Vault-13

SOUTHWEST AIRLS CO LUV 1.25 05.01.25

NOTE 1.250% 5/0 · US DOMESTIC · CUSIP 844741BG2

95 institutional holders +2 vs Q1 2023
99,618,96999.6m shares reported held*
$8.5bnreported value*
6 new 28 added 30 reduced 5 sold out net bought ≈ $7.0m (-1.2m 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 ≈ $84.98.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 92Q4 22: 92Q1 23: 93Q2 23: 9595Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202292
Q4 202292
Q1 202393
Q2 202395

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 27 bought or addedQ4 22: 37 cut or sold outQ4 22Q1 23: 37 bought or addedQ1 23: 33 cut or sold outQ1 23Q2 23: 34 bought or addedQ2 23: 35 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222737
Q1 20233733
Q2 20233435

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ3 22 calls: $0Q3 22 puts: $1.5mQ3 22P/C —Q4 22 calls: $0Q4 22 puts: $0Q4 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$0$1.5m—
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$0—

Biggest buyers

ADVENT CAPITAL MANAGEMENT /DE/ Added +21,087,000+21.1m
AMERICAN CENTURY COMPANIES INC Added +10,265,000+10.3m
VICTORY CAPITAL MANAGEMENT INC Added +8,699,000+8.7m
M&G INVESTMENT MANAGEMENT LTD Added +7,528,000+7.5m
STATE STREET CORP Added +7,350,000+7.3m
ZAZOVE ASSOCIATES LLC Added +7,065,000+7.1m
Calamos Advisors LLC Added +5,887,000+5.9m
AVIVA PLC New +4,500,000+4.5m
JPMORGAN CHASE & CO Added +4,387,000+4.4m
NEW YORK STATE COMMON RETIREMENT FUND Added +3,494,000+3.5m

Biggest sellers

Allianz Asset Management GmbH Reduced -22,300,000-22.3m
LORD, ABBETT & CO. LLC Sold out -12,868,000-12.9m
AXA S.A. Reduced -10,100,000-10.1m
CREDIT SUISSE AG/ Reduced -8,249,000-8.2m
AEGON USA Investment Management, LLC Reduced -6,375,000-6.4m
LAZARD ASSET MANAGEMENT LLC Reduced -4,354,000-4.4m
Polar Capital Holdings Plc Sold out -3,500,000-3.5m
Lombard Odier Asset Management (Europe) Ltd Reduced -2,837,000-2.8m
PUTNAM INVESTMENTS LLC Reduced -2,696,000-2.7m
PALISADE CAPITAL MANAGEMENT, LP Reduced -2,243,000-2.2m

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ADVENT CAPITAL MANAGEMENT /DE/ 4.11% of their portfolio NEW YORK, NY 178,319,000178.3m $205.1m $205.1m 4.11% Added +21.1m +21,087,000
2 VOYA INVESTMENT MANAGEMENT LLC 0.19% of their portfolio ATLANTA, GA 161,725,000161.7m $186.0m $186.0m 0.19% Unchanged
3 LAZARD ASSET MANAGEMENT LLC 0.20% of their portfolio NEW YORK, NY 144,634,000144.6m $166.4m $166.4m 0.20% Reduced -4.4m -4,354,000
4 VICTORY CAPITAL MANAGEMENT INC 0.14% of their portfolio San Antonio, TX 108,355,000108.4m $124.8m $124.8m 0.14% Added +8.7m +8,699,000
5 MacKay Shields LLC 2.10% of their portfolio New York, NY 65,216,00065.2m $75.0m $75.0m 2.10% Reduced -252.0k -252,000
6 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 61,777,00061.8m $71.2m $71.2m 0.01% Added +4.4m +4,387,000
7 ZAZOVE ASSOCIATES LLC 6.44% of their portfolio INCLINE VILLAGE, NV 61,205,00061.2m $70.7m $70.7m 6.44% Added +7.1m +7,065,000
8 Lombard Odier Asset Management (Europe) Ltd 3.28% of their portfolio LONDON, X0 59,248,00059.2m $68.3m $68.3m 3.28% Reduced -2.8m -2,837,000
9 MANUFACTURERS LIFE INSURANCE COMPANY, THE 3.63% of their portfolio Toronto, A6 56,580,00056.6m $6.5bn $6.5bn 3.63% Reduced -1.3m -1,315,000
10 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.10% of their portfolio FRANKFURT AM MAIN, 2M 53,450,00053.5m $61.6m $61.6m 0.10% Reduced -2.0m -2,000,000
11 AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio KANSAS CITY, MO 40,926,00040.9m $47.1m $47.1m 0.04% Added +10.3m +10,265,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 40,375,00040.4m $46.7m $46.7m 0.00% Added +7.3m +7,350,000
13 CREDIT SUISSE AG/ 0.04% of their portfolio ZURICH, V8 39,498,00039.5m $43.7m $43.7m 0.04% Reduced -8.2m -8,249,000
14 SSI INVESTMENT MANAGEMENT LLC 2.87% of their portfolio Los Angeles, CA 35,693,00035.7m $40.9m $40.9m 2.87% Reduced -1.7m -1,653,000
15 Calamos Advisors LLC 0.20% of their portfolio NAPERVILLE, IL 34,174,00034.2m $39.5m $39.5m 0.20% Added +5.9m +5,887,000
16 CQS (US), LLC 3.76% of their portfolio NEW YORK, NY 27,100,00027.1m $31.3m $31.3m 3.76% Added +1.6m +1,600,000
17 M&G INVESTMENT MANAGEMENT LTD 0.18% of their portfolio London, X0 26,701,00026.7m $30.7m $30.7m 0.18% Added +7.5m +7,528,000
18 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 25,907,00025.9m $29.7m $29.7m 0.07% Added +1.5m +1,510,000
19 SCHRODER INVESTMENT MANAGEMENT GROUP 0.04% of their portfolio London, X0 22,400,00022.4m $25.7m $25.7m 0.04% Reduced -400.0k -400,000
20 FMR LLC 0.00% of their portfolio BOSTON, MA 21,611,00021.6m $24.8m $24.8m 0.00% Added +339.0k +339,000
21 RWC Asset Management LLP 1.12% of their portfolio LONDON, X0 20,200,00020.2m $23.3m $23.3m 1.12% Added +100.0k +100,000
22 Allianz Asset Management GmbH 0.04% of their portfolio MUNICH, 2M 18,501,00018.5m $21.3m $21.3m 0.04% Reduced -22.3m -22,300,000
23 PIER 88 INVESTMENT PARTNERS LLC 4.81% of their portfolio SAN FRANCISCO, CA 16,930,00016.9m $19.4m $19.4m 4.81% Added +900.0k +900,000
24 INCOME RESEARCH & MANAGEMENT 11.13% of their portfolio Boston, MA 15,617,00015.6m $17.9m $17.9m 11.13% Reduced -610.0k -610,000
25 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 13,825,00013.8m $15.9m $15.9m 0.00% Reduced -1.5m -1,460,000
26 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 12,695,00012.7m $14.6m $14.6m 0.00% Added +269.0k +269,000
27 AXA S.A. 0.05% of their portfolio PARIS, I0 12,650,00012.7m $14.6m $14.6m 0.05% Reduced -10.1m -10,100,000
28 Man Group plc 0.04% of their portfolio LONDON, X0 12,550,00012.6m $14.4m $14.4m 0.04% Reduced -1.9m -1,850,000
29 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 12,486,00012.5m $14.3m $14.3m 0.00% Reduced -545.0k -545,000
30 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.04% of their portfolio Paris, I0 12,400,00012.4m $14.3m $14.3m 0.04% Unchanged
31 SHENKMAN CAPITAL MANAGEMENT INC 1.10% of their portfolio NEW YORK, NY 12,222,00012.2m $14.1m $14.1m 1.10% Reduced -2.1m -2,136,000
32 PUTNAM INVESTMENTS LLC 0.02% of their portfolio BOSTON, MA 11,225,00011.2m $12.9m $12.9m 0.02% Reduced -2.7m -2,696,000
33 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 10,702,00010.7m $12.3m $12.3m 0.00% Reduced -269.0k -269,000
34 LBP AM SA 0.28% of their portfolio Paris, I0 10,400,00010.4m $12.0m $12.0m 0.28% Unchanged
35 BlackRock Inc. 0.00% of their portfolio New York, NY 9,130,0009.1m $10.5m $10.5m 0.00% Reduced -250.0k -250,000
36 Amundi 0.01% of their portfolio Paris, I0 8,738,0008.7m $10.2m $10.2m 0.01% Reduced -493.0k -493,000
37 OSTERWEIS CAPITAL MANAGEMENT INC 0.60% of their portfolio SAN FRANCISCO, CA 7,875,0007.9m $9.1m $9.1m 0.60% Unchanged
38 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 7,831,0007.8m $9.0m $9.0m 0.00% Added +2.1m +2,100,000
39 Russell Investments Group, Ltd. 0.02% of their portfolio Seattle, WA 7,024,0007.0m $8.1m $8.1m 0.02% Added +729.0k +729,000
40 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 6,730,0006.7m $7.7m $7.7m 0.00% Reduced -1.8m -1,800,000
41 PALISADE CAPITAL MANAGEMENT, LP 0.20% of their portfolio FORT LEE, NJ 6,502,0006.5m $7.5m $7.5m 0.20% Reduced -2.2m -2,243,000
42 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6,042,0006.0m $6.9m $6.9m 0.00% Added +2.7m +2,740,000
43 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 5,864,0005.9m $6.7m $6.7m 0.01% Added +3.5m +3,494,000
44 GABELLI FUNDS LLC 0.05% of their portfolio Rye, NY 5,520,0005.5m $6.4m $6.4m 0.05% Reduced -210.0k -210,000
45 LOOMIS SAYLES & CO L P 0.28% of their portfolio BOSTON, MA 4,735,8114.7m $171.5m $171.5m 0.28% Reduced -37.8k -37,774
46 EDMOND DE ROTHSCHILD HOLDING S.A. 0.10% of their portfolio CHAMBESY, V8 4,546,0004.5m $5.3m $5.3m 0.10% Unchanged
47 AVIVA PLC 0.02% of their portfolio LONDON, X0 4,500,0004.5m $5.2m $5.2m 0.02% New
48 AEGON USA Investment Management, LLC 2.88% of their portfolio CEDAR RAPIDS, IA 4,375,0004.4m $5.0m $5.0m 2.88% Reduced -6.4m -6,375,000
49 KORNITZER CAPITAL MANAGEMENT INC /KS 0.10% of their portfolio SHAWNEE MISSION, KS 4,250,0004.2m $4.9m $4.9m 0.10% Added +2.5m +2,500,000
50 NOMURA ASSET MANAGEMENT CO LTD 0.02% of their portfolio TOKYO, M0 4,000,0004.0m $4.6m $4.6m 0.02% Unchanged
51 Liberty Mutual Group Asset Management Inc. 0.97% of their portfolio Boston, MA 3,340,0003.3m $3.8m $3.8m 0.97% Unchanged
52 RATIONAL ADVISORS, INC. 0.31% of their portfolio San Juan, PR 3,270,0003.3m $3.7m $3.7m 0.31% Added +900.0k +900,000
53 CONNING INC. 0.12% of their portfolio HARTFORD, CT 3,075,0003.1m $3.5m $3.5m 0.12% Unchanged
54 OAKTREE CAPITAL MANAGEMENT LP 0.05% of their portfolio LOS ANGELES, CA 3,000,0003.0m $3.5m $3.5m 0.05% New
55 FIRST HAWAIIAN BANK 0.10% of their portfolio HONOLULU, HI 2,709,0002.7m $3.1m $3.1m 0.10% Reduced -213.0k -213,000
56 JUPITER ASSET MANAGEMENT LTD 0.03% of their portfolio London, X0 2,300,0002.3m $2.6m $2.6m 0.03% Unchanged
57 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,036,0002.0m $2.4m $2.4m 0.00% Added +536.0k +536,000
58 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 1,996,0002.0m $2.3m $2.3m 0.00% Unchanged
59 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,650,0001.6m $1.9m $1.9m 0.00% Added +48.0k +48,000
60 Ameritas Investment Partners, Inc. 0.07% of their portfolio LINCOLN, NE 1,610,0001.6m $1.8m $1.8m 0.07% Unchanged
61 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 1,320,0001.3m $1.5m $1.5m 0.00% Unchanged
62 Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio ZURICH, V8 1,250,0001.2m $1.4m $1.4m 0.01% Reduced -400.0k -400,000
63 COMERICA BANK 0.00% of their portfolio DALLAS, TX 1,171,0001.2m $0 $0 0.00% First filing
64 Quaero Capital S.A. 1.02% of their portfolio GENEVE, V8 1,150,0001.1m $1.3m $1.3m 1.02% Unchanged
65 Calamos Wealth Management LLC 0.05% of their portfolio NAPERVILLE, IL 575,000575.0k $664.0k $664.0k 0.05% Added +202.0k +202,000
66 RBF Capital, LLC 0.04% of their portfolio RENO, NV 500,000500.0k $573.2k $573.2k 0.04% Unchanged
67 KBC Group NV 0.00% of their portfolio Brussels, C9 500,000500.0k $577.0k $577.0k 0.00% Unchanged
68 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 303,000303.0k $347.4k $347.4k 0.00% Reduced -2.0k -2,000
69 Teton Advisors, Inc. 0.10% of their portfolio Rye, NY 300,000300.0k $346.4k $346.4k 0.10% Unchanged
70 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 200,000200.0k $230.9k $230.9k 0.00% Unchanged
71 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 115,000115.0k $131.8k $131.8k 0.00% Added +23.0k +23,000
72 SG Americas Securities, LLC 0.07% of their portfolio NEW YORK, NY 73,84073.8k $8.6m $8.6m 0.07% Unchanged
73 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 59,00059.0k $67.6k $67.6k 0.00% Unchanged
74 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 55,00055.0k $63.1k $63.1k 0.00% New
75 LAKE STREET ADVISORS GROUP, LLC 0.00% of their portfolio PORTSMOUTH, NH 46,00046.0k $53.0k $53.0k 0.00% Unchanged
76 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 35,00035.0k $40.1k $40.1k 0.00% Unchanged
77 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 31,00031.0k $35.6k $35.6k 0.01% Reduced -4.0k -4,000
78 Northside Capital Management, LLC 0.01% of their portfolio Hood River, OR 28,00028.0k $32.2k $32.2k 0.01% Unchanged
79 Goldstein Advisors, LLC 0.01% of their portfolio Madison, WI 27,00027.0k $31.0k $31.0k 0.01% Added +11.0k +11,000
80 PATRON PARTNERS, LLC 0.01% of their portfolio HOUSTON, TX 18,00018.0k $20.7k $20.7k 0.01% Unchanged
81 Candriam S.C.A. 0.13% of their portfolio STRASSEN, N4 16,20016.2k $18.7m $18.7m 0.13% Unchanged
82 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 16,00016.0k $18.4k $18.4k 0.00% Unchanged
83 TIAA, FSB 0.00% of their portfolio ST. LOUIS, MO 12,00012.0k $13.8k $13.8k 0.00% New
84 Marcum Wealth, LLC 0.00% of their portfolio CLEVELAND, OH 12,00012.0k $13.8k $13.8k 0.00% Added +1.0k +1,000
85 Iron Horse Wealth Management, LLC 0.01% of their portfolio JOHSTON, IA 12,00012.0k $13.8k $13.8k 0.01% Unchanged
86 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 11,00011.0k $13.0k $13.0k 0.00% New
87 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 11,00011.0k $12.6k $12.6k 0.00% Reduced -11.0k -11,000
88 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 10,00010.0k $11.0k $11.0k 0.00% Unchanged
89 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 9,0009.0k $10.3k $10.3k 0.00% Unchanged
90 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 7,0007.0k $802.5k $802.5k 0.00% New
91 UBS Group AG 0.00% of their portfolio ZURICH, V8 6,0006.0k $6.9k $6.9k 0.00% Added +1.0k +1,000
92 LAFFER TENGLER INVESTMENTS, INC. 0.97% of their portfolio Scottsdale, AZ 3,1583.2k $3.7m $3.7m 0.97% Added +999 +999
93 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 3,0003.0k $343.9k $343.9k 0.00% Reduced -3.0k -3,000
94 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,0001.0k $1.1k $1.1k 0.00% Unchanged
95 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged