Vault-13

SHOPIFY INC SHOPCN 0.125 11.01.25

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

67 institutional holders +4 vs Q4 2023
115,689,500115.7m shares reported held*
$875.7mreported value*
12 new 20 added 15 reduced 8 sold out net sold ≈ $16.7m (-39.1m 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 ($4.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $7.61.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 64Q4 22: 61Q1 23: 58Q2 23: 65Q3 23: 65Q4 23: 63Q1 24: 6767Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202264
Q4 202261
Q1 202358
Q2 202365
Q3 202365
Q4 202363
Q1 202467

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 23Q1 24: 32 bought or addedQ1 24: 23 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20222829
Q1 20232527
Q2 20232826
Q3 20232025
Q4 20232023
Q1 20243223

Calls vs puts

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

CallsPuts
$0$200k$400k$600kQ2 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 —Q1 24 calls: $0Q1 24 puts: $0Q1 24P/C —
Numbers
QuarterCallsPutsP/C
Q2 2023$0$0—
Q3 2023$0$0—
Q4 2023$0$524.2k—
Q1 2024$0$0—

Biggest buyers

Sculptor Capital LP Added +34,656,000+34.7m
MORGAN STANLEY Added +34,425,000+34.4m
Linden Advisors LP Added +22,200,000+22.2m
Fort Baker Capital Management LP New +22,000,000+22.0m
Wellesley Asset Management New +21,441,000+21.4m
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +15,000,000+15.0m
CITADEL ADVISORS LLC Added +12,542,000+12.5m
D. E. Shaw & Co., Inc. New +11,700,000+11.7m
Walleye Capital LLC Added +11,000,000+11.0m
SILVERBACK ASSET MANAGEMENT LLC New +10,000,000+10.0m

Biggest sellers

MANUFACTURERS LIFE INSURANCE COMPANY, THE Sold out -130,420,000-130.4m
LORD, ABBETT & CO. LLC Reduced -39,394,000-39.4m
AXA S.A. Reduced -26,100,000-26.1m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -24,750,000-24.8m
MILLENNIUM MANAGEMENT LLC Sold out -12,500,000-12.5m
Invesco Ltd. Reduced -11,500,000-11.5m
WOLVERINE ASSET MANAGEMENT LLC Reduced -10,000,000-10.0m
FEDERATED HERMES, INC. Sold out -5,145,000-5.1m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. Reduced -1,900,000-1.9m
EDMOND DE ROTHSCHILD HOLDING S.A. Reduced -1,640,000-1.6m

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.10% of their portfolio ATLANTA, GA 112,435,000112.4m $107.0m $107.0m 0.10% Unchanged
2 LORD, ABBETT & CO. LLC 0.12% of their portfolio JERSEY CITY, NJ 78,116,00078.1m $74.3m $74.3m 0.12% Reduced -39.4m -39,394,000
3 LAZARD ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 54,643,00054.6m $52.0m $52.0m 0.06% Added +7.1m +7,143,000
4 Sculptor Capital LP 1.03% of their portfolio New York, NY 49,156,00049.2m $46.8m $46.8m 1.03% Added +34.7m +34,656,000
5 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 45,693,00045.7m $43.4m $43.4m 0.00% Added +34.4m +34,425,000
6 CAMDEN ASSET MANAGEMENT L P /CA 1.53% of their portfolio Los Angeles, CA 44,400,00044.4m $42.2m $42.2m 1.53% Reduced -24.8m -24,750,000
7 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 38,353,00038.4m $36.4m $36.4m 0.01% Reduced -11.5m -11,500,000
8 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 33,768,00033.8m $32.2m $32.2m 0.00% Added +7.5m +7,506,000
9 Walleye Capital LLC 0.33% of their portfolio NEW YORK, NY 32,000,00032.0m $30.5m $30.5m 0.33% Added +11.0m +11,000,000
10 Linden Advisors LP 0.22% of their portfolio New York, NY 28,700,00028.7m $27.3m $27.3m 0.22% Added +22.2m +22,200,000
11 Magnetar Financial LLC 0.61% of their portfolio EVANSTON, IL 28,498,00028.5m $27.2m $27.2m 0.61% Added +7.0m +7,000,000
12 Aequim Alternative Investments LP 0.94% of their portfolio MILL VALLEY, CA 26,563,00026.6m $25.3m $25.3m 0.94% Unchanged
13 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 25,042,00025.0m $23.8m $23.8m 0.02% Added +12.5m +12,542,000
14 AXA S.A. 0.07% of their portfolio PARIS, I0 24,500,00024.5m $23.3m $23.3m 0.07% Reduced -26.1m -26,100,000
15 Fort Baker Capital Management LP 3.03% of their portfolio Larkspur, CA 22,000,00022.0m $21.0m $21.0m 3.03% New
16 Wellesley Asset Management 2.06% of their portfolio PORTSMOUTH, NH 21,441,00021.4m $20.4m $20.4m 2.06% New
17 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 19,816,00019.8m $18.8m $18.8m 0.00% Reduced -500.0k -500,000
18 DeepCurrents Investment Group LLC 0.69% of their portfolio NEW YORK, NY 17,508,00017.5m $16.7m $16.7m 0.69% Unchanged
19 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 15,000,00015.0m $14.3m $14.3m 0.07% Unchanged
20 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 15,000,00015.0m $14.3m $14.3m 0.02% New
21 WOLVERINE ASSET MANAGEMENT LLC 0.24% of their portfolio CHICAGO, IL 13,196,00013.2m $12.6m $12.6m 0.24% Reduced -10.0m -10,000,000
22 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 11,700,00011.7m $11.1m $11.1m 0.01% New
23 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 11,250,00011.2m $10.7m $10.7m 0.01% Added +3.8m +3,750,000
24 OMERS ADMINISTRATION Corp 0.11% of their portfolio TORONTO, A6 10,000,00010.0m $9.5m $9.5m 0.11% Unchanged
25 SILVERBACK ASSET MANAGEMENT LLC 1.27% of their portfolio DURHAM, NC 10,000,00010.0m $9.5m $9.5m 1.27% New
26 PRIVATE MANAGEMENT GROUP INC 0.31% of their portfolio IRVINE, CA 8,689,0008.7m $8.2m $8.2m 0.31% Reduced -27.0k -27,000
27 Lombard Odier Asset Management (Europe) Ltd 0.52% of their portfolio LONDON, X0 8,499,0008.5m $8.1m $8.1m 0.52% Unchanged
28 BlueCrest Capital Management Ltd 1.89% of their portfolio ST HELIER, Y9 8,384,0008.4m $8.0m $8.0m 1.89% New
29 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 8,140,0008.1m $7.7m $7.7m 0.01% Added +7.5m +7,525,000
30 CSS LLC/IL 0.47% of their portfolio CHICAGO, IL 6,134,0006.1m $5.8m $5.8m 0.47% Added +5.2m +5,204,000
31 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 5,822,0005.8m $5.5m $5.5m 0.01% Added +340.0k +340,000
32 RATIONAL ADVISORS, INC. 0.47% of their portfolio San Juan, PR 5,332,0005.3m $5.1m $5.1m 0.47% Unchanged
33 PIER 88 INVESTMENT PARTNERS LLC 1.24% of their portfolio SAN FRANCISCO, CA 5,332,0005.3m $5.1m $5.1m 1.24% Unchanged
34 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 5,305,0005.3m $5.0m $5.0m 0.00% Added +25.0k +25,000
35 Verition Fund Management LLC 0.05% of their portfolio GREENWICH, CT 5,004,0005.0m $4.8m $4.8m 0.05% Added +5.0m +4,993,996
36 RWC Asset Management LLP 0.30% of their portfolio LONDON, X0 5,000,0005.0m $4.8m $4.8m 0.30% Added +1.0m +1,000,000
37 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 5,000,0005.0m $4.7m $4.7m 0.01% Reduced -1.9m -1,900,000
38 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
39 ALKEON CAPITAL MANAGEMENT LLC 0.02% of their portfolio New York, NY 4,000,0004.0m $3.8m $3.8m 0.02% Unchanged
40 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 3,400,0003.4m $3.2m $3.2m 0.00% Unchanged
41 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,212,0003.2m $3.0m $3.0m 0.00% Added +1.0m +1,016,000
42 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 2,500,0002.5m $2.4m $2.4m 0.00% New
43 Nicholas Investment Partners, LP 0.24% of their portfolio RANCHO SANTA FE, CA 2,500,0002.5m $2.4m $2.4m 0.24% Unchanged
44 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 2,500,0002.5m $12.1m $12.1m 0.00% New
45 BANK OF NOVA SCOTIA 0.00% of their portfolio TORONTO, A6 2,318,0002.3m $2.2m $2.2m 0.00% Unchanged
46 EDMOND DE ROTHSCHILD HOLDING S.A. 0.04% of their portfolio CHAMBESY, V8 2,307,0002.3m $2.2m $2.2m 0.04% Reduced -1.6m -1,640,000
47 Periscope Capital Inc. 0.40% of their portfolio Toronto, A6 1,582,0001.6m $1.5m $1.5m 0.40% Reduced -500.0k -500,000
48 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,518,0001.5m $1.4m $1.4m 0.00% Added +804.0k +804,000
49 Quaero Capital S.A. 2.22% of their portfolio GENEVE, V8 1,500,0001.5m $1.4m $1.4m 2.22% Unchanged
50 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 1,291,0001.3m $1.2m $1.2m 0.02% Added +941.0k +941,000
51 Liberty Mutual Group Asset Management Inc. 0.20% of their portfolio Boston, MA 750,000750.0k $712.1k $712.1k 0.20% Unchanged
52 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 691,000691.0k $656.0k $656.0k 0.00% Reduced -400.0k -400,000
53 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 675,000675.0k $644.4k $644.4k 0.00% New
54 Amundi 0.00% of their portfolio Paris, I0 567,000567.0k $530.8k $530.8k 0.00% Unchanged
55 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 500,000500.0k $435.8k $435.8k 0.00% Reduced -1.0m -1,000,000
56 PFG Investments, LLC 0.02% of their portfolio WOODBURY, NY 395,000395.0k $375.1k $375.1k 0.02% New
57 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 345,000345.0k $328.4k $328.4k 0.01% Unchanged
58 Fox Hill Wealth Management 0.10% of their portfolio DEDHAM, MA 155,000155.0k $146.3k $146.3k 0.10% Added +12.0k +12,000
59 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 51,00051.0k $48.4k $48.4k 0.00% New
60 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 51,00051.0k $48.4k $48.4k 0.00% Reduced -8.0k -8,000
61 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 17,00017.0k $16.1k $16.1k 0.00% Unchanged
62 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,00012.0k $11.4k $11.4k 0.00% Reduced -14.0k -14,000
63 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 12,00012.0k $11.4k $11.4k 0.00% New
64 Alpine Global Management, LLC 0.78% of their portfolio NEW YORK, NY 7,5007.5k $7.1m $7.1m 0.78% Added +1.3k +1,258
65 Candriam S.C.A. 0.03% of their portfolio STRASSEN, N4 5,4005.4k $5.1m $5.1m 0.03% Reduced -4.2k -4,200
66 BFSG, LLC 0.00% of their portfolio IRVINE, CA 2,0002.0k $1.9k $1.9k 0.00% Unchanged
67 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged