Vault-13

SPOTIFY USA INC SPOT 0 03.15.26

NOTE 3/1 · US DOMESTIC · CUSIP 84921RAB6

75 institutional holders +2 vs Q1 2023
41,106,77341.1m shares reported held*
$1.2bnreported value*
13 new 25 added 18 reduced 11 sold out net bought ≈ $9.4m (+12.5m 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 ($6.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $28.92.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 72Q4 22: 68Q1 23: 73Q2 23: 7575Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202272
Q4 202268
Q1 202373
Q2 202375

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 25 bought or addedQ4 22: 29 cut or sold outQ4 22Q1 23: 38 bought or addedQ1 23: 23 cut or sold outQ1 23Q2 23: 38 bought or addedQ2 23: 29 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222529
Q1 20233823
Q2 20233829

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ3 22 calls: $0Q3 22 puts: $14.7mQ3 22P/C —Q4 22 calls: $16.1kQ4 22 puts: $11.7mQ4 22P/C 725.00Q1 23 calls: $1.6mQ1 23 puts: $16.7mQ1 23P/C 10.14Q2 23 calls: $0Q2 23 puts: $0Q2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$14.7m—
Q4 2022$16.1k$11.7m725.00
Q1 2023$1.6m$16.7m10.14
Q2 2023$0$0—

Biggest buyers

DeepCurrents Investment Group LLC New +25,000,000+25.0m
MILLENNIUM MANAGEMENT LLC New +23,000,000+23.0m
Parallax Volatility Advisers, L.P. New +20,000,000+20.0m
Linden Advisors LP Added +18,713,000+18.7m
Radcliffe Capital Management, L.P. Added +17,500,000+17.5m
AVIVA PLC New +15,000,000+15.0m
Daiwa Securities Group Inc. Added +12,500,000+12.5m
D. E. Shaw & Co., Inc. Added +10,000,000+10.0m
Castle Creek Arbitrage, LLC Added +10,000,000+10.0m
BANK OF AMERICA CORP /DE/ Added +8,633,000+8.6m

Biggest sellers

T. Rowe Price Investment Management, Inc. Sold out -69,615,000-69.6m
Kohlberg Kravis Roberts & Co. L.P. Reduced -46,330,000-46.3m
Lodbrok Capital LLP Sold out -17,900,000-17.9m
LAZARD ASSET MANAGEMENT LLC Reduced -15,000,000-15.0m
FARALLON CAPITAL MANAGEMENT, L.L.C. Reduced -14,000,000-14.0m
BNP PARIBAS FINANCIAL MARKETS Reduced -12,491,000-12.5m
Nuveen Asset Management, LLC Sold out -10,000,000-10.0m
Point72 Asset Management, L.P. Sold out -10,000,000-10.0m
FMR LLC Reduced -5,550,000-5.5m
HighTower Advisors, LLC Sold out -5,310,000-5.3m

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.15% of their portfolio ATLANTA, GA 167,595,000167.6m $143.2m $143.2m 0.15% Reduced -910.0k -910,000
2 STEELHEAD PARTNERS LLC 7.23% of their portfolio SEATTLE, WA 134,000,000134.0m $114.1m $114.1m 7.23% Reduced -3.9m -3,913,000
3 CAMDEN ASSET MANAGEMENT L P /CA 3.64% of their portfolio Los Angeles, CA 123,637,000123.6m $105.0m $105.0m 3.64% Added +5.5m +5,500,000
4 Calamos Advisors LLC 0.32% of their portfolio NAPERVILLE, IL 75,000,00075.0m $63.9m $63.9m 0.32% Unchanged
5 Aequim Alternative Investments LP 1.87% of their portfolio MILL VALLEY, CA 58,049,00058.0m $49.6m $49.6m 1.87% Added +149.0k +149,000
6 BlackRock Inc. 0.00% of their portfolio New York, NY 51,555,00051.6m $43.8m $43.8m 0.00% Reduced -350.0k -350,000
7 TENOR CAPITAL MANAGEMENT Co., L.P. 0.82% of their portfolio NEW YORK, NY 46,200,00046.2m $39.3m $39.3m 0.82% Added +4.5m +4,500,000
8 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 39,845,00039.8m $34.0m $34.0m 0.00% Added +3.0m +2,984,000
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 37,955,00038.0m $32.3m $32.3m 0.00% Added +7.7m +7,650,000
10 OAKTREE CAPITAL MANAGEMENT LP 0.43% of their portfolio LOS ANGELES, CA 37,549,00037.5m $32.1m $32.1m 0.43% Reduced -1.7m -1,657,000
11 CANADA PENSION PLAN INVESTMENT BOARD 0.05% of their portfolio TORONTO ONTARIO, A6 36,000,00036.0m $30.6m $30.6m 0.05% Unchanged
12 Radcliffe Capital Management, L.P. 2.57% of their portfolio BALA CYNWYD, PA 35,555,00035.6m $30.2m $30.2m 2.57% Added +17.5m +17,500,000
13 Empyrean Capital Partners, LP 1.57% of their portfolio LOS ANGELES, CA 35,500,00035.5m $30.2m $30.2m 1.57% Added +2.5m +2,500,000
14 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 26,941,00026.9m $22.8m $22.8m 0.00% Reduced -1.1m -1,053,000
15 BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio PARIS, I0 25,013,00025.0m $21.2m $21.2m 0.04% Reduced -12.5m -12,491,000
16 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 25,000,00025.0m $21.4m $21.4m 0.03% Reduced -15.0m -15,000,000
17 DeepCurrents Investment Group LLC 0.91% of their portfolio NEW YORK, NY 25,000,00025.0m $21.3m $21.3m 0.91% New
18 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 23,000,00023.0m $19.6m $19.6m 0.02% New
19 Linden Advisors LP 0.19% of their portfolio New York, NY 21,130,00021.1m $18.0m $18.0m 0.19% Added +18.7m +18,713,000
20 Parallax Volatility Advisers, L.P. 0.58% of their portfolio San Francisco, CA 20,000,00020.0m $17.0m $17.0m 0.58% New
21 Opti Capital Management, LP 1.26% of their portfolio New York, NY 17,500,00017.5m $14.9m $14.9m 1.26% Added +2.5m +2,500,000
22 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.09% of their portfolio SAN FRANCISCO, CA 16,500,00016.5m $14.3m $14.3m 0.09% Reduced -14.0m -14,000,000
23 AVIVA PLC 0.05% of their portfolio LONDON, X0 15,000,00015.0m $12.7m $12.7m 0.05% New
24 Castle Creek Arbitrage, LLC 1.48% of their portfolio AVON, CO 14,000,00014.0m $11.9m $11.9m 1.48% Added +10.0m +10,000,000
25 Daiwa Securities Group Inc. 0.08% of their portfolio CHIYODA-KU,TOKYO, M0 13,500,00013.5m $11.5m $11.5m 0.08% Added +12.5m +12,500,000
26 PUTNAM INVESTMENTS LLC 0.02% of their portfolio BOSTON, MA 12,485,00012.5m $10.6m $10.6m 0.02% Added +648.0k +648,000
27 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 11,600,00011.6m $9.7m $9.7m 0.01% Added +5.8m +5,800,000
28 AQR Arbitrage LLC 0.42% of their portfolio Greenwich, CT 11,330,00011.3m $9.7m $9.7m 0.42% Reduced -50.0k -50,000
29 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 11,000,00011.0m $9.3m $9.3m 0.00% Added +6.0m +6,000,000
30 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 10,624,00010.6m $9.0m $9.0m 0.01% Added +10.0m +10,000,000
31 ONTARIO TEACHERS PENSION PLAN BOARD 0.09% of their portfolio Toronto, A6 10,000,00010.0m $8.6m $8.6m 0.09% Unchanged
32 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.18% of their portfolio CHICAGO, IL 10,000,00010.0m $8.5m $8.5m 0.18% Unchanged
33 WOLVERINE ASSET MANAGEMENT LLC 0.16% of their portfolio CHICAGO, IL 9,705,0009.7m $8.3m $8.3m 0.16% Added +7.7m +7,705,000
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 8,752,0008.8m $7.4m $7.4m 0.00% Added +8.6m +8,633,000
35 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 8,731,0008.7m $7.4m $7.4m 0.00% Added +895.0k +895,000
36 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 8,720,0008.7m $7.4m $7.4m 0.00% Added +1.9m +1,940,000
37 NorthCoast Asset Management LLC 0.10% of their portfolio STAMFORD, CT 7,850,0007.8m $6.7m $6.7m 0.10% New
38 Tetragon Partners GP Ltd 0.84% of their portfolio GRAND CAYMAN, E9 7,275,0007.3m $6.2m $6.2m 0.84% Unchanged
39 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 7,134,0007.1m $6.1m $6.1m 0.01% Added +7.1m +7,090,000
40 Ionic Capital Management LLC 2.34% of their portfolio NEW YORK, NY 6,800,0006.8m $5.8m $5.8m 2.34% Reduced -3.7m -3,700,000
41 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.70% of their portfolio Miamisburg, OH 6,000,0006.0m $5.1m $5.1m 0.70% Unchanged
42 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 6,000,0006.0m $5.1m $5.1m 0.01% Unchanged
43 Sculptor Capital LP 0.13% of their portfolio New York, NY 5,876,0005.9m $5.0m $5.0m 0.13% New
44 FMR LLC 0.00% of their portfolio BOSTON, MA 5,550,0005.5m $4.7m $4.7m 0.00% Reduced -5.5m -5,550,000
45 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 5,312,0005.3m $4.5m $4.5m 0.01% New
46 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 4,865,0004.9m $4.1m $4.1m 0.01% Reduced -71.0k -71,000
47 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4,421,0004.4m $3.8m $3.8m 0.00% Unchanged
48 Kohlberg Kravis Roberts & Co. L.P. 0.11% of their portfolio NEW YORK, NY 4,284,0004.3m $3.7m $3.7m 0.11% Reduced -46.3m -46,330,000
49 TD Asset Management Inc 0.00% of their portfolio Toronto, A6 4,003,0004.0m $3.4m $3.4m 0.00% Unchanged
50 Brandywine Global Investment Management, LLC 0.03% of their portfolio PHILADELPHIA, PA 4,000,0004.0m $3.4m $3.4m 0.03% Unchanged
51 Monashee Investment Management LLC 0.81% of their portfolio Boston, MA 4,000,0004.0m $3.4m $3.4m 0.81% New
52 WATER ISLAND CAPITAL LLC 0.28% of their portfolio NEW YORK, NY 3,500,0003.5m $3.0m $3.0m 0.28% Unchanged
53 Amundi 0.00% of their portfolio Paris, I0 3,400,0003.4m $2.9m $2.9m 0.00% Reduced -200.0k -200,000
54 Nicholas Investment Partners, LP 0.19% of their portfolio RANCHO SANTA FE, CA 3,300,0003.3m $2.8m $2.8m 0.19% Added +500.0k +500,000
55 Lombard Odier Asset Management (Europe) Ltd 0.14% of their portfolio LONDON, X0 3,300,0003.3m $2.8m $2.8m 0.14% Unchanged
56 Fiduciary Group, LLC 0.21% of their portfolio SAVANNAH, GA 2,005,0002.0m $1.7m $1.7m 0.21% Reduced -10.0k -10,000
57 READYSTATE ASSET MANAGEMENT LP 0.17% of their portfolio CHICAGO, IL 2,000,0002.0m $1.7m $1.7m 0.17% Unchanged
58 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,185,0001.2m $1.0m $1.0m 0.00% Added +1.1m +1,065,000
59 CQS (US), LLC 0.10% of their portfolio NEW YORK, NY 1,000,0001.0m $850.7k $850.7k 0.10% Unchanged
60 FLOSSBACH VON STORCH SE 0.00% of their portfolio COLOGNE, 2M 1,000,0001.0m $851.5k $851.5k 0.00% Reduced -3.5m -3,500,000
61 PALISADE CAPITAL MANAGEMENT, LP 0.02% of their portfolio FORT LEE, NJ 851,000851.0k $722.9k $722.9k 0.02% Reduced -899.0k -899,000
62 Liberty Mutual Group Asset Management Inc. 0.18% of their portfolio Boston, MA 825,000825.0k $700.8k $700.8k 0.18% Unchanged
63 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 777,000777.0k $661.5k $661.5k 0.01% New
64 RWC Asset Management LLP 0.02% of their portfolio LONDON, X0 400,000400.0k $340.8k $340.8k 0.02% Unchanged
65 Cutler Capital Management, LLC 0.13% of their portfolio WORCESTER, MA 330,000330.0k $280.3k $280.3k 0.13% Added +25.0k +25,000
66 Clearstead Advisors, LLC 0.01% of their portfolio CLEVELAND, OH 265,000265.0k $225.1k $225.1k 0.01% New
67 Oaktree Fund Advisors, LLC 0.09% of their portfolio LOS ANGLES, CA 131,000131.0k $111.9k $111.9k 0.09% Added +20.0k +20,000
68 LOOMIS SAYLES & CO L P 0.02% of their portfolio BOSTON, MA 77,43677.4k $12.4m $12.4m 0.02% Reduced -408 -408
69 Verition Fund Management LLC 0.31% of their portfolio GREENWICH, CT 22,99323.0k $19.6m $19.6m 0.31% Added +7.3k +7,285
70 K2 PRINCIPAL FUND, L.P. 3.53% of their portfolio TORONTO, A6 13,00013.0k $11.1m $11.1m 3.53% Unchanged
71 ZWJ INVESTMENT COUNSEL INC 0.00% of their portfolio Atlanta, GA 10,00010.0k $8.5k $8.5k 0.00% New
72 Candriam S.C.A. 0.02% of their portfolio STRASSEN, N4 3,3383.3k $2.8m $2.8m 0.02% Unchanged
73 Iron Gate Global Advisors LLC 0.05% of their portfolio NSL, UT 1,3371.3k $214.7k $214.7k 0.05% New
74 Alken Asset Management Ltd 0.02% of their portfolio LONDON, X0 800800 $681 $681 0.02% New
75 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged