Vault-13

ZSCALER INC ZS 0.125 07.01.25

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

89 institutional holders +1 vs Q3 2023
88,848,03188.8m shares reported held*
$12.3bnreported value*
11 new 24 added 33 reduced 12 sold out net bought ≈ $39.8m (+34.6m 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 ($22.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $138.69.

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 68Q4 22: 77Q1 23: 83Q2 23: 90Q3 23: 88Q4 23: 8989Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 202268
Q4 202277
Q1 202383
Q2 202390
Q3 202388
Q4 202389

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 23Q3 23: 30 bought or addedQ3 23: 30 cut or sold outQ3 23Q4 23: 35 bought or addedQ4 23: 45 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 20224029
Q1 20234628
Q2 20235133
Q3 20233030
Q4 20233545

Biggest buyers

MANUFACTURERS LIFE INSURANCE COMPANY, THE New +69,719,000+69.7m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +43,429,000+43.4m
CAPSTONE INVESTMENT ADVISORS, LLC Added +35,000,000+35.0m
LORD, ABBETT & CO. LLC Added +23,756,000+23.8m
JPMORGAN CHASE & CO Added +22,385,000+22.4m
MIZUHO SECURITIES USA LLC Added +13,165,000+13.2m
SSI INVESTMENT MANAGEMENT LLC Added +8,021,000+8.0m
ROYAL BANK OF CANADA Added +7,678,000+7.7m
BNP PARIBAS FINANCIAL MARKETS Added +7,549,000+7.5m
MORGAN STANLEY Added +7,299,000+7.3m

Biggest sellers

STEELHEAD PARTNERS LLC Sold out -47,500,000-47.5m
Hudson Bay Capital Management LP Reduced -43,186,000-43.2m
LORD, ABBETT & CO. LLC Sold out -17,488,000-17.5m
GOLDMAN SACHS GROUP INC Sold out -16,980,000-17.0m
D. E. Shaw & Co., Inc. Reduced -15,650,000-15.7m
Lombard Odier Asset Management (Europe) Ltd Sold out -13,980,000-14.0m
WHITEBOX ADVISORS LLC Reduced -10,500,000-10.5m
ABSOLUTE INVESTMENT ADVISERS, LLC Sold out -7,500,000-7.5m
Calamos Advisors LLC Reduced -7,324,000-7.3m
WOLVERINE ASSET MANAGEMENT LLC Sold out -7,296,000-7.3m

Holders, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.24% of their portfolio ATLANTA, GA 155,700,000155.7m $236.7m $236.7m 0.24% Added +4.5m +4,500,000
2 LAZARD ASSET MANAGEMENT LLC 0.21% of their portfolio NEW YORK, NY 108,841,000108.8m $165.5m $165.5m 0.21% Reduced -532.0k -532,000
3 TENOR CAPITAL MANAGEMENT Co., L.P. 2.30% of their portfolio NEW YORK, NY 84,989,00085.0m $129.3m $129.3m 2.30% Added +43.4m +43,429,000
4 CAPSTONE INVESTMENT ADVISORS, LLC 1.85% of their portfolio NEW YORK, NY 70,200,00070.2m $106.7m $106.7m 1.85% Added +35.0m +35,000,000
5 MANUFACTURERS LIFE INSURANCE COMPANY, THE 6.33% of their portfolio Toronto, A6 69,719,00069.7m $10.6bn $10.6bn 6.33% New
6 D. E. Shaw & Co., Inc. 0.14% of their portfolio New York, NY 63,955,00064.0m $97.1m $97.1m 0.14% Reduced -15.7m -15,650,000
7 DeepCurrents Investment Group LLC 3.10% of their portfolio NEW YORK, NY 52,918,00052.9m $80.4m $80.4m 3.10% Unchanged
8 LORD, ABBETT & CO. LLC 0.11% of their portfolio JERSEY CITY, NJ 41,244,00041.2m $62.6m $62.6m 0.11% Added +23.8m +23,756,000
9 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 30,450,00030.4m $46.3m $46.3m 0.00% Added +22.4m +22,385,000
10 Graham Capital Management, L.P. 1.43% of their portfolio ROWAYTON, CT 29,489,00029.5m $44.8m $44.8m 1.43% Reduced -4.5m -4,500,000
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 25,668,00025.7m $39.0m $39.0m 0.00% Reduced -4.4m -4,400,000
12 MacKay Shields LLC 1.13% of their portfolio New York, NY 25,474,00025.5m $38.7m $38.7m 1.13% Reduced -378.0k -378,000
13 Hudson Bay Capital Management LP 0.28% of their portfolio STAMFORD, CT 21,186,00021.2m $32.2m $32.2m 0.28% Reduced -43.2m -43,186,000
14 MIZUHO SECURITIES USA LLC 0.75% of their portfolio NEW YORK, NY 21,132,00021.1m $32.0m $32.0m 0.75% Added +13.2m +13,165,000
15 BANK OF NOVA SCOTIA 0.06% of their portfolio TORONTO, A6 20,871,00020.9m $31.8m $31.8m 0.06% Added +3.8m +3,800,000
16 Calamos Advisors LLC 0.16% of their portfolio NAPERVILLE, IL 20,823,00020.8m $31.7m $31.7m 0.16% Reduced -7.3m -7,324,000
17 ADVENT CAPITAL MANAGEMENT /DE/ 0.72% of their portfolio NEW YORK, NY 20,527,00020.5m $31.2m $31.2m 0.72% Reduced -6.4m -6,384,000
18 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 18,710,00018.7m $28.3m $28.3m 0.00% Added +7.3m +7,299,000
19 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.03% of their portfolio FRANKFURT AM MAIN, 2M 15,800,00015.8m $24.0m $24.0m 0.03% Reduced -500.0k -500,000
20 FMR LLC 0.00% of their portfolio BOSTON, MA 15,735,00015.7m $23.8m $23.8m 0.00% Reduced -3.6m -3,600,000
21 SSI INVESTMENT MANAGEMENT LLC 1.48% of their portfolio Los Angeles, CA 14,127,00014.1m $19.5m $19.5m 1.48% Added +8.0m +8,021,000
22 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 13,356,00013.4m $20.2m $20.2m 0.00% Added +3.4m +3,408,000
23 AXA S.A. 0.03% of their portfolio PARIS, I0 13,154,00013.2m $20.2m $20.2m 0.03% Added +7.3m +7,277,000
24 SHENKMAN CAPITAL MANAGEMENT INC 1.25% of their portfolio NEW YORK, NY 11,252,00011.3m $17.4m $17.4m 1.25% Reduced -5.0m -4,980,000
25 Walleye Capital LLC 0.22% of their portfolio NEW YORK, NY 10,500,00010.5m $16.0m $16.0m 0.22% Reduced -6.5m -6,500,000
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 10,478,00010.5m $15.9m $15.9m 0.00% Added +7.7m +7,678,000
27 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 9,297,0009.3m $14.1m $14.1m 0.03% Added +7.5m +7,549,000
28 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 8,448,0008.4m $12.8m $12.8m 0.01% Reduced -820.0k -820,000
29 BlackRock Inc. 0.00% of their portfolio New York, NY 8,207,0008.2m $12.4m $12.4m 0.00% Added +450.0k +450,000
30 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 7,571,0007.6m $11.5m $11.5m 0.00% Reduced -4.0m -3,999,000
31 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.03% of their portfolio Paris, I0 7,500,0007.5m $11.4m $11.4m 0.03% Unchanged
32 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 7,076,0007.1m $10.7m $10.7m 0.00% Reduced -1.6m -1,640,000
33 WHITEBOX ADVISORS LLC 0.41% of their portfolio MINNEAPOLIS, MN 6,168,0006.2m $9.3m $9.3m 0.41% Reduced -10.5m -10,500,000
34 PUTNAM INVESTMENTS LLC 0.01% of their portfolio BOSTON, MA 5,521,0005.5m $8.4m $8.4m 0.01% Reduced -1.7m -1,652,000
35 LBP AM SA 0.18% of their portfolio Paris, I0 5,500,0005.5m $8.4m $8.4m 0.18% Added +2.4m +2,400,000
36 RWC Asset Management LLP 0.42% of their portfolio LONDON, X0 4,600,0004.6m $7.0m $7.0m 0.42% Reduced -2.1m -2,100,000
37 Nicholas Investment Partners, LP 0.78% of their portfolio RANCHO SANTA FE, CA 4,400,0004.4m $6.7m $6.7m 0.78% Added +1.2m +1,250,000
38 Amundi 0.00% of their portfolio Paris, I0 4,300,0004.3m $6.6m $6.6m 0.00% Unchanged
39 Flow State Investments, L.P. 2.19% of their portfolio CHICAGO, IL 4,250,0004.2m $6.5m $6.5m 2.19% Reduced -750.0k -750,000
40 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,160,0004.2m $6.3m $6.3m 0.00% Reduced -1.8m -1,840,000
41 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 4,055,0004.1m $4.3m $4.3m 0.00% Reduced -55.0k -55,000
42 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 4,030,0004.0m $6.1m $6.1m 0.00% New
43 Man Group plc 0.02% of their portfolio LONDON, X0 3,975,0004.0m $6.0m $6.0m 0.02% Reduced -730.0k -730,000
44 Polar Capital Holdings Plc 0.04% of their portfolio London, X0 3,800,0003.8m $5.8m $5.8m 0.04% New
45 PALISADE CAPITAL MANAGEMENT, LP 0.15% of their portfolio FORT LEE, NJ 3,721,0003.7m $5.7m $5.7m 0.15% Unchanged
46 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,584,5003.6m $5.4m $5.4m 0.00% Reduced -401.0k -401,000
47 Radcliffe Capital Management, L.P. 0.51% of their portfolio BALA CYNWYD, PA 2,500,0002.5m $3.8m $3.8m 0.51% Unchanged
48 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,318,0002.3m $3.5m $3.5m 0.00% Added +2.3m +2,272,000
49 Liberty Mutual Group Asset Management Inc. 0.93% of their portfolio Boston, MA 2,125,0002.1m $3.2m $3.2m 0.93% Unchanged
50 OAKTREE CAPITAL MANAGEMENT LP 0.05% of their portfolio LOS ANGELES, CA 2,000,0002.0m $3.0m $3.0m 0.05% Reduced -4.8m -4,826,000
51 Warberg Asset Management LLC 0.66% of their portfolio WINNETKA, IL 1,454,0001.5m $2.2m $2.2m 0.66% Added +61.0k +61,000
52 GROUPAMA ASSET MANAGMENT 0.06% of their portfolio PARIS, I0 1,450,0001.4m $2.2m $2.2m 0.06% First filing
53 EDMOND DE ROTHSCHILD HOLDING S.A. 0.04% of their portfolio CHAMBESY, V8 1,415,0001.4m $2.2m $2.2m 0.04% Unchanged
54 AVIVA PLC 0.01% of their portfolio LONDON, X0 1,100,0001.1m $1.7m $1.7m 0.01% Reduced -2.4m -2,400,000
55 ABN AMRO INVESTMENT SOLUTIONS 0.03% of their portfolio PARIS CEDEX 008, I0 1,000,0001.0m $1.5m $1.5m 0.03% Reduced -300.0k -300,000
56 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 882,000882.0k $1.3m $1.3m 0.00% Added +404.0k +404,000
57 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 850,000850.0k $1.3m $1.3m 0.01% New
58 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 800,000800.0k $1.2m $1.2m 0.00% Unchanged
59 Pinnacle Holdings, LLC 0.47% of their portfolio TULSA, OK 750,000750.0k $1.1m $1.1m 0.47% New
60 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 650,000650.0k $985.1k $985.1k 0.00% Reduced -100.0k -100,000
61 Quaero Capital S.A. 0.79% of their portfolio GENEVE, V8 500,000500.0k $758.6k $758.6k 0.79% New
62 KBC Group NV 0.00% of their portfolio Brussels, C9 300,000300.0k $456.0k $456.0k 0.00% Reduced -50.0k -50,000
63 NOMURA HOLDINGS INC 0.58% of their portfolio TOKYO, M0 294,107294.1k $65.2m $65.2m 0.58% New
64 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 222,000222.0k $336.4k $336.4k 0.00% Unchanged
65 FIRST HAWAIIAN BANK 0.01% of their portfolio HONOLULU, HI 211,000211.0k $319.8k $319.8k 0.01% Added +88.0k +88,000
66 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 205,000205.0k $310.7k $310.7k 0.00% Added +24.0k +24,000
67 Calamos Wealth Management LLC 0.02% of their portfolio NAPERVILLE, IL 188,000188.0k $285.8k $285.8k 0.02% Reduced -136.0k -136,000
68 Northwest & Ethical Investments L.P. 0.01% of their portfolio TORONTO, A6 150,000150.0k $227.8k $227.8k 0.01% Unchanged
69 Fox Hill Wealth Management 0.12% of their portfolio DEDHAM, MA 106,000106.0k $160.8k $160.8k 0.12% First filing
70 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 76,00076.0k $115.6k $115.6k 0.00% Added +25.0k +25,000
71 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 76,00076.0k $115.2k $115.2k 0.00% Reduced -2.6m -2,556,000
72 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 63,00063.0k $95.5k $95.5k 0.00% Added +23.0k +23,000
73 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 60,00060.0k $90.9k $90.9k 0.00% Unchanged
74 Virtus Investment Advisers, LLC 0.05% of their portfolio HARTFORD, CT 46,00046.0k $69.7k $69.7k 0.05% New
75 Balboa Wealth Partners 0.02% of their portfolio SCOTTSDALE, AZ 31,00031.0k $47.0k $47.0k 0.02% Unchanged
76 SG Americas Securities, LLC 0.05% of their portfolio NEW YORK, NY 27,50027.5k $4.2m $4.2m 0.05% Reduced -27.5k -27,500
77 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 20,00020.0k $30.3k $30.3k 0.00% Unchanged
78 LOOMIS SAYLES & CO L P 0.01% of their portfolio BOSTON, MA 18,29718.3k $4.1m $4.1m 0.01% Added +2.7k +2,653
79 LAKE STREET ADVISORS GROUP, LLC 0.00% of their portfolio PORTSMOUTH, NH 18,00018.0k $27.3k $27.3k 0.00% New
80 Verition Fund Management LLC 0.23% of their portfolio GREENWICH, CT 14,84814.8k $22.6m $22.6m 0.23% Unchanged
81 Boussard & Gavaudan Investment Management LLP 3.75% of their portfolio London, X0 12,62712.6k $19.2m $19.2m 3.75% Reduced -29 -29
82 K2 PRINCIPAL FUND, L.P. 2.84% of their portfolio TORONTO, A6 8,0008.0k $12.1m $12.1m 2.84% Unchanged
83 COMERICA BANK 0.00% of their portfolio DALLAS, TX 4,0004.0k $6.1k $6.1k 0.00% Reduced -8.0k -8,000
84 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 4,0004.0k $6.1k $6.1k 0.00% Unchanged
85 Candriam S.C.A. 0.02% of their portfolio STRASSEN, N4 2,0502.0k $3.1m $3.1m 0.02% New
86 UBS Group AG 0.00% of their portfolio ZURICH, V8 2,0002.0k $3.0k $3.0k 0.00% New
87 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,0001.0k $1.5k $1.5k 0.00% Unchanged
88 Alken Asset Management Ltd 3.84% of their portfolio LONDON, X0 750750 $1.1m $1.1m 3.84% Unchanged
89 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged