Vault-13

PALO ALTO NETWORKS INC PANW 0.375 06.01.25

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

77 institutional holders -8 vs Q4 2023
21,940,32921.9m shares reported held*
$3.5bnreported value*
10 new 15 added 39 reduced 17 sold out net sold ≈ $1.8bn (-22.3m 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 ≈ $160.22.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 76Q4 22: 82Q1 23: 87Q2 23: 85Q3 23: 85Q4 23: 85Q1 24: 7777Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202276
Q4 202282
Q1 202387
Q2 202385
Q3 202385
Q4 202385
Q1 202477

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 23Q1 24: 25 bought or addedQ1 24: 56 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20223229
Q1 20233837
Q2 20232753
Q3 20233038
Q4 20233240
Q1 20242556

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ2 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 —Q1 24 calls: $0Q1 24 puts: $0Q1 24P/C —
Numbers
QuarterCallsPutsP/C
Q2 2023$0$530.9m—
Q3 2023$0$0—
Q4 2023$0$0—
Q1 2024$0$0—

Biggest buyers

Elequin Capital, LP Added +43,761,000+43.8m
D. E. Shaw & Co., Inc. Added +22,000,000+22.0m
PIPER SANDLER & CO. New +18,024,000+18.0m
Skaana Management L.P. New +10,000,000+10.0m
Warberg Asset Management LLC Added +7,455,000+7.5m
MORGAN STANLEY Added +3,304,000+3.3m
FRANKLIN RESOURCES INC New +3,031,000+3.0m
Parallax Volatility Advisers, L.P. Added +2,500,000+2.5m
OFI INVEST ASSET MANAGEMENT Added +1,200,000+1.2m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Added +1,000,000+1.0m

Biggest sellers

Elliott Investment Management L.P. Sold out -175,000,000-175.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Sold out -155,009,000-155.0m
TWO SIGMA INVESTMENTS, LP Sold out -57,500,000-57.5m
MOORE CAPITAL MANAGEMENT, LP Sold out -53,626,000-53.6m
BANK OF MONTREAL /CAN/ Reduced -43,677,000-43.7m
BANK OF NOVA SCOTIA Reduced -42,165,000-42.2m
BANK OF AMERICA CORP /DE/ Reduced -36,968,000-37.0m
CITADEL ADVISORS LLC Sold out -35,000,000-35.0m
Man Group plc Sold out -29,500,000-29.5m
LORD, ABBETT & CO. LLC Reduced -23,412,000-23.4m

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Shaolin Capital Management LLC 35.14% of their portfolio Miami, FL 343,760,000343.8m $981.5m $981.5m 35.14% Reduced -8.2m -8,240,000
2 Calamos Advisors LLC 1.62% of their portfolio NAPERVILLE, IL 116,462,000116.5m $333.0m $333.0m 1.62% Reduced -5.6m -5,573,000
3 D. E. Shaw & Co., Inc. 0.32% of their portfolio New York, NY 87,039,00087.0m $248.5m $248.5m 0.32% Added +22.0m +22,000,000
4 Elequin Capital, LP 42.18% of their portfolio NEW YORK, NY 76,331,00076.3m $219.7m $219.7m 42.18% Added +43.8m +43,761,000
5 BANK OF NOVA SCOTIA 0.28% of their portfolio TORONTO, A6 49,046,00049.0m $140.5m $140.5m 0.28% Reduced -42.2m -42,165,000
6 Daiwa Securities Group Inc. 0.77% of their portfolio CHIYODA-KU,TOKYO, M0 47,610,00047.6m $136.5m $136.5m 0.77% Reduced -8.4m -8,357,000
7 Portman Square Capital LLP 30.80% of their portfolio London, X0 47,400,00047.4m $135.5m $135.5m 30.80% Reduced -3.7m -3,700,000
8 BNP PARIBAS FINANCIAL MARKETS 0.11% of their portfolio PARIS, I0 30,468,00030.5m $87.0m $87.0m 0.11% Reduced -2.1m -2,089,000
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 29,098,00029.1m $83.1m $83.1m 0.00% Reduced -12.7m -12,675,000
10 MacKay Shields LLC 2.05% of their portfolio New York, NY 25,869,00025.9m $73.9m $73.9m 2.05% Reduced -219.0k -219,000
11 Alberta Investment Management Corp 0.72% of their portfolio EDMONTON, A0 25,000,00025.0m $71.5m $71.5m 0.72% Unchanged
12 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio NEW YORK, NY 24,200,00024.2m $68.9m $68.9m 0.02% Added +1.0m +1,000,000
13 LAZARD ASSET MANAGEMENT LLC 0.08% of their portfolio NEW YORK, NY 22,655,00022.7m $64.8m $64.8m 0.08% Added +28.0k +28,000
14 Warberg Asset Management LLC 12.81% of their portfolio WINNETKA, IL 18,973,00019.0m $54.4m $54.4m 12.81% Added +7.5m +7,455,000
15 PIPER SANDLER & CO. 34.51% of their portfolio MINNEAPOLIS, MN 18,024,00018.0m $50.1m $50.1m 34.51% New
16 LORD, ABBETT & CO. LLC 0.08% of their portfolio JERSEY CITY, NJ 17,314,00017.3m $49.4m $49.4m 0.08% Reduced -23.4m -23,412,000
17 VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio ATLANTA, GA 15,965,00016.0m $45.6m $45.6m 0.04% Reduced -18.6m -18,595,000
18 FMR LLC 0.00% of their portfolio BOSTON, MA 15,848,00015.8m $45.2m $45.2m 0.00% Reduced -9.9m -9,897,000
19 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 12,046,00012.0m $34.4m $34.4m 0.00% Reduced -6.0m -6,022,000
20 BlackRock Inc. 0.00% of their portfolio New York, NY 11,588,00011.6m $33.1m $33.1m 0.00% Reduced -2.3m -2,325,000
21 ONTARIO TEACHERS PENSION PLAN BOARD 0.27% of their portfolio Toronto, A6 10,360,00010.4m $29.4m $29.4m 0.27% Unchanged
22 Parallax Volatility Advisers, L.P. 0.81% of their portfolio San Francisco, CA 10,000,00010.0m $28.5m $28.5m 0.81% Added +2.5m +2,500,000
23 Skaana Management L.P. 7.79% of their portfolio BROOKLYN, NY 10,000,00010.0m $28.5m $28.5m 7.79% New
24 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 8,248,0008.2m $23.5m $23.5m 0.01% Added +700.0k +700,000
25 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 7,823,0007.8m $22.3m $22.3m 0.01% Reduced -43.7m -43,677,000
26 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 6,823,0006.8m $19.5m $19.5m 0.00% Reduced -37.0m -36,968,000
27 SSI INVESTMENT MANAGEMENT LLC 1.37% of their portfolio Los Angeles, CA 6,338,0006.3m $18.1m $18.1m 1.37% Reduced -3.8m -3,805,000
28 ADVENT CAPITAL MANAGEMENT /DE/ 0.41% of their portfolio NEW YORK, NY 5,698,0005.7m $16.3m $16.3m 0.41% Reduced -2.9m -2,891,000
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,752,0004.8m $13.6m $13.6m 0.00% Added +3.3m +3,304,000
30 DLD Asset Management, LP 1.97% of their portfolio NEW YORK, NY 4,000,0004.0m $11.4m $11.4m 1.97% Unchanged
31 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 3,900,0003.9m $11.1m $11.1m 0.00% Reduced -2.6m -2,600,000
32 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 3,031,0003.0m $8.6m $8.6m 0.00% New
33 AXA S.A. 0.01% of their portfolio PARIS, I0 1,550,0001.6m $4.4m $4.4m 0.01% Reduced -2.0m -2,050,000
34 PALISADE CAPITAL MANAGEMENT, LP 0.11% of their portfolio FORT LEE, NJ 1,456,0001.5m $4.2m $4.2m 0.11% Reduced -285.0k -285,000
35 AGF MANAGEMENT LTD 0.02% of their portfolio TORONTO, A6 1,325,0001.3m $3.8m $3.8m 0.02% Reduced -1.1m -1,065,000
36 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,237,0001.2m $3.5m $3.5m 0.00% Reduced -14.0k -14,000
37 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 1,223,0001.2m $3.5m $3.5m 0.00% Reduced -219.0k -219,000
38 OFI INVEST ASSET MANAGEMENT 0.18% of their portfolio ISSY LES MOULINEAUX, I0 1,201,2001.2m $6.6m $6.6m 0.18% Added +1.2m +1,200,000
39 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 964,000964.0k $2.7m $2.7m 0.00% Reduced -542.0k -542,000
40 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 750,000750.0k $2.1m $2.1m 0.00% Unchanged
41 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 700,000700.0k $1.0m $1.0m 0.00% Reduced -1.6m -1,589,000
42 RWC Asset Management LLP 0.13% of their portfolio LONDON, X0 700,000700.0k $2.0m $2.0m 0.13% New
43 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 600,000600.0k $1.7m $1.7m 0.00% Reduced -100.0k -100,000
44 BLUEFIN CAPITAL MANAGEMENT, LLC 25.87% of their portfolio NEW YORK, NY 561,890561.9k $160.4m $160.4m 25.87% New
45 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 542,000542.0k $1.5m $1.5m 0.00% Added +526.0k +526,000
46 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $1.4m $1.4m 0.00% Reduced -5.7m -5,700,000
47 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 450,000450.0k $1.3m $1.3m 0.00% New
48 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 388,000388.0k $1.1m $1.1m 0.00% Reduced -58.0k -58,000
49 NOMURA HOLDINGS INC 0.82% of their portfolio TOKYO, M0 356,948356.9k $101.4m $101.4m 0.82% Added +16.2k +16,237
50 GROUPAMA ASSET MANAGMENT 0.02% of their portfolio PARIS, I0 350,000350.0k $925.8k $925.8k 0.02% Reduced -650.0k -650,000
51 Central Pacific Bank - Trust Division 0.12% of their portfolio HONOLULU, HI 341,000341.0k $956.7k $956.7k 0.12% First filing
52 Liberty Mutual Group Asset Management Inc. 0.16% of their portfolio Boston, MA 200,000200.0k $570.8k $570.8k 0.16% Unchanged
53 Fox Hill Wealth Management 0.31% of their portfolio DEDHAM, MA 164,000164.0k $467.0k $467.0k 0.31% Added +5.0k +5,000
54 FIRST HAWAIIAN BANK 0.01% of their portfolio HONOLULU, HI 149,000149.0k $425.2k $425.2k 0.01% Reduced -58.0k -58,000
55 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 135,000135.0k $385.3k $385.3k 0.00% Unchanged
56 Calamos Wealth Management LLC 0.02% of their portfolio NAPERVILLE, IL 128,000128.0k $366.0k $366.0k 0.02% Reduced -69.0k -69,000
57 Amundi 0.00% of their portfolio Paris, I0 100,000100.0k $282.4k $282.4k 0.00% Unchanged
58 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 95,00095.0k $271.7k $271.7k 0.00% Unchanged
59 ABN AMRO INVESTMENT SOLUTIONS 0.00% of their portfolio PARIS CEDEX 008, I0 75,00075.0k $214.4k $214.4k 0.00% Reduced -225.0k -225,000
60 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 71,00071.0k $202.6k $202.6k 0.00% Reduced -64.0k -64,000
61 EDMOND DE ROTHSCHILD HOLDING S.A. 0.00% of their portfolio CHAMBESY, V8 65,00065.0k $185.9k $185.9k 0.00% Unchanged
62 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 63,00063.0k $179.8k $179.8k 0.00% Added +20.0k +20,000
63 LOOMIS SAYLES & CO L P 0.02% of their portfolio BOSTON, MA 55,99756.0k $15.9m $15.9m 0.02% Added +49.6k +49,646
64 Virtus Investment Advisers, LLC 0.07% of their portfolio HARTFORD, CT 32,00032.0k $91.3k $91.3k 0.07% New
65 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 21,00021.0k $59.9k $59.9k 0.00% New
66 Balboa Wealth Partners 0.02% of their portfolio SCOTTSDALE, AZ 18,00018.0k $51.3k $51.3k 0.02% Reduced -1.0k -1,000
67 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 15,00015.0k $42.9k $42.9k 0.00% New
68 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 12,00012.0k $34.0k $34.0k 0.00% Added +8.0k +8,000
69 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 12,00012.0k $34.2k $34.2k 0.00% Reduced -10.0k -10,000
70 Iron Horse Wealth Management, LLC 0.01% of their portfolio JOHSTON, IA 9,0009.0k $25.6k $25.6k 0.01% Unchanged
71 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 6,2806.3k $1.8m $1.8m 0.01% Reduced -274.1k -274,060
72 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 5,0005.0k $14.0k $14.0k 0.00% Reduced -4.0k -4,000
73 COMERICA BANK 0.00% of their portfolio DALLAS, TX 1,0001.0k $2.9k $2.9k 0.00% New
74 Alken Asset Management Ltd 0.04% of their portfolio LONDON, X0 700700 $2.0k $2.0k 0.04% Unchanged
75 LAFFER TENGLER INVESTMENTS, INC. 0.22% of their portfolio Scottsdale, AZ 294294 $840.1k $840.1k 0.22% Reduced -31 -31
76 Candriam S.C.A. 0.00% of their portfolio STRASSEN, N4 175175 $500.0k $500.0k 0.00% Reduced -525 -525
77 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged