Vault-13

ZTO EXPRESS CAYMAN INC ZTO 1.5 09.01.27

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

45 institutional holders -10 vs Q1 2025
57,356,00057.4m shares reported held*
$909.5mreported value*
4 new 15 added 13 reduced 14 sold out net bought ≈ $17.1m (-11.8m 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 ≈ $15.86.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 23: 55Q4 23: 53Q1 24: 55Q2 24: 56Q3 24: 56Q4 24: 55Q1 25: 55Q2 25: 4545Q3 23Q1 24Q3 24Q1 25Q2 25
Numbers
QuarterHolders
Q3 202355
Q4 202353
Q1 202455
Q2 202456
Q3 202456
Q4 202455
Q1 202555
Q2 202545

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 outQ2 24: 24 bought or addedQ2 24: 23 cut or sold outQ2 24Q3 24: 24 bought or addedQ3 24: 25 cut or sold outQ4 24: 26 bought or addedQ4 24: 22 cut or sold outQ4 24Q1 25: 19 bought or addedQ1 25: 25 cut or sold outQ2 25: 19 bought or addedQ2 25: 27 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q4 20232221
Q1 20242521
Q2 20242423
Q3 20242425
Q4 20242622
Q1 20251925
Q2 20251927

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ3 24 calls: $0Q3 24 puts: $2.4mQ3 24P/C —Q4 24 calls: $0Q4 24 puts: $2.4mQ4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$0$2.4m—
Q4 2024$0$2.4m—
Q1 2025$0$0—
Q2 2025$0$0—

Biggest buyers

Linden Advisors LP Added +108,439,000+108.4m
LMR Partners LLP Added +48,600,000+48.6m
MOORE CAPITAL MANAGEMENT, LP Added +31,225,000+31.2m
MILLENNIUM MANAGEMENT LLC Added +16,680,000+16.7m
GOLDMAN SACHS GROUP INC Added +16,405,000+16.4m
Walleye Capital LLC Added +12,558,000+12.6m
WOLVERINE ASSET MANAGEMENT LLC Added +4,000,000+4.0m
BANK OF AMERICA CORP /DE/ Added +3,925,000+3.9m
Ovata Capital Management Ltd Added +2,500,000+2.5m
STATE OF WISCONSIN INVESTMENT BOARD New +2,000,000+2.0m

Biggest sellers

SONA ASSET MANAGEMENT (US) LLC Sold out -71,500,000-71.5m
Paloma Partners Management Co Sold out -38,140,000-38.1m
M&G PLC Sold out -31,446,000-31.4m
D. E. Shaw & Co., Inc. Sold out -28,500,000-28.5m
PRICE T ROWE ASSOCIATES INC /MD/ Sold out -15,332,000-15.3m
Maven Securities LTD Sold out -15,000,000-15.0m
MORGAN STANLEY Reduced -10,294,000-10.3m
OAKTREE CAPITAL MANAGEMENT LP Sold out -5,503,000-5.5m
Davidson Kempner Capital Management LP Reduced -4,000,000-4.0m
Mint Tower Capital Management B.V. Reduced -3,500,000-3.5m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.98% of their portfolio New York, NY 324,304,000324.3m $322.6m $322.6m 1.98% Added +108.4m +108,439,000
2 MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio NEW YORK, NY 99,380,00099.4m $98.9m $98.9m 0.09% Added +16.7m +16,680,000
3 LMR Partners LLP 0.95% of their portfolio LONDON, X0 61,600,00061.6m $61.2m $61.2m 0.95% Added +48.6m +48,600,000
4 WOLVERINE ASSET MANAGEMENT LLC 0.97% of their portfolio CHICAGO, IL 58,570,00058.6m $58.3m $58.3m 0.97% Added +4.0m +4,000,000
5 MOORE CAPITAL MANAGEMENT, LP 1.00% of their portfolio NEW YORK, NY 50,640,00050.6m $50.3m $50.3m 1.00% Added +31.2m +31,225,000
6 Davidson Kempner Capital Management LP 0.58% of their portfolio New York, NY 38,500,00038.5m $38.2m $38.2m 0.58% Reduced -4.0m -4,000,000
7 KING STREET CAPITAL MANAGEMENT, L.P. 5.84% of their portfolio New York, NY 37,513,00037.5m $36.9m $36.9m 5.84% Added +1.5m +1,500,000
8 Walleye Capital LLC 0.33% of their portfolio NEW YORK, NY 36,058,00036.1m $35.9m $35.9m 0.33% Added +12.6m +12,558,000
9 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 27,795,00027.8m $27.6m $27.6m 0.00% Added +16.4m +16,405,000
10 Pinpoint Asset Management (Singapore) Pte. Ltd. 4.49% of their portfolio SINGAPORE, U0 25,830,00025.8m $25.7m $25.7m 4.49% First filing
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 19,525,00019.5m $19.5m $19.5m 0.00% Reduced -1.3m -1,275,000
12 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 18,216,60018.2m $18.1m $18.1m 0.00% Added +3.9m +3,925,000
13 HBK INVESTMENTS L P 0.26% of their portfolio DALLAS, TX 15,000,00015.0m $14.9m $14.9m 0.26% Unchanged
14 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 13,000,00013.0m $12.9m $12.9m 0.01% Added +250.0k +250,000
15 ONTARIO TEACHERS PENSION PLAN BOARD 0.24% of their portfolio Toronto, A6 11,500,00011.5m $11.5m $11.5m 0.24% Unchanged
16 BlackRock, Inc. 0.00% of their portfolio New York, NY 9,850,0009.8m $9.8m $9.8m 0.00% Reduced -175.0k -175,000
17 Ovata Capital Management Ltd 1.94% of their portfolio HONG KONG, K3 9,000,0009.0m $8.9m $8.9m 1.94% Added +2.5m +2,500,000
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 6,555,0006.6m $6.5m $6.5m 0.00% Added +587.0k +587,000
19 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 6,230,0006.2m $6.2m $6.2m 0.00% Reduced -75.0k -75,000
20 Mint Tower Capital Management B.V. 0.79% of their portfolio AMSTERDAM, P7 5,300,0005.3m $5.3m $5.3m 0.79% Reduced -3.5m -3,500,000
21 Fore Capital, LLC 9.92% of their portfolio New York, NY 5,000,0005.0m $5.0m $5.0m 9.92% Unchanged
22 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 4,846,0004.8m $4.8m $4.8m 0.02% Reduced -132.0k -132,000
23 Brevan Howard Capital Management LP 0.04% of their portfolio ST. HELIER, Y9 4,000,0004.0m $4.0m $4.0m 0.04% Unchanged
24 Man Group plc 0.01% of their portfolio LONDON, X0 3,570,0003.6m $3.6m $3.6m 0.01% Unchanged
25 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,362,0003.4m $3.3m $3.3m 0.00% Reduced -413.0k -413,000
26 Amundi 0.00% of their portfolio Paris, I0 3,000,0003.0m $3.0m $3.0m 0.00% Unchanged
27 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,576,0002.6m $2.6m $2.6m 0.00% Reduced -278.0k -278,000
28 MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 0.50% of their portfolio SAN FRANCISCO, CA 2,198,0002.2m $2.2m $2.2m 0.50% Unchanged
29 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 2,000,0002.0m $2.0m $2.0m 0.00% New
30 Infini Capital Management Ltd 1.31% of their portfolio CENTRAL, K3 2,000,0002.0m $2.0m $2.0m 1.31% New
31 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,868,0001.9m $1.9m $1.9m 0.00% Reduced -10.3m -10,294,000
32 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 1,700,0001.7m $1.7m $1.7m 0.00% Reduced -1.0m -1,000,000
33 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 1,550,0001.6m $1.5m $1.5m 0.00% Reduced -1.4m -1,450,000
34 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 1,000,0001.0m $997.0k $997.0k 0.00% Added +1 +1
35 Erste Asset Management GmbH 0.01% of their portfolio VIENNA, C4 900,000900.0k $898.6k $898.6k 0.01% Added +900.0k +900,000
36 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 274,000274.0k $272.1k $272.1k 0.00% Reduced -57.0k -57,000
37 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 207,000207.0k $205.7k $205.7k 0.00% Added +96.0k +96,000
38 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 200,000200.0k $199.1k $199.1k 0.00% Reduced -1.3m -1,300,000
39 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 50,00050.0k $49.9k $49.9k 0.00% New
40 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 13,00013.0k $12.9k $12.9k 0.00% Unchanged
41 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 6,0006.0k $6.0k $6.0k 0.00% New
42 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 2,0002.0k $198.6k $198.6k 0.00% Unchanged
43 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,5001.5k $1.5k $1.5k 0.00% Unchanged
44 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 1,0001.0k $993 $993 0.00% Unchanged
45 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged