Vault-13

VARONIS SYS INC VRNS 1.25 08.15.25

NOTE 1.250% 8/1 · US DOMESTIC · CUSIP 922280AB8

29 institutional holders +5 vs Q1 2023
37,00037.0k shares reported held*
$253.1mreported value*
7 new 3 added 6 reduced 2 sold out net bought ≈ $7.1m (-11.7k 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 ($5.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $6991.56.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0102030Q3 22: 21Q4 22: 28Q1 23: 24Q2 23: 2929Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202221
Q4 202228
Q1 202324
Q2 202329

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q4 22: 14 bought or addedQ4 22: 12 cut or sold outQ4 22Q1 23: 11 bought or addedQ1 23: 16 cut or sold outQ1 23Q2 23: 10 bought or addedQ2 23: 8 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221412
Q1 20231116
Q2 2023108

Biggest buyers

SILVERBACK ASSET MANAGEMENT LLC New +16,000,000+16.0m
III Capital Management Added +8,906,000+8.9m
MILLENNIUM MANAGEMENT LLC New +5,667,000+5.7m
BARCLAYS PLC New +3,225,000+3.2m
Radcliffe Capital Management, L.P. New +2,500,000+2.5m
Jefferies Financial Group Inc. New +2,500,000+2.5m
SHENKMAN CAPITAL MANAGEMENT INC Added +1,259,000+1.3m
CSS LLC/IL Added +1,000,000+1.0m
BOOTHBAY FUND MANAGEMENT, LLC New +464,000+464.0k
Invesco Ltd. New +390,000+390.0k

Biggest sellers

TENOR CAPITAL MANAGEMENT Co., L.P. Sold out -10,000,000-10.0m
D. E. Shaw & Co., Inc. Reduced -9,500,000-9.5m
CITADEL ADVISORS LLC Reduced -7,500,000-7.5m
FMR LLC Reduced -5,350,000-5.3m
JPMORGAN CHASE & CO Reduced -1,748,000-1.7m
PALISADE CAPITAL MANAGEMENT, LP Reduced -1,296,000-1.3m
BlackRock Inc. Reduced -50,000-50.0k
MILLENNIUM MANAGEMENT LLC Sold out -11,667-11.7k

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 WOLVERINE ASSET MANAGEMENT LLC 0.96% of their portfolio CHICAGO, IL 46,200,00046.2m $50.9m $50.9m 0.96% Unchanged
2 III Capital Management 2.87% of their portfolio BOCA RATON, FL 33,147,00033.1m $36.6m $36.6m 2.87% Added +8.9m +8,906,000
3 STEELHEAD PARTNERS LLC 2.09% of their portfolio SEATTLE, WA 30,000,00030.0m $32.9m $32.9m 2.09% Unchanged
4 CAPSTONE INVESTMENT ADVISORS, LLC 0.58% of their portfolio NEW YORK, NY 17,723,00017.7m $19.7m $19.7m 0.58% Unchanged
5 SILVERBACK ASSET MANAGEMENT LLC 2.41% of their portfolio DURHAM, NC 16,000,00016.0m $17.6m $17.6m 2.41% New
6 DeepCurrents Investment Group LLC 0.74% of their portfolio NEW YORK, NY 15,500,00015.5m $17.1m $17.1m 0.74% Unchanged
7 Calamos Advisors LLC 0.06% of their portfolio NAPERVILLE, IL 10,000,00010.0m $11.1m $11.1m 0.06% Unchanged
8 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 7,500,0007.5m $8.2m $8.2m 0.01% Reduced -7.5m -7,500,000
9 SHENKMAN CAPITAL MANAGEMENT INC 0.63% of their portfolio NEW YORK, NY 7,268,0007.3m $8.1m $8.1m 0.63% Added +1.3m +1,259,000
10 Empyrean Capital Partners, LP 0.40% of their portfolio LOS ANGELES, CA 7,000,0007.0m $7.7m $7.7m 0.40% Unchanged
11 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 5,667,0005.7m $6.2m $6.2m 0.01% New
12 FMR LLC 0.00% of their portfolio BOSTON, MA 5,350,0005.3m $5.9m $5.9m 0.00% Reduced -5.3m -5,350,000
13 CSS LLC/IL 0.42% of their portfolio CHICAGO, IL 5,000,0005.0m $5.5m $5.5m 0.42% Added +1.0m +1,000,000
14 Aequim Alternative Investments LP 0.21% of their portfolio MILL VALLEY, CA 5,000,0005.0m $5.6m $5.6m 0.21% Unchanged
15 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 4,958,0005.0m $5.5m $5.5m 0.01% Reduced -9.5m -9,500,000
16 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,225,0003.2m $3.5m $3.5m 0.00% New
17 Jefferies Financial Group Inc. 0.06% of their portfolio NEW YORK, NY 2,500,0002.5m $2.8m $2.8m 0.06% New
18 Radcliffe Capital Management, L.P. 0.24% of their portfolio BALA CYNWYD, PA 2,500,0002.5m $2.8m $2.8m 0.24% New
19 BlackRock Inc. 0.00% of their portfolio New York, NY 1,491,0001.5m $1.6m $1.6m 0.00% Reduced -50.0k -50,000
20 PALISADE CAPITAL MANAGEMENT, LP 0.04% of their portfolio FORT LEE, NJ 1,439,0001.4m $1.6m $1.6m 0.04% Reduced -1.3m -1,296,000
21 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 904,000904.0k $978.6k $978.6k 0.00% Unchanged
22 BOOTHBAY FUND MANAGEMENT, LLC 0.02% of their portfolio NEW YORK, NY 464,000464.0k $514.7k $514.7k 0.02% New
23 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 390,000390.0k $431.5k $431.5k 0.00% New
24 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 139,000139.0k $154.5k $154.5k 0.00% Unchanged
25 LAKE STREET ADVISORS GROUP, LLC 0.00% of their portfolio PORTSMOUTH, NH 31,00031.0k $34.0k $34.0k 0.00% Unchanged
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 30,00030.0k $32.5k $32.5k 0.00% Reduced -1.7m -1,748,000
27 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 6,0006.0k $6.6k $6.6k 0.00% Unchanged
28 Verition Fund Management LLC 0.09% of their portfolio GREENWICH, CT 5,0275.0k $5.6m $5.6m 0.09% Unchanged
29 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged