Vault-13

ZILLOW GROUP INC Z 2.75 05.15.25

NOTE 2.750% 5/1 · US DOMESTIC · CUSIP 98954MAH4

49 institutional holders -6 vs Q4 2024
2,514,1002.5m shares reported held*
$448.6mreported value*
9 new 13 added 12 reduced 15 sold out net bought ≈ $9.0m (-15.7m 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 ≈ $178.42.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 52Q4 22: 53Q1 23: 52Q2 23: 50Q3 23: 57Q4 23: 59Q1 24: 56Q2 24: 46Q3 24: 47Q4 24: 55Q1 25: 4949Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202252
Q4 202253
Q1 202352
Q2 202350
Q3 202357
Q4 202359
Q1 202456
Q2 202446
Q3 202447
Q4 202455
Q1 202549

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 23: 20 bought or addedQ2 23: 19 cut or sold outQ3 23: 26 bought or addedQ3 23: 24 cut or sold outQ3 23Q4 23: 24 bought or addedQ4 23: 20 cut or sold outQ1 24: 22 bought or addedQ1 24: 22 cut or sold outQ1 24Q2 24: 13 bought or addedQ2 24: 36 cut or sold outQ3 24: 15 bought or addedQ3 24: 22 cut or sold outQ3 24Q4 24: 29 bought or addedQ4 24: 23 cut or sold outQ1 25: 22 bought or addedQ1 25: 27 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20232019
Q3 20232624
Q4 20232420
Q1 20242222
Q2 20241336
Q3 20241522
Q4 20242923
Q1 20252227

Biggest buyers

AQR Arbitrage LLC Added +50,453,000+50.5m
TWO SIGMA INVESTMENTS, LP New +23,640,000+23.6m
D. E. Shaw & Co., Inc. Added +16,500,000+16.5m
QVT Financial LP New +15,000,000+15.0m
SUSQUEHANNA ADVISORS GROUP, INC. New +9,500,000+9.5m
GOLDMAN SACHS GROUP INC Added +6,195,000+6.2m
BANK OF NOVA SCOTIA New +4,500,000+4.5m
Universal- Beteiligungs- und Servicegesellschaft mbH New +2,747,000+2.7m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. New +2,000,000+2.0m
MORGAN STANLEY Added +1,783,000+1.8m

Biggest sellers

LAZARD ASSET MANAGEMENT LLC Reduced -31,210,000-31.2m
Walleye Capital LLC Sold out -19,750,000-19.8m
LMR Partners LLP Sold out -15,000,000-15.0m
JANE STREET GROUP, LLC Sold out -14,166,000-14.2m
JPMORGAN CHASE & CO Reduced -12,357,000-12.4m
SSI INVESTMENT MANAGEMENT LLC Reduced -5,260,000-5.3m
Wellesley Asset Management Sold out -4,548,000-4.5m
VOYA INVESTMENT MANAGEMENT LLC Reduced -4,130,000-4.1m
MIZUHO SECURITIES USA LLC Sold out -3,500,000-3.5m
Magnetar Financial LLC Sold out -2,000,000-2.0m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.07% of their portfolio ATLANTA, GA 116,270,000116.3m $121.3m $121.3m 0.07% Reduced -4.1m -4,130,000
2 AQR Arbitrage LLC 1.43% of their portfolio Greenwich, CT 56,460,00056.5m $58.9m $58.9m 1.43% Added +50.5m +50,453,000
3 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 31,500,00031.5m $32.9m $32.9m 0.01% Unchanged
4 D. E. Shaw & Co., Inc. 0.04% of their portfolio New York, NY 30,250,00030.2m $31.5m $31.5m 0.04% Added +16.5m +16,500,000
5 Davidson Kempner Capital Management LP 0.37% of their portfolio New York, NY 25,000,00025.0m $25.9m $25.9m 0.37% Not comparable
6 TWO SIGMA INVESTMENTS, LP 0.05% of their portfolio NEW YORK, NY 23,640,00023.6m $24.5m $24.5m 0.05% New
7 LAZARD ASSET MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 22,311,00022.3m $23.3m $23.3m 0.04% Reduced -31.2m -31,210,000
8 QVT Financial LP 1.50% of their portfolio New York, NY 15,000,00015.0m $15.8m $15.8m 1.50% New
9 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 11,195,00011.2m $11.6m $11.6m 0.00% Added +6.2m +6,195,000
10 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 10,173,00010.2m $10.6m $10.6m 0.01% First filing
11 SUSQUEHANNA ADVISORS GROUP, INC. 0.01% of their portfolio BALA CYNWYD, PA 9,500,0009.5m $98.3k $98.3k 0.01% New
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 8,834,0008.8m $9.3m $9.3m 0.00% Reduced -200.0k -200,000
13 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 8,285,0008.3m $8.6m $8.6m 0.03% Reduced -144.0k -144,000
14 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6,508,0006.5m $6.8m $6.8m 0.00% Added +1.8m +1,783,000
15 Man Group plc 0.02% of their portfolio LONDON, X0 6,154,0006.2m $6.4m $6.4m 0.02% Unchanged
16 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 6,000,0006.0m $6.2m $6.2m 0.01% Unchanged
17 CSS LLC/IL 0.37% of their portfolio CHICAGO, IL 5,135,0005.1m $5.3m $5.3m 0.37% Added +135.0k +135,000
18 FMR LLC 0.00% of their portfolio BOSTON, MA 5,039,0005.0m $5.2m $5.2m 0.00% Unchanged
19 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,612,0004.6m $4.8m $4.8m 0.00% Reduced -12.4m -12,357,000
20 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 4,500,0004.5m $4.7m $4.7m 0.01% New
21 BlackRock, Inc. 0.00% of their portfolio New York, NY 4,475,0004.5m $4.6m $4.6m 0.00% Unchanged
22 SSI INVESTMENT MANAGEMENT LLC 0.30% of their portfolio Los Angeles, CA 3,669,0003.7m $3.8m $3.8m 0.30% Reduced -5.3m -5,260,000
23 Union Bancaire Privee, UBP SA 0.06% of their portfolio GENEVA 1, V8 3,560,0003.6m $3.2m $3.2m 0.06% Added +535.0k +535,000
24 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,327,0003.3m $3.5m $3.5m 0.00% Added +1.5m +1,472,000
25 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 2,747,0002.7m $2.9m $2.9m 0.01% New
26 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,000,0002.0m $2.1m $2.1m 0.01% New
27 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 1,000,0001.0m $1.0m $1.0m 0.00% Added +650.0k +650,000
28 SHENKMAN CAPITAL MANAGEMENT INC 0.11% of their portfolio NEW YORK, NY 981,000981.0k $1.0m $1.0m 0.11% New
29 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 815,000815.0k $846.0k $846.0k 0.00% Added +445.0k +445,000
30 ADVENT CAPITAL MANAGEMENT /DE/ 0.01% of their portfolio NEW YORK, NY 583,000583.0k $608.1k $608.1k 0.01% Unchanged
31 DNCA FINANCE 0.05% of their portfolio PARIS, I0 570,000570.0k $598.8k $598.8k 0.05% Reduced -180.0k -180,000
32 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 348,000348.0k $361.2k $361.2k 0.00% Added +344.0k +344,000
33 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 246,000246.0k $260.1k $260.1k 0.00% Reduced -462.0k -462,000
34 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $208.0k $208.0k 0.00% Reduced -100.0k -100,000
35 KBC Group NV 0.00% of their portfolio Brussels, C9 200,000200.0k $211.0k $211.0k 0.00% Added +100.0k +100,000
36 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 172,000172.0k $178.6k $178.6k 0.00% Reduced -1.5m -1,465,000
37 Central Pacific Bank - Trust Division 0.02% of their portfolio HONOLULU, HI 142,000142.0k $147.4k $147.4k 0.02% Reduced -280.0k -280,000
38 NOMURA HOLDINGS INC 0.05% of their portfolio TOKYO, M0 128,100128.1k $8.8m $8.8m 0.05% New
39 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 119,000119.0k $124.6k $124.6k 0.00% Added +57.0k +57,000
40 Fox Hill Wealth Management 0.05% of their portfolio DEDHAM, MA 79,00079.0k $82.1k $82.1k 0.05% Unchanged
41 COMERICA BANK 0.00% of their portfolio DALLAS, TX 53,00053.0k $55.0k $55.0k 0.00% Unchanged
42 Private Wealth Asset Management, LLC 0.01% of their portfolio OMAHA, NE 53,00053.0k $55.0k $55.0k 0.01% First filing
43 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 21,90021.9k $22.7k $22.7k 0.00% Added +8.0k +8,000
44 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 13,00013.0k $13.5k $13.5k 0.00% New
45 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 10,00010.0k $10.4k $10.4k 0.00% Unchanged
46 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 7,0007.0k $7.0k $7.0k 0.00% Unchanged
47 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,0006.0k $6.2k $6.2k 0.00% Reduced -367.0k -367,000
48 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 1,0001.0k $1.0k $1.0k 0.00% Unchanged
49 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged