Vault-13

VARONIS SYS INC VRNS 1.25 08.15.25

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

18 institutional holders -2 vs Q1 2025
$234.9mprincipal reported held*
$389.0mreported value*
3 new 3 added 4 reduced 5 sold out net bought ≈ $10.4m (-31.9k 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.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 21Q4 22: 28Q1 23: 24Q2 23: 29Q3 23: 27Q4 23: 32Q1 24: 28Q2 24: 28Q3 24: 24Q4 24: 19Q1 25: 20Q2 25: 1818Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202221
Q4 202228
Q1 202324
Q2 202329
Q3 202327
Q4 202332
Q1 202428
Q2 202428
Q3 202424
Q4 202419
Q1 202520
Q2 202518

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 9 bought or addedQ3 23: 7 cut or sold outQ4 23: 15 bought or addedQ4 23: 12 cut or sold outQ4 23Q1 24: 10 bought or addedQ1 24: 19 cut or sold outQ2 24: 11 bought or addedQ2 24: 11 cut or sold outQ2 24Q3 24: 9 bought or addedQ3 24: 21 cut or sold outQ4 24: 6 bought or addedQ4 24: 10 cut or sold outQ4 24Q1 25: 6 bought or addedQ1 25: 5 cut or sold outQ2 25: 6 bought or addedQ2 25: 9 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202397
Q4 20231512
Q1 20241019
Q2 20241111
Q3 2024921
Q4 2024610
Q1 202565
Q2 202569

Biggest buyers

Elequin Capital, LP New +12,648,000+12.6m
LORD, ABBETT & CO. LLC New +5,120,000+5.1m
JANE STREET GROUP, LLC New +367,000+367.0k
Warberg Asset Management LLC Added +107,000+107.0k
TENOR CAPITAL MANAGEMENT Co., L.P. Added +100,000+100.0k
Jefferies Financial Group Inc. Added +8,000+8.0k

Biggest sellers

Parallax Volatility Advisers, L.P. Sold out -5,000,000-5.0m
LAZARD ASSET MANAGEMENT LLC Sold out -4,564,000-4.6m
BlackRock, Inc. Reduced -850,000-850.0k
ROYAL BANK OF CANADA Sold out -850,000-850.0k
BANK OF AMERICA CORP /DE/ Reduced -500,000-500.0k
ADVENT CAPITAL MANAGEMENT /DE/ Sold out -200,000-200.0k
Calamos Advisors LLC Reduced -33,000-33.0k
NOMURA HOLDINGS INC Sold out -31,899-31.9k
SSI INVESTMENT MANAGEMENT LLC Reduced -11,000-11.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CAPSTONE INVESTMENT ADVISORS, LLC 0.87% of their portfolio NEW YORK, NY 61,779,00061.8m $102.3m $102.3m 0.87% Unchanged
2 TENOR CAPITAL MANAGEMENT Co., L.P. 1.16% of their portfolio NEW YORK, NY 51,999,00052.0m $86.3m $86.3m 1.16% Added +100.0k +100,000
3 DeepCurrents Investment Group LLC 2.19% of their portfolio NEW YORK, NY 36,250,00036.2m $59.9m $59.9m 2.19% Unchanged
4 DLD Asset Management, LP 5.40% of their portfolio NEW YORK, NY 27,500,00027.5m $45.6m $45.6m 5.40% Unchanged
5 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 15,750,00015.8m $26.0m $26.0m 0.02% Unchanged
6 Elequin Capital, LP 2.89% of their portfolio NEW YORK, NY 12,648,00012.6m $20.9m $20.9m 2.89% New
7 Warberg Asset Management LLC 4.07% of their portfolio WINNETKA, IL 10,044,00010.0m $16.6m $16.6m 4.07% Added +107.0k +107,000
8 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 5,120,0005.1m $8.5m $8.5m 0.03% New
9 Aequim Alternative Investments LP 0.27% of their portfolio MILL VALLEY, CA 5,000,0005.0m $8.3m $8.3m 0.27% Unchanged
10 FMR LLC 0.00% of their portfolio BOSTON, MA 3,125,0003.1m $5.2m $5.2m 0.00% Unchanged
11 Calamos Advisors LLC 0.02% of their portfolio NAPERVILLE, IL 3,034,0003.0m $5.0m $5.0m 0.02% Reduced -33.0k -33,000
12 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,808,0001.8m $3.0m $3.0m 0.00% Reduced -850.0k -850,000
13 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 367,000367.0k $607.6k $607.6k 0.00% New
14 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 254,000254.0k $419.2k $419.2k 0.00% Reduced -500.0k -500,000
15 SSI INVESTMENT MANAGEMENT LLC 0.02% of their portfolio Los Angeles, CA 155,000155.0k $255.8k $255.8k 0.02% Reduced -11.0k -11,000
16 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 68,00068.0k $112.2k $112.2k 0.00% Unchanged
17 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 37,00037.0k $61.5k $61.5k 0.00% Added +8.0k +8,000
18 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged