Vault-13

PALO ALTO NETWORKS INC PANW 0.375 06.01.25

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

60 institutional holders -3 vs Q4 2024
2,551,9152.6m shares reported held*
$1.1bnreported value*
9 new 12 added 24 reduced 11 sold out net sold ≈ $305.0m (-766.9k 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 ≈ $434.49.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 76Q4 22: 82Q1 23: 87Q2 23: 85Q3 23: 85Q4 23: 85Q1 24: 77Q2 24: 72Q3 24: 65Q4 24: 63Q1 25: 6060Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202276
Q4 202282
Q1 202387
Q2 202385
Q3 202385
Q4 202385
Q1 202477
Q2 202472
Q3 202465
Q4 202463
Q1 202560

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 23: 27 bought or addedQ2 23: 53 cut or sold outQ3 23: 30 bought or addedQ3 23: 38 cut or sold outQ3 23Q4 23: 32 bought or addedQ4 23: 40 cut or sold outQ1 24: 25 bought or addedQ1 24: 56 cut or sold outQ1 24Q2 24: 13 bought or addedQ2 24: 47 cut or sold outQ3 24: 15 bought or addedQ3 24: 42 cut or sold outQ3 24Q4 24: 12 bought or addedQ4 24: 40 cut or sold outQ1 25: 21 bought or addedQ1 25: 35 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20232753
Q3 20233038
Q4 20233240
Q1 20242556
Q2 20241347
Q3 20241542
Q4 20241240
Q1 20252135

Biggest buyers

BANK OF NOVA SCOTIA Added +22,812,957+22.8m
MORGAN STANLEY Added +2,009,000+2.0m
JPMORGAN CHASE & CO Added +1,191,000+1.2m
Elequin Capital, LP New +1,116,000+1.1m
ADVENT CAPITAL MANAGEMENT /DE/ New +765,000+765.0k
Warberg Asset Management LLC Added +684,000+684.0k
JANE STREET GROUP, LLC New +651,000+651.0k
VOYA INVESTMENT MANAGEMENT LLC Added +510,000+510.0k
Thrivent Financial for Lutherans New +500,000+500.0k
PIPER SANDLER & CO. New +226,000+226.0k

Biggest sellers

Shaolin Capital Management LLC Reduced -55,440,001-55.4m
Alberta Investment Management Corp Sold out -25,000,000-25.0m
LAZARD ASSET MANAGEMENT LLC Reduced -10,165,000-10.2m
MacKay Shields LLC Reduced -6,064,000-6.1m
D. E. Shaw & Co., Inc. Reduced -5,865,000-5.9m
STATE STREET CORP Reduced -4,750,000-4.8m
FMR LLC Reduced -3,099,000-3.1m
Universal- Beteiligungs- und Servicegesellschaft mbH Reduced -2,905,000-2.9m
LORD, ABBETT & CO. LLC Reduced -1,095,000-1.1m
SSI INVESTMENT MANAGEMENT LLC Reduced -1,058,000-1.1m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Calamos Advisors LLC 1.79% of their portfolio NAPERVILLE, IL 109,972,000110.0m $377.8m $377.8m 1.79% Added +73.0k +73,000
2 BANK OF NOVA SCOTIA 0.43% of their portfolio TORONTO, A6 56,176,95756.2m $193.0m $193.0m 0.43% Added +22.8m +22,812,957
3 Shaolin Capital Management LLC 6.19% of their portfolio Miami, FL 44,559,99944.6m $153.0m $153.0m 6.19% Reduced -55.4m -55,440,001
4 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 12,020,00012.0m $41.2m $41.2m 0.02% Added +510.0k +510,000
5 ONTARIO TEACHERS PENSION PLAN BOARD 0.55% of their portfolio Toronto, A6 10,360,00010.4m $35.5m $35.5m 0.55% Unchanged
6 Parallax Volatility Advisers, L.P. 1.11% of their portfolio San Francisco, CA 10,000,00010.0m $34.3m $34.3m 1.11% Unchanged
7 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 9,648,0009.6m $33.2m $33.2m 0.00% Reduced -4.8m -4,750,000
8 MacKay Shields LLC 0.87% of their portfolio New York, NY 7,890,0007.9m $27.1m $27.1m 0.87% Reduced -6.1m -6,064,000
9 FMR LLC 0.00% of their portfolio BOSTON, MA 5,688,0005.7m $19.5m $19.5m 0.00% Reduced -3.1m -3,099,000
10 LORD, ABBETT & CO. LLC 0.07% of their portfolio JERSEY CITY, NJ 5,533,0005.5m $19.0m $19.0m 0.07% Reduced -1.1m -1,095,000
11 BlackRock, Inc. 0.00% of their portfolio New York, NY 4,688,0004.7m $16.1m $16.1m 0.00% Reduced -900.0k -900,000
12 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,081,6003.1m $10.6m $10.6m 0.00% Reduced -295.0k -295,000
13 SSI INVESTMENT MANAGEMENT LLC 0.78% of their portfolio Los Angeles, CA 2,928,0002.9m $10.0m $10.0m 0.78% Reduced -1.1m -1,058,000
14 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,599,0002.6m $8.9m $8.9m 0.00% Added +2.0m +2,009,000
15 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 1,838,0001.8m $6.3m $6.3m 0.01% Reduced -2.9m -2,905,000
16 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 1,521,0001.5m $5.2m $5.2m 0.01% Reduced -10.2m -10,165,000
17 Union Bancaire Privee, UBP SA 0.09% of their portfolio GENEVA 1, V8 1,405,0001.4m $4.6m $4.6m 0.09% Added +185.0k +185,000
18 AXA S.A. 0.02% of their portfolio PARIS, I0 1,385,0001.4m $4.8m $4.8m 0.02% Reduced -150.0k -150,000
19 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,354,0001.4m $4.6m $4.6m 0.00% Added +1.2m +1,191,000
20 OFI INVEST ASSET MANAGEMENT 0.10% of their portfolio ISSY LES MOULINEAUX, I0 1,200,0001.2m $3.8m $3.8m 0.10% Unchanged
21 Elequin Capital, LP 0.72% of their portfolio NEW YORK, NY 1,116,0001.1m $3.8m $3.8m 0.72% New
22 AGF MANAGEMENT LTD 0.02% of their portfolio TORONTO, A6 850,000850.0k $2.9m $2.9m 0.02% Unchanged
23 ADVENT CAPITAL MANAGEMENT /DE/ 0.06% of their portfolio NEW YORK, NY 765,000765.0k $2.6m $2.6m 0.06% New
24 Warberg Asset Management LLC 0.67% of their portfolio WINNETKA, IL 709,000709.0k $2.4m $2.4m 0.67% Added +684.0k +684,000
25 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 673,000673.0k $2.3m $2.3m 0.00% Unchanged
26 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 651,000651.0k $2.2m $2.2m 0.00% New
27 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 641,000641.0k $2.2m $2.2m 0.00% Reduced -344.0k -344,000
28 PALISADE CAPITAL MANAGEMENT, LP 0.06% of their portfolio FORT LEE, NJ 581,000581.0k $2.0m $2.0m 0.06% Reduced -125.0k -125,000
29 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 580,000580.0k $2.0m $2.0m 0.00% Reduced -5.9m -5,865,000
30 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 500,000500.0k $1.7m $1.7m 0.00% New
31 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 480,000480.0k $1.6m $1.6m 0.00% First filing
32 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 473,000473.0k $1.6m $1.6m 0.00% Reduced -175.0k -175,000
33 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 449,999450.0k $1.6m $1.6m 0.00% Reduced -1 -1
34 NOMURA HOLDINGS INC 0.31% of their portfolio TOKYO, M0 336,030336.0k $57.3m $57.3m 0.31% Unchanged
35 PIPER SANDLER & CO. 0.58% of their portfolio MINNEAPOLIS, MN 226,000226.0k $773.7k $773.7k 0.58% New
36 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 220,000220.0k $754.9k $754.9k 0.00% Unchanged
37 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $681.9k $681.9k 0.00% Reduced -200.0k -200,000
38 Central Pacific Bank - Trust Division 0.09% of their portfolio HONOLULU, HI 186,000186.0k $637.8k $637.8k 0.09% Reduced -38.0k -38,000
39 DNCA FINANCE 0.05% of their portfolio PARIS, I0 170,000170.0k $579.9k $579.9k 0.05% Unchanged
40 Fox Hill Wealth Management 0.33% of their portfolio DEDHAM, MA 164,000164.0k $566.1k $566.1k 0.33% Unchanged
41 Calamos Wealth Management LLC 0.02% of their portfolio NAPERVILLE, IL 92,00092.0k $316.1k $316.1k 0.02% Reduced -2.0k -2,000
42 Amundi 0.00% of their portfolio Paris, I0 70,00070.0k $232.3k $232.3k 0.00% Unchanged
43 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 52,00052.0k $178.3k $178.3k 0.00% Added +1.0k +1,000
44 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 51,00051.0k $177.0k $177.0k 0.00% Reduced -2.0k -2,000
45 LOOMIS SAYLES & CO L P 0.01% of their portfolio BOSTON, MA 39,61739.6k $6.8m $6.8m 0.01% Reduced -30.8k -30,846
46 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 35,00035.0k $120.0k $120.0k 0.00% Reduced -40.0k -40,000
47 VIRTUS ADVISERS, LLC 0.06% of their portfolio HARTFORD, CT 25,00025.0k $85.7k $85.7k 0.06% New
48 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 20,57420.6k $20.6k $20.6k 0.00% New
49 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 17,00017.0k $58.3k $58.3k 0.00% Added +1.0k +1,000
50 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 5,0005.0k $17.0k $17.0k 0.00% Added +5.0k +4,995
51 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4,0004.0k $14.0k $14.0k 0.00% Unchanged
52 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 2,0002.0k $6.9k $6.9k 0.00% Unchanged
53 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,8301.8k $6.3k $6.3k 0.00% Added +330 +330
54 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 1,0001.0k $342.9k $342.9k 0.00% New
55 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 1,0001.0k $3.4k $3.4k 0.00% Unchanged
56 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,0001.0k $3.4k $3.4k 0.00% Reduced -81.0k -81,000
57 LAFFER TENGLER INVESTMENTS, INC. 0.20% of their portfolio Scottsdale, AZ 269269 $923.7k $923.7k 0.20% Added +1 +1
58 Alken Asset Management Ltd 0.95% of their portfolio LONDON, X0 170170 $587.0k $587.0k 0.95% Reduced -150 -150
59 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged
60 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% New