Vault-13

PALO ALTO NETWORKS INC PANW 0.375 06.01.25

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

85 institutional holders -2 vs Q1 2023
43,725,52543.7m shares reported held*
$4.3bnreported value*
10 new 17 added 40 reduced 13 sold out net sold ≈ $812.9m (-41.0m 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 ≈ $98.28. Options: 0 managers hold calls (— notional), 1 hold puts ($530.9m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 76Q4 22: 82Q1 23: 87Q2 23: 8585Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202276
Q4 202282
Q1 202387
Q2 202385

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 22: 32 bought or addedQ4 22: 29 cut or sold outQ4 22Q1 23: 38 bought or addedQ1 23: 37 cut or sold outQ1 23Q2 23: 27 bought or addedQ2 23: 53 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20223229
Q1 20233837
Q2 20232753

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 22 calls: $0Q3 22 puts: $0Q3 22P/C —Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $530.9mQ2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$0—
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$530.9m—

Biggest buyers

TENOR CAPITAL MANAGEMENT Co., L.P. Added +52,216,000+52.2m
DLD Asset Management, LP New +25,750,000+25.8m
Man Group plc New +22,500,000+22.5m
LAZARD ASSET MANAGEMENT LLC Added +21,129,000+21.1m
BANK OF NOVA SCOTIA New +13,630,000+13.6m
Portman Square Capital LLP Added +11,500,000+11.5m
HBK INVESTMENTS L P Added +10,000,000+10.0m
STATE STREET CORP Added +9,900,000+9.9m
BOOTHBAY FUND MANAGEMENT, LLC Added +9,739,000+9.7m
Worth Venture Partners, LLC New +3,652,000+3.7m

Biggest sellers

Shaolin Capital Management LLC Sold out -136,500,000-136.5m
BNP PARIBAS FINANCIAL MARKETS Reduced -33,591,000-33.6m
BANK OF AMERICA CORP /DE/ Reduced -31,275,000-31.3m
III Capital Management Reduced -26,320,000-26.3m
VOYA INVESTMENT MANAGEMENT LLC Reduced -25,815,000-25.8m
MIZUHO SECURITIES USA LLC Reduced -23,965,000-24.0m
AVIVA PLC Sold out -20,000,000-20.0m
Daiwa Securities Group Inc. Reduced -20,000,000-20.0m
JPMORGAN CHASE & CO Reduced -19,066,000-19.1m
FMR LLC Reduced -17,055,000-17.1m

Biggest calls

None

Biggest puts

Shaolin Capital Management LLC New $530.9m206.3m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.52% of their portfolio ATLANTA, GA 195,990,000196.0m $505.4m $505.4m 0.52% Reduced -25.8m -25,815,000
2 Elliott Investment Management L.P. 5.38% of their portfolio WEST PALM BEACH, FL 175,000,000175.0m $450.1m $450.1m 5.38% Unchanged
3 Linden Advisors LP 4.16% of their portfolio New York, NY 153,869,000153.9m $396.0m $396.0m 4.16% Reduced -3.5m -3,500,000
4 TENOR CAPITAL MANAGEMENT Co., L.P. 7.03% of their portfolio NEW YORK, NY 130,509,000130.5m $336.0m $336.0m 7.03% Added +52.2m +52,216,000
5 Calamos Advisors LLC 1.39% of their portfolio NAPERVILLE, IL 106,008,000106.0m $272.8m $272.8m 1.39% Reduced -4.9m -4,947,000
6 LAZARD ASSET MANAGEMENT LLC 0.24% of their portfolio NEW YORK, NY 77,152,00077.2m $198.9m $198.9m 0.24% Added +21.1m +21,129,000
7 Portman Square Capital LLP 23.34% of their portfolio London, X0 51,500,00051.5m $132.8m $132.8m 23.34% Added +11.5m +11,500,000
8 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 51,073,00051.1m $131.3m $131.3m 0.01% Added +9.9m +9,900,000
9 Daiwa Securities Group Inc. 0.85% of their portfolio CHIYODA-KU,TOKYO, M0 50,000,00050.0m $128.8m $128.8m 0.85% Reduced -20.0m -20,000,000
10 III Capital Management 8.78% of their portfolio BOCA RATON, FL 43,594,00043.6m $112.2m $112.2m 8.78% Reduced -26.3m -26,320,000
11 CITADEL ADVISORS LLC 0.12% of their portfolio MIAMI, FL 42,500,00042.5m $109.4m $109.4m 0.12% Reduced -7.5m -7,500,000
12 TWO SIGMA INVESTMENTS, LP 0.28% of their portfolio NEW YORK, NY 40,000,00040.0m $102.9m $102.9m 0.28% Reduced -2.5m -2,500,000
13 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 35,728,00035.7m $91.9m $91.9m 0.01% Reduced -31.3m -31,275,000
14 FMR LLC 0.01% of their portfolio BOSTON, MA 35,595,00035.6m $91.6m $91.6m 0.01% Reduced -17.1m -17,055,000
15 D. E. Shaw & Co., Inc. 0.14% of their portfolio New York, NY 35,539,00035.5m $91.5m $91.5m 0.14% Reduced -15.0m -15,000,000
16 LORD, ABBETT & CO. LLC 0.14% of their portfolio JERSEY CITY, NJ 30,685,00030.7m $79.1m $79.1m 0.14% Reduced -7.3m -7,282,000
17 LORD, ABBETT & CO. LLC 0.14% of their portfolio JERSEY CITY, NJ 30,685,00030.7m $79.1m $79.1m 0.14% Reduced -7.3m -7,282,000
18 MacKay Shields LLC 1.91% of their portfolio New York, NY 26,494,00026.5m $68.3m $68.3m 1.91% Reduced -148.0k -148,000
19 DLD Asset Management, LP 8.92% of their portfolio NEW YORK, NY 25,750,00025.8m $66.3m $66.3m 8.92% New
20 Alberta Investment Management Corp 0.62% of their portfolio EDMONTON, A0 25,000,00025.0m $64.4m $64.4m 0.62% Added +2.5m +2,500,000
21 Tetragon Partners GP Ltd 8.69% of their portfolio GRAND CAYMAN, E9 25,000,00025.0m $64.4m $64.4m 8.69% Unchanged
22 CAPSTONE INVESTMENT ADVISORS, LLC 1.74% of their portfolio NEW YORK, NY 22,850,00022.9m $58.9m $58.9m 1.74% Reduced -15.0m -15,000,000
23 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 22,683,00022.7m $57.9m $57.9m 0.02% Reduced -217.0k -217,000
24 Man Group plc 0.18% of their portfolio LONDON, X0 22,500,00022.5m $57.9m $57.9m 0.18% New
25 HBK INVESTMENTS L P 1.63% of their portfolio DALLAS, TX 20,000,00020.0m $51.5m $51.5m 1.63% Added +10.0m +10,000,000
26 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% Unchanged
27 ADVENT CAPITAL MANAGEMENT /DE/ 0.74% of their portfolio NEW YORK, NY 14,398,00014.4m $37.1m $37.1m 0.74% Reduced -16.2m -16,235,000
28 BANK OF NOVA SCOTIA 0.09% of their portfolio TORONTO, A6 13,630,00013.6m $35.1m $35.1m 0.09% New
29 SSI INVESTMENT MANAGEMENT LLC 2.29% of their portfolio Los Angeles, CA 12,661,00012.7m $32.6m $32.6m 2.29% Reduced -6.8m -6,798,000
30 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 12,347,00012.3m $31.8m $31.8m 0.01% Reduced -2.0m -2,000,000
31 Parallax Volatility Advisers, L.P. 1.02% of their portfolio San Francisco, CA 11,500,00011.5m $29.6m $29.6m 1.02% Reduced -8.5m -8,500,000
32 BlackRock Inc. 0.00% of their portfolio New York, NY 11,163,00011.2m $28.7m $28.7m 0.00% Reduced -775.0k -775,000
33 BOOTHBAY FUND MANAGEMENT, LLC 0.85% of their portfolio NEW YORK, NY 10,656,00010.7m $27.4m $27.4m 0.85% Added +9.7m +9,739,000
34 ONTARIO TEACHERS PENSION PLAN BOARD 0.28% of their portfolio Toronto, A6 10,360,00010.4m $26.5m $26.5m 0.28% Unchanged
35 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 10,075,00010.1m $25.9m $25.9m 0.01% Reduced -325.0k -325,000
36 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 8,041,0008.0m $20.7m $20.7m 0.00% Reduced -19.1m -19,066,000
37 PUTNAM INVESTMENTS LLC 0.03% of their portfolio BOSTON, MA 7,940,0007.9m $20.4m $20.4m 0.03% Reduced -5.3m -5,299,000
38 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.03% of their portfolio FRANKFURT AM MAIN, 2M 6,600,0006.6m $17.0m $17.0m 0.03% Reduced -1.9m -1,900,000
39 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 6,250,0006.2m $16.1m $16.1m 0.03% Reduced -33.6m -33,591,000
40 Worth Venture Partners, LLC 5.15% of their portfolio FORT LEE, NJ 3,652,0003.7m $9.4m $9.4m 5.15% New
41 PALISADE CAPITAL MANAGEMENT, LP 0.25% of their portfolio FORT LEE, NJ 3,591,0003.6m $9.2m $9.2m 0.25% Reduced -2.8m -2,759,000
42 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 3,090,0003.1m $3.1m $3.1m 0.00% Reduced -2.7m -2,740,000
43 SHENKMAN CAPITAL MANAGEMENT INC 0.56% of their portfolio NEW YORK, NY 2,817,0002.8m $7.2m $7.2m 0.56% Added +967.0k +967,000
44 AXA S.A. 0.02% of their portfolio PARIS, I0 2,400,0002.4m $6.1m $6.1m 0.02% New
45 AGF MANAGEMENT LTD 0.04% of their portfolio TORONTO, A6 2,375,0002.4m $6.1m $6.1m 0.04% Added +1.8m +1,750,000
46 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,370,0002.4m $6.1m $6.1m 0.00% Added +125.0k +125,000
47 ZAZOVE ASSOCIATES LLC 0.47% of their portfolio INCLINE VILLAGE, NV 2,000,0002.0m $5.1m $5.1m 0.47% Unchanged
48 MIZUHO SECURITIES USA LLC 0.16% of their portfolio NEW YORK, NY 1,920,0001.9m $4.9m $4.9m 0.16% Reduced -24.0m -23,965,000
49 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,742,0001.7m $4.5m $4.5m 0.00% Reduced -792.0k -792,000
50 SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio London, X0 1,546,0001.5m $3.9m $3.9m 0.01% Reduced -320.0k -320,000
51 Periscope Capital Inc. 0.25% of their portfolio Toronto, A6 1,250,0001.2m $3.2m $3.2m 0.25% Unchanged
52 EDMOND DE ROTHSCHILD HOLDING S.A. 0.06% of their portfolio CHAMBESY, V8 1,224,0001.2m $3.2m $3.2m 0.06% Reduced -315.0k -315,000
53 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 1,027,0001.0m $2.6m $2.6m 0.00% Reduced -75.0k -75,000
54 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 1,000,0001.0m $2.6m $2.6m 0.01% Unchanged
55 LBP AM SA 0.05% of their portfolio Paris, I0 850,000850.0k $2.2m $2.2m 0.05% Unchanged
56 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 750,000750.0k $1.9m $1.9m 0.00% Reduced -900.0k -900,000
57 Quaero Capital S.A. 0.99% of their portfolio GENEVE, V8 500,000500.0k $1.3m $1.3m 0.99% Reduced -200.0k -200,000
58 Calamos Wealth Management LLC 0.09% of their portfolio NAPERVILLE, IL 497,000497.0k $1.3m $1.3m 0.09% Added +223.0k +223,000
59 CQS (US), LLC 0.12% of their portfolio NEW YORK, NY 400,000400.0k $1.0m $1.0m 0.12% Unchanged
60 RWC Asset Management LLP 0.05% of their portfolio LONDON, X0 400,000400.0k $1.0m $1.0m 0.05% New
61 Warberg Asset Management LLC 0.27% of their portfolio WINNETKA, IL 370,000370.0k $952.4k $952.4k 0.27% Added +291.0k +291,000
62 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 350,000350.0k $900.7k $900.7k 0.00% Reduced -3.6m -3,603,000
63 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 331,000331.0k $852.0k $852.0k 0.00% Added +292.0k +292,000
64 FIRST HAWAIIAN BANK 0.02% of their portfolio HONOLULU, HI 244,000244.0k $627.9k $627.9k 0.02% Reduced -132.0k -132,000
65 Liberty Mutual Group Asset Management Inc. 0.13% of their portfolio Boston, MA 200,000200.0k $514.7k $514.7k 0.13% Unchanged
66 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 191,000191.0k $492.5k $492.5k 0.00% Unchanged
67 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 148,000148.0k $381.0k $381.0k 0.00% Reduced -2.4m -2,356,000
68 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 135,000135.0k $347.4k $347.4k 0.00% Unchanged
69 Amundi 0.00% of their portfolio Paris, I0 100,000100.0k $256.5k $256.5k 0.00% New
70 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 96,00096.0k $247.1k $247.1k 0.00% Added +17.0k +17,000
71 COMERICA BANK 1.29% of their portfolio DALLAS, TX 95,00095.0k $71.9k $71.9k 1.29% First filing
72 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 91,56891.6k $233.2k $233.2k 0.00% Added +59.7k +59,699
73 SG Americas Securities, LLC 0.14% of their portfolio NEW YORK, NY 63,36063.4k $16.2m $16.2m 0.14% Added +49.1k +49,100
74 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 34,00034.0k $87.5k $87.5k 0.00% Unchanged
75 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 26,00026.0k $66.9k $66.9k 0.00% Unchanged
76 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 21,00021.0k $54.0k $54.0k 0.00% Reduced -3.0k -3,000
77 Balboa Wealth Partners 0.02% of their portfolio SCOTTSDALE, AZ 21,00021.0k $53.6k $53.6k 0.02% Reduced -2.0k -2,000
78 Iron Horse Wealth Management, LLC 0.01% of their portfolio JOHSTON, IA 9,0009.0k $23.2k $23.2k 0.01% Unchanged
79 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4,0004.0k $10.0k $10.0k 0.00% Reduced -2.2m -2,184,000
80 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 4,0004.0k $10.3k $10.3k 0.00% New
81 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 3,0003.0k $772.0k $772.0k 0.00% New
82 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,0003.0k $7.7k $7.7k 0.00% Unchanged
83 Alken Asset Management Ltd 0.04% of their portfolio LONDON, X0 700700 $1.8k $1.8k 0.04% Added +450 +450
84 LAFFER TENGLER INVESTMENTS, INC. 0.36% of their portfolio Scottsdale, AZ 525525 $1.4m $1.4m 0.36% New
85 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged