Vault-13

SHOPIFY INC SHOPCN 0.125 11.01.25

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

69 institutional holders +3 vs Q4 2024
15,337,00015.3m shares reported held*
$1.1bnreported value*
17 new 15 added 15 reduced 13 sold out net bought ≈ $175.9m (-10.0m 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. Holder counts are more reliable. Implied quarter-end price ≈ $69.89.

Trends to Q1 2025

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: 68Q4 24: 66Q1 25: 6969Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202264
Q4 202261
Q1 202358
Q2 202365
Q3 202365
Q4 202363
Q1 202467
Q2 202465
Q3 202468
Q4 202466
Q1 202569

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 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 24Q4 24: 30 bought or addedQ4 24: 34 cut or sold outQ1 25: 32 bought or addedQ1 25: 28 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20232826
Q3 20232025
Q4 20232023
Q1 20243223
Q2 20242426
Q3 20242734
Q4 20243034
Q1 20253228

Biggest buyers

VOYA INVESTMENT MANAGEMENT LLC Added +190,460,000+190.5m
ARISTEIA CAPITAL, L.L.C. Added +38,750,000+38.8m
AQR Arbitrage LLC New +38,075,000+38.1m
MILLENNIUM MANAGEMENT LLC New +20,800,000+20.8m
LAZARD ASSET MANAGEMENT LLC Added +19,423,000+19.4m
LORD, ABBETT & CO. LLC Added +12,988,000+13.0m
ADVENT CAPITAL MANAGEMENT /DE/ New +9,895,000+9.9m
JPMORGAN CHASE & CO Added +7,622,000+7.6m
Worth Venture Partners, LLC New +6,000,000+6.0m
Calamos Advisors LLC Added +5,617,000+5.6m

Biggest sellers

CAMDEN ASSET MANAGEMENT L P /CA Reduced -33,000,000-33.0m
Walleye Capital LLC Reduced -24,750,000-24.8m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -23,702,000-23.7m
Magnetar Financial LLC Sold out -22,756,000-22.8m
TENOR CAPITAL MANAGEMENT Co., L.P. Sold out -22,500,000-22.5m
DeepCurrents Investment Group LLC Sold out -17,508,000-17.5m
Lombard Odier Asset Management (Europe) Ltd Reduced -16,258,000-16.3m
DLD Asset Management, LP Sold out -10,000,000-10.0m
TORONTO DOMINION BANK Sold out -5,092,000-5.1m
CSS LLC/IL Sold out -5,016,000-5.0m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.19% of their portfolio ATLANTA, GA 343,870,000343.9m $345.6m $345.6m 0.19% Added +190.5m +190,460,000
2 CAMDEN ASSET MANAGEMENT L P /CA 2.12% of their portfolio Los Angeles, CA 78,913,00078.9m $79.1m $79.1m 2.12% Reduced -33.0m -33,000,000
3 LAZARD ASSET MANAGEMENT LLC 0.10% of their portfolio NEW YORK, NY 63,318,00063.3m $63.6m $63.6m 0.10% Added +19.4m +19,423,000
4 STEELHEAD PARTNERS LLC 3.47% of their portfolio SEATTLE, WA 60,000,00060.0m $60.2m $60.2m 3.47% Unchanged
5 Aequim Alternative Investments LP 2.00% of their portfolio MILL VALLEY, CA 50,000,00050.0m $50.2m $50.2m 2.00% Unchanged
6 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.05% of their portfolio Toronto, A6 49,835,00049.8m $50.1m $50.1m 0.05% Reduced -23.7m -23,702,000
7 LORD, ABBETT & CO. LLC 0.17% of their portfolio JERSEY CITY, NJ 46,604,00046.6m $46.8m $46.8m 0.17% Added +13.0m +12,988,000
8 ARISTEIA CAPITAL, L.L.C. 1.39% of their portfolio GREENWICH, CT 44,750,00044.8m $45.0m $45.0m 1.39% Added +38.8m +38,750,000
9 AQR Arbitrage LLC 0.93% of their portfolio Greenwich, CT 38,075,00038.1m $38.3m $38.3m 0.93% New
10 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 36,859,00036.9m $37.0m $37.0m 0.01% Reduced -21.0k -21,000
11 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 33,517,00033.5m $33.6m $33.6m 0.03% First filing
12 Walleye Capital LLC 0.28% of their portfolio NEW YORK, NY 25,500,00025.5m $25.6m $25.6m 0.28% Reduced -24.8m -24,750,000
13 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 20,800,00020.8m $20.9m $20.9m 0.02% New
14 Calamos Advisors LLC 0.10% of their portfolio NAPERVILLE, IL 20,617,00020.6m $20.7m $20.7m 0.10% Added +5.6m +5,617,000
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 18,966,00019.0m $19.0m $19.0m 0.00% Reduced -2.0m -2,000,000
16 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 10,864,00010.9m $10.9m $10.9m 0.00% Added +7.6m +7,622,000
17 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 10,300,00010.3m $10.4m $10.4m 0.01% Added +500.0k +500,000
18 AXA S.A. 0.03% of their portfolio PARIS, I0 9,900,0009.9m $9.9m $9.9m 0.03% Unchanged
19 ADVENT CAPITAL MANAGEMENT /DE/ 0.23% of their portfolio NEW YORK, NY 9,895,0009.9m $9.9m $9.9m 0.23% New
20 RATIONAL ADVISORS, INC. 0.67% of their portfolio San Juan, PR 6,612,0006.6m $6.6m $6.6m 0.67% Unchanged
21 PIER 88 INVESTMENT PARTNERS LLC 1.27% of their portfolio SAN FRANCISCO, CA 6,612,0006.6m $6.6m $6.6m 1.27% Unchanged
22 RWC Asset Management LLP 0.32% of their portfolio LONDON, X0 6,200,0006.2m $6.2m $6.2m 0.32% Added +1.7m +1,700,000
23 Worth Venture Partners, LLC 11.46% of their portfolio FORT LEE, NJ 6,000,0006.0m $6.0m $6.0m 11.46% New
24 Union Bancaire Privee, UBP SA 0.10% of their portfolio GENEVA 1, V8 5,677,0005.7m $5.3m $5.3m 0.10% Added +1.3m +1,320,000
25 OAKTREE CAPITAL MANAGEMENT LP 0.11% of their portfolio LOS ANGELES, CA 5,600,0005.6m $5.6m $5.6m 0.11% New
26 ALKEON CAPITAL MANAGEMENT LLC 0.02% of their portfolio New York, NY 4,000,0004.0m $4.0m $4.0m 0.02% Unchanged
27 Nicholas Investment Partners, LP 0.41% of their portfolio RANCHO SANTA FE, CA 4,000,0004.0m $4.0m $4.0m 0.41% Added +1.5m +1,500,000
28 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 3,500,0003.5m $3.5m $3.5m 0.01% New
29 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 3,500,0003.5m $3.4m $3.4m 0.01% Unchanged
30 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,907,0002.9m $2.9m $2.9m 0.00% Reduced -1.5m -1,464,000
31 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 2,507,0002.5m $2.5m $2.5m 0.00% New
32 Warberg Asset Management LLC 0.69% of their portfolio WINNETKA, IL 2,500,0002.5m $2.5m $2.5m 0.69% New
33 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,466,0002.5m $2.5m $2.5m 0.00% Reduced -249.0k -249,000
34 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 2,300,0002.3m $2.3m $2.3m 0.00% New
35 Man Group plc 0.01% of their portfolio LONDON, X0 2,200,0002.2m $2.2m $2.2m 0.01% Unchanged
36 SHENKMAN CAPITAL MANAGEMENT INC 0.21% of their portfolio NEW YORK, NY 2,025,0002.0m $2.0m $2.0m 0.21% New
37 Polar Capital Holdings Plc 0.01% of their portfolio London, X0 2,000,0002.0m $2.0m $2.0m 0.01% Unchanged
38 Jefferies Financial Group Inc. 0.03% of their portfolio NEW YORK, NY 1,800,0001.8m $1.8m $1.8m 0.03% New
39 Amundi 0.00% of their portfolio Paris, I0 1,597,0001.6m $1.6m $1.6m 0.00% Added +1.2m +1,250,000
40 Periscope Capital Inc. 0.88% of their portfolio Toronto, A6 1,563,0001.6m $1.6m $1.6m 0.88% Unchanged
41 Quaero Capital S.A. 2.15% of their portfolio GENEVE, V8 1,500,0001.5m $1.5m $1.5m 2.15% Unchanged
42 Lombard Odier Asset Management (Europe) Ltd 0.10% of their portfolio LONDON, X0 1,250,0001.2m $1.3m $1.3m 0.10% Reduced -16.3m -16,258,000
43 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,000,0001.0m $1.0m $1.0m 0.00% Added +988.0k +988,000
44 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 650,000650.0k $654.0k $654.0k 0.00% Added +150.0k +150,000
45 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 648,000648.0k $649.6k $649.6k 0.00% Added +609.0k +609,000
46 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 645,000645.0k $648.2k $648.2k 0.01% Unchanged
47 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 426,000426.0k $428.6k $428.6k 0.00% Reduced -1.5m -1,472,000
48 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 400,000400.0k $400.5k $400.5k 0.00% Unchanged
49 PFG Investments, LLC 0.03% of their portfolio WOODBURY, NY 395,000395.0k $396.0k $396.0k 0.03% Unchanged
50 DNCA FINANCE 0.03% of their portfolio PARIS, I0 350,000350.0k $352.3k $352.3k 0.03% New
51 KBC Group NV 0.00% of their portfolio Brussels, C9 300,000300.0k $301.0k $301.0k 0.00% Unchanged
52 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 300,000300.0k $301.7k $301.7k 0.01% Reduced -200.0k -200,000
53 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 294,000294.0k $294.7k $294.7k 0.00% New
54 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 265,000265.0k $265.6k $265.6k 0.00% Reduced -4.1m -4,130,000
55 Fox Hill Wealth Management 0.09% of their portfolio DEDHAM, MA 145,000145.0k $145.2k $145.2k 0.09% Reduced -5.0k -5,000
56 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 56,00056.0k $56.1k $56.1k 0.00% New
57 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 41,05041.0k $4.1m $4.1m 0.01% New
58 PRIVATE MANAGEMENT GROUP INC 0.00% of their portfolio IRVINE, CA 30,00030.0k $30.1k $30.1k 0.00% Reduced -5.0m -4,982,000
59 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 22,00022.0k $22.0k $22.0k 0.00% Unchanged
60 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 15,00015.0k $15.1k $15.1k 0.00% Reduced -603.0k -603,000
61 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 14,00014.0k $14.0k $14.0k 0.00% Reduced -38.0k -38,000
62 PBMares Wealth Management LLC 0.00% of their portfolio WILLIAMSBURG, VA 13,00013.0k $13.0k $13.0k 0.00% Unchanged
63 Foundations Investment Advisors, LLC 0.00% of their portfolio PHOENIX, AZ 10,00010.0k $10.0k $10.0k 0.00% Unchanged
64 Austin Asset Management Co Inc 0.00% of their portfolio AUSTIN, TX 10,00010.0k $10.0k $10.0k 0.00% New
65 Candriam S.C.A. 0.04% of their portfolio STRASSEN, N4 6,8006.8k $6.8m $6.8m 0.04% Added +4.0k +4,000
66 UBS Group AG 0.00% of their portfolio ZURICH, V8 5,5005.5k $5.5k $5.5k 0.00% Unchanged
67 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 5,0005.0k $5.1k $5.1k 0.00% Unchanged
68 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 1,0001.0k $981 $981 0.00% New
69 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged