Vault-13

SOUTHERN CO SO 3.875 12.15.25

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

70 institutional holders -2 vs Q1 2025
29,903,50029.9m shares reported held*
$974.6mreported value*
9 new 10 added 31 reduced 11 sold out net sold ≈ $1.2bn (+2.4m 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 ($3.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $32.69.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 24: 62Q2 24: 77Q3 24: 73Q4 24: 76Q1 25: 72Q2 25: 7070Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q1 202462
Q2 202477
Q3 202473
Q4 202476
Q1 202572
Q2 202570

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 25Q2 25: 19 bought or addedQ2 25: 42 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q2 20243635
Q3 20242941
Q4 20243427
Q1 20252834
Q2 20251942

Biggest buyers

ROYAL BANK OF CANADA Added +17,843,000+17.8m
SUSQUEHANNA ADVISORS GROUP, INC. Added +14,200,000+14.2m
MILLENNIUM MANAGEMENT LLC New +6,500,000+6.5m
UBS Group AG New +6,484,000+6.5m
MORGAN STANLEY New +3,774,000+3.8m
CITIGROUP INC Added +2,918,000+2.9m
Fort Baker Capital Management LP New +2,687,000+2.7m
LAZARD ASSET MANAGEMENT LLC Added +2,640,000+2.6m
FMR LLC Added +2,082,000+2.1m
LORD, ABBETT & CO. LLC Added +1,280,000+1.3m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -658,860,000-658.9m
Calamos Advisors LLC Reduced -121,233,000-121.2m
Point72 Asset Management, L.P. Reduced -65,050,000-65.0m
Hudson Bay Capital Management LP Reduced -49,215,000-49.2m
Aequim Alternative Investments LP Reduced -46,500,000-46.5m
TENOR CAPITAL MANAGEMENT Co., L.P. Reduced -35,000,000-35.0m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -16,000,000-16.0m
ZAZOVE ASSOCIATES LLC Reduced -14,370,000-14.4m
STATE STREET CORP Reduced -14,050,000-14.1m
Thrivent Financial for Lutherans Reduced -11,154,000-11.2m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Hudson Bay Capital Management LP 1.27% of their portfolio STAMFORD, CT 174,845,000174.8m $193.6m $193.6m 1.27% Reduced -49.2m -49,215,000
2 LAZARD ASSET MANAGEMENT LLC 0.17% of their portfolio NEW YORK, NY 113,002,000113.0m $125.2m $125.2m 0.17% Added +2.6m +2,640,000
3 Universal- Beteiligungs- und Servicegesellschaft mbH 0.18% of their portfolio FRANKFURT AM MAIN, 2M 89,819,00089.8m $99.4m $99.4m 0.18% Reduced -650.0k -650,000
4 VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio San Antonio, TX 47,761,00047.8m $52.8m $52.8m 0.03% Reduced -1.4m -1,411,000
5 Aequim Alternative Investments LP 1.57% of their portfolio MILL VALLEY, CA 43,500,00043.5m $48.2m $48.2m 1.57% Reduced -46.5m -46,500,000
6 Point72 Asset Management, L.P. 0.10% of their portfolio STAMFORD, CT 38,950,00039.0m $43.1m $43.1m 0.10% Reduced -65.0m -65,050,000
7 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 34,156,00034.2m $37.8m $37.8m 0.00% Added +17.8m +17,843,000
8 TENOR CAPITAL MANAGEMENT Co., L.P. 0.45% of their portfolio NEW YORK, NY 30,000,00030.0m $33.3m $33.3m 0.45% Reduced -35.0m -35,000,000
9 SUSQUEHANNA ADVISORS GROUP, INC. 0.01% of their portfolio BALA CYNWYD, PA 29,200,00029.2m $323.1k $323.1k 0.01% Added +14.2m +14,200,000
10 SSI INVESTMENT MANAGEMENT LLC 2.20% of their portfolio Los Angeles, CA 28,176,00028.2m $31.2m $31.2m 2.20% Reduced -255.0k -255,000
11 MIZUHO SECURITIES USA LLC 0.58% of their portfolio NEW YORK, NY 24,679,00024.7m $27.3m $27.3m 0.58% First filing
12 HIGHBRIDGE CAPITAL MANAGEMENT LLC 1.37% of their portfolio NEW YORK, NY 24,000,00024.0m $26.6m $26.6m 1.37% Reduced -16.0m -16,000,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 22,000,00022.0m $24.3m $24.3m 0.00% Reduced -14.1m -14,050,000
14 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 18,950,00018.9m $21.0m $21.0m 0.02% Unchanged
15 CAPSTONE INVESTMENT ADVISORS, LLC 0.12% of their portfolio NEW YORK, NY 12,500,00012.5m $13.9m $13.9m 0.12% Unchanged
16 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 12,340,00012.3m $13.7m $13.7m 0.00% Added +710.0k +710,000
17 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,156,00012.2m $13.5m $13.5m 0.00% Added +795.0k +795,000
18 FMR LLC 0.00% of their portfolio BOSTON, MA 11,718,00011.7m $13.0m $13.0m 0.00% Added +2.1m +2,082,000
19 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 11,268,00011.3m $12.5m $12.5m 0.00% Reduced -1.7m -1,709,000
20 RWC Asset Management LLP 0.58% of their portfolio LONDON, X0 10,000,00010.0m $11.1m $11.1m 0.58% Unchanged
21 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 8,500,0008.5m $9.4m $9.4m 0.00% Reduced -4.0m -4,000,000
22 BlackRock, Inc. 0.00% of their portfolio New York, NY 8,125,0008.1m $9.0m $9.0m 0.00% Reduced -9.7m -9,725,000
23 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 8,000,0008.0m $8.9m $8.9m 0.01% Reduced -658.9m -658,860,000
24 Calamos Advisors LLC 0.03% of their portfolio NAPERVILLE, IL 6,953,0007.0m $7.7m $7.7m 0.03% Reduced -121.2m -121,233,000
25 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 6,908,0006.9m $7.7m $7.7m 0.02% Reduced -11.2m -11,154,000
26 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 6,500,0006.5m $7.2m $7.2m 0.01% New
27 UBS Group AG 0.00% of their portfolio ZURICH, V8 6,484,0006.5m $7.2m $7.2m 0.00% New
28 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 6,205,0006.2m $6.9m $6.9m 0.02% Added +1.3m +1,280,000
29 Man Group plc 0.01% of their portfolio LONDON, X0 6,200,0006.2m $6.8m $6.8m 0.01% Reduced -2.4m -2,400,000
30 CONNING INC. 0.21% of their portfolio HARTFORD, CT 5,675,0005.7m $6.3m $6.3m 0.21% Reduced -60.0k -60,000
31 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 5,629,0005.6m $6.2m $6.2m 0.00% Reduced -7.0m -7,048,000
32 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 5,595,0005.6m $6.2m $6.2m 0.01% Reduced -7.9m -7,948,000
33 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 4,816,0004.8m $5.3m $5.3m 0.00% Added +2.9m +2,918,000
34 Union Bancaire Privee, UBP SA 0.06% of their portfolio GENEVA 1, V8 4,115,0004.1m $3.8m $3.8m 0.06% Unchanged
35 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 3,918,0003.9m $4.3m $4.3m 0.00% Added +760.0k +760,000
36 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,774,0003.8m $4.2m $4.2m 0.00% New
37 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 3,113,0003.1m $3.4m $3.4m 0.00% Reduced -959.0k -959,000
38 Fort Baker Capital Management LP 0.52% of their portfolio Larkspur, CA 2,687,0002.7m $3.0m $3.0m 0.52% New
39 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,617,0002.6m $2.9m $2.9m 0.00% Reduced -1.7m -1,725,000
40 AEGON USA Investment Management, LLC 1.88% of their portfolio CEDAR RAPIDS, IA 2,268,0002.3m $2.5m $2.5m 1.88% Unchanged
41 ADVENT CAPITAL MANAGEMENT /DE/ 0.05% of their portfolio NEW YORK, NY 1,950,0001.9m $2.2m $2.2m 0.05% Reduced -4.9m -4,897,000
42 Quaero Capital S.A. 2.49% of their portfolio GENEVE, V8 1,800,0001.8m $2.0m $2.0m 2.49% Unchanged
43 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
44 Warberg Asset Management LLC 0.26% of their portfolio WINNETKA, IL 959,000959.0k $1.1m $1.1m 0.26% Added +645.0k +645,000
45 CAMDEN ASSET MANAGEMENT L P /CA 0.02% of their portfolio Los Angeles, CA 905,000905.0k $1.0m $1.0m 0.02% Reduced -7.6m -7,562,000
46 ZAZOVE ASSOCIATES LLC 0.07% of their portfolio INCLINE VILLAGE, NV 830,000830.0k $917.3k $917.3k 0.07% Reduced -14.4m -14,370,000
47 Ameritas Investment Partners, Inc. 0.03% of their portfolio LINCOLN, NE 830,000830.0k $918.6k $918.6k 0.03% Unchanged
48 MacKay Shields LLC 0.02% of their portfolio New York, NY 650,000650.0k $720.2k $720.2k 0.02% Unchanged
49 Central Pacific Bank - Trust Division 0.08% of their portfolio HONOLULU, HI 569,000569.0k $629.8k $629.8k 0.08% Reduced -70.0k -70,000
50 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 532,000532.0k $589.5k $589.5k 0.00% Unchanged
51 BANK HAPOALIM BM 0.08% of their portfolio TEL AVIV, L3 523,000523.0k $578.0k $578.0k 0.08% Reduced -95.0k -95,000
52 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $553.7k $553.7k 0.00% Reduced -150.0k -150,000
53 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 478,000478.0k $529.6k $529.6k 0.00% Reduced -18.0k -18,000
54 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 200,000200.0k $221.1k $221.1k 0.00% New
55 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 82,00082.0k $90.8k $90.8k 0.00% Unchanged
56 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 53,00053.0k $58.7k $58.7k 0.00% Reduced -9.0k -9,000
57 Vontobel Holding Ltd. 0.00% of their portfolio ZURICH, V8 45,00045.0k $49.8k $49.8k 0.00% Unchanged
58 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 44,00044.0k $48.7k $48.7k 0.00% Reduced -103.0k -103,000
59 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 40,00040.0k $44.3k $44.3k 0.03% Unchanged
60 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 24,00024.0k $26.5k $26.5k 0.00% Unchanged
61 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 20,00020.0k $22.0k $22.0k 0.00% New
62 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 16,00016.0k $17.7k $17.7k 0.00% Unchanged
63 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 13,24813.2k $1.2m $1.2m 0.00% Unchanged
64 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 13,00013.0k $14.4k $14.4k 0.00% Unchanged
65 Roundview Capital LLC 0.00% of their portfolio PRINCETON, NJ 12,50012.5k $13.8k $13.8k 0.00% Unchanged
66 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 11,00011.0k $12.1k $12.1k 0.00% New
67 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 7,0007.0k $7.7k $7.7k 0.00% New
68 Context Capital Management, LLC 0.09% of their portfolio LAJOLLA, CA 2,5002.5k $2.8m $2.8m 0.09% Reduced -5.0k -5,000
69 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,0001.0k $1.1k $1.1k 0.00% New
70 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged