Vault-13

PDD HOLDINGS INC PDD 0 12.01.25

NOTE 12/0 · GLOBAL · CUSIP 722304AC6

59 institutional holders +6 vs Q4 2022
81,896,20181.9m shares reported held*
$1.5bnreported value*
13 new 13 added 10 reduced 8 sold out net sold ≈ $27.9m (+49.6m 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 ($382.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $18.33.

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 57Q4 22: 53Q1 23: 5959Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202257
Q4 202253
Q1 202359

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 20 bought or addedQ4 22: 22 cut or sold outQ4 22Q1 23: 26 bought or addedQ1 23: 18 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222022
Q1 20232618

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ3 22 calls: $0Q3 22 puts: $2.5mQ3 22P/C —Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$2.5m—
Q4 2022$0$0—
Q1 2023$0$0—

Biggest buyers

Pinpoint Asset Management Ltd Added +25,834,000+25.8m
Linden Advisors LP Added +24,000,000+24.0m
Lombard Odier Asset Management (Europe) Ltd Added +16,300,000+16.3m
Maven Securities LTD New +15,000,000+15.0m
LMR Partners LLP New +14,000,000+14.0m
Brevan Howard Capital Management LP New +11,700,000+11.7m
HBK INVESTMENTS L P New +10,000,000+10.0m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. Added +6,000,000+6.0m
PRICE T ROWE ASSOCIATES INC /MD/ New +4,130,000+4.1m
WOLVERINE ASSET MANAGEMENT LLC Added +4,000,000+4.0m

Biggest sellers

FARALLON CAPITAL MANAGEMENT, L.L.C. Reduced -70,000,000-70.0m
LAZARD ASSET MANAGEMENT LLC Reduced -59,464,000-59.5m
Verition Fund Management LLC Reduced -20,400,250-20.4m
Weiss Asset Management LP Sold out -9,297,000-9.3m
STATE STREET CORP Reduced -7,064,000-7.1m
AGF MANAGEMENT LTD Sold out -6,874,000-6.9m
M&G INVESTMENT MANAGEMENT LTD Sold out -5,409,000-5.4m
CoreView Capital Management Ltd Sold out -2,500,000-2.5m
HighTower Advisors, LLC Sold out -2,500,000-2.5m
MARSHALL WACE, LLP Reduced -2,000,000-2.0m

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 3.87% of their portfolio New York, NY 384,359,000384.4m $367.2m $367.2m 3.87% Added +24.0m +24,000,000
2 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.91% of their portfolio SAN FRANCISCO, CA 157,510,000157.5m $150.7m $150.7m 0.91% Reduced -70.0m -70,000,000
3 DAVIDSON KEMPNER PARTNERS 2.66% of their portfolio New York, NY 113,141,000113.1m $107.0m $107.0m 2.66% First filing
4 Davidson Kempner Capital Management LP 2.23% of their portfolio New York, NY 113,141,000113.1m $107.0m $107.0m 2.23% Unchanged
5 D. E. Shaw & Co., Inc. 0.13% of their portfolio New York, NY 86,049,00086.0m $82.1m $82.1m 0.13% Unchanged
6 FRANKLIN RESOURCES INC 0.04% of their portfolio San Mateo, CA 74,500,00074.5m $70.6m $70.6m 0.04% Unchanged
7 MARSHALL WACE, LLP 0.12% of their portfolio LONDON, X0 53,000,00053.0m $50.6m $50.6m 0.12% Reduced -2.0m -2,000,000
8 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio NEW YORK, NY 50,000,00050.0m $47.8m $47.8m 0.02% Unchanged
9 APEIRON CAPITAL Ltd 23.99% of their portfolio HONG KONG, K3 45,000,00045.0m $43.0m $43.0m 23.99% Unchanged
10 Pinpoint Asset Management Ltd 10.18% of their portfolio HONG KONG, K3 44,816,00044.8m $38.0m $38.0m 10.18% Added +25.8m +25,834,000
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 41,221,00041.2m $39.3m $39.3m 0.00% Reduced -7.1m -7,064,000
12 ONTARIO TEACHERS PENSION PLAN BOARD 0.36% of their portfolio Toronto, A6 37,000,00037.0m $35.3m $35.3m 0.36% Unchanged
13 WOLVERINE ASSET MANAGEMENT LLC 0.59% of their portfolio CHICAGO, IL 35,058,00035.1m $33.5m $33.5m 0.59% Added +4.0m +4,000,000
14 Lombard Odier Asset Management (Europe) Ltd 1.64% of their portfolio LONDON, X0 33,158,00033.2m $31.7m $31.7m 1.64% Added +16.3m +16,300,000
15 AVIVA PLC 0.13% of their portfolio LONDON, X0 30,000,00030.0m $28.7m $28.7m 0.13% Unchanged
16 Calamos Advisors LLC 0.11% of their portfolio NAPERVILLE, IL 22,993,00023.0m $22.0m $22.0m 0.11% Unchanged
17 Maven Securities LTD 2.35% of their portfolio ST HELIER, Y9 15,000,00015.0m $15.0m $15.0m 2.35% New
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 14,175,00014.2m $13.5m $13.5m 0.00% Added +1.9m +1,871,000
19 LMR Partners LLP 0.25% of their portfolio LONDON, X0 14,000,00014.0m $13.4m $13.4m 0.25% New
20 Brevan Howard Capital Management LP 2.47% of their portfolio ST. HELIER, Y9 11,700,00011.7m $11.2m $11.2m 2.47% New
21 HBK INVESTMENTS L P 0.35% of their portfolio DALLAS, TX 10,000,00010.0m $9.5m $9.5m 0.35% New
22 Amundi 0.00% of their portfolio Paris, I0 9,652,0009.7m $9.1m $9.1m 0.00% Reduced -535.0k -535,000
23 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 8,819,0008.8m $8.3m $8.3m 0.00% Added +3.2m +3,249,000
24 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 8,750,0008.8m $8.3m $8.3m 0.01% Added +4.0m +4,000,000
25 Ovata Capital Management Ltd 3.55% of their portfolio HONG KONG, K3 8,700,0008.7m $8.3m $8.3m 3.55% Unchanged
26 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 8,541,0008.5m $8.1m $8.1m 0.01% Reduced -59.5m -59,464,000
27 Jefferies Financial Group Inc. 0.17% of their portfolio NEW YORK, NY 8,195,0008.2m $7.8m $7.8m 0.17% Added +195.0k +195,000
28 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 7,500,0007.5m $7.1m $7.1m 0.02% Added +6.0m +6,000,000
29 WT Asset Management Ltd 2.43% of their portfolio HONG KONG, K3 7,005,0007.0m $6.7m $6.7m 2.43% Unchanged
30 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 7,000,0007.0m $6.6m $6.6m 0.01% Unchanged
31 UG Investment Advisers Ltd. 4.17% of their portfolio SINGAPORE, U0 6,000,0006.0m $5.7m $5.7m 4.17% Unchanged
32 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 4,130,0004.1m $4.0m $4.0m 0.00% New
33 Central Asset Investments & Management Holdings (HK) Ltd 4.03% of their portfolio HONG KONG, K3 4,000,0004.0m $3.8m $3.8m 4.03% Unchanged
34 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 3,500,0003.5m $3.3m $3.3m 0.00% New
35 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 2,500,0002.5m $2.4m $2.4m 0.01% New
36 Bellecapital International Ltd. 0.51% of their portfolio ZURICH, V8 2,130,0002.1m $2.0m $2.0m 0.51% Unchanged
37 CQS (US), LLC 0.24% of their portfolio NEW YORK, NY 2,000,0002.0m $1.9m $1.9m 0.24% Unchanged
38 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 2,000,0002.0m $1.9m $1.9m 0.00% Reduced -1.1m -1,057,000
39 SONA ASSET MANAGEMENT (US) LLC 0.33% of their portfolio NEW YORK, NY 1,600,0001.6m $1.5m $1.5m 0.33% New
40 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 1,400,0001.4m $1.3m $1.3m 0.00% Added +100.0k +100,000
41 LORD, ABBETT & CO. LLC 0.00% of their portfolio JERSEY CITY, NJ 1,309,0001.3m $1.2m $1.2m 0.00% Added +1.2m +1,250,000
42 LORD, ABBETT & CO. LLC 0.00% of their portfolio JERSEY CITY, NJ 1,309,0001.3m $1.2m $1.2m 0.00% New
43 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,128,0001.1m $1.1m $1.1m 0.00% New
44 RWC Asset Management LLP 0.03% of their portfolio LONDON, X0 1,100,0001.1m $1.0m $1.0m 0.03% Unchanged
45 SSI INVESTMENT MANAGEMENT LLC 0.07% of their portfolio Los Angeles, CA 1,000,0001.0m $945.5k $945.5k 0.07% Unchanged
46 BOOTHBAY FUND MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 1,000,0001.0m $954.8k $954.8k 0.03% New
47 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,000,0001.0m $945.5k $945.5k 0.00% Added +300.0k +300,000
48 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 571,000571.0k $544.6k $544.6k 0.00% Reduced -484.0k -484,000
49 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 420,000420.0k $401.6k $401.6k 0.00% Unchanged
50 Paloma Partners Management Co 0.08% of their portfolio GREENWICH, CT 400,000400.0k $382.1k $382.1k 0.08% New
51 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 300,000300.0k $283.6k $283.6k 0.00% Reduced -242.0k -242,000
52 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 161,000161.0k $152.6k $152.6k 0.00% Unchanged
53 MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 42,15042.1k $40.3m $40.3m 0.05% Added +16.9k +16,850
54 Verition Fund Management LLC 0.37% of their portfolio GREENWICH, CT 24,75024.8k $23.5m $23.5m 0.37% Reduced -20.4m -20,400,250
55 SG Americas Securities, LLC 0.03% of their portfolio NEW YORK, NY 20,00020.0k $1.9m $1.9m 0.03% New
56 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 19,55119.6k $1.5m $1.5m 0.00% Reduced -425 -425
57 AM Squared Ltd 7.04% of their portfolio HONG KONG, K3 9,5009.5k $9.1m $9.1m 7.04% Unchanged
58 Alken Asset Management Ltd 0.01% of their portfolio LONDON, X0 350350 $335 $335 0.01% Unchanged
59 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged