Vault-13

ROYAL CARIBBEAN GROUP RCL 6 08.15.25

NOTE 6.000% 8/1 · US DOMESTIC · CUSIP 780153BQ4

33 institutional holders -13 vs Q4 2024
433,955434.0k shares reported held*
$377.9mreported value*
6 new 5 added 11 reduced 18 sold out net sold ≈ $812.0m (-377.5k 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 ($1.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $857.06. Options: 1 managers hold calls ($2.8m notional), 1 hold puts ($3.3m).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 23: 59Q4 23: 61Q1 24: 64Q2 24: 69Q3 24: 47Q4 24: 46Q1 25: 3333Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202359
Q4 202361
Q1 202464
Q2 202469
Q3 202447
Q4 202446
Q1 202533

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q4 23: 29 bought or addedQ4 23: 31 cut or sold outQ4 23Q1 24: 24 bought or addedQ1 24: 28 cut or sold outQ1 24Q2 24: 30 bought or addedQ2 24: 28 cut or sold outQ2 24Q3 24: 10 bought or addedQ3 24: 46 cut or sold outQ3 24Q4 24: 10 bought or addedQ4 24: 26 cut or sold outQ4 24Q1 25: 11 bought or addedQ1 25: 29 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q4 20232931
Q1 20242428
Q2 20243028
Q3 20241046
Q4 20241026
Q1 20251129

Calls vs puts

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

CallsPuts
$0$1m$2m$3m$4mQ2 24 calls: $0Q2 24 puts: $0Q2 24P/C —Q3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $2.8mQ1 25 puts: $3.3mQ1 25P/C 1.16
Numbers
QuarterCallsPutsP/C
Q2 2024$0$0—
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$2.8m$3.3m1.16

Biggest buyers

WELLS FARGO & COMPANY/MN Added +18,669,000+18.7m
D. E. Shaw & Co., Inc. New +8,277,000+8.3m
AQR Arbitrage LLC Added +5,671,000+5.7m
BANK OF AMERICA CORP /DE/ Added +1,091,000+1.1m
BARCLAYS PLC Added +794,000+794.0k
CITIGROUP INC New +361,000+361.0k
JANE STREET GROUP, LLC New +182,000+182.0k
VIRTUS ADVISERS, LLC New +11,000+11.0k
CAAS CAPITAL MANAGEMENT LP New +7,955+8.0k
JPMORGAN CHASE & CO Added +2,000+2.0k

Biggest sellers

Hudson Bay Capital Management LP Sold out -124,686,000-124.7m
SONA ASSET MANAGEMENT (US) LLC Sold out -47,057,000-47.1m
Skaana Management L.P. Sold out -10,000,000-10.0m
LAZARD ASSET MANAGEMENT LLC Reduced -8,513,000-8.5m
STATE STREET CORP Sold out -7,213,000-7.2m
Daiwa Securities Group Inc. Sold out -7,000,000-7.0m
Warberg Asset Management LLC Sold out -5,709,000-5.7m
MacKay Shields LLC Reduced -4,423,000-4.4m
BlackRock, Inc. Sold out -3,277,000-3.3m
FMR LLC Reduced -3,062,000-3.1m

Biggest calls

CAAS CAPITAL MANAGEMENT LP New $2.8m13.7k shares

Biggest puts

CAAS CAPITAL MANAGEMENT LP New $3.3m15.9k 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 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 19,659,00019.7m $81.2m $81.2m 0.02% Added +18.7m +18,669,000
2 Alberta Investment Management Corp 0.35% of their portfolio EDMONTON, A0 12,500,00012.5m $51.6m $51.6m 0.35% Unchanged
3 Calamos Advisors LLC 0.21% of their portfolio NAPERVILLE, IL 10,871,00010.9m $44.8m $44.8m 0.21% Reduced -515.0k -515,000
4 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 8,727,0008.7m $36.1m $36.1m 0.03% First filing
5 AQR Arbitrage LLC 0.87% of their portfolio Greenwich, CT 8,671,0008.7m $35.9m $35.9m 0.87% Added +5.7m +5,671,000
6 D. E. Shaw & Co., Inc. 0.04% of their portfolio New York, NY 8,277,0008.3m $34.2m $34.2m 0.04% New
7 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 7,710,0007.7m $31.9m $31.9m 0.02% Reduced -295.0k -295,000
8 MacKay Shields LLC 0.45% of their portfolio New York, NY 3,402,0003.4m $14.1m $14.1m 0.45% Reduced -4.4m -4,423,000
9 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 2,001,0002.0m $8.3m $8.3m 0.03% Reduced -2.0m -2,001,000
10 FMR LLC 0.00% of their portfolio BOSTON, MA 1,305,0001.3m $5.4m $5.4m 0.00% Reduced -3.1m -3,062,000
11 SSI INVESTMENT MANAGEMENT LLC 0.39% of their portfolio Los Angeles, CA 1,225,0001.2m $5.1m $5.1m 0.39% Reduced -2.2m -2,170,000
12 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,095,6001.1m $4.5m $4.5m 0.00% Added +1.1m +1,091,000
13 KORNITZER CAPITAL MANAGEMENT INC /KS 0.09% of their portfolio SHAWNEE MISSION, KS 1,000,0001.0m $4.1m $4.1m 0.09% Unchanged
14 WESTWOOD HOLDINGS GROUP INC 0.03% of their portfolio DALLAS, TX 1,000,0001.0m $4.1m $4.1m 0.03% Unchanged
15 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 827,000827.0k $3.4m $3.4m 0.00% Added +794.0k +794,000
16 ADVENT CAPITAL MANAGEMENT /DE/ 0.06% of their portfolio NEW YORK, NY 612,000612.0k $2.5m $2.5m 0.06% Reduced -371.0k -371,000
17 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 550,000550.0k $2.3m $2.3m 0.01% Unchanged
18 Police & Firemen's Retirement System of New Jersey 0.02% of their portfolio TRENTON, NJ 395,000395.0k $1.6m $1.6m 0.02% Unchanged
19 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 361,000361.0k $1.5m $1.5m 0.00% New
20 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 182,000182.0k $750.3k $750.3k 0.00% New
21 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 169,000169.0k $696.8k $696.8k 0.03% Reduced -17.0k -17,000
22 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 158,000158.0k $653.7k $653.7k 0.00% Unchanged
23 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 152,000152.0k $628.9k $628.9k 0.00% Unchanged
24 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 29,00029.0k $119.9k $119.9k 0.00% Reduced -36.0k -36,000
25 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 15,00015.0k $62.0k $62.0k 0.00% Reduced -8.5m -8,513,000
26 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 11,00011.0k $45.5k $45.5k 0.03% New
27 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 8,9238.9k $1.8m $1.8m 0.00% Reduced -437 -437
28 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 8,0008.0k $33.1k $33.1k 0.00% Added +2.0k +2,000
29 CAAS CAPITAL MANAGEMENT LP 0.77% of their portfolio NEW YORK, NY 7,9558.0k $1.6m $1.6m 0.77% New
30 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 3,0003.0k $12.4k $12.4k 0.00% Unchanged
31 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 1,0001.0k $413.4k $413.4k 0.00% New
32 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 1,0001.0k $4.1k $4.1k 0.00% Unchanged
33 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged