Vault-13

PINNACLE WEST CAP CORP PNW 4.75 06.15.27

NOTE 4.750% 6/1 · US DOMESTIC · CUSIP 723484AK7

44 institutional holders +0 vs Q1 2026
70,492,77770.5m shares reported held*
$607.2mreported value*
7 new 10 added 11 reduced 7 sold out net sold ≈ $6.4m (+4.7m 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 ($1.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $8.61.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q2 25: 33Q3 25: 40Q4 25: 40Q1 26: 44Q2 26: 4444Q2 25Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q2 202533
Q3 202540
Q4 202540
Q1 202644
Q2 202644

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 25: 20 bought or addedQ3 25: 14 cut or sold outQ3 25Q4 25: 18 bought or addedQ4 25: 16 cut or sold outQ4 25Q1 26: 21 bought or addedQ1 26: 18 cut or sold outQ1 26Q2 26: 17 bought or addedQ2 26: 18 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20252014
Q4 20251816
Q1 20262118
Q2 20261718

Biggest buyers

Point72 Asset Management, L.P. New +25,600,000+25.6m
CITADEL ADVISORS LLC Added +20,550,000+20.6m
Ovata Capital Management Ltd Added +14,500,000+14.5m
Brevan Howard Capital Management LP Added +5,500,000+5.5m
Polar Capital Holdings Plc New +4,500,000+4.5m
STATE STREET CORP Added +3,400,000+3.4m
SSI INVESTMENT MANAGEMENT LLC New +1,508,000+1.5m
STATE OF WISCONSIN INVESTMENT BOARD Added +1,000,000+1.0m
JANE STREET GROUP, LLC New +789,000+789.0k
RWC Asset Management LLP Added +513,000+513.0k

Biggest sellers

BlackRock, Inc. Reduced -26,880,000-26.9m
CAMDEN ASSET MANAGEMENT L P /CA Sold out -16,938,000-16.9m
WELLS FARGO & COMPANY/MN Reduced -8,564,000-8.6m
UBS Group AG Sold out -5,474,000-5.5m
TPG GP A, LLC Reduced -5,000,000-5.0m
D. E. Shaw & Co., Inc. Reduced -5,000,000-5.0m
Polar Capital Holdings Plc Sold out -4,500,000-4.5m
TWO SIGMA INVESTMENTS, LP Sold out -4,300,000-4.3m
SUSQUEHANNA ADVISORS GROUP, INC. Reduced -4,151,000-4.2m
JPMORGAN CHASE & CO Reduced -2,226,000-2.2m

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.07% of their portfolio New York, NY 100,529,000100.5m $119.9m $119.9m 0.07% Reduced -5.0m -5,000,000
2 CITADEL ADVISORS LLC 0.04% of their portfolio MIAMI, FL 53,050,00053.0m $63.3m $63.3m 0.04% Added +20.6m +20,550,000
3 Ovata Capital Management Ltd 3.32% of their portfolio HONG KONG, K3 37,000,00037.0m $44.3m $44.3m 3.32% Added +14.5m +14,500,000
4 Point72 Asset Management, L.P. 0.05% of their portfolio STAMFORD, CT 25,600,00025.6m $30.5m $30.5m 0.05% New
5 Calamos Advisors LLC 0.09% of their portfolio NAPERVILLE, IL 20,094,00020.1m $24.0m $24.0m 0.09% Added +9.0k +9,000
6 TPG GP A, LLC 0.48% of their portfolio FORT WORTH, TX 19,975,00020.0m $23.8m $23.8m 0.48% Reduced -5.0m -5,000,000
7 Brevan Howard Capital Management LP 0.30% of their portfolio ST. HELIER, Y9 18,000,00018.0m $21.6m $21.6m 0.30% Added +5.5m +5,500,000
8 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 15,000,00015.0m $18.0m $18.0m 0.01% Unchanged
9 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 14,345,00014.3m $17.1m $17.1m 0.01% Reduced -382.0k -382,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 13,730,00013.7m $16.4m $16.4m 0.00% Added +3.4m +3,400,000
11 BlackRock, Inc. 0.00% of their portfolio New York, NY 10,400,00010.4m $12.4m $12.4m 0.00% Reduced -26.9m -26,880,000
12 WOLVERINE ASSET MANAGEMENT LLC 0.14% of their portfolio CHICAGO, IL 8,825,0008.8m $10.5m $10.5m 0.14% Unchanged
13 Lombard Odier Asset Management (Europe) Ltd 0.44% of their portfolio LONDON, X0 8,662,0008.7m $10.4m $10.4m 0.44% Unchanged
14 SHENKMAN CAPITAL MANAGEMENT INC 1.07% of their portfolio NEW YORK, NY 6,400,0006.4m $7.7m $7.7m 1.07% Reduced -600.0k -600,000
15 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 6,100,0006.1m $7.3m $7.3m 0.01% Unchanged
16 MIZUHO SECURITIES USA LLC 0.06% of their portfolio NEW YORK, NY 5,179,0005.2m $5.9m $5.9m 0.06% Unchanged
17 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 5,159,0005.2m $6.1m $6.1m 0.00% Added +163.0k +163,000
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,105,0005.1m $6.1m $6.1m 0.00% Reduced -2.2m -2,226,000
19 CONNING INC. 0.17% of their portfolio HARTFORD, CT 4,855,0004.9m $5.8m $5.8m 0.17% Unchanged
20 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,831,0004.8m $5.8m $5.8m 0.00% Reduced -8.6m -8,564,000
21 Polar Capital Holdings Plc 0.02% of their portfolio London, X0 4,500,0004.5m $5.4m $5.4m 0.02% New
22 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 4,155,0004.2m $5.0m $5.0m 0.01% Reduced -550.0k -550,000
23 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 4,000,0004.0m $4.8m $4.8m 0.01% Added +1.0m +1,000,000
24 INCOME RESEARCH & MANAGEMENT 1.96% of their portfolio Boston, MA 3,031,0003.0m $3.6m $3.6m 1.96% Unchanged
25 RWC Asset Management LLP 0.14% of their portfolio LONDON, X0 3,003,0003.0m $3.6m $3.6m 0.14% Added +513.0k +513,000
26 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 2,500,0002.5m $29.8k $29.8k 0.00% Reduced -4.2m -4,151,000
27 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,500,0002.5m $3.0m $3.0m 0.00% Unchanged
28 Ares Systematic Credit Ltd 1.52% of their portfolio LONDON, X0 2,100,0002.1m $2.5m $2.5m 1.52% Added +400.0k +400,000
29 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 2,000,0002.0m $2.4m $2.4m 0.00% Unchanged
30 SSI INVESTMENT MANAGEMENT LLC 0.10% of their portfolio Los Angeles, CA 1,508,0001.5m $1.8m $1.8m 0.10% New
31 MUFG SECURITIES AMERICAS INC. 0.06% of their portfolio NEW YORK, NY 1,000,0001.0m $1.2m $1.2m 0.06% Reduced -2.0m -2,000,000
32 Police & Firemen's Retirement System of New Jersey 0.01% of their portfolio TRENTON, NJ 918,000918.0k $1.1m $1.1m 0.01% Unchanged
33 Man Group plc 0.00% of their portfolio LONDON, X0 830,000830.0k $983.2k $983.2k 0.00% Unchanged
34 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 789,000789.0k $944.6k $944.6k 0.00% New
35 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 375,000375.0k $446.9k $446.9k 0.00% Unchanged
36 AEGON USA Investment Management, LLC 0.30% of their portfolio CEDAR RAPIDS, IA 350,000350.0k $417.1k $417.1k 0.30% Unchanged
37 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $240.5k $240.5k 0.00% Unchanged
38 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 165,000165.0k $196.6k $196.6k 0.00% Unchanged
39 LOOMIS SAYLES & CO L P 0.02% of their portfolio BOSTON, MA 150,152150.2k $16.1m $16.1m 0.02% Added +26.4k +26,404
40 Shaolin Capital Management LLC 5.34% of their portfolio Miami, FL 78,78778.8k $94.1m $94.1m 5.34% Reduced -5.7k -5,713
41 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 17,00017.0k $20.3k $20.3k 0.00% Unchanged
42 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 13,00013.0k $15.4k $15.4k 0.00% New
43 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 9,0009.0k $10.7k $10.7k 0.00% New
44 LAFFER TENGLER INVESTMENTS, INC. 0.43% of their portfolio Scottsdale, AZ 2,7772.8k $3.3m $3.3m 0.43% New