Vault-13

SOUTHERN CO SO 3.875 12.15.25

NOTE 3.875%12/1 · US DOMESTIC · CUSIP 842587DP9

72 institutional holders -4 vs Q4 2024
20,343,50320.3m shares reported held*
$2.2bnreported value*
9 new 19 added 21 reduced 13 sold out net bought ≈ $406.5m (-28.4m 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 ($5.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $106.14.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 24: 62Q2 24: 77Q3 24: 73Q4 24: 76Q1 25: 7272Q1 24Q2 24Q3 24Q4 24Q1 25
Numbers
QuarterHolders
Q1 202462
Q2 202477
Q3 202473
Q4 202476
Q1 202572

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q2 24: 36 bought or addedQ2 24: 35 cut or sold outQ2 24Q3 24: 29 bought or addedQ3 24: 41 cut or sold outQ3 24Q4 24: 34 bought or addedQ4 24: 27 cut or sold outQ4 24Q1 25: 28 bought or addedQ1 25: 34 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20243635
Q3 20242941
Q4 20243427
Q1 20252834

Biggest buyers

VOYA INVESTMENT MANAGEMENT LLC Added +328,680,000+328.7m
Hudson Bay Capital Management LP Added +114,720,000+114.7m
Point72 Asset Management, L.P. New +104,000,000+104.0m
TENOR CAPITAL MANAGEMENT Co., L.P. New +65,000,000+65.0m
Thrivent Financial for Lutherans New +18,062,000+18.1m
JANE STREET GROUP, LLC New +13,543,000+13.5m
ROYAL BANK OF CANADA Added +11,808,000+11.8m
SUSQUEHANNA ADVISORS GROUP, INC. Added +9,661,000+9.7m
BARCLAYS PLC Added +7,333,000+7.3m
WELLS FARGO & COMPANY/MN Added +2,851,000+2.9m

Biggest sellers

Shaolin Capital Management LLC Sold out -139,000,000-139.0m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -50,000,000-50.0m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -20,000,000-20.0m
Thrivent Financial for Lutherans Sold out -18,062,000-18.1m
OAKTREE CAPITAL MANAGEMENT LP Sold out -12,686,000-12.7m
MILLENNIUM MANAGEMENT LLC Sold out -10,000,000-10.0m
Fort Baker Capital Management LP Reduced -8,500,000-8.5m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -8,000,000-8.0m
JPMORGAN CHASE & CO Reduced -6,966,000-7.0m
MIZUHO SECURITIES USA LLC Reduced -6,392,000-6.4m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.41% of their portfolio ATLANTA, GA 666,860,000666.9m $743.0m $743.0m 0.41% Added +328.7m +328,680,000
2 Hudson Bay Capital Management LP 1.59% of their portfolio STAMFORD, CT 224,060,000224.1m $251.3m $251.3m 1.59% Added +114.7m +114,720,000
3 Calamos Advisors LLC 0.68% of their portfolio NAPERVILLE, IL 128,186,000128.2m $143.5m $143.5m 0.68% Added +1.5m +1,492,000
4 LAZARD ASSET MANAGEMENT LLC 0.19% of their portfolio NEW YORK, NY 110,362,000110.4m $123.0m $123.0m 0.19% Added +92.0k +92,000
5 Point72 Asset Management, L.P. 0.33% of their portfolio STAMFORD, CT 104,000,000104.0m $116.6m $116.6m 0.33% New
6 Universal- Beteiligungs- und Servicegesellschaft mbH 0.20% of their portfolio FRANKFURT AM MAIN, 2M 90,469,00090.5m $102.3m $102.3m 0.20% Reduced -1.6m -1,598,000
7 Aequim Alternative Investments LP 4.00% of their portfolio MILL VALLEY, CA 90,000,00090.0m $100.3m $100.3m 4.00% Unchanged
8 TENOR CAPITAL MANAGEMENT Co., L.P. 1.05% of their portfolio NEW YORK, NY 65,000,00065.0m $73.6m $73.6m 1.05% New
9 VICTORY CAPITAL MANAGEMENT INC 0.06% of their portfolio San Antonio, TX 49,172,00049.2m $54.8m $54.8m 0.06% Added +867.0k +867,000
10 HIGHBRIDGE CAPITAL MANAGEMENT LLC 1.98% of their portfolio NEW YORK, NY 40,000,00040.0m $44.9m $44.9m 1.98% Reduced -20.0m -20,000,000
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 36,050,00036.0m $40.8m $40.8m 0.00% Reduced -4.5m -4,550,000
12 SSI INVESTMENT MANAGEMENT LLC 2.46% of their portfolio Los Angeles, CA 28,431,00028.4m $31.6m $31.6m 2.46% Reduced -28.0k -28,000
13 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 18,950,00018.9m $21.2m $21.2m 0.02% Unchanged
14 Thrivent Financial for Lutherans 0.04% of their portfolio Minneapolis, MN 18,062,00018.1m $20.3m $20.3m 0.04% New
15 BlackRock, Inc. 0.00% of their portfolio New York, NY 17,850,00017.9m $19.9m $19.9m 0.00% Reduced -50.0k -50,000
16 MIZUHO SECURITIES USA LLC 0.42% of their portfolio NEW YORK, NY 17,500,00017.5m $19.5m $19.5m 0.42% Reduced -6.4m -6,392,000
17 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 16,313,00016.3m $18.2m $18.2m 0.00% Added +11.8m +11,808,000
18 ZAZOVE ASSOCIATES LLC 1.46% of their portfolio INCLINE VILLAGE, NV 15,200,00015.2m $17.0m $17.0m 1.46% Unchanged
19 SUSQUEHANNA ADVISORS GROUP, INC. 0.01% of their portfolio BALA CYNWYD, PA 15,000,00015.0m $168.1k $168.1k 0.01% Added +9.7m +9,661,000
20 JANE STREET GROUP, LLC 0.03% of their portfolio NEW YORK, NY 13,543,00013.5m $15.2m $15.2m 0.03% New
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 12,977,00013.0m $14.6m $14.6m 0.00% Reduced -7.0m -6,966,000
22 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 12,677,00012.7m $14.2m $14.2m 0.01% Added +7.3m +7,333,000
23 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 12,500,00012.5m $14.0m $14.0m 0.01% Reduced -5.8m -5,788,000
24 CAPSTONE INVESTMENT ADVISORS, LLC 0.13% of their portfolio NEW YORK, NY 12,500,00012.5m $13.9m $13.9m 0.13% Unchanged
25 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 11,630,00011.6m $13.1m $13.1m 0.00% Added +190.0k +190,000
26 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 11,361,00011.4m $12.6m $12.6m 0.00% Reduced -4.7m -4,743,000
27 RWC Asset Management LLP 0.58% of their portfolio LONDON, X0 10,000,00010.0m $11.2m $11.2m 0.58% Unchanged
28 FMR LLC 0.00% of their portfolio BOSTON, MA 9,636,0009.6m $10.7m $10.7m 0.00% Unchanged
29 Man Group plc 0.03% of their portfolio LONDON, X0 8,600,0008.6m $9.6m $9.6m 0.03% Reduced -600.0k -600,000
30 CAMDEN ASSET MANAGEMENT L P /CA 0.25% of their portfolio Los Angeles, CA 8,467,0008.5m $9.4m $9.4m 0.25% Reduced -50.0m -50,000,000
31 ADVENT CAPITAL MANAGEMENT /DE/ 0.17% of their portfolio NEW YORK, NY 6,847,0006.8m $7.6m $7.6m 0.17% Reduced -8.0m -8,000,000
32 CONNING INC. 0.22% of their portfolio HARTFORD, CT 5,735,0005.7m $6.4m $6.4m 0.22% Unchanged
33 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 4,925,0004.9m $5.5m $5.5m 0.02% Added +9.0k +9,000
34 Nicholas Investment Partners, LP 0.56% of their portfolio RANCHO SANTA FE, CA 4,910,0004.9m $5.5m $5.5m 0.56% Added +1.8m +1,750,000
35 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 4,342,0004.3m $4.9m $4.9m 0.01% Added +392.0k +392,000
36 Union Bancaire Privee, UBP SA 0.08% of their portfolio GENEVA 1, V8 4,115,0004.1m $4.3m $4.3m 0.08% Reduced -760.0k -760,000
37 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 4,072,0004.1m $4.6m $4.6m 0.00% First filing
38 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 3,158,0003.2m $3.5m $3.5m 0.00% Added +2.9m +2,851,000
39 AQR Arbitrage LLC 0.08% of their portfolio Greenwich, CT 3,000,0003.0m $3.3m $3.3m 0.08% Unchanged
40 Fort Baker Capital Management LP 0.65% of their portfolio Larkspur, CA 2,687,0002.7m $3.0m $3.0m 0.65% Reduced -8.5m -8,500,000
41 AEGON USA Investment Management, LLC 2.01% of their portfolio CEDAR RAPIDS, IA 2,268,0002.3m $2.5m $2.5m 2.01% Unchanged
42 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,898,0001.9m $2.1m $2.1m 0.00% Reduced -4.4m -4,386,000
43 Quaero Capital S.A. 2.87% of their portfolio GENEVE, V8 1,800,0001.8m $2.0m $2.0m 2.87% Unchanged
44 Police & Firemen's Retirement System of New Jersey 0.01% of their portfolio TRENTON, NJ 1,115,0001.1m $1.2m $1.2m 0.01% Unchanged
45 Ameritas Investment Partners, Inc. 0.03% of their portfolio LINCOLN, NE 830,000830.0k $923.8k $923.8k 0.03% Unchanged
46 Calamos Wealth Management LLC 0.04% of their portfolio NAPERVILLE, IL 681,000681.0k $762.3k $762.3k 0.04% Added +155.0k +155,000
47 MacKay Shields LLC 0.02% of their portfolio New York, NY 650,000650.0k $724.3k $724.3k 0.02% Unchanged
48 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 650,000650.0k $728.8k $728.8k 0.00% Reduced -150.0k -150,000
49 Central Pacific Bank - Trust Division 0.10% of their portfolio HONOLULU, HI 639,000639.0k $711.2k $711.2k 0.10% Unchanged
50 BANK HAPOALIM BM 0.10% of their portfolio TEL AVIV, L3 618,000618.0k $692.0k $692.0k 0.10% Reduced -40.0k -40,000
51 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 532,000532.0k $592.8k $592.8k 0.00% Unchanged
52 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 496,000496.0k $552.7k $552.7k 0.00% Unchanged
53 Warberg Asset Management LLC 0.10% of their portfolio WINNETKA, IL 314,000314.0k $351.9k $351.9k 0.10% Reduced -100.0k -100,000
54 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 147,000147.0k $162.2k $162.2k 0.00% Reduced -5.0k -5,000
55 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 82,00082.0k $91.3k $91.3k 0.00% Added +25.0k +25,000
56 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 62,00062.0k $69.0k $69.0k 0.00% Added +9.0k +9,000
57 Vontobel Holding Ltd. 0.00% of their portfolio ZURICH, V8 45,00045.0k $50.5k $50.5k 0.00% Unchanged
58 NOMURA HOLDINGS INC 0.02% of their portfolio TOKYO, M0 43,93343.9k $4.0m $4.0m 0.02% Reduced -53.8k -53,789
59 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 40,00040.0k $44.5k $44.5k 0.03% New
60 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 24,00024.0k $26.9k $26.9k 0.00% Unchanged
61 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 20,00020.0k $22.4k $22.4k 0.00% Unchanged
62 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 16,00016.0k $17.8k $17.8k 0.00% Added +7.0k +7,000
63 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 14,00014.0k $15.7k $15.7k 0.00% Unchanged
64 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 13,24813.2k $1.2m $1.2m 0.00% Reduced -2.9k -2,852
65 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 13,00013.0k $14.5k $14.5k 0.00% New
66 Roundview Capital LLC 0.00% of their portfolio PRINCETON, NJ 12,50012.5k $14.0k $14.0k 0.00% Unchanged
67 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 12,00012.0k $13.0k $13.0k 0.00% Added +12.0k +11,988
68 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 11,00011.0k $12.3k $12.3k 0.00% New
69 Context Capital Management, LLC 0.32% of their portfolio LAJOLLA, CA 7,5007.5k $8.4m $8.4m 0.32% New
70 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 3,5183.5k $323.5k $323.5k 0.00% New
71 LAFFER TENGLER INVESTMENTS, INC. 0.62% of their portfolio Scottsdale, AZ 2,5522.6k $2.9m $2.9m 0.62% Added +3 +3
72 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged