Vault-13

SEA LTD SEALTD 2.375 12.01.25

NOTE 2.375%12/0 · US DOMESTIC · CUSIP 81141RAF7

46 institutional holders -9 vs Q1 2025
33,831,99133.8m shares reported held*
$2.0bnreported value*
5 new 13 added 19 reduced 13 sold out net sold ≈ $15.5m (+3.6m 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 ≈ $59.93.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 45Q4 22: 49Q1 23: 51Q2 23: 59Q3 23: 46Q4 23: 47Q1 24: 39Q2 24: 46Q3 24: 55Q4 24: 59Q1 25: 55Q2 25: 4646Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202245
Q4 202249
Q1 202351
Q2 202359
Q3 202346
Q4 202347
Q1 202439
Q2 202446
Q3 202455
Q4 202459
Q1 202555
Q2 202546

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 25 bought or addedQ3 23: 29 cut or sold outQ4 23: 19 bought or addedQ4 23: 20 cut or sold outQ4 23Q1 24: 23 bought or addedQ1 24: 19 cut or sold outQ2 24: 22 bought or addedQ2 24: 18 cut or sold outQ2 24Q3 24: 28 bought or addedQ3 24: 19 cut or sold outQ4 24: 29 bought or addedQ4 24: 21 cut or sold outQ4 24Q1 25: 27 bought or addedQ1 25: 36 cut or sold outQ2 25: 18 bought or addedQ2 25: 32 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232529
Q4 20231920
Q1 20242319
Q2 20242218
Q3 20242819
Q4 20242921
Q1 20252736
Q2 20251832

Biggest buyers

D. E. Shaw & Co., Inc. Added +36,000,000+36.0m
Opti Capital Management, LP New +35,500,000+35.5m
Sculptor Capital LP Added +27,500,000+27.5m
BNP PARIBAS FINANCIAL MARKETS Added +24,974,000+25.0m
BANK OF AMERICA CORP /DE/ Added +11,971,000+12.0m
Mint Tower Capital Management B.V. Added +11,442,000+11.4m
TWO SIGMA INVESTMENTS, LP Added +9,000,000+9.0m
LAZARD ASSET MANAGEMENT LLC Added +7,165,000+7.2m
Skaana Management L.P. New +6,000,000+6.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +5,000,000+5.0m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -42,185,000-42.2m
ARISTEIA CAPITAL, L.L.C. Sold out -21,000,000-21.0m
MILLENNIUM MANAGEMENT LLC Reduced -20,398,000-20.4m
WHITEBOX ADVISORS LLC Reduced -20,000,000-20.0m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -15,500,000-15.5m
LORD, ABBETT & CO. LLC Reduced -12,212,000-12.2m
WELLINGTON MANAGEMENT GROUP LLP Sold out -11,819,000-11.8m
WELLS FARGO & COMPANY/MN Sold out -6,899,000-6.9m
JPMORGAN CHASE & CO Reduced -5,717,000-5.7m
MORGAN STANLEY Reduced -4,129,000-4.1m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MILLENNIUM MANAGEMENT LLC 0.21% of their portfolio NEW YORK, NY 134,602,000134.6m $238.9m $238.9m 0.21% Reduced -20.4m -20,398,000
2 D. E. Shaw & Co., Inc. 0.23% of their portfolio New York, NY 131,279,000131.3m $233.0m $233.0m 0.23% Added +36.0m +36,000,000
3 Sculptor Capital LP 3.02% of their portfolio New York, NY 105,000,000105.0m $186.4m $186.4m 3.02% Added +27.5m +27,500,000
4 WOLVERINE ASSET MANAGEMENT LLC 2.97% of their portfolio CHICAGO, IL 100,135,000100.1m $177.8m $177.8m 2.97% Reduced -47.0k -47,000
5 DeepCurrents Investment Group LLC 5.53% of their portfolio NEW YORK, NY 85,206,00085.2m $151.2m $151.2m 5.53% Unchanged
6 LAZARD ASSET MANAGEMENT LLC 0.20% of their portfolio NEW YORK, NY 82,516,00082.5m $147.0m $147.0m 0.20% Added +7.2m +7,165,000
7 BNP PARIBAS FINANCIAL MARKETS 0.11% of their portfolio PARIS, I0 79,515,00079.5m $141.2m $141.2m 0.11% Added +25.0m +24,974,000
8 TWO SIGMA INVESTMENTS, LP 0.18% of their portfolio NEW YORK, NY 56,596,00056.6m $100.5m $100.5m 0.18% Added +9.0m +9,000,000
9 LMR Partners LLP 1.38% of their portfolio LONDON, X0 50,000,00050.0m $88.7m $88.7m 1.38% Unchanged
10 WHITEBOX ADVISORS LLC 1.74% of their portfolio MINNEAPOLIS, MN 36,095,00036.1m $64.1m $64.1m 1.74% Reduced -20.0m -20,000,000
11 Opti Capital Management, LP 3.60% of their portfolio New York, NY 35,500,00035.5m $63.4m $63.4m 3.60% New
12 Aspex Management (HK) Ltd 1.16% of their portfolio CENTRAL, K3 30,000,00030.0m $53.4m $53.4m 1.16% Unchanged
13 TENOR CAPITAL MANAGEMENT Co., L.P. 0.60% of their portfolio NEW YORK, NY 25,000,00025.0m $44.4m $44.4m 0.60% Added +5.0m +5,000,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,641,00021.6m $38.5m $38.5m 0.00% Reduced -1.2m -1,250,000
15 Mint Tower Capital Management B.V. 5.70% of their portfolio AMSTERDAM, P7 21,342,00021.3m $37.9m $37.9m 5.70% Added +11.4m +11,442,000
16 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 13,955,00014.0m $24.9m $24.9m 0.02% Reduced -42.2m -42,185,000
17 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 13,773,00013.8m $24.5m $24.5m 0.00% Added +12.0m +11,971,000
18 Magnetar Financial LLC 0.09% of their portfolio EVANSTON, IL 9,978,00010.0m $17.7m $17.7m 0.09% Reduced -433.0k -433,000
19 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 9,170,0009.2m $16.3m $16.3m 0.00% Unchanged
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 8,839,0008.8m $15.7m $15.7m 0.00% Reduced -4.1m -4,129,000
21 Warberg Asset Management LLC 3.52% of their portfolio WINNETKA, IL 8,070,0008.1m $14.3m $14.3m 3.52% Added +70.0k +70,000
22 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 6,000,0006.0m $10.6m $10.6m 0.00% Added +1.0m +1,000,000
23 Brevan Howard Capital Management LP 0.12% of their portfolio ST. HELIER, Y9 6,000,0006.0m $10.6m $10.6m 0.12% Unchanged
24 Skaana Management L.P. 4.62% of their portfolio BROOKLYN, NY 6,000,0006.0m $10.7m $10.7m 4.62% New
25 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 5,589,0005.6m $9.9m $9.9m 0.03% Reduced -12.2m -12,212,000
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,224,0005.2m $9.2m $9.2m 0.00% Reduced -5.7m -5,717,000
27 Ovata Capital Management Ltd 1.40% of their portfolio HONG KONG, K3 3,631,0003.6m $6.4m $6.4m 1.40% New
28 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 3,277,0003.3m $5.8m $5.8m 0.01% Reduced -2.8m -2,775,000
29 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 2,575,0002.6m $4.6m $4.6m 0.00% Reduced -3.7m -3,701,000
30 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,100,0001.1m $2.0m $2.0m 0.01% Unchanged
31 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,000,0001.0m $1.8m $1.8m 0.00% Reduced -1.0m -1,000,000
32 Union Bancaire Privee, UBP SA 0.02% of their portfolio GENEVA 1, V8 745,000745.0k $1.1m $1.1m 0.02% Added +170.0k +170,000
33 AXA S.A. 0.00% of their portfolio PARIS, I0 500,000500.0k $886.9k $886.9k 0.00% Reduced -1.1m -1,050,000
34 SG Americas Securities, LLC 0.21% of their portfolio NEW YORK, NY 276,240276.2k $48.8m $48.8m 0.21% Added +63.2k +63,190
35 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 275,000275.0k $485.1k $485.1k 0.00% Added +275.0k +275,000
36 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 250,000250.0k $445.3k $445.3k 0.00% Unchanged
37 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 200,000200.0k $355.2k $355.2k 0.01% Reduced -84.0k -84,000
38 LOOMIS SAYLES & CO L P 0.03% of their portfolio BOSTON, MA 145,991146.0k $23.3m $23.3m 0.03% Reduced -26.5k -26,488
39 Amundi 0.00% of their portfolio Paris, I0 140,000140.0k $232.2k $232.2k 0.00% Reduced -2.6m -2,600,000
40 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 94,00094.0k $167.0k $167.0k 0.00% Reduced -125.0k -125,000
41 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 92,00092.0k $163.5k $163.5k 0.00% Reduced -81.0k -81,000
42 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 59,00059.0k $103.8k $103.8k 0.00% Reduced -139.0k -139,000
43 Pinpoint Asset Management (Singapore) Pte. Ltd. 0.02% of their portfolio SINGAPORE, U0 55,00055.0k $97.7k $97.7k 0.02% First filing
44 VIRTUS ADVISERS, LLC 0.02% of their portfolio HARTFORD, CT 21,00021.0k $37.3k $37.3k 0.02% New
45 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,0001.0k $1.8k $1.8k 0.00% New
46 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged