Vault-13

Q2 HLDGS INC QTWO 0.75 06.01.26

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

25 institutional holders -4 vs Q4 2025
528,000528.0k shares reported held*
$294.9mreported value*
6 new 4 added 7 reduced 11 sold out net sold ≈ $35.1m (-1.6m 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. Holder counts are more reliable. Implied quarter-end price ≈ $558.47.

Trends to Q1 2026

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: 33Q4 25: 29Q1 26: 2525Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q4 202529
Q1 202625

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q2 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 25Q4 25: 12 bought or addedQ4 25: 19 cut or sold outQ1 26: 10 bought or addedQ1 26: 18 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024812
Q3 20241411
Q4 20241111
Q1 2025129
Q2 20251810
Q3 20251419
Q4 20251219
Q1 20261018

Biggest buyers

OAKTREE CAPITAL MANAGEMENT LP New +41,053,000+41.1m
OSTERWEIS CAPITAL MANAGEMENT INC New +35,428,000+35.4m
DeepCurrents Investment Group LLC Added +14,000,000+14.0m
GLAZER CAPITAL, LLC New +8,000,000+8.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +5,063,000+5.1m
CAPSTONE INVESTMENT ADVISORS, LLC Added +5,000,000+5.0m
JANE STREET GROUP, LLC New +471,000+471.0k
PIPER SANDLER & CO. New +390,000+390.0k
SSI INVESTMENT MANAGEMENT LLC New +317,000+317.0k
PALISADE CAPITAL MANAGEMENT, LP Added +13,000+13.0k

Biggest sellers

Point72 Asset Management, L.P. Reduced -42,716,000-42.7m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -31,611,000-31.6m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -25,882,000-25.9m
MOORE CAPITAL MANAGEMENT, LP Reduced -17,588,000-17.6m
MacKay Shields LLC Reduced -12,249,000-12.2m
Brevan Howard Capital Management LP Sold out -10,000,000-10.0m
LAZARD ASSET MANAGEMENT LLC Sold out -4,899,000-4.9m
NEW YORK STATE COMMON RETIREMENT FUND Sold out -1,905,000-1.9m
BlackRock, Inc. Reduced -1,500,000-1.5m
GOLDMAN SACHS GROUP INC Sold out -942,000-942.0k

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 1.10% of their portfolio NEW YORK, NY 71,893,00071.9m $71.7m $71.7m 1.10% Added +5.1m +5,063,000
2 OAKTREE CAPITAL MANAGEMENT LP 0.69% of their portfolio LOS ANGELES, CA 41,053,00041.1m $40.9m $40.9m 0.69% New
3 OSTERWEIS CAPITAL MANAGEMENT INC 1.82% of their portfolio SAN FRANCISCO, CA 35,428,00035.4m $35.3m $35.3m 1.82% New
4 DeepCurrents Investment Group LLC 1.33% of their portfolio NEW YORK, NY 32,500,00032.5m $32.3m $32.3m 1.33% Added +14.0m +14,000,000
5 Davidson Kempner Capital Management LP 0.53% of their portfolio New York, NY 30,000,00030.0m $29.8m $29.8m 0.53% Not comparable
6 Point72 Asset Management, L.P. 0.03% of their portfolio STAMFORD, CT 20,000,00020.0m $19.9m $19.9m 0.03% Reduced -42.7m -42,716,000
7 MOORE CAPITAL MANAGEMENT, LP 0.51% of their portfolio NEW YORK, NY 13,998,00014.0m $13.9m $13.9m 0.51% Reduced -17.6m -17,588,000
8 MacKay Shields LLC 0.48% of their portfolio New York, NY 13,281,00013.3m $13.2m $13.2m 0.48% Reduced -12.2m -12,249,000
9 CAPSTONE INVESTMENT ADVISORS, LLC 0.08% of their portfolio NEW YORK, NY 10,000,00010.0m $10.0m $10.0m 0.08% Added +5.0m +5,000,000
10 GLAZER CAPITAL, LLC 0.17% of their portfolio New York, NY 8,000,0008.0m $7.9m $7.9m 0.17% New
11 PALISADE CAPITAL MANAGEMENT, LP 0.22% of their portfolio FORT LEE, NJ 6,768,0006.8m $6.7m $6.7m 0.22% Added +13.0k +13,000
12 M&G PLC 0.02% of their portfolio London, X0 4,553,0004.6m $4.5m $4.5m 0.02% Unchanged
13 ADVENT CAPITAL MANAGEMENT /DE/ 0.10% of their portfolio NEW YORK, NY 3,337,0003.3m $3.3m $3.3m 0.10% Reduced -31.6m -31,611,000
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,255,0002.3m $2.2m $2.2m 0.00% Reduced -1.5m -1,500,000
15 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 471,000471.0k $466.5k $466.5k 0.00% New
16 PIPER SANDLER & CO. 0.38% of their portfolio MINNEAPOLIS, MN 390,000390.0k $387.4k $387.4k 0.38% New
17 SSI INVESTMENT MANAGEMENT LLC 0.02% of their portfolio Los Angeles, CA 317,000317.0k $314.9k $314.9k 0.02% New
18 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 199,000199.0k $197.7k $197.7k 0.00% Unchanged
19 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 149,000149.0k $148.0k $148.0k 0.00% Reduced -29.0k -29,000
20 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 113,000113.0k $112.3k $112.3k 0.00% Unchanged
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 56,00056.0k $55.6k $55.6k 0.00% Unchanged
22 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 15,67015.7k $1.6m $1.6m 0.00% Unchanged
23 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 12,00012.0k $12.0k $12.0k 0.00% Unchanged
24 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 11,00011.0k $10.9k $10.9k 0.00% Reduced -60.0k -60,000
25 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 10,00010.0k $9.9k $9.9k 0.00% Unchanged