Vault-13

WEC ENERGY GROUP INC WEC 4.375 06.01.27

NOTE 4.375% 6/0 · US DOMESTIC · CUSIP 92939UAP1

39 institutional holders -5 vs Q3 2025
47,853,00047.9m shares reported held*
$935.9mreported value*
6 new 9 added 12 reduced 11 sold out net bought ≈ $28.5m (+8.9m 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 ≈ $19.56.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 25: 52Q3 25: 44Q4 25: 3939Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q2 202552
Q3 202544
Q4 202539

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 25: 20 bought or addedQ3 25: 28 cut or sold outQ3 25Q4 25: 15 bought or addedQ4 25: 23 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 20252028
Q4 20251523

Biggest buyers

D. E. Shaw & Co., Inc. Added +62,500,000+62.5m
Aequim Alternative Investments LP Added +17,500,000+17.5m
Brevan Howard Capital Management LP New +15,000,000+15.0m
Ovata Capital Management Ltd New +13,500,000+13.5m
Burkehill Global Management, LP New +11,000,000+11.0m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +5,000,000+5.0m
CITIGROUP INC New +4,609,000+4.6m
SSI INVESTMENT MANAGEMENT LLC Added +3,480,000+3.5m
VICTORY CAPITAL MANAGEMENT INC Added +2,000,000+2.0m
TWO SIGMA INVESTMENTS, LP New +1,754,000+1.8m

Biggest sellers

HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -25,000,000-25.0m
SUSQUEHANNA ADVISORS GROUP, INC. Sold out -19,567,000-19.6m
BlackRock, Inc. Reduced -17,645,000-17.6m
WHITEBOX ADVISORS LLC Sold out -16,800,000-16.8m
CITADEL ADVISORS LLC Sold out -14,000,000-14.0m
CSS LLC/IL Sold out -13,976,000-14.0m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -5,516,000-5.5m
MIZUHO SECURITIES USA LLC Reduced -4,834,000-4.8m
GOLDMAN SACHS GROUP INC Reduced -3,100,000-3.1m
JPMORGAN CHASE & CO Reduced -2,445,000-2.4m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.15% of their portfolio New York, NY 171,904,000171.9m $194.2m $194.2m 0.15% Added +62.5m +62,500,000
2 CAMDEN ASSET MANAGEMENT L P /CA 3.92% of their portfolio Los Angeles, CA 137,234,000137.2m $155.0m $155.0m 3.92% Reduced -5.5m -5,516,000
3 Point72 Asset Management, L.P. 0.24% of their portfolio STAMFORD, CT 136,276,000136.3m $154.0m $154.0m 0.24% Reduced -1.8m -1,849,000
4 Aequim Alternative Investments LP 1.51% of their portfolio MILL VALLEY, CA 67,500,00067.5m $76.3m $76.3m 1.51% Added +17.5m +17,500,000
5 Calamos Advisors LLC 0.16% of their portfolio NAPERVILLE, IL 35,124,00035.1m $39.8m $39.8m 0.16% Added +45.0k +45,000
6 BlackRock, Inc. 0.00% of their portfolio New York, NY 31,952,00032.0m $36.1m $36.1m 0.00% Reduced -17.6m -17,645,000
7 MIZUHO SECURITIES USA LLC 0.58% of their portfolio NEW YORK, NY 31,000,00031.0m $35.3m $35.3m 0.58% Reduced -4.8m -4,834,000
8 ARISTEIA CAPITAL, L.L.C. 0.80% of their portfolio GREENWICH, CT 25,000,00025.0m $28.3m $28.3m 0.80% Unchanged
9 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 19,645,00019.6m $22.2m $22.2m 0.01% Reduced -470.0k -470,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 18,283,00018.3m $20.7m $20.7m 0.00% Added +105.0k +105,000
11 SSI INVESTMENT MANAGEMENT LLC 1.34% of their portfolio Los Angeles, CA 17,534,00017.5m $19.8m $19.8m 1.34% Added +3.5m +3,480,000
12 Verition Fund Management LLC 0.09% of their portfolio GREENWICH, CT 15,000,00015.0m $17.0m $17.0m 0.09% Unchanged
13 Brevan Howard Capital Management LP 0.32% of their portfolio ST. HELIER, Y9 15,000,00015.0m $17.0m $17.0m 0.32% New
14 Ovata Capital Management Ltd 1.86% of their portfolio HONG KONG, K3 13,500,00013.5m $15.3m $15.3m 1.86% New
15 Burkehill Global Management, LP 0.82% of their portfolio NEW YORK, NY 11,000,00011.0m $12.5m $12.5m 0.82% New
16 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.02% of their portfolio TORONTO, A6 10,000,00010.0m $11.3m $11.3m 0.02% Added +5.0m +5,000,000
17 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 9,910,0009.9m $11.2m $11.2m 0.01% Added +2.0m +2,000,000
18 FMR LLC 0.00% of their portfolio BOSTON, MA 9,560,0009.6m $10.8m $10.8m 0.00% Unchanged
19 Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio FRANKFURT AM MAIN, 2M 9,500,0009.5m $10.8m $10.8m 0.02% Unchanged
20 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 6,272,0006.3m $7.1m $7.1m 0.01% Reduced -935.0k -935,000
21 VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio ATLANTA, GA 6,250,0006.2m $7.1m $7.1m 0.01% Unchanged
22 Man Group plc 0.01% of their portfolio LONDON, X0 5,100,0005.1m $5.8m $5.8m 0.01% Reduced -800.0k -800,000
23 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 4,609,0004.6m $5.2m $5.2m 0.00% New
24 SHENKMAN CAPITAL MANAGEMENT INC 0.36% of their portfolio NEW YORK, NY 3,024,0003.0m $3.4m $3.4m 0.36% Reduced -950.0k -950,000
25 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.4m $3.4m 0.01% Unchanged
26 Wellesley Asset Management 0.36% of their portfolio PORTSMOUTH, NH 3,000,0003.0m $3.4m $3.4m 0.36% Reduced -500.0k -500,000
27 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,545,0002.5m $2.9m $2.9m 0.00% Reduced -2.4m -2,445,000
28 Ares Systematic Credit Ltd 1.84% of their portfolio LONDON, X0 2,000,0002.0m $2.3m $2.3m 1.84% First filing
29 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 1,754,0001.8m $2.0m $2.0m 0.00% New
30 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,600,0001.6m $1.8m $1.8m 0.00% Reduced -3.1m -3,100,000
31 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 1,376,0001.4m $15.6k $15.6k 0.00% Unchanged
32 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 1,340,0001.3m $1.5m $1.5m 0.00% Unchanged
33 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 598,000598.0k $675.0k $675.0k 0.00% Added +75.0k +75,000
34 Central Pacific Bank - Trust Division 0.08% of their portfolio HONOLULU, HI 566,000566.0k $639.3k $639.3k 0.08% Added +179.0k +179,000
35 AEGON USA Investment Management, LLC 0.40% of their portfolio CEDAR RAPIDS, IA 500,000500.0k $564.8k $564.8k 0.40% Unchanged
36 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 237,000237.0k $267.7k $267.7k 0.00% Reduced -123.0k -123,000
37 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $226.5k $226.5k 0.00% New
38 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 153,000153.0k $173.0k $173.0k 0.00% Unchanged
39 NOMURA ASSET MANAGEMENT CO LTD 0.00% of their portfolio TOKYO, M0 00 $0 $0 0.00% Unchanged