Vault-13

ZSCALER INC ZS 0.125 07.01.25

NOTE 0.125% 7/0 · US DOMESTIC · CUSIP 98980GAB8

90 institutional holders +7 vs Q1 2023
50,020,00450.0m shares reported held*
$1.3bnreported value*
16 new 35 added 23 reduced 10 sold out net bought ≈ $17.6m (+6.4m 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 ($17.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $25.50.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 68Q4 22: 77Q1 23: 83Q2 23: 9090Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202268
Q4 202277
Q1 202383
Q2 202390

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 22: 40 bought or addedQ4 22: 29 cut or sold outQ4 22Q1 23: 46 bought or addedQ1 23: 28 cut or sold outQ1 23Q2 23: 51 bought or addedQ2 23: 33 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20224029
Q1 20234628
Q2 20235133

Biggest buyers

VOYA INVESTMENT MANAGEMENT LLC Added +30,990,000+31.0m
STEELHEAD PARTNERS LLC Added +14,000,000+14.0m
CAPSTONE INVESTMENT ADVISORS, LLC Added +8,000,000+8.0m
Linden Advisors LP New +7,920,000+7.9m
ABSOLUTE INVESTMENT ADVISERS, LLC New +7,500,000+7.5m
BNP PARIBAS ASSET MANAGEMENT Holding S.A. New +7,500,000+7.5m
Graham Capital Management, L.P. Added +7,500,000+7.5m
MacKay Shields LLC Added +7,090,000+7.1m
BANK OF NOVA SCOTIA Added +6,565,000+6.6m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +6,560,000+6.6m

Biggest sellers

D. E. Shaw & Co., Inc. Reduced -48,962,000-49.0m
FMR LLC Reduced -17,035,000-17.0m
Calamos Advisors LLC Reduced -15,120,000-15.1m
WHITEBOX ADVISORS LLC Reduced -11,000,000-11.0m
LAZARD ASSET MANAGEMENT LLC Reduced -10,636,000-10.6m
MOORE CAPITAL MANAGEMENT, LP Sold out -10,000,000-10.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -8,862,000-8.9m
DEUTSCHE BANK AG\ Reduced -8,743,000-8.7m
Segantii Capital Management Ltd Sold out -7,500,000-7.5m
BANK OF AMERICA CORP /DE/ Reduced -3,851,000-3.9m

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.16% of their portfolio ATLANTA, GA 130,115,000130.1m $152.3m $152.3m 0.16% Added +31.0m +30,990,000
2 LAZARD ASSET MANAGEMENT LLC 0.14% of their portfolio NEW YORK, NY 95,873,00095.9m $112.2m $112.2m 0.14% Reduced -10.6m -10,636,000
3 D. E. Shaw & Co., Inc. 0.15% of their portfolio New York, NY 84,605,00084.6m $99.0m $99.0m 0.15% Reduced -49.0m -48,962,000
4 DeepCurrents Investment Group LLC 2.66% of their portfolio NEW YORK, NY 52,918,00052.9m $61.9m $61.9m 2.66% Unchanged
5 STEELHEAD PARTNERS LLC 3.32% of their portfolio SEATTLE, WA 45,000,00045.0m $52.5m $52.5m 3.32% Added +14.0m +14,000,000
6 TENOR CAPITAL MANAGEMENT Co., L.P. 1.02% of their portfolio NEW YORK, NY 41,560,00041.6m $48.6m $48.6m 1.02% Added +6.6m +6,560,000
7 Graham Capital Management, L.P. 1.50% of their portfolio ROWAYTON, CT 37,500,00037.5m $43.8m $43.8m 1.50% Added +7.5m +7,500,000
8 CAPSTONE INVESTMENT ADVISORS, LLC 1.21% of their portfolio NEW YORK, NY 35,200,00035.2m $41.2m $41.2m 1.21% Added +8.0m +8,000,000
9 Hudson Bay Capital Management LP 0.39% of their portfolio STAMFORD, CT 33,186,00033.2m $38.8m $38.8m 0.39% Unchanged
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 28,718,00028.7m $33.5m $33.5m 0.00% Added +5.9m +5,900,000
11 Calamos Advisors LLC 0.17% of their portfolio NAPERVILLE, IL 28,589,00028.6m $33.3m $33.3m 0.17% Reduced -15.1m -15,120,000
12 MacKay Shields LLC 0.84% of their portfolio New York, NY 25,637,00025.6m $30.0m $30.0m 0.84% Added +7.1m +7,090,000
13 ADVENT CAPITAL MANAGEMENT /DE/ 0.55% of their portfolio NEW YORK, NY 23,639,00023.6m $27.7m $27.7m 0.55% Reduced -8.9m -8,862,000
14 WHITEBOX ADVISORS LLC 1.02% of their portfolio MINNEAPOLIS, MN 18,168,00018.2m $21.2m $21.2m 1.02% Reduced -11.0m -11,000,000
15 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 17,258,00017.3m $20.1m $20.1m 0.01% Added +250.0k +250,000
16 BANK OF NOVA SCOTIA 0.05% of their portfolio TORONTO, A6 17,071,00017.1m $20.0m $20.0m 0.05% Added +6.6m +6,565,000
17 FMR LLC 0.00% of their portfolio BOSTON, MA 17,035,00017.0m $19.9m $19.9m 0.00% Reduced -17.0m -17,035,000
18 Walleye Capital LLC 0.35% of their portfolio NEW YORK, NY 17,000,00017.0m $19.9m $19.9m 0.35% Added +3.5m +3,500,000
19 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.03% of their portfolio FRANKFURT AM MAIN, 2M 16,300,00016.3m $19.1m $19.1m 0.03% Unchanged
20 MIZUHO SECURITIES USA LLC 0.53% of their portfolio NEW YORK, NY 13,813,00013.8m $16.1m $16.1m 0.53% Reduced -387.0k -387,000
21 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 13,263,00013.3m $15.5m $15.5m 0.00% Added +5.4m +5,401,000
22 SHENKMAN CAPITAL MANAGEMENT INC 1.12% of their portfolio NEW YORK, NY 12,263,00012.3m $14.3m $14.3m 1.12% Added +4.9m +4,933,000
23 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 11,913,00011.9m $13.9m $13.9m 0.01% Reduced -8.7m -8,743,000
24 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 11,570,00011.6m $13.5m $13.5m 0.00% Added +1.0m +1,000,000
25 WOLVERINE ASSET MANAGEMENT LLC 0.25% of their portfolio CHICAGO, IL 11,296,00011.3m $13.2m $13.2m 0.25% Reduced -1.0m -1,000,000
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 9,340,0009.3m $10.9m $10.9m 0.00% Added +5.6m +5,570,000
27 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 8,722,0008.7m $10.2m $10.2m 0.00% Added +5.9m +5,926,000
28 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 8,716,0008.7m $10.2m $10.2m 0.00% Added +6.2m +6,200,000
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 8,591,0008.6m $10.0m $10.0m 0.00% Added +1.6m +1,562,000
30 Linden Advisors LP 0.10% of their portfolio New York, NY 7,920,0007.9m $9.3m $9.3m 0.10% New
31 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 7,805,0007.8m $9.1m $9.1m 0.02% Reduced -110.0k -110,000
32 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 7,805,0007.8m $9.1m $9.1m 0.02% Reduced -110.0k -110,000
33 SSI INVESTMENT MANAGEMENT LLC 0.62% of their portfolio Los Angeles, CA 7,554,0007.6m $8.8m $8.8m 0.62% Added +348.0k +348,000
34 ABSOLUTE INVESTMENT ADVISERS, LLC 1.23% of their portfolio ROSEMARY BEACH, FL 7,500,0007.5m $8.8m $8.8m 1.23% New
35 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.03% of their portfolio Paris, I0 7,500,0007.5m $8.7m $8.7m 0.03% New
36 OAKTREE CAPITAL MANAGEMENT LP 0.11% of their portfolio LOS ANGELES, CA 6,826,0006.8m $8.0m $8.0m 0.11% Added +1.8m +1,834,000
37 PUTNAM INVESTMENTS LLC 0.01% of their portfolio BOSTON, MA 6,796,0006.8m $7.9m $7.9m 0.01% Added +456.0k +456,000
38 AXA S.A. 0.03% of their portfolio PARIS, I0 6,777,0006.8m $7.9m $7.9m 0.03% Unchanged
39 RWC Asset Management LLP 0.38% of their portfolio LONDON, X0 6,700,0006.7m $7.8m $7.8m 0.38% Reduced -1.3m -1,300,000
40 BlackRock Inc. 0.00% of their portfolio New York, NY 6,507,0006.5m $7.6m $7.6m 0.00% Reduced -200.0k -200,000
41 Flow State Investments, L.P. 3.21% of their portfolio CHICAGO, IL 6,500,0006.5m $7.6m $7.6m 3.21% New
42 Kohlberg Kravis Roberts & Co. L.P. 0.22% of their portfolio NEW YORK, NY 6,000,0006.0m $7.0m $7.0m 0.22% Added +2.0m +2,000,000
43 Lombard Odier Asset Management (Europe) Ltd 0.34% of their portfolio LONDON, X0 5,980,0006.0m $7.0m $7.0m 0.34% Added +5.8m +5,780,000
44 Man Group plc 0.02% of their portfolio LONDON, X0 5,505,0005.5m $6.4m $6.4m 0.02% Reduced -3.4m -3,445,000
45 PALISADE CAPITAL MANAGEMENT, LP 0.13% of their portfolio FORT LEE, NJ 4,321,0004.3m $5.0m $5.0m 0.13% Reduced -94.0k -94,000
46 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,302,0004.3m $5.0m $5.0m 0.00% Added +2.0m +2,026,000
47 Amundi 0.00% of their portfolio Paris, I0 4,300,0004.3m $5.0m $5.0m 0.00% Reduced -3.1m -3,100,000
48 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 3,810,0003.8m $3.8m $3.8m 0.00% Reduced -150.0k -150,000
49 GABELLI FUNDS LLC 0.03% of their portfolio Rye, NY 3,575,0003.6m $4.2m $4.2m 0.03% Unchanged
50 AVIVA PLC 0.02% of their portfolio LONDON, X0 3,500,0003.5m $4.1m $4.1m 0.02% Reduced -1.5m -1,500,000
51 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 3,500,0003.5m $4.1m $4.1m 0.01% Added +500.0k +500,000
52 Nicholas Investment Partners, LP 0.25% of their portfolio RANCHO SANTA FE, CA 3,150,0003.1m $3.7m $3.7m 0.25% Added +2.0m +2,000,000
53 LBP AM SA 0.09% of their portfolio Paris, I0 3,100,0003.1m $3.6m $3.6m 0.09% New
54 Radcliffe Capital Management, L.P. 0.25% of their portfolio BALA CYNWYD, PA 2,500,0002.5m $2.9m $2.9m 0.25% New
55 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,010,5002.0m $2.3m $2.3m 0.00% Reduced -3.9m -3,851,000
56 Warberg Asset Management LLC 0.56% of their portfolio WINNETKA, IL 1,667,0001.7m $1.9m $1.9m 0.56% New
57 Liberty Mutual Group Asset Management Inc. 0.45% of their portfolio Boston, MA 1,525,0001.5m $1.8m $1.8m 0.45% Added +575.0k +575,000
58 EDMOND DE ROTHSCHILD HOLDING S.A. 0.03% of their portfolio CHAMBESY, V8 1,415,0001.4m $1.6m $1.6m 0.03% Unchanged
59 ABN AMRO INVESTMENT SOLUTIONS 0.03% of their portfolio PARIS CEDEX 008, I0 1,300,0001.3m $1.5m $1.5m 0.03% Added +800.0k +800,000
60 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 1,166,0001.2m $1.4m $1.4m 0.00% Added +241.0k +241,000
61 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 829,000829.0k $971.1k $971.1k 0.02% New
62 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 800,000800.0k $935.3k $935.3k 0.00% Added +200.0k +200,000
63 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 600,000600.0k $689.2k $689.2k 0.00% Reduced -190.0k -190,000
64 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 562,000562.0k $655.0k $655.0k 0.00% Added +137.0k +137,000
65 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 540,000540.0k $629.4k $629.4k 0.00% Added +446.0k +446,000
66 COMERICA BANK 0.00% of their portfolio DALLAS, TX 385,004385.0k $0 $0 0.00% First filing
67 Calamos Wealth Management LLC 0.03% of their portfolio NAPERVILLE, IL 356,000356.0k $415.0k $415.0k 0.03% Reduced -60.0k -60,000
68 KBC Group NV 0.00% of their portfolio Brussels, C9 350,000350.0k $409.0k $409.0k 0.00% Unchanged
69 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 312,000312.0k $364.8k $364.8k 0.00% New
70 NOMURA HOLDINGS INC 0.00% of their portfolio TOKYO, M0 213,851213.9k $313.5k $313.5k 0.00% Reduced -85.4k -85,365
71 Northwest & Ethical Investments L.P. 0.01% of their portfolio TORONTO, A6 150,000150.0k $175.4k $175.4k 0.01% Unchanged
72 FIRST HAWAIIAN BANK 0.01% of their portfolio HONOLULU, HI 146,000146.0k $170.2k $170.2k 0.01% Unchanged
73 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 138,000138.0k $160.8k $160.8k 0.00% New
74 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 60,00060.0k $69.9k $69.9k 0.00% New
75 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 51,00051.0k $59.7k $59.7k 0.00% Unchanged
76 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 40,00040.0k $46.6k $46.6k 0.00% New
77 Verition Fund Management LLC 0.59% of their portfolio GREENWICH, CT 32,34832.3k $37.9m $37.9m 0.59% Added +2.5k +2,500
78 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 31,00031.0k $36.2k $36.2k 0.01% New
79 Oaktree Fund Advisors, LLC 0.02% of their portfolio LOS ANGLES, CA 24,00024.0k $28.1k $28.1k 0.02% New
80 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 20,00020.0k $23.3k $23.3k 0.00% Added +7.0k +7,000
81 SG Americas Securities, LLC 0.02% of their portfolio NEW YORK, NY 16,00016.0k $1.9m $1.9m 0.02% Unchanged
82 LAKE STREET ADVISORS GROUP, LLC 0.00% of their portfolio PORTSMOUTH, NH 16,00016.0k $19.0k $19.0k 0.00% Unchanged
83 Boussard & Gavaudan Investment Management LLP 1.70% of their portfolio London, X0 15,00015.0k $17.8m $17.8m 1.70% Reduced -10.0k -10,000
84 K2 PRINCIPAL FUND, L.P. 2.99% of their portfolio TORONTO, A6 8,0008.0k $9.4m $9.4m 2.99% New
85 Candriam S.C.A. 0.05% of their portfolio STRASSEN, N4 5,6005.6k $6.5m $6.5m 0.05% Added +1.7k +1,700
86 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 5,0005.0k $582.8k $582.8k 0.00% New
87 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 4,0004.0k $4.7k $4.7k 0.00% Added +3.0k +3,000
88 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,0001.0k $1.2k $1.2k 0.00% Unchanged
89 Alken Asset Management Ltd 0.02% of their portfolio LONDON, X0 750750 $874 $874 0.02% Unchanged
90 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged