Vault-13

SHOPIFY INC SHOPCN 0.125 11.01.25

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

68 institutional holders +3 vs Q2 2024
70,950,36071.0m shares reported held*
$824.3mreported value*
13 new 14 added 23 reduced 11 sold out net sold ≈ $30.5m (-54.3m 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 ($7.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $11.72.

Trends to Q3 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: 65Q3 24: 6868Q3 22Q1 23Q3 23Q1 24Q3 24
Numbers
QuarterHolders
Q3 202264
Q4 202261
Q1 202358
Q2 202365
Q3 202365
Q4 202363
Q1 202467
Q2 202465
Q3 202468

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 outQ1 23: 25 bought or addedQ1 23: 27 cut or sold outQ1 23Q2 23: 28 bought or addedQ2 23: 26 cut or sold outQ3 23: 20 bought or addedQ3 23: 25 cut or sold outQ3 23Q4 23: 20 bought or addedQ4 23: 23 cut or sold outQ1 24: 32 bought or addedQ1 24: 23 cut or sold outQ1 24Q2 24: 24 bought or addedQ2 24: 26 cut or sold outQ3 24: 27 bought or addedQ3 24: 34 cut or sold outQ3 24
Numbers
QuarterBought or addedCut or sold out
Q4 20222829
Q1 20232527
Q2 20232826
Q3 20232025
Q4 20232023
Q1 20243223
Q2 20242426
Q3 20242734

Calls vs puts

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

CallsPuts
$0$200k$400k$600kQ4 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 —Q3 24 calls: $0Q3 24 puts: $0Q3 24P/C —
Numbers
QuarterCallsPutsP/C
Q4 2023$0$524.2k—
Q1 2024$0$0—
Q2 2024$0$0—
Q3 2024$0$0—

Biggest buyers

CAMDEN ASSET MANAGEMENT L P /CA Added +57,013,000+57.0m
SONA ASSET MANAGEMENT (US) LLC New +44,500,000+44.5m
Verition Fund Management LLC Added +35,000,000+35.0m
III Capital Management New +30,000,000+30.0m
Weiss Asset Management LP New +12,500,000+12.5m
TWO SIGMA INVESTMENTS, LP New +12,500,000+12.5m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND New +10,000,000+10.0m
CSS LLC/IL New +7,516,000+7.5m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +7,500,000+7.5m
Walleye Capital LLC Added +6,250,000+6.2m

Biggest sellers

Linden Advisors LP Sold out -55,200,000-55.2m
LORD, ABBETT & CO. LLC Reduced -43,144,000-43.1m
AXA S.A. Reduced -26,600,000-26.6m
CITADEL ADVISORS LLC Reduced -22,500,000-22.5m
D. E. Shaw & Co., Inc. Reduced -19,576,000-19.6m
BNP PARIBAS FINANCIAL MARKETS Sold out -12,655,000-12.7m
Fort Baker Capital Management LP Reduced -12,200,000-12.2m
OMERS ADMINISTRATION Corp Sold out -10,000,000-10.0m
JPMORGAN CHASE & CO Reduced -9,928,000-9.9m
WELLS FARGO & COMPANY/MN Reduced -7,654,000-7.7m

Holders, Q3 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 113,635,000113.6m $109.7m $109.7m 0.11% Added +1.2m +1,200,000
2 CAMDEN ASSET MANAGEMENT L P /CA 2.69% of their portfolio Los Angeles, CA 106,413,000106.4m $102.4m $102.4m 2.69% Added +57.0m +57,013,000
3 Verition Fund Management LLC 0.36% of their portfolio GREENWICH, CT 55,004,00055.0m $53.1m $53.1m 0.36% Added +35.0m +35,000,000
4 LAZARD ASSET MANAGEMENT LLC 0.07% of their portfolio NEW YORK, NY 51,886,00051.9m $50.1m $50.1m 0.07% Reduced -5.8m -5,758,000
5 Aequim Alternative Investments LP 1.70% of their portfolio MILL VALLEY, CA 50,000,00050.0m $48.2m $48.2m 1.70% Unchanged
6 SONA ASSET MANAGEMENT (US) LLC 2.26% of their portfolio NEW YORK, NY 44,500,00044.5m $42.9m $42.9m 2.26% New
7 LORD, ABBETT & CO. LLC 0.13% of their portfolio JERSEY CITY, NJ 42,812,00042.8m $41.3m $41.3m 0.13% Reduced -43.1m -43,144,000
8 Walleye Capital LLC 0.39% of their portfolio NEW YORK, NY 38,250,00038.2m $36.9m $36.9m 0.39% Added +6.2m +6,250,000
9 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 36,859,00036.9m $35.5m $35.5m 0.01% Reduced -1.5m -1,496,000
10 III Capital Management 2.34% of their portfolio BOCA RATON, FL 30,000,00030.0m $28.9m $28.9m 2.34% New
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 19,816,00019.8m $19.1m $19.1m 0.00% Added +500.0k +500,000
12 DeepCurrents Investment Group LLC 0.54% of their portfolio NEW YORK, NY 17,508,00017.5m $16.9m $16.9m 0.54% Unchanged
13 TENOR CAPITAL MANAGEMENT Co., L.P. 0.24% of their portfolio NEW YORK, NY 17,500,00017.5m $16.9m $16.9m 0.24% Added +7.5m +7,500,000
14 AXA S.A. 0.05% of their portfolio PARIS, I0 17,400,00017.4m $16.8m $16.8m 0.05% Reduced -26.6m -26,600,000
15 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 15,000,00015.0m $14.5m $14.5m 0.07% Unchanged
16 Magnetar Financial LLC 0.29% of their portfolio EVANSTON, IL 14,000,00014.0m $13.5m $13.5m 0.29% Reduced -2.0m -1,998,000
17 TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio NEW YORK, NY 12,500,00012.5m $12.0m $12.0m 0.03% New
18 Weiss Asset Management LP 0.31% of their portfolio BOSTON, MA 12,500,00012.5m $12.1m $12.1m 0.31% New
19 Fort Baker Capital Management LP 1.90% of their portfolio Larkspur, CA 11,800,00011.8m $11.4m $11.4m 1.90% Reduced -12.2m -12,200,000
20 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11,350,00011.3m $10.9m $10.9m 0.00% Reduced -7.7m -7,654,000
21 WOLVERINE ASSET MANAGEMENT LLC 0.18% of their portfolio CHICAGO, IL 10,612,00010.6m $10.2m $10.2m 0.18% Added +98.0k +98,000
22 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.02% of their portfolio TORONTO, A6 10,000,00010.0m $9.7m $9.7m 0.02% New
23 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 9,975,00010.0m $9.6m $9.6m 0.01% Reduced -19.6m -19,576,000
24 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 9,000,0009.0m $8.7m $8.7m 0.01% Reduced -500.0k -500,000
25 PRIVATE MANAGEMENT GROUP INC 0.29% of their portfolio IRVINE, CA 8,588,0008.6m $8.2m $8.2m 0.29% Reduced -26.0k -26,000
26 Lombard Odier Asset Management (Europe) Ltd 0.37% of their portfolio LONDON, X0 8,499,0008.5m $8.2m $8.2m 0.37% Unchanged
27 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 7,592,0007.6m $7.3m $7.3m 0.01% Added +2.6m +2,592,000
28 CSS LLC/IL 0.42% of their portfolio CHICAGO, IL 7,516,0007.5m $7.3m $7.3m 0.42% New
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6,642,0006.6m $6.4m $6.4m 0.00% Reduced -596.0k -596,000
30 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 6,236,0006.2m $6.0m $6.0m 0.00% Reduced -9.9m -9,928,000
31 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 5,729,0005.7m $5.5m $5.5m 0.00% Added +2.3m +2,337,000
32 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 5,000,0005.0m $4.8m $4.8m 0.01% Unchanged
33 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 4,560,0004.6m $4.4m $4.4m 0.00% Reduced -785.0k -785,000
34 ARISTEIA CAPITAL, L.L.C. 0.14% of their portfolio GREENWICH, CT 4,000,0004.0m $3.9m $3.9m 0.14% New
35 ALKEON CAPITAL MANAGEMENT LLC 0.02% of their portfolio New York, NY 4,000,0004.0m $3.9m $3.9m 0.02% Unchanged
36 Wellesley Asset Management 0.34% of their portfolio PORTSMOUTH, NH 3,660,0003.7m $3.5m $3.5m 0.34% Reduced -5.0m -4,965,216
37 Nicholas Investment Partners, LP 0.22% of their portfolio RANCHO SANTA FE, CA 2,500,0002.5m $2.4m $2.4m 0.22% Unchanged
38 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 2,500,0002.5m $2.4m $2.4m 0.00% Reduced -22.5m -22,500,000
39 RATIONAL ADVISORS, INC. 0.22% of their portfolio San Juan, PR 2,342,0002.3m $2.3m $2.3m 0.22% Reduced -3.0m -2,990,000
40 PIER 88 INVESTMENT PARTNERS LLC 0.50% of their portfolio SAN FRANCISCO, CA 2,342,0002.3m $2.3m $2.3m 0.50% Reduced -3.0m -2,990,000
41 Paloma Partners Management Co 0.11% of their portfolio GREENWICH, CT 2,225,0002.2m $2.1m $2.1m 0.11% New
42 Jump Financial, LLC 0.04% of their portfolio Chicago, IL 2,000,0002.0m $1.9m $1.9m 0.04% Reduced -2.5m -2,500,000
43 Periscope Capital Inc. 0.96% of their portfolio Toronto, A6 1,582,0001.6m $1.5m $1.5m 0.96% Unchanged
44 Quaero Capital S.A. 1.73% of their portfolio GENEVE, V8 1,500,0001.5m $1.4m $1.4m 1.73% Unchanged
45 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,493,0001.5m $1.4m $1.4m 0.00% Reduced -19.0k -19,000
46 BOOTHBAY FUND MANAGEMENT, LLC 0.04% of their portfolio NEW YORK, NY 1,403,0001.4m $1.4m $1.4m 0.04% New
47 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,196,5001.2m $1.2m $1.2m 0.00% Reduced -254.0k -254,000
48 EDMOND DE ROTHSCHILD HOLDING S.A. 0.01% of their portfolio CHAMBESY, V8 739,000739.0k $712.6k $712.6k 0.01% Reduced -1.5m -1,508,000
49 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 691,000691.0k $665.0k $665.0k 0.00% Unchanged
50 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 595,000595.0k $574.2k $574.2k 0.01% Added +171.0k +171,000
51 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $481.2k $481.2k 0.00% Unchanged
52 PFG Investments, LLC 0.02% of their portfolio WOODBURY, NY 395,000395.0k $380.2k $380.2k 0.02% Unchanged
53 Amundi 0.00% of their portfolio Paris, I0 347,000347.0k $334.3k $334.3k 0.00% Unchanged
54 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 161,000161.0k $155.0k $155.0k 0.00% Reduced -899.0k -899,000
55 Fox Hill Wealth Management 0.08% of their portfolio DEDHAM, MA 153,000153.0k $146.7k $146.7k 0.08% Unchanged
56 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 75,00075.0k $72.2k $72.2k 0.00% Added +16.0k +16,000
57 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 56,00056.0k $53.9k $53.9k 0.00% Added +5.0k +5,000
58 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 51,00051.0k $49.1k $49.1k 0.00% Unchanged
59 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 20,00020.0k $19.2k $19.2k 0.00% New
60 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 17,00017.0k $16.3k $16.3k 0.00% New
61 PBMares Wealth Management LLC 0.00% of their portfolio WILLIAMSBURG, VA 13,00013.0k $12.5k $12.5k 0.00% New
62 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 10,00010.0k $9.6k $9.6k 0.00% Reduced -7.0k -7,000
63 Foundations Investment Advisors, LLC 0.00% of their portfolio PHOENIX, AZ 10,00010.0k $9.6k $9.6k 0.00% New
64 Candriam S.C.A. 0.04% of their portfolio STRASSEN, N4 6,3236.3k $6.5m $6.5m 0.04% Added +2.9k +2,923
65 UBS Group AG 0.00% of their portfolio ZURICH, V8 5,5005.5k $5.3k $5.3k 0.00% Added +1.5k +1,500
66 BFSG, LLC 0.00% of their portfolio IRVINE, CA 2,0002.0k $1.9k $1.9k 0.00% Unchanged
67 ODDO BHF ASSET MANAGEMENT SAS 0.02% of their portfolio PARIS, I0 360360 $347.0k $347.0k 0.02% First filing
68 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged