Vault-13

SOUTHERN CO SO 4.5 06.15.27

NOTE 4.500% 6/1 · US DOMESTIC · CUSIP 842587DZ7

64 institutional holders -8 vs Q3 2025
13,948,00013.9m shares reported held*
$697.7mreported value*
9 new 21 added 17 reduced 19 sold out net sold ≈ $403.6m (-24.5m 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 ($2.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.21.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q2 25: 70Q3 25: 72Q4 25: 6464Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q2 202570
Q3 202572
Q4 202564

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 25: 33 bought or addedQ3 25: 35 cut or sold outQ3 25Q4 25: 30 bought or addedQ4 25: 36 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 20253335
Q4 20253036

Biggest buyers

Universal- Beteiligungs- und Servicegesellschaft mbH Added +42,615,000+42.6m
Lombard Odier Asset Management (Europe) Ltd Added +27,838,000+27.8m
VICTORY CAPITAL MANAGEMENT INC Added +26,927,000+26.9m
ROYAL BANK OF CANADA New +20,844,000+20.8m
BANK OF AMERICA CORP /DE/ Added +11,895,000+11.9m
Ovata Capital Management Ltd New +10,000,000+10.0m
Brevan Howard Capital Management LP New +10,000,000+10.0m
PenderFund Capital Management Ltd. Added +10,000,000+10.0m
ADVENT CAPITAL MANAGEMENT /DE/ Added +9,713,000+9.7m
CITIGROUP INC Added +8,880,000+8.9m

Biggest sellers

Calamos Advisors LLC Reduced -130,652,000-130.7m
SOROS FUND MANAGEMENT LLC Sold out -84,500,000-84.5m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Sold out -59,035,000-59.0m
JPMORGAN CHASE & CO Reduced -44,574,000-44.6m
Sculptor Capital LP Sold out -35,000,000-35.0m
ANGELO GORDON & CO., L.P. Sold out -33,000,000-33.0m
TWO SIGMA INVESTMENTS, LP Sold out -31,132,000-31.1m
Aequim Alternative Investments LP Sold out -29,500,000-29.5m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -27,904,000-27.9m
AMERIPRISE FINANCIAL INC Sold out -20,875,000-20.9m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ADVENT CAPITAL MANAGEMENT /DE/ 1.32% of their portfolio NEW YORK, NY 53,292,00053.3m $57.1m $57.1m 1.32% Added +9.7m +9,713,000
2 Universal- Beteiligungs- und Servicegesellschaft mbH 0.08% of their portfolio FRANKFURT AM MAIN, 2M 46,935,00046.9m $50.3m $50.3m 0.08% Added +42.6m +42,615,000
3 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 46,036,00046.0m $49.2m $49.2m 0.00% Reduced -44.6m -44,574,000
4 Lombard Odier Asset Management (Europe) Ltd 1.63% of their portfolio LONDON, X0 30,038,00030.0m $32.1m $32.1m 1.63% Added +27.8m +27,838,000
5 PenderFund Capital Management Ltd. 5.07% of their portfolio VANCOUVER, A1 30,000,00030.0m $32.1m $32.1m 5.07% Added +10.0m +10,000,000
6 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 29,777,00029.8m $31.8m $31.8m 0.02% Added +26.9m +26,927,000
7 ZAZOVE ASSOCIATES LLC 2.64% of their portfolio INCLINE VILLAGE, NV 28,550,00028.6m $30.5m $30.5m 2.64% Added +1.6m +1,585,000
8 SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio London, X0 26,400,00026.4m $28.2m $28.2m 0.02% Added +2.0m +2,050,000
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 25,013,00025.0m $26.7m $26.7m 0.00% Reduced -700.0k -700,000
10 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 20,844,00020.8m $22.3m $22.3m 0.00% New
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 17,550,00017.6m $18.8m $18.8m 0.00% Reduced -6.5m -6,500,000
12 LORD, ABBETT & CO. LLC 0.06% of their portfolio JERSEY CITY, NJ 17,085,00017.1m $18.2m $18.2m 0.06% Added +8.8m +8,770,000
13 III Capital Management 3.90% of their portfolio BOCA RATON, FL 16,482,00016.5m $17.6m $17.6m 3.90% Unchanged
14 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 14,348,00014.3m $15.3m $15.3m 0.00% Added +11.9m +11,895,000
15 Verition Fund Management LLC 0.07% of their portfolio GREENWICH, CT 12,500,00012.5m $13.4m $13.4m 0.07% Unchanged
16 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 12,472,00012.5m $133.4k $133.4k 0.00% Added +3.2m +3,232,000
17 RWC Asset Management LLP 0.61% of their portfolio LONDON, X0 11,610,00011.6m $12.4m $12.4m 0.61% Reduced -2.9m -2,935,000
18 CAPSTONE INVESTMENT ADVISORS, LLC 0.10% of their portfolio NEW YORK, NY 11,500,00011.5m $12.3m $12.3m 0.10% Unchanged
19 Calamos Advisors LLC 0.05% of their portfolio NAPERVILLE, IL 10,607,00010.6m $11.3m $11.3m 0.05% Reduced -130.7m -130,652,000
20 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 10,427,00010.4m $11.1m $11.1m 0.01% Added +8.9m +8,880,000
21 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 10,250,00010.2m $11.0m $11.0m 0.01% Unchanged
22 SSI INVESTMENT MANAGEMENT LLC 0.74% of their portfolio Los Angeles, CA 10,217,00010.2m $10.9m $10.9m 0.74% Reduced -250.0k -250,000
23 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 10,000,00010.0m $10.7m $10.7m 0.00% Reduced -1.1m -1,100,000
24 Brevan Howard Capital Management LP 0.20% of their portfolio ST. HELIER, Y9 10,000,00010.0m $10.7m $10.7m 0.20% New
25 Ovata Capital Management Ltd 1.30% of their portfolio HONG KONG, K3 10,000,00010.0m $10.7m $10.7m 1.30% New
26 FMR LLC 0.00% of their portfolio BOSTON, MA 9,101,0009.1m $9.7m $9.7m 0.00% Reduced -3.8m -3,785,000
27 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 9,015,0009.0m $9.7m $9.7m 0.00% Reduced -5.0m -5,050,000
28 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 8,678,0008.7m $9.3m $9.3m 0.00% Added +500.0k +500,000
29 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 8,000,0008.0m $8.6m $8.6m 0.01% New
30 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 7,593,0007.6m $8.1m $8.1m 0.00% Added +5.8m +5,793,000
31 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 7,503,0007.5m $8.0m $8.0m 0.00% Unchanged
32 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.21% of their portfolio CHICAGO, IL 7,500,0007.5m $8.0m $8.0m 0.21% Reduced -10.0m -10,000,000
33 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 6,605,0006.6m $7.1m $7.1m 0.01% Reduced -2.5m -2,455,000
34 CONNING INC. 0.20% of their portfolio HARTFORD, CT 5,610,0005.6m $6.0m $6.0m 0.20% New
35 MacKay Shields LLC 0.21% of their portfolio New York, NY 5,598,0005.6m $6.0m $6.0m 0.21% Reduced -138.0k -138,000
36 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 5,450,0005.5m $58.2k $58.2k 0.00% Reduced -13.8m -13,750,000
37 SHENKMAN CAPITAL MANAGEMENT INC 0.58% of their portfolio NEW YORK, NY 5,093,0005.1m $5.5m $5.5m 0.58% Reduced -16.6m -16,630,000
38 Walleye Capital LLC 0.03% of their portfolio NEW YORK, NY 5,000,0005.0m $5.3m $5.3m 0.03% Unchanged
39 OAKTREE CAPITAL MANAGEMENT LP 0.08% of their portfolio LOS ANGELES, CA 4,557,0004.6m $4.9m $4.9m 0.08% Unchanged
40 Man Group plc 0.01% of their portfolio LONDON, X0 3,850,0003.9m $4.1m $4.1m 0.01% Added +1.8m +1,800,000
41 MUFG SECURITIES AMERICAS INC. 0.24% of their portfolio NEW YORK, NY 3,600,0003.6m $3.9m $3.9m 0.24% Added +2.6m +2,600,000
42 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,398,0003.4m $3.6m $3.6m 0.00% Unchanged
43 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 3,394,0003.4m $3.6m $3.6m 0.01% Added +3.3m +3,280,000
44 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.2m $3.2m 0.01% Unchanged
45 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,877,0002.9m $3.1m $3.1m 0.00% Added +471.0k +471,000
46 Ares Systematic Credit Ltd 1.74% of their portfolio LONDON, X0 2,000,0002.0m $2.1m $2.1m 1.74% First filing
47 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,843,0001.8m $2.0m $2.0m 0.00% Added +274.0k +274,000
48 LuminArx Capital Management LP 1.54% of their portfolio NEW YORK, NY 1,500,0001.5m $1.6m $1.6m 1.54% First filing
49 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 1,209,0001.2m $1.3m $1.3m 0.01% Added +545.0k +545,000
50 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 950,000950.0k $1.0m $1.0m 0.00% Reduced -82.0k -82,000
51 AEGON USA Investment Management, LLC 0.57% of their portfolio CEDAR RAPIDS, IA 750,000750.0k $800.2k $800.2k 0.57% Unchanged
52 Calamos Wealth Management LLC 0.02% of their portfolio NAPERVILLE, IL 616,000616.0k $658.8k $658.8k 0.02% Reduced -1.0k -1,000
53 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 409,000409.0k $436.4k $436.4k 0.00% Reduced -98.0k -98,000
54 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $427.6k $427.6k 0.00% Unchanged
55 Amundi 0.01% of their portfolio Paris, I0 250,000250.0k $26.7m $26.7m 0.01% Unchanged
56 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 209,000209.0k $223.0k $223.0k 0.00% Added +46.0k +46,000
57 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 184,000184.0k $196.3k $196.3k 0.00% Unchanged
58 CSS LLC/IL 0.01% of their portfolio CHICAGO, IL 129,000129.0k $137.8k $137.8k 0.01% Unchanged
59 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 70,00070.0k $74.7k $74.7k 0.00% New
60 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 54,00054.0k $57.6k $57.6k 0.00% Unchanged
61 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 34,00034.0k $36.3k $36.3k 0.01% Added +5.0k +5,000
62 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 25,00025.0k $26.7k $26.7k 0.00% New
63 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 10,00010.0k $10.7k $10.7k 0.00% New
64 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 6,0006.0k $6.4k $6.4k 0.00% New