Vault-13

SNAP INC SNAP 0.75 08.01.26

NOTE 0.750% 8/0 · US DOMESTIC · CUSIP 83304AAB2

64 institutional holders +7 vs Q1 2023
18,563,09318.6m shares reported held*
$773.8mreported value*
12 new 14 added 20 reduced 5 sold out net sold ≈ $38.0m (+4.0m 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 ≈ $41.69.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 65Q4 22: 67Q1 23: 57Q2 23: 6464Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202265
Q4 202267
Q1 202357
Q2 202364

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 17 bought or addedQ4 22: 31 cut or sold outQ4 22Q1 23: 26 bought or addedQ1 23: 27 cut or sold outQ1 23Q2 23: 26 bought or addedQ2 23: 25 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221731
Q1 20232627
Q2 20232625

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ3 22 calls: $7.5mQ3 22 puts: $1.1mQ3 22P/C 0.15Q4 22 calls: $0Q4 22 puts: $388.6kQ4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $0Q2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$7.5m$1.1m0.15
Q4 2022$0$388.6k—
Q1 2023$0$0—
Q2 2023$0$0—

Biggest buyers

Nuveen Asset Management, LLC New +20,855,000+20.9m
Linden Advisors LP New +12,500,000+12.5m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +7,500,000+7.5m
CITIGROUP INC Added +5,783,000+5.8m
STATE STREET CORP Added +5,225,000+5.2m
Castle Creek Arbitrage, LLC New +5,000,000+5.0m
BARCLAYS PLC Added +4,531,000+4.5m
OAKTREE CAPITAL MANAGEMENT LP New +4,000,000+4.0m
MIZUHO SECURITIES USA LLC Added +2,927,000+2.9m
Flow State Investments, L.P. New +2,750,000+2.8m

Biggest sellers

Hudson Bay Capital Management LP Reduced -25,826,000-25.8m
VOYA INVESTMENT MANAGEMENT LLC Reduced -19,175,000-19.2m
BANK OF AMERICA CORP /DE/ Reduced -17,659,000-17.7m
JPMORGAN CHASE & CO Reduced -12,267,000-12.3m
SOROS FUND MANAGEMENT LLC Reduced -11,000,000-11.0m
FMR LLC Reduced -8,226,000-8.2m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -7,702,000-7.7m
Point72 Asset Management, L.P. Sold out -4,975,000-5.0m
FIR TREE CAPITAL MANAGEMENT LP Sold out -4,050,000-4.0m
Calamos Advisors LLC Reduced -2,470,000-2.5m

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.17% of their portfolio New York, NY 115,493,000115.5m $106.5m $106.5m 0.17% Unchanged
2 VOYA INVESTMENT MANAGEMENT LLC 0.10% of their portfolio ATLANTA, GA 106,180,000106.2m $98.3m $98.3m 0.10% Reduced -19.2m -19,175,000
3 LAZARD ASSET MANAGEMENT LLC 0.10% of their portfolio NEW YORK, NY 92,079,00092.1m $85.3m $85.3m 0.10% Added +1.1m +1,081,000
4 ADVENT CAPITAL MANAGEMENT /DE/ 1.69% of their portfolio NEW YORK, NY 90,897,00090.9m $84.2m $84.2m 1.69% Reduced -7.7m -7,702,000
5 SOROS FUND MANAGEMENT LLC 1.70% of their portfolio NEW YORK, NY 85,000,00085.0m $78.6m $78.6m 1.70% Reduced -11.0m -11,000,000
6 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 40,000,00040.0m $36.9m $36.9m 0.01% Unchanged
7 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio NEW YORK, NY 39,200,00039.2m $35.8m $35.8m 0.02% Unchanged
8 TENOR CAPITAL MANAGEMENT Co., L.P. 0.64% of their portfolio NEW YORK, NY 33,000,00033.0m $30.6m $30.6m 0.64% Added +7.5m +7,500,000
9 Calamos Advisors LLC 0.15% of their portfolio NAPERVILLE, IL 32,556,00032.6m $30.1m $30.1m 0.15% Reduced -2.5m -2,470,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 22,274,00022.3m $20.6m $20.6m 0.00% Added +5.2m +5,225,000
11 Nuveen Asset Management, LLC 0.01% of their portfolio CHICAGO, IL 20,855,00020.9m $19.2m $19.2m 0.01% New
12 Hudson Bay Capital Management LP 0.13% of their portfolio STAMFORD, CT 13,826,00013.8m $12.8m $12.8m 0.13% Reduced -25.8m -25,826,000
13 Linden Advisors LP 0.12% of their portfolio New York, NY 12,500,00012.5m $11.5m $11.5m 0.12% New
14 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 9,073,0009.1m $8.4m $8.4m 0.01% Added +1.1m +1,105,000
15 FMR LLC 0.00% of their portfolio BOSTON, MA 8,226,0008.2m $7.6m $7.6m 0.00% Reduced -8.2m -8,226,000
16 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,323,0007.3m $6.7m $6.7m 0.00% Reduced -12.3m -12,267,000
17 MIZUHO SECURITIES USA LLC 0.21% of their portfolio NEW YORK, NY 7,000,0007.0m $6.4m $6.4m 0.21% Added +2.9m +2,927,000
18 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 6,748,0006.7m $6.2m $6.2m 0.01% Added +5.8m +5,783,000
19 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 5,905,0005.9m $5.4m $5.4m 0.01% Unchanged
20 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 5,103,0005.1m $4.7m $4.7m 0.00% Added +4.5m +4,531,000
21 Castle Creek Arbitrage, LLC 0.57% of their portfolio AVON, CO 5,000,0005.0m $4.6m $4.6m 0.57% New
22 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 4,750,0004.8m $4.4m $4.4m 0.01% Unchanged
23 BlackRock Inc. 0.00% of their portfolio New York, NY 4,740,0004.7m $4.4m $4.4m 0.00% Reduced -150.0k -150,000
24 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 4,199,0004.2m $3.8m $3.8m 0.00% Reduced -1.5m -1,500,000
25 OAKTREE CAPITAL MANAGEMENT LP 0.05% of their portfolio LOS ANGELES, CA 4,000,0004.0m $3.7m $3.7m 0.05% New
26 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,194,0003.2m $2.9m $2.9m 0.00% Reduced -17.7m -17,659,000
27 MacKay Shields LLC 0.07% of their portfolio New York, NY 2,758,0002.8m $2.5m $2.5m 0.07% Reduced -88.0k -88,000
28 Flow State Investments, L.P. 1.07% of their portfolio CHICAGO, IL 2,750,0002.8m $2.5m $2.5m 1.07% New
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,357,0002.4m $2.2m $2.2m 0.00% Added +2.4m +2,356,000
30 Polar Capital Holdings Plc 0.01% of their portfolio London, X0 1,900,0001.9m $1.8m $1.8m 0.01% Unchanged
31 WOLVERINE ASSET MANAGEMENT LLC 0.03% of their portfolio CHICAGO, IL 1,700,0001.7m $1.6m $1.6m 0.03% New
32 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 1,525,0001.5m $1.4m $1.4m 0.00% Reduced -1.0m -1,000,000
33 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 1,518,0211.5m $182.5k $182.5k 0.00% Reduced -56.1k -56,082
34 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,107,0001.1m $1.0m $1.0m 0.00% Added +360.0k +360,000
35 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,004,0001.0m $926.2k $926.2k 0.00% New
36 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 905,000905.0k $836.0k $836.0k 0.00% Added +1.0k +1,000
37 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 714,000714.0k $659.4k $659.4k 0.00% Reduced -1.3m -1,312,000
38 SSI INVESTMENT MANAGEMENT LLC 0.05% of their portfolio Los Angeles, CA 707,000707.0k $652.2k $652.2k 0.05% Reduced -80.0k -80,000
39 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $460.6k $460.6k 0.00% Unchanged
40 CQS (US), LLC 0.06% of their portfolio NEW YORK, NY 500,000500.0k $462.2k $462.2k 0.06% Reduced -500.0k -500,000
41 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 431,000431.0k $395.9k $395.9k 0.01% Added +405.0k +405,000
42 Penn Mutual Asset Management 0.33% of their portfolio Conshohocken, PA 400,000400.0k $370.2k $370.2k 0.33% Unchanged
43 Man Group plc 0.00% of their portfolio LONDON, X0 156,000156.0k $144.2k $144.2k 0.00% Reduced -1.2m -1,234,000
44 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 125,000125.0k $115.4k $115.4k 0.01% Reduced -21.0k -21,000
45 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 65,00065.0k $60.2k $60.2k 0.00% Unchanged
46 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 58,00058.0k $53.5k $53.5k 0.00% Added +11.0k +11,000
47 SG Americas Securities, LLC 0.03% of their portfolio NEW YORK, NY 34,24034.2k $3.2m $3.2m 0.03% Added +16.9k +16,870
48 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 32,00032.0k $29.6k $29.6k 0.00% Unchanged
49 Marcum Wealth, LLC 0.00% of their portfolio CLEVELAND, OH 25,00025.0k $23.1k $23.1k 0.00% Reduced -15.0k -15,000
50 Verition Fund Management LLC 0.32% of their portfolio GREENWICH, CT 22,00022.0k $20.4m $20.4m 0.32% Added +3.0k +3,000
51 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 22,00022.0k $21.0k $21.0k 0.00% New
52 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 21,00021.0k $19.4k $19.4k 0.00% New
53 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 20,00020.0k $18.4k $18.4k 0.00% Unchanged
54 UBS Group AG 0.00% of their portfolio ZURICH, V8 20,00020.0k $18.4k $18.4k 0.00% Unchanged
55 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 17,00017.0k $15.7k $15.7k 0.00% Unchanged
56 Context Capital Management, LLC 1.09% of their portfolio LAJOLLA, CA 13,00013.0k $12.0m $12.0m 1.09% New
57 Balboa Wealth Partners 0.00% of their portfolio SCOTTSDALE, AZ 13,00013.0k $11.9k $11.9k 0.00% Reduced -1.0k -1,000
58 PATRON PARTNERS, LLC 0.01% of their portfolio HOUSTON, TX 10,00010.0k $9.2k $9.2k 0.01% Unchanged
59 Iron Horse Wealth Management, LLC 0.00% of their portfolio JOHSTON, IA 6,0006.0k $5.5k $5.5k 0.00% Unchanged
60 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 4,0004.0k $3.7k $3.7k 0.00% Unchanged
61 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 2,0002.0k $184.5k $184.5k 0.00% New
62 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,0001.0k $923 $923 0.00% Unchanged
63 Activest Wealth Management 0.00% of their portfolio AVENTURA, FL 9393 $3.8k $3.8k 0.00% New
64 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged