Vault-13

Q2 HLDGS INC QTWO 0.75 06.01.26

NOTE 0.750% 6/0 · US DOMESTIC · CUSIP 74736LAD1

33 institutional holders -3 vs Q2 2025
10,245,31810.2m shares reported held*
$280.1mreported value*
6 new 8 added 11 reduced 8 sold out net bought ≈ $9.0m (+2.8m 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 ≈ $27.34.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 42Q4 22: 38Q1 23: 39Q2 23: 34Q3 23: 33Q4 23: 34Q1 24: 28Q2 24: 25Q3 24: 30Q4 24: 29Q1 25: 30Q2 25: 36Q3 25: 3333Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 202242
Q4 202238
Q1 202339
Q2 202334
Q3 202333
Q4 202334
Q1 202428
Q2 202425
Q3 202430
Q4 202429
Q1 202530
Q2 202536
Q3 202533

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q4 23: 13 bought or addedQ4 23: 9 cut or sold outQ1 24: 9 bought or addedQ1 24: 15 cut or sold outQ1 24Q2 24: 8 bought or addedQ2 24: 12 cut or sold outQ3 24: 14 bought or addedQ3 24: 11 cut or sold outQ3 24Q4 24: 11 bought or addedQ4 24: 11 cut or sold outQ1 25: 12 bought or addedQ1 25: 9 cut or sold outQ1 25Q2 25: 18 bought or addedQ2 25: 10 cut or sold outQ3 25: 14 bought or addedQ3 25: 19 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023139
Q1 2024915
Q2 2024812
Q3 20241411
Q4 20241111
Q1 2025129
Q2 20251810
Q3 20251419

Biggest buyers

ADVENT CAPITAL MANAGEMENT /DE/ Added +21,416,000+21.4m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +20,440,000+20.4m
M&G PLC New +6,525,000+6.5m
Point72 Asset Management, L.P. Added +5,000,000+5.0m
PALISADE CAPITAL MANAGEMENT, LP New +3,400,000+3.4m
NEW YORK STATE COMMON RETIREMENT FUND Added +1,883,000+1.9m
MIZUHO SECURITIES USA LLC Added +983,000+983.0k
Jefferies Financial Group Inc. New +197,000+197.0k
JPMORGAN CHASE & CO Added +56,000+56.0k
NOMURA HOLDINGS INC New +23,518+23.5k

Biggest sellers

Calamos Advisors LLC Reduced -12,580,000-12.6m
LORD, ABBETT & CO. LLC Sold out -12,319,000-12.3m
MILLENNIUM MANAGEMENT LLC Sold out -6,915,000-6.9m
Linden Advisors LP Reduced -6,500,000-6.5m
LAZARD ASSET MANAGEMENT LLC Reduced -4,633,000-4.6m
SSI INVESTMENT MANAGEMENT LLC Reduced -3,568,000-3.6m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -3,335,000-3.3m
Universal- Beteiligungs- und Servicegesellschaft mbH Sold out -1,000,000-1.0m
FMR LLC Reduced -633,000-633.0k
WELLS FARGO & COMPANY/MN Sold out -311,000-311.0k

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 0.80% of their portfolio NEW YORK, NY 58,881,00058.9m $61.0m $61.0m 0.80% Added +20.4m +20,440,000
2 Linden Advisors LP 0.31% of their portfolio New York, NY 44,817,00044.8m $46.1m $46.1m 0.31% Reduced -6.5m -6,500,000
3 ADVENT CAPITAL MANAGEMENT /DE/ 0.89% of their portfolio NEW YORK, NY 37,913,00037.9m $39.4m $39.4m 0.89% Added +21.4m +21,416,000
4 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 33,101,00033.1m $344.1k $344.1k 0.00% Reduced -4.6m -4,633,000
5 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 31,321,00031.3m $32.3m $32.3m 0.03% Unchanged
6 MacKay Shields LLC 0.91% of their portfolio New York, NY 25,829,00025.8m $26.8m $26.8m 0.91% Unchanged
7 Point72 Asset Management, L.P. 0.05% of their portfolio STAMFORD, CT 21,500,00021.5m $22.2m $22.2m 0.05% Added +5.0m +5,000,000
8 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.46% of their portfolio NEW YORK, NY 7,882,0007.9m $9.0m $9.0m 0.46% Reduced -3.3m -3,335,000
9 M&G PLC 0.04% of their portfolio London, X0 6,525,0006.5m $6.7m $6.7m 0.04% New
10 MIZUHO SECURITIES USA LLC 0.13% of their portfolio NEW YORK, NY 6,095,0006.1m $6.4m $6.4m 0.13% Added +983.0k +983,000
11 FMR LLC 0.00% of their portfolio BOSTON, MA 4,171,0004.2m $4.3m $4.3m 0.00% Reduced -633.0k -633,000
12 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 3,706,0003.7m $3.8m $3.8m 0.00% Added +1.9m +1,883,000
13 PALISADE CAPITAL MANAGEMENT, LP 0.10% of their portfolio FORT LEE, NJ 3,400,0003.4m $3.5m $3.5m 0.10% New
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,955,0003.0m $3.1m $3.1m 0.00% Unchanged
15 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 942,000942.0k $974.5k $974.5k 0.00% Unchanged
16 SSI INVESTMENT MANAGEMENT LLC 0.02% of their portfolio Los Angeles, CA 323,000323.0k $331.2k $331.2k 0.02% Reduced -3.6m -3,568,000
17 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 215,000215.0k $220.8k $220.8k 0.00% Reduced -12.6m -12,580,000
18 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $207.1k $207.1k 0.00% Reduced -100.0k -100,000
19 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 199,000199.0k $205.9k $205.9k 0.00% Unchanged
20 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 197,000197.0k $203.4k $203.4k 0.00% New
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 178,000178.0k $184.1k $184.1k 0.00% Unchanged
22 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 113,000113.0k $116.9k $116.9k 0.00% Unchanged
23 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 112,000112.0k $128.2k $128.2k 0.00% Added +56.0k +56,000
24 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 34,00034.0k $34.7k $34.7k 0.00% Reduced -52.0k -52,000
25 Calamos Wealth Management LLC 0.00% of their portfolio NAPERVILLE, IL 26,00026.0k $26.7k $26.7k 0.00% Reduced -223.0k -223,000
26 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 23,51823.5k $1.7m $1.7m 0.01% New
27 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 20,00020.0k $20.4k $20.4k 0.00% Added +10.0k +10,000
28 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 15,67015.7k $1.6m $1.6m 0.01% Added +6.0k +6,000
29 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 15,00015.0k $14.9k $14.9k 0.00% New
30 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 12,00012.0k $12.4k $12.4k 0.00% Unchanged
31 Boussard & Gavaudan Investment Management LLP 1.12% of their portfolio London, X0 8,8008.8k $9.1m $9.1m 1.12% Reduced -5.9k -5,881
32 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,0001.0k $1.0k $1.0k 0.00% Reduced -8.0k -8,000
33 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 1,0001.0k $1.0k $1.0k 0.00% New