Vault-13

UNITED STATES STL CORP X 5 11.01.26

NOTE 5.000%11/0 · US DOMESTIC · CUSIP 912909AT5

37 institutional holders -3 vs Q3 2023
19,131,99319.1m shares reported held*
$1.3bnreported value*
11 new 12 added 7 reduced 14 sold out net bought ≈ $20.7m (+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 ($3.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $66.03.

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 35Q4 22: 38Q1 23: 40Q2 23: 39Q3 23: 40Q4 23: 3737Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 202235
Q4 202238
Q1 202340
Q2 202339
Q3 202340
Q4 202337

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 17 bought or addedQ4 22: 16 cut or sold outQ4 22Q1 23: 18 bought or addedQ1 23: 15 cut or sold outQ1 23Q2 23: 14 bought or addedQ2 23: 20 cut or sold outQ2 23Q3 23: 20 bought or addedQ3 23: 21 cut or sold outQ3 23Q4 23: 23 bought or addedQ4 23: 21 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221716
Q1 20231815
Q2 20231420
Q3 20232021
Q4 20232321

Biggest buyers

Linden Advisors LP Added +39,058,000+39.1m
Polar Asset Management Partners Inc. Added +15,112,000+15.1m
SONA ASSET MANAGEMENT (US) LLC New +13,000,000+13.0m
MILLENNIUM MANAGEMENT LLC New +9,700,000+9.7m
Warberg Asset Management LLC New +6,552,000+6.6m
Elequin Capital, LP New +5,250,000+5.2m
CAPSTONE INVESTMENT ADVISORS, LLC Added +5,000,000+5.0m
Point72 Asset Management, L.P. Added +4,615,000+4.6m
Skaana Management L.P. Added +3,905,000+3.9m
Paloma Partners Management Co New +910,000+910.0k

Biggest sellers

III Capital Management Sold out -17,000,000-17.0m
MOORE CAPITAL MANAGEMENT, LP Sold out -16,858,000-16.9m
TWO SIGMA INVESTMENTS, LP Sold out -13,612,000-13.6m
LAZARD ASSET MANAGEMENT LLC Sold out -10,000,000-10.0m
Aequim Alternative Investments LP Sold out -10,000,000-10.0m
AQR Arbitrage LLC Sold out -9,575,000-9.6m
Balyasny Asset Management L.P. Reduced -5,000,000-5.0m
Mint Tower Capital Management B.V. Sold out -5,000,000-5.0m
D. E. Shaw & Co., Inc. Reduced -2,574,000-2.6m
NOMURA HOLDINGS INC Sold out -1,725,554-1.7m

Holders, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 2.39% of their portfolio New York, NY 69,058,00069.1m $251.3m $251.3m 2.39% Added +39.1m +39,058,000
2 Polar Asset Management Partners Inc. 4.92% of their portfolio TORONTO, A6 49,912,00049.9m $181.6m $181.6m 4.92% Added +15.1m +15,112,000
3 D. E. Shaw & Co., Inc. 0.26% of their portfolio New York, NY 48,877,00048.9m $177.8m $177.8m 0.26% Reduced -2.6m -2,574,000
4 TENOR CAPITAL MANAGEMENT Co., L.P. 1.62% of their portfolio NEW YORK, NY 25,000,00025.0m $91.2m $91.2m 1.62% Unchanged
5 CAPSTONE INVESTMENT ADVISORS, LLC 1.48% of their portfolio NEW YORK, NY 23,500,00023.5m $85.5m $85.5m 1.48% Added +5.0m +5,000,000
6 SONA ASSET MANAGEMENT (US) LLC 4.36% of their portfolio NEW YORK, NY 13,000,00013.0m $47.3m $47.3m 4.36% New
7 JANE STREET GROUP, LLC 0.05% of their portfolio NEW YORK, NY 10,739,00010.7m $39.0m $39.0m 0.05% Added +253.0k +253,000
8 LMR Partners LLP 0.96% of their portfolio LONDON, X0 10,534,00010.5m $38.3m $38.3m 0.96% Unchanged
9 Balyasny Asset Management L.P. 0.10% of their portfolio Chicago, IL 10,000,00010.0m $36.4m $36.4m 0.10% Reduced -5.0m -5,000,000
10 Alberta Investment Management Corp 0.34% of their portfolio EDMONTON, A0 10,000,00010.0m $36.5m $36.5m 0.34% Unchanged
11 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 9,700,0009.7m $35.3m $35.3m 0.03% New
12 Point72 Asset Management, L.P. 0.11% of their portfolio STAMFORD, CT 9,615,0009.6m $35.0m $35.0m 0.11% Added +4.6m +4,615,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 7,858,0007.9m $28.6m $28.6m 0.00% Reduced -1.7m -1,700,000
14 Thrivent Financial for Lutherans 0.06% of their portfolio Minneapolis, MN 7,705,0007.7m $28.0m $28.0m 0.06% Added +685.0k +685,000
15 Warberg Asset Management LLC 7.17% of their portfolio WINNETKA, IL 6,552,0006.6m $23.8m $23.8m 7.17% New
16 Elequin Capital, LP 5.76% of their portfolio NEW YORK, NY 5,250,0005.2m $19.1m $19.1m 5.76% New
17 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 5,054,0005.1m $18.4m $18.4m 0.02% Reduced -1.7m -1,706,000
18 Skaana Management L.P. 3.39% of their portfolio BROOKLYN, NY 3,995,0004.0m $14.5m $14.5m 3.39% Added +3.9m +3,905,000
19 FMR LLC 0.00% of their portfolio BOSTON, MA 2,830,0002.8m $10.3m $10.3m 0.00% Unchanged
20 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,740,0002.7m $10.0m $10.0m 0.00% Reduced -1.4m -1,400,000
21 BlackRock Inc. 0.00% of their portfolio New York, NY 2,532,0002.5m $9.2m $9.2m 0.00% Added +175.0k +175,000
22 Paloma Partners Management Co 0.55% of their portfolio GREENWICH, CT 910,000910.0k $3.3m $3.3m 0.55% New
23 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 836,000836.0k $3.0m $3.0m 0.00% Unchanged
24 NOMURA HOLDINGS INC 0.29% of their portfolio TOKYO, M0 672,993673.0k $32.7m $32.7m 0.29% New
25 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 501,000501.0k $1.8m $1.8m 0.00% Added +1.0k +1,000
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 414,000414.0k $1.5m $1.5m 0.00% Added +20.0k +20,000
27 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 400,000400.0k $623.7k $623.7k 0.00% Unchanged
28 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 256,000256.0k $927.5k $927.5k 0.00% Added +237.0k +237,000
29 Sculptor Capital LP 0.02% of their portfolio New York, NY 250,000250.0k $909.4k $909.4k 0.02% New
30 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 200,000200.0k $727.5k $727.5k 0.00% Reduced -353.0k -353,000
31 PALISADE CAPITAL MANAGEMENT, LP 0.01% of their portfolio FORT LEE, NJ 141,000141.0k $512.8k $512.8k 0.01% Reduced -250.0k -250,000
32 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 55,00055.0k $200.0k $200.0k 0.00% New
33 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 29,00029.0k $105.5k $105.5k 0.00% New
34 Virtus Investment Advisers, LLC 0.03% of their portfolio HARTFORD, CT 12,00012.0k $43.6k $43.6k 0.03% New
35 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 3,0003.0k $10.9k $10.9k 0.00% Added +2.0k +2,000
36 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 2,0002.0k $7.3k $7.3k 0.00% New
37 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged