Vault-13

SHOPIFY INC SHOPCN 0.125 11.01.25

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

63 institutional holders -2 vs Q3 2023
154,757,242154.8m shares reported held*
$13.1bnreported value*
5 new 15 added 15 reduced 8 sold out net bought ≈ $10.0m (+47.7m 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 ($4.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $84.84. Options: 0 managers hold calls (— notional), 1 hold puts ($524.2k).

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 64Q4 22: 61Q1 23: 58Q2 23: 65Q3 23: 65Q4 23: 6363Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 202264
Q4 202261
Q1 202358
Q2 202365
Q3 202365
Q4 202363

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 23Q3 23: 20 bought or addedQ3 23: 25 cut or sold outQ3 23Q4 23: 20 bought or addedQ4 23: 23 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222829
Q1 20232527
Q2 20232826
Q3 20232025
Q4 20232023

Calls vs puts

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

CallsPuts
$0$200k$400k$600kQ1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $0Q2 23P/C —Q3 23 calls: $0Q3 23 puts: $0Q3 23P/C —Q4 23 calls: $0Q4 23 puts: $524.2kQ4 23P/C —
Numbers
QuarterCallsPutsP/C
Q1 2023$0$0—
Q2 2023$0$0—
Q3 2023$0$0—
Q4 2023$0$524.2k—

Biggest buyers

LORD, ABBETT & CO. LLC Added +56,678,000+56.7m
AXA S.A. Added +26,900,000+26.9m
JPMORGAN CHASE & CO Added +15,391,000+15.4m
CITADEL ADVISORS LLC New +12,500,000+12.5m
Walleye Capital LLC Added +11,000,000+11.0m
MILLENNIUM MANAGEMENT LLC Added +7,500,000+7.5m
Sculptor Capital LP Added +6,500,000+6.5m
Magnetar Financial LLC Added +6,208,000+6.2m
CITIGROUP INC Added +5,460,000+5.5m
MORGAN STANLEY Added +4,515,000+4.5m

Biggest sellers

LORD, ABBETT & CO. LLC Sold out -60,832,000-60.8m
BNP PARIBAS FINANCIAL MARKETS Reduced -30,385,000-30.4m
FMR LLC Sold out -15,950,000-15.9m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -10,389,000-10.4m
OMERS ADMINISTRATION Corp Reduced -5,000,000-5.0m
ONTARIO TEACHERS PENSION PLAN BOARD Sold out -5,000,000-5.0m
STATE STREET CORP Reduced -4,550,000-4.5m
Invesco Ltd. Reduced -4,000,000-4.0m
TORONTO DOMINION BANK Sold out -4,000,000-4.0m
LAZARD ASSET MANAGEMENT LLC Reduced -2,500,000-2.5m

Biggest calls

None

Biggest puts

ASAHI LIFE ASSET MANAGEMENT CO., LTD. New $524.2k6.7k 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, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MANUFACTURERS LIFE INSURANCE COMPANY, THE 7.38% of their portfolio Toronto, A6 130,420,000130.4m $12.4bn $12.4bn 7.38% Reduced -10.4m -10,389,000
2 LORD, ABBETT & CO. LLC 0.20% of their portfolio JERSEY CITY, NJ 117,510,000117.5m $111.1m $111.1m 0.20% Added +56.7m +56,678,000
3 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 112,435,000112.4m $106.6m $106.6m 0.11% Unchanged
4 CAMDEN ASSET MANAGEMENT L P /CA 2.02% of their portfolio Los Angeles, CA 69,150,00069.2m $65.2m $65.2m 2.02% Added +900.0k +900,000
5 AXA S.A. 0.08% of their portfolio PARIS, I0 50,600,00050.6m $47.8m $47.8m 0.08% Added +26.9m +26,900,000
6 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 49,853,00049.9m $47.0m $47.0m 0.01% Reduced -4.0m -4,000,000
7 LAZARD ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 47,500,00047.5m $45.0m $45.0m 0.06% Reduced -2.5m -2,500,000
8 Aequim Alternative Investments LP 1.00% of their portfolio MILL VALLEY, CA 26,563,00026.6m $25.2m $25.2m 1.00% Unchanged
9 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 26,262,00026.3m $24.8m $24.8m 0.00% Added +15.4m +15,391,000
10 WOLVERINE ASSET MANAGEMENT LLC 0.34% of their portfolio CHICAGO, IL 23,196,00023.2m $21.9m $21.9m 0.34% Added +2.5m +2,500,000
11 Magnetar Financial LLC 0.52% of their portfolio EVANSTON, IL 21,498,00021.5m $20.3m $20.3m 0.52% Added +6.2m +6,208,000
12 Walleye Capital LLC 0.28% of their portfolio NEW YORK, NY 21,000,00021.0m $19.9m $19.9m 0.28% Added +11.0m +11,000,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 20,316,00020.3m $19.2m $19.2m 0.00% Reduced -4.5m -4,550,000
14 DeepCurrents Investment Group LLC 0.64% of their portfolio NEW YORK, NY 17,508,00017.5m $16.6m $16.6m 0.64% Unchanged
15 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 15,000,00015.0m $14.2m $14.2m 0.07% Unchanged
16 Sculptor Capital LP 0.34% of their portfolio New York, NY 14,500,00014.5m $13.7m $13.7m 0.34% Added +6.5m +6,500,000
17 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 12,500,00012.5m $11.8m $11.8m 0.01% Added +7.5m +7,500,000
18 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 12,500,00012.5m $11.8m $11.8m 0.01% New
19 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 11,268,00011.3m $10.5m $10.5m 0.00% Added +4.5m +4,515,000
20 OMERS ADMINISTRATION Corp 0.12% of their portfolio TORONTO, A6 10,000,00010.0m $9.5m $9.5m 0.12% Reduced -5.0m -5,000,000
21 PRIVATE MANAGEMENT GROUP INC 0.31% of their portfolio IRVINE, CA 8,716,0008.7m $8.2m $8.2m 0.31% Reduced -27.0k -27,000
22 Lombard Odier Asset Management (Europe) Ltd 0.54% of their portfolio LONDON, X0 8,499,0008.5m $8.0m $8.0m 0.54% Unchanged
23 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 7,500,0007.5m $7.1m $7.1m 0.01% Reduced -2.5m -2,500,000
24 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 6,900,0006.9m $6.5m $6.5m 0.02% Added +1.9m +1,900,000
25 Linden Advisors LP 0.06% of their portfolio New York, NY 6,500,0006.5m $6.1m $6.1m 0.06% Unchanged
26 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 5,482,0005.5m $5.2m $5.2m 0.01% Added +5.5m +5,460,000
27 RATIONAL ADVISORS, INC. 0.51% of their portfolio San Juan, PR 5,332,0005.3m $5.0m $5.0m 0.51% Added +730.0k +730,000
28 PIER 88 INVESTMENT PARTNERS LLC 1.26% of their portfolio SAN FRANCISCO, CA 5,332,0005.3m $5.0m $5.0m 1.26% Added +730.0k +730,000
29 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 5,280,0005.3m $5.0m $5.0m 0.00% Reduced -75.0k -75,000
30 FEDERATED HERMES, INC. 0.01% of their portfolio PITTSBURGH, PA 5,145,0005.1m $4.9m $4.9m 0.01% Unchanged
31 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 4,300,0004.3m $4.1m $4.1m 0.00% Unchanged
32 ALKEON CAPITAL MANAGEMENT LLC 0.02% of their portfolio New York, NY 4,000,0004.0m $3.8m $3.8m 0.02% Unchanged
33 RWC Asset Management LLP 0.23% of their portfolio LONDON, X0 4,000,0004.0m $3.8m $3.8m 0.23% Added +3.5m +3,500,000
34 EDMOND DE ROTHSCHILD HOLDING S.A. 0.07% of their portfolio CHAMBESY, V8 3,947,0003.9m $3.7m $3.7m 0.07% Unchanged
35 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 3,400,0003.4m $3.2m $3.2m 0.00% Unchanged
36 Nicholas Investment Partners, LP 0.28% of their portfolio RANCHO SANTA FE, CA 2,500,0002.5m $2.4m $2.4m 0.28% Unchanged
37 BANK OF NOVA SCOTIA 0.00% of their portfolio TORONTO, A6 2,318,0002.3m $2.2m $2.2m 0.00% Unchanged
38 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,196,0002.2m $2.1m $2.1m 0.00% Reduced -391.0k -391,000
39 Periscope Capital Inc. 0.33% of their portfolio Toronto, A6 2,082,0002.1m $2.0m $2.0m 0.33% Reduced -500.0k -500,000
40 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 1,500,0001.5m $1.3m $1.3m 0.00% Unchanged
41 Quaero Capital S.A. 1.46% of their portfolio GENEVE, V8 1,500,0001.5m $1.4m $1.4m 1.46% New
42 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,200,0001.2m $1.1m $1.1m 0.01% Unchanged
43 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,091,0001.1m $1.0m $1.0m 0.00% Unchanged
44 CSS LLC/IL 0.07% of their portfolio CHICAGO, IL 930,000930.0k $879.1k $879.1k 0.07% New
45 Financiere des Professionnels - Fonds d'investissement inc. 0.08% of their portfolio MONTREAL, A8 912,000912.0k $864.6k $864.6k 0.08% Reduced -121.0k -121,000
46 OAKTREE CAPITAL MANAGEMENT LP 0.01% of their portfolio LOS ANGELES, CA 812,000812.0k $769.8k $769.8k 0.01% Unchanged
47 Liberty Mutual Group Asset Management Inc. 0.20% of their portfolio Boston, MA 750,000750.0k $707.2k $707.2k 0.20% Unchanged
48 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 714,000714.0k $674.0k $674.0k 0.00% Reduced -537.0k -537,000
49 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 615,000615.0k $579.9k $579.9k 0.00% Reduced -30.4m -30,385,000
50 Amundi 0.00% of their portfolio Paris, I0 567,000567.0k $538.1k $538.1k 0.00% Unchanged
51 BASSO CAPITAL MANAGEMENT, L.P. 0.40% of their portfolio STAMFORD, CT 410,000410.0k $386.6k $386.6k 0.40% Unchanged
52 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 350,000350.0k $330.0k $330.0k 0.01% New
53 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 345,000345.0k $327.1k $327.1k 0.01% Unchanged
54 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 188,000188.0k $177.7k $177.7k 0.00% Unchanged
55 Fox Hill Wealth Management 0.10% of their portfolio DEDHAM, MA 143,000143.0k $134.8k $134.8k 0.10% First filing
56 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 59,00059.0k $55.6k $55.6k 0.00% Unchanged
57 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 26,00026.0k $24.5k $24.5k 0.00% Unchanged
58 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 17,00017.0k $16.0k $16.0k 0.00% Unchanged
59 Verition Fund Management LLC 0.10% of their portfolio GREENWICH, CT 10,00410.0k $9.5m $9.5m 0.10% Reduced -5.0k -5,000
60 Candriam S.C.A. 0.06% of their portfolio STRASSEN, N4 9,6009.6k $9.1m $9.1m 0.06% Unchanged
61 Alpine Global Management, LLC 0.87% of their portfolio NEW YORK, NY 6,2426.2k $5.9m $5.9m 0.87% Reduced -440 -440
62 BFSG, LLC 0.00% of their portfolio IRVINE, CA 2,0002.0k $1.9k $1.9k 0.00% New
63 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged