Vault-13

UPWORK INC UPWK 0.25 08.15.26

NOTE 0.250% 8/1 · US DOMESTIC · CUSIP 91688FAB0

34 institutional holders +0 vs Q1 2023
28,163,00028.2m shares reported held*
$276.8mreported value*
3 new 6 added 6 reduced 3 sold out net bought ≈ $633.2k (+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. Holder counts are more reliable. Implied quarter-end price ≈ $9.83.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 46Q4 22: 42Q1 23: 34Q2 23: 3434Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202246
Q4 202242
Q1 202334
Q2 202334

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 8 bought or addedQ4 22: 20 cut or sold outQ4 22Q1 23: 7 bought or addedQ1 23: 23 cut or sold outQ1 23Q2 23: 9 bought or addedQ2 23: 9 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022820
Q1 2023723
Q2 202399

Biggest buyers

Linden Advisors LP New +5,161,000+5.2m
STEELHEAD PARTNERS LLC Added +5,000,000+5.0m
Jefferies Financial Group Inc. New +1,722,000+1.7m
TORONTO DOMINION BANK Added +1,500,000+1.5m
TENOR CAPITAL MANAGEMENT Co., L.P. New +700,000+700.0k
SILVERBACK ASSET MANAGEMENT LLC Added +555,000+555.0k
PUTNAM INVESTMENTS LLC Added +80,000+80.0k
JPMORGAN CHASE & CO Added +5,000+5.0k
Context Capital Management, LLC Added +2,000+2.0k

Biggest sellers

LAZARD ASSET MANAGEMENT LLC Reduced -7,306,000-7.3m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -2,500,000-2.5m
STATE STREET CORP Reduced -1,700,000-1.7m
BANK OF AMERICA CORP /DE/ Sold out -1,055,000-1.1m
BlackRock Inc. Reduced -475,000-475.0k
GOLDMAN SACHS GROUP INC Reduced -450,000-450.0k
CITIGROUP INC Sold out -286,000-286.0k
AQR Arbitrage LLC Reduced -175,000-175.0k
Boussard & Gavaudan Investment Management LLP Sold out -1,000-1.0k

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CAMDEN ASSET MANAGEMENT L P /CA 1.69% of their portfolio Los Angeles, CA 60,273,00060.3m $48.8m $48.8m 1.69% Reduced -2.5m -2,500,000
2 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 55,000,00055.0m $44.8m $44.8m 0.02% Unchanged
3 Calamos Advisors LLC 0.15% of their portfolio NAPERVILLE, IL 35,000,00035.0m $28.6m $28.6m 0.15% Unchanged
4 STEELHEAD PARTNERS LLC 1.55% of their portfolio SEATTLE, WA 30,000,00030.0m $24.5m $24.5m 1.55% Added +5.0m +5,000,000
5 CANADA PENSION PLAN INVESTMENT BOARD 0.03% of their portfolio TORONTO ONTARIO, A6 27,000,00027.0m $22.0m $22.0m 0.03% Unchanged
6 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 13,000,00013.0m $10.6m $10.6m 0.02% Unchanged
7 PUTNAM INVESTMENTS LLC 0.01% of their portfolio BOSTON, MA 11,473,00011.5m $9.3m $9.3m 0.01% Added +80.0k +80,000
8 AQR Arbitrage LLC 0.39% of their portfolio Greenwich, CT 11,025,00011.0m $9.0m $9.0m 0.39% Reduced -175.0k -175,000
9 BlackRock Inc. 0.00% of their portfolio New York, NY 9,075,0009.1m $7.3m $7.3m 0.00% Reduced -475.0k -475,000
10 First Pacific Advisors, LP 0.11% of their portfolio EL SEGUNDO, CA 8,900,0008.9m $7.2m $7.2m 0.11% Unchanged
11 SILVERBACK ASSET MANAGEMENT LLC 0.98% of their portfolio DURHAM, NC 8,855,0008.9m $7.2m $7.2m 0.98% Added +555.0k +555,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 8,825,0008.8m $7.2m $7.2m 0.00% Reduced -1.7m -1,700,000
13 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 7,500,0007.5m $6.1m $6.1m 0.01% Reduced -7.3m -7,306,000
14 ABSOLUTE INVESTMENT ADVISERS, LLC 0.79% of their portfolio ROSEMARY BEACH, FL 6,890,0006.9m $5.6m $5.6m 0.79% Unchanged
15 Ewing Morris & Co. Investment Partners Ltd. 4.10% of their portfolio TORONTO, Z4 6,500,0006.5m $5.3m $5.3m 4.10% Unchanged
16 Linden Advisors LP 0.04% of their portfolio New York, NY 5,161,0005.2m $4.2m $4.2m 0.04% New
17 Parallax Volatility Advisers, L.P. 0.14% of their portfolio San Francisco, CA 5,000,0005.0m $4.0m $4.0m 0.14% Unchanged
18 SSI INVESTMENT MANAGEMENT LLC 0.23% of their portfolio Los Angeles, CA 4,000,0004.0m $3.2m $3.2m 0.23% Unchanged
19 FLOSSBACH VON STORCH SE 0.01% of their portfolio COLOGNE, 2M 3,850,0003.9m $3.1m $3.1m 0.01% Unchanged
20 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 3,250,0003.2m $2.7m $2.7m 0.00% Unchanged
21 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 3,000,0003.0m $2.4m $2.4m 0.00% Added +1.5m +1,500,000
22 FEDERATED HERMES, INC. 0.01% of their portfolio PITTSBURGH, PA 3,000,0003.0m $2.4m $2.4m 0.01% Unchanged
23 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,617,0002.6m $2.1m $2.1m 0.00% Unchanged
24 Jefferies Financial Group Inc. 0.03% of their portfolio NEW YORK, NY 1,722,0001.7m $1.4m $1.4m 0.03% New
25 ADVENT CAPITAL MANAGEMENT /DE/ 0.02% of their portfolio NEW YORK, NY 1,174,0001.2m $956.7k $956.7k 0.02% Unchanged
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 900,000900.0k $735.3k $735.3k 0.00% Added +5.0k +5,000
27 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 775,000775.0k $627.7k $627.7k 0.00% Reduced -450.0k -450,000
28 TENOR CAPITAL MANAGEMENT Co., L.P. 0.01% of their portfolio NEW YORK, NY 700,000700.0k $572.2k $572.2k 0.01% New
29 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 300,000300.0k $245.1k $245.1k 0.00% Unchanged
30 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 280,000280.0k $226.8k $226.8k 0.00% Unchanged
31 EDMOND DE ROTHSCHILD HOLDING S.A. 0.00% of their portfolio CHAMBESY, V8 190,000190.0k $155.2k $155.2k 0.00% Unchanged
32 Context Capital Management, LLC 0.29% of their portfolio LAJOLLA, CA 4,0004.0k $3.3m $3.3m 0.29% Added +2.0k +2,000
33 Verition Fund Management LLC 0.01% of their portfolio GREENWICH, CT 1,0001.0k $814.9k $814.9k 0.01% Unchanged
34 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged