Vault-13

TELADOC HEALTH INC TDOC 1.25 06.01.27

NOTE 1.250% 6/0 · US DOMESTIC · CUSIP 87918AAF2

57 institutional holders +2 vs Q1 2025
9,766,0009.8m shares reported held*
$978.6mreported value*
4 new 12 added 15 reduced 1 sold out net sold ≈ $82.2m (-1.8m 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 ($2.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $100.46.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 63Q4 22: 69Q1 23: 68Q2 23: 67Q3 23: 67Q4 23: 73Q1 24: 64Q2 24: 68Q3 24: 62Q4 24: 58Q1 25: 55Q2 25: 5757Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202263
Q4 202269
Q1 202368
Q2 202367
Q3 202367
Q4 202373
Q1 202464
Q2 202468
Q3 202462
Q4 202458
Q1 202555
Q2 202557

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 24 bought or addedQ3 23: 26 cut or sold outQ4 23: 31 bought or addedQ4 23: 22 cut or sold outQ4 23Q1 24: 20 bought or addedQ1 24: 29 cut or sold outQ2 24: 24 bought or addedQ2 24: 24 cut or sold outQ2 24Q3 24: 21 bought or addedQ3 24: 34 cut or sold outQ4 24: 20 bought or addedQ4 24: 23 cut or sold outQ4 24Q1 25: 20 bought or addedQ1 25: 24 cut or sold outQ2 25: 16 bought or addedQ2 25: 16 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232426
Q4 20233122
Q1 20242029
Q2 20242424
Q3 20242134
Q4 20242023
Q1 20252024
Q2 20251616

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ3 24 calls: $0Q3 24 puts: $4.3mQ3 24P/C —Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$0$4.3m—
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$0$0—

Biggest buyers

TENOR CAPITAL MANAGEMENT Co., L.P. Added +26,507,000+26.5m
CAMDEN ASSET MANAGEMENT L P /CA Added +18,500,000+18.5m
OAKTREE CAPITAL MANAGEMENT LP Added +14,984,000+15.0m
D. E. Shaw & Co., Inc. Added +14,959,000+15.0m
Opti Capital Management, LP Added +14,000,000+14.0m
ROYAL BANK OF CANADA Added +4,452,000+4.5m
Radcliffe Capital Management, L.P. Added +3,750,000+3.8m
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS New +3,750,000+3.8m
JPMORGAN CHASE & CO Added +1,500,000+1.5m
Russell Investments Group, Ltd. Added +1,445,000+1.4m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -99,945,000-99.9m
BNP PARIBAS FINANCIAL MARKETS Reduced -49,998,000-50.0m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -13,534,000-13.5m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -11,790,000-11.8m
WELLS FARGO & COMPANY/MN Reduced -4,770,000-4.8m
WELLINGTON MANAGEMENT GROUP LLP Reduced -4,615,000-4.6m
OFI INVEST ASSET MANAGEMENT Sold out -3,100,000-3.1m
NEW YORK STATE COMMON RETIREMENT FUND Reduced -2,408,000-2.4m
STATE STREET CORP Reduced -1,050,000-1.1m
BlackRock, Inc. Reduced -800,000-800.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Opti Capital Management, LP 7.44% of their portfolio New York, NY 141,720,000141.7m $131.1m $131.1m 7.44% Added +14.0m +14,000,000
2 TENOR CAPITAL MANAGEMENT Co., L.P. 1.62% of their portfolio NEW YORK, NY 130,000,000130.0m $120.4m $120.4m 1.62% Added +26.5m +26,507,000
3 Linden Advisors LP 0.61% of their portfolio New York, NY 108,153,000108.2m $99.9m $99.9m 0.61% Unchanged
4 VOYA INVESTMENT MANAGEMENT LLC 0.09% of their portfolio ATLANTA, GA 99,945,00099.9m $92.4m $92.4m 0.09% Reduced -99.9m -99,945,000
5 Radcliffe Capital Management, L.P. 6.64% of their portfolio BALA CYNWYD, PA 94,750,00094.8m $87.2m $87.2m 6.64% Added +3.8m +3,750,000
6 D. E. Shaw & Co., Inc. 0.07% of their portfolio New York, NY 80,796,00080.8m $74.7m $74.7m 0.07% Added +15.0m +14,959,000
7 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 43,000,00043.0m $39.7m $39.7m 0.05% Unchanged
8 OAKTREE CAPITAL MANAGEMENT LP 0.56% of their portfolio LOS ANGELES, CA 30,338,00030.3m $28.1m $28.1m 0.56% Added +15.0m +14,984,000
9 CAMDEN ASSET MANAGEMENT L P /CA 0.63% of their portfolio Los Angeles, CA 29,066,00029.1m $26.7m $26.7m 0.63% Added +18.5m +18,500,000
10 ADVENT CAPITAL MANAGEMENT /DE/ 0.58% of their portfolio NEW YORK, NY 28,355,00028.4m $26.2m $26.2m 0.58% Reduced -11.8m -11,790,000
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 18,981,00019.0m $17.5m $17.5m 0.00% Reduced -1.1m -1,050,000
12 Calamos Advisors LLC 0.06% of their portfolio NAPERVILLE, IL 16,250,00016.2m $15.0m $15.0m 0.06% Unchanged
13 MacKay Shields LLC 0.46% of their portfolio New York, NY 15,539,00015.5m $14.4m $14.4m 0.46% Unchanged
14 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 12,996,00013.0m $12.0m $12.0m 0.00% Reduced -4.6m -4,615,000
15 ARISTEIA CAPITAL, L.L.C. 0.26% of their portfolio GREENWICH, CT 10,000,00010.0m $9.2m $9.2m 0.26% Unchanged
16 BlackRock, Inc. 0.00% of their portfolio New York, NY 9,590,0009.6m $8.8m $8.8m 0.00% Reduced -800.0k -800,000
17 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 8,904,0008.9m $8.2m $8.2m 0.00% Added +4.5m +4,452,000
18 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 8,141,0008.1m $7.5m $7.5m 0.00% Reduced -4.8m -4,770,000
19 FMR LLC 0.00% of their portfolio BOSTON, MA 6,119,0006.1m $5.6m $5.6m 0.00% Unchanged
20 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 6,074,0006.1m $5.6m $5.6m 0.01% Added +1.4m +1,445,000
21 Kohlberg Kravis Roberts & Co. L.P. 0.11% of their portfolio NEW YORK, NY 5,918,0005.9m $5.5m $5.5m 0.11% Unchanged
22 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 5,831,0005.8m $5.4m $5.4m 0.01% Reduced -2.4m -2,408,000
23 PALISADE CAPITAL MANAGEMENT, LP 0.15% of their portfolio FORT LEE, NJ 5,700,0005.7m $5.3m $5.3m 0.15% Unchanged
24 AVIVA PLC 0.01% of their portfolio LONDON, X0 5,260,0005.3m $4.8m $4.8m 0.01% Reduced -200.0k -200,000
25 SHENKMAN CAPITAL MANAGEMENT INC 0.48% of their portfolio NEW YORK, NY 5,235,0005.2m $4.9m $4.9m 0.48% Reduced -13.5m -13,534,000
26 PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 0.29% of their portfolio EDINA, MN 5,072,0005.1m $4.7m $4.7m 0.29% Added +40.0k +40,000
27 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 4,188,0004.2m $3.9m $3.9m 0.01% Unchanged
28 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio HARRISBURG, PA 3,750,0003.8m $3.4m $3.4m 0.02% New
29 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,900,0002.9m $2.7m $2.7m 0.00% Unchanged
30 Quarry LP 0.59% of their portfolio NEW YORK, NY 2,750,0002.8m $2.5m $2.5m 0.59% Reduced -400.0k -400,000
31 SSI INVESTMENT MANAGEMENT LLC 0.16% of their portfolio Los Angeles, CA 2,396,0002.4m $2.2m $2.2m 0.16% Unchanged
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,630,0001.6m $1.5m $1.5m 0.00% Added +1.5m +1,500,000
33 SGL Investment Advisors, Inc. 0.62% of their portfolio MISSOULA, MT 1,405,0001.4m $1.3m $1.3m 0.62% Reduced -10.0k -10,000
34 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 662,000662.0k $610.9k $610.9k 0.00% Reduced -329.0k -329,000
35 BLAIR WILLIAM & CO/IL 0.00% of their portfolio CHICAGO, IL 525,000525.0k $482.9k $482.9k 0.00% Unchanged
36 Amundi 0.00% of their portfolio Paris, I0 273,000273.0k $251.5k $251.5k 0.00% Unchanged
37 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 173,000173.0k $159.1k $159.1k 0.00% New
38 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 146,000146.0k $134.3k $134.3k 0.00% Unchanged
39 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 128,000128.0k $118.1k $118.1k 0.00% Reduced -273.0k -273,000
40 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 124,000124.0k $114.1k $114.1k 0.00% Unchanged
41 Context Capital Management, LLC 3.38% of their portfolio LAJOLLA, CA 108,000108.0k $99.9m $99.9m 3.38% Added +18.0k +18,000
42 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 90,00090.0k $82.8k $82.8k 0.00% Unchanged
43 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 70,00070.0k $64.7k $64.7k 0.00% Unchanged
44 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 40,00040.0k $36.7k $36.7k 0.00% Unchanged
45 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 27,00027.0k $24.9k $24.9k 0.00% New
46 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 24,00024.0k $22.1k $22.1k 0.00% Reduced -50.0m -49,998,000
47 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 24,00024.0k $22.1k $22.1k 0.00% New
48 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 22,00022.0k $20.2k $20.2k 0.00% Unchanged
49 Fox Hill Wealth Management 0.01% of their portfolio DEDHAM, MA 21,00021.0k $19.3k $19.3k 0.01% Unchanged
50 Oaktree Fund Advisors, LLC 0.03% of their portfolio LOS ANGLES, CA 17,00017.0k $15.7k $15.7k 0.03% Unchanged
51 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 14,00014.0k $12.8k $12.8k 0.00% Unchanged
52 Financial Perspectives, Inc 0.00% of their portfolio MINNEAPOLIS, MN 10,00010.0k $9.2k $9.2k 0.00% Unchanged
53 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 8,5008.5k $784.0k $784.0k 0.00% Added +500 +500
54 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 5,0005.0k $4.6k $4.6k 0.00% Unchanged
55 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,0001.0k $920 $920 0.00% Reduced -32.0k -32,000
56 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 11 $919 $919 0.00% Unchanged
57 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged