Vault-13

PDD HOLDINGS INC PDD 0 12.01.25

NOTE 12/0 · GLOBAL · CUSIP 722304AC6

37 institutional holders +1 vs Q4 2023
30,711,00030.7m shares reported held*
$661.4mreported value*
9 new 12 added 6 reduced 8 sold out net bought ≈ $7.5m (-9.4m 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 ($2.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $21.61. Options: 0 managers hold calls (— notional), 2 hold puts ($1.1m).

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 57Q4 22: 53Q1 23: 59Q2 23: 53Q3 23: 53Q4 23: 36Q1 24: 3737Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202257
Q4 202253
Q1 202359
Q2 202353
Q3 202353
Q4 202336
Q1 202437

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 23Q2 23: 17 bought or addedQ2 23: 23 cut or sold outQ2 23Q3 23: 18 bought or addedQ3 23: 22 cut or sold outQ3 23Q4 23: 21 bought or addedQ4 23: 39 cut or sold outQ4 23Q1 24: 21 bought or addedQ1 24: 14 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20222022
Q1 20232618
Q2 20231723
Q3 20231822
Q4 20232139
Q1 20242114

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5mQ2 23 calls: $0Q2 23 puts: $0Q2 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: $1.1mQ1 24P/C —
Numbers
QuarterCallsPutsP/C
Q2 2023$0$0—
Q3 2023$0$0—
Q4 2023$0$0—
Q1 2024$0$1.1m—

Biggest buyers

LAZARD ASSET MANAGEMENT LLC New +41,412,000+41.4m
Nuveen Asset Management, LLC New +21,000,000+21.0m
MILLENNIUM MANAGEMENT LLC Added +17,500,000+17.5m
MORGAN STANLEY Added +16,907,000+16.9m
VOYA INVESTMENT MANAGEMENT LLC Added +13,950,000+13.9m
LASRY MARC New +12,000,000+12.0m
Linden Advisors LP Added +10,683,000+10.7m
Davidson Kempner Capital Management LP Added +10,000,000+10.0m
SCHRODER INVESTMENT MANAGEMENT GROUP Added +9,179,000+9.2m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Added +6,000,000+6.0m

Biggest sellers

D. E. Shaw & Co., Inc. Reduced -67,689,000-67.7m
Segantii Capital Management Ltd Sold out -30,000,000-30.0m
Jefferies Financial Group Inc. Sold out -25,633,000-25.6m
LORD, ABBETT & CO. LLC Reduced -18,514,000-18.5m
Lombard Odier Asset Management (Europe) Ltd Sold out -7,909,000-7.9m
BOOTHBAY FUND MANAGEMENT, LLC Reduced -7,500,000-7.5m
BFAM Partners (Cayman) Ltd Sold out -4,000,000-4.0m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. Sold out -2,500,000-2.5m
Ovata Capital Management Ltd Sold out -2,500,000-2.5m
Walleye Capital LLC Reduced -2,000,000-2.0m

Biggest calls

None

Biggest puts

DEUTSCHE BANK AG\ New $1.1m1.1m shares
HighTower Advisors, LLC New $8.0k80.0m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Davidson Kempner Capital Management LP 2.00% of their portfolio New York, NY 140,000,000140.0m $134.9m $134.9m 2.00% Added +10.0m +10,000,000
2 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 119,950,000120.0m $115.9m $115.9m 0.11% Added +13.9m +13,950,000
3 HIGHBRIDGE CAPITAL MANAGEMENT LLC 2.23% of their portfolio NEW YORK, NY 53,500,00053.5m $51.9m $51.9m 2.23% Added +6.0m +6,000,000
4 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio NEW YORK, NY 46,000,00046.0m $44.3m $44.3m 0.02% Unchanged
5 LAZARD ASSET MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 41,412,00041.4m $40.0m $40.0m 0.05% New
6 SONA ASSET MANAGEMENT (US) LLC 3.26% of their portfolio NEW YORK, NY 38,635,00038.6m $37.5m $37.5m 3.26% Reduced -1.4m -1,365,000
7 WOLVERINE ASSET MANAGEMENT LLC 0.65% of their portfolio CHICAGO, IL 35,058,00035.1m $34.0m $34.0m 0.65% Unchanged
8 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 30,000,00030.0m $29.1m $29.1m 0.02% Added +17.5m +17,500,000
9 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 24,585,00024.6m $23.7m $23.7m 0.00% Added +16.9m +16,907,000
10 Nuveen Asset Management, LLC 0.01% of their portfolio CHICAGO, IL 21,000,00021.0m $18.3m $18.3m 0.01% New
11 SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio London, X0 18,068,00018.1m $17.4m $17.4m 0.02% Added +9.2m +9,179,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 16,100,00016.1m $15.6m $15.6m 0.00% Added +3.9m +3,850,000
13 Linden Advisors LP 0.11% of their portfolio New York, NY 14,756,00014.8m $14.3m $14.3m 0.11% Added +10.7m +10,683,000
14 LASRY MARC 9.85% of their portfolio NEW YORK, NY 12,000,00012.0m $11.6m $11.6m 9.85% New
15 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 11,448,00011.4m $11.0m $11.0m 0.02% Reduced -18.5m -18,514,000
16 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 10,860,00010.9m $10.5m $10.5m 0.01% Reduced -67.7m -67,689,000
17 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 8,500,0008.5m $8.2m $8.2m 0.01% Added +500.0k +500,000
18 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 5,500,0005.5m $5.3m $5.3m 0.01% New
19 Walleye Capital LLC 0.05% of their portfolio NEW YORK, NY 5,000,0005.0m $4.8m $4.8m 0.05% Reduced -2.0m -2,000,000
20 BOOTHBAY FUND MANAGEMENT, LLC 0.12% of their portfolio NEW YORK, NY 4,500,0004.5m $4.4m $4.4m 0.12% Reduced -7.5m -7,500,000
21 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,025,0004.0m $3.9m $3.9m 0.00% Added +275.0k +275,000
22 Pinpoint Asset Management Ltd 0.62% of their portfolio HONG KONG, K3 4,000,0004.0m $3.9m $3.9m 0.62% Unchanged
23 RWC Asset Management LLP 0.23% of their portfolio LONDON, X0 3,800,0003.8m $3.7m $3.7m 0.23% Added +1.3m +1,300,000
24 PINEBRIDGE INVESTMENTS, L.P. 0.02% of their portfolio NEW YORK, NY 3,250,0003.2m $3.1m $3.1m 0.02% Added +2.1m +2,150,000
25 AXA S.A. 0.01% of their portfolio PARIS, I0 3,100,0003.1m $3.0m $3.0m 0.01% New
26 OAKTREE CAPITAL MANAGEMENT LP 0.04% of their portfolio LOS ANGELES, CA 2,500,0002.5m $2.4m $2.4m 0.04% Unchanged
27 CoreView Capital Management Ltd 0.34% of their portfolio HONG KONG, K3 2,500,0002.5m $2.4m $2.4m 0.34% Unchanged
28 Paloma Partners Management Co 0.32% of their portfolio GREENWICH, CT 2,318,0002.3m $2.2m $2.2m 0.32% Reduced -482.0k -482,000
29 Man Group plc 0.01% of their portfolio LONDON, X0 2,050,0002.0m $2.0m $2.0m 0.01% New
30 UG Investment Advisers Ltd. 0.64% of their portfolio SINGAPORE, U0 2,000,0002.0m $1.9m $1.9m 0.64% Unchanged
31 Bellecapital International Ltd. 0.36% of their portfolio ZURICH, V8 1,680,0001.7m $1.6m $1.6m 0.36% Unchanged
32 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 425,000425.0k $411.8k $411.8k 0.00% New
33 KBC Group NV 0.00% of their portfolio Brussels, C9 100,000100.0k $97.0k $97.0k 0.00% New
34 Virtus Investment Advisers, LLC 0.01% of their portfolio HARTFORD, CT 13,00013.0k $12.5k $12.5k 0.01% New
35 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 13,00013.0k $12.5k $12.5k 0.00% Unchanged
36 Alken Asset Management Ltd 0.02% of their portfolio LONDON, X0 1,1001.1k $1.1k $1.1k 0.02% Unchanged
37 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged