Vault-13

PDD HOLDINGS INC PDD 0 12.01.25

NOTE 12/0 · GLOBAL · CUSIP 722304AC6

51 institutional holders +1 vs Q4 2024
49,501,75049.5m shares reported held*
$670.0mreported value*
10 new 18 added 11 reduced 9 sold out net bought ≈ $49.7m (+9.3m 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 ≈ $13.54.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 57Q4 22: 53Q1 23: 59Q2 23: 53Q3 23: 53Q4 23: 36Q1 24: 37Q2 24: 44Q3 24: 46Q4 24: 50Q1 25: 5151Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202257
Q4 202253
Q1 202359
Q2 202353
Q3 202353
Q4 202336
Q1 202437
Q2 202444
Q3 202446
Q4 202450
Q1 202551

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 23: 17 bought or addedQ2 23: 23 cut or sold outQ3 23: 18 bought or addedQ3 23: 22 cut or sold outQ3 23Q4 23: 21 bought or addedQ4 23: 39 cut or sold outQ1 24: 21 bought or addedQ1 24: 14 cut or sold outQ1 24Q2 24: 24 bought or addedQ2 24: 15 cut or sold outQ3 24: 27 bought or addedQ3 24: 20 cut or sold outQ3 24Q4 24: 25 bought or addedQ4 24: 19 cut or sold outQ1 25: 28 bought or addedQ1 25: 20 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20231723
Q3 20231822
Q4 20232139
Q1 20242114
Q2 20242415
Q3 20242720
Q4 20242519
Q1 20252820

Calls vs puts

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

CallsPuts
$0$250k$500k$750k$1mQ2 24 calls: $0Q2 24 puts: $883.0kQ2 24P/C —Q3 24 calls: $0Q3 24 puts: $965.3kQ3 24P/C —Q4 24 calls: $0Q4 24 puts: $74.7kQ4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —
Numbers
QuarterCallsPutsP/C
Q2 2024$0$883.0k—
Q3 2024$0$965.3k—
Q4 2024$0$74.7k—
Q1 2025$0$0—

Biggest buyers

VOYA INVESTMENT MANAGEMENT LLC Added +49,605,000+49.6m
Pamalican Asset Management Ltd New +30,000,000+30.0m
UBS Group AG Added +15,305,000+15.3m
Calamos Advisors LLC New +15,000,000+15.0m
HSBC HOLDINGS PLC Added +14,157,000+14.2m
Allianz Asset Management GmbH Added +10,800,000+10.8m
Ovata Capital Management Ltd New +8,000,000+8.0m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND New +5,000,000+5.0m
LAZARD ASSET MANAGEMENT LLC Added +4,514,000+4.5m
Brevan Howard Capital Management LP Added +4,500,000+4.5m

Biggest sellers

MILLENNIUM MANAGEMENT LLC Reduced -42,320,000-42.3m
MOORE CAPITAL MANAGEMENT, LP Reduced -31,976,000-32.0m
Linden Advisors LP Reduced -10,000,000-10.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -9,225,000-9.2m
WHITEBOX ADVISORS LLC Reduced -8,000,000-8.0m
TWO SIGMA INVESTMENTS, LP Sold out -5,809,000-5.8m
PRICE T ROWE ASSOCIATES INC /MD/ Sold out -4,227,000-4.2m
STATE STREET CORP Reduced -3,600,000-3.6m
Paloma Partners Management Co Sold out -3,457,000-3.5m
Fore Capital, LLC Sold out -3,000,000-3.0m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Davidson Kempner Capital Management LP 2.39% of their portfolio New York, NY 172,500,000172.5m $169.9m $169.9m 2.39% Added +2.5m +2,500,000
2 VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio ATLANTA, GA 98,360,00098.4m $97.1m $97.1m 0.05% Added +49.6m +49,605,000
3 SONA ASSET MANAGEMENT (US) LLC 3.31% of their portfolio NEW YORK, NY 88,335,00088.3m $87.0m $87.0m 3.31% Added +3.5m +3,500,000
4 Walleye Capital LLC 0.43% of their portfolio NEW YORK, NY 39,010,00039.0m $38.5m $38.5m 0.43% Added +2.0m +2,000,000
5 Pamalican Asset Management Ltd 58.15% of their portfolio HONG KONG, K3 30,000,00030.0m $29.6m $29.6m 58.15% New
6 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 20,382,00020.4m $20.3m $20.3m 0.01% Added +14.2m +14,157,000
7 UBS Group AG 0.00% of their portfolio ZURICH, V8 16,006,50016.0m $15.8m $15.8m 0.00% Added +15.3m +15,305,000
8 LASRY MARC 67.89% of their portfolio NEW YORK, NY 15,000,00015.0m $14.8m $14.8m 67.89% Unchanged
9 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 15,000,00015.0m $14.9m $14.9m 0.07% New
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 14,650,00014.7m $14.5m $14.5m 0.00% Reduced -3.6m -3,600,000
11 Maytree Asset Management Ltd 23.04% of their portfolio HONG KONG, K3 13,000,00013.0m $12.8m $12.8m 23.04% Added +1.5m +1,500,000
12 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 11,639,00011.6m $11.5m $11.5m 0.00% Reduced -23.0k -23,000
13 Allianz Asset Management GmbH 0.02% of their portfolio MUNICH, 2M 11,000,00011.0m $10.9m $10.9m 0.02% Added +10.8m +10,800,000
14 Brevan Howard Capital Management LP 0.26% of their portfolio ST. HELIER, Y9 9,500,0009.5m $9.4m $9.4m 0.26% Added +4.5m +4,500,000
15 Pinpoint Asset Management Ltd 1.64% of their portfolio HONG KONG, K3 9,500,0009.5m $9.5m $9.5m 1.64% Unchanged
16 ADVENT CAPITAL MANAGEMENT /DE/ 0.19% of their portfolio NEW YORK, NY 8,490,0008.5m $8.4m $8.4m 0.19% Reduced -9.2m -9,225,000
17 MOORE CAPITAL MANAGEMENT, LP 0.27% of their portfolio NEW YORK, NY 8,251,0008.3m $8.2m $8.2m 0.27% Reduced -32.0m -31,976,000
18 Ovata Capital Management Ltd 3.01% of their portfolio HONG KONG, K3 8,000,0008.0m $7.9m $7.9m 3.01% New
19 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 7,980,0008.0m $7.9m $7.9m 0.01% Added +4.5m +4,514,000
20 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 6,750,0006.8m $6.6m $6.6m 0.01% Added +1.2m +1,250,000
21 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 6,680,0006.7m $6.6m $6.6m 0.01% Reduced -42.3m -42,320,000
22 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 5,500,0005.5m $5.4m $5.4m 0.01% Unchanged
23 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 5,310,0005.3m $5.3m $5.3m 0.00% Added +1.4m +1,400,000
24 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 5,000,0005.0m $4.9m $4.9m 0.01% New
25 Linden Advisors LP 0.03% of their portfolio New York, NY 4,950,0005.0m $4.9m $4.9m 0.03% Reduced -10.0m -10,000,000
26 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 4,572,0004.6m $4.5m $4.5m 0.00% Reduced -2.4m -2,430,000
27 WHITEBOX ADVISORS LLC 0.15% of their portfolio MINNEAPOLIS, MN 4,500,0004.5m $4.4m $4.4m 0.15% Reduced -8.0m -8,000,000
28 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 4,000,0004.0m $3.9m $3.9m 0.01% Unchanged
29 DNCA FINANCE 0.32% of their portfolio PARIS, I0 3,850,0003.9m $3.8m $3.8m 0.32% Added +3.5m +3,500,000
30 Mint Tower Capital Management B.V. 1.22% of their portfolio AMSTERDAM, P7 3,309,0003.3m $3.3m $3.3m 1.22% New
31 Man Group plc 0.01% of their portfolio LONDON, X0 2,640,0002.6m $2.6m $2.6m 0.01% Unchanged
32 CoreView Capital Management Ltd 0.25% of their portfolio HONG KONG, K3 2,500,0002.5m $2.5m $2.5m 0.25% Unchanged
33 LGT Fund Management Co Ltd. 0.18% of their portfolio VADUZ, N2 2,000,0002.0m $2.0m $2.0m 0.18% Added +1.0m +1,000,000
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,600,6001.6m $1.6m $1.6m 0.00% Added +1.6m +1,600,000
35 Polar Capital Holdings Plc 0.01% of their portfolio London, X0 1,500,0001.5m $1.5m $1.5m 0.01% New
36 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 1,290,0001.3m $1.3m $1.3m 0.02% Added +1.3m +1,277,000
37 Bellecapital International Ltd. 0.19% of their portfolio ZURICH, V8 1,000,0001.0m $984.7k $984.7k 0.19% Reduced -680.0k -680,000
38 AXA S.A. 0.00% of their portfolio PARIS, I0 700,000700.0k $693.8k $693.8k 0.00% Unchanged
39 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 667,000667.0k $662.7k $662.7k 0.00% Added +464.0k +464,000
40 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $492.5k $492.5k 0.00% Reduced -2.0m -2,000,000
41 SSI INVESTMENT MANAGEMENT LLC 0.02% of their portfolio Los Angeles, CA 242,000242.0k $238.4k $238.4k 0.02% Unchanged
42 KBC Group NV 0.00% of their portfolio Brussels, C9 200,000200.0k $198.0k $198.0k 0.00% Reduced -100.0k -100,000
43 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 200,000200.0k $198.2k $198.2k 0.01% New
44 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 100,000100.0k $99.3k $99.3k 0.00% New
45 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 25,10025.1k $2.5m $2.5m 0.01% Unchanged
46 NINE MASTS CAPITAL Ltd 7.54% of their portfolio CENTRAL, K3 10,00010.0k $9.9m $9.9m 7.54% Added +7.0k +7,000
47 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 2,0002.0k $197.0k $197.0k 0.00% Unchanged
48 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 1,0001.0k $985 $985 0.00% Unchanged
49 Muzinich & Co., Inc. 0.05% of their portfolio NEW YORK, NY 750750 $73.9k $73.9k 0.05% New
50 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged
51 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% New