Vault-13

UGI CORP NEW UGI 5 06.01.28

NOTE 5.000% 6/0 · US DOMESTIC · CUSIP 902681AB1

33 institutional holders -8 vs Q3 2025
49,403,36949.4m shares reported held*
$912.1mreported value*
5 new 11 added 7 reduced 15 sold out net sold ≈ $129.2m (+4.0m 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 ≈ $18.46.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 25: 47Q3 25: 41Q4 25: 3333Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q2 202547
Q3 202541
Q4 202533

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 25: 18 bought or addedQ3 25: 23 cut or sold outQ3 25Q4 25: 16 bought or addedQ4 25: 22 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 20251823
Q4 20251622

Biggest buyers

TENOR CAPITAL MANAGEMENT Co., L.P. Added +25,616,000+25.6m
Point72 Asset Management, L.P. Added +13,560,000+13.6m
BANK OF MONTREAL /CAN/ New +10,000,000+10.0m
ANGELO GORDON & CO., L.P. Added +7,000,000+7.0m
MILLENNIUM MANAGEMENT LLC Added +5,000,000+5.0m
JPMORGAN CHASE & CO New +3,917,000+3.9m
ADVENT CAPITAL MANAGEMENT /DE/ Added +2,500,000+2.5m
Aequim Alternative Investments LP Added +2,500,000+2.5m
Jain Global LLC Added +2,500,000+2.5m
BlackRock, Inc. Added +2,000,000+2.0m

Biggest sellers

WOLVERINE ASSET MANAGEMENT LLC Sold out -34,488,000-34.5m
TWO SIGMA INVESTMENTS, LP Reduced -27,500,000-27.5m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -27,500,000-27.5m
VOYA INVESTMENT MANAGEMENT LLC Reduced -14,255,000-14.3m
CITIGROUP INC Reduced -12,152,000-12.2m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Sold out -11,500,000-11.5m
Portman Square Capital LLP Reduced -10,000,000-10.0m
SUSQUEHANNA ADVISORS GROUP, INC. Sold out -10,000,000-10.0m
SHENKMAN CAPITAL MANAGEMENT INC Sold out -5,135,000-5.1m
GOLDMAN SACHS GROUP INC Sold out -5,000,000-5.0m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Aequim Alternative Investments LP 2.03% of their portfolio MILL VALLEY, CA 72,500,00072.5m $102.9m $102.9m 2.03% Added +2.5m +2,500,000
2 Point72 Asset Management, L.P. 0.16% of their portfolio STAMFORD, CT 72,143,00072.1m $102.4m $102.4m 0.16% Added +13.6m +13,560,000
3 TENOR CAPITAL MANAGEMENT Co., L.P. 1.22% of their portfolio NEW YORK, NY 60,616,00060.6m $86.3m $86.3m 1.22% Added +25.6m +25,616,000
4 Weiss Asset Management LP 1.21% of their portfolio BOSTON, MA 60,390,00060.4m $85.6m $85.6m 1.21% Not comparable
5 Portman Square Capital LLP 13.48% of their portfolio London, X0 54,714,00054.7m $77.7m $77.7m 13.48% Reduced -10.0m -10,000,000
6 MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 53,010,00053.0m $75.2m $75.2m 0.05% Added +5.0m +5,000,000
7 ANGELO GORDON & CO., L.P. 5.35% of their portfolio NEW YORK, NY 40,000,00040.0m $56.7m $56.7m 5.35% Added +7.0m +7,000,000
8 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 33,500,00033.5m $47.5m $47.5m 0.03% Reduced -4.8m -4,792,000
9 Alberta Investment Management Corp 0.25% of their portfolio EDMONTON, A0 30,000,00030.0m $42.5m $42.5m 0.25% Unchanged
10 Jain Global LLC 0.38% of their portfolio NEW YORK, NY 27,500,00027.5m $39.0m $39.0m 0.38% Added +2.5m +2,500,000
11 Calamos Advisors LLC 0.12% of their portfolio NAPERVILLE, IL 20,090,00020.1m $28.5m $28.5m 0.12% Added +21.0k +21,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 14,537,00014.5m $20.7m $20.7m 0.00% Added +850.0k +850,000
13 TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio NEW YORK, NY 14,085,00014.1m $20.0m $20.0m 0.03% Reduced -27.5m -27,500,000
14 Kohlberg Kravis Roberts & Co. L.P. 0.30% of their portfolio NEW YORK, NY 13,085,00013.1m $18.6m $18.6m 0.30% Unchanged
15 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 10,000,00010.0m $14.4m $14.4m 0.01% New
16 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 9,000,0009.0m $12.8m $12.8m 0.01% Unchanged
17 BlackRock, Inc. 0.00% of their portfolio New York, NY 8,800,0008.8m $12.5m $12.5m 0.00% Added +2.0m +2,000,000
18 ADVENT CAPITAL MANAGEMENT /DE/ 0.26% of their portfolio NEW YORK, NY 8,009,0008.0m $11.4m $11.4m 0.26% Added +2.5m +2,500,000
19 FMR LLC 0.00% of their portfolio BOSTON, MA 6,605,0006.6m $9.4m $9.4m 0.00% Unchanged
20 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 6,000,0006.0m $8.5m $8.5m 0.00% Unchanged
21 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 5,350,0005.3m $7.6m $7.6m 0.01% Reduced -335.0k -335,000
22 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,917,0003.9m $5.6m $5.6m 0.00% New
23 Nicholas Investment Partners, LP 0.34% of their portfolio RANCHO SANTA FE, CA 3,250,0003.2m $4.6m $4.6m 0.34% Unchanged
24 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 2,600,0002.6m $3.7m $3.7m 0.00% Unchanged
25 Lombard Odier Asset Management (Europe) Ltd 0.13% of their portfolio LONDON, X0 1,781,0001.8m $2.5m $2.5m 0.13% New
26 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,379,0001.4m $2.0m $2.0m 0.00% Reduced -12.2m -12,152,000
27 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 1,150,0001.1m $1.6m $1.6m 0.00% Reduced -14.3m -14,255,000
28 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 867,000867.0k $1.2m $1.2m 0.00% Reduced -296.0k -296,000
29 Ares Systematic Credit Ltd 0.58% of their portfolio LONDON, X0 500,000500.0k $711.8k $711.8k 0.58% First filing
30 SSI INVESTMENT MANAGEMENT LLC 0.03% of their portfolio Los Angeles, CA 266,000266.0k $376.9k $376.9k 0.03% Unchanged
31 LOOMIS SAYLES & CO L P 0.01% of their portfolio BOSTON, MA 253,369253.4k $9.5m $9.5m 0.01% Added +6.8k +6,811
32 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 150,000150.0k $212.9k $212.9k 0.00% New
33 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 40,00040.0k $56.7k $56.7k 0.03% New