Vault-13

SHOPIFY INC SHOPCN 0.125 11.01.25

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

65 institutional holders -2 vs Q1 2024
125,275,500125.3m shares reported held*
$828.3mreported value*
5 new 19 added 20 reduced 6 sold out net sold ≈ $14.1m (+9.6m 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 ($4.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $6.65.

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 64Q4 22: 61Q1 23: 58Q2 23: 65Q3 23: 65Q4 23: 63Q1 24: 67Q2 24: 6565Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 202264
Q4 202261
Q1 202358
Q2 202365
Q3 202365
Q4 202363
Q1 202467
Q2 202465

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 outQ2 23: 28 bought or addedQ2 23: 26 cut or sold outQ2 23Q3 23: 20 bought or addedQ3 23: 25 cut or sold outQ4 23: 20 bought or addedQ4 23: 23 cut or sold outQ4 23Q1 24: 32 bought or addedQ1 24: 23 cut or sold outQ2 24: 24 bought or addedQ2 24: 26 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 20222829
Q1 20232527
Q2 20232826
Q3 20232025
Q4 20232023
Q1 20243223
Q2 20242426

Calls vs puts

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

CallsPuts
$0$200k$400k$600kQ3 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 —Q2 24 calls: $0Q2 24 puts: $0Q2 24P/C —
Numbers
QuarterCallsPutsP/C
Q3 2023$0$0—
Q4 2023$0$524.2k—
Q1 2024$0$0—
Q2 2024$0$0—

Biggest buyers

Linden Advisors LP Added +26,500,000+26.5m
Aequim Alternative Investments LP Added +23,437,000+23.4m
AXA S.A. Added +19,500,000+19.5m
D. E. Shaw & Co., Inc. Added +17,851,000+17.9m
WELLS FARGO & COMPANY/MN Added +17,486,000+17.5m
Verition Fund Management LLC Added +15,000,000+15.0m
TENOR CAPITAL MANAGEMENT Co., L.P. New +10,000,000+10.0m
LORD, ABBETT & CO. LLC Added +7,840,000+7.8m
CAMDEN ASSET MANAGEMENT L P /CA Added +5,000,000+5.0m
BNP PARIBAS FINANCIAL MARKETS Added +4,515,000+4.5m

Biggest sellers

Sculptor Capital LP Reduced -44,156,000-44.2m
MORGAN STANLEY Reduced -38,455,000-38.5m
JPMORGAN CHASE & CO Reduced -17,604,000-17.6m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -13,000,000-13.0m
Wellesley Asset Management Reduced -12,815,784-12.8m
Magnetar Financial LLC Reduced -12,500,000-12.5m
CSS LLC/IL Sold out -6,134,000-6.1m
BlueCrest Capital Management Ltd Reduced -5,788,000-5.8m
RWC Asset Management LLP Sold out -5,000,000-5.0m
CITIGROUP INC Reduced -4,762,000-4.8m

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.10% of their portfolio ATLANTA, GA 112,435,000112.4m $105.2m $105.2m 0.10% Unchanged
2 LORD, ABBETT & CO. LLC 0.13% of their portfolio JERSEY CITY, NJ 85,956,00086.0m $80.3m $80.3m 0.13% Added +7.8m +7,840,000
3 LAZARD ASSET MANAGEMENT LLC 0.07% of their portfolio NEW YORK, NY 57,644,00057.6m $54.0m $54.0m 0.07% Added +3.0m +3,001,000
4 Linden Advisors LP 0.43% of their portfolio New York, NY 55,200,00055.2m $51.6m $51.6m 0.43% Added +26.5m +26,500,000
5 Aequim Alternative Investments LP 1.70% of their portfolio MILL VALLEY, CA 50,000,00050.0m $46.8m $46.8m 1.70% Added +23.4m +23,437,000
6 CAMDEN ASSET MANAGEMENT L P /CA 1.39% of their portfolio Los Angeles, CA 49,400,00049.4m $46.1m $46.1m 1.39% Added +5.0m +5,000,000
7 AXA S.A. 0.06% of their portfolio PARIS, I0 44,000,00044.0m $41.1m $41.1m 0.06% Added +19.5m +19,500,000
8 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 38,355,00038.4m $35.8m $35.8m 0.01% Added +2.0k +2,000
9 Walleye Capital LLC 0.31% of their portfolio NEW YORK, NY 32,000,00032.0m $30.0m $30.0m 0.31% Unchanged
10 D. E. Shaw & Co., Inc. 0.04% of their portfolio New York, NY 29,551,00029.6m $27.6m $27.6m 0.04% Added +17.9m +17,851,000
11 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 25,000,00025.0m $23.4m $23.4m 0.02% Reduced -42.0k -42,000
12 Fort Baker Capital Management LP 2.66% of their portfolio Larkspur, CA 24,000,00024.0m $22.4m $22.4m 2.66% Added +2.0m +2,000,000
13 Verition Fund Management LLC 0.14% of their portfolio GREENWICH, CT 20,004,00020.0m $18.7m $18.7m 0.14% Added +15.0m +15,000,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 19,316,00019.3m $18.0m $18.0m 0.00% Reduced -500.0k -500,000
15 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 19,004,00019.0m $17.8m $17.8m 0.00% Added +17.5m +17,486,000
16 DeepCurrents Investment Group LLC 0.66% of their portfolio NEW YORK, NY 17,508,00017.5m $16.4m $16.4m 0.66% Unchanged
17 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 16,164,00016.2m $15.1m $15.1m 0.00% Reduced -17.6m -17,604,000
18 Magnetar Financial LLC 0.31% of their portfolio EVANSTON, IL 15,998,00016.0m $14.9m $14.9m 0.31% Reduced -12.5m -12,500,000
19 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 15,000,00015.0m $14.0m $14.0m 0.07% Unchanged
20 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 12,655,00012.7m $11.8m $11.8m 0.01% Added +4.5m +4,515,000
21 WOLVERINE ASSET MANAGEMENT LLC 0.18% of their portfolio CHICAGO, IL 10,514,00010.5m $9.8m $9.8m 0.18% Reduced -2.7m -2,682,000
22 OMERS ADMINISTRATION Corp 0.09% of their portfolio TORONTO, A6 10,000,00010.0m $9.4m $9.4m 0.09% Unchanged
23 TENOR CAPITAL MANAGEMENT Co., L.P. 0.15% of their portfolio NEW YORK, NY 10,000,00010.0m $9.3m $9.3m 0.15% New
24 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 9,500,0009.5m $8.9m $8.9m 0.01% Reduced -1.8m -1,750,000
25 Wellesley Asset Management 0.87% of their portfolio PORTSMOUTH, NH 8,625,2168.6m $8.2m $8.2m 0.87% Reduced -12.8m -12,815,784
26 PRIVATE MANAGEMENT GROUP INC 0.31% of their portfolio IRVINE, CA 8,614,0008.6m $8.0m $8.0m 0.31% Reduced -75.0k -75,000
27 Lombard Odier Asset Management (Europe) Ltd 0.39% of their portfolio LONDON, X0 8,499,0008.5m $7.9m $7.9m 0.39% Unchanged
28 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,238,0007.2m $6.8m $6.8m 0.00% Reduced -38.5m -38,455,000
29 SILVERBACK ASSET MANAGEMENT LLC 0.81% of their portfolio DURHAM, NC 7,000,0007.0m $6.5m $6.5m 0.81% Reduced -3.0m -3,000,000
30 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 5,345,0005.3m $5.0m $5.0m 0.00% Added +40.0k +40,000
31 RATIONAL ADVISORS, INC. 0.49% of their portfolio San Juan, PR 5,332,0005.3m $5.0m $5.0m 0.49% Unchanged
32 PIER 88 INVESTMENT PARTNERS LLC 1.12% of their portfolio SAN FRANCISCO, CA 5,332,0005.3m $5.0m $5.0m 1.12% Unchanged
33 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 5,000,0005.0m $4.7m $4.7m 0.01% Added +2.7m +2,682,000
34 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 5,000,0005.0m $4.7m $4.7m 0.01% Added +2.5m +2,500,000
35 Sculptor Capital LP 0.10% of their portfolio New York, NY 5,000,0005.0m $4.7m $4.7m 0.10% Reduced -44.2m -44,156,000
36 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 5,000,0005.0m $4.6m $4.6m 0.01% Unchanged
37 Jump Financial, LLC 0.08% of their portfolio Chicago, IL 4,500,0004.5m $4.2m $4.2m 0.08% New
38 ALKEON CAPITAL MANAGEMENT LLC 0.02% of their portfolio New York, NY 4,000,0004.0m $3.7m $3.7m 0.02% Unchanged
39 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,392,0003.4m $3.2m $3.2m 0.00% Added +180.0k +180,000
40 BlueCrest Capital Management Ltd 0.42% of their portfolio ST HELIER, Y9 2,596,0002.6m $2.4m $2.4m 0.42% Reduced -5.8m -5,788,000
41 Nicholas Investment Partners, LP 0.24% of their portfolio RANCHO SANTA FE, CA 2,500,0002.5m $2.3m $2.3m 0.24% Unchanged
42 EDMOND DE ROTHSCHILD HOLDING S.A. 0.04% of their portfolio CHAMBESY, V8 2,247,0002.2m $2.1m $2.1m 0.04% Reduced -60.0k -60,000
43 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 2,000,0002.0m $1.9m $1.9m 0.00% Reduced -13.0m -13,000,000
44 Periscope Capital Inc. 0.54% of their portfolio Toronto, A6 1,582,0001.6m $1.5m $1.5m 0.54% Unchanged
45 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,512,0001.5m $1.4m $1.4m 0.00% Added +1.5m +1,500,000
46 Quaero Capital S.A. 1.91% of their portfolio GENEVE, V8 1,500,0001.5m $1.4m $1.4m 1.91% Unchanged
47 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,450,5001.5m $1.4m $1.4m 0.00% Added +1.4m +1,438,500
48 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,060,0001.1m $989.5k $989.5k 0.00% Reduced -4.8m -4,762,000
49 Liberty Mutual Group Asset Management Inc. 0.10% of their portfolio Boston, MA 750,000750.0k $700.1k $700.1k 0.10% Unchanged
50 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 691,000691.0k $645.0k $645.0k 0.00% Unchanged
51 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $466.8k $466.8k 0.00% Reduced -3.8m -3,800,000
52 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 424,000424.0k $396.9k $396.9k 0.01% Added +79.0k +79,000
53 PFG Investments, LLC 0.03% of their portfolio WOODBURY, NY 395,000395.0k $368.7k $368.7k 0.03% Unchanged
54 Amundi 0.00% of their portfolio Paris, I0 347,000347.0k $323.4k $323.4k 0.00% Reduced -220.0k -220,000
55 Fox Hill Wealth Management 0.09% of their portfolio DEDHAM, MA 153,000153.0k $141.9k $141.9k 0.09% Reduced -2.0k -2,000
56 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 59,00059.0k $55.1k $55.1k 0.00% New
57 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 51,00051.0k $47.6k $47.6k 0.00% Unchanged
58 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 51,00051.0k $47.6k $47.6k 0.00% Unchanged
59 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 17,00017.0k $15.9k $15.9k 0.00% Unchanged
60 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 5,0005.0k $4.7k $4.7k 0.00% New
61 UBS Group AG 0.00% of their portfolio ZURICH, V8 4,0004.0k $3.7k $3.7k 0.00% New
62 Candriam S.C.A. 0.02% of their portfolio STRASSEN, N4 3,4003.4k $3.2m $3.2m 0.02% Reduced -2.0k -2,000
63 BFSG, LLC 0.00% of their portfolio IRVINE, CA 2,0002.0k $1.9k $1.9k 0.00% Unchanged
64 Alpine Global Management, LLC 0.08% of their portfolio NEW YORK, NY 500500 $466.6k $466.6k 0.08% Reduced -7.0k -7,000
65 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged