Vault-13

SHOPIFY INC SHOPCN 0.125 11.01.25

NOTE 0.125%11/0 · US DOMESTIC · CUSIP 82509LAA5

65 institutional holders +7 vs Q1 2023
114,749,608114.7m shares reported held*
$13.5bnreported value*
15 new 13 added 18 reduced 8 sold out net sold ≈ $3.3m (-11.2m 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 ($4.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $118.05.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 64Q4 22: 61Q1 23: 58Q2 23: 6565Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202264
Q4 202261
Q1 202358
Q2 202365

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 28 bought or addedQ4 22: 29 cut or sold outQ4 22Q1 23: 25 bought or addedQ1 23: 27 cut or sold outQ1 23Q2 23: 28 bought or addedQ2 23: 26 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222829
Q1 20232527
Q2 20232826

Calls vs puts

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

CallsPuts
$0$5m$10m$15mQ3 22 calls: $673.5kQ3 22 puts: $11.3mQ3 22P/C 16.80Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $0Q2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$673.5k$11.3m16.80
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$0—

Biggest buyers

MILLENNIUM MANAGEMENT LLC New +21,500,000+21.5m
BNP PARIBAS FINANCIAL MARKETS New +18,205,000+18.2m
Aequim Alternative Investments LP Added +12,313,000+12.3m
WOLVERINE ASSET MANAGEMENT LLC Added +11,563,000+11.6m
CITIGROUP INC New +11,417,000+11.4m
CITADEL ADVISORS LLC New +7,000,000+7.0m
CAMDEN ASSET MANAGEMENT L P /CA Added +7,000,000+7.0m
AXA S.A. Added +6,900,000+6.9m
Magnetar Financial LLC New +6,500,000+6.5m
Invesco Ltd. Added +6,500,000+6.5m

Biggest sellers

Lombard Odier Asset Management (Europe) Ltd Reduced -34,676,000-34.7m
FMR LLC Reduced -15,950,000-15.9m
AQR Arbitrage LLC Sold out -14,725,000-14.7m
LORD, ABBETT & CO. LLC Reduced -12,949,000-12.9m
LORD, ABBETT & CO. LLC Reduced -12,949,000-12.9m
JPMORGAN CHASE & CO Reduced -12,604,000-12.6m
LAZARD ASSET MANAGEMENT LLC Reduced -8,247,000-8.2m
Amundi Reduced -4,636,000-4.6m
VOYA INVESTMENT MANAGEMENT LLC Reduced -4,635,000-4.6m
MORGAN STANLEY Reduced -4,048,000-4.0m

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MANUFACTURERS LIFE INSURANCE COMPANY, THE 7.15% of their portfolio Toronto, A6 140,868,000140.9m $12.8bn $12.8bn 7.15% Unchanged
2 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 112,435,000112.4m $102.4m $102.4m 0.11% Reduced -4.6m -4,635,000
3 LORD, ABBETT & CO. LLC 0.12% of their portfolio JERSEY CITY, NJ 75,770,00075.8m $68.9m $68.9m 0.12% Reduced -12.9m -12,949,000
4 LORD, ABBETT & CO. LLC 0.12% of their portfolio JERSEY CITY, NJ 75,770,00075.8m $68.9m $68.9m 0.12% Reduced -12.9m -12,949,000
5 CAMDEN ASSET MANAGEMENT L P /CA 1.80% of their portfolio Los Angeles, CA 57,250,00057.2m $51.9m $51.9m 1.80% Added +7.0m +7,000,000
6 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 53,853,00053.9m $48.8m $48.8m 0.01% Added +6.5m +6,500,000
7 Aequim Alternative Investments LP 0.91% of their portfolio MILL VALLEY, CA 26,563,00026.6m $24.2m $24.2m 0.91% Added +12.3m +12,313,000
8 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 26,000,00026.0m $23.7m $23.7m 0.03% Reduced -8.2m -8,247,000
9 AXA S.A. 0.07% of their portfolio PARIS, I0 23,100,00023.1m $21.1m $21.1m 0.07% Added +6.9m +6,900,000
10 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 21,500,00021.5m $19.6m $19.6m 0.02% New
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 20,866,00020.9m $19.0m $19.0m 0.00% Added +2.4m +2,400,000
12 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 20,733,00020.7m $18.9m $18.9m 0.00% Reduced -12.6m -12,604,000
13 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 18,205,00018.2m $16.5m $16.5m 0.03% New
14 DeepCurrents Investment Group LLC 0.69% of their portfolio NEW YORK, NY 17,508,00017.5m $15.9m $15.9m 0.69% Reduced -3.0m -3,000,000
15 FMR LLC 0.00% of their portfolio BOSTON, MA 15,950,00015.9m $14.5m $14.5m 0.00% Reduced -15.9m -15,950,000
16 OAKTREE CAPITAL MANAGEMENT LP 0.19% of their portfolio LOS ANGELES, CA 15,213,00015.2m $13.9m $13.9m 0.19% Reduced -3.6m -3,587,000
17 OMERS ADMINISTRATION Corp 0.21% of their portfolio TORONTO, A6 15,000,00015.0m $13.7m $13.7m 0.21% Unchanged
18 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 15,000,00015.0m $13.7m $13.7m 0.07% Unchanged
19 WOLVERINE ASSET MANAGEMENT LLC 0.22% of their portfolio CHICAGO, IL 13,063,00013.1m $11.9m $11.9m 0.22% Added +11.6m +11,563,000
20 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 11,417,00011.4m $10.3m $10.3m 0.01% New
21 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 10,500,00010.5m $9.6m $9.6m 0.01% Unchanged
22 PRIVATE MANAGEMENT GROUP INC 0.34% of their portfolio IRVINE, CA 8,779,0008.8m $7.9m $7.9m 0.34% Added +467.0k +467,000
23 Lombard Odier Asset Management (Europe) Ltd 0.37% of their portfolio LONDON, X0 8,499,0008.5m $7.7m $7.7m 0.37% Reduced -34.7m -34,676,000
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,226,0007.2m $6.5m $6.5m 0.00% Reduced -4.0m -4,048,000
25 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 7,000,0007.0m $6.4m $6.4m 0.01% New
26 Magnetar Financial LLC 0.13% of their portfolio EVANSTON, IL 6,500,0006.5m $5.9m $5.9m 0.13% New
27 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 5,570,0005.6m $5.0m $5.0m 0.00% Added +1.5m +1,495,000
28 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 5,300,0005.3m $4.6m $4.6m 0.00% Unchanged
29 FEDERATED HERMES, INC. 0.01% of their portfolio PITTSBURGH, PA 5,145,0005.1m $4.7m $4.7m 0.01% Unchanged
30 ONTARIO TEACHERS PENSION PLAN BOARD 0.05% of their portfolio Toronto, A6 5,000,0005.0m $4.6m $4.6m 0.05% Unchanged
31 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 5,000,0005.0m $4.5m $4.5m 0.01% Unchanged
32 SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio London, X0 4,550,0004.5m $4.1m $4.1m 0.01% Reduced -3.2m -3,200,000
33 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,416,0004.4m $4.0m $4.0m 0.00% Added +4.4m +4,404,000
34 ALKEON CAPITAL MANAGEMENT LLC 0.02% of their portfolio New York, NY 4,000,0004.0m $3.6m $3.6m 0.02% Unchanged
35 EDMOND DE ROTHSCHILD HOLDING S.A. 0.07% of their portfolio CHAMBESY, V8 3,947,0003.9m $3.6m $3.6m 0.07% Unchanged
36 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 3,575,0003.6m $3.3m $3.3m 0.01% Reduced -24.0k -24,000
37 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 3,433,0003.4m $3.1m $3.1m 0.00% Reduced -362.0k -362,000
38 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,191,0003.2m $2.9m $2.9m 0.00% Added +3.1m +3,090,000
39 RATIONAL ADVISORS, INC. 0.21% of their portfolio San Juan, PR 2,802,0002.8m $2.5m $2.5m 0.21% New
40 PIER 88 INVESTMENT PARTNERS LLC 0.63% of their portfolio SAN FRANCISCO, CA 2,802,0002.8m $2.5m $2.5m 0.63% New
41 Periscope Capital Inc. 0.18% of their portfolio Toronto, A6 2,582,0002.6m $2.3m $2.3m 0.18% Reduced -1.5m -1,500,000
42 Linden Advisors LP 0.02% of their portfolio New York, NY 2,500,0002.5m $2.3m $2.3m 0.02% New
43 Castle Creek Arbitrage, LLC 0.28% of their portfolio AVON, CO 2,500,0002.5m $2.3m $2.3m 0.28% Unchanged
44 Nicholas Investment Partners, LP 0.15% of their portfolio RANCHO SANTA FE, CA 2,500,0002.5m $2.3m $2.3m 0.15% New
45 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 2,500,0002.5m $2.3m $2.3m 0.00% New
46 MIZUHO SECURITIES USA LLC 0.07% of their portfolio NEW YORK, NY 2,162,0002.2m $2.0m $2.0m 0.07% New
47 BOOTHBAY FUND MANAGEMENT, LLC 0.06% of their portfolio NEW YORK, NY 2,000,0002.0m $1.8m $1.8m 0.06% New
48 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 1,500,0001.5m $1.3m $1.3m 0.00% Reduced -3.0m -2,972,000
49 RWC Asset Management LLP 0.07% of their portfolio LONDON, X0 1,500,0001.5m $1.4m $1.4m 0.07% New
50 BANK OF NOVA SCOTIA 0.00% of their portfolio TORONTO, A6 1,268,0001.3m $1.2m $1.2m 0.00% New
51 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,200,0001.2m $1.1m $1.1m 0.01% Unchanged
52 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 951,000951.0k $862.0k $862.0k 0.00% Added +950.0k +950,000
53 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 800,000800.0k $728.8k $728.8k 0.01% Unchanged
54 Liberty Mutual Group Asset Management Inc. 0.17% of their portfolio Boston, MA 750,000750.0k $679.5k $679.5k 0.17% Unchanged
55 Amundi 0.00% of their portfolio Paris, I0 691,000691.0k $626.0k $626.0k 0.00% Reduced -4.6m -4,636,000
56 BASSO CAPITAL MANAGEMENT, L.P. 0.41% of their portfolio STAMFORD, CT 410,000410.0k $371.5k $371.5k 0.41% Unchanged
57 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 345,000345.0k $314.3k $314.3k 0.01% Unchanged
58 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 251,000251.0k $228.7k $228.7k 0.00% Unchanged
59 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 63,00063.0k $57.1k $57.1k 0.00% Reduced -540.0k -540,000
60 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 59,00059.0k $53.5k $53.5k 0.00% Added +1.0k +1,000
61 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 17,00017.0k $15.4k $15.4k 0.00% Added +10.0k +10,000
62 Verition Fund Management LLC 0.14% of their portfolio GREENWICH, CT 10,00410.0k $9.1m $9.1m 0.14% Reduced -858 -858
63 Candriam S.C.A. 0.03% of their portfolio STRASSEN, N4 5,0805.1k $4.6m $4.6m 0.03% Unchanged
64 Activest Wealth Management 0.03% of their portfolio AVENTURA, FL 608608 $45.1k $45.1k 0.03% New
65 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged