Vault-13

SPOTIFY USA INC SPOT 0 03.15.26

NOTE 3/1 · US DOMESTIC · CUSIP 84921RAB6

71 institutional holders -12 vs Q1 2024
49,276,44749.3m shares reported held*
$1.6bnreported value*
8 new 17 added 20 reduced 21 sold out net bought ≈ $10.9m (-17.1m 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 ($10.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $31.80.

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 72Q4 22: 68Q1 23: 73Q2 23: 75Q3 23: 78Q4 23: 75Q1 24: 83Q2 24: 7171Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 202272
Q4 202268
Q1 202373
Q2 202375
Q3 202378
Q4 202375
Q1 202483
Q2 202471

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q4 22: 25 bought or addedQ4 22: 29 cut or sold outQ4 22Q1 23: 38 bought or addedQ1 23: 23 cut or sold outQ2 23: 38 bought or addedQ2 23: 29 cut or sold outQ2 23Q3 23: 31 bought or addedQ3 23: 24 cut or sold outQ4 23: 28 bought or addedQ4 23: 35 cut or sold outQ4 23Q1 24: 45 bought or addedQ1 24: 31 cut or sold outQ2 24: 25 bought or addedQ2 24: 41 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 20222529
Q1 20233823
Q2 20233829
Q3 20233124
Q4 20232835
Q1 20244531
Q2 20242541

Calls vs puts

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

CallsPuts
$0$1m$2m$3m$4mQ3 23 calls: $0Q3 23 puts: $0Q3 23P/C —Q4 23 calls: $0Q4 23 puts: $3.5mQ4 23P/C —Q1 24 calls: $0Q1 24 puts: $0Q1 24P/C —Q2 24 calls: $0Q2 24 puts: $0Q2 24P/C —
Numbers
QuarterCallsPutsP/C
Q3 2023$0$0—
Q4 2023$0$3.5m—
Q1 2024$0$0—
Q2 2024$0$0—

Biggest buyers

Linden Advisors LP Added +142,236,000+142.2m
D. E. Shaw & Co., Inc. Added +98,448,000+98.4m
BANK OF MONTREAL /CAN/ Added +74,490,000+74.5m
BlackRock Inc. Added +36,710,000+36.7m
ZAZOVE ASSOCIATES LLC Added +11,500,000+11.5m
Calamos Advisors LLC Added +9,810,000+9.8m
RWC Asset Management LLP Added +5,000,000+5.0m
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +4,500,000+4.5m
VOYA INVESTMENT MANAGEMENT LLC Added +3,415,000+3.4m
Man Group plc New +2,800,000+2.8m

Biggest sellers

Aequim Alternative Investments LP Sold out -65,590,000-65.6m
MORGAN STANLEY Reduced -49,809,000-49.8m
Sculptor Capital LP Sold out -40,416,000-40.4m
MILLENNIUM MANAGEMENT LLC Sold out -30,000,000-30.0m
READYSTATE ASSET MANAGEMENT LP Sold out -28,000,000-28.0m
STEELHEAD PARTNERS LLC Reduced -25,000,000-25.0m
LAZARD ASSET MANAGEMENT LLC Reduced -23,682,000-23.7m
WOLVERINE ASSET MANAGEMENT LLC Sold out -17,595,000-17.6m
BNP PARIBAS FINANCIAL MARKETS Reduced -16,799,000-16.8m
JPMORGAN CHASE & CO Reduced -14,502,000-14.5m

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 2.40% of their portfolio New York, NY 301,441,000301.4m $287.2m $287.2m 2.40% Added +142.2m +142,236,000
2 BANK OF MONTREAL /CAN/ 0.05% of their portfolio TORONTO, A6 175,887,000175.9m $167.9m $167.9m 0.05% Added +74.5m +74,490,000
3 VOYA INVESTMENT MANAGEMENT LLC 0.16% of their portfolio ATLANTA, GA 171,010,000171.0m $163.1m $163.1m 0.16% Added +3.4m +3,415,000
4 D. E. Shaw & Co., Inc. 0.19% of their portfolio New York, NY 144,248,000144.2m $137.5m $137.5m 0.19% Added +98.4m +98,448,000
5 CAMDEN ASSET MANAGEMENT L P /CA 3.22% of their portfolio Los Angeles, CA 111,942,000111.9m $106.5m $106.5m 3.22% Reduced -2.5m -2,500,000
6 BlackRock Inc. 0.00% of their portfolio New York, NY 109,730,000109.7m $104.4m $104.4m 0.00% Added +36.7m +36,710,000
7 STEELHEAD PARTNERS LLC 4.21% of their portfolio SEATTLE, WA 85,000,00085.0m $81.0m $81.0m 4.21% Reduced -25.0m -25,000,000
8 Calamos Advisors LLC 0.39% of their portfolio NAPERVILLE, IL 84,810,00084.8m $80.9m $80.9m 0.39% Added +9.8m +9,810,000
9 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 44,934,00044.9m $42.8m $42.8m 0.00% Reduced -14.5m -14,502,000
10 CANADA PENSION PLAN INVESTMENT BOARD 0.03% of their portfolio TORONTO ONTARIO, A6 36,000,00036.0m $34.3m $34.3m 0.03% Unchanged
11 DeepCurrents Investment Group LLC 1.38% of their portfolio NEW YORK, NY 35,900,00035.9m $34.2m $34.2m 1.38% Reduced -2.5m -2,500,000
12 LORD, ABBETT & CO. LLC 0.05% of their portfolio JERSEY CITY, NJ 34,354,00034.4m $32.7m $32.7m 0.05% Reduced -1.0m -1,034,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 31,555,00031.6m $30.0m $30.0m 0.00% Reduced -750.0k -750,000
14 Wellesley Asset Management 2.72% of their portfolio PORTSMOUTH, NH 26,804,18726.8m $25.7m $25.7m 2.72% Reduced -4.5m -4,533,813
15 AVIVA PLC 0.07% of their portfolio LONDON, X0 25,000,00025.0m $23.8m $23.8m 0.07% Reduced -1.5m -1,500,000
16 Parallax Volatility Advisers, L.P. 0.53% of their portfolio San Francisco, CA 22,000,00022.0m $20.9m $20.9m 0.53% Unchanged
17 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 20,739,00020.7m $19.7m $19.7m 0.00% Reduced -49.8m -49,809,000
18 LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 14,318,00014.3m $13.7m $13.7m 0.02% Reduced -23.7m -23,682,000
19 ZAZOVE ASSOCIATES LLC 0.66% of their portfolio INCLINE VILLAGE, NV 11,998,00012.0m $11.4m $11.4m 0.66% Added +11.5m +11,500,000
20 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11,368,00011.4m $10.8m $10.8m 0.00% Added +1.9m +1,912,000
21 Verition Fund Management LLC 0.08% of their portfolio GREENWICH, CT 11,311,00011.3m $10.8m $10.8m 0.08% Reduced -788.0k -788,000
22 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.27% of their portfolio CHICAGO, IL 10,000,00010.0m $9.4m $9.4m 0.27% Unchanged
23 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 9,244,0009.2m $8.8m $8.8m 0.01% Reduced -16.8m -16,799,000
24 RWC Asset Management LLP 0.57% of their portfolio LONDON, X0 8,500,0008.5m $8.1m $8.1m 0.57% Added +5.0m +5,000,000
25 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 7,492,8007.5m $7.1m $7.1m 0.00% Added +1.1m +1,100,800
26 SSI INVESTMENT MANAGEMENT LLC 0.44% of their portfolio Los Angeles, CA 6,047,0006.0m $5.8m $5.8m 0.44% Added +243.0k +243,000
27 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.83% of their portfolio Miamisburg, OH 6,000,0006.0m $5.7m $5.7m 0.83% Unchanged
28 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 5,980,0006.0m $5.7m $5.7m 0.00% Added +205.0k +205,000
29 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 5,800,0005.8m $5.5m $5.5m 0.01% Reduced -4.0m -4,000,000
30 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 5,770,0005.8m $5.5m $5.5m 0.00% Reduced -575.0k -575,000
31 MIZUHO SECURITIES USA LLC 0.11% of their portfolio NEW YORK, NY 5,250,0005.2m $5.0m $5.0m 0.11% Added +250.0k +250,000
32 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 4,500,0004.5m $4.3m $4.3m 0.01% New
33 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 4,500,0004.5m $4.3m $4.3m 0.00% Unchanged
34 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,805,0003.8m $3.6m $3.6m 0.00% Added +1.3m +1,325,000
35 WATER ISLAND CAPITAL LLC 0.35% of their portfolio NEW YORK, NY 3,500,0003.5m $3.3m $3.3m 0.35% Unchanged
36 Nicholas Investment Partners, LP 0.33% of their portfolio RANCHO SANTA FE, CA 3,300,0003.3m $3.1m $3.1m 0.33% Unchanged
37 TD Asset Management Inc 0.00% of their portfolio Toronto, A6 3,010,0003.0m $2.9m $2.9m 0.00% Unchanged
38 Man Group plc 0.01% of their portfolio LONDON, X0 2,800,0002.8m $2.7m $2.7m 0.01% New
39 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 2,146,0002.1m $2.0m $2.0m 0.00% Reduced -7.9m -7,941,000
40 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,107,0002.1m $2.0m $2.0m 0.00% Added +1.5m +1,466,000
41 Fiduciary Group, LLC 0.20% of their portfolio SAVANNAH, GA 1,930,0001.9m $1.8m $1.8m 0.20% Reduced -15.0k -15,000
42 Kohlberg Kravis Roberts & Co. L.P. 0.05% of their portfolio NEW YORK, NY 1,800,0001.8m $1.7m $1.7m 0.05% Added +153.0k +153,000
43 CQS (US), LLC 0.39% of their portfolio NEW YORK, NY 1,500,0001.5m $1.4m $1.4m 0.39% Unchanged
44 Lombard Odier Asset Management (Europe) Ltd 0.07% of their portfolio LONDON, X0 1,423,0001.4m $1.4m $1.4m 0.07% New
45 Amundi 0.00% of their portfolio Paris, I0 1,075,0001.1m $1.0m $1.0m 0.00% New
46 FLOSSBACH VON STORCH SE 0.00% of their portfolio COLOGNE, 2M 1,000,0001.0m $953.5k $953.5k 0.00% Unchanged
47 DNCA FINANCE 0.07% of their portfolio PARIS, I0 900,000900.0k $857.9k $857.9k 0.07% First filing
48 Liberty Mutual Group Asset Management Inc. 0.06% of their portfolio Boston, MA 425,000425.0k $404.4k $404.4k 0.06% Unchanged
49 Central Pacific Bank - Trust Division 0.04% of their portfolio HONOLULU, HI 334,000334.0k $317.8k $317.8k 0.04% Unchanged
50 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 300,000300.0k $285.3k $285.3k 0.00% Unchanged
51 Cutler Capital Management, LLC 0.11% of their portfolio WORCESTER, MA 290,000290.0k $275.9k $275.9k 0.11% Unchanged
52 Clearstead Advisors, LLC 0.00% of their portfolio CLEVELAND, OH 225,000225.0k $214.1k $214.1k 0.00% Reduced -20.0k -20,000
53 KBC Group NV 0.00% of their portfolio Brussels, C9 100,000100.0k $95.0k $95.0k 0.00% New
54 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 86,00086.0k $81.8k $81.8k 0.00% Unchanged
55 FIRST HAWAIIAN BANK 0.00% of their portfolio HONOLULU, HI 85,00085.0k $80.9k $80.9k 0.00% Reduced -45.0k -45,000
56 Virtus Investment Advisers, LLC 0.04% of their portfolio HARTFORD, CT 52,00052.0k $49.5k $49.5k 0.04% Unchanged
57 LOOMIS SAYLES & CO L P 0.02% of their portfolio BOSTON, MA 50,44750.4k $15.8m $15.8m 0.02% Reduced -24.6k -24,563
58 CSS LLC/IL 0.00% of their portfolio CHICAGO, IL 33,00033.0k $31.5k $31.5k 0.00% Unchanged
59 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.02% of their portfolio SALINE, MI 32,00032.0k $30.0k $30.0k 0.02% Unchanged
60 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 28,00028.0k $26.6k $26.6k 0.00% New
61 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 25,00025.0k $23.8k $23.8k 0.00% Unchanged
62 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 18,00018.0k $17.1k $17.1k 0.00% New
63 BRIGHTON JONES LLC 0.00% of their portfolio SEATTLE, WA 15,00015.0k $14.3k $14.3k 0.00% Unchanged
64 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 15,00015.0k $14.3k $14.3k 0.00% Reduced -15 -15
65 FIDELIS CAPITAL PARTNERS, LLC 0.00% of their portfolio TAMPA, FL 15,00015.0k $14.5k $14.5k 0.00% Unchanged
66 ZWJ INVESTMENT COUNSEL INC 0.00% of their portfolio Atlanta, GA 10,00010.0k $9.5k $9.5k 0.00% Unchanged
67 COMERICA BANK 0.00% of their portfolio DALLAS, TX 6,0006.0k $5.7k $5.7k 0.00% Unchanged
68 Candriam S.C.A. 0.03% of their portfolio STRASSEN, N4 5,0005.0k $4.8m $4.8m 0.03% Added +3.0k +3,000
69 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 3,0003.0k $2.9k $2.9k 0.00% New
70 Chicago Capital Management, LLC 0.74% of their portfolio CHICAGO, IL 1,0001.0k $953.2k $953.2k 0.74% Unchanged
71 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged