Vault-13

PALO ALTO NETWORKS INC PANW 0.375 06.01.25

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

85 institutional holders +0 vs Q2 2023
46,430,65646.4m shares reported held*
$4.5bnreported value*
7 new 23 added 30 reduced 8 sold out net bought ≈ $380.9m (+2.7m 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 ≈ $95.95.

Trends to Q3 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 76Q4 22: 82Q1 23: 87Q2 23: 85Q3 23: 8585Q3 22Q4 22Q1 23Q2 23Q3 23
Numbers
QuarterHolders
Q3 202276
Q4 202282
Q1 202387
Q2 202385
Q3 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 23Q3 23: 30 bought or addedQ3 23: 38 cut or sold outQ3 23
Numbers
QuarterBought or addedCut or sold out
Q4 20223229
Q1 20233837
Q2 20232753
Q3 20233038

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ4 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 —Q3 23 calls: $0Q3 23 puts: $0Q3 23P/C —
Numbers
QuarterCallsPutsP/C
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$530.9m—
Q3 2023$0$0—

Biggest buyers

Shaolin Capital Management LLC New +317,781,000+317.8m
MOORE CAPITAL MANAGEMENT, LP New +57,876,000+57.9m
BANK OF MONTREAL /CAN/ Added +38,255,000+38.3m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +24,500,000+24.5m
BNP PARIBAS FINANCIAL MARKETS Added +19,163,000+19.2m
BANK OF NOVA SCOTIA Added +17,668,000+17.7m
Calamos Advisors LLC Added +16,908,000+16.9m
Mint Tower Capital Management B.V. New +15,121,000+15.1m
III Capital Management Added +12,238,000+12.2m
D. E. Shaw & Co., Inc. Added +11,500,000+11.5m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -155,790,000-155.8m
Linden Advisors LP Sold out -153,869,000-153.9m
LAZARD ASSET MANAGEMENT LLC Reduced -54,261,000-54.3m
CAPSTONE INVESTMENT ADVISORS, LLC Reduced -17,500,000-17.5m
FMR LLC Reduced -12,850,000-12.8m
Parallax Volatility Advisers, L.P. Sold out -11,500,000-11.5m
LORD, ABBETT & CO. LLC Reduced -3,729,000-3.7m
LORD, ABBETT & CO. LLC Reduced -3,729,000-3.7m
AMERIPRISE FINANCIAL INC Reduced -3,500,000-3.5m
SHENKMAN CAPITAL MANAGEMENT INC Sold out -2,817,000-2.8m

Holders, Q3 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Shaolin Capital Management LLC 26.98% of their portfolio Miami, FL 317,781,000317.8m $749.3m $749.3m 26.98% New
2 Elliott Investment Management L.P. 4.94% of their portfolio WEST PALM BEACH, FL 175,000,000175.0m $412.6m $412.6m 4.94% Unchanged
3 TENOR CAPITAL MANAGEMENT Co., L.P. 7.82% of their portfolio NEW YORK, NY 155,009,000155.0m $365.7m $365.7m 7.82% Added +24.5m +24,500,000
4 Calamos Advisors LLC 1.57% of their portfolio NAPERVILLE, IL 122,916,000122.9m $289.7m $289.7m 1.57% Added +16.9m +16,908,000
5 BANK OF MONTREAL /CAN/ 0.06% of their portfolio TORONTO, A6 60,938,00060.9m $150.7m $150.7m 0.06% Added +38.3m +38,255,000
6 Daiwa Securities Group Inc. 0.99% of their portfolio CHIYODA-KU,TOKYO, M0 58,872,00058.9m $138.9m $138.9m 0.99% Added +8.9m +8,872,000
7 MOORE CAPITAL MANAGEMENT, LP 3.69% of their portfolio NEW YORK, NY 57,876,00057.9m $136.4m $136.4m 3.69% New
8 III Capital Management 7.88% of their portfolio BOCA RATON, FL 55,832,00055.8m $131.6m $131.6m 7.88% Added +12.2m +12,238,000
9 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 53,223,00053.2m $125.5m $125.5m 0.01% Added +2.1m +2,150,000
10 Portman Square Capital LLP 16.73% of their portfolio London, X0 51,500,00051.5m $121.5m $121.5m 16.73% Unchanged
11 TWO SIGMA INVESTMENTS, LP 0.33% of their portfolio NEW YORK, NY 50,000,00050.0m $117.8m $117.8m 0.33% Added +10.0m +10,000,000
12 D. E. Shaw & Co., Inc. 0.18% of their portfolio New York, NY 47,039,00047.0m $110.9m $110.9m 0.18% Added +11.5m +11,500,000
13 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 44,505,00044.5m $104.8m $104.8m 0.01% Added +8.8m +8,777,000
14 CITADEL ADVISORS LLC 0.11% of their portfolio MIAMI, FL 43,000,00043.0m $101.4m $101.4m 0.11% Added +500.0k +500,000
15 VOYA INVESTMENT MANAGEMENT LLC 0.10% of their portfolio ATLANTA, GA 40,200,00040.2m $94.9m $94.9m 0.10% Reduced -155.8m -155,790,000
16 BANK OF NOVA SCOTIA 0.19% of their portfolio TORONTO, A6 31,298,00031.3m $73.9m $73.9m 0.19% Added +17.7m +17,668,000
17 Man Group plc 0.22% of their portfolio LONDON, X0 30,500,00030.5m $71.9m $71.9m 0.22% Added +8.0m +8,000,000
18 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio NEW YORK, NY 30,200,00030.2m $71.3m $71.3m 0.03% Added +11.2m +11,200,000
19 LORD, ABBETT & CO. LLC 0.12% of their portfolio JERSEY CITY, NJ 26,956,00027.0m $63.6m $63.6m 0.12% Reduced -3.7m -3,729,000
20 LORD, ABBETT & CO. LLC 0.12% of their portfolio JERSEY CITY, NJ 26,956,00027.0m $63.6m $63.6m 0.12% Reduced -3.7m -3,729,000
21 MacKay Shields LLC 1.66% of their portfolio New York, NY 25,606,00025.6m $60.4m $60.4m 1.66% Reduced -888.0k -888,000
22 BNP PARIBAS FINANCIAL MARKETS 0.13% of their portfolio PARIS, I0 25,413,00025.4m $59.9m $59.9m 0.13% Added +19.2m +19,163,000
23 Alberta Investment Management Corp 0.63% of their portfolio EDMONTON, A0 25,000,00025.0m $59.0m $59.0m 0.63% Unchanged
24 Tetragon Partners GP Ltd 10.75% of their portfolio GRAND CAYMAN, E9 25,000,00025.0m $58.9m $58.9m 10.75% Unchanged
25 DLD Asset Management, LP 8.12% of their portfolio NEW YORK, NY 24,250,00024.2m $57.2m $57.2m 8.12% Reduced -1.5m -1,500,000
26 LAZARD ASSET MANAGEMENT LLC 0.07% of their portfolio NEW YORK, NY 22,891,00022.9m $54.0m $54.0m 0.07% Reduced -54.3m -54,261,000
27 FMR LLC 0.00% of their portfolio BOSTON, MA 22,745,00022.7m $53.6m $53.6m 0.00% Reduced -12.8m -12,850,000
28 HBK INVESTMENTS L P 1.05% of their portfolio DALLAS, TX 20,000,00020.0m $47.1m $47.1m 1.05% Unchanged
29 Mint Tower Capital Management B.V. 9.92% of their portfolio AMSTERDAM, P7 15,121,00015.1m $35.6m $35.6m 9.92% New
30 ADVENT CAPITAL MANAGEMENT /DE/ 0.77% of their portfolio NEW YORK, NY 13,877,00013.9m $32.8m $32.8m 0.77% Reduced -521.0k -521,000
31 BlackRock Inc. 0.00% of their portfolio New York, NY 12,838,00012.8m $30.2m $30.2m 0.00% Added +1.7m +1,675,000
32 BOOTHBAY FUND MANAGEMENT, LLC 0.81% of their portfolio NEW YORK, NY 10,754,00010.8m $25.4m $25.4m 0.81% Added +98.0k +98,000
33 ONTARIO TEACHERS PENSION PLAN BOARD 0.27% of their portfolio Toronto, A6 10,360,00010.4m $24.5m $24.5m 0.27% Unchanged
34 MIZUHO SECURITIES USA LLC 0.71% of their portfolio NEW YORK, NY 10,000,00010.0m $23.6m $23.6m 0.71% Added +8.1m +8,080,000
35 SSI INVESTMENT MANAGEMENT LLC 1.91% of their portfolio Los Angeles, CA 9,919,0009.9m $23.4m $23.4m 1.91% Reduced -2.7m -2,742,000
36 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 9,075,0009.1m $21.4m $21.4m 0.01% Reduced -1.0m -1,000,000
37 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 8,847,0008.8m $20.8m $20.8m 0.01% Reduced -3.5m -3,500,000
38 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 6,950,0007.0m $16.4m $16.4m 0.02% Added +350.0k +350,000
39 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 6,828,0006.8m $16.1m $16.1m 0.00% Reduced -1.2m -1,213,000
40 PUTNAM INVESTMENTS LLC 0.02% of their portfolio BOSTON, MA 6,803,0006.8m $16.0m $16.0m 0.02% Reduced -1.1m -1,137,000
41 Warberg Asset Management LLC 3.94% of their portfolio WINNETKA, IL 5,356,0005.4m $12.6m $12.6m 3.94% Added +5.0m +4,986,000
42 CAPSTONE INVESTMENT ADVISORS, LLC 0.33% of their portfolio NEW YORK, NY 5,350,0005.3m $12.6m $12.6m 0.33% Reduced -17.5m -17,500,000
43 Worth Venture Partners, LLC 4.94% of their portfolio FORT LEE, NJ 3,514,0003.5m $8.3m $8.3m 4.94% Reduced -138.0k -138,000
44 PALISADE CAPITAL MANAGEMENT, LP 0.20% of their portfolio FORT LEE, NJ 2,991,0003.0m $7.1m $7.1m 0.20% Reduced -600.0k -600,000
45 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 2,530,0002.5m $3.6m $3.6m 0.00% Reduced -560.0k -560,000
46 AGF MANAGEMENT LTD 0.04% of their portfolio TORONTO, A6 2,375,0002.4m $5.6m $5.6m 0.04% Unchanged
47 AXA S.A. 0.02% of their portfolio PARIS, I0 2,200,0002.2m $5.2m $5.2m 0.02% Reduced -200.0k -200,000
48 ZAZOVE ASSOCIATES LLC 0.49% of their portfolio INCLINE VILLAGE, NV 2,000,0002.0m $4.7m $4.7m 0.49% Unchanged
49 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,836,0001.8m $4.3m $4.3m 0.00% Reduced -534.0k -534,000
50 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,336,0001.3m $3.1m $3.1m 0.00% Reduced -406.0k -406,000
51 Periscope Capital Inc. 0.33% of their portfolio Toronto, A6 1,250,0001.2m $2.9m $2.9m 0.33% Unchanged
52 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 887,000887.0k $2.1m $2.1m 0.00% Reduced -140.0k -140,000
53 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 750,000750.0k $1.8m $1.8m 0.00% Unchanged
54 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 700,000700.0k $1.6m $1.6m 0.00% Reduced -300.0k -300,000
55 LBP AM SA 0.03% of their portfolio Paris, I0 650,000650.0k $1.5m $1.5m 0.03% Reduced -200.0k -200,000
56 Quaero Capital S.A. 1.12% of their portfolio GENEVE, V8 500,000500.0k $1.2m $1.2m 1.12% Unchanged
57 CQS (US), LLC 0.11% of their portfolio NEW YORK, NY 400,000400.0k $942.5k $942.5k 0.11% Unchanged
58 RWC Asset Management LLP 0.06% of their portfolio LONDON, X0 400,000400.0k $942.7k $942.7k 0.06% Unchanged
59 NOMURA HOLDINGS INC 0.95% of their portfolio TOKYO, M0 377,194377.2k $87.8m $87.8m 0.95% Added +285.6k +285,626
60 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 252,000252.0k $594.3k $594.3k 0.00% Reduced -79.0k -79,000
61 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 249,000249.0k $587.8k $587.8k 0.00% Added +58.0k +58,000
62 Calamos Wealth Management LLC 0.04% of their portfolio NAPERVILLE, IL 206,000206.0k $485.6k $485.6k 0.04% Reduced -291.0k -291,000
63 FIRST HAWAIIAN BANK 0.02% of their portfolio HONOLULU, HI 201,000201.0k $473.5k $473.5k 0.02% Reduced -43.0k -43,000
64 Liberty Mutual Group Asset Management Inc. 0.13% of their portfolio Boston, MA 200,000200.0k $471.1k $471.1k 0.13% Unchanged
65 SG Americas Securities, LLC 0.60% of their portfolio NEW YORK, NY 190,000190.0k $45.0m $45.0m 0.60% Added +126.6k +126,640
66 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 135,000135.0k $318.0k $318.0k 0.00% Unchanged
67 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 120,000120.0k $282.7k $282.7k 0.00% Added +24.0k +24,000
68 Amundi 0.00% of their portfolio Paris, I0 100,000100.0k $260.8k $260.8k 0.00% Unchanged
69 EDMOND DE ROTHSCHILD HOLDING S.A. 0.00% of their portfolio CHAMBESY, V8 65,00065.0k $153.2k $153.2k 0.00% Reduced -1.2m -1,159,000
70 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 64,00064.0k $150.8k $150.8k 0.00% Reduced -84.0k -84,000
71 COMERICA BANK 0.00% of their portfolio DALLAS, TX 49,00049.0k $115.4k $115.4k 0.00% Reduced -46.0k -46,000
72 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 35,33335.3k $35.3k $35.3k 0.00% New
73 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 26,00026.0k $61.2k $61.2k 0.00% Unchanged
74 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 21,00021.0k $49.5k $49.5k 0.00% Unchanged
75 Balboa Wealth Partners 0.02% of their portfolio SCOTTSDALE, AZ 21,00021.0k $49.6k $49.6k 0.02% Unchanged
76 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 16,00016.0k $37.7k $37.7k 0.00% New
77 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 9,0009.0k $21.0k $21.0k 0.00% First filing
78 Iron Horse Wealth Management, LLC 0.01% of their portfolio JOHSTON, IA 9,0009.0k $21.3k $21.3k 0.01% Unchanged
79 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 7,0567.1k $1.7m $1.7m 0.00% New
80 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4,0004.0k $9.0k $9.0k 0.00% Unchanged
81 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,0003.0k $7.1k $7.1k 0.00% Unchanged
82 OFI INVEST ASSET MANAGEMENT 0.10% of their portfolio ISSY LES MOULINEAUX, I0 1,2001.2k $2.8m $2.8m 0.10% New
83 Alken Asset Management Ltd 0.05% of their portfolio LONDON, X0 700700 $1.7k $1.7k 0.05% Unchanged
84 LAFFER TENGLER INVESTMENTS, INC. 0.28% of their portfolio Scottsdale, AZ 400400 $943.8k $943.8k 0.28% Reduced -125 -125
85 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged