Vault-13

ZTO EXPRESS CAYMAN INC ZTO 1.5 09.01.27

NOTE 1.500% 9/0 · EURO-DOLLAR · CUSIP 98980AAB1

55 institutional holders +2 vs Q4 2023
92,040,00092.0m shares reported held*
$944.6mreported value*
11 new 14 added 12 reduced 9 sold out net bought ≈ $75.5m (+41.0m 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 ≈ $10.26.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q3 23: 55Q4 23: 53Q1 24: 5555Q3 23Q4 23Q1 24
Numbers
QuarterHolders
Q3 202355
Q4 202353
Q1 202455

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 23: 22 bought or addedQ4 23: 21 cut or sold outQ4 23Q1 24: 25 bought or addedQ1 24: 21 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20232221
Q1 20242521

Biggest buyers

Linden Advisors LP Added +81,025,000+81.0m
Pinpoint Asset Management Ltd New +28,330,000+28.3m
MORGAN STANLEY Added +17,725,000+17.7m
LORD, ABBETT & CO. LLC New +17,322,000+17.3m
AVIVA PLC New +15,000,000+15.0m
SCHRODER INVESTMENT MANAGEMENT GROUP Added +13,990,000+14.0m
PRICE T ROWE ASSOCIATES INC /MD/ New +12,700,000+12.7m
MARSHALL WACE, LLP New +11,000,000+11.0m
BANK OF MONTREAL /CAN/ Added +9,270,000+9.3m
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC New +8,043,000+8.0m

Biggest sellers

Portman Square Capital LLP Sold out -23,900,000-23.9m
BANK OF AMERICA CORP /DE/ Sold out -23,750,000-23.8m
MILLENNIUM MANAGEMENT LLC Reduced -22,000,000-22.0m
Weiss Asset Management LP Reduced -15,109,000-15.1m
Sculptor Capital LP Reduced -13,500,000-13.5m
DeepCurrents Investment Group LLC Sold out -12,000,000-12.0m
AXA S.A. Reduced -9,000,000-9.0m
CQS (US), LLC Reduced -6,250,000-6.2m
JANE STREET GROUP, LLC Sold out -5,075,000-5.1m
Mirabaud Asset Management (France) SAS Reduced -5,000,000-5.0m

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.35% of their portfolio New York, NY 173,875,000173.9m $170.0m $170.0m 1.35% Added +81.0m +81,025,000
2 WOLVERINE ASSET MANAGEMENT LLC 1.72% of their portfolio CHICAGO, IL 92,105,00092.1m $89.9m $89.9m 1.72% Unchanged
3 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.43% of their portfolio SAN FRANCISCO, CA 75,000,00075.0m $73.3m $73.3m 0.43% Unchanged
4 Segantii Capital Management Ltd 6.05% of their portfolio HONG KONG, K3 63,200,00063.2m $61.8m $61.8m 6.05% Reduced -4.8m -4,800,000
5 MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 56,900,00056.9m $55.6m $55.6m 0.05% Reduced -22.0m -22,000,000
6 D. E. Shaw & Co., Inc. 0.06% of their portfolio New York, NY 50,000,00050.0m $48.9m $48.9m 0.06% Unchanged
7 Davidson Kempner Capital Management LP 0.72% of their portfolio New York, NY 50,000,00050.0m $48.4m $48.4m 0.72% Unchanged
8 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 39,441,00039.4m $38.2m $38.2m 0.00% Added +17.7m +17,725,000
9 Pinpoint Asset Management Ltd 4.44% of their portfolio HONG KONG, K3 28,330,00028.3m $27.7m $27.7m 4.44% New
10 M&G PLC 0.15% of their portfolio London, X0 25,716,00025.7m $24.9m $24.9m 0.15% First filing
11 Mirabaud Asset Management (France) SAS 10.36% of their portfolio PARIS, I0 23,500,00023.5m $23.0m $23.0m 10.36% Reduced -5.0m -5,000,000
12 SCHRODER INVESTMENT MANAGEMENT GROUP 0.03% of their portfolio London, X0 22,382,00022.4m $21.7m $21.7m 0.03% Added +14.0m +13,990,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,950,00021.9m $21.4m $21.4m 0.00% Added +1.0m +1,000,000
14 Maven Securities LTD 1.19% of their portfolio ST HELIER, Y9 20,000,00020.0m $20.0m $20.0m 1.19% Unchanged
15 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 17,322,00017.3m $16.8m $16.8m 0.03% New
16 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 17,240,00017.2m $16.7m $16.7m 0.00% Added +1.0m +1,000,000
17 AVIVA PLC 0.05% of their portfolio LONDON, X0 15,000,00015.0m $14.5m $14.5m 0.05% New
18 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 13,750,00013.8m $13.5m $13.5m 0.02% Unchanged
19 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 12,700,00012.7m $12.4m $12.4m 0.00% New
20 Lombard Odier Asset Management (Europe) Ltd 0.74% of their portfolio LONDON, X0 11,969,00012.0m $11.7m $11.7m 0.74% Added +2.1m +2,150,000
21 ONTARIO TEACHERS PENSION PLAN BOARD 0.10% of their portfolio Toronto, A6 11,500,00011.5m $11.2m $11.2m 0.10% Unchanged
22 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 11,000,00011.0m $10.8m $10.8m 0.02% New
23 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 10,867,00010.9m $10.7m $10.7m 0.00% Reduced -3.9m -3,872,000
24 HBK INVESTMENTS L P 0.26% of their portfolio DALLAS, TX 10,725,00010.7m $10.5m $10.5m 0.26% Reduced -2.4m -2,375,000
25 ADVENT CAPITAL MANAGEMENT /DE/ 0.26% of their portfolio NEW YORK, NY 10,596,00010.6m $10.3m $10.3m 0.26% Added +2.4m +2,400,000
26 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 10,270,00010.3m $10.1m $10.1m 0.00% Added +9.3m +9,270,000
27 MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 1.55% of their portfolio SAN FRANCISCO, CA 8,043,0008.0m $7.9m $7.9m 1.55% New
28 BlackRock Inc. 0.00% of their portfolio New York, NY 7,875,0007.9m $7.6m $7.6m 0.00% Added +775.0k +775,000
29 Man Group plc 0.02% of their portfolio LONDON, X0 6,550,0006.5m $6.4m $6.4m 0.02% Reduced -200.0k -200,000
30 Sculptor Capital LP 0.12% of their portfolio New York, NY 5,473,0005.5m $5.4m $5.4m 0.12% Reduced -13.5m -13,500,000
31 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,130,0005.1m $5.0m $5.0m 0.00% Added +4.0m +4,030,000
32 CQS (US), LLC 1.25% of their portfolio NEW YORK, NY 4,950,0005.0m $4.8m $4.8m 1.25% Reduced -6.2m -6,250,000
33 BFAM Partners (Cayman) Ltd 99.29% of their portfolio NORTHPOINT, HONG KONG, K3 4,000,0004.0m $3.9m $3.9m 99.29% New
34 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 3,665,0003.7m $3.6m $3.6m 0.00% Added +50.0k +50,000
35 Ovata Capital Management Ltd 1.78% of their portfolio HONG KONG, K3 3,500,0003.5m $3.4m $3.4m 1.78% Unchanged
36 Weiss Asset Management LP 0.15% of their portfolio BOSTON, MA 3,191,0003.2m $3.1m $3.1m 0.15% Reduced -15.1m -15,109,000
37 AXA S.A. 0.01% of their portfolio PARIS, I0 3,000,0003.0m $2.9m $2.9m 0.01% Reduced -9.0m -9,000,000
38 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 2,500,0002.5m $2.4m $2.4m 0.00% Unchanged
39 Jefferies Financial Group Inc. 0.04% of their portfolio NEW YORK, NY 2,181,0002.2m $2.1m $2.1m 0.04% New
40 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 2,000,0002.0m $2.0m $2.0m 0.02% New
41 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,450,0001.4m $1.4m $1.4m 0.00% Reduced -50.0k -50,000
42 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 1,133,0001.1m $1.1m $1.1m 0.00% Reduced -500.0k -500,000
43 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 1,000,0001.0m $967.5k $967.5k 0.00% New
44 BOOTHBAY FUND MANAGEMENT, LLC 0.03% of their portfolio NEW YORK, NY 1,000,0001.0m $979.0k $979.0k 0.03% Unchanged
45 Liberty Mutual Group Asset Management Inc. 0.25% of their portfolio Boston, MA 925,000925.0k $894.9k $894.9k 0.25% Unchanged
46 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 800,000800.0k $777.0k $777.0k 0.00% Unchanged
47 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 800,000800.0k $782.8k $782.8k 0.00% Added +400.0k +400,000
48 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 800,000800.0k $777.0k $777.0k 0.01% Unchanged
49 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 743,000743.0k $720.0k $720.0k 0.00% Added +93.0k +93,000
50 RWC Asset Management LLP 0.03% of their portfolio LONDON, X0 500,000500.0k $489.9k $489.9k 0.03% Unchanged
51 KBC Group NV 0.00% of their portfolio Brussels, C9 300,000300.0k $294.0k $294.0k 0.00% Unchanged
52 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 181,000181.0k $177.4k $177.4k 0.00% Added +10.0k +10,000
53 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 13,00013.0k $12.6k $12.6k 0.00% New
54 Candriam S.C.A. 0.01% of their portfolio STRASSEN, N4 800800 $784.9k $784.9k 0.01% Unchanged
55 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged