Vault-13

ROYAL CARIBBEAN GROUP RCL 6 08.15.25

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

25 institutional holders -8 vs Q1 2025
403,515403.5k shares reported held*
$560.1mreported value*
2 new 4 added 6 reduced 10 sold out net sold ≈ $14.3m (-28.2k 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 ($2.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $1363.93. Options: 1 managers hold calls ($626.3k notional), 1 hold puts ($1.7m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 23: 59Q4 23: 61Q1 24: 64Q2 24: 69Q3 24: 47Q4 24: 46Q1 25: 33Q2 25: 2525Q3 23Q1 24Q3 24Q1 25Q2 25
Numbers
QuarterHolders
Q3 202359
Q4 202361
Q1 202464
Q2 202469
Q3 202447
Q4 202446
Q1 202533
Q2 202525

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 outQ2 24: 30 bought or addedQ2 24: 28 cut or sold outQ2 24Q3 24: 10 bought or addedQ3 24: 46 cut or sold outQ4 24: 10 bought or addedQ4 24: 26 cut or sold outQ4 24Q1 25: 11 bought or addedQ1 25: 29 cut or sold outQ2 25: 6 bought or addedQ2 25: 16 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q4 20232931
Q1 20242428
Q2 20243028
Q3 20241046
Q4 20241026
Q1 20251129
Q2 2025616

Calls vs puts

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

CallsPuts
$0$1m$2m$3m$4mQ3 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 1.16Q2 25 calls: $626.3kQ2 25 puts: $1.7mQ2 25P/C 2.65
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$2.8m$3.3m1.16
Q2 2025$626.3k$1.7m2.65

Biggest buyers

D. E. Shaw & Co., Inc. Added +21,697,000+21.7m
Elequin Capital, LP New +5,381,000+5.4m
WELLS FARGO & COMPANY/MN Added +4,128,000+4.1m
BNP PARIBAS FINANCIAL MARKETS Added +29,000+29.0k
Northern Financial Advisors Inc New +781+781
LOOMIS SAYLES & CO L P Added +56+56

Biggest sellers

Alberta Investment Management Corp Sold out -12,500,000-12.5m
Calamos Advisors LLC Reduced -3,937,000-3.9m
VOYA INVESTMENT MANAGEMENT LLC Reduced -3,855,000-3.9m
MacKay Shields LLC Sold out -3,402,000-3.4m
AQR Arbitrage LLC Reduced -2,671,000-2.7m
LORD, ABBETT & CO. LLC Sold out -2,001,000-2.0m
SSI INVESTMENT MANAGEMENT LLC Sold out -1,225,000-1.2m
BANK OF AMERICA CORP /DE/ Reduced -1,090,000-1.1m
WESTWOOD HOLDINGS GROUP INC Sold out -1,000,000-1.0m
BARCLAYS PLC Sold out -827,000-827.0k

Biggest calls

Limestone Investment Advisors LP First filing $626.3k2.0k shares

Biggest puts

Limestone Investment Advisors LP First filing $1.7m5.3k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.19% of their portfolio New York, NY 29,974,00030.0m $188.9m $188.9m 0.19% Added +21.7m +21,697,000
2 WELLS FARGO & COMPANY/MN 0.03% of their portfolio SAN FRANCISCO, CA 23,787,00023.8m $147.9m $147.9m 0.03% Added +4.1m +4,128,000
3 BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio PARIS, I0 8,756,0008.8m $55.2m $55.2m 0.04% Added +29.0k +29,000
4 Calamos Advisors LLC 0.19% of their portfolio NAPERVILLE, IL 6,934,0006.9m $43.8m $43.8m 0.19% Reduced -3.9m -3,937,000
5 AQR Arbitrage LLC 0.89% of their portfolio Greenwich, CT 6,000,0006.0m $37.9m $37.9m 0.89% Reduced -2.7m -2,671,000
6 Elequin Capital, LP 4.69% of their portfolio NEW YORK, NY 5,381,0005.4m $34.0m $34.0m 4.69% New
7 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 3,855,0003.9m $24.3m $24.3m 0.02% Reduced -3.9m -3,855,000
8 FMR LLC 0.00% of their portfolio BOSTON, MA 1,305,0001.3m $8.2m $8.2m 0.00% Unchanged
9 KORNITZER CAPITAL MANAGEMENT INC /KS 0.13% of their portfolio SHAWNEE MISSION, KS 1,000,0001.0m $6.3m $6.3m 0.13% Unchanged
10 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 400,000400.0k $2.5m $2.5m 0.01% Reduced -150.0k -150,000
11 Police & Firemen's Retirement System of New Jersey 0.02% of their portfolio TRENTON, NJ 395,000395.0k $2.5m $2.5m 0.02% Unchanged
12 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 361,000361.0k $2.3m $2.3m 0.00% Unchanged
13 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 182,000182.0k $1.1m $1.1m 0.00% Unchanged
14 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 152,000152.0k $959.6k $959.6k 0.00% Unchanged
15 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 129,000129.0k $813.9k $813.9k 0.03% Reduced -40.0k -40,000
16 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 15,00015.0k $94.0k $94.0k 0.00% Unchanged
17 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 8,9799.0k $2.8m $2.8m 0.00% Added +56 +56
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 8,0008.0k $47.6k $47.6k 0.00% Unchanged
19 Triton Wealth Management, PLLC 0.85% of their portfolio SUN CITY, AZ 5,7345.7k $2.0m $2.0m 0.85% First filing
20 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 5,6005.6k $35.3k $35.3k 0.00% Reduced -1.1m -1,090,000
21 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 3,0003.0k $18.7k $18.7k 0.00% Unchanged
22 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 1,0001.0k $631.0k $631.0k 0.00% Unchanged
23 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 1,0001.0k $6.3k $6.3k 0.00% Unchanged
24 Northern Financial Advisors Inc 0.18% of their portfolio BLOOMFIELD HILLS, MI 781781 $244.6k $244.6k 0.18% New
25 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged