YORK, NY 1,850,0001.9m $3.7m $3.7m 0.28% New
53 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 1,650,0001.6m $3.3m $3.3m 0.00% Added +600.0k +600,000
54 EDMOND DE ROTHSCHILD HOLDING S.A. 0.07% of their portfolio CHAMBESY, V8 1,539,0001.5m $3.1m $3.1m 0.07% Unchanged
55 Periscope Capital Inc. 0.12% of their portfolio Toronto, A6 1,250,0001.2m $2.5m $2.5m 0.12% Unchanged
56 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 1,102,0001.1m $2.2m $2.2m 0.00% Reduced -525.0k -525,000
57 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 1,000,0001.0m $2.0m $2.0m 0.00% Unchanged
58 BOOTHBAY FUND MANAGEMENT, LLC 0.05% of their portfolio NEW YORK, NY 917,000917.0k $1.9m $1.9m 0.05% New
59 LBP AM SA 0.04% of their portfolio Paris, I0 850,000850.0k $1.7m $1.7m 0.04% Unchanged
60 Quaero Capital S.A. 1.03% of their portfolio GENEVE, V8 700,000700.0k $1.4m $1.4m 1.03% Unchanged
61 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 625,000625.0k $1.3m $1.3m 0.01% Reduced -300.0k -300,000
62 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 600,000600.0k $1.2m $1.2m 0.00% New
63 CQS (US), LLC 0.10% of their portfolio NEW YORK, NY 400,000400.0k $807.8k $807.8k 0.10% Unchanged
64 FIRST HAWAIIAN BANK 0.03% of their portfolio HONOLULU, HI 376,000376.0k $758.2k $758.2k 0.03% New
65 Calamos Wealth Management LLC 0.04% of their portfolio NAPERVILLE, IL 274,000274.0k $553.0k $553.0k 0.04% Added +73.0k +73,000
66 Liberty Mutual Group Asset Management Inc. 0.09% of their portfolio Boston, MA 200,000200.0k $403.3k $403.3k 0.09% Unchanged
67 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 191,000191.0k $386.1k $386.1k 0.00% Unchanged
68 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 135,000135.0k $272.2k $272.2k 0.00% Unchanged
69 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 79,00079.0k $159.3k $159.3k 0.00% Unchanged
70 Warberg Asset Management LLC 0.05% of their portfolio WINNETKA, IL 79,00079.0k $159.5k $159.5k 0.05% New
71 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 39,00039.0k $78.8k $78.8k 0.00% Reduced -463.0k -463,000
72 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 34,00034.0k $68.6k $68.6k 0.00% Unchanged
73 NOMURA HOLDINGS INC 0.06% of their portfolio TOKYO, M0 31,86931.9k $6.4m $6.4m 0.06% Reduced -34.7k -34,689
74 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 26,00026.0k $52.4k $52.4k 0.00% Unchanged
75 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 24,00024.0k $48.4k $48.4k 0.00% Reduced -1.0k -1,000
76 Balboa Wealth Partners 0.02% of their portfolio SCOTTSDALE, AZ 23,00023.0k $46.4k $46.4k 0.02% Unchanged
77 SG Americas Securities, LLC 0.04% of their portfolio NEW YORK, NY 14,26014.3k $2.9m $2.9m 0.04% Reduced -14.6k -14,620
78 BUCKINGHAM STRATEGIC WEALTH, LLC 0.00% of their portfolio CLAYTON, MO 12,00012.0k $17.7k $17.7k 0.00% Unchanged
79 Iron Horse Wealth Management, LLC 0.01% of their portfolio JOHSTON, IA 9,0009.0k $18.1k $18.1k 0.01% New
80 Boussard & Gavaudan Investment Management LLP 1.30% of their portfolio London, X0 7,0007.0k $13.8m $13.8m 1.30% Reduced -16.4k -16,400
81 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 4,0004.0k $806.6k $806.6k 0.00% New
82 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,0003.0k $6.0k $6.0k 0.00% Reduced -41.0k -41,000
83 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,0003.0k $6.0k $6.0k 0.00% Unchanged
84 Chevy Chase Trust Holdings, LLC 0.00% of their portfolio BETHESDA, MD 1,0001.0k $201.9k $201.9k 0.00% New
85 NATIXIS 0.01% of their portfolio PARIS, I0 473473 $976.1k $976.1k 0.01% New
86 Alken Asset Management Ltd 0.01% of their portfolio LONDON, X0 250250 $504 $504 0.01% Reduced -100 -100
87 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged