Vault-13

SEAGATE HDD CAYMAN STX 3.5 06.01.28

NOTE 3.500% 6/0 · US DOMESTIC · CUSIP 81180WBL4

61 institutional holders -6 vs Q3 2025
113,543,250113.5m shares reported held*
$3.0bnreported value*
4 new 13 added 35 reduced 9 sold out net sold ≈ $1.6bn (+89.8m 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 ($1.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $26.50.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 24: 83Q4 24: 80Q1 25: 86Q2 25: 80Q3 25: 67Q4 25: 6161Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q3 202483
Q4 202480
Q1 202586
Q2 202580
Q3 202567
Q4 202561

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q4 24: 41 bought or addedQ4 24: 42 cut or sold outQ4 24Q1 25: 42 bought or addedQ1 25: 36 cut or sold outQ1 25Q2 25: 37 bought or addedQ2 25: 44 cut or sold outQ2 25Q3 25: 25 bought or addedQ3 25: 50 cut or sold outQ3 25Q4 25: 17 bought or addedQ4 25: 44 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q4 20244142
Q1 20254236
Q2 20253744
Q3 20252550
Q4 20251744

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ1 25 calls: $475.7kQ1 25 puts: $637.1kQ1 25P/C 1.34Q2 25 calls: $2.5mQ2 25 puts: $1.6mQ2 25P/C 0.65Q3 25 calls: $779.0kQ3 25 puts: $236.1kQ3 25P/C 0.30Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$475.7k$637.1k1.34
Q2 2025$2.5m$1.6m0.65
Q3 2025$779.0k$236.1k0.30
Q4 2025$0$0—

Biggest buyers

MILLENNIUM MANAGEMENT LLC Added +90,000,000+90.0m
Aequim Alternative Investments LP Added +41,500,000+41.5m
BANK OF MONTREAL /CAN/ Added +30,048,000+30.0m
TWO SIGMA INVESTMENTS, LP Added +22,560,000+22.6m
BNP PARIBAS FINANCIAL MARKETS Added +14,901,000+14.9m
Sculptor Capital LP Added +12,500,000+12.5m
LAZARD ASSET MANAGEMENT LLC Added +6,355,000+6.4m
SUSQUEHANNA ADVISORS GROUP, INC. Added +3,538,000+3.5m
BANK OF AMERICA CORP /DE/ Added +2,757,000+2.8m
Capital World Investors New +608,000+608.0k

Biggest sellers

TENOR CAPITAL MANAGEMENT Co., L.P. Reduced -162,927,000-162.9m
D. E. Shaw & Co., Inc. Reduced -140,100,000-140.1m
Point72 Asset Management, L.P. Reduced -128,743,000-128.7m
Opti Capital Management, LP Sold out -43,371,000-43.4m
CITADEL ADVISORS LLC Reduced -26,798,000-26.8m
Polar Asset Management Partners Inc. Sold out -25,000,000-25.0m
JPMORGAN CHASE & CO Reduced -21,477,000-21.5m
BANK OF NOVA SCOTIA Reduced -19,120,000-19.1m
VOYA INVESTMENT MANAGEMENT LLC Sold out -16,535,000-16.5m
Calamos Advisors LLC Reduced -14,325,000-14.3m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Aequim Alternative Investments LP 7.65% of their portfolio MILL VALLEY, CA 115,000,000115.0m $386.8m $386.8m 7.65% Added +41.5m +41,500,000
2 MILLENNIUM MANAGEMENT LLC 0.26% of their portfolio NEW YORK, NY 107,500,000107.5m $361.1m $361.1m 0.26% Added +90.0m +90,000,000
3 CITADEL ADVISORS LLC 0.23% of their portfolio MIAMI, FL 100,000,000100.0m $336.0m $336.0m 0.23% Reduced -26.8m -26,798,000
4 SUSQUEHANNA ADVISORS GROUP, INC. 0.07% of their portfolio BALA CYNWYD, PA 66,259,00066.3m $2.2m $2.2m 0.07% Added +3.5m +3,538,000
5 D. E. Shaw & Co., Inc. 0.13% of their portfolio New York, NY 52,752,00052.8m $177.0m $177.0m 0.13% Reduced -140.1m -140,100,000
6 TWO SIGMA INVESTMENTS, LP 0.26% of their portfolio NEW YORK, NY 52,500,00052.5m $176.3m $176.3m 0.26% Added +22.6m +22,560,000
7 Sculptor Capital LP 2.01% of their portfolio New York, NY 50,000,00050.0m $167.9m $167.9m 2.01% Added +12.5m +12,500,000
8 BANK OF MONTREAL /CAN/ 0.06% of their portfolio TORONTO, A6 45,048,00045.0m $152.9m $152.9m 0.06% Added +30.0m +30,048,000
9 Calamos Advisors LLC 0.57% of their portfolio NAPERVILLE, IL 40,961,00041.0m $137.6m $137.6m 0.57% Reduced -14.3m -14,325,000
10 Alberta Investment Management Corp 0.65% of their portfolio EDMONTON, A0 32,500,00032.5m $109.2m $109.2m 0.65% Unchanged
11 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 26,789,00026.8m $901.0k $901.0k 0.00% Added +6.4m +6,355,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,244,00021.2m $71.4m $71.4m 0.00% Reduced -9.4m -9,450,000
13 FMR LLC 0.00% of their portfolio BOSTON, MA 19,504,00019.5m $65.5m $65.5m 0.00% Reduced -489.0k -489,000
14 BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio PARIS, I0 17,260,00017.3m $58.0m $58.0m 0.04% Added +14.9m +14,901,000
15 SILVERBACK ASSET MANAGEMENT LLC 7.75% of their portfolio DURHAM, NC 15,438,00015.4m $51.9m $51.9m 7.75% Unchanged
16 BANK OF NOVA SCOTIA 0.08% of their portfolio TORONTO, A6 15,180,00015.2m $50.9m $50.9m 0.08% Reduced -19.1m -19,120,000
17 TENOR CAPITAL MANAGEMENT Co., L.P. 0.65% of their portfolio NEW YORK, NY 13,621,00013.6m $45.9m $45.9m 0.65% Reduced -162.9m -162,927,000
18 MacKay Shields LLC 1.56% of their portfolio New York, NY 13,293,00013.3m $44.7m $44.7m 1.56% Reduced -12.3m -12,275,000
19 BlackRock, Inc. 0.00% of their portfolio New York, NY 12,675,00012.7m $42.6m $42.6m 0.00% Reduced -7.8m -7,750,000
20 Kohlberg Kravis Roberts & Co. L.P. 0.66% of their portfolio NEW YORK, NY 12,221,00012.2m $41.1m $41.1m 0.66% Reduced -700.0k -700,000
21 M&G PLC 0.18% of their portfolio London, X0 10,287,00010.3m $34.4m $34.4m 0.18% Reduced -5.5m -5,485,000
22 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 8,500,0008.5m $28.7m $28.7m 0.02% Reduced -1.2m -1,200,000
23 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 6,961,0007.0m $23.4m $23.4m 0.00% Added +2.8m +2,757,000
24 SSI INVESTMENT MANAGEMENT LLC 1.53% of their portfolio Los Angeles, CA 6,697,0006.7m $22.5m $22.5m 1.53% Reduced -2.3m -2,317,998
25 Warberg Asset Management LLC 6.34% of their portfolio WINNETKA, IL 6,284,0006.3m $21.1m $21.1m 6.34% Reduced -2.8m -2,807,000
26 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 5,839,0005.8m $19.6m $19.6m 0.00% Reduced -5.2m -5,217,000
27 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 5,675,0005.7m $19.1m $19.1m 0.00% Reduced -4.7m -4,725,000
28 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 5,105,0005.1m $17.1m $17.1m 0.02% Added +605.0k +605,000
29 LORD, ABBETT & CO. LLC 0.05% of their portfolio JERSEY CITY, NJ 5,045,0005.0m $16.9m $16.9m 0.05% Reduced -6.8m -6,776,000
30 Nicholas Investment Partners, LP 1.19% of their portfolio RANCHO SANTA FE, CA 4,880,0004.9m $16.4m $16.4m 1.19% Unchanged
31 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 4,000,0004.0m $13.4m $13.4m 0.00% Reduced -2.5m -2,500,000
32 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 3,923,0003.9m $13.2m $13.2m 0.00% Reduced -646.0k -646,000
33 CONNING INC. 0.22% of their portfolio HARTFORD, CT 2,000,0002.0m $6.7m $6.7m 0.22% Reduced -500.0k -500,000
34 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 2,000,0002.0m $6.7m $6.7m 0.00% Unchanged
35 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 2,000,0002.0m $6.7m $6.7m 0.01% Reduced -128.7m -128,743,000
36 Union Bancaire Privee, UBP SA 0.05% of their portfolio GENEVA 1, V8 1,520,0001.5m $4.4m $4.4m 0.05% Reduced -475.0k -475,000
37 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,447,0001.4m $4.9m $4.9m 0.00% Reduced -3.4m -3,411,000
38 ADVENT CAPITAL MANAGEMENT /DE/ 0.11% of their portfolio NEW YORK, NY 1,400,0001.4m $4.7m $4.7m 0.11% Added +450.0k +450,000
39 WESTWOOD HOLDINGS GROUP INC 0.01% of their portfolio DALLAS, TX 1,000,0001.0m $1.0m $1.0m 0.01% Reduced -500.0k -500,000
40 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 608,000608.0k $2.0m $2.0m 0.00% New
41 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 595,000595.0k $2.0m $2.0m 0.00% Reduced -21.5m -21,477,000
42 PALISADE CAPITAL MANAGEMENT, LP 0.05% of their portfolio FORT LEE, NJ 485,000485.0k $1.6m $1.6m 0.05% Reduced -15.0k -15,000
43 Police & Firemen's Retirement System of New Jersey 0.01% of their portfolio TRENTON, NJ 380,000380.0k $1.3m $1.3m 0.01% Unchanged
44 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 350,000350.0k $1.2m $1.2m 0.00% Reduced -700.0k -700,000
45 Central Pacific Bank - Trust Division 0.13% of their portfolio HONOLULU, HI 326,000326.0k $1.1m $1.1m 0.13% Reduced -128.0k -128,000
46 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 249,000249.0k $836.3k $836.3k 0.03% Reduced -163.0k -163,000
47 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 203,000203.0k $681.8k $681.8k 0.00% Reduced -4.3m -4,296,000
48 AGF MANAGEMENT LTD 0.00% of their portfolio TORONTO, A6 175,000175.0k $587.7k $587.7k 0.00% New
49 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 126,000126.0k $423.2k $423.2k 0.00% Reduced -114.0k -114,000
50 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 107,000107.0k $357.1k $357.1k 0.00% New
51 Ares Systematic Credit Ltd 0.27% of their portfolio LONDON, X0 100,000100.0k $337.5k $337.5k 0.27% First filing
52 LOOMIS SAYLES & CO L P 0.02% of their portfolio BOSTON, MA 71,79371.8k $19.8m $19.8m 0.02% Added +15.4k +15,365
53 Boussard & Gavaudan Investment Management LLP 16.35% of their portfolio London, X0 62,94762.9k $215.8m $215.8m 16.35% Added +37.4k +37,383
54 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 47,00047.0k $158.3k $158.3k 0.00% Reduced -150.0k -150,000
55 VIRTUS ADVISERS, LLC 0.06% of their portfolio HARTFORD, CT 35,00035.0k $117.5k $117.5k 0.06% Reduced -30.0k -30,000
56 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 15,00015.0k $50.4k $50.4k 0.00% New
57 INDEPENDENT FINANCIAL GROUP, LLC 0.02% of their portfolio SAN DIEGO, CA 3,2343.2k $890.6k $890.6k 0.02% Reduced -1.2k -1,153
58 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 1,0001.0k $3.4k $3.4k 0.00% Unchanged
59 ABN AMRO INVESTMENT SOLUTIONS 0.00% of their portfolio PARIS CEDEX 008, I0 100100 $337.5k $337.5k 0.00% Reduced -199.9k -199,900
60 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 6969 $234.9k $234.9k 0.01% Not comparable
61 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged