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 Q3 2023
50,738,58750.7m shares reported held*
$5.9bnreported value*
9 new 23 added 29 reduced 11 sold out net sold ≈ $97.7m (+2.5m 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. Holder counts are more reliable. Implied quarter-end price ≈ $117.04.

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 76Q4 22: 82Q1 23: 87Q2 23: 85Q3 23: 85Q4 23: 8585Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 202276
Q4 202282
Q1 202387
Q2 202385
Q3 202385
Q4 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 23Q4 23: 32 bought or addedQ4 23: 40 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 20223229
Q1 20233837
Q2 20232753
Q3 20233038
Q4 20233240

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ1 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 —Q4 23 calls: $0Q4 23 puts: $0Q4 23P/C —
Numbers
QuarterCallsPutsP/C
Q1 2023$0$0—
Q2 2023$0$530.9m—
Q3 2023$0$0—
Q4 2023$0$0—

Biggest buyers

BANK OF NOVA SCOTIA Added +59,913,000+59.9m
Shaolin Capital Management LLC Added +34,219,000+34.2m
Elequin Capital, LP New +32,570,000+32.6m
D. E. Shaw & Co., Inc. Added +18,000,000+18.0m
LORD, ABBETT & CO. LLC Added +13,770,000+13.8m
JPMORGAN CHASE & CO Added +11,240,000+11.2m
Parallax Volatility Advisers, L.P. New +7,500,000+7.5m
TWO SIGMA INVESTMENTS, LP Added +7,500,000+7.5m
BNP PARIBAS FINANCIAL MARKETS Added +7,144,000+7.1m
Warberg Asset Management LLC Added +6,162,000+6.2m

Biggest sellers

III Capital Management Sold out -55,832,000-55.8m
LORD, ABBETT & CO. LLC Sold out -26,956,000-27.0m
Tetragon Partners GP Ltd Sold out -25,000,000-25.0m
DLD Asset Management, LP Reduced -20,250,000-20.2m
Mint Tower Capital Management B.V. Sold out -15,121,000-15.1m
STATE STREET CORP Reduced -11,450,000-11.4m
BOOTHBAY FUND MANAGEMENT, LLC Sold out -10,754,000-10.8m
MIZUHO SECURITIES USA LLC Sold out -10,000,000-10.0m
BANK OF MONTREAL /CAN/ Reduced -9,438,000-9.4m
CITADEL ADVISORS LLC Reduced -8,000,000-8.0m

Holders, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Shaolin Capital Management LLC 36.58% of their portfolio Miami, FL 352,000,000352.0m $1.0bn $1.0bn 36.58% Added +34.2m +34,219,000
2 Elliott Investment Management L.P. 5.70% of their portfolio WEST PALM BEACH, FL 175,000,000175.0m $518.8m $518.8m 5.70% Unchanged
3 TENOR CAPITAL MANAGEMENT Co., L.P. 8.19% of their portfolio NEW YORK, NY 155,009,000155.0m $460.2m $460.2m 8.19% Unchanged
4 Calamos Advisors LLC 1.85% of their portfolio NAPERVILLE, IL 122,035,000122.0m $362.0m $362.0m 1.85% Reduced -881.0k -881,000
5 BANK OF NOVA SCOTIA 0.51% of their portfolio TORONTO, A6 91,211,00091.2m $271.0m $271.0m 0.51% Added +59.9m +59,913,000
6 D. E. Shaw & Co., Inc. 0.28% of their portfolio New York, NY 65,039,00065.0m $192.8m $192.8m 0.28% Added +18.0m +18,000,000
7 TWO SIGMA INVESTMENTS, LP 0.41% of their portfolio NEW YORK, NY 57,500,00057.5m $170.4m $170.4m 0.41% Added +7.5m +7,500,000
8 Daiwa Securities Group Inc. 1.03% of their portfolio CHIYODA-KU,TOKYO, M0 55,967,00056.0m $166.3m $166.3m 1.03% Reduced -2.9m -2,905,000
9 MOORE CAPITAL MANAGEMENT, LP 3.83% of their portfolio NEW YORK, NY 53,626,00053.6m $159.0m $159.0m 3.83% Reduced -4.2m -4,250,000
10 BANK OF MONTREAL /CAN/ 0.05% of their portfolio TORONTO, A6 51,500,00051.5m $152.7m $152.7m 0.05% Reduced -9.4m -9,438,000
11 Portman Square Capital LLP 26.29% of their portfolio London, X0 51,100,00051.1m $151.7m $151.7m 26.29% Reduced -400.0k -400,000
12 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 43,791,00043.8m $129.8m $129.8m 0.01% Reduced -714.0k -714,000
13 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 41,773,00041.8m $123.8m $123.8m 0.01% Reduced -11.4m -11,450,000
14 LORD, ABBETT & CO. LLC 0.21% of their portfolio JERSEY CITY, NJ 40,726,00040.7m $120.8m $120.8m 0.21% Added +13.8m +13,770,000
15 CITADEL ADVISORS LLC 0.10% of their portfolio MIAMI, FL 35,000,00035.0m $103.8m $103.8m 0.10% Reduced -8.0m -8,000,000
16 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 34,560,00034.6m $102.6m $102.6m 0.11% Reduced -5.6m -5,640,000
17 Elequin Capital, LP 29.18% of their portfolio NEW YORK, NY 32,570,00032.6m $96.7m $96.7m 29.18% New
18 BNP PARIBAS FINANCIAL MARKETS 0.18% of their portfolio PARIS, I0 32,557,00032.6m $96.6m $96.6m 0.18% Added +7.1m +7,144,000
19 Man Group plc 0.25% of their portfolio LONDON, X0 29,500,00029.5m $87.5m $87.5m 0.25% Reduced -1.0m -1,000,000
20 MacKay Shields LLC 2.26% of their portfolio New York, NY 26,088,00026.1m $77.4m $77.4m 2.26% Added +482.0k +482,000
21 FMR LLC 0.01% of their portfolio BOSTON, MA 25,745,00025.7m $76.3m $76.3m 0.01% Added +3.0m +3,000,000
22 Alberta Investment Management Corp 0.70% of their portfolio EDMONTON, A0 25,000,00025.0m $74.2m $74.2m 0.70% Unchanged
23 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio NEW YORK, NY 23,200,00023.2m $68.7m $68.7m 0.03% Reduced -7.0m -7,000,000
24 LAZARD ASSET MANAGEMENT LLC 0.08% of their portfolio NEW YORK, NY 22,627,00022.6m $67.2m $67.2m 0.08% Reduced -264.0k -264,000
25 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 18,068,00018.1m $53.6m $53.6m 0.00% Added +11.2m +11,240,000
26 BlackRock Inc. 0.00% of their portfolio New York, NY 13,913,00013.9m $41.2m $41.2m 0.00% Added +1.1m +1,075,000
27 Warberg Asset Management LLC 10.27% of their portfolio WINNETKA, IL 11,518,00011.5m $34.1m $34.1m 10.27% Added +6.2m +6,162,000
28 ONTARIO TEACHERS PENSION PLAN BOARD 0.31% of their portfolio Toronto, A6 10,360,00010.4m $30.8m $30.8m 0.31% Unchanged
29 SSI INVESTMENT MANAGEMENT LLC 2.28% of their portfolio Los Angeles, CA 10,143,00010.1m $30.1m $30.1m 2.28% Added +224.0k +224,000
30 ADVENT CAPITAL MANAGEMENT /DE/ 0.59% of their portfolio NEW YORK, NY 8,589,0008.6m $25.5m $25.5m 0.59% Reduced -5.3m -5,288,000
31 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 7,548,0007.5m $22.4m $22.4m 0.01% Reduced -1.3m -1,299,000
32 Parallax Volatility Advisers, L.P. 0.61% of their portfolio San Francisco, CA 7,500,0007.5m $22.2m $22.2m 0.61% New
33 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 6,500,0006.5m $19.3m $19.3m 0.00% Reduced -2.6m -2,575,000
34 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 6,200,0006.2m $18.4m $18.4m 0.02% Reduced -750.0k -750,000
35 PUTNAM INVESTMENTS LLC 0.02% of their portfolio BOSTON, MA 4,872,0004.9m $14.4m $14.4m 0.02% Reduced -1.9m -1,931,000
36 DLD Asset Management, LP 1.90% of their portfolio NEW YORK, NY 4,000,0004.0m $11.9m $11.9m 1.90% Reduced -20.2m -20,250,000
37 AXA S.A. 0.02% of their portfolio PARIS, I0 3,600,0003.6m $10.7m $10.7m 0.02% Added +1.4m +1,400,000
38 AGF MANAGEMENT LTD 0.04% of their portfolio TORONTO, A6 2,390,0002.4m $7.1m $7.1m 0.04% Added +15.0k +15,000
39 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 2,289,0002.3m $3.3m $3.3m 0.00% Reduced -241.0k -241,000
40 PALISADE CAPITAL MANAGEMENT, LP 0.14% of their portfolio FORT LEE, NJ 1,741,0001.7m $5.2m $5.2m 0.14% Reduced -1.2m -1,250,000
41 Trium Capital LLP 38.29% of their portfolio LONDON, X0 1,600,0001.6m $474.3m $474.3m 38.29% Not comparable
42 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,506,0001.5m $4.5m $4.5m 0.00% Added +1.4m +1,442,000
43 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,448,0001.4m $4.3m $4.3m 0.00% Reduced -388.0k -388,000
44 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 1,442,0001.4m $4.3m $4.3m 0.00% Added +555.0k +555,000
45 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,251,0001.3m $3.7m $3.7m 0.00% Reduced -85.0k -85,000
46 Periscope Capital Inc. 0.63% of their portfolio Toronto, A6 1,250,0001.2m $3.7m $3.7m 0.63% Unchanged
47 GROUPAMA ASSET MANAGMENT 0.08% of their portfolio PARIS, I0 1,000,0001.0m $3.0m $3.0m 0.08% First filing
48 Quarry LP 1.50% of their portfolio NEW YORK, NY 1,000,0001.0m $3.0m $3.0m 1.50% New
49 LBP AM SA 0.06% of their portfolio Paris, I0 950,000950.0k $2.8m $2.8m 0.06% Added +300.0k +300,000
50 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 750,000750.0k $2.2m $2.2m 0.00% Unchanged
51 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 700,000700.0k $2.1m $2.1m 0.00% Unchanged
52 Quaero Capital S.A. 1.53% of their portfolio GENEVE, V8 500,000500.0k $1.5m $1.5m 1.53% Unchanged
53 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 446,000446.0k $1.3m $1.3m 0.00% Added +197.0k +197,000
54 CQS (US), LLC 0.13% of their portfolio NEW YORK, NY 400,000400.0k $1.2m $1.2m 0.13% Unchanged
55 NOMURA HOLDINGS INC 0.90% of their portfolio TOKYO, M0 340,711340.7k $100.5m $100.5m 0.90% New
56 ABN AMRO INVESTMENT SOLUTIONS 0.02% of their portfolio PARIS CEDEX 008, I0 300,000300.0k $890.4k $890.4k 0.02% New
57 SG Americas Securities, LLC 0.93% of their portfolio NEW YORK, NY 280,340280.3k $84.1m $84.1m 0.93% Added +90.3k +90,340
58 FIRST HAWAIIAN BANK 0.02% of their portfolio HONOLULU, HI 207,000207.0k $613.3k $613.3k 0.02% Added +6.0k +6,000
59 Liberty Mutual Group Asset Management Inc. 0.17% of their portfolio Boston, MA 200,000200.0k $592.6k $592.6k 0.17% Unchanged
60 Calamos Wealth Management LLC 0.04% of their portfolio NAPERVILLE, IL 197,000197.0k $584.3k $584.3k 0.04% Reduced -9.0k -9,000
61 Fox Hill Wealth Management 0.36% of their portfolio DEDHAM, MA 159,000159.0k $470.7k $470.7k 0.36% First filing
62 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 135,000135.0k $400.0k $400.0k 0.00% Unchanged
63 OPPENHEIMER ASSET MANAGEMENT INC. 0.01% of their portfolio NEW YORK, NY 135,000135.0k $400.0k $400.0k 0.01% Added +15.0k +15,000
64 Amundi 0.00% of their portfolio Paris, I0 100,000100.0k $301.9k $301.9k 0.00% Unchanged
65 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 95,00095.0k $281.8k $281.8k 0.00% Reduced -157.0k -157,000
66 EDMOND DE ROTHSCHILD HOLDING S.A. 0.00% of their portfolio CHAMBESY, V8 65,00065.0k $192.8k $192.8k 0.00% Unchanged
67 Virtus Investment Advisers, LLC 0.10% of their portfolio HARTFORD, CT 47,00047.0k $139.3k $139.3k 0.10% New
68 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 43,00043.0k $127.4k $127.4k 0.00% Added +17.0k +17,000
69 COMERICA BANK 0.00% of their portfolio DALLAS, TX 39,00039.0k $115.6k $115.6k 0.00% Reduced -10.0k -10,000
70 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 22,00022.0k $65.2k $65.2k 0.00% Added +1.0k +1,000
71 Balboa Wealth Partners 0.02% of their portfolio SCOTTSDALE, AZ 19,00019.0k $56.3k $56.3k 0.02% Reduced -2.0k -2,000
72 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 16,00016.0k $47.4k $47.4k 0.00% Unchanged
73 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 9,0009.0k $26.0k $26.0k 0.00% Unchanged
74 Iron Horse Wealth Management, LLC 0.01% of their portfolio JOHSTON, IA 9,0009.0k $26.6k $26.6k 0.01% Unchanged
75 Goldstein Advisors, LLC 0.45% of their portfolio Madison, WI 9,0009.0k $2.7m $2.7m 0.45% New
76 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 6,3516.4k $1.9m $1.9m 0.00% Reduced -705 -705
77 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4,0004.0k $12.0k $12.0k 0.00% Unchanged
78 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,0003.0k $8.9k $8.9k 0.00% Unchanged
79 OFI INVEST ASSET MANAGEMENT 0.12% of their portfolio ISSY LES MOULINEAUX, I0 1,2001.2k $3.6m $3.6m 0.12% Unchanged
80 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,0001.0k $3.0k $3.0k 0.00% New
81 Candriam S.C.A. 0.01% of their portfolio STRASSEN, N4 700700 $2.1m $2.1m 0.01% New
82 Alken Asset Management Ltd 7.00% of their portfolio LONDON, X0 700700 $2.1m $2.1m 7.00% Unchanged
83 LAFFER TENGLER INVESTMENTS, INC. 0.26% of their portfolio Scottsdale, AZ 325325 $963.6k $963.6k 0.26% Reduced -75 -75
84 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged
85 ZAZOVE ASSOCIATES LLC 0.00% of their portfolio INCLINE VILLAGE, NV 00 $0 $0 0.00% Reduced -2.0m -2,000,000