Vault-13

2U INC TWOU 2.25 05.01.25

NOTE 2.250% 5/0 · US DOMESTIC · CUSIP 90214JAB7

32 institutional holders -2 vs Q1 2023
7,946,0007.9m shares reported held*
$182.3mreported value*
2 new 7 added 9 reduced 4 sold out net sold ≈ $6.8m (-1.6m 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 ($4.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.57.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 32Q4 22: 31Q1 23: 34Q2 23: 3232Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202232
Q4 202231
Q1 202334
Q2 202332

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q4 22: 11 bought or addedQ4 22: 14 cut or sold outQ4 22Q1 23: 15 bought or addedQ1 23: 17 cut or sold outQ1 23Q2 23: 9 bought or addedQ2 23: 13 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221114
Q1 20231517
Q2 2023913

Biggest buyers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +10,200,000+10.2m
Mudrick Capital Management, L.P. Added +9,500,000+9.5m
Walleye Capital LLC Added +7,925,000+7.9m
CAPSTONE INVESTMENT ADVISORS, LLC Added +4,500,000+4.5m
AGF MANAGEMENT LTD New +3,425,000+3.4m
BARINGS LLC New +3,000,000+3.0m
STATE STREET CORP Added +2,000,000+2.0m
DeepCurrents Investment Group LLC Added +1,000,000+1.0m
Verition Fund Management LLC Added +538+538

Biggest sellers

Beach Point Capital Management LP Sold out -21,881,000-21.9m
LAZARD ASSET MANAGEMENT LLC Reduced -8,625,000-8.6m
OAKTREE CAPITAL MANAGEMENT LP Sold out -6,832,000-6.8m
Hudson Bay Capital Management LP Reduced -5,322,000-5.3m
AMERIPRISE FINANCIAL INC Reduced -3,000,000-3.0m
WOLVERINE ASSET MANAGEMENT LLC Reduced -2,000,000-2.0m
JANE STREET GROUP, LLC Reduced -1,600,000-1.6m
Russell Investments Group, Ltd. Sold out -1,543,000-1.5m
FMR LLC Reduced -541,000-541.0k
BlackRock Inc. Reduced -400,000-400.0k

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Greenvale Capital LLP 2.86% of their portfolio LONDON, X0 57,500,00057.5m $37.8m $37.8m 2.86% Unchanged
2 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 29,750,00029.8m $19.3m $19.3m 0.01% Reduced -3.0m -3,000,000
3 DeepCurrents Investment Group LLC 0.68% of their portfolio NEW YORK, NY 23,688,00023.7m $15.7m $15.7m 0.68% Added +1.0m +1,000,000
4 Mudrick Capital Management, L.P. 5.53% of their portfolio NEW YORK, NY 21,705,00021.7m $14.2m $14.2m 5.53% Added +9.5m +9,500,000
5 CAPSTONE INVESTMENT ADVISORS, LLC 0.28% of their portfolio NEW YORK, NY 14,600,00014.6m $9.6m $9.6m 0.28% Added +4.5m +4,500,000
6 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 14,270,00014.3m $9.3m $9.3m 0.01% Added +10.2m +10,200,000
7 Walleye Capital LLC 0.15% of their portfolio NEW YORK, NY 12,785,00012.8m $8.4m $8.4m 0.15% Added +7.9m +7,925,000
8 LMR Partners LLP 0.15% of their portfolio LONDON, X0 9,900,0009.9m $6.6m $6.6m 0.15% Unchanged
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 9,416,0009.4m $6.3m $6.3m 0.00% Added +2.0m +2,000,000
10 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 9,000,0009.0m $5.8m $5.8m 0.00% Unchanged
11 AQR Arbitrage LLC 0.25% of their portfolio Greenwich, CT 8,900,0008.9m $5.9m $5.9m 0.25% Reduced -50.0k -50,000
12 GABELLI FUNDS LLC 0.04% of their portfolio Rye, NY 8,400,0008.4m $5.6m $5.6m 0.04% Unchanged
13 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 7,946,0007.9m $5.3m $5.3m 0.01% Reduced -1.6m -1,600,000
14 Tetragon Partners GP Ltd 0.54% of their portfolio GRAND CAYMAN, E9 6,000,0006.0m $4.0m $4.0m 0.54% Unchanged
15 Hudson Bay Capital Management LP 0.04% of their portfolio STAMFORD, CT 5,322,0005.3m $3.5m $3.5m 0.04% Reduced -5.3m -5,322,000
16 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 5,000,0005.0m $3.3m $3.3m 0.00% Unchanged
17 AGF MANAGEMENT LTD 0.02% of their portfolio TORONTO, A6 3,425,0003.4m $2.2m $2.2m 0.02% New
18 BARINGS LLC 0.07% of their portfolio CHARLOTTE, NC 3,000,0003.0m $2.0m $2.0m 0.07% New
19 WOLVERINE ASSET MANAGEMENT LLC 0.04% of their portfolio CHICAGO, IL 3,000,0003.0m $2.0m $2.0m 0.04% Reduced -2.0m -2,000,000
20 Delphi Financial Group, Inc. 0.93% of their portfolio Wilmington, DE 2,821,0002.8m $1.8m $1.8m 0.93% Unchanged
21 BlackRock Inc. 0.00% of their portfolio New York, NY 2,139,0002.1m $1.4m $1.4m 0.00% Reduced -400.0k -400,000
22 Teton Advisors, Inc. 0.20% of their portfolio Rye, NY 1,100,0001.1m $734.4k $734.4k 0.20% Unchanged
23 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,028,0001.0m $670.8k $670.8k 0.00% Unchanged
24 FMR LLC 0.00% of their portfolio BOSTON, MA 541,000541.0k $351.1k $351.1k 0.00% Reduced -541.0k -541,000
25 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 400,000400.0k $267.0k $267.0k 0.00% Unchanged
26 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 219,691219.7k $8.5k $8.5k 0.00% Unchanged
27 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 115,000115.0k $77.1k $77.1k 0.00% Unchanged
28 Context Capital Management, LLC 0.86% of their portfolio LAJOLLA, CA 14,37214.4k $9.5m $9.5m 0.86% Reduced -8.2k -8,200
29 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 14,00014.0k $9.1k $9.1k 0.00% Unchanged
30 Verition Fund Management LLC 0.08% of their portfolio GREENWICH, CT 7,4697.5k $4.9m $4.9m 0.08% Added +538 +538
31 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged
32 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 00 $659.0k $659.0k 0.00% Reduced -8.6m -8,625,000