Vault-13

ZTO EXPRESS CAYMAN INC ZTO 1.5 09.01.27

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

56 institutional holders +1 vs Q1 2024
62,957,62863.0m shares reported held*
$1.1bnreported value*
12 new 12 added 14 reduced 9 sold out net bought ≈ $47.0m (-29.1m 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 ≈ $17.92. Options: 0 managers hold calls (— notional), 1 hold puts ($1.9m).

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q3 23: 55Q4 23: 53Q1 24: 55Q2 24: 5656Q3 23Q4 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 202355
Q4 202353
Q1 202455
Q2 202456

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 24Q2 24: 24 bought or addedQ2 24: 23 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 20232221
Q1 20242521
Q2 20242423

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5m$2mQ3 23 calls: $0Q3 23 puts: $0Q3 23P/C —Q4 23 calls: $0Q4 23 puts: $0Q4 23P/C —Q1 24 calls: $0Q1 24 puts: $0Q1 24P/C —Q2 24 calls: $0Q2 24 puts: $1.9mQ2 24P/C —
Numbers
QuarterCallsPutsP/C
Q3 2023$0$0—
Q4 2023$0$0—
Q1 2024$0$0—
Q2 2024$0$1.9m—

Biggest buyers

BANK OF MONTREAL /CAN/ Added +34,496,000+34.5m
MILLENNIUM MANAGEMENT LLC Added +22,750,000+22.8m
Paloma Partners Management Co New +12,000,000+12.0m
BlackRock Inc. Added +11,475,000+11.5m
Magnetar Financial LLC New +11,250,000+11.2m
Linden Advisors LP Added +10,500,000+10.5m
Nuveen Asset Management, LLC New +10,000,000+10.0m
Davidson Kempner Capital Management LP Added +10,000,000+10.0m
MIRABELLA FINANCIAL SERVICES LLP New +7,500,000+7.5m
M&G PLC Added +5,730,000+5.7m

Biggest sellers

Pinpoint Asset Management Ltd Sold out -28,330,000-28.3m
MORGAN STANLEY Reduced -28,200,000-28.2m
MARSHALL WACE, LLP Sold out -11,000,000-11.0m
Sculptor Capital LP Sold out -5,473,000-5.5m
BFAM Partners (Cayman) Ltd Sold out -4,000,000-4.0m
JPMORGAN CHASE & CO Reduced -3,828,000-3.8m
Weiss Asset Management LP Sold out -3,191,000-3.2m
SCHRODER INVESTMENT MANAGEMENT GROUP Reduced -2,858,000-2.9m
Man Group plc Reduced -2,200,000-2.2m
Jefferies Financial Group Inc. Sold out -2,181,000-2.2m

Biggest calls

None

Biggest puts

DEUTSCHE BANK AG\ New $1.9m1.9m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.51% of their portfolio New York, NY 184,375,000184.4m $180.5m $180.5m 1.51% Added +10.5m +10,500,000
2 WOLVERINE ASSET MANAGEMENT LLC 1.69% of their portfolio CHICAGO, IL 92,105,00092.1m $90.0m $90.0m 1.69% Unchanged
3 MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 79,650,00079.7m $77.9m $77.9m 0.06% Added +22.8m +22,750,000
4 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.43% of their portfolio SAN FRANCISCO, CA 75,000,00075.0m $72.9m $72.9m 0.43% Unchanged
5 Davidson Kempner Capital Management LP 0.97% of their portfolio New York, NY 60,000,00060.0m $58.3m $58.3m 0.97% Added +10.0m +10,000,000
6 D. E. Shaw & Co., Inc. 0.07% of their portfolio New York, NY 50,000,00050.0m $49.0m $49.0m 0.07% Unchanged
7 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 44,766,00044.8m $43.9m $43.9m 0.01% Added +34.5m +34,496,000
8 M&G PLC 0.18% of their portfolio London, X0 31,446,00031.4m $30.8m $30.8m 0.18% Added +5.7m +5,730,000
9 Mirabaud Asset Management (France) SAS 11.19% of their portfolio PARIS, I0 21,500,00021.5m $21.1m $21.1m 11.19% Reduced -2.0m -2,000,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,400,00021.4m $21.0m $21.0m 0.00% Reduced -550.0k -550,000
11 Maven Securities LTD 3.12% of their portfolio ST HELIER, Y9 20,000,00020.0m $20.0m $20.0m 3.12% Unchanged
12 SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio London, X0 19,524,00019.5m $19.1m $19.1m 0.02% Reduced -2.9m -2,858,000
13 BlackRock Inc. 0.00% of their portfolio New York, NY 19,350,00019.4m $18.8m $18.8m 0.00% Added +11.5m +11,475,000
14 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 18,240,00018.2m $17.7m $17.7m 0.00% Added +1.0m +1,000,000
15 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 16,848,00016.8m $16.4m $16.4m 0.03% Reduced -474.0k -474,000
16 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 15,392,00015.4m $15.1m $15.1m 0.00% Added +4.5m +4,525,000
17 AVIVA PLC 0.04% of their portfolio LONDON, X0 15,000,00015.0m $14.7m $14.7m 0.04% Unchanged
18 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 13,750,00013.8m $13.5m $13.5m 0.01% Unchanged
19 Paloma Partners Management Co 1.02% of their portfolio GREENWICH, CT 12,000,00012.0m $11.8m $11.8m 1.02% New
20 ONTARIO TEACHERS PENSION PLAN BOARD 0.11% of their portfolio Toronto, A6 11,500,00011.5m $11.2m $11.2m 0.11% Unchanged
21 Magnetar Financial LLC 0.23% of their portfolio EVANSTON, IL 11,250,00011.2m $11.0m $11.0m 0.23% New
22 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 11,241,00011.2m $10.9m $10.9m 0.00% Reduced -28.2m -28,200,000
23 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 11,200,00011.2m $11.0m $11.0m 0.00% Reduced -1.5m -1,500,000
24 ADVENT CAPITAL MANAGEMENT /DE/ 0.26% of their portfolio NEW YORK, NY 10,756,00010.8m $10.6m $10.6m 0.26% Added +160.0k +160,000
25 HBK INVESTMENTS L P 0.25% of their portfolio DALLAS, TX 10,725,00010.7m $10.5m $10.5m 0.25% Unchanged
26 Lombard Odier Asset Management (Europe) Ltd 0.51% of their portfolio LONDON, X0 10,670,00010.7m $10.5m $10.5m 0.51% Reduced -1.3m -1,299,000
27 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 10,000,00010.0m $9.7m $9.7m 0.00% New
28 MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 1.66% of their portfolio SAN FRANCISCO, CA 7,789,0007.8m $7.6m $7.6m 1.66% Reduced -254.0k -254,000
29 MIRABELLA FINANCIAL SERVICES LLP 0.54% of their portfolio London, X0 7,500,0007.5m $7.4m $7.4m 0.54% New
30 AXA S.A. 0.01% of their portfolio PARIS, I0 6,000,0006.0m $5.9m $5.9m 0.01% Added +3.0m +3,000,000
31 CQS (US), LLC 1.25% of their portfolio NEW YORK, NY 4,700,0004.7m $4.6m $4.6m 1.25% Reduced -250.0k -250,000
32 Man Group plc 0.01% of their portfolio LONDON, X0 4,350,0004.3m $4.3m $4.3m 0.01% Reduced -2.2m -2,200,000
33 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 3,669,0003.7m $3.6m $3.6m 0.00% Added +2.2m +2,219,000
34 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 3,665,0003.7m $3.6m $3.6m 0.00% Unchanged
35 Ovata Capital Management Ltd 1.85% of their portfolio HONG KONG, K3 3,500,0003.5m $3.4m $3.4m 1.85% Unchanged
36 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 2,500,0002.5m $2.4m $2.4m 0.00% Unchanged
37 WESTWOOD HOLDINGS GROUP INC 0.91% of their portfolio DALLAS, TX 2,000,0002.0m $194.5m $194.5m 0.91% Unchanged
38 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 1,633,0001.6m $1.6m $1.6m 0.00% New
39 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,302,0001.3m $1.3m $1.3m 0.00% Reduced -3.8m -3,828,000
40 Liberty Mutual Group Asset Management Inc. 0.13% of their portfolio Boston, MA 925,000925.0k $899.4k $899.4k 0.13% Unchanged
41 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 800,000800.0k $780.8k $780.8k 0.00% Unchanged
42 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 600,000600.0k $585.6k $585.6k 0.01% Reduced -200.0k -200,000
43 RWC Asset Management LLP 0.03% of their portfolio LONDON, X0 500,000500.0k $490.8k $490.8k 0.03% Unchanged
44 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 400,000400.0k $382.0k $382.0k 0.00% Reduced -400.0k -400,000
45 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 337,000337.0k $330.8k $330.8k 0.00% New
46 KBC Group NV 0.00% of their portfolio Brussels, C9 300,000300.0k $296.0k $296.0k 0.00% Unchanged
47 NOMURA HOLDINGS INC 0.04% of their portfolio TOKYO, M0 265,420265.4k $5.5m $5.5m 0.04% New
48 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 261,000261.0k $255.8k $255.8k 0.00% Added +80.0k +80,000
49 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 14,00014.0k $13.6k $13.6k 0.00% New
50 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 13,00013.0k $12.6k $12.6k 0.00% Unchanged
51 Analyst IMS Investment Management Services Ltd. 0.01% of their portfolio Tel-aviv, L3 5,2085.2k $253.0k $253.0k 0.01% New
52 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,9004.9k $4.8k $4.8k 0.00% New
53 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 1,0001.0k $972 $972 0.00% New
54 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,0001.0k $972 $972 0.00% New
55 Candriam S.C.A. 0.00% of their portfolio STRASSEN, N4 600600 $592.0k $592.0k 0.00% Reduced -200 -200
56 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged