Vault-13

UPWORK INC UPWK 0.25 08.15.26

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

35 institutional holders +0 vs Q1 2024
17,000,00017.0m shares reported held*
$313.9mreported value*
6 new 7 added 5 reduced 5 sold out net sold ≈ $10.2m (-29.8m 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. Holder counts are more reliable. Implied quarter-end price ≈ $18.47.

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 46Q4 22: 42Q1 23: 34Q2 23: 34Q3 23: 35Q4 23: 34Q1 24: 35Q2 24: 3535Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 202246
Q4 202242
Q1 202334
Q2 202334
Q3 202335
Q4 202334
Q1 202435
Q2 202435

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 outQ2 23: 9 bought or addedQ2 23: 9 cut or sold outQ2 23Q3 23: 9 bought or addedQ3 23: 7 cut or sold outQ4 23: 7 bought or addedQ4 23: 12 cut or sold outQ4 23Q1 24: 13 bought or addedQ1 24: 15 cut or sold outQ2 24: 13 bought or addedQ2 24: 10 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 2022820
Q1 2023723
Q2 202399
Q3 202397
Q4 2023712
Q1 20241315
Q2 20241310

Biggest buyers

Opti Capital Management, LP New +29,250,000+29.2m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +17,396,000+17.4m
ARISTEIA CAPITAL, L.L.C. Added +8,058,000+8.1m
Linden Advisors LP Added +2,500,000+2.5m
ADVENT CAPITAL MANAGEMENT /DE/ Added +2,415,000+2.4m
Fort Baker Capital Management LP New +1,666,000+1.7m
OAKTREE CAPITAL MANAGEMENT LP Added +1,129,000+1.1m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC New +500,000+500.0k
BlackRock Inc. Added +500,000+500.0k
GOLDMAN SACHS GROUP INC New +151,000+151.0k

Biggest sellers

Opti Capital Management, LP Sold out -29,250,000-29.2m
FRANKLIN RESOURCES INC Sold out -19,151,000-19.2m
Balyasny Asset Management L.P. Sold out -10,000,000-10.0m
JPMORGAN CHASE & CO Reduced -7,460,000-7.5m
STEELHEAD PARTNERS LLC Reduced -3,500,000-3.5m
Jefferies Financial Group Inc. Sold out -2,724,000-2.7m
STATE STREET CORP Reduced -2,000,000-2.0m
JANE STREET GROUP, LLC Reduced -566,000-566.0k
FLOSSBACH VON STORCH SE Reduced -400,000-400.0k
CITIGROUP INC Sold out -2,000-2.0k

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CAMDEN ASSET MANAGEMENT L P /CA 1.97% of their portfolio Los Angeles, CA 73,273,00073.3m $65.0m $65.0m 1.97% Unchanged
2 Linden Advisors LP 0.45% of their portfolio New York, NY 60,244,00060.2m $53.6m $53.6m 0.45% Added +2.5m +2,500,000
3 STEELHEAD PARTNERS LLC 2.08% of their portfolio SEATTLE, WA 45,000,00045.0m $40.0m $40.0m 2.08% Reduced -3.5m -3,500,000
4 Opti Capital Management, LP 1.93% of their portfolio New York, NY 29,250,00029.2m $26.0m $26.0m 1.93% New
5 TENOR CAPITAL MANAGEMENT Co., L.P. 0.31% of their portfolio NEW YORK, NY 22,429,00022.4m $20.0m $20.0m 0.31% Added +17.4m +17,396,000
6 Calamos Advisors LLC 0.09% of their portfolio NAPERVILLE, IL 20,000,00020.0m $17.8m $17.8m 0.09% Unchanged
7 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 13,000,00013.0m $11.5m $11.5m 0.02% Unchanged
8 ARISTEIA CAPITAL, L.L.C. 0.35% of their portfolio GREENWICH, CT 10,558,00010.6m $9.4m $9.4m 0.35% Added +8.1m +8,058,000
9 ABSOLUTE INVESTMENT ADVISERS, LLC 1.30% of their portfolio ROSEMARY BEACH, FL 9,890,0009.9m $8.8m $8.8m 1.30% Unchanged
10 First Pacific Advisors, LP 0.11% of their portfolio EL SEGUNDO, CA 8,900,0008.9m $7.9m $7.9m 0.11% Unchanged
11 Ewing Morris & Co. Investment Partners Ltd. 3.69% of their portfolio TORONTO, Z4 6,500,0006.5m $5.8m $5.8m 3.69% Unchanged
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 6,325,0006.3m $5.6m $5.6m 0.00% Reduced -2.0m -2,000,000
13 OAKTREE CAPITAL MANAGEMENT LP 0.09% of their portfolio LOS ANGELES, CA 5,700,0005.7m $5.1m $5.1m 0.09% Added +1.1m +1,129,000
14 Parallax Volatility Advisers, L.P. 0.11% of their portfolio San Francisco, CA 5,000,0005.0m $4.4m $4.4m 0.11% Unchanged
15 BlackRock Inc. 0.00% of their portfolio New York, NY 3,741,0003.7m $3.3m $3.3m 0.00% Added +500.0k +500,000
16 ADVENT CAPITAL MANAGEMENT /DE/ 0.08% of their portfolio NEW YORK, NY 3,589,0003.6m $3.2m $3.2m 0.08% Added +2.4m +2,415,000
17 FLOSSBACH VON STORCH SE 0.01% of their portfolio COLOGNE, 2M 3,450,0003.5m $3.1m $3.1m 0.01% Reduced -400.0k -400,000
18 Fort Baker Capital Management LP 0.18% of their portfolio Larkspur, CA 1,666,0001.7m $1.5m $1.5m 0.18% New
19 Walleye Capital LLC 0.01% of their portfolio NEW YORK, NY 1,000,0001.0m $892.1k $892.1k 0.01% Unchanged
20 GROUPAMA ASSET MANAGMENT 0.01% of their portfolio PARIS, I0 700,000700.0k $622.4k $622.4k 0.01% Unchanged
21 Radcliffe Capital Management, L.P. 0.10% of their portfolio BALA CYNWYD, PA 600,000600.0k $532.3k $532.3k 0.10% Unchanged
22 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 550,000550.0k $482.0k $482.0k 0.00% Reduced -7.5m -7,460,000
23 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $443.5k $443.5k 0.00% New
24 SSI INVESTMENT MANAGEMENT LLC 0.03% of their portfolio Los Angeles, CA 500,000500.0k $443.5k $443.5k 0.03% Unchanged
25 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 300,000300.0k $266.2k $266.2k 0.00% Unchanged
26 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 300,000300.0k $266.4k $266.4k 0.00% Reduced -566.0k -566,000
27 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 250,000250.0k $222.0k $222.0k 0.00% Unchanged
28 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 151,000151.0k $134.0k $134.0k 0.00% New
29 Virtus Investment Advisers, LLC 0.03% of their portfolio HARTFORD, CT 40,00040.0k $35.5k $35.5k 0.03% Unchanged
30 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 26,00026.0k $23.0k $23.0k 0.00% Unchanged
31 Context Capital Management, LLC 0.47% of their portfolio LAJOLLA, CA 14,69014.7k $13.1m $13.1m 0.47% Added +3.0k +3,000
32 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 10,85010.8k $965.0k $965.0k 0.01% New
33 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio HARRISBURG, PA 10,00010.0k $8.9k $8.9k 0.00% Unchanged
34 K2 PRINCIPAL FUND, L.P. 0.78% of their portfolio TORONTO, A6 4,0004.0k $3.5m $3.5m 0.78% New
35 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged