Vault-13

SOUTHERN CO SO 4.5 06.15.27

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

78 institutional holders +14 vs Q4 2025
63,747,78963.7m shares reported held*
$789.4mreported value*
22 new 15 added 25 reduced 7 sold out net bought ≈ $88.4m (+49.8m 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 ($2.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $12.43.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

050100Q2 25: 70Q3 25: 72Q4 25: 64Q1 26: 7878Q2 25Q3 25Q4 25Q1 26
Numbers
QuarterHolders
Q2 202570
Q3 202572
Q4 202564
Q1 202678

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 25Q1 26: 37 bought or addedQ1 26: 32 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q3 20253335
Q4 20253036
Q1 20263732

Biggest buyers

Point72 Asset Management, L.P. New +37,041,000+37.0m
ZAZOVE ASSOCIATES LLC Added +28,550,000+28.6m
Balyasny Asset Management L.P. New +27,108,000+27.1m
CAMDEN ASSET MANAGEMENT L P /CA New +23,270,000+23.3m
SUSQUEHANNA ADVISORS GROUP, INC. Added +22,500,000+22.5m
TWO SIGMA INVESTMENTS, LP New +18,000,000+18.0m
SSI INVESTMENT MANAGEMENT LLC New +10,306,000+10.3m
Brevan Howard Capital Management LP Added +10,000,000+10.0m
Ovata Capital Management Ltd Added +9,500,000+9.5m
CSS LLC/IL Added +6,973,000+7.0m

Biggest sellers

Lombard Odier Asset Management (Europe) Ltd Sold out -30,038,000-30.0m
III Capital Management Sold out -16,482,000-16.5m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -10,467,000-10.5m
SSI INVESTMENT MANAGEMENT LLC Sold out -10,217,000-10.2m
Universal- Beteiligungs- und Servicegesellschaft mbH Reduced -8,931,000-8.9m
WELLINGTON MANAGEMENT GROUP LLP Reduced -6,700,000-6.7m
JPMORGAN CHASE & CO Reduced -6,244,000-6.2m
ROYAL BANK OF CANADA Reduced -5,796,000-5.8m
BARCLAYS PLC Reduced -5,665,000-5.7m
LAZARD ASSET MANAGEMENT LLC Reduced -5,330,000-5.3m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ZAZOVE ASSOCIATES LLC 2.95% of their portfolio INCLINE VILLAGE, NV 57,100,00057.1m $62.2m $62.2m 2.95% Added +28.6m +28,550,000
2 ADVENT CAPITAL MANAGEMENT /DE/ 1.42% of their portfolio NEW YORK, NY 42,825,00042.8m $48.2m $48.2m 1.42% Reduced -10.5m -10,467,000
3 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 39,792,00039.8m $44.4m $44.4m 0.00% Reduced -6.2m -6,244,000
4 Universal- Beteiligungs- und Servicegesellschaft mbH 0.07% of their portfolio FRANKFURT AM MAIN, 2M 38,004,00038.0m $42.7m $42.7m 0.07% Reduced -8.9m -8,931,000
5 Point72 Asset Management, L.P. 0.07% of their portfolio STAMFORD, CT 37,041,00037.0m $41.2m $41.2m 0.07% New
6 PenderFund Capital Management Ltd. 5.29% of their portfolio VANCOUVER, A1 30,000,00030.0m $33.8m $33.8m 5.29% Unchanged
7 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 29,344,00029.3m $32.6m $32.6m 0.02% Reduced -433.0k -433,000
8 SUSQUEHANNA ADVISORS GROUP, INC. 0.01% of their portfolio BALA CYNWYD, PA 27,950,00027.9m $310.5k $310.5k 0.01% Added +22.5m +22,500,000
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 27,588,00027.6m $30.6m $30.6m 0.00% Added +2.6m +2,575,000
10 Balyasny Asset Management L.P. 0.06% of their portfolio Chicago, IL 27,108,00027.1m $30.1m $30.1m 0.06% New
11 SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio London, X0 26,400,00026.4m $29.4m $29.4m 0.02% Unchanged
12 CAMDEN ASSET MANAGEMENT L P /CA 0.88% of their portfolio Los Angeles, CA 23,270,00023.3m $25.8m $25.8m 0.88% New
13 Brevan Howard Capital Management LP 0.22% of their portfolio ST. HELIER, Y9 20,000,00020.0m $22.2m $22.2m 0.22% Added +10.0m +10,000,000
14 Ovata Capital Management Ltd 3.03% of their portfolio HONG KONG, K3 19,500,00019.5m $21.7m $21.7m 3.03% Added +9.5m +9,500,000
15 TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio NEW YORK, NY 18,000,00018.0m $20.0m $20.0m 0.02% New
16 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 17,850,00017.9m $20.1m $20.1m 0.00% Added +300.0k +300,000
17 LORD, ABBETT & CO. LLC 0.06% of their portfolio JERSEY CITY, NJ 17,570,00017.6m $19.5m $19.5m 0.06% Added +485.0k +485,000
18 CAPSTONE INVESTMENT ADVISORS, LLC 0.15% of their portfolio NEW YORK, NY 16,500,00016.5m $18.3m $18.3m 0.15% Added +5.0m +5,000,000
19 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 15,048,00015.0m $16.7m $16.7m 0.00% Reduced -5.8m -5,796,000
20 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,628,00012.6m $14.0m $14.0m 0.00% Reduced -1.7m -1,720,000
21 Verition Fund Management LLC 0.13% of their portfolio GREENWICH, CT 12,500,00012.5m $13.9m $13.9m 0.13% Unchanged
22 Calamos Advisors LLC 0.05% of their portfolio NAPERVILLE, IL 10,561,00010.6m $11.7m $11.7m 0.05% Reduced -46.0k -46,000
23 SSI INVESTMENT MANAGEMENT LLC 0.79% of their portfolio Los Angeles, CA 10,306,00010.3m $11.4m $11.4m 0.79% New
24 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 10,250,00010.2m $11.4m $11.4m 0.01% Unchanged
25 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 10,000,00010.0m $11.1m $11.1m 0.00% Unchanged
26 FMR LLC 0.00% of their portfolio BOSTON, MA 9,101,0009.1m $10.1m $10.1m 0.00% Unchanged
27 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 8,000,0008.0m $8.9m $8.9m 0.01% Unchanged
28 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 7,735,0007.7m $8.6m $8.6m 0.00% Added +232.0k +232,000
29 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 7,142,0007.1m $79.4k $79.4k 0.00% Reduced -5.3m -5,330,000
30 CSS LLC/IL 0.44% of their portfolio CHICAGO, IL 7,102,0007.1m $7.9m $7.9m 0.44% Added +7.0m +6,973,000
31 RWC Asset Management LLP 0.33% of their portfolio LONDON, X0 7,100,0007.1m $7.9m $7.9m 0.33% Reduced -4.5m -4,510,000
32 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 7,000,0007.0m $7.8m $7.8m 0.00% Reduced -1.7m -1,678,000
33 EFG International AG 0.16% of their portfolio Zurich, V8 6,700,0006.7m $7.5m $7.5m 0.16% New
34 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 6,255,0006.3m $7.0m $7.0m 0.01% Reduced -350.0k -350,000
35 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 6,008,0006.0m $6.7m $6.7m 0.00% Reduced -4.4m -4,419,000
36 MacKay Shields LLC 0.23% of their portfolio New York, NY 5,640,0005.6m $6.3m $6.3m 0.23% Added +42.0k +42,000
37 CONNING INC. 0.21% of their portfolio HARTFORD, CT 5,610,0005.6m $6.2m $6.2m 0.21% Unchanged
38 Hudson Bay Capital Management LP 0.03% of their portfolio STAMFORD, CT 5,000,0005.0m $5.6m $5.6m 0.03% New
39 Walleye Capital LLC 0.03% of their portfolio NEW YORK, NY 5,000,0005.0m $5.6m $5.6m 0.03% Unchanged
40 Wellesley Asset Management 0.47% of their portfolio PORTSMOUTH, NH 4,500,0004.5m $4.5m $4.5m 0.47% New
41 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,855,0003.9m $4.3m $4.3m 0.00% Added +457.0k +457,000
42 SHENKMAN CAPITAL MANAGEMENT INC 0.49% of their portfolio NEW YORK, NY 3,593,0003.6m $4.0m $4.0m 0.49% Reduced -1.5m -1,500,000
43 OAKTREE CAPITAL MANAGEMENT LP 0.06% of their portfolio LOS ANGELES, CA 3,357,0003.4m $3.7m $3.7m 0.06% Reduced -1.2m -1,200,000
44 UBS Group AG 0.00% of their portfolio ZURICH, V8 3,214,0003.2m $3.6m $3.6m 0.00% New
45 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.3m $3.3m 0.01% Unchanged
46 Man Group plc 0.01% of their portfolio LONDON, X0 2,821,0002.8m $3.2m $3.2m 0.01% Reduced -1.0m -1,029,000
47 RATIONAL ADVISORS, INC. 0.32% of their portfolio San Juan, PR 2,820,0002.8m $3.1m $3.1m 0.32% New
48 PIER 88 INVESTMENT PARTNERS LLC 0.80% of their portfolio SAN FRANCISCO, CA 2,820,0002.8m $3.1m $3.1m 0.80% New
49 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,748,0002.7m $3.1m $3.1m 0.00% Reduced -129.0k -129,000
50 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,730,0002.7m $3.0m $3.0m 0.00% Added +887.0k +887,000
51 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 2,315,0002.3m $2.6m $2.6m 0.00% Reduced -6.7m -6,700,000
52 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,928,0001.9m $2.1m $2.1m 0.00% Reduced -5.7m -5,665,000
53 Ares Systematic Credit Ltd 1.67% of their portfolio LONDON, X0 1,900,0001.9m $2.1m $2.1m 1.67% Reduced -100.0k -100,000
54 LuminArx Capital Management LP 1.25% of their portfolio NEW YORK, NY 1,500,0001.5m $1.7m $1.7m 1.25% Unchanged
55 AEGON USA Investment Management, LLC 0.65% of their portfolio CEDAR RAPIDS, IA 750,000750.0k $833.1k $833.1k 0.65% Unchanged
56 Calamos Wealth Management LLC 0.02% of their portfolio NAPERVILLE, IL 645,000645.0k $716.4k $716.4k 0.02% Added +29.0k +29,000
57 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $555.7k $555.7k 0.00% Added +100.0k +100,000
58 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 465,000465.0k $516.5k $516.5k 0.00% Reduced -485.0k -485,000
59 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 314,000314.0k $348.8k $348.8k 0.00% Reduced -95.0k -95,000
60 Amundi 0.00% of their portfolio Paris, I0 250,000250.0k $277.7k $277.7k 0.00% Unchanged
61 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 200,000200.0k $222.1k $222.1k 0.00% New
62 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 198,000198.0k $219.9k $219.9k 0.00% Reduced -11.0k -11,000
63 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 178,000178.0k $197.7k $197.7k 0.00% Reduced -6.0k -6,000
64 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 80,00080.0k $89.0k $89.0k 0.00% Reduced -3.3m -3,314,000
65 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 70,00070.0k $77.8k $77.8k 0.00% Unchanged
66 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 54,00054.0k $60.0k $60.0k 0.00% Unchanged
67 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 33,00033.0k $36.7k $36.7k 0.01% Reduced -1.0k -1,000
68 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 32,00032.0k $35.5k $35.5k 0.00% New
69 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 30,00030.0k $33.3k $33.3k 0.00% New
70 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 30,00030.0k $3.3m $3.3m 0.00% New
71 Suncoast Equity Management 0.00% of their portfolio TAMPA, FL 11,00011.0k $12.2k $12.2k 0.00% New
72 Inspire Advisors, LLC 0.00% of their portfolio Meridian, ID 11,00011.0k $12.2k $12.2k 0.00% New
73 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 10,00010.0k $11.1k $11.1k 0.00% Unchanged
74 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 5,0005.0k $5.6k $5.6k 0.00% New
75 Boussard & Gavaudan Investment Management LLP 0.35% of their portfolio London, X0 3,3003.3k $3.7m $3.7m 0.35% New
76 LAFFER TENGLER INVESTMENTS, INC. 0.49% of their portfolio Scottsdale, AZ 2,8852.9k $3.3m $3.3m 0.49% New
77 Value Investment Professionals, LLC 0.60% of their portfolio NEW YORK, NY 2,8062.8k $270.8k $270.8k 0.60% New
78 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 2,6832.7k $258.9k $258.9k 0.00% New